INVESTOR PRESENTATIONAPPENDICES

RESULTS FOR THE YEARENDED JUNE 2017

INVESTOR PRESENTATION APPENDICES

2

RCL FOODS IN CONTEXT

FOOD, LIQUOR& HOME CARE

BANKING HEALTHCARE INSURANCE INDUSTRIAL INFRASTRUCTURE MEDIA & SPORT

INVESTOR PRESENTATION APPENDICES

AREAS OF BUSINESS

3

INVESTOR PRESENTATION APPENDICES

4

INVESTOR PRESENTATION APPENDICES

5

INVESTOR PRESENTATION APPENDICES

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INVESTOR PRESENTATION APPENDICES

STRATEGIC THRUSTS

GROW THROUGH STRONG BRANDS• Invest behind brands, grow key markets and our shares • Accelerate added value, maximise core categories in South Africa

PARTNER WITH STRATEGIC CUSTOMERS • Partner with strategic customers, driving common growth & profit ambitions

EXTEND OUR LEADING VALUE CHAIN

• Optimise resources and costs• Leverage our unique route to market capability through our Logistics division• Drive synergies and opportunities through implementation of integrated IT systems

EXPAND INTO AFRICA • Build core and added value categories (priority 2) in rest of Africa

INSPIRE GREAT PEOPLE

• Build RCL FOODS corporate brand• Build leaders and develop talent to enable our growth ambition• Drive performance culture and accountability to ensure delivery of results

DRIVE SUSTAINABLE BUSINESS• Drive responsible consumption and production• Build brands that matter

STRATEGIC THRUSTS STRATEGIC GOALS TO 2020

7

INVESTOR PRESENTATION APPENDICES

PLATFORM FOR GROWTH

400 000PIES PER DAY

24 MILLIONCHICKENS ON THE GROUND AT ANY TIME

OF FLOUR AND MAIZE MILLED PER YEAR

1.4 MILLIONTONS OF ANIMALFEED PER YEAR

500 000LOAVES OF BREAD PER DAY

100 TONSOF MAYONNAISESOLD DAILY

MORE THAN 20WELL KNOWN &MUCH LOVED BRANDS

2013 2014 2014* 2015 2016** 2017

INTERIM FULL YEAR

EBITDA (Rm)

445.3

1 122.2

1 434.6

2 224.0

1 762.4

196

688.3

889.1

1 206.11 152.2

900.4

1 747.6

1 500MORE THAN

DELIVERYVEHICLES

OVER20 000EMPLOYEES

700 000AROUND

TONS OF SUGARPER YEAR

500 000 TONS

2013 2014 2014* 2015 2016 2017

INTERIM FULL YEAR

22.4

REVENUE (Rbn) 25.0

23.422.4

19.5

10.1

4.5

8.7

11.6 12.012.9 13.1

25.0

8

*Pro-forma | **Restated

INVESTOR PRESENTATION APPENDICES

INTEGRATED ORGANISATION

CONSUMER DIVISION LOGISTICS DIVISION

BUSINESS UNITS BUSINESS UNITS BUSINESS UNITSChicken, Speciality, Grocery,

Pies, BeveragesSugar, Millbake, Animal Feed Logistics business responsible for

Group-wide route-to-market

SUGAR & MILLING DIVISION

9

Sales Solutions Supply ChainIntelligence

Warehousing Distribution

INVESTOR PRESENTATION APPENDICES

OUR BRANDSRELATIVE SALES (12 Months to June 2017)

BRANDS UNDER R100m10

BRANDS OVER R1bn6

BRANDS OVER R500m3

BRANDS OVER R100m11

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INVESTOR PRESENTATION APPENDICES

