Acceptance Of Allocated Phantom Share Rights In Terms Of The Pioneer Foods Equity Settled Phantom Share Plan Pioneer Food Group Limited Incorporated in the Republic of South Africa Registration number: 1996/017676/06 Share code: PFG ISIN code: ZAE000118279 (“Pioneer Foods” or “the Company”) ACCEPTANCE OF ALLOCATED PHANTOM SHARE RIGHTS IN TERMS OF THE PIONEER FOODS EQUITY SETTLED PHANTOM SHARE PLAN In compliance with rules 3.63 to 3.74 of the JSE Listings Requirements, the following information is disclosed: NAME OF DIRECTOR P Roux COMPANY OF WHICH I AM A DIRECTOR Pioneer Food Group Limited STATUS:EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Equity Settled Phantom Share Rights CLASS OF SECURITIES Ordinary Shares DATE OF PHANTOM SHARE RIGHT GRANT 2 April 2013 DATE OF PHANTOM SHARE RIGHT ACCEPTANCE 3 April 2013 PHANTOM SHARE RIGHT STRIKE PRICE 6 613 (CENTS) NUMBER OF PHANTOM SHARE RIGHTS 249 509 (1) ALLOCATED 240 000 (2) STRIKE DATES OF PHANTOM SHARE RIGHTS 1 April 2014; 1 April 2015; 1 April 2016; 1 April 2017; 1 April 2018 (1) 1 April 2016 (2) PERIOD OF EXERCISE Participant has until midnight on 1 May 2023 during which the Phantom Share Rights can be exercised (1) Participant has until midnight on 1 April 2016 on which date the Phantom Share Right must be exercised.(2) NATURE OF TRANSACTION Acceptance of Phantom Share Rights in terms of the Pioneer Foods Equity Settled Phantom Share Plan (Off-market transaction) NATURE AND EXTENT OF INTEREST IN THE TRANSACTION Direct, Beneficial Notes: i) Clearance to deal in these shares was obtained in accordance with Rule 3.66 of the JSE Listings Requirements; ii) The Phantom Share Rights accepted detailed under section (1) above will vest in 5 tranches of 20% each on the strike dates specified. iii) The Phantom Share Rights accepted detailed under section (2) above will fully vest on 1 April 2016. iv) The total number of shares that will be issued to the directors pursuant to the exercise of the Phantom Share Rights will be determined according to a formula based on the growth in the share price of Pioneer Foods from the date of grant of the Phantom Share Rights, to the date of exercise. Therefore the total number of shares and total monetary value thereof will only be determined on a future date. v) An additional SENS announcement will be made upon exercise of the Phantom Share Rights disclosing the exact number of shares issued and the total monetary value thereof in accordance with the JSE Listings Requirements. 10 April 2013 Paarl Sponsor PSG Capital Date: 10/04/2013 12:24:00 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.