GEN - General - Country Bird Holdings Proprietary Limited - Update on the CBH offer Country Bird Holdings Proprietary Limited Incorporated in the Republic of South Africa (Registration number 2005/008505/07) (“CBH”) UPDATE ON THE CBH OFFER Sovereign Food Investments Limited (“Sovereign”) shareholders (“Sovereign Shareholders”) are notified that: * the Competition Commission on 15 November 2016 approved the merger between CBH and Sovereign subject to the following conditions: o that no CBH or Sovereign employees will be retrenched as a consequence of the merger; and o that CBH will propose a B-BBEE transaction that results in a transfer of at least 4% of the issued shares in Sovereign to historically disadvantaged persons on comparable terms to those proposed by Sovereign in its proposed BEE transaction in the circular sent to Sovereign shareholders dated 24 June 2016, provided CBH obtains control of 75% of the issued ordinary shares of Sovereign; and * CBH awaits the reasons from the Takeover Special Committee (“Committee”) in support of its decision (“Ruling”) that the CBH Offer lapsed on 14 September 2016, which the Committee undertook to provide within 30 days of the Ruling given on 8 November 2016; * upon receipt of the Committee’s reasons, CBH will assess its position going forward ; and * had Sovereign’s board of directors not challenged CBH’s waiver of the condition as to minimum acceptances, to the Takeover Regulation Panel, CBH’s offer would now have been wholly unconditional and Sovereign Shareholders who accepted the Offer would have received R9.00 per Sovereign share. Johannesburg 16 November 2016 Financial advisor: Investec Bank Limited Legal advisor: Kern & Partners Competition law advisor: Bowman Gilfillan Date: 16/11/2016 04:45:00 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.