Voluntary Operational Update ROLFES HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2000/002715/06) Share Code: RLF & ISIN: ZAE000159836 ("Rolfes" or "the Company") VOLUNTARY OPERATIONAL UPDATE Rolfes is a black controlled platform chemical group targeting the need for food security, clean water and manufacturing demand through the agricultural, food, industrial and water divisions. The Group is expanding progressively in domestic, developed and foreign emerging markets. The board is pleased to provide the following voluntary operational update to the market for the three months ended 30 September 2016. Agriculture The division supplies foliar feed, organic and adjuvant products into high-value permanent and semi-permanent crops providing a natural barrier against drought conditions. The division experienced satisfactory growth for the three months to 30 September 2016. Operating profit performance for the period 1 July 2016 to 30 September 2016 increased by 19, 2 % to R9, 3 million (1 July 2015 to 30 September 2015: R7, 8 million). The main performance drivers include an above average off season performance in the Western Cape and the full potential of operational restructuring initiatives, undertaken during the last quarter of the financial year to 30 June 2016, starting to come to fruition. Food The division distributes food ingredients into various industries. The current performance reflects similar growth patterns to pre-acquisition performance. The business was acquired effective 1 October 2015. Operating profit performance for the period 1 July 2016 to 30 September 2016 amounted to R23 million. Operating profit for the 3 months from 1 July 2015 to 30 September 2015 amounted to R13, 9 million. The growth drivers’ include the larger national footprint due to the takeoff in coastal regions established during the last financial year, rising food prices and increased staple demand. Industrial The division supplies traded products into the manufacturing, agriculture and water industries. Operating profit performance for the period 1 July 2016 to 30 September 2016 increased by 15, 2% to R 12, 1 million (1 July 2015 to 30 September 2015: R 10, 5 million). Increased product volume demand, export growth, good cost control and effective treasury management contributed to the pleasing performance of the business unit. Water The water division provides specialized water purification products and solutions into the water filtration industrial and mining industries. Certain operational restructuring initiatives undertaken since 1 July 2016 resulted in a substantial improvement in financial performance and profitability. Operating profit performance for the period 1 July 2016 to 30 September 2016 increased by 84, 2 % to R 3, 5 million (1 July 2015 to 30 September 2015: R 1, 9 million). The information in this operational update has not been reviewed or reported on by the Company’s auditors. Johannesburg 27 October 2016 Sponsor: Grindrod Bank Limited Investor relations: Singular IR Date: 27/10/2016 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.