JSE LIMITED - Gen - General - Country Bird Holdings Proprietary Limited - Update on CBH offer

Gen - General - Country Bird Holdings Proprietary Limited - Update on CBH offer

Country Bird Holdings Proprietary Limited
Incorporated in the Republic of South Africa
(Registration number 2005/008505/07)
(“CBH”)


UPDATE ON CBH OFFER


Sovereign Food Investments Limited (“Sovereign”) shareholders (“Shareholders”) are referred to the
announcement released by CBH on SENS on 6 December 2016 regarding Sovereign’s application to
take the conditional approval of the merger between CBH and Sovereign by the Competition
Commission on review, alternatively a request for consideration (“Sovereign Application SENS
Announcement”).

After the release of the Sovereign Application SENS Announcement, a number of Shareholders have
contacted both the JSE Limited and CBH to understand why further SENS announcements were being
released by CBH given the Takeover Special Committee’s (“Committee”) decision (“Ruling”) that the
CBH cash offer to Shareholders (“CBH Offer”) lapsed on 14 September 2016.

As previously indicated, CBH is currently waiting for the reasons from the Committee in support of its
Ruling. The Committee undertook to provide CBH with its reasons for the Ruling within 30 days of the
Ruling given on 8 November 2016. Upon receipt of the Committee’s reasons, CBH will assess its
position going forward. Until such a point that CBH decides that it will not proceed with taking the Ruling
on review, the CBH Offer still has the potential to be implemented.

Accordingly, CBH feels it is necessary to provide Shareholders with updates on the CBH Offer,
especially in instances in which sufficient updates are not being provided by Sovereign to its
Shareholders.

Further announcements to Shareholders will be made in due course.


Johannesburg
8 December 2016

Financial advisor: Investec Bank Limited

Legal advisor: Kern & Partners

Competition law advisor: Bowman Gilfillan

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