MARKET SHARES

Dogfoods (RCL Brands) 26.5 26.8 27.1 Aztec*

Catfoods (RCL Brands) 20.9 20.4 16.2 Aztec

Yum Yum Peanut Butter 31.0 31.2 29.7 Aztec

Nola Mayonnaise 43.2 42.8 41.8 Aztec

Sorghum (RCL Brands) 30.2 28.6 27.4 Aztec

Ouma Rusks 47.1 47.6 46.2 Aztec

Mageu 63.7 67.4 73.9 Aztec

Freezer to Fryer 39.8 34.1 23.7 Aztec

Polony (RCL Brands) 9.8 9.3 10.1 Aztec

Viennas (RCL Brands) 20.6 19.6 18.6 Aztec

Selati 27.0 28.8 29.5 Aztec

Pies and Rolls (RCL Brands) 8.5 7.5 5.1 Aztec

EPOL 13.9 14.4 15.4 Internal estimates – share of AFMA**

Molatek 4.2 4.4 5.3 Internal estimates – share of AFMA

Supreme Flour 11.9 12.9 14.2 SAGIS***

Sunbake 9.1 9.1 8.9 SAGIS

13

6MM June17 12MM June1612MM June17VOLUME SHARE % FOR THE PERIOD SOURCE

*Aztec is a provider of market measurement and related services for consumer packaged goods**AFMA refers to the Animal Feed Manufacturers Associations, which represents approximately 60-65% of the total feed market*** SAGIS is a South African grain information service that supplies market information to the grain and oil seeds industry

11

INVESTOR PRESENTATION APPENDICES

COMMODITY PRICES

12

CME SOYA ($/ton)

250

270

290

310

330

350

370

390

410

430

Jul 2015

Aug 2

015

Sep 2

015

Oct

2015

Nov 2

015

Dec 2

015

Jan 2

016

Feb 2

016

Mar

2016

Apr

2016

May 2

016

Jun 2

016

Jul 2016

Aug 2

016

Sep 2

016

Oct

2016

Nov 2

016

Dec 2

016

Jan 2

017

Feb 2

017

Mar

2017

Apr

2017

May 2

017

Jun 2

017

F16AVG Price

$313

F17AVG Price

$3212.6%

YELLOW MAIZE PRICE (R/ton)

1500

2000

2500

3000

3500

4000

Jul 2015

Aug 2

015

Sep 2

015

Oct

2015

Nov 2

015

Dec 2

015

Jan 2

016

Feb 2

016

Mar

2016

Apr

2016

May 2

016

Jun 2

016

Jul 2016

Aug 2

016

Sep 2

016

Oct

2016

Nov 2

016

Dec 2

016

Jan 2

017

Feb 2

017

Mar

2017

Apr

2017

May 2

017

Jun 2

017

F16AVG PriceR3 245

F17AVG PriceR2 778

14.4%

SAFEX SUNFLOWER SEED PRICE (R/ton)

4000

4500

5000

5500

6000

6500

7000

7500

8000

8500

Jul 2015

Aug 2

015

Sep 2

015

Oct

2015

Nov 2

015

Dec 2

015

Jan 2

016

Feb 2

016

Mar

2016

Apr

2016

May 2

016

Jun 2

016

Jul 2016

Aug 2

016

Sep 2

016

Oct

2016

Nov 2

016

Dec 2

016

Jan 2

017

Feb 2

017

Mar

2017

Apr

2017

May 2

017

Jun 2

017

F16AVG PriceR6 625

F17AVG PriceR5 416

22.3%

SAFEX WHEAT PRICE (R/ton)

35003700390041004300450047004900510053005500

Jul 2015

Aug 2

015

Sep 2

015

Oct

2015

Nov 2

015

Dec 2

015

Jan 2

016

Feb 2

016

Mar

2016

Apr

2016

May 2

016

Jun 2

016

Jul 2016

Aug 2

016

Sep 2

016

Oct

2016

Nov 2

016

Dec 2

016

Jan 2

017

Feb 2

017

Mar

2017

Apr

2017

May 2

017

Jun 2

017

F16AVG PriceR4 488

F17AVG PriceR4 166

7.2%

RAND/USD

11

12

13

14

15

16

17

Jul 2015

Aug 2

015

Sep 2

015

Oct

2015

Nov 2

015

Dec 2

015

Jan 2

016

Feb 2

016

Mar

2016

Apr

2016

May 2

016

Jun 2

016

Jul 2016

Aug 2

016

Sep 2

016

Oct

2016

Nov 2

016

Dec 2

016

Jan 2

017

Feb 2

017

Mar

2017

Apr

2017

May 2

017

Jun 2

017

F16AVG Price

R14.5

F17AVG Price

R13.66.2%

Source: Reuters

INVESTOR PRESENTATION APPENDICES

CONSUMER: CHICKENINTEGRATED SUPPLY CHAIN FROM “FARM TO FORK”

