Status Update And Notice Of Revision Of The Important Dates And Times Relating To The Scheme 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”) PEPSICO, INC. (Incorporated in the State of North Carolina, United States) NASDAQ Share code: PEP (“PepsiCo”) SIMBA PROPRIETARY LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1995/003667/07) (“the Pepsi Offeror”) STATUS UPDATE AND NOTICE OF REVISION OF THE IMPORTANT DATES AND TIMES RELATING TO THE SCHEME Shareholders are referred to the combined circular to Pioneer Foods shareholders distributed on 29 August 2019 (“Circular”) and the combined announcement relating to the distribution of the combined circular and the notice of general meeting published on SENS on 29 August 2019 (“Distribution Announcement”). Capitalised terms used below and that are not otherwise defined, bear the meanings ascribed to them in the Circular. The parties to the Transaction have received numerous requests from shareholders and stakeholders for an update as to the status of the Transaction. The Firm Intention Announcement, detailing the terms of the Transaction, was announced on 19 July 2019. In anticipation of filing the merger with the South African Competition Commission, the parties began engaging with the relevant authorities shortly thereafter and duly filed the merger on 6 September 2019. The parties are awaiting final feedback from the relevant authorities, but continue to actively engage with them in this regard and will provide further feedback during the course of next week. Accordingly, shareholders are advised that, as certain Conditions, which includes the approval of the Transaction by certain remaining Competition Authorities (primarily South Africa but also other jurisdictions, all of which are far advanced), are still outstanding, the important dates and times relating to the Scheme, as included in the Circular and the Distribution Announcement, will be revised. In addition, as part of the process, a formal submission was made by the parties to the Competition and Markets Authority in the United Kingdom (“CMA”). The approval by the CMA of the Transaction however is non-suspensory and therefore, to the extent that approval is outstanding when all other Conditions are fulfilled or waived, this should theoretically not delay the implementation of the Transaction. Shareholders will be updated during the course of next week regarding the feedback from the relevant authorities, as well as the revised applicable dates and times of the Transaction, to the extent possible. Tygervalley 7 February 2020 Transaction advisor and Sponsor to Pioneer Foods Financial advisors to PepsiCo and the Pepsi Offeror Legal advisor to Pioneer Foods Legal advisor to PepsiCo and the Pepsi Offeror Independent Expert to Pioneer Foods Independent Reporting Accountant to Pioneer Foods Date: 07-02-2020 03:00:00 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.