SENS Announcements

Results of Annual General Meeting and Change to the Board of Directors

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company")

Results of Annual General Meeting and Change to the Board of Directors

1. Results of Annual General Meeting ("AGM")

Shareholders of PPC ("Shareholders") are hereby advised that all proposed ordinary and special resolutions
contained in the Notice of the AGM dated 25 July 2025 and tabled at the Company's AGM held on Wednesday,
3 September 2025, were passed by the requisite majority of votes cast by Shareholders, as reported below:

The total number of PPC ordinary shares ("Shares") in issue that could have voted at the AGM was 1,467,703,786
and the total number of Shares present at the AGM in person or by proxy was 1,155,629,599, representing
78.74% of the total Shares that could have voted.

Resolutions proposed Number of Shares Percentage Percentage Percentage Percentage
voted Shares For** Against** Abstained*
voted*
Ordinary Resolutions:

Ordinary Resolution 1 – Re- 1,154,604,405 78.67% 96.85% 3.15% 0.07%
election of BM Hansen
Ordinary Resolution 2.1 – 1,154,604,405 78.67% 96.85% 3.15% 0.07%
Appointment to audit, risk and
compliance committee – MR
Thompson
Ordinary Resolution 2.2 – 1,154,604,405 78.67% 90.48% 9.52% 0.07%
Appointment to audit, risk and
compliance committee – N
Mkhondo
Ordinary Resolution 2.3 – 1,154,604,405 78.67% 96.65% 3.35% 0.07%
Appointment to audit, risk and
compliance committee – N
Gobodo
Ordinary Resolution 3.1 – 1,154,604,405 78.67% 96.13% 3.87% 0.07%
Appointment to social, ethics
and transformation committee
– N Gobodo
Ordinary Resolution 3.2 – 1,154,604,405 78.67% 95.96% 4.04% 0.07%
Appointment to social, ethics
and transformation committee
– PJ Moleketi
Ordinary Resolution 3.3 – 1,154,604,405 78.67% 96.84% 3.16% 0.07%
Appointment to social, ethics
and transformation committee
– K Maphisa
Ordinary Resolution 3.4 – 1,154,604,405 78.67% 96.85% 3.15% 0.07%
Appointment to social, ethics
and transformation committee
– BM Hansen
Ordinary Resolution 3.5 – 1,154,604,405 78.67% 96.85% 3.15% 0.07%
Appointment to social, ethics
and transformation committee
– SM Cardarelli
Ordinary Resolution 4 – 1,154,604,405 78.67% 100.00% 0.00% 0.07%
Appointment of external
auditor
PriceWaterhouseCoopers Inc
(PwC)
Ordinary Resolution 5.1 – Non- 1,154,604,405 78.67% 88.42% 11.58% 0.07%
binding advisory vote –
remuneration policy
Ordinary Resolution 5.2 – Non- 1,154,604,405 78.67% 93.96% 6.04% 0.07%
binding advisory vote –
remuneration implementation
report
Ordinary Resolution 6 – 1,154,604,405 78.67% 100.00% 0.00% 0.07%
Authority to implement
resolutions
Special Resolutions:
Special Resolutions 1.1 – 1,154,603,005 78.67% 99.34% 0.66% 0.07%
Financial Assistance – Section
44
Special Resolutions 1.2 – 1,154,603,005 78.67% 96.34% 3.66% 0.07%
Financial Assistance – Section
45
Special Resolution 2.1 – 1,154,603,005 78.67% 96.15% 3.85% 0.07%
Remuneration – Board
chairman
Special Resolution 2.2 – 1,154,603,005 78.67% 99.27% 0.73% 0.07%
Remuneration – Non-executive
directors
Special Resolution 2.3 – Audit, 1,154,603,005 78.67% 99.28% 0.72% 0.07%
risk and compliance committee
chairman
Special Resolution 2.4 – Audit, 1,154,603,005 78.67% 99.28% 0.72% 0.07%
risk and compliance committee
– Members
Special Resolution 2.5 – Social, 1,154,603,005 78.67% 99.28% 0.72% 0.07%
ethics and transformation
committee – Chairman
Special Resolution 2.6 – Social, 1,154,603,005 78.67% 99.28% 0.72% 0.07%
ethics and transformation
committee – Members
Special Resolution 2.7 – Reward 1,154,603,005 78.67% 99.28% 0.72% 0.07%
and talent committee –
Chairman
Special Resolution 2.8 – Reward 1,154,603,005 78.67% 99.28% 0.72% 0.07%
and talent committee –
Members
Special Resolution 2.9 – 1,154,603,005 78.67% 99.28% 0.72% 0.07%
Investment committee –
Chairman
Special Resolution 2.10 – 1,154,603,005 78.67% 99.28% 0.72% 0.07%
Investment committee –
Members
Special Resolution 2.11 – 1,154,603,005 78.67% 96.87% 3.13% 0.07%
Special meetings – Chairman
Special Resolution 2.12 – 1,154,603,005 78.67% 96.87% 3.13% 0.07%
Special meetings – Members
Special Resolution 3 – General 1,141,743,541 78.67% 98.89% 1.11% 0.07%
authority to repurchase shares

* As a percentage to the total number of votable PPC ordinary shares in issue, being 1,467,703,786
** As a percentage to the total number of shares voted at the AGM, being 1,155,629,599,

2. Change to the Board of Directors ("Board")

In accordance with paragraph 3.59(b) of the JSE Limited Listings Requirements, the Board advises Shareholders
that Mr CH Naude, has elected not to stand for re-election as a non-executive director at the AGM and
consequently retires by rotation, with effect from 3 September 2025, from the Board and as the chairman of the
investment committee and as a member of the reward and talent committee.

The Board extends its appreciation and sincere thanks to Mr Naude for his valuable contribution to the Company
and wishes him well in all his future endeavours.

Dunkeld
3 September 2025

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 03-09-2025 05:15:00
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.

Disposal of Vacant Land by PPC Zimbabwe Ltd

PPC Ltd
(Incorporated in the Republic of South Africa)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "the Company")

DISPOSAL OF VACANT LAND BY PPC ZIMBABWE LTD

1. INTRODUCTION

PPC shareholders are advised that the Company has on 20 August 2025 ("Signature Date") via its 88%
held subsidiary, PPC Zimbabwe Ltd ("PPCZ"), concluded an agreement ("the Disposal Agreement")
relating to the disposal of vacant immovable property situated in the District of Salisbury, Zimbabwe,
known as the Arlington Estate ("Arlington Property") to a privately held Zimbabwean company (the
"Purchaser"), for a cash consideration of US$30 million (the "Disposal Consideration" and the
"Disposal").

The Purchaser is a property development company with project execution expertise and is not a related
party of PPC.

2. EFFECTIVE DATE

The Disposal will be implemented on the date of registration of the transfer of the Arlington Property
from which date all legal risk in and all benefit attaching thereto, will pass to the Purchaser against
payment of the Disposal Consideration ("the Effective Date").

3. RATIONALE FOR THE DISPOSAL AND USE OF PROCEEDS

PPCZ acquired the Arlington Property in 1990. The Arlington Property is zoned for residential, industrial and
commercial activities. Subsequently PPCZ faced multiple state expropriation attempts, culminating in a final
compulsory acquisition by the Government of Zimbabwe in 2010. Following extensive negotiations with
various government Ministries and the Office of the President of Zimbabwe, PPCZ formally received the title
deed to the Arlington Property (comprising some 418 hectares of land) in December 2024.

The Arlington Property does not contain any limestone deposits and PPCZ has no commercial use for the
Arlington Property in its core cement producing business. Consequently, PPCZ conducted a comprehensive
process to dispose of the Arlington Property at fair value.

The Disposal Consideration is payable in United States dollars and utilisation of the Disposal
Consideration, when received, will be considered by PPC in terms of its capital allocation model and its
optimal gearing levels.

4. CONDITIONS PRECEDENT

There are no conditions precedent to the Disposal. However, there are a number of milestone events that
need to be met within defined timeframes, failing which the Disposal Agreement shall automatically lapse
and become null and void with no further force or effect. The milestone events are inter alia the following:

4.1 PPCZ obtaining approval from the Reserve Bank of Zimbabwe within 45 days of the Signature Date
to declare a special dividend, in the amount of the proceeds of the Disposal, to its shareholders
and repatriate the amount due to PPC in South Africa;
4.2 The Purchaser paying the full Disposal Consideration plus VAT to the property conveyancer
appointed by PPCZ within 60 days of the Signature Date; and
4.3 Registration of the transfer of the Arlington Property within 90 days of the Signature Date.

5. WARRANTIES AND OTHER MATERIAL TERMS

PPCZ has provided the Purchaser with such warranties as are considered standard for a transaction of this
nature.

PPCZ and the Purchaser have also entered a further agreement in terms of which the Purchaser will
purchase all of its cement requirements for any developments or infrastructure on the Arlington Property
exclusively from PPCZ. This agreement will become effective on the Effective Date of the Disposal
Agreement.

6. FINANCIAL INFORMATION

In its audited annual financial statements for the year ended 31 March 2025, PPCZ recognized the
Arlington Property as a Government grant at a nominal value of R37 million.

7. CATEGORISATION

The Disposal is classified as a category 2 transaction in terms of the JSE Listings Requirements and,
accordingly, does not require shareholder approval.

Dunkeld
21 August 2025

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 21-08-2025 10:30:00
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.

Publication of Integrated Annual Report, Notice of Annual General Meeting and BBBEE Compliance Report

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company")

PUBLICATION OF INTEGRATED ANNUAL REPORT, NOTICE OF ANNUAL GENERAL MEETING AND
AVAILABILITY OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT COMPLIANCE REPORT

Shareholders are advised that the Company's integrated annual report ("IAR") and its
notice of annual general meeting ("AGM") was published today, 25 July 2025.

Electronic copies of the IAR will be available on the Company´s website,
at https://www.ppc.africa/investor-centre/reports?t=year-end&y=2020;

and the notice of AGM will be available on the Company's website,
at https://www.ppc.africa/investor-centre/reports?t=agm-notices&y=2020, from today, 25 July 2025.

PPC's audited consolidated annual financial statements for the year ended 31 March 2025 ("2025 AFS"),
which were published on SENS on 9 June 2025, is available on the Company's website,
at https://www.ppc.africa/investor-centre/reports?t=annual-financial-results&y=2025.

Copies of the IAR, AGM notice and 2025 AFS may also be requested from the company secretary at kevin.ross@ppc.co.za.

NOTICE OF AGM
Notice is hereby given that the 133rd AGM of the shareholders of the Company will be held physically, in person
at the company's offices, First floor, 5 Parks Boulevard, Oxford Parks, Dunkeld, Johannesburg, 2196, South Africa
and virtually through electronic participation, at 12:00 on Wednesday, 3 September 2025, to consider and, if deemed fit,
to pass with or without modification, all of the ordinary and special resolutions set out in the notice of AGM.
The salient dates and times applicable to the 133rd AGM, are set out below:

2025

Record date to receive the notice of AGM Friday, 18 July

Notice to attend PPC's AGM published on Friday, 25 July

Last day to trade to be recorded in the register to vote at the AGM Tuesday, 26 August

Record date to be eligible to vote at the AGM (voting record date) Friday, 29 August

Last day to lodge forms of proxy for the AGM by 12:00 Monday, 1 September

AGM to be held at 12:00 on Wednesday, 3 September

Results of AGM released via stock exchange news service (SENS) on Wednesday, 3 September

1. The above dates and times are subject to amendment. Any such amendment will be released via SENS.
2. All times given are local times in South Africa.
3. Any forms of proxy not delivered to the meeting secretaries by 12:00 on Monday, 1 September 2025 may be emailed to
proxy@computershare.co.za and will be handed to the chair of the AGM immediately before the appointed proxy exercises
any of the shareholder's rights at the AGM.

AVAILABILITY OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT COMPLIANCE REPORT
In accordance with the Listings Requirements of the JSE Limited, PPC's annual compliance report in terms of section 13G(2) of the
Broad-Based Black Economic Empowerment Act 53 of 2003, read with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2013,
has been published and is available on the Company's website at https://www.ppc.africa/sustainability/transformation/

Dunkeld
25 July 2025

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 25-07-2025 08:00:00
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.

Operating Update for the Four Months ended 31 July 2024

PPC Ltd
Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "company" or "group")

OPERATING UPDATE FOR THE FOUR MONTHS ENDED 31 JULY 2024

GROUP OPERATIONAL PERFORMANCE

The PPC group comprises the South Africa ("SA") and Botswana group, which includes cement, materials and
group services, and Zimbabwe. Following the stabilisation of the balance sheet and the sale of non-strategic assets
in prior years, PPC recently started the challenging process of improving profitability and returns on the group's
assets. The turnaround intervention that has commenced is focused on people, organisational culture, processes,
as well as industrial and supply chain optimisation, to enhance the competitive position of the group in its various
markets. The positive effects of these efforts are expected to become evident in the next financial year.

For the four months ended July 2024 (the "current period") compared to the four months ended July 2023 (the
"comparable period"), group revenue declined 2.1%. Revenue in the SA and Botswana group declined 1.0% and
revenue in Zimbabwe decreased 4.5%.

Zimbabwe contributed 30% to group revenue in the current period compared to the 33% contribution for the
twelve months ended 31 March 2024 ("FY2024"). Cement remains the core business of PPC, contributing 90% of
revenue for the current period while materials contributed the remaining 10%. This remains in line with the
comparable period.

Average cement selling prices increased across the group while cement sales volumes (including Zimbabwe) for
the current period were 5.3% lower than the comparable period. Albeit its much smaller impact on the overall
group, pricing also increased across all three materials businesses but was offset by declines in volumes in the
readymix and ash businesses.

EBITDA margin for the group declined from 15.9% in the comparable period to 13.7% in the current period, with
the comparable period margin positively impacted by the market tailwinds experienced in the first quarter of the
prior year.

Notwithstanding the absolute reduction in EBITDA, net cash generation by the SA and Botswana group, before
financing activities and excluding dividends received from PPC Zimbabwe, improved from R129 million to R192
million. The biggest single contributor was the improvement in working capital mainly in inventory levels.

During the current period an ordinary dividend totalling R213 million was declared and paid. Gross cash balances
for the group increased from R897 million at 31 March 2024 to R969 million at 31 July 2024. Total group debt
remained unchanged since 31 March 2024 at R775 million.

A special dividend totalling R521 million was declared on 28 August 2024 and was settled on 23 September 2024.
No dividend was received from PPC's operations in Zimbabwe in the current period (comparable period: US$4
million), but a dividend of US$4 million was declared by PPC Zimbabwe on 6 September 2023.
SOUTH AFRICA & BOTSWANA CEMENT

Cement sales volumes in South Africa and Botswana decreased by 4.6% in the current period compared to the
comparable period. The average selling price in South Africa increased by 5.5% during the current period, which
enabled revenue for SA & Botswana cement to grow by 1.6%.

However, notwithstanding variable cost per tonne being almost flat period-on-period, EBITDA for the period
decreased by 10.4% as fixed costs increased by more than inflation. EBITDA margin decreased from 11.6% in the
prior period to 10.3% in the current period. The South African cement business is the key focus area of the
turnaround actions.

MATERIALS

Volumes in the readymix business continued to decline but cost control actions across both fixed and variable
costs resulted in the materials businesses EBITDA being marginally positive in the current period compared to
marginally negative in the comparable period.

ZIMBABWE

PPC Zimbabwe's cement sales volumes were down 10.9% during the current period when compared to the prior
period. In response to significant increases in electricity tariffs, an average US$ price increase of 4% was
implemented in January 2024, which contained the revenue decrease in rands terms to 4.5%. Despite ongoing
input price pressures, PPC Zimbabwe's EBITDA margin was well managed reducing marginally to 29.0%
compared to 29.8% in the prior period. There were no planned maintenance shutdowns in either the
comparable or the current period. These planned shutdowns occurred subsequently in August 2023 and
August/September 2024 respectively. These shutdowns have an impact on EBITDA margin.

No dividends were declared in the current period compared to US$4 million declared in July 2023. However, a
US$4 million dividend was declared in September 2024.

OUTLOOK

Although interest rates in South Africa have begun to decline and local sentiment is improving, there is still no
clear evidence of large-scale infrastructure or retail developments. Consequently, the overall outlook for the SA
and Botswana group remains subdued. PPC continues to focus its efforts on the turnaround of its cement
businesses to improve profitability and cash generation. Guidance on the size and timing of realising opportunities
will be included in the presentation of the group's performance for the six months ended 30 September 2024,
which is expected to be released on or about 18 November 2024.

In Zimbabwe, imports continue to increase contributing to the reduced volumes of PPC Zimbabwe. Cost
containment has been a focus and will continue. This, together with turnaround initiatives, is expected to have
positive impact on the PPC Zimbabwe earnings.

Dunkeld
30 September 2024

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 30-09-2024 07:30:00
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.

Declaration of Special Cash Dividend

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "the Company")

DECLARATION OF SPECIAL CASH DIVIDEND

Shareholders are referred to the SENS announcement published on 25 July 2024 regarding the
finalisation of the disposal by the Company of its 51% interest in CIMERWA Plc and are advised that
the board of directors of the Company ("Board") has resolved to declare a special cash dividend,
payable in this second quarter of FY2025, from income reserves of 33.5 cents per PPC ordinary share
("PPC shares"), amounting to R521 million, being 66% of the cash retained by PPC International
Holding Proprietary Limited from the sale of CIMERWA ("Special Dividend"). Taking into account the
Special Dividend that will be received by the PPC subsidiary that repurchased PPC shares in the 2024
financial year, the net cash outlay pursuant to the Special Dividend amounts to R500 million.

The Special Dividend has been approved by the Financial Surveillance Department of the South African
Reserve Bank as required in terms of the Listings Requirements of the JSE Limited.

The gross Special Dividend of 33.5 cents per share from income reserves will be subject to dividend
withholding tax at a rate of 20%. Consequently, a net Special Dividend of 26.8 cents per PPC share
will be distributed to those shareholders who are not exempt from paying dividend tax.

In accordance with the provisions of Strate, the electronic settlement and custody system used by the
JSE Limited, the relevant dates for the Special Dividend are as follows:

2024
Last day to trade "cum Special Dividend" Tuesday, 17 September
First trading day "ex Special Dividend" Wednesday, 18 September
Record date Friday, 20 September
Payment date Monday, 23 September

Those shareholders of the Company who are recorded in the Company's register as at the record date
will be entitled to the Special Dividend.

No share certificates may be dematerialised or rematerialised between Wednesday, 18 September
2024, and Friday, 20 September 2024, both days inclusive.
Payments for certificated shareholders will be transferred electronically to their bank accounts on the
payment date. Shareholders who hold dematerialised shares will have their accounts at their CSDP or
stockbroker credited on Monday, 23 September 2024.

The Company's income tax reference number is 9460015606. The company has 1 553 764 624 PPC
shares in issue at the date of declaration of the Special Dividend.

In compliance with the Companies Act, the Board confirms and has resolved that the Company will
satisfy the solvency and liquidity test immediately after the payment of the Special Dividend.

Dunkeld
28 August 2024

Sponsor

Questco Corporate Advisory Proprietary Limited

Date: 28-08-2024 07:30:00
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.

Distribution of Integrated Annual Report Notice of Annual General Meeting and BBBEE compliance certificate

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company")

PUBLICATION OF INTEGRATED ANNUAL REPORT, NOTICE OF ANNUAL GENERAL MEETING AND
AVAILABILITY OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT COMPLIANCE REPORT

Shareholders are advised that the Company's integrated annual report ("IAR") was published and that
the Company's notice of annual general meeting ("AGM") was distributed to shareholders together
with a copy of its audited consolidated annual financial statements for the year ended 31 March 2024
today, 26 July 2024.

Electronic copies of the IAR will be available on the Company´s website, at
https://www.ppc.africa/investors-relations/reports/?t=year-end; and

the notice of AGM will be available on the Company's website, at
https://www.ppc.africa/investors-relations/reports/?t=agm-notices

as from today, 26 July 2024. Copies of the IAR and AGM notice may also be requested from the
company secretary at kevin.ross@ppc.co.za.

NOTICE OF AGM

Notice is hereby given that the 132nd AGM of the shareholders of the Company will be held physically,
in person at the company's offices, First floor, 5 Parks Boulevard, Oxford Parks, Dunkeld,
Johannesburg, 2196, South Africa and virtually through electronic participation, at 12:00 on
Wednesday, 4 September 2024, to consider and, if deemed fit, to pass with or without modification,
all of the ordinary and special resolutions set out in the notice of AGM.

The salient dates and times applicable to the 132nd AGM, are set out below:

2024

Record date to receive the notice of AGM Friday, 19 July

Notice to attend PPC's AGM published on Friday, 26 July

Last day to trade to be recorded in the register to vote at the AGM Tuesday, 27 August

Record date to be eligible to vote at the AGM (voting record date) Friday, 30 August

Last day to lodge forms of proxy for the AGM by 12:00 Monday, 2 September

AGM to be held at 12:00 on Wednesday, 4 September

Results of AGM released via stock exchange news service (SENS) on Wednesday, 4 September

1. The above dates and times are subject to amendment. Any such amendment will be released via
SENS.
2. All times given are local times in South Africa.
3. Any forms of proxy not delivered to the meeting secretaries by 12:00 on Monday, 2 September
2024 may be emailed to proxy@computershare.co.za and will be handed to the chair of the AGM
immediately before the appointed proxy exercises any of the shareholder's rights at the AGM.

AVAILIBITY OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT COMPLIANCE REPORT

In accordance with the Listings Requirements of the JSE Limited, PPC's annual compliance report in
terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act 53 of 2003, read
with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2013, has been
published and is available on the Company's website at
https://www.ppc.africa/sustainability/transformation/

26 July 2024
Dunkeld

Sponsor

Questco Corporate Advisory Proprietary Limited

Date: 26-07-2024 01:00:00
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.

Trading Statement for the Year Ended 31 March 2024

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC
ZSE code: PPC
("PPC" or "the group")

TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

PPC is currently finalising its results for the year ended 31 March 2024 ("the current period").
Shareholders are advised that PPC is satisfied that a reasonable degree of certainty exists that the
expected earnings per share ("EPS") and headline earning per share ("HEPS") for the current period will
differ by at least 20% from that for the previous corresponding period, being the year ended 31 March 2023
("the prior period") and that a trading statement is required in terms of the JSE Limited Listings
Requirements.

This difference is primarily due to the current period EPS and HEPS numbers being impacted by a strong
performance by PPC Zimbabwe in the current period compared to the prior period in which it had an
extended kiln shutdown. In addition, in the current period, PPC Zimbabwe changed its functional currency
from the Zimbabwean dollar to the United States dollar and this also had a positive impact given the
elimination of net monetary losses of R131 million arising in the prior period due to hyperinflation
accounting.

As reported in the operational update on 27 March 2024, due to the disposal by PPC of its 51%
shareholding in CIMERWA on 25 January 2024, CIMERWA's results for the period 1 April 2023 to 25
January 2024 will be shown as discontinued operations. The prior period comparative figures have
accordingly been represented to exclude CIMERWA's results and to disclose its results separately as
discontinued operations.

The following EPS and HEPS for the group are expected:

Current period Prior period

Expectation range Restated*

Group EPS (cents) 1 25.0 to 30.0 (43)
Group HEPS (cents) 1 27.0 to 28.5 (9)
Continuing operations EPS (cents) 1 4.0 to 8.0 (21)
Continuing operations HEPS (cents) 1 16.5 to 20.0 (20)

1 Brackets denote losses per share

* The prior period figures have been re-presented to disclose discontinued operations separately

The financial information on which this trading statement is based is the responsibility of the directors of
PPC and has not been reviewed or reported on by the group's independent external auditor. Full details of
the groups' performance will be contained in the group's audited consolidated financial statements for the
year ended 31 March 2024, which are expected to be released on or about 24 June 2024.

Dunkeld
12 June 2024

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 12-06-2024 07:05:00
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.

Operational Update for the Ten Months ended 31 January 2024

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "the group")

OPERATIONAL UPDATE FOR THE TEN MONTHS ENDED 31 JANUARY 2024

GROUP PERFORMANCE

Further to the announcement published on SENS on 25 January 2024 regarding the disposal by PPC
of its 51% shareholding in its Rwanda business (CIMERWA), all the numbers in this operational update
exclude CIMERWA for ease of comparison, as CIMERWA's results in the current financial year, to the
date of deconsolidation, will be shown as discontinued operations.

Group revenue increased by 27.6% for the ten-month period ended 31 January 2024 (the "current
period"), when compared to the 10 months ended 31 January 2023 (the "comparable period"). This
was driven mainly by continued strong growth in PPC's Zimbabwe operations relative to the low base
in the comparable period. This is higher than the 22.1% revenue growth to the end of September 2023
(the "half year") compared to the six months ended 30 September 2022 (the "previous half")
calculated on a consistent basis to exclude CIMERWA. Revenue growth in the South African and
Botswana cement business continued to be driven by price increases, positively offsetting the
declining sales volumes as experienced in the half year.

Group EBITDA margins improved to 13.6% in the current period from 9.9% in the comparable period.
However, this is lower than the half-year EBITDA margin (excluding CIMERWA) of 15.3%. The decrease
in margins compared to the half year is due to lower South Africa cement margins, a weak
performance in the materials business, one-off costs at a group level as well as marginally lower
EBITDA margins in the Zimbabwean operations.

