Exercise Of Phantom Share Rights By A Director And Dealing In The Company’s Shares By Directors 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”) EXERCISE OF PHANTOM SHARE RIGHTS BY A DIRECTOR AND DEALING IN THE COMPANY’S SHARES BY DIRECTORS In compliance with rules 3.63 to 3.74 of the JSE Listings Requirements, the following information is disclosed: A) EXERCISE OF PHANTOM SHARE RIGHTS BY A DIRECTOR NAME OF DIRECTOR LR Cronje COMPANY OF WHICH I AM A DIRECTOR Pioneer Food Group Limited STATUS:EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 24 February 2015 CENTS PER SHARE 16 301 NUMBER OF SECURITIES TRANSACTED 17 055 TOTAL RAND VALUE OF SECURITIES R2 780 135.55 NATURE OF TRANSACTION Taken delivery of ordinary shares through the exercise of Phantom Share Rights (off- market) NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION CLEARANCE OBTAINED Yes Clearance to deal in these shares was obtained in accordance with rule 3.66 of the JSE Listings Requirements. B) DEALING IN THE COMPANY’S SHARES BY DIRECTORS 1. NAME OF DIRECTOR LR Cronje COMPANY OF WHICH I AM A DIRECTOR Pioneer Food Group Limited STATUS:EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 24 February 2015 CENTS PER SHARE Low - 16 180 High – 16 207 Average – 16 186 NUMBER OF SECURITIES TRANSACTED 18 293 TOTAL RAND VALUE OF SECURITIES R2 960 924.29 NATURE OF TRANSACTION Disposal of ordinary shares (on-market) as a result of the delivery of ordinary shares relating to the exercise of phantom share rights (off- market) as announced on 20 February 2015 NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION CLEARANCE OBTAINED Yes 2. NAME OF DIRECTOR PM Roux COMPANY OF WHICH I AM A DIRECTOR Pioneer Food Group Limited STATUS:EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 24 February 2015 CENTS PER SHARE 16 147 (1) 16 150 (2) NUMBER OF SECURITIES TRANSACTED 103 (1) 812 (2) TOTAL RAND VALUE OF SECURITIES R16 631.41 (1) R131 138.00 (2) NATURE OF TRANSACTION Disposal of shares to cover taxation as a result of the exercise of Phantom Share Rights (on-market) NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION CLEARANCE OBTAINED Yes Clearance to deal in these shares was obtained in accordance with rule 3.66 of the JSE Listings Requirements. 25 February 2015 Bellville Sponsor PSG Capital Date: 25/02/2015 12:48:00 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.