Dealings in share appreciation rights (“SARs”) by directors of a major subsidiary RCL FOODS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1966/004972/06) ISIN: ZAE000179438 Share Code: RCL (“the Company”) DEALINGS IN SHARE APPRECIATION RIGHTS (“SARs”) BY DIRECTORS OF A MAJOR SUBSIDIARY The following transactions are disclosed in relation to SARs which were awarded on 2 June 2010 and are due to expire on 2 June 2017. SARs award prices and exercise prices were determined as the 5-day volume weighted average price (VWAP) as at the respective award and exercise dates: Director : S Balidis Company : RCL Foods Consumer Pty Ltd, a major subsidiary of the Company Date of transaction : 10 March 2017 Nature of transaction : Off-market acceptance and exercise of SARs which are subsequently equity settled in accordance with the RCL Foods Limited Share Appreciation Rights Scheme Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 46,708 SARs award price : R14.73 SARs exercise price : R15.86 Total gain on transaction : R52,766.22 Equivalent number of shares : 3,327 Nature of interest : Direct beneficial Clearance obtained : Yes Director : DS Milne Company : RCL Foods Consumer Pty Ltd, a major subsidiary of the Company Date of transaction : 13 March 2017 Nature of transaction : Off-market acceptance and exercise of SARs which are subsequently equity settled in accordance with the RCL Foods Limited Share Appreciation Rights Scheme Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 98,604 SARs award price : R14.73 SARs exercise price : R15.98 Total gain on transaction : R123,253.74 Equivalent number of shares : 7,713 Nature of interest : Direct beneficial Clearance obtained : Yes Director : SA Van Der Merwe Company : RCL Foods Consumer Pty Ltd, a major subsidiary of the Company Date of transaction : 13 March 2017 Nature of transaction : Off-market acceptance and exercise of SARs which are subsequently equity settled in accordance with the RCL Foods Limited Share Appreciation Rights Scheme Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 35,153 SARs award price : R14.73 SARs exercise price : R15.98 Total gain on transaction : R43,929.02 Equivalent number of shares : 2,749 Nature of interest : Direct beneficial Clearance obtained : Yes Director : WE Schwimmbacher Company : RCL Foods Consumer Pty Ltd, a major subsidiary of the Company Date of transaction : 15 March 2017 Nature of transaction : Off-market acceptance and exercise of SARs which are subsequently equity settled in accordance with the RCL Foods Limited Share Appreciation Rights Scheme Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 67,621 SARs award price : R14.73 SARs exercise price : R16.02 Total gain on transaction : R87,228.90 Equivalent number of shares : 5,445 Nature of interest : Direct beneficial Clearance obtained : Yes The following transaction is disclosed in relation to SARs which were awarded subsequent to 2 June 2010 and are not due to expire within the next two years. SARs award prices and exercise prices were similarly determined as the 5-day volume weighted average price (VWAP) as at the respective award and exercise dates: Director : WE Schwimmbacher Company : RCL Foods Consumer Pty Ltd, a major subsidiary of the Company Date of transaction : 15 March 2017 Nature of transaction : Off-market acceptance and exercise of SARs which are subsequently equity settled in accordance with the RCL Foods Limited Share Appreciation Rights Scheme Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 78,023 SARs award price : 28,294 at R13.20; 49,729 at R14.04 SARs exercise price : R16.02 Total gain on transaction : R178,238.52 Equivalent number of shares : 11,126 Nature of interest : Direct beneficial Clearance obtained : Yes Durban 15 March 2017 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 15/03/2017 05:18:00 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.