Gen - General - Country Bird Holdings Proprietary Limited - Update on CBH offer Country Bird Holdings Proprietary Limited Incorporated in the Republic of South Africa (Registration number 2005/008505/07) (“CBH”) UPDATE ON CBH OFFER Sovereign Food Investments Limited (“Sovereign”) shareholders (“Shareholders”) are referred to the announcement released by CBH on SENS on 6 December 2016 regarding Sovereign’s application to take the conditional approval of the merger between CBH and Sovereign by the Competition Commission on review, alternatively a request for consideration (“Sovereign Application SENS Announcement”). After the release of the Sovereign Application SENS Announcement, a number of Shareholders have contacted both the JSE Limited and CBH to understand why further SENS announcements were being released by CBH given the Takeover Special Committee’s (“Committee”) decision (“Ruling”) that the CBH cash offer to Shareholders (“CBH Offer”) lapsed on 14 September 2016. As previously indicated, CBH is currently waiting for the reasons from the Committee in support of its Ruling. The Committee undertook to provide CBH with its reasons for the Ruling 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. Until such a point that CBH decides that it will not proceed with taking the Ruling on review, the CBH Offer still has the potential to be implemented. Accordingly, CBH feels it is necessary to provide Shareholders with updates on the CBH Offer, especially in instances in which sufficient updates are not being provided by Sovereign to its Shareholders. Further announcements to Shareholders will be made in due course. Johannesburg 8 December 2016 Financial advisor: Investec Bank Limited Legal advisor: Kern & Partners Competition law advisor: Bowman Gilfillan Date: 08/12/2016 03:09:00 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.