INTERIM RESULTS FOR THE SIX MONTHS ENDED 1 APRIL

INTERIM RESULTS FOR THE SIX MONTHS ENDED 1 APRIL 2018

PRESENTATION OUTLINE 1 REVIEW OF THE SIX MONTHS 2 3 4 5 6 7 FINANCIAL PERFORMANCE TRADING PERFORMANCE CAPITAL INVESTMENT MARKET-LEADING BRANDS INNOVATION OUTLOOK RHODES FOOD GROUP INTERIM RESULTS 2018 1

REVIEW OF THE SIX MONTHS RHODES FOOD GROUP INTERIM RESULTS 2018 2

REVIEW OF THE SIX MONTHS Competitive performance from regional segment Continued market share gains across core categories Trading conditions constrained domestically and regionally International impacted by higher canned fruit costs due to drought, stronger Rand, weak market for industrial purees and concentrates Acquistions of Pakco and Ma Baker contributed revenue of R209m Increased capital investment programme RHODES FOOD GROUP INTERIM RESULTS 2018 3

INTEGRATION OF RECENT ACQUISITIONS Pakco Performed well in first full year since acquisition Restructure fully settled and significant cost duplication removed Renewed focus has brought about improvement in sales distribution Business tracking ahead of expectations Brand portfolio relaunched in March and well accepted by trade extensive product innovation new pack formats refreshed packaging designs RHODES FOOD GROUP INTERIM RESULTS 2018 4

INTEGRATION OF RECENT ACQUISITIONS Ma Baker Integration has taken longer than initially planned Top-line maintained but operating issues took time to settle Once-off costs resulted in a loss for first half Changes made to management team Pietermaritzburg plant restructured to focus only on baking, repackaging and distribution Automation of Pinetown plant completed in April Integration challenges addressed and business now profitable Focus on improving margins to achieve expected level of profit RHODES FOOD GROUP INTERIM RESULTS 2018 5

FINANCIAL PERFORMANCE RHODES FOOD GROUP INTERIM RESULTS 2018 6

FINANCIAL PERFORMANCE Turnover +16.6% to R2.5 billion Regional +19.5% International +3.6% Gross profit margin 25.3% (2017: 27.1%) Regional fresh foods impacted by lower Ma Baker margins Regional long life foods consistent with prior year Increased costs and currency impact on international Operating cost growth, excluding acquisitions, contained to 9.2% Depreciation and amortisation R19 million higher owing to higher capex over past two years and acquisitions of Pakco and Ma Baker Further impacted by once-off Ma Baker costs and Alibaba relocation Note: The reporting period comprises 26 trading weeks compared to 27 weeks in the comparable prior period RHODES FOOD GROUP INTERIM RESULTS 2018 7

FINANCIAL PERFORMANCE Operating margin 6.5% (2017: 9.7%) Regional impacted by Ma Baker dilution and once-off costs On a comparable basis regional margin in line with prior period International impacted by weak industrial purees market, higher canned fruit costs and strengthening currency Interest payments R17.4 million higher at R51.9 million Increased capex programme and funding Ma Baker acquisition Profit after tax -35.1% to R80.9 million Headline earnings -34.8% to R82.4 million Diluted HEPS -38.9% to 31.4 cps 6.7% increase in weighted average number of shares RHODES FOOD GROUP INTERIM RESULTS 2018 8

INCOME STATEMENT R m H1 2018 H1 2017 % change Turnover 2 507 2 151 16.6 Cost of goods sold (1 874) (1 567) 19.5 Gross profit 633 584 8.4 Gross profit margin 25.3% 27.1% Other income 36 41 (11.6) Operating costs (507) (417) 21.7 Operating profit 162 208 (22.2) Net interest paid (52) (34) 50.3 Profit before tax 110 174 (36.6) Tax (30) (49) (38.7) Profit after tax 80 125 (35.1) Diluted HEPS 31.4c 51.4c (38.9) WAN shares in issue ( m) 252.6 236.7 6.7 RHODES FOOD GROUP INTERIM RESULTS 2018 9

GROUP TURNOVER GROWTH 2 507 1 988 2 151 R'm 1 152 1 295 H1 2014 H1 2015 H1 2016 H1 2017 H1 2018 RHODES FOOD GROUP INTERIM RESULTS 2018 10

COMPONENTS OF TURNOVER GROWTH 2 600 +9.7% 2 507 2 400 +6.3% +1.3% 2 200 2 151-0.7% 2 000 R'm 1 800 1 600 1 400 1 200 H1 2017 revenue Volume growth Price inflation Forex impact Acquisitions H1 2018 revenue RHODES FOOD GROUP INTERIM RESULTS 2018 11

SEGMENTAL TURNOVER 539 689 845 R'm 373 447 949 1 066 1 251 429 503 350 345 500 396 411 H1 2014 H1 2015 H1 2016 H1 2017 H1 2018 International Regional - Long Life Regional - Fresh RHODES FOOD GROUP INTERIM RESULTS 2018 12

OPERATING PROFIT 250 30% 200 186 208 25% R'm 150 100 50 126 107 9.3% 9.7% 9.4% 9.7% 162 6.5% 20% 15% 10% 5% - H1 2014 H1 2015 H1 2016 H1 2017 H1 2018 Operating profit Operating profit margin 0% RHODES FOOD GROUP INTERIM RESULTS 2018 13

INTERNATIONAL REVENUE BY CURRENCY ZAR 2% (2017: 1%) AUD 18% (2017: 22%) USD 53% (2017: 47%) CAD 3% (2017: 4%) GBP 13% (2017: 12%) EUR 11% (2017: 14%) Rand appreciated 4% against trading basket of currencies in H1 2018 (H1 2017: Rand appreciated by 11%) Foreign exchange hedging policy maintained RHODES FOOD GROUP INTERIM RESULTS 2018 14

