GEN-General-Posting of offeror circular-CBH offer to acquire the entire ordinary share capital of Sovereign Food Inv Country Bird Holdings Proprietary Limited Incorporated in the Republic of South Africa (Registration number 2005/008505/07) (“CBH”) POSTING OF OFFEROR CIRCULAR RELATING TO CBH OFFER TO ACQUIRE THE ENTIRE ORDINARY SHARE CAPITAL OF SOVEREIGN FOOD INVESTMENTS LIMITED THAT IT OR ITS CONCERT PARTIES DO NOT ALREADY OWN 1. INTRODUCTION Sovereign Food Investments Limited (“Sovereign”) shareholders (“Sovereign Shareholders”) are referred to the announcement released by CBH on SENS on Wednesday, 6 July 2016 (“Firm Intention Announcement”) in relation to the conditional cash offer by CBH to acquire the entire ordinary share capital of Sovereign other than those ordinary shares already held by CBH and its concert parties and other than the ordinary shares held by Sovereign’s subsidiaries for a cash consideration of R9.00 per Sovereign ordinary share cum any dividends paid from the date of the Firm Attention Announcement (“Offer”). The Offer is proposed in terms of s117(1)(c)(v) of the Companies Act 71 of 2008, as amended. 2. POSTING OF THE CIRCULAR Sovereign Shareholders are hereby advised that an offeror circular (“Circular”) containing, inter alia, details of the Offer and a form of acceptance, surrender and transfer has been posted to Sovereign Shareholders today. In addition, a copy of the Circular is available on CBH’s website (www.cbh.co.za). Sovereign Shareholders are advised that the Offer is subject to the fulfilment of certain suspensive conditions detailed in the Circular, and are advised to review the Circular for a summary of the key terms and conditions of the Offer. 3. SALIENT DATES AND TIMES 2016 Firm intention announcement distributed to Sovereign Wednesday, 6 July Shareholders on SENS on Firm intention published in the South African press on Thursday, 7 July Circular posted to Sovereign Shareholders on Monday, 11 July Opening date of the Offer at 09:00 on Monday, 11 July Expected closing date of the Offer by 12:00 (“Closing Date”) See note 3 Final payment of the offer consideration paid to Sovereign See note 4 Shareholders who elect to accept the Offer Notes: 1) The above dates and times are subject to amendment provided such amendments are approved by the Takeover Regulation Panel. Any such change will be announced in the South African press. 2) All times indicated above are South African times. 3) The Closing Date will be 10 business days after the date on which the last of the suspensive conditions are fulfilled. Page 1 of 2 4) Payment of the Offer consideration will be made within six business days of the later of the transaction becoming unconditional or the date on which such Sovereign Shareholders deliver their form of acceptance, surrender and transfer and documents of title to the transfer secretaries. Johannesburg 11 July 2016 Investment Bank: Investec Bank Limited Legal advisors: Kern & Partners Competition law advisors: Bowman Gilfillan Page 2 of 2 Date: 11/07/2016 10:20:00 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.