Capital expenditure for the group remains behind the guidance of R600 million for the full financial
year mainly due to the delay of the fly ash project (expansion capex) in Zimbabwe. This is a timing
issue due to a delay in accessing the power plant to complete the plant design and commercial
contract. This is now expected to commence early in FY25 as opposed to FY24 thereby delaying the
benefits of this expansion project for approximately one year. The South African and Botswana free
cashflow, being net cash inflow before financing activities and excluding dividends from Zimbabwe,
increased to R364 million in the current period from R242 million in the comparable period. The share
repurchase program reached the R200 million approved level during the first half of March 2024.

Following the receipt of the proceeds from the disposal of CIMERWA, South Africa and Botswana
turned cash positive during the current period and at 31 January 2024, were in a net cash position of
R280 million. Zimbabwe continues to remain debt free and held R95 million in unencumbered cash at
31 January 2024. The Group's targeted gross leverage of 1.3 to 1.5 times the South African and
Botswana operations EBITDA (including dividends from Zimbabwe) remains unchanged.

SOUTH AFRICA AND BOTSWANA CEMENT

In the current period, cement sales volumes in South Africa and Botswana decreased by 4% compared
to the comparable period. The decline for the first half of the year was 5%. Sales volumes in the coastal
region experienced a sharper decline than in the inland region, mainly due to a weaker retail market
and a lack of infrastructure projects in the area. Price increases implemented in July 2023 and January
2024 offset the decline in volumes with the South Africa and Botswana cement business increasing
revenue by 6% in the current period compared to 5% at the half-year. EBITDA margins increased
marginally from 10,7% to 11.4% when comparing the current period to the comparable period but are
below the 12.6% reported at the half year. The performance in the South Africa and Botswana cement
market has deteriorated since the end of the current period.

MATERIALS

The materials business comprises three distinctly different businesses, namely readymix concrete,
aggregates and fly ash. The readymix concrete business has been impacted by a lack of construction
projects in the regions in which it operates, which negatively impacted volumes. The aggregates
business realised lower volumes in the depressed localised market it serves from its two quarries. The
fly ash business continued to benefit from increased volumes due to its diverse customer base.

The materials business saw a notable improvement in negative EBITDA, shifting from a negative R60
million in the comparable period to R7 million in the current period. This change is significant
considering the positive R14 million EBITDA contribution at the half-year mark. Despite price
increases, the negative EBITDA was due to the substantial decrease in volumes across the readymix
concrete and aggregates businesses, which declined even further compared to the half-year. The fly
ash business EBITDA continued to show strong growth in the current period.

ZIMBABWE

Cement volumes continued to show strong growth, increasing 41% in the current period, albeit slightly
lower than the half-year growth of 44% due to the impact of the stronger base in the comparable
period. Growth continues to be as strong as a result of both residential construction and government
funded infrastructure projects, constrained imports and a low base in the comparable period due to
the extended shutdown.

EBITDA margins were 22% in the current period, an improvement from 18% in the comparable period
but lower than 25% at the half-year. This was mainly due to the high cost of clinker imports as local
production could not meet demand levels.

PPC Zimbabwe declared dividends of US$4 million in July 2023 and US$7million in November 2023.
The next dividend declaration is expected in July 2024.
RWANDA (CIMERWA)

PPC sold its 51% shareholding in CIMERWA on 25 January 2024 for a total selling price of US$42.5
million. PPC received the full selling price and paid capital gains tax in Rwanda of US$474 000 in
February 2024. It is anticipated that no further capital gains taxes will be payable in South Africa. The
approval by the Common Market for Eastern and Southern Africa (COMESA) Competition Commission,
which was not required before implementation of the transaction, is still anticipated to be received
within 120 days of the effective date.

OUTLOOK

The short-term outlook for the South African and Botswana markets remains subdued. The short-
term outlook for PPC Zimbabwe remains positive.

The reorganised and strengthened executive committee (Exco) team announced on 18 January 2024
now has the right blend of global and local cement industry experience, institutional and technical
knowledge and a renewed energy to drive the needed improvements at PPC's operational level. The
Exco is conducting a comprehensive review to ensure that PPC is agile, well-managed and resilient in
a challenging South African macroeconomic context. The key focus areas include:

i. the optimisation of structure, processes and controls;
ii. the refocusing of the business on contribution margin through an assessment of the South
African businesses commercial footprint; and
iii. the reduction in fixed operational and overhead costs.

The above will require improvements to the internal management reporting systems to better support
its commercial and operational decision making. The board has targeted achieving a sustainable return
on capital for its South African and Botswana business in the medium-term.

PPC intends to increase engagement with regulators and other key market stakeholders as a
commitment to developing a sustainable cement industry in South Africa through creating a level
playing field among local, regional and international competitors on key issues such as imported
cement and low quality standard products.

With the South African gross debt to EBITDA ratio expected to be well below the stated optimal level,
PPC intends to continue to return cash to shareholders through dividends or the implementation of a
share repurchase program in the absence of any value enhancing corporate activity.

CHANGES TO FUNCTIONS OF DIRECTOR

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, the board of
directors of PPC ("the Board") wishes to inform shareholders of the following changes to the functions
of a Board member.
Mr Matias Cardarelli has been appointed as a member of the Company's Social, Ethics and
Transformation Committee and its Strategy and Investment Committee with effect from 12 March
2024.

Following his appointment the Social, Ethics and Transformation Committee will comprise of the
following members:

Nonkululeko Gobodo (chairperson) – independent non-executive director
Jabu Moleketi – independent chairman of PPC
Bjarne Moltke Hansen – independent non-executive director
Kunyalala Maphisa – independent non-executive director
Matias Cardarelli – chief executive officer

The Strategy and Investment Committee will comprise of the following members:

Charles Naude (Chairman) – independent non-executive director
Bjarne Moltke Hansen – independent non-executive director
Dan Smith – independent non-executive director
Kunyalala Maphisa – independent non-executive director
Mark Thompson – independent non-executive director
Matias Cardarelli - chief executive officer

Dunkeld
27 March 2024

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Aprio Credence
Esme Arendse
Mobile: +27 82 694 7643

Date: 27-03-2024 08:55:00
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.

General Repurchase of Shares

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "the Company")

GENERAL REPURCHASE OF SHARES

At the annual general meeting of PPC held on 6 September 2023 ("AGM"), shareholders, by special
resolution, granted a general authority to the board of directors ("the Board") of the Company and its
subsidiaries ("the Group") for the Company and/or its subsidiaries to repurchase up to 10% of the issued
ordinary share capital of the Company, on the terms and subject to the conditions specified in the notice of
AGM.

Shareholders are hereby advised that, during the period commencing on 6 September 2023 to 29 January
2024, the Company's wholly-owned subsidiary, PPC GPCO South Africa Proprietary Limited, repurchased an
aggregate of 46 612 939 ordinary shares, representing 3% of the issued ordinary share capital of the
Company as at the date on which the authority to repurchase the ordinary shares was granted. The
aforementioned ordinary shares were repurchased for an aggregate value of R143 853 790.55 (including
transaction costs), funded out of the Group's available cash resources, as follows:

Aggregate Highest price Lowest price
number of per ordinary per ordinary Aggregate value
Date of ordinary shares share share (excluding
repurchases repurchased repurchased repurchased transaction costs)

6 September
2023 to 29 46 612 939 R4.00 R2.54 R143 325 983.63
January 2024

The repurchases were made in terms of the general authority granted by shareholders at the AGM and were
effected through the order book operated by the JSE Limited trading system without any prior understanding
or arrangement between the Company or subsidiary and the counterparties. All of the requirements for the
general repurchase of ordinary shares in terms of paragraph 5.72 of the JSE Limited Listings Requirements,
have been complied with.

During the prohibited period prior to publication of its financial year 2024 interim results, which were
published on 20 November 2023, the Group repurchased 10 105 498 of the Company's shares at an average
cost of R2.94 per share, totalling R29 740 122.48 (excluding transaction costs), pursuant to a repurchase
programme which was put in place prior to the commencement of the prohibited period in accordance with
the Listings Requirements.

The Group may repurchase a further 108 763 524 ordinary shares up to a total of 155 376 462 (10%) of the
ordinary shares in issue as at the date on which the authority was granted, in terms of the current general
authority, which is valid until the Company's next annual general meeting.

As at the date of this announcement, the Group held 89 347 464 ordinary shares as treasury shares, including
the repurchased shares referred to in this announcement. Treasury shares comprise 56 522 752 shares held
by a subsidiary of the Company and 32 824 712 shares held by structured entities, which are consolidated
for IFRS purposes only.

As all the shares have been repurchased by a wholly-owned subsidiary of the Company, such shares will not
be cancelled but will remain listed and held as treasury shares. As a result, the Group's cash balances
decreased by R143 853 790.55 (including transaction costs of R527 806.92) for the period from the date of
the AGM to the date of this announcement and the repurchases will have the effect of reducing the number
of shares in issue used for purposes of the earnings per share and headline earnings per share calculations
by an additional 46 612 939 shares (being the shares repurchased since the AGM to date), which will be
weighted according to the dates of the various repurchases.

OPINION OF THE BOARD

The Board has considered the effect of the repurchases and is of the opinion that, for a period of 12 months
following the date of this announcement:

• the Company and the Group will be able, in the ordinary course of business, to repay their
debts;
• the consolidated assets of the Company and the Group will be in excess of the consolidated
liabilities of the Company and the Group;
• the Company's and the Group's share capital and reserves will be adequate for the ordinary
business purposes of the Company and the Group; and
• the Company and the Group will have sufficient working capital for ordinary business purposes.

Dunkeld
31 January 2024

Sponsor

Questco Corporate Advisory Proprietary Limited

Date: 31-01-2024 07:30:00
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.

PPC Successfully Concludes Disposal of its 51% Interest in CIMERWA (Rwanda)

PPC Limited
(Incorporated in the Republic of South Africa)
(Registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "the Company")

PPC SUCCESSFULLY CONCLUDES DISPOSAL OF ITS 51% INTEREST IN CIMERWA (RWANDA)

PPC shareholders are referred to the announcement published on the Stock Exchange News Service of
the JSE Limited on 17 November 2023 and are advised that the Company's wholly-owned subsidiary, PPC
International Holdings Proprietary Limited, has successfully concluded the disposal of its entire
shareholding in CIMERWA PLC ("CIMERWA") to National Cement Holding Limited for a cash consideration
of US$42.5 million ("Disposal"). All conditions precedent to the Disposal have been fulfilled and the
proceeds received. Approval by the Common Market for Eastern and Southern Africa (COMESA)
Competition Commission, which is not required before implementation of the Disposal is anticipated to
be received within 120 days. Consequently, the effective date of the Disposal is 25 January 2024.

The PPC Group is net cash positive following receipt of the proceeds of the Disposal.

PPC CEO, Matias Cardarelli, said "I am pleased with the timely completion of the sale of our stake in
CIMERWA. CIMERWA is now part of a regional group that is better placed to support its growth. The
Disposal allows us to focus on our core southern African markets where we see opportunities to drive
improved profitability and secure a more sustainable return on capital.

Dunkeld
25 January 2024

JSE Sponsor Corporate Advisor

Questco Corporate Advisory Proprietary Limited Standard Chartered Bank

Legal Advisor

Cliffe Dekker Hofmeyr Inc.

Date: 25-01-2024 12:31:00
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.

Vesting of Shares to former Chief Executive Officer - Long Term Incentive Plan

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company" or "Group")

VESTING OF SHARES TO FORMER CHIEF EXECUTIVE OFFICER : LONG TERM INCENTIVE PLAN

The following information is disclosed in respect of the vesting of PPC ordinary shares ("PPC Shares")
to a former director of the Company in terms of the rules of the Company's Long Term Incentive Plan
("LTIP").

Name of Director: Roland Corstiaan van Wijnen
Designation: Director
Nature of transaction: Accelerated vesting of PPC Shares in terms of LTIP
Nature of trade: Off-market
Number of PPC Shares: 6 202 576
Vesting date: 27 December 2023
Price per PPC Share on vesting date: R3.79
Total Value: R23 507 763
Nature of interest: Direct beneficial
Clearance obtained: Not applicable

In terms of the LTIP PPC Shares were awarded to, and held as restricted shares for, Mr Roland van
Wijnen, the former CEO of PPC, in respect of the performance periods ending 31 March 2021 and 31
March 2022, subject to certain performance criteria and a 3 year vesting period.

The performance criteria having been met by Mr van Wijnen during his tenure, PPC's Reward and
Talent Committee has resolved to accelerate the vesting date of these PPC Shares in terms of the rules
of the LTIP to 27 December 2023. Mr van Wijnen's contract of employment terminated on 31
December 2023. No clearance to trade in respect of the vesting is required.

Dunkeld
2 January 2024
Sponsor

Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 02-01-2024 12:00:00
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.

Dealing in Shares pursuant to Long-Term Incentive Plan

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "the Company")

DEALING IN SHARES PURSUANT TO LONG-TERM INCENTIVE PLAN

In accordance with paragraph 3.63 of the JSE Listings Requirements, shareholders are advised that Mr
Matias Cardarelli has been awarded PPC ordinary shares ("Shares") pursuant to the Company's long-
term incentive plan ("LTIP") as a sign-on award and in terms of his negotiated fixed term service
agreement, with no performance conditions, which award Mr Cardelli has accepted, as follows:

Director: Mr SM Cardarelli
Designation: Chief Executive Officer
Acceptance date: 23 November 2023
Vesting date: Awarded shares will vest in three equal instalments on the first,
second and third anniversary of the acceptance date.
Number of securities: 7 455 255
Value of Shares awarded: R27 823 276.57
Nature of transaction: Off-market award of shares in terms of LTIP
Class of securities: Ordinary shares
Nature of interest: Direct Beneficial
Clearance to deal obtained: Yes

The value of the Shares awarded in terms of the LTIP is the actual cost (including transaction costs)
incurred between 20 November 2023 and 22 November 2023 for the specific purpose of settling the
Company's obligation in this regard.

Dunkeld
28 November 2023

Sponsor:
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 28-11-2023 09:00:00
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.

Disposal by PPC Limited of its 51% Interest in CIMERWA - Rwanda

PPC Limited
(Incorporated in the Republic of South Africa)
(Registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "the Company")

DISPOSAL by PPC OF ITS 51% INTEREST IN CIMERWA (RWANDA)

1. INTRODUCTION

PPC shareholders are advised that the Company's wholly-owned subsidiary, PPC International Holdings
Proprietary Limited ("PPCIH"), concluded an agreement (the "Disposal Agreement") on 17 November
2023 ("Signature Date") to dispose of its entire shareholding (the "Disposal Shares") in CIMERWA PLC
("CIMERWA") to National Cement Holding Limited (the "Purchaser"), for a cash consideration of US$42.5
million (the "Disposal Consideration" and the "Disposal").

CIMERWA is a Rwandan-based integrated cement manufacturer in which PPC has held a 51% interest
since 2013. The remaining 49% is held by minority shareholders, and this 49% is listed on the Rwanda
Stock Exchange.

The Purchaser is a privately-owned company and is part of the Devki group that is one of the largest
manufacturers of clinker and cement in East Africa, with operations in Kenya and Uganda.

2. EFFECTIVE DATE

The effective date of the Disposal will be the seventh business day after the day on which the last of the
conditions precedent (as detailed in paragraph 4 below), are fulfilled or waived (the "Effective Date"). On
the Effective Date, all legal risk in and all benefit attaching to the Disposal Shares will pass to the Purchaser
against payment of the Disposal Consideration.

3. RATIONALE FOR THE DISPOSAL AND USE OF PROCEEDS

The Disposal is pursuant to the Company's revised strategy to focus on its core Southern African markets
and results in PPC exiting the last of its Central and East African assets.

PPC believes that the Disposal enables the entry of a new long-term strategic investor in CIMERWA that
has the required financial and technical resources to continue to support and execute CIMERWA's
strategy, which is in line with the Purchaser's strategy to be an expanding regional cement producer.
The use of the Disposal Consideration will be considered by PPC in terms of its capital allocation model
and its optimal gearing levels.

4. CONDITIONS PRECEDENT

The implementation of the Disposal will be subject to the fulfilment and / or waiver of, inter alia, the
following conditions precedent, by no later than 29 February 2024:

4.1 notification by the parties of the Disposal to the Common Market for Eastern and Southern Africa;
4.2 CIMERWA has received tax clearance from the Rwanda Revenue Authority;
4.3 approval of the change of control arising out of the Disposal has been obtained from CIMERWA's
bankers; and
4.4 a non-objection confirmation has been received from the Rwanda Stock Exchange to conduct the
Disposal as an off-market sale/transfer.

5. WARRANTIES AND OTHER MATERIAL TERMS

PPCIH has provided the Purchaser with such warranties as are considered standard for a transaction of
this nature.

National Cement Company Limited, a significant operating company within the Devki group, has furnished
PPC with a corporate guarantee in respect of payment of the Purchase Consideration.

6. FINANCIAL INFORMATION

The financial information set out below has not been reviewed or reported on by a reporting accountant
in terms of Section 8 of the JSE Listings Requirements and is the responsibility of PPC's directors.

CIMERWA had a net asset value of R1.2 billion as at 31 March 2023, being the date of the Company's last
financial year-end, and recorded a net profit after tax of R237 million for the year ended 31 March 2023.

At 31 March 2023, PPC had recorded the Disposal Shares at a total book value of US$38.5 million (R275.2
million).

The above financial information has been extracted from PPC's audited and consolidated annual financial
statements for the year ended 31 March 2023, which were prepared in accordance with International
Financial Reporting Standards.

7. CATEGORISATION

The Disposal is classified as a category 2 transaction in terms of the JSE Listings Requirements and,
accordingly, does not require shareholder approval.

Dunkeld
17 November 2023

JSE Sponsor

Questco Corporate Advisory Proprietary Limited

Corporate Advisor

Standard Chartered Bank

Legal Advisor

Cliffe Dekker Hofmeyr Inc.

Date: 17-11-2023 02:16:00
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.

Operating Update for the five months ended 31 August 2023

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the company” or “the group”)

OPERATING UPDATE FOR THE FIVE MONTHS ENDED 31 AUGUST 2023

GROUP PERFORMANCE

For the five months ended August 2023, compared to the five months ended August 2022 (the “comparable
period”), revenue for PPC’s South Africa (“SA”) and Botswana group (previously referred to as SA obligor group),
which excludes Zimbabwe and Rwanda (CIMERWA), increased by 5%, driven by an increase of average selling
prices despite weaker cement sales volumes. Revenues from the group’s operations in both Zimbabwe and
Rwanda were materially stronger than the comparable period increasing by 58% (US$ parallel rate) and 19% (in
ZAR) respectively.

Group cement sales volumes (including Zimbabwe and Rwanda) for the five months ended August 2023 were 3%
higher than the comparable period due to exceptionally strong growth in Zimbabwe and, to a lesser extent,
Rwanda, while cement volumes continued to decline in South Africa. While the materials business continued to
see a decline in volumes, the cost reduction actions and price increases implemented resulted in EBITDA turning
from negative in the comparable period to neutral in the five months ended August 2023.

EBITDA margins for SA and Botswana cement were flat against the comparable period at 11%, as price increases
and cost initiatives enabled the margin to be maintained.

Cash generation in the SA and Botswana group was positive due to the stabilised cement EBITDA, improvement
in the materials business EBITDA and lower than anticipated capital expenditure. Cash generation includes a
dividend received from Zimbabwe in July 2023 of R76 million ($3.5 million) compared to R68 million ($4.2 million)
in the comparable period.

SOUTH AFRICA & BOTSWANA CEMENT

Cement sales volumes in South Africa and Botswana decreased by 6% period-on-period for the five months ended
August 2023. Cement sales volumes in the inland region continued their decline, albeit at a significantly lower
rate, while the coastal region saw a downturn in volumes following higher than usual rainfall and weak retail
demand.

The average selling price increased by 10% during the period under review as bi-annual increases were
implemented in January and July 2023. Notwithstanding the lower volumes, this resulted in revenue growth of
5%. EBITDA for the period also increased by 5% as margins stabilised when compared to the comparable period.
PPC will continue its efforts to counter input price inflation through price adjustments, operational efficiencies
and improved industrial performance. SA and Botswana group’s gross debt remains unchanged from 31 March
2023, but cash has increased from R131 million to R283 million, leaving net debt at R648 million at 31 August
2023 from R800 million at 31 March 2023.

The BEE transaction announced on SENS on 7 August 2023 for 10% of PPC South Africa Holdings Proprietary
Limited (“PPC SA Holdings”) is for the benefit of PPC’s South African employees. Qualifying South African
employees therefore participated in the amount paid by PPC Cement SA (Proprietary) Limited to PPC SA Holdings
to enable it to declare a dividend to PPC, which will be utilised to fund the share repurchase of R200 million
announced in June 2023.

MATERIALS

The materials business is now contributing marginally to the EBITDA of the SA and Botswana group following the
implementation of various improvement actions. Price increases across ash, aggregates and readymix together
with an improved cost structure resulted in marginally positive EBITDA compared to a negative in the comparable
period.

ZIMBABWE

The cement market in Zimbabwe continued to show growth as a result of both residential construction and
government funded infrastructure projects. PPC Zimbabwe continued to win back market share during the period
following the planned maintenance shut down in the prior year. Cement sales volumes increased 42% period on
period.

PPC Zimbabwe’s average US$ selling price increased by 12% (US$ parallel rate) during the period. The improved
volumes and pricing allowed for a meaningful improvement in EBITDA margins to 27%, a significant improvement
from 14% in the comparable period, when there was a planned shutdown.

PPC received a US$3.5 million dividend in July 2023 and anticipates an additional dividend to be declared upon
the publication of PPC Zimbabwe's interim results in November 2023.

Shareholders were previously advised that 19% of the 29.6% of PPC Zimbabwe held by various indigenisation
parties vested on 5 July 2023 and PPC Zimbabwe expected to re-purchase such shares at US$ one cent each in
accordance with the relevant agreements. The repurchase of such shares was approved at an extraordinary
general meeting of PPC Zimbabwe’s shareholders on 29 August 2023 and all such shares were subsequently re-
purchased at US$ one cent each and cancelled. Consequently, PPC now holds 90% of PPC Zimbabwe.
Economically, PPC will receive 99.5% of all dividends until the notional vendor financing of the remaining
indigenous shareholder is repaid. Once-off costs incurred by PPC in connection with the unwinding of the
indigenisation transaction amounted to R42 million.

RWANDA (CIMERWA)

Rwanda continues to see strong demand for cement in all its markets, with cement sales volumes increasing by
13% period-on-period for the five months ended August 2023. Rwanda’s cement sales continued to benefit from
its strong domestic position as demand from infrastructure projects remains robust. Cement exports were
impacted by increased competition due to new competitors. Input cost increases were not able to be fully
absorbed through pricing increases of 6%, resulting in EBITDA increasing by 9% (ZAR) and a reduction in EBITDA
margin to 29% from 32% in the comparable period.

OUTLOOK

PPC’s outlook remains unchanged and it will continue to focus its resources on improving profitability and cash
generation in South Africa while preserving its sound market positions in Zimbabwe and Rwanda. There continues
to be a need for operational efficiencies and cost containment measures to mitigate rising input costs as the
economic climate in PPC’s key South African market remains muted. As previously highlighted, PPC South Africa
is well positioned to benefit from an increase in cement demand. PPC Zimbabwe anticipates a continued recovery
and the outlook for CIMERWA in Rwanda remains positive.

PPC is participating in the RMB Morgan Stanley Big Five and Off Piste Investor Conference in Cape Town on 20
September 2023 and the presentation to be given at this conference is available on the company’s website
www.ppc.africa/investors-relations/reports/?t=presentations-allocate

Dunkeld
20 September 2023

Sponsor:
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 20-09-2023 07:30:00
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.

Results of Annual General Meeting

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company”)

Results of Annual General Meeting (“AGM”)

Shareholders of PPC (“Shareholders”) are hereby advised that all proposed ordinary and
special resolutions contained in the Notice of the AGM dated 28 July 2023 and tabled at the
Company’s AGM held on Wednesday, 6 September 2023, were passed by the requisite
majority of votes cast by Shareholders, as reported below:

The total number of PPC ordinary shares (“Shares”) in issue that could have voted at the AGM
was 1 553 764 624 and the total number of Shares present at the AGM in person or by proxy
was 1 060 292 232, representing 68.24% of the total Shares that could have voted.

