Voluntary Announcement: Acquisition of the Pioneer Foods Frozen Foods Business RFG HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2012/074392/06) Share code: RFG ISIN: ZAE000191979 ("RFG" or "the Company") VOLUNTARY ANNOUNCEMENT: ACQUISITION OF THE PIONEER FOODS FROZEN FOODS BUSINESS Introduction and overview Shareholders are advised that the Company's wholly-owned subsidiary, Rhodes Food Group Proprietary Limited ("Rhodes Food"), and Pioneer Foods Wellingtons Proprietary Limited ("Pioneer Foods Wellingtons") have entered into an agreement dated 2 June 2021 ("Agreement") in terms of which Rhodes Food will acquire the frozen foods business of Pioneer Foods Wellingtons as a going concern, save for any operations in Botswana and eSwatini ("the Business") (“the Acquisition”). Description of the Business The product range of the Business includes frozen pies, pastry, sausage rolls, pizza and party packs under the well- established brands Today, Mama’s, Big Jack and Man’s Meal. The Business has a strong presence in the frozen pies and pastry segment, and services the South African top end retail market. Manufacturing is conducted from a facility in Atlantis, Western Cape and products are distributed nationally. Rationale for the Acquisition The board of RFG believes that the Acquisition presents an attractive investment opportunity which is aligned with RFG's strategy of expanding its existing business operations through value accretive acquisitions. The board believes that the frozen pie and snack category in the top end retail market complements RFG’s growing pies and pastries business and that the Acquisition has the potential to generate good synergies for the Company. Effective date The expected effective date of the Acquisition, depending on the timing of the fulfilment of the conditions precedent, will be 1 January 2022. Conditions precedent The Acquisition is subject to various conditions precedent which are standard for a transaction of this nature, including the unconditional approval by the South African Competition Commission, or approval with conditions that are acceptable to both RFG and Pioneer Foods Wellingtons. Categorisation of the Acquisition The Acquisition does not constitute a categorised transaction in terms of the JSE Limited Listings Requirements and this announcement is therefore made on a voluntary basis. Groot Drakenstein 6 July 2021 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Legal Advisor Oosthuizen & Co Incorporated Date: 06-07-2021 01:40:00 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.