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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")


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
 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

Groot Drakenstein
30 April 2021

Rand Merchant Bank (A division of FirstRand Bank Limited)

Date: 30-04-2021 07:05:00

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