Resolutions proposed Number of Shares Percentage Percentage Percentage Percentage
voted Shares For** Against** Abstained*
voted*
Ordinary Resolution 1.1 – Re- 1,059,560,415 68.19 99.99 0.01 0.05
election of N Gobodo

Ordinary Resolution 1.2 – Re- 1,059,512,584 68.19 89.42 10.58 0.05
election of C Naude

Ordinary Resolution 1.3 – Re- 1,059,512,584 68.19 100.00 0.00 0.05
election of MR Thompson

Ordinary Resolution 2.1 – 1,059,576,467 68.19 99.99 0.01 0.05
Appointment to audit
committee – N Gobodo

Ordinary Resolution 2.2 – 1,059,530,542 68.19 97.10 2.90 0.05
Appointment to audit
committee – N Mkhondo

Ordinary Resolution 2.3 – 1,059,533,267 68.19 99.99 0.01 0.05
Appointment to audit
committee – MR Thompson

Ordinary Resolution 3 – 1,059,537,142 68.19 98.54 1.46 0.05
Appointment of external
auditor
PriceWaterhouseCoopers Inc
(PwC)

Ordinary Resolution 4.1 – Non- 1,059,270,267 68.17 81.42 18.58 0.07
binding advisory vote –
remuneration policy

Ordinary Resolution 4.2 – Non- 1,059,270,267 68.17 97.06 2.94 0.07
binding advisory vote –
remuneration implementation
report

Ordinary Resolution 5 – 1,059,516,236 68.19 99.99 0.01 0.05
Authority to implement
resolutions

Special Resolutions 1.1 – 1,059,487,328 68.19 99.98 0.02 0.05
Financial Assistance – Section
44

Special Resolutions 1.2 – 1,059,487,328 68.19 87.17 12.83 0.05
Financial Assistance – Section
45

Special Resolution 2.1 – 1,059,510,859 68.19 95.65 4.35 0.05
Remuneration – Board
chairman

Special Resolution 2.2 – 1,059,510,859 68.19 98.52 1.48 0.05
Remuneration – Non-executive
directors

Special Resolution 2.3 – Audit 1,059,510,859 68.19 99.98 0.02 0.05
and risk committee chairman

Special Resolution 2.4 – Audit 1,059,510,859 68.19 99.98 0.02 0.05
and risk committee – Members

Special Resolution 2.5 – Social 1,059,490,028 68.19 99.98 0.02 0.05
and ethics committee –
Chairman

Special Resolution 2.6 – Social 1,059,490,028 68.19 99.98 0.02 0.05
and ethics committee –
Members

Special Resolution 2.7 – 1,059,510,859 68.19 99.98 0.02 0.05
Rewards and talent committee
– Chairman

Special Resolution 2.8 – 1,059,510,859 68.19 99.98 0.02 0.05
Rewards and talent committee
– Members

Special Resolution 2.9 – 1,059,510,859 68.19 99.98 0.02 0.05
Strategy and investment
committee – Chairman

Special Resolution 2.10 – 1,059,510,859 68.19 99.98 0.02 0.05
Strategy and investment
committee – Members

Special Resolution 2.11 – 1,059,510,859 68.19 97.11 2.89 0.05
Special meetings – Chairman

Special Resolution 2.12 – 1,059,490,028 68.19 97.11 2.89 0.05
Special meetings – Members

Special Resolution 3 – General 1,059,746,063 68.21 99.96 0.04 0.04
authority to repurchase shares

* As a percentage to the total number of PPC ordinary shares in issue, being 1 553 764 624
** As a percentage to the total number of shares voted at the AGM, being 1 060 292 232,

Dunkeld
6 September 2023
Sponsor

Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 06-09-2023 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.

Appointment of Matias Cardarelli as Chief Executive Officer of PPC

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC”)

APPOINTMENT OF MATIAS CARDARELLI AS CHIEF EXECUTIVE OFFICER OF PPC

Following the leadership update provided in June 2023, the board of directors of PPC (“the Board”) is pleased to
announce the appointment of Mr Matias Cardarelli as Chief Executive Officer of PPC. His appointment follows an
extensive search for a suitable successor for Mr Roland van Wijnen, whose contract expired on 31 August 2023
and was extended to 31 December 2023 to facilitate an appropriate handover and transition.

Mr Cardarelli has a remarkable track record in the cement industry, across multiple emerging markets having
importantly spent the last five years in South Africa as CEO and Chairman of Natal Portland Cement (NPC) part of
Intercement group. During his tenure at NPC he successfully transformed the organisation by improving
efficiencies, boosting margins and EBITDA, and increasing cash generation. With this deep understanding of the
local industry and his proven leadership skillset, Mr Cardarelli will play a pivotal role in continuing to drive PPC’s
growth, improve profitability and enhance returns.

Prior to moving to South Africa in 2019 to join NPC, Mr Cardarelli led the operational and financial turnaround of
Amreyah Cement in Egypt and scaling-up of Yguazu Cementos in Paraguay. Following the onset of Covid 19 and
the emergence of a new entrant in the Mozambican cement market, Mr Cardarelli’s portfolio was expanded to
include Cimentos de Mozambique, where he successfully implemented an operational and commercial plan to
return the company to profitability.

About his appointment, Mr Cardarelli says, “I am excited to be joining PPC at this important time in its journey
and highly value the trust placed in me by the Board. I equally look forward to working together with the PPC
team as we write this iconic company’s next chapter. In the five years we have lived here my family and I have
come to deeply love South Africa and her people. I look forward to contributing positively to both PPC and the
country.”

The Board welcomes Mr Cardarelli and looks forward to his leadership and contribution to the company’s path
to sustainable profitability. Mr Cardarelli has signed a four-year contract which is subject to obtaining the
necessary work permit and is expected to start during the last quarter of 2023.

The Board wishes to thank outgoing CEO Roland van Wijnen. Under Roland's leadership, PPC has undergone a
strategic repositioning through successfully implementing a restructuring of its debt, realigning its governance
and reporting procedures and re-focusing its growth objectives in Southern Africa whilst navigating the challenges
posed by Covid-19.

Sandton
4 September 2023

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 04-09-2023 08:30:00
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.

Employment Equity Transaction

PPC Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC
ZSE code: PPC
(“PPC”)

EMPLOYEE EQUITY TRANSACTION

1. INTRODUCTION AND RATIONALE

Shareholders are advised that PPC has concluded an equity transaction (“Transaction”) for the benefit
of qualifying employees in the employ of PPC’s subsidiaries operating in South Africa. In terms of this
Transaction, a newly formed PPC Employee Share Ownership Trust (“the Trust”) has purchased 10%
of PPC South Africa Holdings Proprietary Limited (“PPC SA Holdings”) share capital (“the Trust Shares”)
from PPC for a purchase price of R380 million.

The Trust seeks to recognise and reward employees for the valuable role that they play in PPC’s
success and demonstrate the company’s commitment to achieving South Africa’s equity ownership
targets. All employees not currently participating in PPC’s long-term incentive program will be eligible
and participation will be weighted in favour of historically disadvantaged individuals, in line with the
spirit of Broad-based Black Economic Empowerment (“B-BBEE”). The Trust has been structured with
the objective of providing an opportunity for qualifying employees to benefit for the duration of their
employment and replaces previous equity ownership schemes which have since been unwound.

The Transaction will enhance PPC’s B-BBEE status and is expected to improve the company’s rating to
level 1.

Group CEO, Roland van Wijnen, commented, “PPC has been built upon the shoulders of its employees
and this Transaction provides a meaningful way of rewarding those in South Africa who do not
participate in PPC’s long-term incentive plan to share in the creation of shareholder value. We are
pleased that the terms of the Transaction are such that it stands to benefit employees for many years
to come”.

PPC SA Holdings is the holding company through which PPC conducts its South African cement and
materials businesses (aggregates, ash and readymix). As part of the Transaction, PPC’s shareholding
in PPC Group Services Proprietary Limited (the “Founder” or “Group Services”), which provides
administrative, information technology and treasury services to the South African group, will also be
transferred into PPC SA Holdings.

The board of directors of PPC has approved the provision by PPC of a loan of R380 million and an
additional amount of R975,000 in respect of securities transfer tax payable in connection with the
Transaction to the Trust to enable the Trust to discharge the purchase consideration for the Trust
Shares in full (the “Loan”). The Loan will be repaid by the Trust from 75% of dividends that it will
receive from its shareholding in PPC SA Holdings, with the remaining 25% being capable of distribution
to the Trust’s beneficiaries. The dividends that will be shared with the Trust will be generated by
PPC’s South African operations, as more fully outlined below.

The Trust will have one independent trustee appointed by the Founder and four additional trustees
appointed by the beneficiaries of the Trust, employed by the relevant PPC South African group
companies.

2. PURCHASE PRICE AND SATISFACTION THEREOF

The purchase price of R380 million for the acquisition by the Trust of the Trust Shares will be satisfied
in full by the advance of the Loan by PPC to the Trust on the closing date, as described in paragraph 3
below. The Loan accrues interest at the South African prime rate of interest and has no final
repayment date.

The Loan will be repaid through the future dividends declared by PPC SA Holdings to which the Trust
will be entitled as a 10% shareholder in PPC SA Holdings. All dividends paid from PPC SA Holdings to
the Trust will be utilised as follows:
- 25% to be distributed to all qualifying beneficiaries of the Trust; and
- 75% to be distributed to PPC (less any tax to be withheld) towards repayment of the Loan.

For the foreseeable future, until such time as the Loan, including capitalised interest, has been fully
repaid, qualifying beneficiaries will effectively receive 2.5% of any dividends declared by PPC SA
Holdings.

Following the repayment of the Loan in full, qualifying employees will receive 10% of the dividends
declared by PPC SA Holdings.

The Founder will cover the costs of operating the Trust.

3. CONDITIONS PRECEDENT AND CLOSING DATE OF THE TRANSACTION

There are no outstanding conditions precedent to the Transaction agreements executed on 4 August
2023 and therefore the Transaction will close on 4 August 2023, in accordance with the terms of the
Transaction agreements.

4. WARRANTIES AND OTHER SIGNIFICANT TERMS OF THE AGREEMENT

The Transaction agreements contain reciprocal warranties by each of PPC, PPC SA Holdings and the
Trust in favour of each other which are standard for a transaction of this nature and certain additional
warranties by PPC in relation to ownership of the Trust Shares.

5. FINANCIAL INFORMATION

The book value of the net assets of PPC SA Holdings as at 31 March 2023, being the date of the latest
audited company financial statements of PPC SA Holdings, was R3.772 million. The net loss after tax
of PPC SA Holdings for the financial year ended 31 March 2023 was R552,343.

The book value of the net liabilities of Group Services as at 31 March 2023, amounted to R286 million
and Group Services made a loss after tax of R20 million for the year ended 31 March 2023.

The financial information on which the above is based, has been prepared in accordance with
International Financial Reporting Standards.

PPC will continue to consolidate 100% of PPC SA Holdings and the 2.5% of dividends received by
qualifying employees (as detailed in paragraph 2 above) will be disclosed as an additional salary
expense in the relevant South African legal entity. The gross debt of the consolidated South African
operations will therefore not be affected by the Transaction.

6. CLASSIFICATION OF THE TRANSACTION

The Transaction qualifies as a category 2 transaction in terms of the JSE Limited Listings Requirements.
None of the Trust beneficiaries or trustees are related parties as defined in the JSE Listings
Requirements.

Sandton
7 August 2023

Sponsor and Corporate Advisor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 07-08-2023 07:30:00
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.

Notice of Annual General Meeting and Publication of Integrated Annual Report

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company”)

NOTICE OF ANNUAL GENERAL MEETING AND PUBLICATION OF INTEGRATED ANNUAL REPORT

Shareholders are advised that the Company’s integrated annual report (“IAR”) was published and that
the Company’s notice of annual general meeting (“AGM”) was distributed to shareholders together
with a copy of its summarised audited consolidated annual financial statements for the year ended 31
March 2023 today, 28 July 2023.

Electronic copies of the IAR will be available on the Company´s website, at
https://www.ppc.africa/investors-relations/reports/?t=year-end; and

the notice of AGM will be available on the Company’s website, at
https://www.ppc.africa/investors-relations/reports/?t=agm-notices

as from today, 28 July 2023. Copies of the IAR and AGM notice may also be requested from the
company secretary at kevin.ross@ppc.co.za.

NOTICE OF AGM

Notice is hereby given that the 131st AGM of the shareholders of the Company will be held physically,
in person at the company’s offices, First floor, 5 Parks Boulevard, Oxford Parks, Dunkeld,
Johannesburg, 2196, South Africa and virtually through electronic participation, at 12:00 on
Wednesday, 6 September 2023, to consider and, if deemed fit, to pass with or without modification,
all of the ordinary and special resolutions set out in the notice of AGM.
The salient dates and times applicable to the 131st AGM, are set out below:

2023

Notice to attend PPC’s AGM on Friday, 28 July

Record date to receive the notice of AGM Friday, 21 July

Last day to trade to be recorded in the register to vote at the AGM Tuesday, 29 August

Record date to be eligible to vote at the AGM (voting record date) Friday, 1 September

Last day to lodge forms of proxy for the AGM by 12:00 Monday, 4 September

AGM to be held at 12:00 Wednesday, 6 September

Results of AGM released via stock exchange news service (SENS) on Wednesday, 6 September

1. The above dates and times are subject to amendment. Any such amendment will be released via
SENS.
2. All times given are local times in South Africa.
3. Any forms of proxy not delivered to the meeting secretaries by 12:00 on Monday, 4 September
2023 may be emailed to proxy@computershare.co.za and will be handed to the chair of the AGM
immediately before the appointed proxy exercises any of the shareholder’s rights at the AGM.

Sandton
28 July 2023

Sponsor

Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 28-07-2023 07:05:00
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.

Further Trading Statement for the Twelve Months ended 31 March 2023

PPC Limited
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC
ZSE code: PPC

(“PPC” or “the company” or “the group”)

FURTHER TRADING STATEMENT FOR THE TWELVE MONTHS ENDED 31 MARCH
2023

Shareholders are referred to the trading statement and operational update for the year ended 31 March
2023 published on SENS on 15 June 2023 (the Trading Statement) and are advised that during the
finalisation of its audited annual financial statements for the year ended 31 March 2023, a prior period error
in the accounting treatment relating to the treatment of the DRC business, PPC Barnet, as a disposal group
was discovered. Since 31 March 2021, PPC Barnet has been accounted for as a discontinued operation
until 29 April 2022, whereupon it was deconsolidated and treated as an equity accounted investment.

EPS and HEPS for continuing operations

This has no effect on the expected earnings per share (EPS) and headline earnings per share (HEPS) for
continuing operations, which were disclosed in the Trading Statement, and which are now as follows:

Current Prior
period period

Actual Actual

EPS (cents) 1 (16) (5)
HEPS (cents) 1 (8) (3)

1 Brackets denote losses per share

EPS and HEPS for the group, including discontinued operations

There was also no impact on the HEPS for the group, including discontinued operations. The actual loss
is 9 cents per share compared to the 13 cents per share loss in the prior period.
The effect of the prior period error on EPS for the group, including discontinued operations is as follows:

Current Prior
period period

Actual Restated

EPS (cents) 1 (43) (4)

1 Brackets denote losses per share

The financial information on which this trading statement is based is the responsibility of the directors of
the company and has been audited and reported on by the group's independent external auditor, PwC. Full
details of the groups’ performance will be contained in the group’s audited financial statements for the
twelve months ended 31 March 2023, which will also be released on 26 June 2023.

Sandton
26 June 2023

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 26-06-2023 07:05:00
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.

Trading statement and operational update for the 12 months ended 31 March 2023

PPC Limited
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC
ZSE code: PPC

(“PPC” or “the company” or “the group”)

TRADING STATEMENT AND OPERATIONAL UPDATE FOR THE TWELVE MONTHS ENDED 31 MARCH 2023

PPC is currently finalising its results for the twelve months ended 31 March 2023 (“the current period”).

Roland van Wijnen, chief executive officer of PPC provides the following context:

“Despite challenging times in our core South African market, I am pleased that we achieved
positive cashflow generation, further reduced our debt and are in a strong financial position to
weather the local economic cycle. Increased demand through an enhanced infrastructure
investment program and a stronger economic climate is required to enable us to more effectively
utilize the capacity available in our primary market. We therefore remain hopeful that the South
African government will roll out its infrastructure development plans and protect the local cement
market through the introduction of import tariffs to create a level playing field for domestic
producers. Increased cash dividends were received from both Zimbabwe and CIMERWA
(Rwanda) during the period under review.”

SA obligor group
The SA obligor group operationally comprises the South African and Botswana cement and materials
businesses. The coastal region of the cement business continued to see relatively better demand for
cement compared to the inland region and benefited from muted imports given the weaker rand over this
period. However, trading conditions in the inland region remained difficult, resulting in overall cement
volumes reducing by 5.8% compared to the year ended 31 March 2022 ("the prior period"). Positively,
during the current period, PPC was able to continue to increase its selling prices on a bi-annual basis and
achieved an average selling price increase of 8.0%. PPC South Africa and Botswana cement revenue
increased by 1.7% during the current period. High input cost inflation remained a key feature requiring
rigorous cost mitigation measures to cushion the impact of these high input costs. Overall, total costs
increased by 4% compared to the prior period.

The smaller materials business was challenged during the year due to difficult trading conditions, including
high fixed costs while also being negatively impacted by loadshedding, particularly in the second half of
the year. Volumes reduced across all its key business lines, readymix, fly ash and aggregates, resulting in
an EBITDA loss of R65 million (March 2022: R41 million profit). Measures were implemented prior to 31
March 2023 to restructure, in particular, the aggregates business to decrease absolute fixed costs and
convert certain fixed costs to variable costs as part of the turnaround efforts for the overall materials
businesses.
EBITDA for the SA obligor group, excluding the dividends received from Zimbabwe and Rwanda, declined
to R570 million from R769 million (26%). EBITDA margin decreased from 11.8% in the prior period to 8.7%.

The SA obligor group’s net debt reduced to R800 million (31 March 2022: R1 063 million), while gross debt
(excluding capitalized transaction costs) declined from R1 210 million at 31 March 2022 to R931 million at
31 March 2023 in accordance with the debt repayment terms. The reduction in gross debt results in a gross
debt to EBITDA ratio, including dividends from Rwanda and Zimbabwe, of 1.2 times.

PPC Zimbabwe
Volumes year-on-year were down 16% despite robust cement demand from concrete product
manufacturers and government-funded infrastructure projects. This is due to the impact of the planned kiln
shut down for maintenance which took place in the first half of the year, which negatively impacted the
performance. In addition, plant stoppages due to power interruptions negatively affected performance in
the second half. PPC Zimbabwe has gradually recovered market share lost over this period and is well
positioned to deliver strong volume growth going forward.

Revenue decreased by 19%, but PPC Zimbabwe was able to implement US$ price increases to cover
input cost inflation and enhance margins. EBITDA declined by 7% to R365 million (March 2022: R393
million).

PPC Zimbabwe is debt-free and had unrestricted cash holdings at 31 March 2023 of R118 million. PPC
received US$8.8 million in dividends during the year, compared to US$6.2 million in the prior year. In rand
terms, PPC received R147 million in the current year net of withholding taxes compared to R91 million in
the prior period.

CIMERWA (Rwanda)
CIMERWA’s volumes increased by 1% for the current period, in line with expectations given the planned
kiln shut down for maintenance in the second half. Revenue increased by 29% assisted in part by the 9%
depreciation of the rand and strong price increases to offset cost inflation. EBITDA increased by 31% to
R447 million (31 March 2022: R341 million).
CIMERWA gross debt declined to R265 million (31 March 2022: R383 million). Cash declined from R221
million at 31 March 2022 to R160 million at 31 March 2023, due to the maiden dividend paid in March 2023
of R172 million. The dividend received by the SA obligor group, net of withholding taxes, amounted to R79
million.

PPC CONSOLIDATED GROUP
Shareholders are advised that PPC is satisfied that a reasonable degree of certainty exists that the
expected earnings per share (“EPS”) and headline earning per share (“HEPS”) for the current period will
differ by at least 20% from that for the previous corresponding period, being the twelve months ended 31
March 2022 and that a trading statement is required in terms of the JSE Limited Listings Requirements.
This is primarily due to the reported EPS and HEPS numbers being impacted by:

1. Significant non-cash tax items in the current year of R195 million (31 March 2022: R56 million), relating
primarily to hyperinflation accounting and deferred tax not recognised on losses.

2. Lower earnings generation in the SA obligor group and PPC Zimbabwe.
3. The positive impact of the strong CIMERWA performance not flowing fully to EPS and HEPS given the
operations are only 51% held by PPC.

PPC accounted for the PPC Barnet DRC business as a discontinued operations up to 29 April 2022,
whereafter it was de-consolidated.

EPS and HEPS for the group including discontinued operations:

EPS for the group, including discontinued operations, for the current period is expected to be a loss of
between 21.5 cents and 22.5 cents per share, compared to the 5.0 cents per share profit for the prior
period. HEPS for the group, including discontinued operations, is expected to be a loss of between 8.0
cents per share and 10.5 cents per share, compared to the 13.0 cents per share loss in the prior period,
being an improvement of between 38% and 19% respectively.

The following EPS and HEPS for continuing operations are expected:
Current period Prior
period

Expectation range Actual

EPS (cents) 1 (15.50) to (16.50) (5)
HEPS (cents) 1 (7.75) to (8.25) (3)
1 Brackets denote expected losses per share

The financial information on which this trading statement is based is the responsibility of the directors of
the company and has not been reviewed or reported on by the group's independent external auditor. Full
details of the groups’ performance will be contained in the group’s audited financial statements for the
twelve months ended 31 March 2023, which are expected to be released on or about 26 June 2023.

Outlook
PPC will continue to focus its resources on Southern Africa, which includes Zimbabwe, while preserving its
sound market position in Rwanda. Further operational efficiencies and cost containment measures have
been identified to mitigate rising input costs as the economic climate in its key South African market remains
muted and competition remains high across the portfolio. PPC will continue to implement bi-annual price
increases to achieve margin recovery. Without a significant increase in infrastructure spending and
economic growth, South Africa’s cement demand is expected to remain subdued. PPC South Africa is well
positioned to benefit from an increase in cement demand with additional capacity readily available to
capture an upswing in demand without additional capital expenditure required. PPC Zimbabwe anticipates
a continued recovery and the outlook for CIMERWA remains positive.

PPC’s focus will continue to be on cash generation and capital allocation efficiency. With the South African
gross debt to EBITDA ratio now at the targeted level, PPC intends to prioritise returning cash to
shareholders through dividends or a share repurchase program in the absence of any value enhancing
corporate activity.

Sandton
15 June 2023

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 15-06-2023 07:05:00
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.

Capital Markets Day and Operational Update for the Twelve Months ending 31 March 2023

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the group”)

CAPITAL MARKETS DAY AND OPERATIONAL UPDATE FOR THE TWELVE MONTHS ENDING 31 MARCH
2023

PPC CAPITAL MARKETS DAY

PPC is hosting a Capital Markets Day today at 09h00 (SAST) at the Vineyard Hotel in Cape Town. The
event, which will provide deeper insight into PPC’s strategy, operations and financial information will
also be broadcast live via a webcast with live question and answer sessions. Further details can be
accessed at the following links:

Investor presentation:
https://www.ppc.africa/investors-relations/reports/?t=presentations-allocate

Webcast:
https://www.corpcam.com/PPC16032023

A recording of the event will be available on the PPC website from late afternoon on the Capital
Markets Day.

OPERATIONAL UPDATE FOR THE TWELVE MONTHS ENDING 31 MARCH 2023

GROUP PERFORMANCE

The twelve months ending 31 March 2023 has been characterized by different market conditions in
each of the markets in which PPC operates, being South Africa & Botswana, Zimbabwe and Rwanda.
In South Africa & Botswana, the market has been affected by a decline in disposable income and the
absence of any material increase in demand from infrastructure spending. Zimbabwe and Rwanda
continue to experience growth in cement demand supported by infrastructure spending and retail
demand in both countries. The one common factor across the markets has been a significant increase
in input costs due to the rise of energy costs globally.

Deleveraging continued to be a priority in South Africa & Botswana. PPC expects net debt in South
Africa & Botswana to be between R725 million and R775 million at year-end down from R1,075 million
at 31 March 2022 and R935 million at 30 September 2022. Gross debt is anticipated to reach our
targeted levels by year-end, which would allow for distributions while maintaining gross leverage at
1.3 – 1.5x of the full South African and Botswana operations EBITDA, which includes dividends from
Zimbabwe and Rwanda. In Rwanda, CIMERWA’s debt continues to decrease and matures in August
2024. Both PPC Zimbabwe and CIMERWA expect to be in a net cash position at 31 March 2023 with
sustained dividend payments being a key priority. CIMERWA declared its first dividend in the current
financial year, which is anticipated to be paid out before end March 2023.

SOUTH AFRICA & BOTSWANA CEMENT

PPC expects cement sales volumes in South Africa & Botswana to decrease by 4% to 7% year-on-year
for the twelve months ending 31 March 2023 (“FY23”). A decrease of 2.6% was reported for the first
six months of FY23 (“H1”) and the negative trend in market demand has continued in the second six-
month period of FY23 (“H2”).

These numbers mask a relatively sound performance in the coastal region while trading in the inland
region continues to be very challenging. In the Western Cape, PPC has been able to increase its market
share as imports reduced over the reporting period. Conversely the cement market share of PPC in
the highly competitive inland areas has come under pressure following price increases implemented
in June 2022 to offset rising costs. Rising input costs and the objective of maintaining our market share
continues to cause margin pressure. Average selling prices (“ASP”) for the full year are expected to
increase between 5% and 7%. At 30 September 2022, the ASP was reported to have increased by 5%
in the first six months of FY23 compared to the same period in the previous financial year (“FY22”).
PPC will continue with its bi-annual price increases in the 2024 financial year to restore EBITDA
margins.

PPC contained its production cost inflation to approximately 11% during FY23. Cost mitigation
measures and improved operational performance reduced the impact of the external input cost
inflation. Efforts to contain fixed costs and administration/other expenses resulted in these costs only
increasing between 3% to 5%.

