BEG/BEGP2 - Beige - Appeal by The Lion Match Company (PTY) Ltd to the takeover special committee and withdrawal of cautionary announcement BEIGE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1997/006871/06) ("Beige" or "the Company") ISIN Code: ZAE000034161 Share code: BEG ISIN Code: ZAE000154787 Share code: BEGP2 APPEAL BY THE LION MATCH COMPANY (PTY) LTD ("LION MATCH") TO THE TAKEOVER SPECIAL COMMITTEE AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the SENS announcement dated 19 March 2012 wherein they were advised that the Takeover Regulation Panel had issued a ruling on Friday, 16 March 2012 to the effect that the comparable offer of R1.28 per preference share made by Lion Match to the preference shareholders of Beige is not a "comparable offer" as contemplated in terms of the Companies Act, No. 71 of 2008 (as amended)(the "Act") and that in order to be comparable, the offer price for the preference shares must be no less than the see through value of the ordinary shares. Shareholders are advised that Lion Match has exercised its right to apply to the Takeover Special Committee for a hearing regarding the Executive Director`s Ruling in accordance with Regulation 118(8) of the Companies Regulations of 2011, promulgated in terms of the Act. The process and timelines in respect of the hearing remain to be determined by the TRP in consultation with the Takeover Special Committee and shareholders will be advised of these in due course. Withdrawal of Cautionary Announcement Shareholders are advised that following the release of this announcement all information relating to the Lion Match offer to preference shareholders is in public domain and the cautionary announcement is accordingly withdrawn. Johannesburg 26 March 2012 Designated Advisor Arcay Moela Sponsors (Pty) Ltd Date: 26/03/2012 07:30:01 Supplied by www.sharenet.co.za 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.