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 16 November 2016, regarding the conditional approval of the merger between CBH and Sovereign by the Competition Commission (“Comp Comm Approval”). On 29 November 2016, Sovereign filed a review application, alternatively a request for consideration, in respect of the Comp Comm Approval (“Sovereign Application”). A number of Sovereign Shareholders have contacted CBH requesting an update on the CBH offer given the Takeover Special Committees (“Committee”) decision (“Ruling”) that the CBH cash offer to the shareholders (“CBH Offer”) lapsed on 14 September 2016, and whether having regard to the Committee’s reasons, whether CBH will proceed to take the Ruling on judicial review and whether the CBH Offer still has the potential to be implemented. The CBH Board are of the opinion that it is prudent from a cost perspective for the Sovereign Application to be disposed of prior to addressing the judicial review of the Committee’s Ruling. CBH has 180 days from the date the Committee provided its reasons, to implement the judicial review process. CBH is firmly of the opinion that the Sovereign Application has no prospect of success, and that the CBH Offer still has the potential to be implemented. Johannesburg 27 January 2017 Financial advisor: Investec Bank Limited Legal advisor: Kern & Partners Competition law advisor: Bowman Gilfillan Date: 27/01/2017 03:20:00 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.