RCL FOODS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1966/004972/06) ISIN: ZAE000179438 Share code: RCL ("RCL FOODS" or "the Company") UPDATE REGARDING THE UNWIND OF EXISTING BEE TRANSACTION Terms defined in the circular distributed by the Company to shareholders on 14 November 2022 ("Circular") have been used in this announcement. 1. INTRODUCTION Shareholders are referred to the announcements released on SENS on 13 October 2022 and 14 November 2022 and to the Circular, incorporating a Notice of General Meeting, distributed to Shareholders on 14 November 2022 regarding the Unwind of the Existing BEE Transaction by way of, inter alia, the Common Share Repurchase and the Nominal Share Repurchase, in accordance with section 48(8)(b) read with sections 114(1) and 115, of the Companies Act and the provisions of the Framework Agreement. Shareholders are further referred to the results of the General Meeting, announced on SENS on 13 December 2022. 2. REPURCHASE CONDITIONS The salient dates and times in respect of the Repurchase as set out in the Circular ("Timetable") were determined based on the expectation that the Repurchase Conditions would be fulfilled or waived by no later than 17 January 2023. Shareholders are hereby advised that not all of the Repurchase Conditions have been fulfilled as at 17 January 2023. Once the Repurchase Conditions have been fulfilled or waived, the Company will publish an announcement to such effect as well as a revised Timetable for implementation of the Repurchase on SENS and in the press. 3. DIRECTORS’ RESPONSIBILITY STATEMENTS 3.1 Board The Board, collectively and individually, accepts full responsibility for the information contained in this announcement and the accuracy thereof and certifies that, to the best of its knowledge and belief, information contained in this announcement is true, and that there are no facts that have been omitted which would make any of the information false or misleading or would be likely to affect the importance of any information contained in this announcement. 3.2 Independent Board The Independent Board, collectively and individually, accepts full responsibility for the accuracy of the information contained in this announcement and certifies that, to the best of its knowledge and belief, such information is true and that there are no facts that have been omitted which would make any of the information false or misleading or would be likely to affect the importance of any information contained in this announcement. Durban 17 January 2023 Financial Adviser and Transaction Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Attorneys Webber Wentzel