GP OPERATION AGRICULTURE PROCESSING

GRANDPARENT CHICKS

GRANDPARENT FARMS PARENT FARMSBROILER FARMS

REARING 21 WEEKS

LAYING40 WEEKS

HATCHING3 WEEKS

GROWING34 DAYS

BROILER

PROCESSING

4 PLANTS + 2FP PLANTS

REARING 21 WEEKS

LAYING40 WEEKS

HATCHING3 WEEKS

• World’s oldest pedigree broiler breed• Located in Carolina and East London to ensure optimal bio-security• 3 broad agricultural regions: Northern, KZN, W Cape

FEED SUPPLY 5 feed mills producing 1,1m tons pa

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CONSUMERS

The consumer is at the heart of our business

BRANDS

Grade A Quality, Grade A Taste

They taste so good ‘cos they eat so good

The Chicken Experts

CUSTOMERS DISTRIBUTION

INVESTOR PRESENTATION APPENDICES

CONSUMER: CHICKEN LimpopoProvince

Tzaneen

Windhoek

Namibia

Northern Cape

Cape Town

Western Cape

Worcester

Botswana

NorthWest

Rustenburg

Wolwehoek

Free State

Lesotho

Eastern Cape

East London

Mpumalanga

Carolina

KwaZulu Natal

Gauteng

Hammarsdale

Durban

The Chicken business unit produces a wide range of chicken products under 3 well established brands; Rainbow, Simply Chicken and Farmer Brown.

187 rearing, laying and broiler farms and hatcheries24m birds on the ground

4 primary processing plants

2 further processed plants

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INVESTOR PRESENTATION APPENDICES

CONSUMER: GROCERIES

Limpopo

Northern Cape

Western Cape

Botswana

NorthWest

Free State

Lesotho

Eastern Cape

Mpumalanga

KwaZuluNatal

Molteno

Gauteng

Randfontein

One mega site which includes 6 operations

OUMA RUSKS

Limpopo

Northern Cape

Western Cape

Botswana

NorthWest

Free State

Lesotho

Eastern Cape

Mpumalanga

KwaZuluNatal

Krugersdorp

Gauteng

GROCERY PIES

The Grocery business unit consists of a portfolio of leading South African brands spanning staples to top end offerings across a range of food and animal product categories.

The Pies business unit produces a range of high quality pies under the Pieman’s brand in frozen unbaked, frozen baked and chilled baked formats.

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INVESTOR PRESENTATION APPENDICES

Limpopo

Northern Cape

Western Cape

Botswana

NorthWest

Free State

Lesotho

Mpumalanga

KwaZuluNatal

Limpopo

Northern Cape

Western Cape

Botswana

NorthWest

Free State

Lesotho

Eastern Cape

Mpumalanga

KwaZuluNatal

Centurion

GautengGauteng

Pretoria x2

Spartan

Worcester

Eastern Cape

Bronkhorstspruit

CONSUMER: GROCERIES

BEVERAGES SPECIALITY

The Beverages business unit produces a maize-based drink under the Mageu No 1, Smooth and Mnandi brands.

The Speciality business unit produces a range of superior ready to eat products, including speciality breads, mainly for Woolworths.

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INVESTOR PRESENTATION APPENDICES

SUGAR & MILLING: SUGAR

3 Sugar Mills based in Malelane, Komati and Pongola, were established in 1968, 1993 and 1954 respectively produce approximately 700 000 tons of sugar per year.

The Sugar business unit produces a range of sugar products under the leading sugar brand Selati.

