Dealing In Company Shares 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”) Exercise Of Phantom Share Rights In compliance with rules 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information is disclosed: 1. 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 Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 22 May 2017 PRICE PER SHARE R160.00 NUMBER OF SECURITIES TRANSACTED 30 727 TOTAL RAND VALUE OF SECURITIES R 4 916 320.00 NATURE OF TRANSACTION Taken delivery of ordinary shares through the exercise of Phantom Share Rights granted and accepted between 2012 and 2014 at strike prices of between R60.34 and R81.55 (off- market) NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION CLEARANCE OBTAINED Yes 2. NAME OF DIRECTOR CR Lamprecht COMPANY OF WHICH I AM A DIRECTOR Pioneer Food Group Limited STATUS:EXECUTIVE/NON-EXECUTIVE Acting Chief Financial Officer TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 22 May 2017 PRICE PER SHARE R160.00 NUMBER OF SECURITIES TRANSACTED 16 252 TOTAL RAND VALUE OF SECURITIES R 2 600 320.00 NATURE OF TRANSACTION Taken delivery of ordinary shares through the exercise of Phantom Share Rights granted and accepted between 2011 and 2014 at strike prices of between R48.74 and R60.34 (off- market) NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION CLEARANCE OBTAINED Yes DEALING IN COMPANY SHARES 1. NAME OF DIRECTOR CR Lamprecht COMPANY OF WHICH I AM A DIRECTOR Pioneer Food Group Limited STATUS:EXECUTIVE/NON-EXECUTIVE Acting Chief Financial Officer TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 22 May 2017 PRICE PER SHARE R156.01 NUMBER OF SECURITIES TRANSACTED 571 TOTAL RAND VALUE OF SECURITIES R89 081.71 NATURE OF TRANSACTION Disposal of shares NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION CLEARANCE OBTAINED Yes Clearance to deal in these shares was obtained in accordance with rule 3.66 of the JSE Listings Requirements. Bellville 24 May 2017 Sponsor PSG Capital Date: 24/05/2017 02:15:00 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.