BALANCE SHEET - ASSETS R m H1 2018 H1 2017 % change Non-current assets 2 334 1 914 21.9 Property, plant & equipment 1 659 1 272 30.4 Intangible assets & goodwill 647 633 2.2 Biological assets 11 9 20.0 Other non-current assets 17 - Current assets 2 260 2 103 7.5 Inventory 1 393 1 320 5.5 Accounts receivable 779 702 11.0 Biological assets 11 19 (43.7) Other current assets 60 22 177.8 Bank balance & cash on hand 17 40 (56.9) Total assets 4 594 4 017 14.4 RHODES FOOD GROUP INTERIM RESULTS 2018 15

BALANCE SHEET - EQUITY AND LIABILITIES R m H1 2018 H1 2017 % change Capital and reserves 2 240 2 123 5.5 Non-current liabilities 847 646 31.2 Current liabilities 1 507 1 248 20.6 Accounts payable & accruals 737 683 7.9 Other current liabilities 289 226 27.4 Bank overdraft 481 339 42.0 Total equity and liabilities 4 594 4 017 14.4 RHODES FOOD GROUP INTERIM RESULTS 2018 16

WORKING CAPITAL MANAGEMENT H1 2018 H1 2017 Net working capital days 139 149 Inventory days 137 147 Debtor days 51 48 Creditor days (49) (46) Recovery of international sales volumes contributed to improved inventory days RHODES FOOD GROUP INTERIM RESULTS 2018 17

CASH MANAGEMENT 300 200 240 R'm 100 - (100) (103) (68) (82) 76 (105) (3) (200) (300) (264) Operating cashflows Working capital changes Net interest and tax paid Dividends paid Loans raised Loans repaid Other Purchase and disposal of PPE RHODES FOOD GROUP INTERIM RESULTS 2018 18

TRADING PERFORMANCE RHODES FOOD GROUP INTERIM RESULTS 2018 19

REVENUE CONTRIBUTION RHODES FOOD GROUP INTERIM RESULTS 2018 20

REGIONAL PERFORMANCE R m H1 2018 H1 2017 % change Revenue 2 097 1 755 19.5 Long Life 1 252 1 066 17.4 Fresh 845 689 22.7 Gross profit margin 27.5% 28.9% Operating profit 164 162 1.4 Operating profit margin 7.8% 9.2% Components of turnover growth Volume growth 5.1% Price/mix 2.5% Acquisitions 11.9% Operating margin diluted by once-off costs and Ma Baker loss in Fresh Foods RHODES FOOD GROUP INTERIM RESULTS 2018 21

REGIONAL PERFORMANCE Continued strong organic growth Strong performance from bakery category, driven by new products Continued good growth in pies, snacking and ready meals Fruit juice performed well in highly competitive environment Manufacturing and distribution agreement concluded with BOS Brands Sales in sub-saharan Africa slowed to 19.6% as strengthening Rand made products less price competitive in certain markets Pakco products gaining good traction and new launches will add further momentum RHODES FOOD GROUP INTERIM RESULTS 2018 22

INTERNATIONAL PERFORMANCE R m H1 2018 H1 2017 % change Revenue 411 396 3.6 Gross profit margin 16.8% 25.3% Operating (loss)/profit (1) 50 (102.7) Operating profit margin (0.5)% 12.6% Components of turnover growth Price/mix (4.1)% Volumes 11.5% Forex (3.9)% R51m movement in operating profit had a significant effect on group results Canned fruit market stable but H1 operating margin well below guided 10% Losses incurred on industrial products RHODES FOOD GROUP INTERIM RESULTS 2018 23

INTERNATIONAL PERFORMANCE Export volumes recovered Impacted by increased cost of canned fruit owing to drought in Western Cape over the past two years Industrial puree market remains weak Further impacted by strengthening Rand Industrial product costs will reduce in H2 due to the lower price paid for fruit Business is on track to be utilising 50% of industrial product output internally by 2019 RHODES FOOD GROUP INTERIM RESULTS 2018 24

CAPITAL INVESTMENT PROGRAMME RHODES FOOD GROUP INTERIM RESULTS 2018 25

WELL CAPITALISED PRODUCTION BASE 15 production facilities located close to source of raw materials and markets * * Site being consolidated into facilities at Groot Drakenstein RHODES FOOD GROUP INTERIM RESULTS 2018 26

INCREASED CAPITAL INVESTMENT Ongoing investment to expand capacity and enhance efficiencies across production base R1bn capital investment programme from 2017 2019 Estimated R850m invested in FY2017 and FY2018 Investing in new and upgraded facilities, mainly for new product categories entered through acquisition Priority to ensure projects are completed in FY2018 to generate returns to enhance group earnings Capex to reduce in FY2019 and normalise in FY2020 RHODES FOOD GROUP INTERIM RESULTS 2018 27

CAPITAL INVESTMENT PROJECTS 2017-2019 Projects completed in FY2017 Meat production facility: phase 3 of 3-year upgrade completed New flexible packaging and baby foods factory, Groot Drakenstein Fruit production facility Tulbagh: new fruit cup line commissioned Fruit juice facility: installation of two new juice lines RHODES FOOD GROUP INTERIM RESULTS 2018 28

