PPC002/ PPC003 and PPC003 - Results of Noteholders Election and Consents PPC Ltd (Incorporated in the Republic of South Africa) (Company registration number: 1892/000667/06) (the “Company” or "Issuer") JSE Bond Code: PPC002 ISIN: ZAG000111212 JSE Bond Code: PPC003 ISIN: ZAG000117524 JSE Bond Code: PPC004 ISIN: ZAG000117532 RESULTS OF NOTEHOLDERS ELECTION AND CONSENTS INTRODUCTION 1. Noteholders are referred to Issuer Redemption and Consent Notice published by the Company on the Stock Exchange News Service of the JSE Limited (“JSE”) on Thursday, 2 June 2016. 2. In the Issuer Redemption and Consent Notice each Noteholder was requested to (i) elect or not to elect to have the Issuer redeem the Notes held by that Noteholder by completing a Noteholder redemption notice; and (ii) consent or not consent to the proposed amendments to the applicable pricing supplements relating to the outstanding Notes issued under the Company’s domestic medium term note programme (the Programme). The Company now wishes to inform Noteholders of the results of the Noteholders’ decision in this regard. 3. Capitalised terms used herein which are not otherwise defined shall bear the meanings ascribed thereto in the Terms and Conditions set out under the section of the Programme Memorandum, dated 18 March 2013, headed “Terms and Conditions of the Notes”. RESULTS 4. Strate Proprietary Limited has confirmed that: 4.1. Noteholders representing 92.26% of the aggregate Outstanding Nominal Amount of the Notes issued under the Programme voted in favour of the early redemption of the Notes; 4.2. Noteholders representing 15.69% of the aggregate Outstanding Nominal Amount of the Notes issued under the Programme voted in favour of the proposed amendments to the applicable pricing supplements relating to the outstanding Notes as outlined in the Issuer Redemption and Consent Notice; and 4.3. Noteholders representing 7.74% of the aggregate Outstanding Nominal Amount of the Notes issued under the Programme did not exercise their rights to require the Issuer to redeem the Notes held by them nor did they consent to the proposed amendments to the applicable pricing supplements. 5. As a consequence of not having achieved the requisite majority of consents required to give effect to the proposed amendments to the applicable pricing supplements, those Noteholders who have elected for early redemption of their Notes and did not consent to the proposed amendments to the applicable pricing supplements will have their Notes redeemed on 15 July 2016. 6. Notwithstanding the results, the Issuer will approach those Noteholders who consented to the proposed amendments to the applicable pricing supplements with an offer to exchange their Notes for notes with terms similar to the “PPC005 Notes”, as detailed in the draft applicable pricing supplement relating to the proposed PPC005 Notes annexed to the Issuer Redemption and Consent Notice. 28 June 2016 Debt Sponsor Absa Corporate and Investment Bank, a division of Absa Bank Limited Date: 28/06/2016 05:17:00 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.