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 to
the forthcoming Annual General Meeting on 16 October 2014.

This release will focus on the Retail Division and the second release will
focus on progress made on matters that have been included under the heading of
Finance and Outlook in the Chairman's Statement  for the year ending 31 March
2014.

The Retail Division consists of Meikles Stores, Barbours, and Meikles Mega
Market.

Shareholders are aware that this division was handicapped by a severe shortage
of working capital following losses incurred by the stringent price controls
imposed immediately before the introduction of the US dollar as the relevant
currency in Zimbabwe and the discontinuation of the Zimbabwe dollar. The stores
were forced by regulation to sell inventories at prices below cost. In recent
years, the Group has operated without any benefit from its deposits held at the
Reserve Bank of Zimbabwe. The Retail Division has been unable to invest in
inventories or unit improvements as it should in a dynamic environment and
losses have been made as a result. The Group has been unable to provide
adequate financial support to the Retail Division.

The Group will now have access to its funds held on deposit at the Reserve
Bank. As a result approximately US$4 million will be injected into the Retail
Division, which will have a material impact on the second half of the current
financial year. We believe that the Division will return to profit and a
positive cash flow in the second half of the financial year, while growing its
market share. The Division is to focus on providing affordable products to the
mass market while providing high-end fashion clothing and accessories through
Barbours. Sales in Barbours are up on the previous year while sales in Meikles
Mega Markets have been growing very rapidly.

The Division is in the process of rationalizing costs through the
centralization of its head office structure and combining all activities under
a single structure and command with key focus on the provision of the required
skills.

The Meikles Stores will operate in all their traditional properties in
Zimbabwe, but in space that will be smaller and more focused than in the recent
past. The remaining space in each unit will be occupied by Meikles Mega Market
and in certain units by TM Supermarkets. Meikles Mega Market is a rapidly
growing participant in the Zimbabwe retail environment and we shall add more
units in the high density suburbs of Zimbabwe.

We are pleased to announce the launch of a new activity, beauty and hair
salons. We view this as a rapidly growing market and have the capacity to
establish businesses in spaces that are not being fully utilized by TM
Supermarkets and Meikles Mega Market, the object being to secure beneficial
occupation within all our various properties. We expect the beauty and hair
salons to make an immediate impact and contribute positively to our profits and
cash flows while making efficient use of our space. We have given this top
priority and expect the first salon to be opened in October and others to be
launched before the end of the year.

Shareholders will witness these developments, which are now well underway, and
will result in a revitalized Retail Division.

It is expected that these developments will ensure that by the end of the
calendar year, the Meikles' Retail Division, together with its sister company
TM Supermarkets, will be the largest retailer in terms of sales in Zimbabwe.
The Retail Division will be profitable, it will have strong positive cash flows
and a strong management team with passion and focus.

By order of the Board

2 October 2014