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RCL FOODS – RELEASE TRADING STATEMENT

Shareholders are advised that RCL expects that its earnings per share (“EPS”) and headline earnings per share (“HEPS”) for the year ended 30 June 2014 from continuing operations will be a loss of between 50 cents and 60 cents versus the EPS of 4.5 cents and HEPS of 4.8 cents for the corresponding year ended 30 June 2013.

The decrease in EPS and HEPS is largely due to the impact of the following corporate transactions:
* Redemption of New Foodcorp Holdings (Pty) Ltd.’s (“Foodcorp”) Euro-denominated Senior Secured Notes (“SSN”s”) at a premium (the SSN”s were redeemed in two tranches, 10% @ 103% in November 2013 and the remaining 90% @ 108.75% in April 2014) and which crystalised material forex losses (net of hedges);
* Restructuring of the BEE shareholdings resulting in material IFRS 2 charges;
* Transaction costs associated with the abovementioned transactions, as well as with the buyout of the remaining 35.8% minority interest in Foodcorp, the acquisition of TSB Sugar RSA (Pty) Ltd. (“TSB”) and the R790.1m pro-rata minority rights offer.

In addition, TSB”s results since acquisition on 1 January 2014 were compromised by the three month off-crop season from January to March, the high volumes of imports impacting sugar prices, as well as the two week industry strike.

The Group”s results for the year ended 30 June 2014 are expected to be released on SENS on or about 27 August 2014. Accompanying these results the Group will release a set of pro-forma results, based on the assumption that all of the above corporate activities occurred on 30 June 2013, in order to provide shareholders with a better understanding of the underlying performance of the Group for the year ended 30 June 2014.