Execution of irrevocable and unconditional Notes Guarantee by Notes Guarantors in favour of Noteholders PPC Ltd (Incorporated in the Republic of South Africa) (Company registration number: 1892/000667/06) JSE / ZSE Equity Code: PPC ISIN: ZAE000170049 JSE Bond Code: PPC002 ISIN: ZAG000111212 JSE Bond Code: PPC003 ISIN: ZAG000117524 JSE Bond Code: PPC004 ISIN: ZAG000117532 ("PPC" or the "Company") EXECUTION OF IRREVOCABLE AND UNCONDITIONAL NOTES GUARANTEE BY NOTES GUARANTORS IN FAVOUR OF NOTEHOLDERS Holders of the Company’s securities are advised that the Company has fulfilled all of the conditions precedent under the Liquidity and Guarantee Facility Agreement (the Facility) required to give effect to the provision by each of Absa Bank Limited (acting through its Corporate and Investment Banking division), FirstRand Bank Limited (acting through its Rand Merchant Bank division), Nedbank Limited (acting through its Corporate and Investment Banking division) and The Standard Bank of South Africa Limited (acting through its Corporate and Investment Banking division) (collectively, the Notes Guarantors) of an irrevocable and unconditional pro rata guarantee (the Notes Guarantee) in favour of noteholders of the Company’s outstanding notes, who following the recent ratings downgrade of the Company’s rating, elect to have the Company redeem the notes held by them or are desirous of exchanging their notes for notes with terms detailed in the Issuer Redemption and Consent Notice published by the Company on the Stock Exchange News Service of the JSE Limited on Thursday, 2 June 2016. The Facility and the Notes Guarantee have each been duly executed. The Notes Guarantee, guaranteeing the principal and interest under the notes up to an amount of ZAR2 billion, is irrevocable and unconditional. The short-term liquidity position of the Company has now been strengthened following the successful execution of the Facility. FURTHER CAUTIONARY ANNOUNCEMENT Further to the previous cautionary announcements, and the information set out in this announcement, security holders are advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made. 24 June 2016 Sponsor Merrill Lynch South Africa (Pty) Limited Debt Sponsor Absa Corporate and Investment Bank, a division of Absa Bank Limited PPC: Azola Lowan Tel: +27 (0) 11 386 9000 Azola.Lowan@ppc.co.za Financial Communications Advisor: Instinctif Partners Louise Fortuin Mobile: +27 (0) 71 605 4294 Louise.Fortuin@instinctif.com Date: 24/06/2016 05:30:00 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.