Acceptance Of Allocated Phantom Share Rights In Terms Of The Pioneer Foods Equity Settled Phantom Share Plan 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”) ACCEPTANCE OF ALLOCATED PHANTOM SHARE RIGHTS IN TERMS OF THE PIONEER FOODS EQUITY SETTLED PHANTOM SHARE PLAN In compliance with rules 3.63 to 3.74 of the JSE Listings Requirements, the following information is disclosed: 1. NAME OF DIRECTOR PM Roux COMPANY OF WHICH I AM A DIRECTOR Pioneer Food Group Limited STATUS:EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Equity Settled Phantom Share Rights CLASS OF SECURITIES Ordinary Shares DATE OF PHANTOM SHARE RIGHT GRANT 22 February 2017 DATE OF PHANTOM SHARE RIGHT ACCEPTANCE 17 March 2017 PHANTOM SHARE RIGHT STRIKE PRICE 16 620 (CENTS) NUMBER OF PHANTOM SHARE RIGHTS 117 701 ALLOCATED STRIKE DATES OF PHANTOM SHARE RIGHTS 22 February 2020; 22 February 2021 and 22 February 2022 PERIOD OF EXERCISE Participants have until midnight on the 6 month anniversary of the relevant vesting date during which the Phantom Share Rights can be exercised NATURE OF TRANSACTION Acceptance of Phantom Share Rights in terms of the Pioneer Foods Equity Settled Phantom Share Plan (Off-market transaction) NATURE AND EXTENT OF INTEREST IN THE TRANSACTION Direct, Beneficial 2. NAME OF DIRECTOR JA Jacobs COMPANY OF WHICH I AM A DIRECTOR Pioneer Food Group Limited STATUS:EXECUTIVE/NON-EXECUTIVE Executive – Company Secretary TYPE OF SECURITIES Equity Settled Phantom Share Rights CLASS OF SECURITIES Ordinary Shares DATE OF PHANTOM SHARE RIGHT GRANT 22 February 2017 DATE OF PHANTOM SHARE RIGHT ACCEPTANCE 17 March 2017 PHANTOM SHARE RIGHT STRIKE PRICE 16 620 (CENTS) NUMBER OF PHANTOM SHARE RIGHTS 17 949 ALLOCATED STRIKE DATES OF PHANTOM SHARE RIGHTS 22 February 2020; 22 February 2021 and 22 February 2022 PERIOD OF EXERCISE Participants have until midnight on the 6 month anniversary of the relevant vesting date during which the Phantom Share Rights can be exercised NATURE OF TRANSACTION Acceptance of Phantom Share Rights in terms of the Pioneer Foods Equity Settled Phantom Share Plan (Off-market transaction) NATURE AND EXTENT OF INTEREST IN THE TRANSACTION Direct, Beneficial 3. NAME OF DIRECTOR/COMPANY SECRETARY F Lombard COMPANY OF WHICH I AM A DIRECTOR Pioneer Foods Groceries Proprietary Limited(major subsidiary) STATUS:EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Equity Settled Phantom Share Rights CLASS OF SECURITIES Ordinary Shares DATE OF PHANTOM SHARE RIGHT GRANT 22 February 2017 DATE OF PHANTOM SHARE RIGHT ACCEPTANCE 17 March 2017 PHANTOM SHARE RIGHT STRIKE PRICE 16 620 (CENTS) NUMBER OF PHANTOM SHARE RIGHTS 60 776 ALLOCATED STRIKE DATES OF PHANTOM SHARE RIGHTS 22 February 2020; 22 February 2021 and 22 February 2022 PERIOD OF EXERCISE Participants have until midnight on the 6 month anniversary of the relevant vesting date during which the Phantom Share Rights can be exercised NATURE OF TRANSACTION Acceptance of Phantom Share Rights in terms of the Pioneer Foods Equity Settled Phantom Share Plan (Off-market transaction) NATURE AND EXTENT OF INTEREST IN THE TRANSACTION Direct, Beneficial 4. NAME OF DIRECTOR/COMPANY SECRETARY CR Lamprecht COMPANY OF WHICH I AM A DIRECTOR Pioneer Food Group Limited STATUS:EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Equity Settled Phantom Share Rights CLASS OF SECURITIES Ordinary Shares DATE OF PHANTOM SHARE RIGHT GRANT 22 February 2017 DATE OF PHANTOM SHARE RIGHT ACCEPTANCE 17 March 2017 PHANTOM SHARE RIGHT STRIKE PRICE 16 620 (CENTS) NUMBER OF PHANTOM SHARE RIGHTS 20 699 ALLOCATED STRIKE DATES OF PHANTOM SHARE RIGHTS 22 February 2020; 22 February 2021 and 22 February 2022 PERIOD OF EXERCISE Participants have until midnight on the 6 month anniversary of the relevant vesting date during which the Phantom Share Rights can be exercised NATURE OF TRANSACTION Acceptance of Phantom Share Rights in terms of the Pioneer Foods Equity Settled Phantom Share Plan (Off-market transaction) NATURE AND EXTENT OF INTEREST IN THE TRANSACTION Direct, Beneficial Notes: a. Clearance to deal in these Phantom Share Rights was obtained in accordance with Rule 3.66 of the JSE Listings Requirements. b. 50% of the Phantom Share Rights will vest in 3 tranches of 33.33% each on the vesting dates specified above. c. The remaining 50% of the Phantom Share Rights will vest in 3 tranches of 33.33% on the vesting dates specified above, subject to a formula based on the compound growth of the Company´s headline earnings per share from the financial year prior to the date of grant of the Phantom Share Rights to the financial year prior to the date of exercise. d. The total number of Pioneer Foods shares that will be issued to the directors pursuant to the exercise of the Phantom Share Rights will be determined according to a formula based on the growth in the share price of Pioneer Foods from the date of grant of the Phantom Share Rights to the date of exercise. Accordingly, the total number of shares and monetary value thereof will only be determined at a future date. e. An additional SENS announcement will be made upon the exercise of the Phantom Share Rights by each director disclosing the exact number of shares issued and the monetary value thereof in accordance with the JSE Listings Requirements. 20 March 2017 Bellville Sponsor PSG Capital Date: 20/03/2017 12:15:00 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.