South African Competition Tribunal Hearing 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”) SOUTH AFRICAN COMPETITION TRIBUNAL HEARING Shareholders are referred to the combined circular to Pioneer Foods shareholders distributed on 29 August 2019 (“Circular”). Capitalised terms used below and that are not otherwise defined, bear the meanings ascribed to them in the Circular. Shareholders are hereby advised that, save for the approval of the South African Competition Tribunal, all approvals from the relevant Competition Authorities that are suspensory, have been obtained. Shareholders are further advised that the South African Competition Tribunal hearing will be held on 5, 6 and 9 March 2020. Shareholders will be advised of the outcome of the South African Competition Tribunal hearing and will be provided with an update on finalisation and implementation of the Scheme following the hearing. Shareholders are reminded that the PepsiCo Offer remains subject to certain remaining Conditions, the details of which are set out in the Circular. Tygervalley 21 February 2020 Transaction advisor and Sponsor to Pioneer Foods Financial advisors to PepsiCo and the Pepsi Offeror PSG Capital UBS Investment Bank J.P. Morgan Centerview Partners Legal advisor to Pioneer Foods Legal advisor to PepsiCo and the Pepsi Offeror Webber Wentzel Bowman Gilfillan Inc. Independent Expert to Pioneer Foods Independent Reporting Accountant to Pioneer Foods BDO Corporate Finance PricewaterhouseCoopers Date: 21-02-2020 04:20:00 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.