Further Cautionary Announcement PPC Ltd (Incorporated in the Republic of South Africa) (Company registration number: 1892/000667/06) JSE Code: PPC ISIN: ZAE000170049 ("PPC" or the "Company") FURTHER CAUTIONARY ANNOUNCEMENT Shareholders of PPC are referred to cautionary announcements published on the Stock Exchange News Service (“SENS”) on 10 December 2014 and on 27 January 2015, regarding the non-binding proposal from AfriSam Group (Pty) Ltd (“AfriSam”) to the Board of Directors of PPC (the “Board”) proposing, inter alia, a merger between AfriSam and the Company (the “indicative proposal”). Shareholders are hereby advised that the Board is continuing to consider the indicative proposal and PPC will make a further announcement in due course once it has concluded its consideration process. The indicative proposal, if implemented, may have a material impact on the price of the Company’s shares. Accordingly, shareholders are advised to exercise caution when dealing in securities of the Company until such time a further announcement is made. Sandton 10 March 2015 Financial Advisor and Sponsor to PPC Merrill Lynch South Africa (Pty) Ltd Legal Advisors to PPC Bowman Gilfillan PPC: Azola Lowan Tel: +27 (0) 11 386 9000 Azola.Lowan@ppc.co.za Financial Communications Advisor to PPC: Instinctif Partners Morne Reinders Mobile: +27 (82) 480 4541 Morne.reinders@instinctif.com Louise Fortuin Mobile: +27 (71) 605 4294 Louise.fortuin@instinctif.com Financial Advisor to AfriSam Rand Merchant Bank (a division of FirstRand Bank Limited) Legal Advisors to AfriSam Werksmans Financial Communications Advisor to AfriSam: Brunswick Itumeleng Mahabane Mobile: +27 (83) 284 6774 Imahabane@brunswick.co.za Date: 10/03/2015 09:50:00 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.