Trading update and trading statement for the year ended September 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 AND TRADING STATEMENT FOR THE YEAR ENDED SEPTEMBER 2019 TRADING UPDATE Group turnover for the year ended 29 September 2019 ("the period") increased by 8.2%. The group’s regional segment delivered a resilient performance and grew turnover by 8.1%. Within the regional segment, long life foods increased turnover by 9.1% and fresh foods turnover was 6.7% higher. The regional operating margin improved despite the adverse effect of the lower margin long life foods category growing at a faster rate than fresh foods. International turnover increased by 8.8% and benefited from the 7.7% depreciation of the Rand against RFG’s major trading currencies. The international margin strengthened as a result of a favourable product mix towards higher value-add products and the weaker Rand. TRADING STATEMENT Good revenue growth together with the expansion of gross profit and operating profit margins contributed to a strong increase in profitability for the year. Management expects headline earnings for the period to be between 35% and 40% higher than the R159.1 million reported for the previous year. Earnings have benefited from an income tax rebate of R10 million relating to capital projects (2018: R8.5 million). Shareholders are reminded of the impact of approximately R23 million relating to the lower international selling prices of drought affected deciduous canned fruit products and the once-off costs of approximately R14 million arising from the relocation of the pulps and purees plant reported at the half year results in May 2019. There were no material once- off costs in the second half of the year. Earnings per share measures have been impacted by an increase of 3.6% in the weighted average number of shares in issue during the reporting period due to the conversion of preference shares to ordinary shares in the first half of the year. Year ended Year ended 30 September 29 September 2019 2018 Expected range Reported Earnings per share 61.1c 32% - 37% higher 80.7c – 83.7c (EPS) Headline earnings per 63.0c 31% - 36% higher 82.5c – 85.7c share (HEPS) Diluted HEPS 60.8c 35% - 40% higher 82.1c – 85.1c The forecast financial information on which this trading update and trading statement is based has not been reviewed or reported on by the group’s independent external auditors. The group’s annual financial results for the year ended 29 September 2019 will be released on the Stock Exchange News Service of the JSE on or about 19 November 2019. Groot Drakenstein 4 November 2019 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 04/11/2019 10:00:00 Supplied by www.sharenet.co.za 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.