Earnings before interest, tax, depreciation and amortisation (“EBITDA”) margin was 17.6% for H1 FY22
and 14.5% for FY22. This declined due to cost pressures in H1 FY23 to a reported 12.2%. Price increases
in H2 FY23 have not kept pace with cost inflation and PPC expects the margin for the South Africa and
Botswana Cement business to decline to a between 9% and 11% for the full year from 14.5% reported
for FY22.

Recovery of cement demand in South Africa remains dependent on the implementation of the much
awaited and needed infrastructure programmes as well as an improved macro environment.
Consumer spending on building materials is not expected to increase in the short-term. Despite lower
international freight costs, PPC does not anticipate a significant increase in imports in the short-term
due to rand weakness and continued port challenges across South Africa, which should provide some
reprieve. However, in the medium-term, imports and the associated impacts on direct and indirect
employment remain an issue for the South African cement industry. In addition, PPC has noticed with
concern that sub-standard cement continues to be sold in the South African market, especially in areas
with intense competition. PPC therefore continues its engagements with regulators to create a level
playing field among local, regional and international competitors.
MATERIALS

PPC operates three distinctly different business lines reported as Materials, namely readymix
concrete, aggregates and fly ash. All these business lines are subject to similar construction market
trends as described above for the South African cement demand, but are slightly less impacted by
changes in the retail sector. The readymix concrete business is a significant consumer of PPC cement
and is expected to have similar sales volumes in FY23 compared to FY22 on the back of a growth in
market share. The aggregates business serves its customers from two quarries. The lack of demand
across its customer portfolio has caused an expected decline in sales volumes in FY23 of 20% to 25%
compared to FY22. The fly ash business expects a decline of sales volumes similar to that of aggregates.

Unlike cement factories, the operations in Materials are fully exposed to loadshedding unless back-up
generators are installed. This has caused numerous disruptions and cost increases. The EBITDA
contribution of the Materials division reported a loss of R14 million at 30 September 2022 for the first
six months of FY23. For the full year, PPC expects this negative EBITDA contribution to increase
disproportionately. In the second half of FY23, a turn-around plan was formulated that will
significantly decrease the fixed costs associated with the Materials business. The plan will be
implemented in March and April 2023.

ZIMBABWE

At 30 September 2022, PPC Zimbabwe reported a decline in sales volumes of 13% for the first six
months of FY23 due to the impact of a longer than usual kiln stoppage to implement operational and
environmental performance improvements with the expectation that sales volumes would recover in
H2 of FY23. Notwithstanding market conditions in Zimbabwe remaining positive due to continued
infrastructure investments, sales volumes in H2 FY23 have been muted due to significant power
interruptions and a more gradual than anticipated recovery of market share lost to imports. For the
full year, PPC Zimbabwe therefore expects sales volumes to decline by 14% to 18% compared to FY22.
PPC Zimbabwe has engaged the authorities to reduce the impact of the lack of electricity on critical
industrial sectors such as cement manufacturing and to ensure a level playing field with importers.
The outlook for PPC Zimbabwe remains positive and it is expected that EBITDA and EBITDA margins
will continue to recover to the levels of FY22 over the coming months. For FY23, PPC received USD8.8
million in dividends from PPC Zimbabwe (USD6.2 million in FY22). The bi-annual dividend declarations
are expected to continue and grow over time.

RWANDA

At 30 September 2022, CIMERWA reported an increase of cement sales volumes of 11% for the first
six months of FY23 compared to the same period in FY22 when COVID restrictions were still affecting
the Rwandan market. Whilst market conditions continue to be positive, the sales volumes of
CIMERWA are expected to be 8% to 11% lower in H2 FY23 due to the impact of a planned kiln
shutdown for annual maintenance and the comparatively high H2 FY22 sales volumes following the
removal of COVID restrictions in Rwanda. CIMERWA therefore expects sales volumes to be more or
less flat for the full year and an increase of ASP in the range of 14% to 17%. Material future growth of
sales volumes depends on the speed of implementation of planned investments to increase
CIMERWA’s capacity. EBITDA margins were reported to be 32% for the first six months driven by the
implementation of cost reduction measures and an increase in the ASP. Despite maintenance costs
associated with the kiln stoppage in H2 FY23, CIMERWA expects to report EBITDA margins in the range
of 28% to 32% for FY23. The outlook for cement demand in Rwanda and eastern Democratic Republic
of Congo remains optimistic although PPC does note increased competitor pressure both in Rwanda
and from neighbouring countries. The shareholders of CIMERWA approved the payment of a Rwf10.5
billion dividend at the annual general meeting in February 2023. PPC expects CIMERWA to pay 51% of
this dividend (approx. R80 million after withholding taxes) in late March 2023.

LIQUIDITY & CASH FLOW

The group manages the cash flow and financial position in its three geographic areas (South Africa &
Botswana, Zimbabwe and Rwanda) separately. Each of these areas is ringfenced so that South Africa
& Botswana receives dividends and management fees from the subsidiaries outside this area. South
Africa & Botswana reported a net debt of R1,075 million at 31 March 2022 and R935 million at 30
September 2022. It expects that the net debt position will further improve to between R725 million
and R775 million by the end of March 2023. The ratio of gross debt to EBITDA (that includes the
dividends received) is expected to be approximately at the targeted level of 1.3 – 1.5x.

Prudent allocation of capital remains a priority and the capital expenditure for the whole of South
Africa & Botswana is expected to be in the range of R280 million to R310 million for FY23 compared
to R324 million in FY22. Capital expenditure in South Africa & Botswana mainly relates to the
categories of maintenance and compliance although FY23 does include expenditure for a new cement
blending facility that PPC expects to commission in the first quarter of the 2024 financial year to
further reduce costs in delivering product to the customer. Net working capital (“NWC”) in South
Africa & Botswana is expected to increase by R60 million to R80 million driven by the need for
additional inventory to optimize kiln shutdown periods.

The financial position of both PPC Zimbabwe and CIMERWA remains solid with both companies
reporting positive free cash flow after capital expenditure and NWC movements. Both companies will
end the financial year in a net positive cash position. Future capital expenditure requirements for both
these companies will not require financial assistance from PPC South Africa & Botswana.

OUTLOOK

PPC plans to implement further cost reduction measures across its portfolio to protect and restore
EBITDA margins. This is in particular important for South Africa, where the business environment is
expected to remain difficult as loadshedding and other challenges persist. Further cement price
increases will be necessary to ensure the long-term sustainability of the domestic industry and PPC
will continue to implement the required price increases whilst protecting its leading market position.
However, PPC remains prepared and able to activate additional capacity when the impact of
infrastructure programs materialises. This can be done in a matter of weeks without significant fixed
costs or capital expenditure.

The subsidiaries outside South Africa & Botswana are well positioned to continue to deliver a strong
performance with regular and increasing dividend declarations to South Africa.

With the South African gross debt to EBITDA ratio expected to be at the stated optimal level, PPC
intends to prioritize returning cash to shareholders through dividends or a share repurchase program
in the absence of any value enhancing corporate activity.

Sandton
16 March 2023

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 16-03-2023 07:30:00
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.

Trading Statement and Operation Update for the six months ended 30 September 2022

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “company” or “group”)

TRADING STATEMENT AND OPERATIONAL UPDATE FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022

PPC is currently finalising its results for the six months ended 30 September 2022 (“the current
period”).

Roland van Wijnen, chief executive officer of PPC provides the following context:
“The PPC group continues to deliver sound cash generation and deleverage the balance sheet despite
difficult trading conditions in its core South African and Botswana cement market, offset by positive
trading conditions in its Zimbabwe and Rwanda (CIMERWA) operations. To maintain volumes in the
South African and Botswana cement markets, sales price increases were limited to 5% in the period
under review. Key input costs, especially those related to fuel and energy, increased at double-digits
in percentage terms. Whilst various cost mitigation initiatives are underway, these actions take time
to implement, and for the period under review were not able to fully offset cost increases, resulting
in EBITDA margin compression. CIMERWA delivered strong results based on continuous operational
improvements and solid market dynamics. We remain focused on mitigating inflationary cost
pressures as much as possible and being prudent in our capital allocation in this business. As expected,
PPC Zimbabwe’s financial performance was negatively impacted by a planned kiln shut down during
the first quarter but has since recovered and is experiencing robust demand while the business
maintains its ability to repatriate dividends. Hyperinflation in Zimbabwe skews the group’s results and
analysing the group excluding Zimbabwe is therefore more meaningful. Looking forward, we are
encouraged by the recent announcements by SANRAL to award large construction projects in South
Africa as well as the comments on increased infrastructure spending made in the recent mid-term
budget speech of the South African Minister of Finance. PPC is well positioned to benefit from
increased cement demand to support the much-needed construction work across South Africa.”

South Africa and Botswana Cement

Increases in sales volumes in the coastal region due to stronger demand and a decrease in imports
were offset by difficult trading conditions in the inland region leaving cement sales volumes slightly
down overall by 2.6%. Revenues increased by 4% assisted by price increases and product mix. Despite
cost control efforts, margin levels remained under pressure due to significantly higher fuel and energy
costs and decreased from 18.7% to 12.2%. EBITDA decreased from R515 million to R368 million
(28.5%) for the current period. Cash generation remained robust with net debt reducing by R140
million during the current period to R935 million.

CIMERWA

CIMERWA’s volumes increased by 11% and EBITDA increased by 63% to R249 million (September
2021: R153 million), with margins improving period-on-period from 28.4% to 32.3%. CIMERWA also
de-geared and ended the current period with cash holdings of R345 million.

PPC Zimbabwe

Despite robust cement demand from residential construction and government-funded infrastructure
projects, PPC Zimbabwe’s volumes declined period-on-period by 13% due to the planned kiln shut-
down in the first quarter and margins were negatively affected by the use of imported clinker primarily
from PPC South Africa and increased maintenance costs. Volumes, compared to the first quarter,
increased during the second quarter of the current period. The reported numbers are materially
impacted by hyperinflation accounting with reported EBITDA declining 48% to R148 million
(September 2021: R287 million), with margins reducing from 23.2% to 17.3%. PPC observed an
increase in foreign currency availability in the Zimbabwe economy and PPC Zimbabwe paid a dividend
of US$4.4 million to PPC in June 2022. PPC Zimbabwe ended the current period with R253 million in
hard currency cash.

Group

The impact of the above-mentioned factors on the group’s operations resulted in group EBITDA
declining by 23% to R728 million (September 2021: R945 million). Excluding PPC Zimbabwe, with its
related hyperinflation accounting adjustments, EBITDA decreased by 12% compared to the six months
ended September 2021.

The net debt of the group continued to improve, with group net debt reducing to R677 million on 30
September 2022 (March 2022: R1 009 million).

Shareholders are advised that PPC is satisfied that a reasonable degree of certainty exists that the
expected earnings per share (“EPS”) and headline earning per share (“HEPS”) for the current period
will differ by at least 20% from that for the previous corresponding period, being the six months ended
30 September 2021 ("the prior period") and that a trading statement is required in terms of the JSE
Limited Listing Requirements.

This is primarily due to the reported EPS and HEPS numbers being impacted as follows:

1. Lower earnings generation in South Africa and Botswana cement and aggregates, readymix and
ash segments and PPC Zimbabwe.
2. The full impact of the positive impact of the strong CIMERWA performance not flowing fully to
EPS and HEPS given the operations are 51% held by PPC.
3. Hyperinflation accounting in terms of IAS29 for PPC Zimbabwe including a significant negative
swing in the net monetary impact in the income statement from a positive R440 million in the
prior period to a negative R206 million in the current period.
4. The impact of discontinued operations which resulted in a R153 million positive contribution in
the prior period and a R107 million negative contribution in the current period.

The group accounted for its PPC Lime, Botswana Aggregates and PPC Barnet DRC businesses as
discontinued operations in the prior period while in the current period, PPC Barnet DRC was accounted
for as a discontinued operation up to 29 April 2022 after which it was accounted for as an investment
in an associate.

EPS for the group, including discontinued operations, for the current period is expected to be a loss of
between 7 cents and 11 cents per share, compared to the 61 cents per share profit for the prior period.
Headline loss per share for the current period for the group is expected to be between 4 cents per
share and 8 cents per share, compared to the 42 cents per share profit for the prior period.

The following EPS and HEPS for continuing operations are expected

Current period Prior period Current period Prior period
Expectation range Actual Expectation range Actual

Including PPC Zimbabwe Excluding PPC Zimbabwe
1
EPS (cents) (1) to (5) 53 3 to 7 8

HEPS (cents) 1 (3) to (7) 55 2 to 6 10

1
brackets denote expected losses per share

The financial information on which this trading statement is based is the responsibility of the directors
of the company and has not been reviewed or reported on by the group's independent external
auditor. Full details of the groups’ performance will be contained in the group’s unaudited interim
financial statements for the six months ended 30 September 2022, which are expected to be released
on or about 21 November 2022.

Outlook

In light of the current economic climate, the group will continue to improve cash generation and
enhance operational efficiencies in an effort to further strengthen its financial position and reduce the
impact of rising input cost inflation. Without a significant increase in infrastructure investments,
cement demand in South Africa is anticipated to remain subdued. PPC South Africa is well positioned
to benefit from an increase in cement demand with additional capacity available to capture an
upswing in demand without additional capital expenditure required. PPC Zimbabwe anticipates a
recovery for the balance of the financial year and the outlook for CIMERWA remains positive.

Sandton
16 November 2022

Sponsor

Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 16-11-2022 07:30:00
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.

Vesting of shares in terms of Forfeitable Share Plan

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company” or “Group”)

VESTING OF FORFEITABLE SHARES TO CHIEF EXECUTIVE OFFICER : FORFEITABLE SHARE PLAN 2011,
AS AMENDED

The following information is disclosed in respect of the vesting of PPC ordinary shares (“PPC Shares”)
to the Chief Executive Officer of the Company in terms of the Company’s Forfeitable Share Plan 2011,
as amended (“Forfeitable Share Plan”).

Name of Director: Roland Corstiaan van Wijnen
Designation: Chief Executive officer
Nature of transaction: Vesting of PPC Shares in terms of Forfeitable Share
Plan
Nature of trade: Off-market
Inception date: 1 October 2019
Vesting date: 1 October 2022
Number of PPC Shares: 1 311 715
Price per PPC Share on vesting date: R2.28
Total Value: R2 990 710.20
Nature of interest: Direct beneficial
Clearance obtained: Not applicable

In terms of the Forfeitable Share Plan and as announced on SENS on 17 February 2020, 1 311 715
forfeitable PPC Shares were awarded to Mr Roland van Wijnen as a sign-on award, subject to the
vesting condition that he would remain in the continuous employment of PPC during the three year
vesting period, which commenced on his date of employment by the Group on 1 October 2019.

The vesting condition having been met, the PPC Shares will vest in terms of the Rules of the Forfeitable
Share Plan and the terms of the award, on 1 October 2022 and no clearance to trade in respect of the
vesting is required.

Sandton
30 September 2022
Sponsor

Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 30-09-2022 05:24:00
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.

Operating Update for the five months ended 31 August 2022

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “company” or “group”)

OPERATING UPDATE FOR THE FIVE MONTHS ENDED 31 AUGUST 2022

GROUP PERFORMANCE

For the five months ended August 2022, PPC's group revenues, excluding
Zimbabwe, which is impacted by hyperinflation accounting, increased
by 9%, driven by robust demand in Rwanda. Group cement sales volumes
(including Zimbabwe) for the five months ended August 2022 were in-
line with the previous comparable period as subdued demand in South
Africa and the impact of a maintenance-related kiln shutdown in
Zimbabwe were offset by robust demand growth in Rwanda. In addition,
cash generation remains positive and the group reduced net debt from
31 March 2022 levels.

SOUTH AFRICA & BOTSWANA CEMENT

Cement sales volumes in South Africa and Botswana decreased by 1%
period-on-period for the five months ended August 2022. Cement sales
volumes in the inland region decreased after experiencing a slow start
to FY23, offsetting the high single-digit demand growth in the coastal
areas. Inland cement sales volumes were negatively impacted by above-
average seasonal rainfall and sluggish retail demand at the beginning
of FY23, which was partially offset by increased sales to the
industrial and construction sectors. Cement sales volumes in the
coastal region increased due to a decline in imports in the Western
Cape, a recovery in industrial construction activity and the
resumption of postponed government projects. The average selling price
increased by 5% during the period under review. This was insufficient
to fully offset the impact of input cost inflation as the cash cost
of sales increased by low double-digits in percentage terms. PPC will
continue its efforts to counter input price inflation through price
adjustments, operational efficiencies and improved industrial
performance. Coming off a relatively high EBITDA base in the first
half of FY22, PPC continues to prioritise cash generation by
optimising net working capital and adhering to stringent capital
allocation. This contributed to South Africa and Botswana's gross debt
decreasing from R1.2 billion on 31 March 2022 to R1.0 billion on 31
August 2022.

ZIMBABWE

The cement market in Zimbabwe continued to show robust high single-
digit growth as a result of both residential construction and
government-funded infrastructure projects. PPC Zimbabwe implemented
planned maintenance at the beginning of FY23 and recorded a 7% decline
in cement sales volumes period-on-period.
However, the resumption of clinker manufacturing by PPC Zimbabwe at
the end of May 2022 enabled improved sales volumes in the second
quarter of FY23.
PPC Zimbabwe implemented US$ price increases of 5% in March 2022, 2%
in April 2022 and a further 5% increase in August 2022.
PPC noted increased availability of foreign currency in the Zimbabwean
economy, with more than 70% of cement sales during the period under
review occurring in foreign currency.
PPC received a US$4.4 million dividend in June 2022 and anticipates
an additional dividend to be declared upon the publication of PPC
Zimbabwe's interim results in November 2022.

RWANDA

CIMERWA continues to see strong demand for cement in all its markets,
with cement sales volumes increasing by 16% period-on-period for the
five months ended August 2022. CIMERWA’s domestic cement sales
benefited from increased demand from government-sponsored
infrastructure projects and a recovery in general building activity.
In addition, cement exports benefited from sustained demand in eastern
Democratic Republic of Congo and the expansion of CIMERWA's route to
market initiatives. CIMERWA's efforts to enhance industrial
performance and reliability are beginning to bear fruit with the
benefits reflected in the increase in cement sales volumes.

OUTLOOK

Given the current economic climate, the group will continue to enhance
operational efficiencies to mitigate the impact of rising input cost
inflation. Without a significant increase in infrastructure
investments, cement demand in South Africa is anticipated to remain
subdued. PPC South Africa is well positioned to benefit from an
increase in cement demand with additional capacity available to
capture an upswing in demand without additional capex investment
required. PPC Zimbabwe anticipates a recovery for the balance of the
financial year and the outlook for CIMERWA remains positive.
PPC is participating in the RMB Morgan Stanley Big Five and Off Piste
Investor Conference in Cape Town on 14 September 2022 and the
presentation to be given at this conference is available on the
company’s website
www.ppc.africa/investors-relations/reports/?t=presentations-allocate

Sandton

14 September 2022

Sponsor:

Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:

Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 14-09-2022 07:30:00
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.

Results of Annual General Meeting and Change to the Board of Directors

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company”)

Results of Annual General Meeting (“AGM”) and change to the Board of Directors

Shareholders of PPC (“Shareholders”) are hereby advised that the ordinary and special
resolutions contained in the Notice of the AGM dated 27 July 2022 that were tabled at the
Company’s AGM held on Friday, 9 September 2022, were passed by the requisite majority of
votes cast by Shareholders, as reported below.

Special Resolution 6 – General Authority to Issue Shares for Cash was withdrawn at the
commencement of the AGM and therefore not tabled at the AGM, as the board of directors
of PPC has resolved that any issues of shares for cash will be put to shareholders to vote
thereon.

The total number of PPC ordinary shares (“Shares”) in issue that could have voted at the AGM
was 1,553,764,624 and the total number of Shares present at the AGM in person or by proxy
was 1,041,149,644, representing 67.01% of the total Shares that could have voted.

Resolutions proposed Number of Shares Shares Percentage Percentage Percentage
voted voted* For** Against** Abstained*
Ordinary Resolution 1.1 – 1 040 466 892 66.96% 98.15% 1.85% 0.04%
Election of Mr Bjarne Hansen

Ordinary Resolution 1.2 – 1 038 492 575 66.84% 97.41% 2.59% 0.17%
Election of Mr Daniel Smith

Ordinary Resolution 2.1 – Re- 1 038 501 102 66.84% 95.84% 4.16% 0.17%
election of Ms Noluvuyo
Mkhondo
Ordinary Resolution 2.2 – Re- 1 040 464 884 66.96% 99.62% 0.38% 0.04%
election of Mr Jabulani
Moleketi
Ordinary Resolution 3.1 – 1 039 23 0430 66.88% 99.76% 0.24% 0.12%
Appointment to audit
committee – Ms Nonkululeko
Gobodo
Ordinary Resolution 3.2 – 1 039 287 530 66.89% 95.85% 4.15% 0.12%
Appointment to audit
committee – Ms Noluvuyo
Mkhondo
Ordinary Resolution 3.3 – 1 039 301 038 66.89% 99.69% 0.31% 0.12%
Appointment to audit
committee – Mr Mark Richard
Thompson
Ordinary Resolution 4 – 1 040 466 892 66.96% 99.85% 0.15% 0.04%
Appointment of external
Auditor
PricewaterhouseCoopers (PwC)
Ordinary Resolution 5.1 – Non- 1 038 269 576 66.82% 82.37% 17.63% 0.19%
binding advisory vote –
Remuneration Policy
Ordinary Resolution 5.2 – Non- 1 037 483 548 66.77% 83.76% 16.24% 0.24%
binding advisory vote –
Remuneration Implementation
Report
Ordinary Resolution 6 – General Withdrawn
authority to issue shares for
cash
Ordinary Resolution 7 – 1 037 986 082 66.80% 99.96% 0.04% 0.20%
Authority to implement
resolutions
Special Resolutions 1.1 – 1 038 501 891 66.84% 99.32% 0.68% 0.17%
Financial Assistance – Section
44
1 038 501 891 66.84% 96.84% 3.16% 0.17%
Special Resolutions 1.2 –
Financial Assistance – Section
45
Special Resolution 2.1 – 1 039 097 419 66.88% 97.68% 2.32% 0.13%
Remuneration – Board
chairman
Special Resolution 2.2 – 1 039 096 384 66.88% 99.74% 0.26% 0.13%
Remuneration – Non-executive
director
1 038 281 856 66.82% 99.94% 0.06% 0.18%
Special Resolution 2.3 – Audit
and risk committee chairman

1 038 274 456 66.82% 99.94% 0.06% 0.19%
Special Resolution 2.4 – Audit
and risk committee – Member

1 038 296 056 66.82% 99.91% 0.09% 0.18%
Special Resolution 2.5 – Social
and ethics committee –
Chairman
1 038 288 656 66.82% 99.92% 0.08% 0.18%
Special Resolution 2.6 – Social
and ethics committee –
Member
1 038 288 656 66.82% 99.91% 0.09% 0.18%
Special Resolution 2.7 –
Rewards and talent committee
– Chairman
1 040 466 892 66.96% 99.70% 0.30% 0.04%
Special Resolution 2.8 –
Rewards and talent committee
– Member
1 038 281 056 66.82% 99.91% 0.09% 0.18%
Special Resolution 2.9 –
Strategy and investment
committee – Chairman
1 040 466 892 66.96% 99.70% 0.30% 0.04%
Special Resolution 2.10 –
Strategy and investment
committee – Member
1 038 281 056 66.82% 97.35% 2.65% 0.18%
Special Resolution 2.11 –
Special meetings – Chairman

1 038 281 056 66.82% 97.52% 2.48% 0.18%
Special Resolution 2.12 –
Special meetings – Member

1 038 081 925 66.81% 99.95% 0.05% 0.20%
Special Resolution 3 – General
authority to repurchase shares

* As a percentage to the total number of PPC ordinary shares in issue, being 1,553,764,624
** As a percentage to the total number of shares voted at the AGM, being 1,041,149,644,

CHANGE TO THE BOARD OF DIRECTORS (“BOARD”)

As announced on SENS on 27 July 2022 Mr Anthony Ball has not made himself available for
re-election to the Board at the AGM and will consequently retire as an independent non-
executive director of the Company in terms of its Memorandum of Incorporation, with effect
from 9 September 2022.
The Board is grateful to Mr Ball for his valuable contribution and service to the Company and
wishes him well in all his future endeavors.

Sandton
9 September 2022

Sponsor

Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 09-09-2022 03:47:00
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.

Notice of Annual General Meeting, Integrated Annual Report and B-BBEE Certificate and Change to the Board

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company” or “Group”)

NOTICE OF ANNUAL GENERAL MEETING AND PUBLICATION OF INTEGRATED ANNUAL REPORT AND
B-BBEE COMPLIANCE REPORT
CHANGE TO THE BOARD OF DIRECTORS

Shareholders are advised that the Company’s integrated annual report (“IAR”) was published and that
the Company’s notice of annual general meeting (“AGM”) was distributed to shareholders together
with a copy of its Audited Consolidated Annual Financial Statements for the year ended 31 March
2022 today, 27 July 2022.

Electronic copies of the IAR will be available on the Company´s website, at
https://www.ppc.africa/investors-relations/reports/?t=year-end; and

the notice of AGM will be available on the Company’s website, at
https://www.ppc.africa/investors-relations/reports/?t=agm-notices
as from today, 27 July 2022. Copies of the IAR and AGM notice may also be requested from the
company secretary at kevin.ross@ppc.co.za.

