The Refinancing of the Broad Based BEE Transaction AFGRI Limited (Incorporated in the Republic of South Africa) Registration Number: 1995/004030/06 JSE share code: AFR ISIN: ZAE000040549 (“AFGRI” or “the Group”) THE REFINANCING OF THE BROAD BASED BLACK ECONOMIC EMPOWERMENT (“BEE”) TRANSACTION IMPLEMENTED IN 2004, AS REVISED IN 2010 (“BEE Transaction”) Shareholders are referred to page 61 of the AFGRI 2012 annual integrated report wherein it was stated that “The R533 million Land Bank loan to the Group’s BEE ownership structure (Agri Sizwe) (“Land Bank Loan”), reflected as borrowings in 2011, matures on 30 November 2012 and as such an amount of R554 million has been reclassified as other current liabilities in the current year. The Group is currently assisting in negotiating a refinancing of the BEE ownership structure.” Shareholders are hereby advised that: - the negotiations regarding the refinancing of the BEE ownership structure are ongoing; - the Land and Agricultural Development Bank of South Africa (“Land Bank”) has in the interim extended the maturity date of the Land Bank Loan in terms of the agreements previously approved by shareholders as part of the BEE Transaction; - the Land Bank Loan and the Group’s BEE ownership structure is continuing in terms of the BEE Transaction, previously approved by shareholders, until such date as the negotiations surrounding the refinancing are finalised; and - a further announcement regarding the refinancing of the BEE ownership structure will be made as soon as the material terms of the refinancing have been agreed between the parties. Johannesburg 3 December 2012 Investment Bank and Sponsor to Afgri - Investec Legal advisor tp AFGRI - Brink Falcon Hume Independent Auditors - PWC Tax Advisor - KPMG Legal Advisor to the BEE Consortium - Van der Merwe Attorneys Date: 03/12/2012 11:03:00 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.