Trading statement for the six months ended 28 March 2021 RFG 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 STATEMENT FOR THE SIX MONTHS ENDED 28 MARCH 2021 Shareholders are advised that RFG’s headline earnings for the six months ended 28 March 2021 ("the period") are expected to be between 44% and 49% higher than the R81.6 million reported for the prior corresponding period. The group has delivered a resilient operating performance in the Covid-19 impacted trading environment for the period. The half year results for the period will reflect the benefit of a net foreign exchange movement of R67.2 million as well as a reduction of R19.2 million in interest payments due to lower borrowing rates and reducing debt levels. The results will, however, be moderated by group turnover declining by 3.4% for the period due to: - the impact of the Covid-19 restrictions on the fruit juice and pie categories - the base effect of the exceptionally strong regional sales performance in March 2020 ahead of the national lockdown - slower international export volumes in March 2021 owing to congestion at the Cape Town harbour In addition, as previously guided, the group incurred once-off costs of R14.9 million related to the centralisation of the pies and pastries business and R16.8 million for related property impairments. Earnings for the period are expected to be as follows: Six months Six months ended ended 28 March 2021 29 March 2020 Expected range Reported Earnings per share 30.2c 32% - 37% higher 39.9c – 41.4c Headline earnings per 31.2c 44% - 49% higher 44.9c – 46.5c share (HEPS) Diluted HEPS 31.1c 44% - 49% higher 44.8c – 46.3c The forecast financial information on which this trading statement is based is the responsibility of the directors and has not been reviewed and/or reported on by the group's independent external auditors. The group's interim financial results for the six months ended 28 March 2021 will be released on the Stock Exchange News Service of the JSE on or about 19 May 2021. Groot Drakenstein 30 April 2021 Sponsor Rand Merchant Bank (A division of FirstRand Bank Limited) Date: 30-04-2021 07:05:00 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.