NOTICE OF AGM
Notice is hereby given that the 130th AGM of the shareholders of the Company will be held entirely
by electronic communication, at 12:00 on Friday, 9 September 2022, to consider and, if deemed fit,
to pass with or without modification, all of the ordinary and special resolutions set out in the notice
of AGM.

The salient dates and times applicable to the 130th AGM, are set out below:
2022

Notice to attend PPC’s AGM on Wednesday, 27 July

Record date to receive the notice of AGM Friday, 22 July

Last day to trade to be recorded in the register to vote at the AGM Tuesday, 30 August

Record date to be eligible to vote at the AGM (voting record date) Friday, 2 September

Last day to lodge forms of proxy for the AGM by 12:00 Wednesday, 7 September

AGM to be held at 12:00 Friday, 9 September

Results of AGM released via stock exchange news service (SENS) on Friday, 9 September

1. The above dates and times are subject to amendment. Any such amendment will be released via
SENS.
2. All times given are local times in South Africa.
3. Any forms of proxy not delivered to the meeting secretaries by 12:00 on Wednesday, 7 September
2022 may be emailed to proxy@computershare.co.za and will be handed to the chair of the AGM
immediately before the appointed proxy exercises any of the shareholder’s rights at the AGM.

B-BBEE ANNUAL COMPLIANCE REPORT

In accordance with paragraph 16.21 (g) and Appendix 1 to Section 11 of the JSE Limited Listings
Requirements, notice is hereby given that the Company´s annual compliance report in terms of
section 13G(2) of the B-BBEE Act, as submitted to the Broad Based Black Economic Empowerment
Commission, is available on PPC’s website at http://www.ppc.africa

The Company has improved its B-BBEE rating to Level 2.

CHANGE TO THE BOARD OF DIRECTORS (“BOARD”)

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, the Board wishes
to inform shareholders of the following change to the Board.

Mr Anthony Ball advised the Board that he would not make himself available for re-election to the
Board at the AGM and will consequently retire as an independent non-executive director of the
Company in terms of its Memorandum of Incorporation, with effect from 9 September 2022. Mr Ball
has served as an independent non-executive director of the Company for the past four years and has
played an important role in helping the Company to achieve certain key milestones regarding the
restructuring and refinancing of the Group.

The Board is grateful to Mr Ball for his valuable contribution and service to the Company and wishes
him well in all his future endeavors.

Sandton
27 July 2022

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 27-07-2022 07:30:00
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.

Dealing in Securities by an Associate of Directors

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the Company”)

DEALING IN SECURITIES BY AN ASSOCIATE OF DIRECTORS

In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transaction : 5 July 2022
Number of securities : 1 392 620
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R2.7700
Value of transaction : R3 857 557.40
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

Date of transaction : 6 July 2022
Number of securities : 1 148 367
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R2.7991
Value of transaction : R3 214 394.07
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

Date of transaction : 7 July 2022
Number of securities : 693 222
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R2.9580
Value of transaction : R2 050 550.68
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value
Capital Partners (Pty) Ltd (“VCP”), which is the registered investment
manager to Value Capital Partners H4 QI Hedge Fund and various other funds.

Sandton
7 July 2022

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 07-07-2022 04:36:00
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.

Change to the Board of Directors of PPC

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC”)

CHANGES TO THE BOARD OF DIRECTORS OF PPC (“BOARD”)

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, the Board wishes
to inform shareholders of the following change to the Board.

Appointment of a Non-executive Director to the Board

The Board is pleased to announce the appointment of Daniel Smith as a non-executive director and
member of the strategy and investment committee of PPC with effect 01 October 2022.

Daniel is a South African Chartered Accountant by profession. He has more than 20 years of
investment banking and advisory experience in South Africa and the United Kingdom. He is a former
senior banker and Head of Corporate Finance for Standard Bank in South Africa. Prior to that he
worked at financial institutions groups at Nomura International plc, PwC Corporate Finance in London
and SG Hambros South Africa. He has originated and led complex transactions across mergers &
acquisitions, equity capital markets, restructurings, private equity and BEE in sub-Saharan Africa, the
United Kingdom, Europe and Asia. Daniel has industry experience in the construction, property,
industrials, financial services, consumer and hospitality sectors. Daniel is an investment director at
Value Capital Partners Proprietary Limited.

The Board welcomes Daniel and looks forward to his contribution.

Sandton
06 July 2022

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 06-07-2022 01:00:00
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.

Dealing in Securities by an Associate of Directors

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the Company”)

DEALING IN SECURITIES BY AN ASSOCIATE OF DIRECTORS

In compliance with the JSE Limited Listings Requirements, the following information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transaction : 1 July 2022
Number of securities : 2 684 664
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R2.7559
Value of transaction : R7 398 665.52
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

Date of transaction : 4 July 2022
Number of securities : 558 785
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R2.7985
Value of transaction : R1 563 759.82
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital Partners (Pty) Ltd
(“VCP”), which is the registered investment manager to Value Capital Partners H4 QI Hedge Fund and
various other funds.

Sandton
5 July 2022

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 05-07-2022 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.

Trading Statement

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company” or “Group”)

TRADING STATEMENT

PPC is currently finalising its results for the twelve months ended 31 March 2022 (“the period”). In
terms of the JSE Limited Listings Requirements, shareholders are advised that PPC is satisfied with a
reasonable degree of certainty that the financial results for the period to be reported upon will differ
by at least 20% from that for the previous corresponding period, being the twelve months ended 31
March 2021 ("the prior period").

In accordance with IFRS 5 - Non-current assets held for sale, the group has accounted for its PPC Lime,
Botswana Aggregates and PPC Barnet DRC businesses as discontinued operations.

Earnings per share (“EPS”) from continuing operations for both the period and the prior period is
impacted by material movements in non-cash items, being fair value and foreign exchange
movements, impairments and impairment reversals. In addition, both EPS and headline earnings from
Zimbabwe are impacted by hyperinflation accounting in terms of IAS 29.

EPS for the period from continuing operations is expected to be a loss of between 3 cents and 7 cents
per share, compared to the 65 cents per share profit for the prior period. Headline loss per share for
the period from continuing operations is expected to be between 1 cent and 5 cents per share,
compared to the 3 cents headline earnings per share for the prior period.

EPS for the Group (including discontinued operations) for the period is expected to be between 4 cents
and 6 cents per share, a decrease of between 67% and 50% from the 12 cents per share for the prior
period. Headline loss per share for the period for the Group is expected to be between 12 cents per
share and 15 cents per share, an increase of between 20% and 0% from the 15 cents per share loss for
the prior period.

Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations,
excluding PPC Zimbabwe’s EBITDA, is expected to be between 0% and 4% lower than the prior period
comparable EBITDA.

Cash generated from continuing operations increased by between 4% and 8% relative the prior period.
The financial information on which this trading statement is based is the responsibility of the directors
of the Company and has not been reviewed or reported on by the Group's independent external
auditor.

The Group's audited annual financial statements for the year ended 31 March 2022 are expected to
be released on or about 27 June 2022.

Sandton
22 June 2022

Sponsor

Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 22-06-2022 03:40:00
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.

Change in external auditor

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the Company” or “Group”)

CHANGE IN EXTERNAL AUDITOR

Shareholders of PPC (“Shareholders”) are advised that the board of directors of the Company
(“Board”), on recommendation of PPC’s audit and risk committee, has appointed
PricewaterhouseCoopers Inc. (“PwC”) as the new external auditor of the Group for the financial year
ending 31 March 2023, with the designated audit partner being Nqaba Ndiweni.

The incumbent external auditor, Deloitte & Touche Inc. (“Deloitte”) will continue to act as external
auditor of the Group for the financial year ending 31 March 2022. Deloitte’s appointment will
accordingly terminate upon the conclusion of the audit in respect of the financial year ending 31
March 2022. PwC’s appointment as external auditor will be effective immediately after Deloitte’s
appointment terminates and will be proposed for approval by Shareholders at the annual general
meeting of the Company, scheduled to be held in September 2022.

The change in external auditor follows PPC’s decision to early adopt the mandatory audit firm rotation
rule, issued by the Independent Regulatory Board for Auditors, which will be applicable for financial
years commencing on or after 1 April 2023.

The Board would like to thank Deloitte for their long-standing service to the Group and looks forward
to working with PwC.

Sandton
04 April 2022

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 04-04-2022 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.

Dealing in securities by associate of directors and disclosure of beneficial interest in securities

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company")

DEALING IN SECURITIES BY AN ASSOCIATE OF DIRECTORS AND DISCLOSURE OF BENEFICIAL
INTEREST IN SECURITIES

In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transaction : 30 March 2022
Number of securities : 4 268 793
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R3.9934
Value of transaction : R17 046 997.97
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

Date of transaction : 31 March 2022
Number of securities : 7 531 207
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R4.1849
Value of transaction : R31 517 348.17
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital
Partners (Pty) Ltd (“VCP”), which is the registered investment manager to Value
Capital Partners H4 QI Hedge Fund and various other funds.

BENEFICIAL INTEREST IN SECURITIES

In terms of paragraph 3.83(b) of the JSE Listings Requirements and section
122(3)(b) of the Companies Act, No. 71 of 2008, as amended, shareholders are
advised that PPC has received formal notification that VCP has acquired a
beneficial interest in the ordinary shares of the Company, such that the total
interest held in PPC now amounts to 15.05% of the total issued ordinary shares of
the Company.

The board of directors of PPC (“the Board”) accepts responsibility for the
information contained in this announcement as it pertains to the Company. To the
best of the Board's knowledge and belief, the information contained in this
announcement is true and nothing has been omitted which is likely to affect the
importance of such information.

Sandton
1 April 2022

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 01-04-2022 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.

Dealing in securities by an associate of directors

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the Company”)

DEALING IN SECURITIES BY AN ASSOCIATE OF DIRECTORS

In compliance with the JSE Limited Listings Requirements, the following information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transaction : 23 March 2022
Number of securities : 68 852
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R4.0300
Value of transaction : R277 473.56
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

Date of transaction : 24 March 2022
Number of securities : 8 714 795
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R4.0276
Value of transaction : R35 099 708.34
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital Partners (Pty) Ltd
(“VCP”), which is the registered investment manager to Value Capital Partners H4 QI Hedge Fund and
various other funds.

Sandton
28 March 2022

Sponsor
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 28-03-2022 03:45:00
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.

Operational update for the twelve months ending 31 March 2022 and change to board committee

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company” or “Group”)

OPERATING UPDATE FOR THE TWELVE MONTHS ENDING 31 MARCH 2022 AND CHANGES
TO BOARD COMMITTEE

OPERATING UPDATE FOR THE TWELVE MONTHS ENDING 31 MARCH 2022

GROUP PERFORMANCE

PPC expects total Group cement sales volumes for the twelve months
ending 31 March 2022 to increase by 4%-8% year-on-year, with double-
digit volume growth in Zimbabwe and Rwanda. South Africa and Botswana
cement experienced low single digit growth in cement sales as volumes
normalised from a high base. Relative to the twelve months ended 31
March 2020 (Pre-COVID-19), Group cement sales are expected to increase
by 11%-15%. The Group’s materials businesses also experienced a
recovery in demand with year-on-year growth in sales volumes.

SOUTH AFRICA & BOTSWANA CEMENT

PPC expects cement sales volumes in South Africa & Botswana to increase
by 0%-3% year-on-year for the twelve months ending 31 March 2022. The
prior comparable period benefited from strong retail demand due to
increased expenditure on home improvements. Relative to the twelve
months ended 31 March 2020 (Pre-COVID-19), cement sales in South
Africa & Botswana are expected to increase by 5%-9%.

PPC South Africa and Botswana cement sales continue to benefit from
demand growth in the rural and informal markets, albeit at a
“normalised” rate following the post COVID-19 lockdown spike in
demand. Industrial construction activity in the inland area shows
pockets of demand growth from the construction of distribution centres
and the increase in mining activity.

PPC experienced an increase in cement sales in the coastal region with
low single-digit year-on-year demand growth supported by a recovery
in industrial construction demand. However, despite the improvement
in demand, cement sales in the coastal region is still below the
twelve months ended 31 March 2020 (Pre-COVID-19).

PPC has yet to experience any meaningful uplift in cement sales from
the government’s designation related to the use of locally produced
cement on government projects. Except for some limited road
construction and rehabilitation activity, there have been no large
infrastructure projects. PPC is well-positioned to benefit from this
potential boost in cement demand once the infrastructure programme
gathers momentum. PPC can immediately make additional capacity
available to capture an upswing in demand. PPC implemented price
increases to offset input cost inflation with realised selling prices
increasing by 4%-7% year-on-year for the twelve months ending 31 March
2022.

Cement imports, mainly from Vietnam, increased by 11% year-on-year
and currently exceeds pre-COVID-19 levels. PPC estimates that imports
account for approximately 10% of RSA cement sales. In conjunction with
the industry, PPC continues to engage with the relevant authorities
for relief against unfair competition from imports, which threatens
the financial sustainability of a vital component of the manufacturing
and construction sector and erodes the industry's ability to maintain
jobs.

MATERIALS

The readymix and aggregates businesses continue to experience a
recovery in demand supported by a pick-up in construction activity in
the regions in which they operate. For the twelve months ending 31
March 2022, PPC expects readymix volumes to increase by 5%-10% year-
on-year, while aggregates volumes are expected to increase by 10%-14%
year-on-year. Fly ash sales volumes are expected to decrease by 14%-
18% due to an unusually strong performance in the prior year due to
lack of slag in the market. Overall, revenues for the materials
division are expected to increase due to the increase in sales of
readymix and aggregates.

ZIMBABWE

PPC Zimbabwe continues to trade well and ahead of expectations. For
the twelve months ending 31 March 2022, PPC Zimbabwe’s cement sales
volumes are expected to increase by 21%-25% year-on-year, benefiting
from retail demand, increased sales to concrete product manufacturers,
and support from Government-funded projects. Relative to the
comparable period ended 31 March 2020 (Pre-COVID-19), cement sales
volumes are expected to increase by 33%-36%.

RWANDA

CIMERWA experienced an upswing in cement sales in the last six months
following the initiation of anticipated projects such as the
construction of a new airport. For the twelve months ending 31 March
2022, CIMERWA expects cement sales volumes to increase by 18%-20%
year-on-year due to cement demand for critical infrastructure and
housing projects to realise an urbanisation target of 34% by 2024.
Relative to the comparable period ended 31 March 2020 (Pre-COVID-19),
cement sales volumes are expected to increase by 26%-30%.

LIQUIDITY & CASH FLOW

South Africa gross debt declined to R1.2 billion at 28 February 2022
(30 September 2021: R1.7 billion) due to a continued focus on cash
generation and the proceeds from the sale of PPC Lime, and the Botswana
aggregates business.

OUTLOOK

PPC is well-positioned to benefit from growing cement demand in the
territories it operates. The Group remains focused on improving
operational efficiencies to ensure financial sustainability through
all demand cycles.

PPC CAPITAL MARKETS DAY

PPC is hosting a Capital Markets Day today at 10h00 (SA time) at the
Vineyard Hotel in Cape Town. The event will be broadcast live via a
webcast with live Q & A sessions. Further details can be accessed at
the following links:
Investor presentation:
https://www.ppc.africa/investors-relations/reports/?t=presentations-
allocate

Webcast:
https://presentations.corpcam.com/RegistrationPage.aspx?id=PPC230320
22

CHANGES TO BOARD COMMITTEE

In compliance with paragraph 3.59 of the JSE Listings Requirements, PPC
wishes to advise its shareholders of the renaming of the Investment Committee
to the Strategy and Investment Committee and the appointment of Mr R van
Wijnen as a member of the Strategy and Investment Committee.

The composition of the Strategy and Investment Committee will now be as
follows:

Mr C Naude

Mr A Ball

Mr B Moltke Hansen

Ms K Maphisa

Mr M Thompson

Mr R van Wijnen

Sandton
23 March 2022

Sponsor:
Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 23-03-2022 07:05:00
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.

Dealing in securities by an associate of directors and disclosure of beneficial interests in securities

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the Company”)

DEALING IN SECURITIES BY AN ASSOCIATE OF DIRECTORS AND DISCLOSURE OF BENEFICIAL INTEREST
IN SECURITIES

In compliance with the JSE Limited Listings Requirements, the following information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transaction : 19 January 2022
Number of securities : 30 200 000
Share price : R5.5000
Value of transaction : R166 100 000.00

Date of transaction : 20 January 2022
Number of securities : 8 222 045
Share price : R5.6735
Value of transaction : R46 647 772.31

Date of transaction : 21 January 2022
Number of securities : 514 089
Share price : R5.4039
Value of transaction : R2 778 085.55

Nature of transaction : On-market disposal of securities
Class of securities : Ordinary shares
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital Partners (Pty) Ltd
(“VCP”), which is the registered investment manager to Value Capital Partners H4 QI Hedge Fund and
various other funds.

BENEFICIAL INTEREST IN SECURITIES

In terms of paragraph 3.83(b) of the JSE Listings Requirements and section 122(3)(b) of the Companies
Act, No. 71 of 2008, as amended, shareholders are advised that PPC has received formal notification
that VCP has disposed of a beneficial interest in the ordinary shares of the Company, such that the
total interest held in PPC now amounts to 13.75% of the total issued ordinary shares of the Company.

TRANSACTION RATIONALE

Through its various funds VCP has been a strategic investor in PPC since August 2017. Since that initial
entry point, VCP has periodically taken advantage of the decline in the PPC share price to increase its
shareholding. Following the rebound in the PPC share price in recent months, PPC has become a
disproportionate share of VCP’s total portfolio. The above transaction forms part of a portfolio
rebalancing to align VCP’s relative exposure in PPC with its overall target asset allocation.

VCP will continue to be represented on the board of directors of PPC and its various sub-committees
by Antony Ball and Nono Mkhondo, who will continue to provide support to PPC as it executes its
strategy to unlock further value for shareholders.

Sandton
25 January 2022

Sponsor

Questco Corporate Advisory Proprietary Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 25-01-2022 07:55:00
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.

Change to the Board of Directors of PPC

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC”)

CHANGES TO THE BOARD OF DIRECTORS OF PPC (“BOARD”)

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited,
the Board wishes to inform shareholders of the following change to the Board.

Appointment of a Non-executive Director to the Board

The Board is pleased to announce the appointment of Bjarne Moltke Hansen (“Bjarne”)
as a non-executive director and member of the Social Ethics and Transformation
committee and Investment Committee of PPC with effect 1 November 2021.

Bjarne holds a BSc (engineering) 1984 from the Danish Academy of Engineering
(Akademiingeniør (B). Bjarne is a seasoned non-executive director and chairman
with a wealth of experience and impeccable reputation in the building materials,
cement, and mining industries. Bjarne held senior positions at Unicon, a
manufacturer and supplier of ready-mixed concrete products based in Copenhagen, as
CEO of Cembrit, one of the leading distributors and manufacturers of fibre-cement
products in Europe, and Aalborg Portland Holdings, a building material conglomerate
in Denmark where he was the CEO and Group Executive Vice President of FLSmidth &
Co a global cement and mining equipment supplier. He retired in 2017 and has since
taken on several non-executive directorships including as chairman of Aalborg
Portland Holdings and Bladt Industries which is backed by Nordic Capital and as
board member of the Danish SGD Investment Fund, Investment Committee.

Bjarne currently holds the following Board positions:

Aalborg Portland Holding A/S, (chairman)
Bladt Industries A/S, (chairman)
Pindstrup Mosebrug A/S (chairman)
RM Rich. Müller A/S and Rich. Müller Foundation (chairman)
Randers Tegl A/S and Højslev Teglvaerk A/S (chairman)
Per Aarsleff Holding A/S (board-member)
LKAB (100% Swedish owned), (board-member)
ODICO A/S (board-member)
Danish SGD Investment Fund, Investment Committee (board-member)

The Board welcomes Bjarne Hansen and looks forward to his contribution based on
his extensive experience in leading global businesses within the building
materials, cement and mining industries and as non-executive director to companies
in these industries.
Sandton
18 October 2021

Sponsor
Sasfin Capital
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 18-10-2021 07:25:00
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.

Fulfilment of conditions precedent to disposal of PPC Lime and PPC Aggregate Quaries Botswana

PPC Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1892/000667/06)
ISIN: ZAE000170049
Share Code: PPC ZSE code: PPC
(“PPC” or the “Company” or the “Group”)

FULFILLMENT OF CONDITIONS PRECEDENT IN RELATION TO THE DISPOSAL OF PPC LIME
LIMITED AND PPC AGGREGATE QUARRIES BOTSWANA PROPRIETARY LIMITED

1. INTRODUCTION

Shareholders of the Company (“Shareholders”) are referred to the announcement released on the
Stock Exchange News Service (“SENS”) on 3 May 2021 titled ‘PPC Disposal of PPC Lime Limited and
Withdrawal of Cautionary Announcement’ and the announcement released on SENS on 8 June 2021
titled ‘Trading Statement and Sale of PPC Aggregate Quarries Botswana Proprietary Limited’ wherein
Shareholders were advised of the sale of PPC Lime Limited (“PPC Lime Disposal”) and PPC Aggregate
Quarries Botswana Proprietary Limited (“PPC AQB Disposal”).

2. PPC LIME DISPOSAL

In terms of the PPC Lime Disposal, PPC South Africa Holdings Proprietary Limited, a wholly-owned
subsidiary of the Company, entered into transaction agreements with Kgatelopele Lime Proprietary
Limited (“Kgatelopele Lime”), to dispose of the entire issued share capital of PPC Lime (the
“Divestment”). The Divestment was subject to the fulfilment of, inter alia, the following conditions
precedent (“Divestment Conditions”) by 31 December 2021:

- Approval of the Divestment by the relevant competition authorities in terms of the Competition
Act, Act 89 of 1998;
- Consent of the Minister of Mineral Resources and Energy in terms of section 11 of the Minerals
and Petroleum Resources Development Act, Act 28 of 2002;
- Written proof being obtained to the satisfaction of PPC and the Department of Mineral Resources
and Energy that Kgatelopele has made financial provision in respect of the rehabilitation liability
of PPC Lime; and
- Exemption being granted in terms of section 119(6) of the Companies Act, Act 71 of 2008 from
the application of Parts B and C of Chapter 5 of the Companies Act and the Takeover Regulations
with respect to the implementation of the Divestment.

1
3. PPC AQB DISPOSAL

In terms of the PPC AQB Disposal a binding sale and purchase agreement was entered into between
PPC Botswana Proprietary Limited (a wholly-owned subsidiary of PPC) and a construction and mining
company in Botswana, to sell PPC's 100% shareholding in PPC AQB.

4. FINALISATION

The board of directors of PPC is pleased to announce that the last of the Divestment Conditions was
met on 17 September 2021 and the last of the conditions precedent relating to the sale of PPC AQB
was met on 15 September 2021.

The net proceeds from the sale of PPC Lime and the proceeds from the sale of PPC AQB, both of which
are subject to adjustment, will be applied to de-gear PPC’s South African balance sheet.

5. PPC RESTRUCTURING AND REFINANCE PROJECT

The completion of the sale of PPC Lime and PPC AQB is an important and positive step in the ongoing
capital restructuring and refinancing project. Shareholders are advised that the Company expects to
release a further update on the restructuring and refinancing project as well as a trading update on or
about 29 September 2021.

Sandton
20 September 2021

PPC sponsor
Sasfin Capital
A member of the Sasfin Group

2

Date: 20-09-2021 07:30:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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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.

