Trading 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") TRADING UPDATE In terms of para 3.4 (b) of the JSE Listings Requirements, listed companies are required to publish a trading statement as soon as the board of directors is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will vary by 20% or more when compared to those of the prior reporting period. The focus for 2018 was addressing strategic legacy issues in order to reposition the group for growth. The 2018 results were negatively impacted by impairments, non-recurring items and the need to restructure certain business units and the relevant management teams. Accordingly, normalised results from continuing operations are again presented in addition to the usual metrics. Shareholders are advised that for the year ended 30 June 2018 the following, basic and diluted, earnings per shares are expected: 30-06-2018 30-06-2017 EXPECTED AUDITED VARIANCE Earnings per share (“EPS”) 0.5 to 1.5c 7.1c -79% to -93% Headline earnings Per share (“HEPS”) 11.2 to 13.2c 20.6c -36% to -46% Continuing HEPS 11.6 to 13.6c 41.0c -67% to -72% Normalised Continuing HEPS 32.2 to 36.2c 50.5c -28% to -36% RELEASE OF RESULTS The Group’s consolidated financial results for the year ended 30 June 2018 and dividend declaration data will be released on SENS on 17 September 2018. The financial information on which this trading statement is based has not been reviewed or reported on by the Group’s auditors. Johannesburg 14 September 2018 Sponsor: Grindrod Bank Limited Date: 14/09/2018 09:50:00 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.