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LimpopoProvince

Tzaneen

Windhoek

Namibia

Northern Cape

Cape Town

Western Cape

Botswana

NorthWest

Free State

Lesotho

Eastern Cape

East London

Port Elizabeth

Bloemfontein

KwaZulu Natal

Durban

Pongola

Pretoria

Malelane

Nelspruit

Komati

Mpumalanga

Gauteng

INVESTOR PRESENTATION APPENDICES

SUGAR IMPORTS AND DUTIES

• Cumulative tons imported from 1 April 2015, 2016 and 2017 (start of industry year)

• A total of 292 696 tons have been imported for the 12 months ended 31 March 2017 (March 2016: 70 142 tons)

• Imports have risen following the decrease in duties

• Imports for the 3 months ended June 2017 are already high at115 892 tons, 111 673 higher than the comparative period

• Average duties per month for the industry year ended March 2017 was R1 105 per ton compared to R2 427 per ton in the comparative

Source: Import duty is published by Customs in the Government Gazette | Source: Import data is obtained by SASA

DU

TIE

S

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-

500

1,000

1,500

2,000

2,500

3,000

3,500

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Apr15/16/17

May15/16/17

Jun15/16/17

Jul15/16

Aug15/16

Sep15/16

Oct15/16

Nov15/16

Dec15/16

Jan15/16

Feb15/16

Mar15/16

15 Tons 16 Tons 17 Tons 15 (Duties) 16 (Duties) 17 (Duties)

CU

MU

LATIV

E T

ON

S I

MPO

RTED

INVESTOR PRESENTATION APPENDICES

SUGAR & MILLING: MILLBAKE

Northern Cape

Western Cape

Botswana

NorthWest

Free State

Lesotho

Mpumalanga

KwaZuluNatal

Limpopo

Northern Cape

Western Cape

Botswana

NorthWest

Free State

Lesotho

Eastern Cape

Mpumalanga

KwaZuluNatal

GautengGauteng

Pretoria

Tzaneen

Benoni

Polokwane

Pretoria

Eastern Cape

Nelspruit

Limpopo

BushbuckridgeRustenburg

BAKING MILLING

The Baking operations produce a range of bread products under the Sunbake brand - the fourth largest bread brand nationally.

The Milling operation produces flour and a range of maize meal products at its flour mill - the largest single site flour mill in Southern Africa.

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INVESTOR PRESENTATION APPENDICES

SUGAR & MILLING: ANIMAL FEED

2 molasses based feed mills producing almost 320 000 tons per year

5 grain based feed mills producing almost 1.1m tons per year

LimpopoProvince

Windhoek

Namibia

Northern Cape

Cape Town

Western Cape

Worcester

Botswana

NorthWest

Rustenburg

Free State

Lesotho

Eastern Cape

East London

Port Elizabeth

Bloemfontein

George

Malelane

KwaZulu Natal

Durban

Pongola

Pretoria

Mpumalanga

Nelspruit

Pietermaritzburg

The Animal Feed business unit produces grain and molasses based feeds for a range of species including game, dairy, poultry, horse, pigs and ruminants, under the leading brands of Epol and Molatek.

20

Gauteng

INVESTOR PRESENTATION APPENDICES

CUSTOMER OVERVIEW: LOGISTICS

21

Vector is contracted by the customer to deliver their full basket of products directly to the outlets

Vector is contracted by the principal to deliver to all retailers, wholesalers and general trade

CUSTOMER SECONDARY DISTRIBUTION (CSD) PRINCIPAL SECONDARY DISTRIBUTION (PSD)

INVESTOR PRESENTATION APPENDICES

NETWORK OVERVIEW: LOGISTICS

Plant-based cold stores

Distribution sites

National footprint including Namibia and

Botswana

• 5 plant-based cold stores

• 14 distribution sites

• Capacity 100 608 pallets

• Employees 3 930

• Customer Drop Points 7 014

• 216 664 cases delivered daily (58m cases pa)

• Tonnage 596 000 tons pa

• Fleet of 330 vehicles (primary 80 /

secondary 250)

• ISO 22000 accreditation for all Warehouses

• ISO 14001 and OHSAS 18001 across

Midrand, Thekwini, Peninsula and Roodepoort

22

LimpopoProvince

Tzaneen

Polokwane

Namibia

Northern Cape

Cape Town

Western Cape

Worcester

Botswana

NorthWest

Roodepoort

Rustenburg

Wolwehoek

Free State

Lesotho

Eastern Cape

East London

Port Elizabeth

Bloemfontein

George

NelspruitMidrand

KwaZulu Natal

Newcastle

Hammarsdale

Durban

Pretoria

Mpumalanga

Dartprops

Pietermaritzburg

Gaborone

Windhoek