Exercise Of Phantom Share Rights And Dealings In Company Shares By Directors And The Company Secretary PIONEER FOOD GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1996/017676/06) Share code: PFG ISIN: ZAE000118279 (“Pioneer Foods” or “the Company”) EXERCISE OF PHANTOM SHARE RIGHTS AND DEALINGS IN COMPANY SHARES BY DIRECTORS AND THE COMPANY SECRETARY In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information is disclosed. As per the rules of the Pioneer Foods Equity Settled Phantom Share Plan the below Phantom Share Rights are expected to expire and lapse well before the anticipated effective date of the proposed PepsiCo transaction, published on SENS on 19 July 2019, and have therefore been exercised. 1. NAME OF COMPANY SECRETARY JA Jacobs COMPANY OF WHICH I AM A COMPANY Pioneer Food Group Limited SECRETARY TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary NATURE OF TRANSACTION Taken delivery of ordinary shares through the exercise of 12 069 Phantom Share Rights granted and accepted in February 2014 at a strike price of R81.55 per share (off-market) DATE OF TRANSACTION 26 July 2019 CENTS PER SHARE 10 350 NUMBER OF SECURITIES TRANSACTED 2 559 TOTAL RAND VALUE OF SECURITIES R264 856.50 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, Beneficial THE TRANSACTION 2. NAME OF COMPANY SECRETARY JA Jacobs COMPANY OF WHICH I AM A COMPANY Pioneer Food Group Limited SECRETARY TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary NATURE OF TRANSACTION Disposal of shares (on-market) in order to settle tax and other obligations DATE OF TRANSACTION 31 July 2019 CENTS PER SHARE High: 10 307 Low: 10 302 Average: 10 306 NUMBER OF SECURITIES TRANSACTED 2559 TOTAL RAND VALUE OF SECURITIES R 263 735.18 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, Beneficial THE TRANSACTION 3. NAME OF DIRECTOR TA Carstens COMPANY OF WHICH A DIRECTOR Pioneer Food Group Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary NATURE OF TRANSACTION Taken delivery of ordinary shares through the exercise of 40 098 Phantom Share Rights granted and accepted in February 2014 at a strike price of R81.55 per share (off-market) DATE OF TRANSACTION 26 July 2019 CENTS PER SHARE 10 350 NUMBER OF SECURITIES TRANSACTED 8 504 TOTAL RAND VALUE OF SECURITIES R880 164.00 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, Beneficial THE TRANSACTION 4. NAME OF DIRECTOR TA Carstens COMPANY OF WHICH A DIRECTOR Pioneer Food Group Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary NATURE OF TRANSACTION Disposal of shares (on-market) in order to settle tax and other obligations DATE OF TRANSACTION 31 July 2019 CENTS PER SHARE High: 10 306 Low: 10 300 Average: 10 301 NUMBER OF SECURITIES TRANSACTED 8 504 TOTAL RAND VALUE OF SECURITIES R 876 006.08 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, Beneficial THE TRANSACTION 5. NAME OF DIRECTOR F Lombard COMPANY OF WHICH A DIRECTOR Pioneer Food Group Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary NATURE OF TRANSACTION Taken delivery of ordinary shares through the exercise of 46 726 Phantom Share Rights granted and accepted in February 2014 at a strike price of R81.55 per share (off-market) DATE OF TRANSACTION 26 July 2019 CENTS PER SHARE 10 350 NUMBER OF SECURITIES TRANSACTED 9 909 TOTAL RAND VALUE OF SECURITIES R1 025 581.50 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, Beneficial THE TRANSACTION 6. NAME OF DIRECTOR F Lombard COMPANY OF WHICH A DIRECTOR Pioneer Food Group Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary NATURE OF TRANSACTION Disposal of shares (on-market) in order to settle tax and other obligations DATE OF TRANSACTION 31 July 2019 CENTS PER SHARE High: 10 312 Low: 10 305 Average: 10 309 NUMBER OF SECURITIES TRANSACTED 9 909 TOTAL RAND VALUE OF SECURITIES R1 021 492.45 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, Beneficial THE TRANSACTION Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Tyger Valley 1 August 2019 Sponsor PSG Capital Date: 01/08/2019 05:00:00 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.