Trading Statement PPC Ltd (Incorporated in the Republic of South Africa) (Company registration number: 1892/000667/06) JSE Code: PPC ISIN: ZAE000170049 ("PPC" or the "Company" or “Group”) TRADING STATEMENT In terms of the Listing Requirements of the JSE Limited, companies are required to publish a Trading Statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by more than 20% from those of the previous corresponding period. PPC is finalising its interim results for the 6 months ended 30 September 2017. PPC group EBITDA is expected to increase by 3% - 6% compared with the previous period, whilst net profit attributable to PPC shareholders is expected to increase by 180% - 200%. Group EBITDA has been negatively impacted by costs related to corporate action, legal costs and exchange rate fluctuations. Excluding these impacts EBITDA would have risen by a further 5% - 10%. The Group net debt levels have remained in-line with that reported in the operating update announcement of 26 September 2017 and the group remains adequately capitalised to meet its debt repayment obligations. Furthermore, debt re-structuring negotiations with the funders both in respect of RSA debt and the DRC funding agreements are progressing well. Furthermore, the group’s ability to generate strong cash flows is evidenced by cash and cash equivalents rising by between 50 – 60% on the prior comparable period. Basic earnings per share are expected to rise by between 45% and 60% (between 19 cents and 21 cents) and headline earnings per share are expected to rise by between 30% and 40% (between 18 cents and 20 cents) for the six months ended 30 September 2017, compared to the previously reported comparable period 30 September 2016. Summary of earnings: Earnings in cents 6 months ended 6 months ended % change Sept 2017 Sept 2016 Basic EPS 19 - 21 13 45% – 60% Basic HEPS 18 - 20 14 30% - 40% WANS (millions) 1,510 758 The key aspects to the improved profitability performance relate to: i) EBITDA growth from the Rest of Africa cement business segment due to robust growth in Rwanda and Zimbabwe; and ii) A significant reduction in finance costs mainly due to re- capitalisation and once-off liquidity and guarantee facility agreement (LAGFA) fees incurred in the previous reporting period. The information in this trading statement has not been reviewed or reported on by the Company’s external auditors. PPC will release its interim results for the period ended 30 September 2017 on 23 November 2017. 7 November 2017 Sponsor Merrill Lynch South Africa (Pty) Limited PPC: Anashrin Pillay Head Investor Relations Tel: +27 (0) 11 386 9000 Siobhan McCarthy Group Manager Corporate Affairs Tel: +27 (0) 11 386 9000 Financial Communications Advisor: Instinctif Partners Gift Dlamini Mobile: +27 (0) 71 605 4294 Louise.Fortuin@instinctif.com Date: 07/11/2017 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.