FBR - Famous Brands Limited - Famous Brands converts Investec Bank Limited debt

FBR - Famous Brands Limited - Famous Brands converts Investec Bank Limited debt 
                             to equity                                          
FAMOUS BRANDS LIMITED                                                           
(Incorporated in the Republic of South Africa)                                  
(Registration number 1969/004875/06)                                            
Share code: FBR     ISIN code: ZAE000053328                                     
("Famous Brands" or the "company")                                              
FAMOUS BRANDS CONVERTS INVESTEC BANK LIMITED DEBT TO EQUITY                     
On 1 December 2003 Famous Brands entered into an agreement with Investec Bank   
Limited ("Investec`) to fund the acquisition of Pleasure Foods (Proprietary)    
Limited ("Wimpy SA"). In terms of the agreement, a mezzanine facility of R35 000
000 was advanced to the company, which terms included a final residual payment  
("the residual amount") of R9 000 000 payable on the 30th November 2008 or such 
earlier date as the company may elect. The agreement further afforded Investec  
the right to elect to receive shares in lieu of the residual amount at a price  
of R1.55 per share, being the ruling price of the shares at the time that the   
agreement was entered into.                                                     
Accordingly, the company advises that it has elected to repay the residual      
amount on 28 February 2007 and that Investec has elected to follow its rights   
and receive 5 806 452 shares in lieu of the residual amount.                    
The strong cash generative nature of Famous Brands` business has facilitated the
early repayment of the residual amount and Investec`s decision to follow their  
rights is seen as a vote of confidence in the company and its prospects.        
Rosebank                                                                        
28 February 2007                                                                
Sponsor                                                                         
Java Capital (Proprietary) Limited                                              
Date: 28/02/2007 17:14:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.