Renewal of Cautionary Announcement in relation to the Proposed Merger of PPC and AfriSam PPC Ltd (Incorporated in the Republic of South Africa) (Company registration number: 1892/000667/06) JSE and ZSE Code: PPC ISIN: ZAE000170049 ("PPC" or the "Company") RENEWAL OF CAUTIONARY ANNOUNCEMENT IN RELATION TO THE PROPOSED MERGER OF PPC AND AFRISAM GROUP PROPRIETARY LIMITED Shareholders of PPC are referred to various cautionary announcements, first published on the Stock Exchange News Service (“SENS”) on 13 February 2017 and the last on 17 July 2017, regarding the Heads of Terms (“HoT”) entered into by AfriSam Group (Pty) Ltd (“AfriSam”) 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. AfriSam has notified PPC that it has terminated the HoT which formed the basis of the current engagements between the Parties with regard to the Proposed Merger. Notwithstanding the termination of the HoT, AfriSam has indicated to PPC that it intends submitting a new proposal regarding a possible combination of the Parties. The outcome of these discussions may have a material impact on the price of the Company’s securities. Accordingly, shareholders are advised to continue exercising caution when dealing in securities of the Company until such time a further announcement is made. Sandton 25 August 2017 Investor contacts: PPC: Anashrin Pillay Tel: +27 (0) 11 386 9000 Anashrin.Pillay@ppc.co.za Joint Financial Advisor and Sponsor to PPC Merrill Lynch South Africa (Pty) Ltd Joint Financial Advisor to PPC Identity Advisory (Pty) Ltd Independent Advisor to the Board of PPC The Standard Bank of South Africa Limited 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: 25/08/2017 09:00:00 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.