Trading Update ROLFES HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2000/002715/06) Share Code: RLF & ISIN: ZAE000159836 ("Rolfes" or "the Company") TRADING UPDATE In terms of para 3.4 (b) of the JSE Listings Requirements, listed companies are required to publish a trading statement as soon as the board of directors is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will vary by 20% or more when compared to those of the prior reporting period. The group remains positioned for growth even though the trading environment for 2019 was difficult. The current trading environment and subdued outlook necessitated impairments in goodwill and IP relating to our Agri and Water businesses. No items have been classified in the current period as being adjustable for normalised earnings. The results announcement will however reflect this measure as a comparative. Shareholders are advised that for the year ended 30 June 2019 the following, minimum basic and diluted, (loss)/earnings per share and headline earnings per share are expected. Once reasonable certainty is obtained further guidance will be provided: 30-06-2019 30-06-2018 MINIMUM AUDITED VARIANCE (Loss)/Earnings per share (“EPS”) (29.4)c 0.93c exceeding 100% ie.the Loss per share will not be more than Headline earnings Per share (“HEPS”) 22.5c 12.24c exceeding 84% RELEASE OF RESULTS The Group’s consolidated financial results for the year ended 30 June 2019 will be released on SENS on or about the 27th of September 2019. The financial information on which this trading statement is based has not been reviewed or reported on by the Group’s auditors. Johannesburg 11 September 2019 Sponsor: Grindrod Bank Limited Date: 11/09/2019 03:30:00 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.