CAPITAL INVESTMENT PROJECTS 2017-2019 Installation of clear base juice concentrate plant** Relocation of pulps and purees to Groot Drakenstein New food technology laboratory and product development centre** Dry packed foods (Pakco): overhaul of dry-packed facility and installation of two new packaging lines** New baked bean production facility, Krugersdorp** Pies and pastries KZN (Ma Baker): new automated pie making line** Bakery facility: installation of new line for non-pie pastry products** Expansion of ready meals plant to accommodate consolidation of snacking (former Alibaba Foods business) (early FY2019 completion) New 1 000ha pineapple plantation on leased land in Swaziland (over three years) ** Projects completed during H1 and early H2 FY2018 RHODES FOOD GROUP INTERIM RESULTS 2018 29

CAPITAL INVESTMENT PROJECTS Dairy plant RFG head office New clear juice plant New pulps and purees location Fruit cold stores Regional DC New baby food plant New ready meals factory services New lab and product development centre Ready meals bulk store Ready meals plant New ready meals extension Groot Drakenstein production hub RHODES FOOD GROUP INTERIM RESULTS 2018 30

CAPITAL INVESTMENT PROJECTS Food technology laboratory and product development centre Groot Drakenstein RHODES FOOD GROUP INTERIM RESULTS 2018 31

CAPITAL INVESTMENT PROJECTS Clear juice concentrate plant Groot Drakenstein RHODES FOOD GROUP INTERIM RESULTS 2018 32

CAPITAL INVESTMENT PROJECTS Clear juice concentrate plant RHODES FOOD GROUP INTERIM RESULTS 2018 33

CAPITAL INVESTMENT PROJECTS Baked beans production facility Krugersdorp RHODES FOOD GROUP INTERIM RESULTS 2018 34

MARKET-LEADING BRANDS RHODES FOOD GROUP INTERIM RESULTS 2018 35

EXPANDING BRAND PORTFOLIO RHODES FOOD GROUP INTERIM RESULTS 2018 36

MARKET SHARE (RFG as manufacturer) Market shares* (%) March 2017 March 2018 Position Jams 48 48 1 Canned fruit 46 46 1 Canned vegetables 19 16 2 Canned meats & meals 66 72 1 Long life fruit juices 17 22 2 Salads and pickles 21 24 3 * Moving annual total. Retailers scanning data processed by IRI Worldwide (market shares in the defined retail channel, in retail prices) RHODES FOOD GROUP INTERIM RESULTS 2018 37

BRAND SHARE Brand shares* (%) March 2017 March 2018 Position Jams 27 29 2 Canned fruit 26 26 2 Canned pineapple 55 53 1 Canned vegetables 16 13 2 Canned tomato 29 31 1 Corned meat 50 59 1 100% fruit juice 10 16 2 Infant food meals 6 8 2 Salads and pickles 13 15 3 * Moving annual total. Retailers scanning data processed by IRI Worldwide (market shares in the defined retail channel, in retail prices) RHODES FOOD GROUP INTERIM RESULTS 2018 38

INNOVATION: PRODUCT AND PACKAGING RHODES FOOD GROUP INTERIM RESULTS 2018 39

PAKCO Authentic Asian cuisine New products, pack formats and refreshed packaging RHODES FOOD GROUP INTERIM RESULTS 2018 40

BISTO New and innovative pack formats, and flavours Bisto Corn Flour range introduced RHODES FOOD GROUP INTERIM RESULTS 2018 41

Southern Coating new packaging and improved recipes Rhodes Trotters jelly range extended RHODES FOOD GROUP INTERIM RESULTS 2018 42

BULL BRAND Bull Brand stock powder launched Bull Brand Woza Woza soya mince RHODES FOOD GROUP INTERIM RESULTS 2018 43

ONGOING NEWNESS IN LONG LIFE FOODS Rhodes 100% juice range 200ml leaf pack Rhodes 600g plastic cup range RHODES FOOD GROUP INTERIM RESULTS 2018 44

ONGOING NEWNESS IN LONG LIFE FOODS Rhodes Squish jelly BOS ice tea Rhodes Hinds custard powder RHODES FOOD GROUP INTERIM RESULTS 2018 45

ONGOING NEWNESS IN FRESH FOODS RHODES FOOD GROUP INTERIM RESULTS 2018 46

OUTLOOK RHODES FOOD GROUP INTERIM RESULTS 2018 47

OUTLOOK Regional Trading conditions expected to remain constrained Maintain momentum in sub-saharan Africa; conditions remain tough Maximise benefits from recent acquisitions and major projects Grow brand shares Benefit from Pakco brands in Long Life product offering International Expect to return to profitability in H2 but margin will remain low Strengthening Rand remains a risk to performance Benefit from sale of lower cost-based industrial products Expect small increase in foreign selling prices of canned fruit Continued improvement in volumes RHODES FOOD GROUP INTERIM RESULTS 2018 48

OUTLOOK RFG investment case remains robust despite headwinds in international business Ma Baker now profitable and expected to contribute to H2 earnings, although at a lower level than originally anticipated Working capital management a priority to reduce interest costs Capital investment of R115 million committed for second half Focus on completing current capital investment programme to generate returns for shareholders into 2019 Committed to medium-term targets Gross profit margin over 30% Operating margin 10% - 12% RHODES FOOD GROUP INTERIM RESULTS 2018 49

