Dealings in share appreciation rights (“SARs”) and securities by a director 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”) AND SECURITIES BY A DIRECTOR 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 : DS Pitman Company : RCL Foods Consumer Pty Ltd, a major subsidiary of the Company Date of transaction : 27 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 : 387,663 SARs award price : R14.73 SARs exercise price : R16.20 Total gain on transaction : R569,851.20 Equivalent number of shares : 35,176 Nature of interest : Direct beneficial Clearance obtained : Yes Director : DS Pitman Company : RCL Foods Consumer Pty Ltd, a major subsidiary of the Company Date of transaction : 29 March 2017 Nature of transaction : On-market sale of shares Number of shares : 35,176 Highest price traded : R15.30 Lowest price traded : R14.65 Volume weighted average price : R14.95 Total value of transaction : R525,952.17 Nature of interest : Direct beneficial Clearance obtained : Yes Durban 31 March 2017 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 31/03/2017 02:04:00 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.