Trading update for the ten months ended July 2019

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

TRADING UPDATE FOR THE TEN MONTHS ENDED JULY 2019

Group turnover for the ten month period ended July 2019 ("the period")
increased by 9.6%.

Regional segment
In the weak macroeconomic and consumer environment being experienced in the
group's regional segment (South Africa and the rest of Africa), turnover for the
period increased by 8.8%.

Regional long life turnover grew by 10.8%, with volume growth of 6.4%. Good
growth was reported in canned meats, fruit juice and dry foods. Market share
was gained or maintained across core product categories.

Fresh foods turnover increased by 5.8%, with volumes unchanged on the prior
period. Ready meals and infant food performed well while the pie category again
proved resilient in the constrained consumer spending climate.

While the regional business is expected to trade at similar turnover levels in the
remaining two months of the financial year, margin expansion is proving
challenging in the current macro environment.

International segment
International turnover increased by 13.4%, driven by higher volumes, a
favourable shift in mix towards higher value-add products and the 9.7%
depreciation of the Rand against RFG's major trading currencies.

Turnover growth was supported by good increases in the export of fruit snacks in
plastic cups to the USA and stronger canned fruit sales, with lower exports of
industrial products (purees and concentrates).

The international operating margin has strengthened as a result of the favourable
product mix and the weaker Rand.

The financial information on which this voluntary trading update is based has not
been audited, reviewed or reported on by the group's independent external
auditors.

The group's annual financial results for the year ending 29 September 2019 will
be released on the Stock Exchange News Service of the JSE on 19 November
2019.

Groot Drakenstein
16 September 2019

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

Date: 16/09/2019 08:54:00

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