Repurchase Implemented; Dealings In Shares By Associates Of Directors 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”) REPURCHASE IMPLEMENTED; DEALINGS IN SHARES BY ASSOCIATES OF DIRECTORS Shareholders are referred to the Company’s SENS announcement on 6 March 2019, advising of the specific repurchase (“Repurchase”) by the Company from certain black economic empowerment (“BEE”) parties (“BEE Parties”) of shares issued to them under the Company’s 2012 Phase II Broad-Based BEE Transaction (“BEE Transaction”), such shares having been offered to the Company in terms of its pre-emptive right under the BEE Transaction. Shareholders are advised that the Repurchase was implemented on 11 March 2019, with the shares in question being repurchased at R78.19 per share, reflecting a 3% discount to the volume weighted average price of Pioneer Foods shares on the JSE for the 30 trading days up to and including 20 February 2019. The Repurchase occurred under the existing specific repurchase authority obtained from Pioneer Foods shareholders at the Company’s general meeting on 17 February 2012, at which the BEE Transaction was approved. Certain of the BEE Parties participating in the Repurchase are associates of directors of Pioneer Foods, and details of the Repurchase from those associates are detailed below, as required under paragraphs 3.63 to 3.74 of the JSE Listings Requirements. The proceeds from the Repurchase will be, inter alia, utilised by each associate towards settling the preference share funding due to Pioneer Foods (via a wholly-owned subsidiary) and FirstRand Bank Limited (acting through its Rand Merchant Bank division) as primary funders of the BEE Transaction. 1. NAME OF DIRECTOR NS Mjoli-Mncube COMPANY OF WHICH A DIRECTOR Pioneer Food Group Limited STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Sale of shares by an associate of the director pursuant to the Repurchase (off-market transaction) DATE OF TRANSACTION 11 March 2019 PRICE PER SECURITY R78.19 NUMBER OF SECURITIES TRANSACTED 86 147 TOTAL RAND VALUE OF SECURITIES R6 735 833.93 TRANSACTED NAME OF ASSOCIATE Triple Advanced Investments No 108 (RF) Proprietary Limited RELATIONSHIP WITH DIRECTOR The director is a director of the associate and director and shareholder of the associate’s holding company NATURE AND EXTENT OF INTEREST IN Indirect, beneficial THE TRANSACTION 2. NAME OF DIRECTOR AH Sangqu COMPANY OF WHICH A DIRECTOR Pioneer Food Group Limited STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Sale of shares by an associate of the director pursuant to the Repurchase (off-market transaction) DATE OF TRANSACTION 11 March 2019 PRICE PER SECURITY R78.19 NUMBER OF SECURITIES TRANSACTED 86 147 TOTAL RAND VALUE OF SECURITIES R6 735 833.93 TRANSACTED NAME OF ASSOCIATE Shanike Investments No 175 (RF) Proprietary Limited RELATIONSHIP WITH DIRECTOR The director is a director of the associate and director and shareholder of the associate’s holding company NATURE AND EXTENT OF INTEREST IN Indirect, beneficial THE TRANSACTION 3. NAME OF DIRECTOR ZL Combi COMPANY OF WHICH A DIRECTOR Pioneer Food Group Limited STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Sale of shares by an associate of the director pursuant to the Repurchase (off-market transaction) DATE OF TRANSACTION 11 March 2019 PRICE PER SECURITY R78.19 NUMBER OF SECURITIES TRANSACTED 172 295 TOTAL RAND VALUE OF SECURITIES R13 471 746.05 TRANSACTED NAME OF ASSOCIATE Business Venture Investments No 1583 (RF) Proprietary Limited RELATIONSHIP WITH DIRECTOR The director is a director of the associate and director and shareholder of the associate’s holding company NATURE AND EXTENT OF INTEREST IN Indirect, beneficial THE TRANSACTION 4. NAME OF DIRECTOR ASM Karaan COMPANY OF WHICH A DIRECTOR Pioneer Food Group Limited STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Sale of shares by an associate of the director pursuant to the Repurchase (off-market transaction) DATE OF TRANSACTION 11 March 2019 PRICE PER SECURITY R78.19 NUMBER OF SECURITIES TRANSACTED 86 147 TOTAL RAND VALUE OF SECURITIES R6 735 833.93 TRANSACTED NAME OF ASSOCIATE Triple Advanced Investments No 107 (RF) Proprietary Limited RELATIONSHIP WITH DIRECTOR The director is a director of the associate and director and shareholder of the associate’s holding company NATURE AND EXTENT OF INTEREST IN Indirect, beneficial THE TRANSACTION 5. NAME OF DIRECTOR ASM Karaan COMPANY OF WHICH A DIRECTOR Pioneer Food Group Limited STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Sale of shares by an associate of the director pursuant to the Repurchase (off-market transaction) DATE OF TRANSACTION 11 March 2019 PRICE PER SECURITY R78.19 NUMBER OF SECURITIES TRANSACTED 1 059 999 TOTAL RAND VALUE OF SECURITIES R82 881 321.81 TRANSACTED NAME OF ASSOCIATE Ripa Issuer Subco Investments (RF) Proprietary Limited (“Ripa”) RELATIONSHIP WITH DIRECTOR The director is a director of Ripa and a director and shareholder of an associate of Ripa NATURE AND EXTENT OF INTEREST IN Indirect, beneficial THE TRANSACTION Tyger Valley 12 March 2019 Sponsor PSG Capital Date: 12/03/2019 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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