Results of Annual General Meeting and changes to the board of directors

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company”)

Results of Annual General Meeting (“AGM”) and changes to the Board of Directors

Shareholders of PPC (“Shareholders”) are hereby advised that all proposed ordinary and
special resolutions contained in the Notice of the AGM dated 16 July 2021 and tabled at
the Company’s AGM held on Friday, 27 August 2021, were passed by the requisite majority
of votes cast by Shareholders, as reported below:

Resolutions proposed Number of Shares Percentage Percentage Percentage
shares voted** voted* For** Against** Abstained**
Ordinary Resolution 953 918 148 59,88% 99.97% 0.03% 0.11%
1.1 – Election of Ms
Kunyalala Maphisa
Ordinary Resolution 953 918 148 59.88% 99.98% 0.02% 0.11%
1.2
Election of Ms Brenda
Berlin
Ordinary Resolution 944 331 741 59.28% 99.71% 0.29% 0.71%
2.1
Re-election of Ms
Nonkululeko Gobodo
Ordinary Resolution 953 918 148 59,88% 99,74% 0,26% 0,11%
2.2
Re-election of Mr
Charles Naude
Ordinary Resolution 944 331 741 59,28% 99,98% 0,02% 0,71%
3.1
Appointment to audit
committee – Ms
Nonkululeko Gobodo
Ordinary Resolution 953 918 148 59,88% 97,76% 2,24% 0,11%
3.2
Appointment to the
audit committee – Ms
Noluvuyo Mkhondo
Ordinary Resolution 953 918 148 59,88% 100,00% 0,00% 0,11%
3.3
Appointment to audit
committee – Mr Mark
Richard Thompson
Ordinary Resolution 4 945 029 311 59,32% 92,88% 7,12% 0,67%
Re-appointment of
external Auditor
Deloitte & Touche
Ordinary Resolution 953 907 628 59,88% 85,67% 14,33% 0,11%
5.1
Non-binding advisory
vote – Remuneration
Policy
Ordinary Resolution 953 905 628 59,88% 89,78% 10,22% 0,11%
5.2
Non-binding advisory
vote – Remuneration
Implementation Report
Ordinary Resolution 6 952 599 215 59,79% 99,96% 0,04% 0,19%
Authority to
implement resolutions
Special Resolutions 953 907 528 59,88% 99,22% 0,78% 0,11%
1.1
Financial Assistance
– Section 44
Special Resolutions 953 907 528 59,88% 97,80% 2,20% 0,11%
1.2
Financial Assistance
– Section 45
Special Resolution 953 881 123 59,88% 95,69% 4,31% 0,11%
2.1
Remuneration – Board
Chairman
Special Resolution 953 881 123 59,88% 99,93% 0,07% 0,11%
2.2
Remuneration – Non-
Executive director
Special Resolution 953 896 048 59,88% 99,98% 0,02% 0,11%
2.3
Audit & Risk
Committee Chairman
Special Resolution 953 896 048 59,88% 99,98% 0,02% 0,11%
2.4
Audit & Risk
Committee – Member
Special Resolution 953 896 048 59,88% 99,98% 0,02% 0,11%
2.5
Social and Ethics
Committee – Chairman
Special Resolution 953 896 048 59,88% 99,98% 0,02% 0,11%
2.6
Social and Ethics
Committee – Member
Special Resolution 953 896 048 59,88% 99,49% 0,51% 0,11%
2.7
Nominations and
Remuneration
Committee – Chairman
Special Resolution 953 896 048 59,88% 99,98% 0,02% 0,11%
2.8
Nominations and
Remuneration
Committee – Member
Special Resolution 953 896 048 59,88% 99,98% 0,02% 0,11%
2.9
Remuneration
Committee – Chairman
Special Resolution 953 896 048 59,88% 99,98% 0,02% 0,11%
2.10
Remuneration
Committee – Member
Special Resolution 953 896 048 59,88% 99,98% 0,02% 0,11%
2.11
Investment Committee
– Chairman
Special Resolution 953 896 048 59,88% 99,98% 0,02% 0,11%
2.12
Investment committee
– Member
Special Resolution 953 886 930 59,88% 98,30% 1,70% 0,11%
2.13 Special meetings
– Chairman
Special Resolution 953 886 930 59,88% 98,30% 1,70% 0,11%
2.14
Special meetings –
Member
Special Resolution 3 951 527 534 59,73% 99,98% 0,02% 0,26%
General authority to
repurchase shares
* As a percentage to the total number of PPC ordinary shares in issue
** As a percentage to the total number of shares voted at the AGM

Changes to the Board of Directors of PPC (“Board”)

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited,
Shareholders are advised that Mr Todd Moyo has retired as a non-executive director of
PPC at the AGM. Mr Moyo served on the Nominations and Remuneration committees. The
Board has commenced the process of appointing a replacement for Mr Moyo, the outcome of
which will be announced in due course. The Board would like to thank Mr Moyo for his
valuable contribution to the Company and wishes him all the best in his future
endeavours.

Furthermore, the Board wishes to inform Shareholders that it has resolved to
consolidate its Remuneration Committee and Nominations Committee into a single
committee. The consolidation will be effective on 1 October 2021 and the members of the
combined Remuneration and Nominations Committee will comprise the following non-
executive directors:

Nono Mkhondo (Chair);
Jabu Moleketi; and
Charles Naude.

Kevin Ross
Company Secretary

27 August 2021

Sponsor:
Sasfin Capital, a member of the Sasfin Group
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 27-08-2021 05:42:00
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.

Trading statement and Sale of PPC Aggregate Quarries Botswana Proprietary Limited

PPC Limited
(Incorporated in the Republic of South Africa)
(Company Registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE Code: PPC ZSE Code: PPC
("PPC" or "Company" or "Group")

TRADING STATEMENT AND SALE OF PPC AGGREGATE QUARRIES BOTSWANA PROPRIETARY LIMITED

TRADING STATEMENT
PPC is currently finalising its results for the twelve months ended 31 March 2021 (“the period”). In
terms of the JSE Limited Listings Requirements ("JSE Listings Requirements"), shareholders are advised
that PPC is satisfied that a reasonable degree of certainty exists that the financial results for the period
to be reported upon will differ by at least 20% from that for the previous corresponding period, being
the twelve months ended 31 March 2020 ("the prior period").

In accordance with IFRS 5 - Non-current assets held for sale, the group has accounted for its PPC Lime,
Botswana Aggregates and PPC Barnet DRC businesses as discontinued operations. Accordingly, the
assets, liabilities and profit and loss are reported separately in the financial statements for the year
ended 31 March 2021.

Earnings before interest, tax, depreciation and amortisation ("EBITDA") for continuing operations is
expected to increase by between 14% and 18% compared to EBITDA in the prior period. This increase
is notwithstanding the Group incurring significant restructuring costs in the current financial year and
a full lock-down In April 2020 due to COVID with continuing COVID impacts thereafter.

Earnings per share ("EPS") for the period for continuing operations is expected to be between 63 cents
and 68 cents per share, an increase of between 247% and 258% from the 43 cents per share loss for
the prior period. Headline earnings per share for the period for continuing operations is expected to
be between zero cents and 5 cents per share, a decrease of between 91% and 100% compared to the
54 cents per share for the prior period.

EPS for the Group for the period is expected to be between 10 cents and 15 cents per share, an increase
of between 108% and 112% from the 124 cents per share loss for the prior period. Headline loss per
share for the period for the Group is expected to be between 13 cents per share and 18 cents per
share, a decrease of between 148% and 167% compared to the 27 cents per share profit for the prior
period.

Headline earnings is impacted by the impairments of property, plant and equipment raised at 31 March
2020, some of which are now reversed as at 31 March 2021.
Earnings and headline earnings for the 2021 financial year are impacted by hyperinflation accounting
in terms of IAS 29 - Financial accounting in hyperinflationary economies, resulting in a net monetary
loss of R200 million in the current year compared to a gain of R651 million in the prior period.

The financial information on which this Trading Statement is based is the responsibility of the directors
of the Company and has not been reviewed or reported on by the Group's independent auditor.

The Group's audited annual financial statements for the year ended 31 March 2021 are expected to
be released on or about 21 June 2021.

SALE OF PPC AGGREGATE QUARRIES BOTSWANA PROPRIETARY LTD
A binding sale and purchase agreement has been entered into between PPC Botswana Proprietary
Limited (a wholly-owned subsidiary of PPC) and a construction and mining company in Botswana, to
sell PPC's 100% shareholding in PPC Aggregate Quarries Botswana Proprietary Limited for a cash
purchase consideration of Pula 47.5 million (equivalent to approximately R60 million at an exchange
rate of R/Pula of 0.78). The purchaser is not a related party in terms of the JSE Listings Requirements
and the transaction is subject to customary conditions precedent for a transaction of this nature. PPC
expects that the conditions precedent will be met before 1 August 2021.

Sandton
9 June 2021

Sponsor
Sasfin Capital
A member of the Sasfin Group

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4249

Date: 09-06-2021 08:45:00
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.

PPC Disposal of PPC Lime Limited and withdrawal of cautionary

PPC Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1892/000667/06)
ISIN: ZAE000170049
Share Code: PPC ZSE code: PPC
(“PPC” or the “Company” or the “Group”)

PPC DISPOSAL OF PPC LIME LIMITED AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

1. INTRODUCTION

Shareholders of the Company (“Shareholders”) are referred to the announcement released on the
Stock Exchange News Service (“SENS”) on 31 March 2021 titled ‘Restructuring and refinancing project
update, operational update and renewal of cautionary announcement’ (the “Restructuring and
Refinancing Update Announcement”), wherein Shareholders were advised on the status of the
restructuring and refinancing project underway along with an update on the sale of PPC Lime Limited
(“PPC Lime”).

The board of directors of PPC is pleased to announce that on 2 May 2021, PPC South Africa Holdings
Proprietary Limited, a wholly-owned subsidiary of the Company (the “Vendor”), entered into transaction
agreements with Kgatelopele Lime Proprietary Limited (“Kgatelopele Lime” or the “Acquirer”), to
dispose of the entire issued share capital of PPC Lime for a consideration of R515 million (the
“Divestment”) on the terms and conditions set out in this announcement.

2. BACKGROUND INFORMATION ON THE ACQUIRER

Kgatelopele Lime is a private company, incorporated in accordance with the laws of South Africa, formed
for the purposes of the acquisition of PPC Lime. The shareholders of Kgatelopele Lime comprise:

- IMR Resources South Africa Proprietary Limited (“IMR SA”) – IMR SA is part of the IMR Group,
a privately held international minerals resources mining and trading company based in
Switzerland involved in global trading, mining, marketing and financing of a wide variety of bulk
commodities related to the iron and steel sector. Established in 2004, IMR has grown its global
footprint, generating c.US$3 billion in annual revenue while also expanding downstream/
upstream to own and manage a number of industrial and mining assets across several
geographical locations;
- Kolobe Nala Investment Lime Proprietary Limited (“KNI”) – KNI is a 100% black-owned, mining-
focused investment holding company. KNI is indirectly owned by Mr. Billy Mawasha. Mr. Mawasha
has extensive experience in the South African mining sector having held various executive
positions at AngloGold Ashanti, Kumba Iron Ore and Rio Tinto. Mr. Mawasha currently serves as
an independent non-executive Director of Murray & Roberts Limited and Metair Investments
Limited;
- HEX2M Energy Holdings Proprietary Limited (“HEX”) – HEX is a 100% black youth owned mining-
focused investment holding company wholly owned by Mr. Sizwe Mngomezulu. Together with Mr.
Mawasha, Mr. Mngomezulu owns and manages NPL Mining Solutions Proprietary Limited, a
chemical and minerals trading and beneficiation business; and
- JJJL Mining Proprietary Limited (“JJJL”) – JJJL is an entity that is 100% owned by Mr. Johannes
Claassen, the previous Chief Executive Officer of PPC. Mr. Claassen has an in-depth
understanding of PPC Lime and its operations.

Post conclusion of the Divestment, PPC Lime is expected to be 39% black-owned, being 29% owned
by strategic Black Economic Empowerment (“BEE”) investors, 5% owned by relevant PPC Lime
employees and 5% owned by host communities of PPC Lime, in accordance with the requirements of
the 2018 Mining Charter.

The Acquirer meets PPC’s requirements of concluding a transaction with a credible buyer with strong
mining, operational and financial capacity and BEE credentials that introduce limited risk to the execution
of the Divestment.

3. BACKGROUND INFORMATION ON PPC LIME

PPC Lime is a wholly-owned subsidiary of PPC which mines, manufactures and distributes reactive
lime, hard burnt lime, hydrated lime, burnt dolomitic lime and raw limestone. PPC Lime is a leading
supplier of these products to key industries, including iron and steel, alloys, gold, uranium and copper
mining, non-ferrous metals, sugar refining, water treatment and flue gas desulphurisation.

PPC Lime commenced operations in 1954 in Lime Acres, Northern Cape on an extensive reserve of
metallurgical quality limestone and dolomite. PPC Lime continues to mine out of two quarries, mining
dolomite and limestone respectively, along with the rotary kiln plant to manufacture the burnt product.

PPC Lime generated revenue and earnings before interest, taxes, depreciation and amortisation
(“EBITDA”) for the year ended 31 March 2020 of c.R858 million and c.R110 million respectively.

4. RATIONALE

As previously communicated to Shareholders, in CY2020, PPC embarked on a restructuring and
refinancing project to align the business with its revised strategy. In terms of the revised strategy, PPC
Lime was identified as a non-core operation to the Group and a structured sale process was initiated in
December 2020.

5. SALIENT TERMS OF THE DIVESTMENT

The agreed consideration for the Divestment is R515 million on a debt-free and cash-free basis
(“Consideration”). The Consideration is payable in cash and is subject to adjustment for net debt and
cash-like items and payment of “locked box” interest from 1 April 2021 until the closing date of the
Divestment, which is expected to be before the end of this year.

The rights, benefits and advantages of PPC Lime accrue to the Acquirer from 1 April 2021 in terms of a
“locked box structure”.

The Divestment includes contractual undertakings usual for a transaction of this nature, including those
relating to representation and warranties and interim-period undertakings. The Divestment includes a
reciprocal break fee of c.5% of the Consideration (c.R25 million) (the “Break Fee”). The Break Fee is
payable should the Acquirer or the Acquirer’s shareholders or the Vendor breach any of their respective
obligations and as a result of such breach, the conditions to the Divestment are not met and the
Divestment is consequently not implemented.

6. PROFITS ATTRIBUTABLE TO PPC LIME AND NET ASSETS

The attributable loss after tax of PPC Lime for the six months ended 30 September 2020 was R2m and
as at 30 September 2020 PPC Lime had a net asset value of R435 million, as reported in the Company’s
unaudited interim financial statements prepared in accordance with International Financial Reporting
Standards and published in December 2020.

The Company is satisfied with the quality of the unaudited interim financial statements from which this
financial information has been extracted.

7. CONDITIONS PRECEDENT AND EFFECTIVE DATE

The Divestment is subject to the fulfilment of, inter alia, the following conditions precedent by 31
December 2021:

- Approval of the Divestment by the relevant competition authorities in terms of the Competition
Act, Act 89 of 1998;
- Consent of the Minister of Mineral Resources and Energy in terms of section 11 of the Minerals
and Petroleum Resources Development Act, Act 28 of 2002;
- Written proof being obtained to the satisfaction of PPC and the Department of Mineral Resources
and Energy that the Acquirer has made financial provision in respect of the rehabilitation liability
of PPC Lime. In this regard, Shareholders are advised that the current rehabilitation trust funds
for PPC Lime held within the PPC Group in terms of section 37A of the Income Tax Act, Act 62 of
1968, will be transferred to PPC Lime as part of the Divestment; and
- Exemption being granted in terms of section 119(6) of the Companies Act, Act 71 of 2008 from
the application of Parts B and C of Chapter 5 of the Companies Act and the Takeover Regulations
with respect to the implementation of the Divestment.

The effective date of the Divestment will be the last day of the month in which the last of the conditions
precedent, detailed above, have been met. PPC view these conditions precedent as typical for a
transaction of this nature.

8. APPLICATION OF PROCEEDS

The proceeds from the sale of PPC Lime will be applied to de-gear PPC’s South African balance sheet.

As communicated in the Restructuring and Refinancing Update Announcement, PPC’s South African
lenders agreed to review the need for a capital raise by the Company of a minimum amount of
R750 million, to which it committed in August 2020, should the South African businesses continue to
de-gear towards a sustainable debt metric of c.2x EBITDA. The proceeds of the Divestment will assist
in achieving this key milestone.

9. CATEGORISATION OF THE DIVESTMENT

The Divestment constitutes a Category 2 transaction in terms of the JSE Limited Listings Requirements
and the Acquirer is not a related party.

10. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

Shareholders are referred to the Restructuring and Refinancing Update Announcement and are hereby
advised that having regard to the information contained in this announcement, caution is no longer
required to be exercised by Shareholders when dealing in the Company’s securities.

Sandton
3 May 2021

Financial adviser to PPC
Rand Merchant Bank (A division of FirstRand Bank Limited)

Legal adviser to PPC
Norton Rose Fulbright South Africa Inc

Legal adviser to Kgatelopele Lime
Bowmans

PPC sponsor
Sasfin Capital
A member of the Sasfin Group

Date: 03-05-2021 07:45:00
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.

Restructuring and refinancing project update and renewal of cautionary announcement

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company” or “Group”)

RESTRUCTURING AND REFINANCING PROJECT UPDATE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT

Shareholders of the Company are referred to the previous cautionary announcements
released on the Stock Exchange News Service, including the Renewal of Cautionary
Announcement released on 15 January 2021, wherein they were advised that PPC is
undertaking a restructuring and refinancing project (“Project”) with the objective
of implementing a sustainable capital structure and improving the investment
prospects of the Group.

PPC is able to report that it continues to make positive progress against key
milestones on the Project.

• In South Africa, all conditions precedent relating to the renewal of short and
long term facilities with its South African lenders, including the registration
of security, have been fulfilled. Agreed facilities provide adequate headroom
for the South African operations’ ongoing requirements.

• In the DRC, substantive negotiations continue with the DRC Lenders to implement
a sustainable capital structure for PPC Barnet (DRC) and to remove any recourse
to PPC Ltd for the provision of deficiency funding to these operations. The
negotiations are being conducted under the terms of a formal standstill
agreement, which is effective until 31 March 2021. PPC and the DRC Lenders
target resolution of the matter ahead of 31 March 2021.

• The process to raise capital in PPC International continues, with expressions
of interest received from various parties being considered.

• The structured sales process for PPC Lime is ongoing, with a number of non-
binding offers received at the end of January 2021 and short-listed parties
progressing to due diligence. PPC continues to target deal certainty by the end
of March 2021.

As previously disclosed, subject to the resolution of its DRC exposure, PPC has
committed to an equity capital raise by 31 March 2021 in order to de-gear its South
African balance sheet. Whilst positive progress is being made on the Project, PPC
will be formally engaging with its South African lenders to extend the timing of
the capital raise by three months to the end of June 2021, when certainty on the
key elements of the restructuring is expected.

Shareholders are therefore advised to continue to exercise caution when dealing
in securities of PPC until the funding arrangements with its respective lenders
are finalised and details of the proposed restructuring and refinancing are
published.

Sandton
25 February 2021

Sponsor
Sasfin Capital

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 25-02-2021 10:00:00
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.

Change to the Board of PPC

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC”)

CHANGES TO THE BOARD OF DIRECTORS OF PPC (“BOARD”)

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited,
the Board wishes to inform shareholders of the following change to the Board.

Appointment of a Non-executive Director to the Board

The Board is pleased to announce the appointment of Kunyalala Maphisa (“Kunyalala”)
as a non-executive director and member of the Investment Committee and the Social,
Ethics and Transformation Committee of PPC with effect 1 February 2021.

Kunyalala holds a BA (Industrial Relations and Public Administration) Degree, LLB
Degree and LLM Degree (International Trade Law) from the University of Cape Town.

Kunyalala served articles of clerkship at JanS de Villiers, (incorporated into
Werkmans Attorneys) and is an admitted attorney. Kunyalala, an entrepreneur, has
served on a number of Boards of companies and Non-Profit Organizations. She has
extensive experience in commercial law, having worked for more than 15 years in
areas spanning Mergers and Acquisitions, Competition law and Project and
Acquisition Finance. She has worked as a senior executive in a number of companies
and done work in a number of African countries outside South Africa including
Nigeria, Democratic Republic of Congo, Malawi, Cote D'Ivoire, Kenya, Zambia and
Zimbabwe.

The Board welcomes Kunyalala Maphisa and looks forward to her contribution.

Sandton
27 January 2021

Sponsor
Sasfin Capital

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 27-01-2021 08:00:00
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.

Restatement to prior period financial results, trading statement, project update and renewal of cautionary

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company” or “the Group”)

RESTATEMENT TO PRIOR PERIOD FINANCIAL RESULTS, TRADING STATEMENT,
RESTRUCTURING AND REFINANCING PROJECT UPDATE AND RENEWAL OF CAUTIONARY
ANNOUNCEMENT

RESTATEMENT TO PRIOR PERIOD FINANCIAL RESULTS
Shareholders of the Company (“Shareholders”) are referred to the
announcements on the Stock Exchange News Services (“SENS”) issued on
18 August 2020 and 30 September 2020. The Company wishes to advise
Shareholders that all the 31 March 2020 prior period restatements identified
also resulted in restatements of the 30 September 2019 results. The combined
impact of these adjustments on earnings and headline earnings per share for
the six months ended 30 September 2019 is an increase of 34 and 28 cents per
share respectively. Net asset value as at 30 September 2019 is increased by
R301 million to R7.7 billion.

An additional prior year error was identified relating to the 30 September
2019 results. At 30 September 2019 PPC adopted IAS 29 – Hyperinflation for
the first time. During the 31 March 2020 year-end audit, a thorough review
of the hyperinflation workings were undertaken and certain errors were
identified and corrected in the 31 March 2020 results. This prompted
management to review the 30 September 2019 workings and management noted
similar errors were present. These errors related mainly to opening retained
earnings and property, plant and equipment not being hyperinflated correctly.
The impact of these adjustment on earnings and headline earnings per share
for the six months ended 30 September 2019 is a decrease of 2 cents per share
respectively. Net asset value as at 30 September 2019 is increased by R1.2
billion to R8.9 billion.

TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
PPC is finalising its consolidated financial results for the six months ended
30 September 2020 which will be announced on the SENS and the Company’s
website on or about 8 December 2020.

Shareholders are advised that consolidated Group revenue is expected to be
1% to 5% higher than the R4 948 million reported for the six months ended 30
September 2019 (“prior period”). EBITDA is expected to be 12 % to 17% higher
than the R868 million reported for the prior period. Basic earnings per share
(EPS) and headline earnings per share (HEPS) are expected to be between 18
and 21 cents per share, or 35% to 45%, lower than the 32 cents (restated)
reported for the prior period. The decline in EPS and HEPS is primarily due
to non-cash related items.

After a difficult start to FY21 as a result of the COVID-19 related trade
restrictions imposed by authorities in most of the jurisdictions in which
the Group operates, the Group experienced a strong recovery in cement sales
in Q2 of H1 FY 21 which contributed to the improved operating performance.

The financial information contained in this announcement has neither been
reviewed nor reported on by the Company´s external auditors.

RESTRUCTURING AND REFINANCING UPDATE
PPC continues to make good progress against key milestones in its
restructuring and refinancing project (“Project”) with the objective of
implementing a sustainable capital structure and improving the investment
prospects of the Group.

In South Africa, PPC has signed facilities agreements with its two primary
South African lenders, who provide R1.85 billion of term loan and long term
revolving credit facilities and R625 million of short term general banking
facilities. The final terms of these agreements are substantially the same
as those disclosed in note 36 to audited consolidated financial statements
for the year ended 31 March 2020. PPC is also finalising documentation
relating to the provision of security, including a security pool arrangement
comprising immovable property, debtors and inventory.

PPC has also signed revised terms with its third South African lender for a
working capital facility of R175 million, which has now removed the
requirement of being part of the security pool arrangement.

In the DRC, PPC has signed a formal standstill agreement with the DRC Lenders.
The final terms of the agreement are substantially the same as those of the
term sheet agreed at the end of August 2020, as disclosed in note 36 to
audited consolidated financial statements for the year ended 31 March 2020.
PPC is actively engaging with the DRC Lenders, who have now appointed
financial and legal advisors, on a detailed restructuring plan. PPC is
targeting agreeing the basis of the restructuring plan with the DRC Lenders
before the end of this calendar year.

Following a number of unsolicited approaches regarding PPC Lime, PPC has
decided to accelerate the sale of PPC Lime and appointed financial advisors
to manage a structured sales process of the business. PPC is targeting deal
certainty by the end of Q1 2021.

RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are advised to continue exercising caution when dealing in
securities of PPC until the funding arrangements with its respective lenders
are finalised and details of the proposed capital raise are published.

Sandton
2 December 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 02-12-2020 08:06:00
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.