THANK YOU RHODES FOOD GROUP INTERIM RESULTS 2018 50

DISCLAIMER Rhodes Food Group Holdings Limited ( RFG or the company ) has acted in good faith and has made every reasonable effort to ensure the accuracy and completeness of the information contained in this presentation, including all information that may be defined as 'forward-looking statements' within the meaning of United States securities legislation. Forward-looking statements may be identified by words such as 'believe', 'anticipate', 'expect', 'plan', 'estimate', 'intend', 'project', 'target', 'predict' and 'hope'. Forward-looking statements are not statements of fact, but statements by the management of RFG based on its current estimates, projections, expectations, beliefs and assumptions regarding the group's future performance. No assurance can be given that forward-looking statements will prove to be correct and undue reliance should not be placed on such statements. The risks and uncertainties inherent in the forward-looking statements contained in this presentation include, but are not limited to: changes to IFRS and the interpretations, applications and practices subject thereto as they apply to past, present and future periods; domestic and international business and market conditions; changes in the regulatory and legislative environments; changes to operational, social, economic and political risks; and the effects of both current and future litigation. RFG does not undertake to update any forward-looking statements contained in this presentation and does not assume responsibility for any loss or damage whatsoever and howsoever arising as a result of the reliance by any party thereon, including, but not limited to, loss of earnings, profits, or consequential loss or damage. RHODES FOOD GROUP INTERIM RESULTS 2018 51

INVESTOR RELATIONS CONTACTS Bruce Henderson CEO Bruce.Henderson@RFG.com Tiaan Schoombie CFO Tiaan.Schoombie@RFG.com Graeme Lillie IR graeme@tier1ir.co.za www.rfg.com RHODES FOOD GROUP INTERIM RESULTS 2018 52

CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 1 APRIL 2018

GROUP TURNOVER (R million) 1 152 1 295 1 988 2 151 2 507 2014 2015 2016 2017 2018 *Compound annual growth rate. CAGR* 21.5% 16% 34% 50% Long Life Foods Fresh Foods International REGIONAL REVENUE CONTRIBUTION BY SEGMENT INTERNATIONAL KEY FEATURES FOR THE SIX MONTHS GROUP TURNOVER UP 16.6% REGIONAL TURNOVER UP 19.5% INTERNATIONAL TURNOVER UP 3.6% HEADLINE EARNINGS 34.8% LOWER ON WEAK INTERNATIONAL RESULTS DILUTED HEPS 38.9% DOWN TO 31.4 CENTS

COMMENTARY PROFILE Rhodes Food Group is a leading producer of fresh, frozen and long life convenience meal solutions for customers and consumers across South Africa, sub-saharan Africa and in major global markets. The growing portfolio of market leading brands, which includes Rhodes, Bull Brand, Magpie, Squish, Bisto, Hinds and Pakco, is complemented by private label product ranges packed for major South African retailers and international customers. TRADING AND FINANCIAL PERFORMANCE Group turnover for the six months increased by 16.6% to R2.5 billion, with organic growth of 6.9%. Turnover in the regional segment (South Africa and the rest of Africa) increased by 19.5%, with organic growth of 7.6%. The regional segment accounted for 84% (2017: 82%) of total revenue. Fresh Foods sales increased by 22.7% (9.3% organic growth) with a strong performance from the bakery category driven by product innovation and continued good growth in pies, snacking and ready meals. Long Life Foods increased turnover by 17.4% (6.5% organic growth) with the fruit juice category again performing well in a highly competitive environment. The group s brands continued to gain market share across core product categories. Growth in the rest of Africa has slowed as the impact of the stronger Rand in certain major African markets has made the group s products less price competitive. The acquisitions of Pakco and Ma Baker, which were not included in the comparable prior period, contributed combined turnover of R209 million. Pakco has performed ahead of expectations in its first full year in the group while some initial challenges were experienced at Ma Baker. These have been addressed and the integration has been bedded down. International turnover increased by 3.6%. While export volumes have recovered the business has been impacted by the increased costs of canned fruit due to the ongoing drought in the Western Cape and the strengthening of the Rand against the group s trading currencies. The reporting period comprises 26 trading weeks compared to 27 weeks in the prior period. The group s gross profit margin was lower at 25.3% (2017: 27.1%) owing mainly to increased costs and the adverse currency impact in the International business. The regional gross profit margin was impacted negatively by lower margins in the Ma Baker business. The gross profit margin of the Long Life component of the regional business was maintained at last year s levels. Operating costs, excluding the impact of the two acquisitions, grew by 9.2%. Depreciation and amortisation increased by R19 million owing to the higher level of capital expenditure in the past two years and the acquisitions of Pakco and Ma Baker at the end of the prior period. Once-off costs relating to the Ma Baker integration and the relocation of the snacking plant (formerly Alibaba Foods) to the Groot Drakenstein production facility also contributed to the increase. The group operating margin declined from 9.7% to 6.5%. The regional operating margin reduced from 9.2% to 7.8% owing to the dilution caused by the Ma Baker business and the once-off costs referred to above. The regional margin on a comparable basis was in line with the prior period. The weak market for industrial purees, increased canned fruit costs and strengthening currency contributed to the international segment posting a loss for the first half. Interest payments were R17.4 million higher at R51.9 million due to the increased capital investment programme and funding for the Ma Baker acquisition. Profit after tax declined by 35.1% to R80.9 million with headline earnings 34.8% lower at R82.4 million. Diluted headline earnings per share decreased by 38.9% to 31.4 cents, in line with the group s trading statement issued on 20 March 2018. The weighted average number of shares in issue has increased by 15.9 million or 6.7% over the prior six-month period. RHODES FOOD GROUP INTERIM RESULTS 2018 1

