Trading statement – six months ended December 2018 RCL FOODS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1966/004972/06) ISIN: ZAE000179438 Share Code: RCL ("RCL FOODS" or "the Group") TRADING STATEMENT – SIX MONTHS ENDED DECEMBER 2018 Shareholders are advised that RCL FOODS’ headline earnings per share ("HEPS") for the six months ended December 2018 (“current period”) is expected to be between 53.0 cents (-28.9%) and 57.0 cents (-23.5%) when compared to the reported HEPS of 74.5 cents for the six months ended December 2017 ("corresponding period"). Earnings per share ("EPS") for the current period is expected to be between 65.0 cents (-15.3%) and 69.0 cents (-10.0%) when compared to the reported EPS of 76.7 cents for the corresponding period. EPS for the current period includes a profit from farm sales and is therefore expected to be higher than HEPS. The earnings decline was largely attributable to the difficult trading conditions experienced in the Sugar and Chicken business units over the past six months. The Sugar business unit’s result is expected to be significantly down on the corresponding period, as dumped imports and lower domestic demand resulted in a higher proportion of export volumes at depressed international prices. The Chicken business unit’s result is also expected to be down on the corresponding period. The decline is largely a result of continued high levels of imports driving retail prices lower, the lingering impact of the Listeriosis crisis on the Rainbow brand and rising feed input costs. Chicken’s result includes a profit from dormant farm sales of R105.0 million following the decision to downsize the KZN operations. Pleasingly our Grocery brands continue to perform strongly. The Group’s financial results for the current period are expected to be released on SENS on 4 March 2019. The financial information on which this trading statement is based has not been reviewed and reported on by the Group’s external auditors. Durban 14 February 2019 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 14/02/2019 04:48:00 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.