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Trading Statement

Rhodes Food Group Holdings Limited
(Previously Rhodes Food Group Holdings Proprietary Limited)
(Incorporated in the Republic of South Africa)
Registration number 2012/074392/06
JSE share code: RFG
ISIN: ZAE000191979
("the group")


In terms of the Listings Requirements of the JSE Limited ("JSE"), companies are required to
publish a trading statement as soon as they are satisfied with a reasonable degree of certainty
that the financial results for the reporting period will differ by at least 20% from the financial
results for the previous corresponding reporting period.

Shareholders are advised that the group expects the following increase in earnings:

                                               Six months to                 Six months to
                                               30 March 2014                 29 March 2015

Earnings per share (EPS)                               17.1c      53% - 58% higher    26.2c – 27.0c
Headline earnings per share (HEPS)                     16.9c      55% - 60% higher    26.2c – 27.0c

The earnings guidance is calculated assuming that the 221 million shares in issue post the listing
of the group on the JSE on 2 October 2014 applied in both the 2014 and 2015 periods.

Normalised earnings, excluding the one-off listing costs of R21.8 million in the 2015 period, are
expected to be as follows:

                                              Six months to                  Six months to
                                              30 March 2014                  29 March 2015

Normalised EPS                                 17.1c           111% - 116% higher     36.1c – 36.9c
Normalised HEPS                                16.9c           114% - 119% higher     36.1c – 36.9c

The information in this trading statement has not been reviewed or reported on by the group's
independent auditor.

The group's interim results for the six months ended 29 March 2015 will be released on the
Stock Exchange News Service of the JSE on 25 May 2015.

Groot Drakenstein
5 May 2015

RAND MERCHANT BANK (a division of FirstRand Bank Limited)

Date: 05/05/2015 08:08:00 
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