2 COMMENTARY continued The ongoing focus on efficient working capital management is reflected in the increase in net working capital being contained to 7.2%. Cash generated from operations of R135.8 million was R42.3 million higher than the prior period due to the lower investment in working capital. The group s net debt to equity ratio increased to 60.4% (2017: 45.2%) owing to the higher level of funding for the capital investment programme. The group invested R268 million (2017: R233 million) in capital projects in the first half. Major projects include capacity expansion at the Gauteng pie and bakery facilities, commissioning a new baked bean production facility, upgrading facilities at Pakco and Ma Baker, and the installation of a clear juice concentrate plant at the Groot Drakenstein production hub to further vertically integrate the fruit juice operation. OUTLOOK Driving organic growth, increasing brand shares and extracting benefits from the recent acquisitions and major projects will be the focus areas in the regional business. The group will look to maintain momentum in sub-saharan Africa and benefit from the addition of the Pakco brands to the Long Life product offering. The Pakco brand portfolio was relaunched in March with extensive product innovation, new pack formats and refreshed packaging designs across the Bisto, Hinds, Pakco and Southern Coating brands. After reporting a loss for the first half, Ma Baker has returned to profitability and is expected to be earnings accretive in the second half. The international business should benefit in the second half from the sale of lower cost-based industrial products from the 2018 season coming onto the market as well as a small uplift in foreign selling prices of canned fruit and continued improvement in volumes. However, the operating margin for the international segment will remain low and a strengthening Rand remains a risk to performance. The group plans a further R115 million capital investment in the second half of the year. The completion of the current production capacity expansion and upgrade progamme is a priority to ensure that these projects start generating returns to enhance the group s earnings. Working capital management remains a focus area to reduce interest costs. Trading conditions are expected to remain constrained over the remainder of the financial year. While the improving consumer confidence in the country is positive for growth, it is too early to expect any marked improvement in the regional trading environment. Any reference to future performance included in this announcement has not been reviewed or reported on by the auditors. Bruce Henderson Tiaan Schoombie Chief Executive Officer Chief Financial Officer Groot Drakenstein 22 May 2018 2 RHODES FOOD RHODES GROUP FOOD INTEGRATED GROUP INTERIM REPORT RESULTS 2017 2018

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 1 April 2018 Reviewed Reviewed Six-month Six-month Audited period ended period ended Year ended 1 April 2 April 1 October 2018 2017 2017 Notes R 000 R 000 R 000 ASSETS Non-current assets 2 333 815 1 914 124 2 145 186 Property, plant and equipment 4 1 658 574 1 272 039 1 460 493 Intangible assets 202 490 164 138 207 282 Goodwill 444 857 468 984 457 183 Investment in associate 5 5 740 Biological assets 10 760 8 963 10 664 Deferred taxation asset 2 688 9 294 Loans receivable 8 706 270 Current assets 2 259 795 2 102 438 1 964 903 Inventory 6 1 393 491 1 320 301 1 144 080 Accounts receivable 779 390 702 041 767 679 Biological assets 10 553 18 742 10 553 Loan receivable 4 123 3 307 6 170 Taxation receivable 40 804 10 084 32 193 Foreign exchange contract asset 14 237 8 021 Bank balances and cash on hand 17 197 39 942 4 228 Total assets 4 593 610 4 016 562 4 110 089 EQUITY AND LIABILITIES Capital and reserves 2 239 771 2 122 716 2 235 865 Share capital 1 565 509 1 565 509 1 565 509 Equity-settled employee benefits reserve 13 189 5 776 8 779 Accumulated profit 652 025 541 744 652 326 Equity attributable to owners of the company 2 230 723 2 113 029 2 226 614 Non-controlling interest 9 048 9 687 9 251 Non-current liabilities 847 135 645 618 877 883 Long-term loans 650 635 509 374 700 407 Deferred taxation liability 180 928 126 383 161 711 Employee benefit liability 15 572 9 861 15 765 Current liabilities 1 506 704 1 248 228 996 341 Accounts payable and accruals 737 597 683 482 534 590 Employee benefits accrual 50 134 75 707 75 324 Current portion of long-term loans 237 327 150 117 218 831 Taxation payable 258 2 732 Bank overdraft 481 388 338 922 158 077 Foreign exchange contract liability 6 787 Total equity and liabilities 4 593 610 4 016 562 4 110 089 RHODES FOOD GROUP INTERIM RESULTS 2018 3

4 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME for the six-month period ended 1 April 2018 Reviewed Reviewed Six-month Six-month Audited period ended period ended Year ended 1 April 2 April 1 October 2018 2017 2017 R 000 R 000 R 000 Revenue 2 507 375 2 150 737 4 593 317 Cost of goods sold (1 873 723) (1 567 317) (3 355 146) Gross profit 633 652 583 420 1 238 171 Other income 36 275 41 017 54 480 Operating costs (507 193) (416 735) (885 844) Profit before interest and taxation 162 734 207 702 406 807 Interest paid (51 855) (34 462) (84 836) Interest received 93 22 386 Profit before taxation 110 972 173 262 322 357 Taxation (30 107) (48 616) (87 566) Profit for the period 80 865 124 646 234 791 Profit attributable to: Owners of the company 81 068 123 931 234 512 Non-controlling interest (203) 715 279 80 865 124 646 234 791 Other comprehensive income Items that will not be reclassified subsequently to profit or loss 1 Remeasurement of employee benefit liability 2 Deferred taxation effect (1) Total comprehensive income for the period 80 865 124 646 234 792 Total comprehensive income attributable to: Owners of the company 81 068 123 931 234 513 Non-controlling interest (203) 715 279 80 865 124 646 234 792 Earnings per share (cents) 32.1 52.4 95.9 Diluted earnings per share (cents) 30.9 50.4 92.4 RHODES FOOD GROUP INTERIM RESULTS 2018

