THE BIDVEST GROUP LIMITED - Voluntary shareholder update

Voluntary shareholder update

The Bidvest Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021180/06)
Share code: BVT
ISIN ZAE000117321
("Bidvest" or "the Company")

VOLUNTARY SHAREHOLDER UPDATE

Ratings actions from Moody’s Investors Service

-   Moody Investors Services upgrades Bidvest’s National Scale Rating to Aa1.za
    from A1.za

-   Bidvest assigned a Baa2 local currency global scale long-term and Prime-2 (P-2)
    short-term issuer rating

Moody’s Investors Services (MIS) has informed Bidvest that following a revision of its
National Scale Ratings (NSR) methodology for South Africa, MIS has recalibrated
Bidvest’s national scale long-term issuer ratings up 3 levels to Aa1.za from A1.za.

MIS has also for the first time published Bidvest’s global scale ratings (GSRs). As a
result, MIS has assigned Bidvest a Baa2 local currency global scale long-term and
Prime-2 (P-2) short-term issuer ratings.

These actions follow the publication of MIS’s updated methodology "Mapping Moody's
National Scale Ratings from Global Scale Ratings".

At the same time, as a consequence of the proposed unbundling of the foodservice
businesses from Bidvest, MIS has assigned a negative ratings outlook pending a full
analysis.

David Cleasby, Bidvest Group Financial Director commented, “It is pleasing that our
National Scale Rating is positioned more positively and has been recalibrated upwards
by 3 notches. The negative outlook that has been assigned to Bidvest is due to the
potential credit implications of the unbundling the Foodservice businesses, which if
approved by shareholders on the May 16 2016 would become effective at end May
2016”.

MIS said in its statement that the assignment of Baa2/P-2 local currency global scale
issuer ratings reflects Bidvest’s:

-   Strong operational and financial profile;
-   Diversified sources of revenue across a range of businesses;
-   Solid international footprint with a focus on Southern Africa, the UK and Europe,
    with an expanding presence in Asia, Australia, New Zealand, Middle East and
    Latin America;
-   History of low financial debt leverage, with healthy interest cover and good cash
    flow generation in the context of the high volume, low margin nature of many of
    its activities; and
-   Experienced management team with a successful track record of organic growth
    and growth through acquisitions, which have been effectively integrated into the
    Bidvest network where appropriate while being managed on a decentralized
    basis.


Johannesburg
May 11 2016

Sponsor
Investec Bank Limited

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