Notice of AGM

MEIKLES LIMITED NOTICE TO SHAREHOLDERS Meikles Retail to return to profit and positive cash flows. This release is the first of two that will be issued to Shareholders prior tothe forthcoming Annual General Meeting on 16 October 2014. This release will focus on the Retail Division and the second release willfocus on progress made on matters that have been included under the heading ofFinance and Outlook in the Chairman's Statement for the year ending 31 March2014. The Retail Division consists of Meikles Stores, Barbours, and Meikles MegaMarket. Shareholders are aware that this division was handicapped by a severe shortageof working capital following losses incurred by the stringent price controlsimposed immediately before the introduction of the US dollar as the relevantcurrency in Zimbabwe and the discontinuation of the Zimbabwe dollar. The storeswere forced by regulation to sell inventories at prices below cost. In recentyears, the Group has operated without any benefit from its deposits held at theReserve Bank of Zimbabwe. The Retail Division has been unable to invest ininventories or unit improvements as it should in a dynamic environment andlosses have been made as a result. The Group has been unable to provideadequate financial support to the Retail Division. The Group will now have access to its funds held on deposit at the ReserveBank. As a result approximately US$4 million will be injected into the RetailDivision, which will have a material impact on the second half of the currentfinancial year. We believe that the Division will return to profit and apositive cash flow in the second half of the financial year, while growing itsmarket share. The Division is to focus on providing affordable products to themass market while providing high-end fashion clothing and accessories throughBarbours. Sales in Barbours are up on the previous year while sales in MeiklesMega Markets have been growing very rapidly. The Division is in the process of rationalizing costs through thecentralization of its head office structure and combining all activities undera single structure and command with key focus on the provision of the requiredskills. The Meikles Stores will operate in all their traditional properties inZimbabwe, but in space that will be smaller and more focused than in the recentpast. The remaining space in each unit will be occupied by Meikles Mega Marketand in certain units by TM Supermarkets. Meikles Mega Market is a rapidlygrowing participant in the Zimbabwe retail environment and we shall add moreunits in the high density suburbs of Zimbabwe. We are pleased to announce the launch of a new activity, beauty and hairsalons. We view this as a rapidly growing market and have the capacity toestablish businesses in spaces that are not being fully utilized by TMSupermarkets and Meikles Mega Market, the object being to secure beneficialoccupation within all our various properties. We expect the beauty and hairsalons to make an immediate impact and contribute positively to our profits andcash flows while making efficient use of our space. We have given this toppriority and expect the first salon to be opened in October and others to belaunched before the end of the year. Shareholders will witness these developments, which are now well underway, andwill result in a revitalized Retail Division. It is expected that these developments will ensure that by the end of thecalendar year, the Meikles' Retail Division, together with its sister companyTM Supermarkets, will be the largest retailer in terms of sales in Zimbabwe.The Retail Division will be profitable, it will have strong positive cash flowsand a strong management team with passion and focus. By order of the Board

2 October 2014