Cautionary announcement Illovo Sugar Limited (Incorporated in the Republic of South Africa) Company registration number 1906/000622/06 Share Code: ILV ISIN: ZAE000003547 ("Illovo" or "the Company") CAUTIONARY ANNOUNCEMENT Shareholders of the company are advised that the Illovo board of directors has received a non-binding expression of interest from Associated British Foods plc (‘ABF’), Illovo’s controlling shareholder, holding 51.35% of the company’s shares, for ABF to potentially acquire all the issued ordinary shares of the company that ABF does not already own. ABF intends to make an offer of ZAR20 per Illovo ordinary share, to be settled in cash, to all other shareholders. The board, excluding its ABF nominated directors, will appoint independent advisors to assist it in the process going forward. Discussions, which are still at an early stage, would, if successfully concluded, affect the price of the company's securities. Accordingly, shareholders are advised to exercise caution when dealing in the company's securities until a further announcement is made. At this stage there is no certainty that the discussions will result in a transaction. Durban Date: 8 February 2016 Sponsor J.P. Morgan Equities South Africa Proprietary Limited Date: 08/02/2016 03:25:00 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.