Results of Annual General Meeting and change to the Board of Directors

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company”)

Results of Annual General Meeting (“AGM”) and change to the Board of Directors

Shareholders are hereby advised that all proposed ordinary and special resolutions
contained in the Notice of the AGM (“Notice”) dated 8 October 2020 and tabled at the
Company’s AGM held on Monday, 16 November 2020 were passed by the requisite majority of
votes cast by shareholders, except for ordinary resolution 7, as reported below:

Resolutions proposed Number of Shares Percentage Percentage Percentage
shares voted* For** Against** Abstained**
voted**
Ordinary resolution number 1.1 – 931,860,097 58.49% 99.86% 0.14% 2.26%
Appointment of Mr Roland van
Wijnen
Ordinary resolution number 1.2 – 961,915,370 60.38% 99.85% 0.15% 0.37%
Appointment of Ms Ronel van Dijk
Ordinary resolution number 2.1 – 961,861,920 60.38% 94.83% 5.17% 0.38%
Re-election of Mr Jabulani
Moleketi
Ordinary resolution number 2.2 – 961,701,020 60.37% 99.51% 0.49% 0.39%
Re-election of Ms Noluvuyo
Mkhondo
Ordinary resolution number 3.1 – 961,761,020 60.37% 95.71% 4.29% 0.38%
Appointment to ARCC – Ms
Nonkululeko Gobodo
Ordinary resolution number 3.2 – 961,761,020 60.37% 95.43% 4.57% 0.38%
Appointment to the ARCC – Ms
Noluvuyo Mkhondo
Ordinary resolution number 3.3 – 961,754,420 60.37% 95.78% 4.22% 0.38%
Appointment to ARCC – Mr Mark
Thompson
Ordinary resolution number 4 – 961,977,909 60.38% 83.53% 16.47% 0.37%
Reappointment of external auditor
Deloitte and audit partner – Mr
Patrick Ndlovu
Ordinary resolution number 5.1 – 960,992,074 60.32% 88.79% 11.21% 0.43%
Non-binding advisory vote –
remuneration policy
Ordinary resolution number 5.2 – 960,992,574 60.32% 79.63% 20.37% 0.43%
Non-binding advisory vote –
remuneration implementation
report
Ordinary resolution number 6 – To 962,034,202 60.39% 62.95% 37.05% 0.37%
place unissued shares under the
control of directors
Ordinary resolution number 7 – 962,835,243 60.44% 66.11%*** 33.89% 0.32%
General authority to issue shares
for cash
Ordinary resolution number 8 – 961,949,108 60.38% 99.78% 0.22% 0.37%
Authority to implement
resolutions
Special resolution number 1.1 - 961,693,953 60.37% 99.58% 0.42% 0.39%
Financial assistance – section 44
Special resolution number 1.2 - 961,691,953 60.37% 95.50% 4.50% 0.39%
Financial assistance – section 45
Special resolution number 2.1 - 961,810,130 60.37% 97.94% 2.06%
0.38%
Remuneration – board chair
Special resolution number 2.2 - 961,810,130 60.37% 98.89% 1.11% 0.38%
Remuneration – NED
Special resolution number 2.3 - 961,686,430 60.37% 99.80% 0.20% 0.39%
ARCC – chair
Special resolution number 2.4 - 961,685,829 60.37% 99.82% 0.18% 0.39%
ARCC – member
Special resolution number 2.5 - 961,686,430 60.37% 99.81% 0.19% 0.39%
REMCO – chair
Special resolution number 2.6 - 961,686,430 60.37% 99.82% 0.18% 0.39%
REMCO – member
Special resolution number 2.7 - 961,685,829 60.37% 99.81% 0.19% 0.39%
SETCO – chair
Special resolution number 2.8 - 961,686,430 60.37% 99.82% 0.18% 0.39%
SETCO – member
Special resolution number 2.9 - 961,686,430 60.37% 99.81% 0.19% 0.39%
NOMCO – chair
Special resolution number 2.10 - 961,686,430 60.37% 99.82% 0.18% 0.39%
NOMCO – member
Special resolution number 2.11 - 961,686,430 60.37% 99.82% 0.18% 0.39%
IC – chair
Special resolution number 2.12 - 961,686,430 60.37% 99.82% 0.18% 0.39%
IC – member
Special resolution number 2.13 - 961,686,430 60.37% 95.33% 4.67% 0.39%
Special meetings – chair
Special resolution number 2.14 - 961,686,430 60.37% 95.36% 4.64% 0.39%
Special meetings – member
Special resolution number 3 - 962,988,443 60.45% 99.85% 0.15% 0.31%
General authority to repurchase
shares
* As a percentage to the total number of PPC ordinary shares in issue
** As a percentage to the total number of shares voted at the annual general meeting
*** In terms of JSE Listing Requirement, the percentage of votes required for ordinary
resolution 7 to be adopted is at least 75%, therefore ordinary resolution 7 was not
adopted.

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, the
Board wishes to inform shareholders that Adv. Mojankunyane Gumbi has retired at the
Annual General Meeting. The Board, through the Nominations Committee, will be
appointing a replacement which will be announced once the process has been completed

The Board would like to thank Adv. Gumbi for her valuable contribution to the Company
and wish her all the best in her future endeavours.

Kristell Holtzhausen
Company Secretary

16 November 2020

Sponsor:
Merrill Lynch South Africa (Pty) Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 16-11-2020 05:43:00
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.

Operational update, restructuring and refinancing project update and renewal of cautionary announcement

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company”)

OPERATIONAL UPDATE, RESTRUCTURING AND REFINANCING PROJECT UPDATE AND RENEWAL OF
CAUTIONARY ANNOUNCEMENT

OPERATIONAL UPDATE – NOVEMBER 2020
As previously reported to shareholders of the Company (“Shareholders”) in the
announcement released on the Stock Exchange News Services on 9 October 2020, PPC
experienced muted sales in April and May 2020 due to the COVID-19 restrictions
imposed across most of the jurisdictions in which the group operates. A strong
recovery was experienced in PPC South Africa & Botswana from June, with double-
digit year-on-year growth in cement sales volumes since June. In the three months
July to September, cement sales volumes increased by 20% to 25% year-on-year and.

This trend has continued in October 2020 with strong cement sales volumes experienced
for the month, up 15% to 20% compared to the same period last year. These increased
volumes are primarily retail led, as increases in disposable income due to reduced
discretionary spending on other items due to reduced movement and an increase in income
due to reduced interest rates and the various social relief grants continued.
PPC has also started to experience the positive impact of increased infrastructure spending,
which it hopes will carry the strong demand once retail sales volumes return to more normalised levels.

The International operations were less affected by the COVID-19 pandemic. In
aggregate, total cement volumes sold also showed double-digit growth in June 2020
to September 2020 compared to the same period in 2019. For the first 6 months of
FY21, PPC Zimbabwe, and PPC Barnet (DRC) experienced approximately 5% to 10% volume
growth each compared to the prior comparable period. In the period July to
September 2020, sales volumes in PPC Zimbabwe and PPC Barnet increased by 35% to
40% and 20% to 25% respectively, compared to the same period in 2019. October
2020 has seen more moderate growth in cement volumes for
PPC Zimbabwe at approximately 5% compared to October 2019, whilst PPC Barnet has
continued to experience strong growth, with cement volumes up 25% to 30% compared to
October 2019. In Rwanda, CIMERWA experienced approximately 5% to 10% volume growth from
April 2020 to September 2020 compared to the same period last year, and in the
months July to September 2020 sales volumes increased by 15% to 20% year-on-year.
October 2020 cement volumes have continued to show good growth, of 25% to 30%
compared to October 2019. As highlighted in the year-end results announcement, despite the
continued positive sales momentum, the group remains cautious on the outlook for the rest of FY21
given the ongoing health crisis and its resultant impact on economic activity.
PPC’s initiatives remain focused on cash preservation, improving cost competitiveness by
lowering operational costs, positioning the business for recovery and improving internal controls
and accountability.

RESTRUCTURING AND REFINANCING UPDATE
As previously communicated to Shareholders and set out in detail in the annual
consolidated financial statements for the year ended 31 March 2020, PPC is
undertaking a restructuring and refinancing project (“Project”) with the objective
of implementing a sustainable capital structure and improving the investment
prospects of the group. PPC continues to make positive progress on the Project
with finalisation of revised facilities documentation with its South African
lenders expected this month and restructuring negotiations progressing
constructively with its DRC lenders on the basis of the term sheet and de facto
standstill agreed in September 2020. PPC is on track to test investor appetite
regarding recapitalising the International operations before the end of this
calendar year.

PPC will provide a more comprehensive update to Shareholders when it reports its
interim results, which is expected to be in early December 2020.

RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are advised to continue exercising caution when dealing in securities
of PPC until the funding arrangements with its respective lenders are finalised
and details of the proposed capital raise are published.

Sandton
11 November 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 11-11-2020 04:50:00
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.

Posting Notice of Annual General Meeting, No Change Statement and Publication of The B-BBEE Certificate

PPC Limited
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC”, “Company” or “Group”)

POSTING NOTICE OF ANNUAL GENERAL MEETING, NO CHANGE STATEMENT AND PUBLICATION OF
THE B-BBEE CERTIFICATE

Notice of disbursement of Notice of Annual General Meeting (“AGM”) and No Change
Statement

Shareholders of the Company (“Shareholders”) are hereby advised that the Company
published its audited consolidated annual financial statements and its audited
summarised annual financial statements for the year ended 31 March 2020, on 9
October 2020. Shareholders are further advised that notice of the AGM of the
Company, together with the audited summarised annual financial statements will be
distributed to Shareholders on Tuesday, 13 October 2020. These audited summarised
annual financial statements contain no modifications to the audited abridged
financial statement published on SENS on 9 October 2020.

The notice of AGM will also be available on the Company’s website, at
http://www.ppc.africa/corporate/investors-media/financial-presentations-reports as
from today, 13 October 2020.

Notice of AGM

Notice is hereby given that a virtual AGM will be held at 12h00 on Monday,
16 November 2020, to transact the business as set out in the notice of the AGM.

The date on which Shareholders must be recorded as such in the share register of
the Company to be eligible to vote at the AGM is Friday, 6 November 2020, with the
last day to trade being Tuesday, 3 November 2020.

B-BBEE Certificate

Furthermore, the Company is pleased to notify Shareholders that the South African
operations was rated under the Amended Construction Sector Codes Gazetted 1
December 2017, and achieved a Level 4 rating. The Company’s B-BBEE certificate for
the period from October 2020 to October 2021, will also be available on the
Company’s website at https://www.ppc.africa/corporate/about-us/broad-based-
economic-empowerment

Publication of the 2020 Integrated Annual Report (“IAR”) and the B-BBEE Annual
Compliance Report (“Compliance Report”)

Shareholders are hereby notified that the IAR and the Compliance Report in terms of
section 13G(2) of the Broad-Based Black Economic Empowerment Amendment Act, No 46
of 2013 will be published on or before 31 October 2020.

13 October 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 13-10-2020 08:30:00
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.

Restatement to Prior Period Results, Trading Statement, Delay in Reporting of FY20 Results & Renewal of Cautionary

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company")

PPC LTD – FURTHER RESTATEMENT TO PRIOR PERIOD FINANCIAL RESULTS, UPDATED TRADING
STATEMENT, DELAY IN REPORTING OF 31 MARCH 2020 FINANCIAL RESULTS, OPERATIONAL
UPDATE, RESTRUCTURING AND REFINANCING PROJECT UPDATE AND RENEWAL OF CAUTIONARY
ANNOUNCEMENT

FURTHER RESTATEMENTS TO PRIOR PERIOD FINANCIAL RESULTS
Shareholders of the Company (“Shareholders”) are referred to the announcement on
the Stock Exchange News Services (“SENS”) issued on 18 August 2020. The Company
wishes to advise Shareholders that during the audit process for the year ended
31 March 2020, and subsequent to 18 August 2020, additional prior year errors were
identified and corrected. These corrections and financial impacts are detailed
below.

EQUITY-ACCOUNTED INVESTMENT IN HABESHA - ETHIOPIA
PPC previously advised Shareholders that the equity accounted investment in Habesha
of R146 million should have been fully impaired in the prior year. PPC has
subsequently discovered that Habesha restated their FY19 financial statements due
to the first-time adoption of International Financial Reporting Standards (“IFRS”)
in Ethiopia, highlighting the fact that PPC should have adjusted its share of
losses in previous years to comply with IFRS, which it did not do.

The result of correcting the error by accounting for the IFRS losses reduced the
carrying value of the associate at 31 March 2018 by R126 million and by a further
R20 million at 31 March 2019. Therefore, no impairment is required in the current
financial year as the additional losses decreased the carrying value to zero by
31 March 2019.

DEMOCRATIC REPUBLIC OF CONGO PUT OPTION
As part of the project financing arrangements for the development of PPC’s
Democratic Republic of Congo (“DRC”) operations, PPC entered into a put option
agreement with an international development finance institution in terms of which
the latter can put its investment, or part thereof, in PPC Barnet DRC Holdings, to
PPC. The exercise price is determined by way of a formula stipulated in the
agreement.
In previous years, PPC applied the formula incorrectly in determining the carrying
value of the put option. Correcting this error resulted in a reduction in the
carrying value of the put option from R245 million (as previously stated) to
R176 million as at 31 March 2018 and from R274 million (as previously stated) to
R251 million as at 31 March 2019. Consequently, the loss on revaluation of the put
option in 2019 increased by R46 million.

NON-CONTROLLING INTERESTS
In finalising the Group annual financial statements, further prior year errors
relating to non-controlling (“NCI”) interests have come to light that require
additional investigation and conclusion. Whilst any required adjustments are not
expected to impact the financial loss for the period ended 31 March 2020, these
adjustments are important in ensuring the financial statements present fairly, in
all material respects, the financial position of the Group at the respective balance
sheet dates. The adjustments required are expected to be a reclassification between
NCI and Retained Earnings and further details will be disclosed together with the
release of the audited financial statements.

UPDATED TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2020
Further to the announcement on 18 August 2020, providing guidance on the financial
results for the period ended 31 March 2020, the Company would like to update its
Shareholders as outlined below.

Group revenue for the year ended 31 March 2020 is confirmed to have decreased by
less than 5% compared to the prior year (March 2019: R10.409 billion). Earnings
before interest, tax, depreciation, and amortisation (“EBITDA”), is confirmed to
have decreased by approximately 16% compared to the prior year
(March 2019: R1.946 billion). Before taking into account any adjustment resulting
from the NCI re-allocation to retained earnings referred to above, basic earnings
per share is expected to reflect a loss per share of between 120 and 130 cents per
share, and headline earnings per share is still expected to be between 25 cents
and 30 cents per share.

Total Group assets and total Group borrowings were R17.093 billion and R5.8 billion
at 31 March 2020 respectively. Total Group equity is expected to be approximately
R7.793 billion.

DELAY IN REPORTING OF 31 MARCH 2020 ANNUAL FINANCIAL RESULTS
PPC announced on 18 August 2020 that it expected to release its year ended 31 March
2020 financial results by no later than 30 September 2020. As a result of the
required restatements and the finalisation of the year-end audit, PPC now expects
to release its financial results for the year ended 31 March 2020 in the week of
5 October 2020. PPC has received dispensation from the JSE in terms of this extended
reporting date given the impact of the Covid-19 pandemic on the business, the
complexities of finalising the year-end audit as well as the impact of the
restructuring and refinancing project underway.

OPERATIONAL UPDATE AUGUST 2020 – SEPTEMBER 2020
As reported to Shareholders in the Company’s 30 April 2020, 23 July 2020, and
18 August 2020 operational updates, PPC’s cement operations ramped up in May 2020
post the Covid-19 restrictions imposed at the end of March 2020 across most of the
jurisdictions in which the Group operates. Double-digit year-on-year growth of
cement volumes in South Africa were experienced in June and July and have continued
at a high rate in August and September. For these two months combined, PPC expects
volume growth of more than 25% when compared to the prior year. The resumption of
construction activities and the temporary effect of high activity in construction
projects to catch up on the delivery of these projects have had a positive impact
on the performance.

Given the inherent uncertainty of the current South African economic environment,
the Company is cautious on the sustainability of strong cement volumes experienced
and continues with the implementation of measures to reduce costs and increase
cash generation from its operations. As at the date of this announcement, total
borrowings in the South African operations have decreased by over R200 million as
a result of the increased cash generation and these initiatives.

In the international subsidiaries, the businesses have been less affected by the
Covid-19 pandemic. In aggregate, total cement volumes sold also showed double-
digit growth comparing July 2020 with July 2019. Strong sales volumes have continued
in August and September 2020, with PPC Barnet (DRC) and PPC Zimbabwe experiencing
approximately 25% sales volume growth respectively compared to the prior comparable
period. In Rwanda, CIMERWA expects August and September cement volumes sold to
increase by approximately 10% compared to the same period last year. All markets
of these international subsidiaries of PPC benefit from a good performance of the
cement plants and healthy construction activities. The increased sales volumes and
the effect of the cost reduction and cash preservation measures have resulted in
cash flows for the last few months showing a positive trajectory.

The financial information contained in this announcement has neither been reviewed
nor reported on by the Company’s external auditors.

RESTRUCTURING AND REFINANCING UPDATE
As outlined in the announcements on 13 August 2020, 18 August 2020, and
15 September 2020, PPC is undertaking a restructuring and refinancing project with
the objective of implementing a sustainable capital structure. PPC continues to
make positive progress on the project with finalisation of revised facilities
documentation with its South African lenders expected in October 2020 and
standstill documentation with its DRC lenders in November 2020.

RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are advised to continue exercising caution when dealing in securities
of PPC until the release of the annual financial statements for the year ended
31 March 2020 and full details of the funding arrangements with the lenders and
the capital raise are published.

Sandton
30 September 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 30-09-2020 08:10:00
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.

Restructuring and Refinancing Update and Renewal of Cautionary Announcement

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company" or "Group")

RESTRUCTURING AND REFINANCING UPDATE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT

RESTRUCTURING AND REFINANCING UPDATE
Shareholders of PPC (“Shareholders”) are referred to the Restructuring and Refinancing Update
released on the Stock Exchange News Service (“SENS”) on 13 August 2020 and the Restatement of
Prior Year Results, Trading Statement, Delay in Reporting of 31 March Financial Results and
Operational Update released on 18 August 2020 advising that PPC is undertaking a restructuring and
refinance project (“Project”) with the objective of implementing a sustainable capital structure.

PPC has made positive progress on the Project, reaching important milestones as set out below.

Funding confirmation from South African lenders
The Company has engaged with its South African lenders who provide various short and long term
facilities under existing agreements. PPC has concluded an overarching termsheet with its two
primary South African lenders (“SA Primary Banks”) that provides for:
- All short term banking facilities that were in place at financial year end will remain in place under
similar terms until at least September 2021
- All long term facilities that were in place at financial year end will remain in place, with the
extension of tenor of one of the facilities for an additional six months
- A deferral of scheduled interest and capital repayments on long term facilities until March 2021
- The security position will be enhanced through a security pool arrangement
- A waiver and condonement of covenant breaches under existing facilities and ongoing compliance
with amended covenants including EBITDA and liquidity headroom
- A commitment to reduce the levels of gearing in South Africa through a combination of a capital
raise and asset sales; any capital raise is conditional on the implementation of the other Project
steps, as previously communicated to shareholders

Following credit approval by the SA Primary Banks, the Group has commenced the process of
formalising the term sheet and security arrangements.

PPC has also signed a new working capital facility with its third South African lender under similar
terms and conditions to the above, providing access to ongoing liquidity until December 2021.

Agreement with PPC Barnet lenders
PPC Barnet has negotiated a termsheet with its lenders in the DRC (“PPC Barnet Lenders”) providing
for a standstill to allow for the implementation of a long term restructuring plan. The term sheet
provides for:
- Initial standstill period to 31 December 2020, with possibility of extension to 31 March 2021
subject to certain extension milestones being met related to the long term restructuring plan
- Forbearance of unpaid principal amortisation to date and scheduled principal amortisation until
the end of the standstill period
- Forbearance of unpaid interest to date and scheduled interest until the end of the standstill
period
1
- Negative covenants customary of an arrangement of this nature, including restrictions of incural
of additional debt outside of the existing Group facilities, dividend restrictions, capital
expenditure remaining in line with current budgets and certain financial conduct undertakings
with respect to other Group companies

Subject to final credit approval of the PPC Barnet Lenders, the Group will commence the process of
formalising the term sheet and expects it to be completed in due course.

Key subsequent steps in the restructuring and refinance project
The conclusion of the abovementioned agreements are two important milestones towards achieving
the Project’s overall objectives. It enables PPC to progress to the next phase of the Project, being the
implementation of a long term restructuring plan for PPC Barnet and relieving PPC of its contingent
obligations. The restructuring plan includes raising capital in PPC International to enable a
sustainable capital structure, to fund certain capital investments in the international businesses and
support the restructuring claims of PPC Barnet lenders.

As a final step, and in line with the commitment given to the SA lenders, consideration will be given
to PPC raising capital from its shareholders by way of a rights issue in order to strengthen the
balance sheet and enable the broader restructuring. A capital raise at the Group level is conditional
on PPC reaching a satisfactory outcome on the above Project steps with the timing, quantum and
terms thereof only to be determined once these steps have been achieved.

The project is still targeted for completion by 31 March 2021, although no assurance can be given
that the various corporate actions will be completed by such date.

Shareholders will be updated on progress of the Project, with further details to be published
together with the Company’s FY20 results announcement which is expect to be later this month.

RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are advised to continue exercising caution when dealing in securities of PPC until the
full details of the funding arrangements with the lenders and the capital raise are published.

Sandton
15 September 2020
Sponsor
Merrill Lynch South Africa (Pty) Limited

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

2

Date: 15-09-2020 08:00:00
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.

Restatement of Prior Year Results, Trading Statement, Delayed FY20 Financial Results and Operational Update

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company")

RESTATEMENT OF PRIOR YEAR RESULTS, TRADING STATEMENT, DELAY IN REPORTING OF 31
MARCH 2020 FINANCIAL RESULTS AND OPERATIONAL UPDATE

RESTATEMENTS TO PRIOR PERIOD FINANCIAL RESULTS

Shareholders of the Company (“Shareholders”) are referred to the audited financial
statements for the year ended 31 March 2019 (“Prior year”), announced on Stock
Exchange News Service (“SENS”) on 26 July 2019. The Company wishes to advise
shareholders that during the audit process for the year ended 31 March 2020, prior
year errors were identified and corrected. The corrections and financial impact
are detailed below.

1) Equity-accounted investment in Habesha

Habesha Cement Share Company (“Habesha”) is an Ethiopian equity accounted
investment held by PPC (refer note 20 of the prior year annual financial
statements). In the prior year PPC concluded that no impairment of the investment
was required. The Board is however of the opinion that the investment of
R146 million should have been fully impaired in the prior year. It follows that
the impairment of R93 million and the equity accounted losses of R54 million in
the interim results dated 30 September 2019 will also be reversed following full
impairment of the investment as at 31 March 2019.

2) Zimbabwe financial asset fair value

The PPC Zimbabwe financial asset arose when its US$ denominated Zimbabwe loan was
registered with the Reserve Bank of Zimbabwe (“RBZ”) (refer note 8 of prior year
annual financial statements). The loan qualifies as legacy debt and a Zimbabwe
dollar (“ZWL”) amount equivalent to the US$ loan balance was transferred to the
RBZ, which amount qualifies for the 1:1 conversion of US$ to ZWL. The financial
asset represents the difference between the prevailing ZWL:US$ exchange rate as at
31 March 2020 and the 1:1 rate approved by the Zimbabwe authorities for the
settlement of the US$ Zimbabwe loan.

No adjustment was applied for credit risk as at 31 March 2019. Considering the
fact that PPC did raise an expected credit loss adjustment on the Zimbabwe
government bonds as at that date, the Board believes it would also have been
appropriate to apply the same percentage fair value credit risk adjustment against
the Zimbabwe financial asset as at that date. As a result, the prior year results
will be restated to take into account a pre-tax fair value adjustment of R36.7
million. It follows that the pre-tax income statement impact of the fair value
adjustment in the interim results dated 30 September 2019 will be reduced from R76
million to R39.3 million.

3) Foreign currency translation reserve and exchange differences

At 31 March 2019, PPC Ltd recognised exchange gains of R116 million that arose
from translation of the Democratic Republic of the Congo (“DRC”) deficiency loan
in the statement of profit or loss in its separate financial statements. In the
Group consolidated annual financial statements, the exchange differences were
accounted for in other comprehensive income and accumulated in the foreign currency
translation reserve, as the Group considered the exchange differences to have
arisen from the net investment in the foreign operation. The Board believes it was
not appropriate to consider the loan as part of the net investment in the foreign
operation and accordingly the pre-tax exchange gain of R116 million should have
been recorded in the statement of profit or loss in the PPC consolidated financial
statements in the prior year. As a result the prior year results will be restated
to reflect the exchange gain. This adjustment has no impact on the 30 September
2019 interim results.

4) Other individually immaterial errors

Several smaller individually immaterial errors have been noted relating to
reallocation of intangible assets, reallocation between reserves and
reclassification of investments as treasury shares. Cumulatively these errors have
no impact on earnings.

The cumulative after-tax impact of all the above-mentioned prior year restatements
is a decrease in basic earnings per share from the previously stated 16 cents per
share to 9 cents per share, and an increase headline earnings per share from the
previously stated 20 cents per share to 23 cents per share. Net asset value is
decreased by R174 million from R9.3 billion in the prior year. Management has
initiated, and will continue to implement, improvements to the internal control
environment and related governance processes to ensure integrity of the information
published.

TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2020

Further to the announcement on the 23 June 2020, indicating that financial results
for the period ended 31 March 2020 will differ by more than 20% from those of the
previous corresponding period 31 March 2019, the Company would like to update its
Shareholders as outlined below.

Group revenue for the year ended 31 March 2020 is expected to decrease by less
than 5% compared to the prior year (March 2019: R10.409 billion). Earnings before
interest, tax, depreciation and amortisation (“EBITDA”), is expected to decrease
by a range of 15% to 20% compared to prior year (March 2019: R1.946 billion). Basic
earnings per share is expected to reflect a loss per share of between 110 and 130
cents per share (reflecting a difference of more than 100%), compared with the
restated 9 cents per share achieved for the prior comparable period ended 31 March
2019. Headline earnings per share is expected to be between 25 cents and 30 cents
per share (reflecting a difference of between 8.7% and 30.4%) compared with the
restated 23 cents per share achieved for the prior comparable period ended 31 March
2019.

The difference between the basic earnings per share and headline earnings per share
relates to the impairment of property, plant and equipment in South Africa Cement,
PPC Barnet DRC and Readymix, as well as impairment of certain intangible assets
and goodwill. These impairment considerations were affected by the economic impact
of the Covid-19 pandemic. The financial consequences of the closure of the Group's
plants during lockdown periods of varying lengths depending on the jurisdiction,
and the uncertain economic outlook and recovery periods resulting from the economic
impact of Covid-19 have been factored into the cash flow forecasts utilised in
impairment assessment of the cash generating units of the Group.

Included in headline earnings per share is a net monetary gain of between R625
million and R675 million relating to the hyperinflation accounting in Zimbabwe.

DELAY IN REPORTING OF 31 MARCH 2020 FINANCIAL RESULTS

PPC announced on 23 July 2020 that the Company’s financial results for the year
ended 31 March 2020 would be published on or about 31 August 2020. The Company
took advantage of the dispensation granted by the JSE to delay the publication of
its results by two months and at the time expected to be able to meet that
publication date.
The impact of the Covid-19 pandemic on the year-end and audit process has however
been more severe than initially anticipated. This was due to various levels and
extensions of lockdowns in the countries in which the Group trades, challenges and
delays caused by working remotely during this period and additional analyses
required due to the financial impact of Covid-19 on accounting judgements and
estimates.

