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 the cautionary announcements published on the Stock Exchange News Service (“SENS”) on 13 February and 27 March 2017, regarding the Heads of Terms entered into by AfriSam Group (Pty) Ltd and PPC (collectively the “Parties”), to assess the merits of a potential merger (“Proposed Merger”) between the Parties and to enter into formal discussions in this regard. Shareholders are advised that the assessment and the discussions regarding the Proposed Merger are still in progress and, if implemented, may have a material impact on the price of the Company’s shares. Accordingly, shareholders are advised to continue exercising caution when dealing in securities of the Company until such time a further announcement is made. Sandton 11 May 2017 PPC: Azola Lowan Tel: +27 (0) 11 386 9000 Azola.Lowan@ppc.co.za Financial Advisor and Sponsor to PPC Merrill Lynch South Africa (Pty) Ltd Financial Advisor to PPC Identity Advisory (Pty) Ltd Legal Advisors to PPC Bowmans Financial Advisor to AfriSam Rand Merchant Bank (a division of FirstRand Bank Limited) Legal Advisors to AfriSam Webber Wentzel Nortons Inc Financial Communications Advisor: Instinctif Partners Louise Fortuin Mobile: +27 (0) 71 605 4294 Louise.Fortuin@instinctif.com Date: 11/05/2017 08:00:00 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.