Cautionary Announcement PPC Ltd (Incorporated in the Republic of South Africa) (Company registration number: 1892/000667/06) JSE Code: PPC ISIN: ZAE000170049 ("PPC" or the "Company") CAUTIONARY ANNOUNCEMENT Shareholders of PPC are hereby advised that the Board of Directors of PPC (“the Board”) has received a conditional, non-binding proposal from AfriSam Group (Pty) Ltd (“AfriSam”) that proposes, inter alia, a merger between AfriSam and the Company (“the indicative proposal”). The Board is considering the indicative proposal and will make a further announcement in due course once it has concluded its consideration of the indicative proposal. The indicative proposal, if implemented, may have a material impact on the price of the Company’s shares. Accordingly, shareholders are advised to exercise caution when dealing in securities of the Company until such time a further announcement is made. Sandton 10 December 2014 Financial Advisor and Sponsor to PPC Merrill Lynch South Africa (Pty) Ltd Legal Advisors to PPC Bowman Gilfillan PPC: Kevin Odendaal Tel: +27 (0) 11 386 9000 kevin.odendaal@ppc.co.za Financial Communications Advisor: Instinctif Partners Morne Reinders Mobile: +27 (82) 480 4541 Morne.reinders@instinctif.com Louise Fortuin Mobile: +27 (71) 605 4294 Louise.fortuin@instinctif.com Financial Advisor to AfriSam Rand Merchant Bank (a division of FirstRand Bank Limited) Legal Advisors to AfriSam Werksmans Financial Communications Advisor: Brunswick Itumeleng Mahabane Mobile: +27 (83) 284 6774 Imahabane@brunswick.co.za Date: 10/12/2014 01:15:00 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.