Notice to Shareholders

MEIKLES LIMITED                                

                            NOTICE TO SHAREHOLDERS                             

A New Beginning

This release is the second of two releases to Shareholders. The first release
focused on the Group's Retail Division and was published on Monday, 6 October
2014. The second release will focus on providing Shareholders with further
information relating to Finance and Outlook as previously set out in the
Chairman's Report for the year ending 31 March 2014.

Finance

The Reserve Bank of Zimbabwe has now agreed to release $89 million to Meikles
Limited in the form of Treasury Bills. The Reserve Bank of Zimbabwe and the
Ministry of Finance are presently completing the administrative processes to
facilitate the tenure and yield of these Treasury Bills. Once this process is
in place, Shareholders will be provided with full details. The Treasury Bills
will be based on terms that are marketable by outright sale or as acceptable
security. This is the most significant development for the Group in recent
years. The contribution made by Government towards this conclusion is greatly
appreciated.

The objectives set out under Finance in the Chairman's Report shall now
progress in terms of implementation.

Outlook

The Group will utilize its new financial flexibility to implement measures that
will enhance Shareholder value. The strategy for the Retail Division has
already been released to Shareholders. The previously announced expansion
programmes and strategies relating to TM Supermarkets, Tanganda, Hospitality
and Mining will continue with greater urgency given that our major financial
restraint has been removed.

The Group has an opportunity to restructure its activities in both Zimbabwe and
South Africa with a view to securing its affairs in a manner that first and
foremost will focus on a strategy to ensure that Shareholders benefit fully
from their investment in the Group. Consideration will now be given to how best
to achieve this objective. The matter will be approached without any
preconceived ideas or ties to past practices, but will focus simply on the
requirement of how best to position our diverse group companies to take
advantage of the rapidly changing environment for the benefit of all
stakeholders. Shareholders will be advised fully of any new developments, which
will be progressed with urgency.

By Order of the Board

14 October 2014