Acceptance by directors of conditional share awards in terms of the RCL Foods Limited conditional share plan RCL FOODS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1966/004972/06) ISIN: ZAE000179438 Share Code: RCL ACCEPTANCE BY DIRECTORS OF CONDITIONAL SHARE AWARDS IN TERMS OF THE RCL FOODS LIMITED CONDITIONAL SHARE PLAN As required in terms of the JSE Limited Listings Requirements, RCL Foods Limited advises of the acceptance by directors of Conditional Shares awarded to them in terms of the RCL Foods Limited Conditional Share Plan. The Conditional Shares are subject to a 3-year vesting period, as well as the fulfillment of employment and performance conditions. Director : M Dally Company : RCL Foods Limited Date of transaction : 26 April 2017 Nature of transaction : Off-market acceptance of conditional shares vesting in March 2020 subject to the achievement of agreed targets Class of securities : Ordinary shares Number of conditional shares : 3,620,565 accepted Total value of transaction* : R50,434,470.45 Nature of interest : Direct beneficial Clearance obtained : Yes Director : R H Field Company : RCL Foods Limited Date of transaction : 26 April 2017 Nature of transaction : Off-market acceptance of conditional shares vesting in March 2020 subject to the achievement of agreed targets Class of securities : Ordinary shares Number of conditional shares : 1,448,226 accepted Total value of transaction* : R20,173,788.18 Nature of interest : Direct beneficial Clearance obtained : Yes *Using the 5-day volume weighted average price of R13.93 as at 28 April 2017 Durban 28 April 2017 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 28/04/2017 03:00:00 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.