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six-month period ended 1 April 2018 Equity-settled employee Share benefits Accumulated Non-controlling capital reserve profit interest Total R 000 R 000 R 000 R 000 R 000 Balance at 25 September 2016 audited 720 205 2 773 524 948 8 972 1 256 898 Issue of ordinary share capital 845 304 845 304 Total comprehensive income for the period 123 931 715 124 646 Recognition of share-based payments 3 003 3 003 Treasury shares dividends received 475 475 Dividend paid (107 610) (107 610) Balance at 2 April 2017 reviewed 1 565 509 5 776 541 744 9 687 2 122 716 Total comprehensive income for the period 110 303 (436) 109 867 Recognition of share-based payments 3 003 3 003 Treasury shares dividends received 279 279 Balance at 1 October 2017 audited 1 565 509 8 779 652 326 9 251 2 235 865 Total comprehensive income for the period 81 068 (203) 80 865 Recognition of share-based payments 4 410 4 410 Treasury shares dividends received 350 350 Dividend paid (81 719) (81 719) Balance at 1 April 2018 reviewed 1 565 509 13 189 652 025 9 048 2 239 771 RHODES FOOD GROUP INTERIM RESULTS 2018 5

6 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the six-month period ended 1 April 2018 Reviewed Reviewed Six-month Six-month Audited period ended period ended Year ended 1 April 2 April 1 October 2018 2017 2017 R 000 R 000 R 000 Cash flows from operating activities Operating cash flows before working capital changes 239 732 257 567 532 420 Working capital changes (103 978) (164 122) (185 306) Cash generated from operations 135 754 93 445 347 114 Net interest paid (51 766) (37 010) (86 150) Taxation paid (16 348) (100 438) (139 023) Net cash inflow/(outflow) from operating activities 67 640 (44 003) 121 941 Cash flows from investing activities Purchase of property, plant and equipment (268 475) (233 258) (486 946) Proceeds on disposal of property, plant and equipment 4 865 269 1 478 Acquisition of subsidiaries and businesses less net cash acquired (180 477) (207 297) Loan receivable advanced (3 273) (307) (3 732) Loans receivable repaid 246 1 471 Dividend paid (81 719) (107 610) (107 610) Treasury shares dividend received 475 475 Net cash outflow from investing activities (348 356) (520 908) (802 161) Cash flows from financing activities Issue of ordinary share capital 648 304 648 304 Loans raised 75 589 300 000 621 000 Loans repaid (105 215) (495 492) (556 742) Government grant received 2 742 3 432 Net cash (outflow)/inflow from financing activities (29 626) 455 554 715 994 Net (decrease)/increase in cash and cash equivalents (310 342) (109 357) 35 774 Cash and cash equivalents at beginning of the period (153 849) (189 623) (189 623) Cash and cash equivalents at end of the period (464 191) (298 980) (153 849) RHODES FOOD GROUP INTERIM RESULTS 2018

CONDENSED CONSOLIDATED SEGMENTAL REPORT for the six-month period ended 1 April 2018 PRODUCTS AND SERVICES FROM WHICH REPORTABLE SEGMENTS DERIVE THEIR REVENUES Information reported to the chief operating decision-maker for the purposes of resource allocation and assessment of segment performance focuses on the types of goods or services delivered or provided, and in respect of the 'regional' and 'international' operations. The information is further analysed based on the different classes of customers. The executive management of the Group have chosen to organise the Group around the difference in geographical areas and operate the business on that basis. Specifically, the Group s reportable segments under IFRS 8: Operating Segments are as follows: Regional International SEGMENT REVENUES AND RESULTS The following is an analysis of the Group s revenue and results by reportable segment. Segment revenue Reviewed Reviewed Six-month Six-month Audited period ended period ended Year ended 1 April 2 April 1 October 2018 2017 2017 R 000 R 000 R 000 Regional Fresh products sales 844 955 688 546 1 529 291 Long life products sales 1 251 622 1 065 693 2 151 307 2 096 577 1 754 239 3 680 598 International Long life products sales 410 798 396 498 912 719 Total 2 507 375 2 150 737 4 593 317 Segment profit Regional 164 322 161 779 358 254 International (1 348) 49 930 57 553 Total 162 974 211 709 415 807 Impairment loss (3 321) Acquisition costs (240) (4 007) (5 679) Interest received 93 22 386 Interest paid (51 855) (34 462) (84 836) Profit before taxation 110 972 173 262 322 357 Segment depreciation Regional 51 591 38 685 92 435 International 13 844 10 428 18 113 Total 65 435 49 113 110 548 Segment amortisation Regional 4 511 1 422 5 791 International 281 321 748 Total 4 792 1 743 6 539 Segment revenue reported above represents revenue generated from external customers. Inter-company sales amounted to R271.840 million (six months ended 2 April 2017: R285.290 million, year ended 1 October 2017 R541.821 million). The accounting policies of the reportable segments are the same as the Group's accounting policies described in note 1 to the condensed consolidated interim financial statements. Segment profit represents the profit before tax earned by each segment without allocation of impairment losses, acquisition costs, interest received and interest paid. This is the measure reported to the chief operating decision-maker for the purpose of resource allocation and assessment of segment performance. RHODES FOOD GROUP INTERIM RESULTS 2018 7

8 CONDENSED CONSOLIDATED SEGMENTAL REPORT continued for the six-month period ended 1 April 2018 GEOGRAPHICAL INFORMATION The Group's non-current assets by location of operations (excluding goodwill and deferred taxation asset) and revenue are detailed below. The chief operating decision-maker does not evaluate any of the Group's other assets or liabilities on a segmental basis for decision-making purposes. Non-current assets Reviewed Reviewed Six-month Six-month Audited period ended period ended Year ended 1 April 2 April 1 October 2018 2017 2017 R 000 R 000 R 000 Republic of South Africa 1 753 647 1 332 852 1 548 831 Kingdom of Swaziland 132 623 112 288 129 878 1 886 270 1 445 140 1 678 709 Revenue Republic of South Africa 2 458 651 2 103 111 4 472 594 Kingdom of Swaziland 48 724 47 626 120 723 2 507 375 2 150 737 4 593 317 INFORMATION REGARDING MAJOR CUSTOMERS Two customers (six months ended 2 April 2017: two, year ended 1 October 2017: two) individually contributed 10% or more of the Group's revenue arising from both regional and international sources. RHODES FOOD GROUP INTERIM RESULTS 2018

