Notification of Conclusion of the Independent Board Process in Relation to Proposals Received PPC Ltd (Incorporated in South Africa) (Company registration number: 1892/000667/06) JSE and ZSE Code: PPC ISIN: ZAE000170049 (“PPC” or the “Company”) NOTIFICATION OF CONCLUSION OF THE INDEPENDENT BOARD PROCESS IN RELATION TO PROPOSALS RECEIVED PPC shareholders are referred to the announcement published on SENS on 11 December 2017, which advised shareholders of its intention to conclude by 12 December 2017 its contemplation of any credible bids from those third parties interested in acquiring an interest in PPC. PPC has also previously advised shareholders of the withdrawal of interest by CRH plc on 7 December 2017 and the withdrawal by Fairfax Africa Investments Proprietary Limited (“Fairfax”) of their partial offer on 11 December 2017 after the Independent Board had advised Fairfax on 22 November 2017 that PPC would not support their partial offer. The Independent Board has now similarly advised LafargeHolcim that it does not wish to pursue a transaction on the basis of Lafarge Holcim’s current non-binding proposal. In light of the above and after careful consideration of all relevant factors, the Independent Board is of the view that PPC shareholders’ value is best served by optimising its current business strategy, most notably by prioritising the successful development of its existing investment pipeline in the rest of Africa, executing the mega plant strategy in South Africa, and embarking on a renewed optimisation programme to further improve competitiveness in a subdued market. Withdrawal of cautionary as it relates to proposals received As the Independent Board has now concluded its process in relation to all proposals received, PPC shareholders are advised that they no longer need to exercise caution when dealing in securities of PPC in relation to these proposals. Shareholders are however referred to the cautionary announcement released by PPC today in respect of a Proposed New Black Economic Empowerment Transaction and are advised that this cautionary remains in place. Responsibility Statement The Independent Board accepts responsibility for the information contained in this announcement to the extent that it relates to PPC, accepts full responsibility for the accuracy of such and certifies that, to the best of its knowledge and belief, the information contained in this announcement is true and nothing has been omitted which is likely to affect the importance of the information. Sandton 14 December 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 Advisor to PPC Bowmans Date: 14/12/2017 09:59:00 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.