Acceptance Of Allocated Phantom Share Rights 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 BLACK MANAGEMENT PHANTOM SHARE INCENTIVE SCHEME In compliance with rules 3.63 to 3.74 of the JSE Listings Requirements, the following information is disclosed: NAME OF DIRECTOR JA Jacobs COMPANY OF WHICH I AM A DIRECTOR Pioneer Food Group Limited STATUS:EXECUTIVE/NON-EXECUTIVE Executive – Company Secretary TYPE OF SECURITIES Equity Settled Phantom Share Rights CLASS OF SECURITIES Ordinary Shares DATE OF PHANTOM SHARE RIGHT GRANT 28 February 2014 DATE OF PHANTOM SHARE RIGHT 12 March 2014 ACCEPTANCE PHANTOM SHARE RIGHT STRIKE PRICE 8 359 (CENTS) NUMBER OF PHANTOM SHARE RIGHTS 1 651 ALLOCATED VESTING DATES OF PHANTOM SHARE 28 February 2019 RIGHTS PERIOD OF EXERCISE Participants have until midnight on 9 February 2024 during which the Phantom Share Rights can be exercised NATURE OF TRANSACTION Acceptance of Phantom Share Rights in terms of the Pioneer Foods Equity Settled Black Management Phantom Share Incentive Scheme (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct, Beneficial THE TRANSACTION 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 will vest on the vesting date specified above. iii) The total number of shares that will be issued 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. iv) 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. 14 March 2014 Paarl Sponsor PSG Capital Date: 14/03/2014 05:10:00 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.