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS for the six-month period ended 1 April 2018 1. BASIS OF PREPARATION Rhodes Food Group Holdings Limited is a company domiciled in the Republic of South Africa. These condensed consolidated interim financial statements ("interim financial statements") as at and for the six-month period ended 1 April 2018 comprise the company and its subsidiaries (together referred to as the ''Group''). The interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Pronouncements as issued by the Financial Reporting Standards Council, and the requirements of the Companies Act of South Africa and the JSE Listings Requirements. The accounting policies and methods of computation applied in the preparation of the interim financial statements are consistent with those applied in the audited consolidated financial statements for the year ended 1 October 2017. The accounting policies adopted and methods of computation are in accordance with International Financial Reporting Standards. These interim financial statements were prepared under the supervision of CC Schoombie CA(SA), Chief Financial Officer. 2. SEASONALITY OF OPERATIONS The Group s performance is subject to seasonal trends based on the seasonality of fruit crops which are processed annually from November to April and June to August. Due to the seasonal nature of fruit production working capital is actively managed over an annual cycle. 3. EVENTS SUBSEQUENT TO REPORTING DATE On 1 May 2018 the company appointed B Lakey as company secretary subsequent to the resignation of Statucor (Pty) Ltd. The directors are not aware of any other matter or circumstance of a material nature arising since the end of the six-month period ended 1 April 2018, otherwise not dealt with in the interim financial statements, which significantly affect the financial position of the Group or the results of its operations. 4. PROPERTY, PLANT AND EQUIPMENT Opening Acquisition of Government Closing balance subsidiaries Additions grant received Disposals Impairment balance COST R 000 R 000 R 000 R 000 R 000 R 000 R 000 1 April 2018 1 765 295 268 475 (18 148) 2 015 622 2 April 2017 1 197 797 107 419 233 258 (2 742) (374) (3 872) 1 531 486 1 October 2017 1 197 797 105 644 486 946 (3 432) (17 788) (3 872) 1 765 295 Opening Closing balance Depreciation Disposals Impairment balance ACCUMULATED DEPRECIATION R 000 R 000 R 000 R 000 R 000 1 April 2018 304 802 65 435 (13 189) 357 048 2 April 2017 210 971 49 113 (161) (476) 259 447 1 October 2017 210 971 110 548 (16 166) (551) 304 802 Opening Closing balance balance NET ASSET VALUE R 000 R 000 1 April 2018 1 460 493 1 658 574 2 April 2017 986 826 1 272 039 1 October 2017 986 826 1 460 493 The disposal of property, plant and equipment resulted in a loss of R0.094 million (six months ended 2 April 2017: profit of R0.056 million, year ended 1 October 2017 loss of R0.144 million). The impairment of property, plant and equipment resulted in a loss of Rnil (six months ended 2 April 2017: loss of R3.396 million, year ended 1 October 2017 loss of R3.321 million). These losses were recognised as part of 'operating costs' in the condensed consolidated statement of profit or loss and other comprehensive income. During the six-month period ended 1 April 2018, the Group contracted R105.595 million (six months ended 2 April 2017: R366.717 million, year ended 1 October 2017: R264.664 million) for future capital commitments. There has been no major change in the nature of property, plant and equipment, the policy regarding the use thereof, or the encumbrances over the property, plant and equipment. RHODES FOOD GROUP INTERIM RESULTS 2018 9

10 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued for the six-month period ended 1 April 2018 5. INVESTMENT IN ASSOCIATE The Group entered into a sale of share agreement during October 2017 to dispose of 50.83% of the shares in Ma Baker Xpress Proprietary Limited for a consideration of R6.100 million. On the date of disposal Ma Baker Xpress Proprietary Limited ceased to be a subsidiary. From that date it was accounted for as an investment in an associate, using the equity accounting method, at a value of R5.900 million. During the six months ended 1 April 2018 the loss from the investment in the associate recognised in 'operating costs' was R0.160 million. 6. INVENTORY A provision of R13.490 million for the six months ended 1 April 2018 (six months ended 2 April 2017: R6.066 million, year ended 1 October 2017: R13.380 million) was raised in order to recognise inventory at the lower of cost or net realisable value. 7. EARNINGS PER SHARE Reviewed Reviewed Six-month Six-month Audited period ended period ended Year ended 1 April 2 April 1 October 2018 2017 2017 R 000 R 000 R 000 7.1 HEADLINE EARNINGS PER SHARE Reconciliation between profit attributable to owners of the company and headline earnings: Profit attributable to owners of the company 81 068 123 931 234 512 Adjustments to profit attributable to owners of the company 1 284 2 405 2 495 Loss/(profit) on disposal of property, plant and equipment 94 (56) 144 Impairment of property, plant and equipment 3 396 3 321 Loss on sale of subsidiary 1 216 Taxation effect (26) (935) (970) Headline earnings 82 352 126 336 237 007 Headline earnings per share (cents) 32.6 53.4 96.9 7.2 DILUTED HEADLINE EARNINGS PER SHARE Diluted headline earnings per share (cents) 31.4 51.4 93.4 7.3 WEIGHTED AVERAGE NUMBER OF SHARES IN ISSUE Ordinary shares in issue at beginning of the period 253 762 018 221 000 000 221 000 000 Weighted number of shares issued during the period 16 853 874 24 657 869 Treasury shares (1 125 000) (1 125 000) (1 125 000) Weighted average number of shares in issue 252 637 018 236 728 874 244 532 869 Effect of convertible preference shares 9 000 000 9 000 000 9 000 000 Effect of share options 403 093 175 828 189 081 Weighted average number of dilutive shares in issue 262 040 111 245 904 702 253 721 950 8. CONTINGENT LIABILITIES The Group has entered into guarantees in favour of South African Revenue Service, for import and export activities as well as various municipalities for operational activities. The guarantees from import and operational activities outstanding as at 1 April 2018 are R6.560 million (six months ended 2 April 2017: R5.070 million, year ended 1 October 2017: R6.560 million). There were no other changes in the contingent liabilities from the prior period as disclosed in the audited annual financial statements for the year ended 1 October 2017. RHODES FOOD GROUP INTERIM RESULTS 2018

