Withdrawal of 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") WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT Shareholders of PPC are referred to the cautionary announcements published on the Stock Exchange News Service (“SENS”) on 10 December 2014, 27 January 2015 and 10 March 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 has considered the proposed merger and its merits, and has decided not to proceed. The Board has therefore terminated its engagement with AfriSam. Accordingly, shareholders are no longer required to exercise caution when dealing in securities of the Company. The Board remains committed to its strategy of enhancing the Company’s position in Southern Africa and expanding its footprint into other African countries. Sandton 27 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: 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: Brunswick Itumeleng Mahabane Mobile: +27 (83) 284 6774 Imahabane@brunswick.co.za Date: 27/03/2015 12:00:00 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.