Bounty Offer closing soon

The Bounty Holdings New Zealand Limited ("Bounty") offer to acquire all your ordinary shares in Tegel Group Holdings Limited ("Tegel") for $1.23 per share (the "Offer") is due to close at the end of this week. All of Tegel's Directors and Senior Managers that have a relevant interest in Tegel shares have accepted the Offer for all of their ordinary shares. The Independent Director Committee (managing Tegel's response to the Offer) view this as another positive step and continue to unanimously recommend that shareholders ACCEPT the Bounty Offer and act promptly to ensure acceptances are received before the end of the Offer Period. Acceptances must be received by Link Market Services Limited by 5.00pm on Saturday 25 August 2018. Bounty has also recently advised the NZX and ASX of the status of the outstanding Offer conditions, as required by the Takeovers Code. A key condition outstanding is Bounty obtaining approval under the Overseas Investment Act. This condition is the key remaining positive step that must be achieved before Bounty is able to declare the Offer unconditional. If you have not received the Bounty Offer document, please contact your broker directly or Link Market Services Limited either via e-mail at applications@linkmarketservices.co.nz or telephone on +64 9 375 5998. The Independent Director Committee of the Board will continue to keep shareholders informed as appropriate. Yours sincerely, David Jackson Independent Chairman End CA:00322504 For:TGH Type:TRANSACT Time:2018-08-21 13:00:20