9. RECLASSIFICATION OF PRIOR PERIOD DISCLOSURE R18.742 million of the non-current biological assets balance in the Condensed Consolidated Statement of Financial Position for the period ended 2 April 2017 was reclassified to the current portion of biological assets, as this is a better representation of the expected lifespan of the asset. 10. RELATED PARTY TRANSACTIONS The Group generated sales from Peaty Mills Plc of R86.122 million (six months ended 2 April 2017: R76.300 million, year ended 1 October 2017: R182.483 million). Included in accounts receivable are amounts due from Peaty Mills Plc of R34.960 million (six months ended 2 April 2017: R28.718 million, year ended 1 October 2017: R43.143 million). There were no other significant related party transactions during the period under review. 11. DIVIDEND On 15 January 2018, a dividend of 31.1 cents per share, total dividend R81.719 million (16 January 2017, a dividend of 42.2 cents per share, total dividend R107.610 million) was paid. 12.SIX-MONTH PERIOD END The Group's financial year ends in September which reflects 52 weeks of trading, and as a result the reporting date may differ year on year. The 2017 financial year, however, included a 53rd week of trading. References to an interim financial period are to the 26/27 weeks ended on or about 31 March. As a result the interim financial statements were prepared for the 26 week period ended 1 April 2018 (27 week period ended 2 April 2017). 13.REVIEW REPORT The directors have elected to engage the Group s auditors, Deloitte & Touche, to conduct a voluntary review of the condensed consolidated interim financial statements. The Group s auditors have issued an unmodified review report on the condensed consolidated interim financial statements. Any reference to the Group s outlook included in this announcement has not been reviewed or reported on by the Group s auditors. INDEPENDENT AUDITOR S REVIEW Report on the condensed consolidated financial statements To the shareholders of Rhodes Food Group Holdings Limited We have reviewed the condensed consolidated financial statements of Rhodes Food Group Holdings Limited, contained in the accompanying consolidated interim financial statements, which comprise the condensed consolidated statement of financial position as at 1 April 2018 and the condensed consolidated statement of comprehensive income, changes in equity and cash flows for the period then ended, and selected explanatory notes. Directors responsibility for the condensed consolidated financial statements The directors are responsible for the preparation and presentation of these condensed consolidated financial statements in accordance with International Financial Reporting Standard (IAS) 34, Interim Financial Reporting, the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of interim financial statements that are free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express a conclusion on these interim financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. ISRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the condensed consolidated financial statements are not prepared in all material respects in accordance with the applicable financial reporting framework. This standard also requires us to comply with relevant ethical requirements. A review of condensed consolidated financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures, primarily consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluate the evidence obtained. The procedures performed in a review are substantially less than and differ in nature from those performed in an audit conducted in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these condensed consolidated financial statements. RHODES FOOD GROUP INTERIM RESULTS 2018 11

12 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued for the six-month period ended 1 April 2018 INDEPENDENT AUDITOR S REVIEW continued Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated financial statements of Rhodes Food Group Holdings Limited for the six month period ended 1 April 2018 are not prepared, in all material respects, in accordance with IAS 34, Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards Council and the requirements of the Companies Act of South Africa. Deloitte & Touche Registered Auditor Per: PJ Schneider Partner 1 st Floor The Square, Cape Quarter, 27 Somerset Road, Green Point, 8005, Western Cape, Docex 5 Claremont 22 May 2018 National Executive: *LL Bam Chief Executive Officer *TMM Jordan Deputy Chief Executive Officer, Clients & Industries *MJ Jarvis Chief Operating Officer AF Mackie Audit & Assurance *N Sing Risk Advisory *NB Kader Africa Tax & Legal TP Pillay Consulting S Gwala BPS *JK Mazzocco Talent and Transformation MG Dicks Risk Independence & Legal *TJ Brown Chairman of the Board Regional leader: MN Alberts *Partner and Registered Auditor A full list of partners and directors is available on request. B-BBEE rating: Level 1 contribution in terms of the DTI Generic Scorecard as per the amended Codes of Good Practice Associate of Deloitte Africa, a Member of Deloitte Touche Tohmatsu Limited RHODES FOOD GROUP INTERIM RESULTS 2018

CORPORATE INFORMATION RHODES FOOD GROUP HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number 2012/074392/06 JSE share code: RFG ISIN: ZAE000191979 Registered address Pniel Road, Groot Drakenstein, 7680 Private Bag X3040, Paarl, 7620 Directors Dr YG Muthien* (Chairperson) MR Bower* BAS Henderson (Chief Executive Officer) TP Leeuw* LA Makenete* B Njobe* CC Schoombie (Chief Financial Officer) CL Smart** GJH Willis** * Independent non-executive ** Non-executive Company secretary B Lakey Transfer secretaries Computershare Investor Services Proprietary Limited Sponsor Rand Merchant Bank, a division of FirstRand Bank Limited Auditors Deloitte & Touche RHODES FOOD GROUP INTERIM RESULTS 2018

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