In addition, and as communicated to the shareholders of PPC in the announcement on
13 August 2020 on SENS, the Company is undertaking a restructuring and refinance
project with the objective of implementing a sustainable capital structure. PPC
expects to reach certain key milestones on this project in the coming weeks, which
will have an impact on the finalisation of the Company’s financial results.

Given these matters outlined above, PPC is unable to publish audited results by 31
August 2020. PPC, therefore, expects to announce the year ended 31 March 2020
financial results by no later than 30 September 2020. PPC is conscious of its
reporting obligations to regulators and shareholders and is doing everything within
its control to fulfil its obligations.

OPERATIONAL UPDATE APRIL 2020 – JULY 2020

As reported to investors in the company’s 30 April 2020 and 23 July 2020 operational
updates, PPC’s cement operations ramped up in May 2020 post the Covid-19
restrictions imposed at the end of March 2020 across most of the jurisdictions in
which the Group operates. The double digit year-on-year growth of cement volumes
in South Africa during June continued in July as cement sales volumes in South
Africa once again showed double digit growth compared to July 2019. This was
achieved on the back of the strong reduction of imports. Also, the resumption of
construction activities and the temporary effect of high activity in construction
projects to catch up on the delivery of these projects have had a positive impact.
As some of these positives might be temporary and given the economic outlook, PPC
continues with the implementation of measures to reduce costs and increase cash
generation from its operations. The total cement volumes sold by the international
subsidiaries also showed double digit growth comparing July 2020 with July 2019.
The demand is especially strong in Zimbabwe and Rwanda and the growth of sales
volumes during July has been positive in the DRC as well. The increased sales
volumes and the effect of the cost reduction and cash preservation measures have
resulted in cash flows for the last months showing a positive trajectory.

The financial information contained in this announcement has neither been reviewed
nor reported on by the Company’s external auditors.

Sandton
18 August 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

PPC:
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294

Date: 18-08-2020 08:55:00
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.

Restructuring and Refinancing update and Cautionary Announcement

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company" or "Group")

RESTRUCTURING AND REFINANCING UPDATE AND CAUTIONARY ANNOUNCEMENT

Restructuring and refinancing update
Shareholders of PPC (Shareholders) are referred to the interim results released on the Stock Exchange
News Service (SENS) in November 2019 and various subsequent market updates, including the Trading
and Operational Update released on 23 July 2020 advising that PPC is reviewing the capital structure
of the Group and has embarked on a project to refinance and restructure the Group (Project) with the
objective of implementing a sustainable capital structure.

In this regard, the Board of PPC notes the recent media speculation concerning the restructuring and
refinancing of the Group and sets out below a clarification on the objective and current status of the
Project.

Background to the restructuring and refinancing
The need to restructure and refinance is primarily a result of the investment in PPC Barnet in the
Democratic Republic of Congo, the role assumed by PPC Ltd in 2014 as a project sponsor and
contingent claims against PPC Ltd to provide ongoing deficiency funding to PPC Barnet. The need to
refinance has been exacerbated by the economic effects of the Covid 19 pandemic.

Key steps in the restructuring and refinancing project
The restructuring and refinancing seeks to achieve the following objectives:

- Reach agreement with its South African lenders to provide ongoing access to unutilised facilities,
reset of covenants, defer payments and extend renewal dates of the general banking facilities to
provide greater financial flexibility in the context of the uncertainties of the current trading
environment as a result of the Covid 19 pandemic.
- Reach an arrangement with PPC Barnet’s lenders on its capital and interest obligations as a
precursor to agreeing a sustainable capital structure for PPC Barnet and relieve PPC Ltd of its
contingent obligations.
- Raise capital in PPC International to enable a sustainable capital structure, to fund certain capital
investments in the international businesses and support the restructuring claims of PPC Barnet
lenders. Whilst this will likely result in a dilution of PPC Ltd’s interest in PPC International, it is
envisaged that PPC International will remain a subsidiary company of the Group.
- Any capital raise will be conditional on the Group reaching a satisfactory outcome on the above.
Consideration will be given to a capital raise by way of a PPC rights issue in order to strengthen
the balance sheet and enable the broader restructuring, although the timing, quantum and the
terms thereof will only be determined once the other steps have been achieved.

Project implementation
The Board is of the view that on implementation of the Project, the operations of the Group will be
sustainably capitalised and self-sufficient on a standalone basis across the key geographies in which it
operates, and well positioned to pursue their respective growth and shareholder value creation
strategies.

1
The Board has mobilised significant internal and external resource to implement the Project, including
the appointment of Antony Ball as executive director to lead the Project and the appointment of inter
alia, Gleacher Shacklock LLP as financial advisor to advise on achieving the aforementioned.

The restructuring and refinancing is targeted for completion by 31 March 2021 although no assurance
can be given that the various corporate actions will be completed by such date. In the meantime,
discussions with the various lenders continue on a constructive basis.

Shareholders will be updated on progress of the project, with further details to be published together
with the Company’s FY20 results announcement.

CAUTIONARY ANNOUNCEMENT
Shareholders are advised to exercise caution in dealing in securities of PPC until such time as the full
details of the funding arrangements with the lenders and the capital raise are published.

Sandton
13 August 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

PPC:
Anashrin Pillay
Head Investor Relations
Tel: +27 (0) 11 386 9000
Date: 13-08-2020 09:00:00

2

Date: 13-08-2020 09:12:00
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.

Trading Statement and Operational Update

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company" or "Group")

TRADING STATEMENT AND OPERATIONAL UPDATE

TRADING STATEMENT

In terms of the Listing Requirements of the JSE Limited (“JSE Listings Requirements”),
companies are required to publish a Trading Statement as soon as they become reasonably
certain that the financial results for the period to be reported will differ by more
than 20% from those of the previous corresponding period.

Basic earnings and headline earnings per share is expected to decrease by more than
20% compared with the 16 cents per share and the 20 cents per share achieved
respectively for the prior comparable period ended 31 March 2019. These movements are
after taking into account impairments of property, plant and equipment, expected
credit losses and other fair value adjustments. The general economic environment and
the Covid-19 pandemic will have a material impact on these adjustments, which are
being finalised. PPC will provide further guidance once reasonable certainty has been
established on the range, in compliance with the JSE Listings Requirements. As
previously advised, PPC expects to publish its group’s financial results for the year-
ended March 2020 on or about 31 August 2020.

OPERATIONAL UPDATE MAY – JUNE 2020

PPC’s cement operations ramped up in May 2020 post the lifting of the COVID-19
restrictions imposed at the end of March 2020 across most of the jurisdictions in
which the Group operates. As reported on 30 April 2020, sales volumes were
significantly impacted in April 2020. In May 2020, South Africa cement sales volumes
were still around 30 -35% below May 2019 as the operations gradually resumed. In PPC
International the May cement sales volumes were less than 5% below the same period in
2019, mainly driven by strong sales volumes in Rwanda.

The demand recovery has been strong in June 2020, as the cement sales volumes in South
Africa grew by double digits compared to June 2019. This recovery is mostly driven by
the absence of imports that has given an opportunity for local producers like PPC
South Africa to grow. In line with earlier communication and action plans, PPC
considers it crucial for the sustainability of the local cement industry that
substandard cement and imports are properly addressed. Cement sales volumes in PPC
International also show a year-on-year growth in the month of June 2020.

On the back of the improved sales volumes and the various cost and cash preservation
measures, the cash flows for the last two months have shown a positive trajectory.
PPC continues to have the support of its lenders to navigate the impact of the health
and economic crisis. The discussions with the lenders around the announced capital
restructuring continue in a constructive climate. More information on this important
project will be shared at the announcement of the FY20 annual results.

The information in this trading statement has not been reviewed or reported on by the
Company’s external auditors.

Sandton
23 July 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

PPC:
Anashrin Pillay
Head Investor Relations
Tel: +27 (0) 11 386 9000

Date: 23-07-2020 09:00:00
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
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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.

PPC Appoints Anthony Ball as Executive Director

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company")

LEADERSHIP AND GOVERNANCE UPDATE

1. PPC APPOINTS ANTHONY BALL AS EXECUTIVE DIRECTOR

In accordance with paragraph 3.59 of the JSE Limited Listings Requirements, the
board of directors of the Company (“the Board”) wishes to advise shareholders of
following changes to the Board and Board Committees, which changes are effective
immediately:

Mr Anthony Ball (“Anthony”) has served on the Board as an Independent Non-
Executive Director (“NED”) since March 2018 and has now been appointed as
Executive Director of the Company.

Anthony’s qualifications include a BCom (Hons) (University of Cape Town), MPhil
(Management Studies) (Oxford University) and CA(SA). He has extensive experience
in business building, investing and corporate finance. Anthony will serve
alongside Roland van Wijnen (“Roland”), the Chief Executive Officer, with his
specific responsibility being to execute the mandate given by the Board to improve
the current capital structure and lead the related negotiations with local as
well as international funders. This will afford Roland the necessary capacity to
focus on implementing the strategic changes identified to improve the business
and additionally ensure the adjustments caused by the impact of the current
COVID-19 crisis are properly addressed.

Anthony will step down as an NED as well as the Chair of the Remuneration
Committee (“REMCO”). He will remain a member of the Investment Committee.

2. COMMITTEE RESTRUCTURING

REMCO
Ms Noluvuyo Mkhondo (“Noluvuyo”) has been appointed as the Chair of the REMCO
and the committee will now comprise of the following members: Noluvuyo, Charles
Naude and Todd Moyo.

Sandton
24 June 2020
Sponsor
Merrill Lynch South Africa (Pty) Limited
PPC:
Anashrin Pillay
Head Investor Relations
Tel: +27 (0) 11 386 9000
Financial Communications Advisor:
Instinctif Partners
Gift Dlamini
Mobile: +27 11 050 7536

Date: 24-06-2020 02:51:00
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.

CFO Appointment and COVID-19 Update

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company")

CFO APPOINTMENT AND COVID 19 UPDATE

CFO APPOINTMENT

The Board and Executive Committee of PPC Ltd are pleased to announce the appointment
of Ms Ronel van Dijk as permanent CFO. It provides the Company with continuity for
all activities that Ronel has initiated since she started in her role as interim CFO
on November 1, 2019. With the acceptance of the position as CFO, Ronel will also
continue to serve as Executive Director of PPC Ltd.

COVID-19 (CV19) UPDATE

PPC is guided by the principles of reducing risks to the health of its employees and
business partners, whilst ensuring business continuity in each of the countries that
the Company operates in. PPC’s CV19 Taskforce was formed in February to prepare a
coordinated set of measures including employee health and safety and cash preservation
measures. During the lockdown in South Africa the Group executive committee has met
daily with the Taskforce leader and the Group Chief Information Officer to ensure
execution of these measures and adjustment to the situation as it develops.

The Group’s businesses have generally been operationally constrained in their
respective jurisdictions during April. PPC Barnet in the DRC has been able to operate
and is expected to produce similar volumes compared to the same period last year.
CIMERWA and PPC Zimbabwe have partially resumed operations in Rwanda and Zimbabwe in
the second half of April. Cement sales volumes in these countries are expected to be
around 15 to 20% of the volumes sold in April 2019. In South Africa, only PPC Lime
sold small quantities to customers deemed by the authorities as essential providers.
Overall sales volumes in South Africa for April are expected to be around 95% lower
compared to April 2019 due to the stringent lock down measures imposed by the South
African government. PPC South Africa is preparing to start production to operate in
line with the risk based regulations and related CV19 Risk Levels announced by the
South African government on the 25 April 2020. The uncertainty around the further
development of the containment of the coronavirus makes it necessary for PPC to work
with various scenarios. Together with the other members of the Industry Association
a request has been made to the Government to support the local industry, expedite
construction work and implement the announced measures around infrastructure
development and giving priority to local manufacturing.

PPC has implemented various cost reduction and cash preservation actions to protect
liquidity through and post the lockdown period. The committed facilities show
sufficient headroom in South Africa under various economic scenarios. The Company is
also continuously engaging with international funders to ensure sufficient liquidity
in its international operations. The refinancing and restructuring project announced
in October 2019 is continuing and an update of this project will be given at the
announcement of the company’s annual results.

PPC will provide further guidance on the financial impact on the group at a later
stage.

Sandton
30 April 2020
Sponsor
Merrill Lynch South Africa (Pty) Limited

PPC:
Anashrin Pillay
Head Investor Relations
Tel: +27 (0) 11 386 9000
Financial Communications Advisor:
Instinctif Partners
Gift Dlamini
Mobile: +27 11 050 7536

Date: 30-04-2020 08:35:00
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.

Dealing in Securities by an Associate of a Director

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company" or "Group")

DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR

In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transaction : 31 March 2020
Number of securities : 6 452 734
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R1.6759
Value of transaction : R10 814 136.91
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital
Partners (Pty) Ltd (“VCP”), which is the registered investment manager to Value
Capital Partners H4 QI Hedge Fund and various other funds.

Sandton
1 April 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

Investor contacts:
PPC:
Anashrin Pillay
Tel: +27 (0)11 386 9000
Anashrin.Pillay@ppc.co.za

Date: 01-04-2020 07:05:00
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.

Dealing in Securities by an Associate of a Director

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company" or "Group")

DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR

In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transaction : 26 March 2020
Number of securities : 1 141 068
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R1.4719
Value of transaction : R1 679 537.99

Date of transaction : 27 March 2020
Number of securities : 444 161
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R1.4965
Value of transaction : R664 686.94

Date of transaction : 30 March 2020
Number of securities : 145 799
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R1.4888
Value of transaction : R217 065.55

Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital
Partners (Pty) Ltd (“VCP”), which is the registered investment manager to Value
Capital Partners H4 QI Hedge Fund and various other funds.

Sandton
31 March 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

Investor contacts:
PPC:
Anashrin Pillay
Tel: +27 (0)11 386 9000
Anashrin.Pillay@ppc.co.za

Date: 31-03-2020 04:15:00
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.

Dealing in Securities by an Associate of a Director

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company" or "Group")

DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR

In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transact ion : 18 March 2020
Number of securities : 1 056 191
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R0.9539
Value of transaction : R1 007 500.59
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

Date of transaction : 19 March 2020
Number of securities : 1 079 021
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R0.9932
Value of transaction : R1 071 683.66
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

Date of transaction : 20 March 2020
Number of securities : 3 490 927
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R1.0215
Value of transaction : R3 565 981.93
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital
Partners (Pty) Ltd (“VCP”), which is the registered investment manager to Value
Capital Partners H4 QI Hedge Fund and various other funds.

Sandton
23 March 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

Investor contacts:
PPC:
Anashrin Pillay
Tel: +27 (0)11 386 9000
Anashrin.Pillay@ppc.co.za

Date: 23-03-2020 04:30:00
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.

PPC Attending BofA Securities Investor Conference and Operational Update for the 11 months ended February 2020

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company" or "Group")

PPC ATTENDING BofA SECURITIES INVESTOR CONFERENCE AND OPERATIONAL UPDATE FOR THE 11
MONTHS ENDED FEBRUARY 2020

BofA SECURITIES INVESTOR CONFERENCE
PPC will be participating in the virtual BofA Securities Investor Conference on
Wednesday 18 and Thursday 19 March 2020. In preparation for this event, PPC has prepared
an operational update, which reflects information on PPC operations for the period
April 2019 to February 2020 as outlined below.

GROUP PERFORMANCE
The trading performance in the Group’s Southern Africa businesses has started to show
signs of stabilisation in terms of cement volumes whilst the business continues to
realise year-on-year cement price increases. The International cement business has
delivered a resilient performance for the period with continued year-on-year revenue
growth in DRC and Rwanda whilst PPC Zimbabwe has seen an improvement in EBITDA margins
and is fully self-funding. The Group has continued with stringent cost containment
supported by a restructured Group head office. Group capex has reduced significantly
when compared with the same period last year, and is expected to be at the lower end
of the guided range of R600m to R800m given at the Group’s interim results. The
reduction in capex is expected to counter the negative impact of reduced EBITDA. All
business units are meeting their debt obligations other than the DRC operations, which
has continued to pay only its interest obligations. In the DRC, PPC has successfully
negotiated an extension to the capital moratorium which expired in January 2020.

UPDATE ON THE CAPITAL STRUCTURE
PPC indicated to investors in November 2019 that management was reviewing the capital
structure of the Group. Subsequently, PPC has embarked on a project to refinance and
restructure the Group. There are three parts to this, all of which are at various
stages of development.

1) The first part of this project entails:
a) The relaxation of covenants in respect of South African debt. This is partially
complete and is expected to be finalised within the next three months,

b) The extension of capital repayments with regard to the maturity profile in South
Africa is in the early stages and progressing well.

2) The second part aims to achieve an extension of the capital holiday in the DRC,
which would complete a process which commenced in July 2019. These negotiations have
concluded, and the parties are finalising the related legal process. This will extend
the capital moratorium in the DRC to January 2022.

3) The third part relates to the unsustainable debt levels in the DRC, and its
requirement for deficiency funding from PPC Ltd. These negotiations have commenced
and PPC is considering various options for the refinancing and restructuring project
that may include a capital injection by interested third parties into the
International cement business. PPC will update shareholders at its interim results in
June 2020 in this regard. PPC does not envisage a capital raise at PPC Limited level
for this purpose.

SOUTHERN AFRICA CEMENT
PPC realised average cement price increases in its Southern African business
(including Botswana), of 8.0% to 10.0% for the period. SA cement sales volumes declined
by 16% to 18% compared to the corresponding period in 2019 (“comparable period”).
Increased importer and blender activity has impacted PPC’s domestic volumes and
pricing. Total cement imports increased by 17% for January 2019 to December 2019
compared to the same period in 2018, amounting to approximately 1.2 million tonnes.
The coastal business is experiencing a downturn in volumes impacted by imports, whilst
inland volumes are showing signs of improvement. The Concrete Institute (“TCI”) on
behalf of the domestic cement industry has completed its submission to the
International Trade Administration Commission (“ITAC”) highlighting the impact of
imports on domestic cement production.

MATERIAL BUSINESS
The material businesses consisting Lime, aggregates and readymix experienced a
combined decline in revenue and EBITDA of 5% to 10%. The Lime business has been
hampered by constrained steel demand, exacerbated by the Saldhana shutdown, whilst
the aggregates and readymix businesses experienced muted demand due to their exposure
to the domestic construction sector. The Lime and aggregates businesses benefitted
from increased steel production in the Gauteng region and a diversification strategy
to broaden the customer base.

INTERNATIONAL CEMENT

ZIMBABWE
Despite the challenging trading conditions in Zimbabwe, including liquidity
constraints and inflationary pressures, PPC Zimbabwe remains self-sufficient. Overall
cement sales volumes have declined by 15 to 20% due to a weaker economic climate,
offset by cement pricing which has been aligned to input cost inflation. PPC Zimbabwe
achieved EBITDA margins of 35% to 38%. PPC Zimbabwe has continued to meet its debt
obligations in country.

RWANDA
In Rwanda, Cimerwa continues to benefit from increased construction activity and high
economic growth. The business achieved higher volumes, with EBITDA tracking in line
with the prior period supported by stable pricing. Cimerwa in which PPC holds a 51%
stake, has indicated to PPC its intention to list the business in this calendar year
on the Rwandan Stock Exchange. PPC views this as a positive step by the company to
diversify its shareholder base and unlock value for PPC shareholders.

DEMOCRATIC REPUBLIC OF CONGO (DRC)
The EBITDA performance of the business is tracking higher compared to the same period
last year, supported by stable sales volumes and pricing. PPC is currently engaging
with its lenders to restructure the debt in the DRC and put in place a more sustainable
capital structure, as addressed above

CORONA VIRUS (COVID-19)
In early March 2020, PPC formed a dedicated task team to deal with the Corona virus
(COVID-19) outbreak and implemented the first protective measures. The company is
following the guidelines from the World Health Organisation, South African government
and other regulatory bodies in the countries where the Group has operations. Such
guidelines related to items such as staff travel, protection of the premises, hygiene
measures and social distancing. PPC continues to monitor the impact on the business
both from an economic and social perspective and actively supports the containment of
the risks for its employees and business partners contemplating various scenarios for
future developments. PPC will keep investors updated as to any significant
developments that are impacting the business. Currently, PPC is fully operational
across all jurisdictions.
OUTLOOK
PPC management is focused on concluding the refinancing and restructuring in the
International cement business. The Group will continue to focus on improving the
performance of its core operations and positioning the Group for future growth as the
leading organization in the South African cement industry.

The information in this operational update has not been reviewed or reported on by
the Company’s external auditors.

Sandton
18 March 2020
Sponsor
Merrill Lynch South Africa (Pty) Limited

PPC:
Anashrin Pillay
Head Investor Relations
Tel: +27 (0) 11 386 9000

Financial Communications Advisor:
Instinctif Partners
Gift Dlamini
Mobile: +27 11 050 7536

Date: 18-03-2020 08:00:00
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.

Dealing in Securities by an Associate of a Director and Disclosure of Beneficial Interest in Securities

PPC Ltd
(Incorporated in the Republic of South Africa)
Company registration number: 1892/000667/06
JSE / ZSE code: PPC
JSE ISIN: ZAE000170049
(“PPC” or “Company”)

DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR AND DISCLOSURE OF BENEFICIAL
INTEREST IN SECURITIES

In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transaction : 13 February 2020
Number of securities : 12 725 499
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R1.97
Value of transaction : R25 069 233.03
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital
Partners (Pty) Ltd (“VCP”), which is the advisor to Legae Peresec Fund Platform
Proprietary Limited, the registered investment manager for various funds advised
by VCP.

BENEFICIAL INTEREST IN SECURITIES

In terms of paragraph 3.83(b) of the JSE Listings Requirements and section
122(3)(b) of the Companies Act, No. 71 of 2008, as amended, shareholders are
advised that PPC has received formal notification that VCP has acquired additional
beneficial interest in the ordinary shares of the Company, such that the total
interest held in PPC now amounts to 15.00% (fifteen percent) of the total issued
ordinary shares of the Company.

Sandton
17 February 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

Investor contacts:
PPC:
Anashrin Pillay
Tel: +27 (0)11 386 9000
Anashrin.Pillay@ppc.co.za

Date: 17-02-2020 05:30:00
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.

Dealing in Securities by an Associate of a Director

PPC Ltd
(Incorporated in the Republic of South Africa)
Company registration number: 1892/000667/06
JSE / ZSE code: PPC
JSE ISIN: ZAE 000170049
(“PPC” or “Company”)

DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR

In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transaction : 10 February 2020
Number of securities : 811 314
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R2.1468
Value of transaction : R1 741 728.90
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital
Partners (Pty) Ltd (“VCP”), which is the advisor to Legae Peresec Fund Platform
Proprietary Limited, the registered investment manager for various funds advised
by VCP.

Sandton
13 February 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

Investor contacts:
PPC:
Anashrin Pillay
Tel: +27 (0)11 386 9000
Anashrin.Pillay@ppc.co.za

Date: 13-02-2020 04:00:00
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.

Dealing in Securities by an Associate of a Director

PPC Ltd (Incorporated in the Republic of South Africa)
Company registration number: 1892/000667/06
JSE / ZSE code: PPC
JSE ISIN: ZAE 000170049
JSE code: PPC003
JSE ISIN: ZAG000117524
(“PPC” or “Company”)

DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR

In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transaction : 5 February 2020
Number of securities : 2 496 248
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R2.3838
Value of transaction : R5 950 555.98
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

Date of transaction : 6 February 2020
Number of securities : 477 609
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R2.2881
Value of transaction : R1 092 817.15
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

Date of transaction : 7 February 2020
Number of securities : 850 355
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R2.2335
Value of transaction : R1 899 267.89
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value
Capital Partners (Pty) Ltd (“VCP”), which is the advisor to Legae Peresec Fund
Platform Proprietary Limited, the registered investment manager for various
funds advised by VCP.

Sandton
10 February 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

Investor contacts:
PPC:
Anashrin Pillay
Tel: +27 (0)11 386 9000
Anashrin.Pillay@ppc.co.za

Date: 10-02-2020 11:30:00
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.

Dealing in Securities by an Associate of a Director

PPC Ltd (Incorporated in the Republic of South Africa)
Company registration number: 1892/000667/06
JSE / ZSE code: PPC
JSE ISIN: ZAE 000170049
JSE code: PPC003
JSE ISIN: ZAG000117524
(“PPC” or “Company”)

DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR

In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*

Date of transaction : 31 January 2020
Number of securities : 341 346
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R2.2777
Value of transaction : R777 483.78
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

Date of transaction : 3 February 2020
Number of securities : 385 168
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R2.3941
Value of transaction : R922 130.71
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

Date of transaction : 4 February 2020
Number of securities : 777 238
Nature of transaction : On-market purchase of securities
Class of securities : Ordinary shares
Share price : R2.3954
Value of transaction : R1 861 795.91
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value
Capital Partners (Pty) Ltd (“VCP”), which is the advisor to Legae Peresec Fund
Platform Proprietary Limited, the registered investment manager for various
funds advised by VCP.

Sandton
5 February 2020

Sponsor
Merrill Lynch South Africa (Pty) Limited

Investor contacts:
PPC:
Anashrin Pillay
Tel: +27 (0)11 386 9000
Anashrin.Pillay@ppc.co.za

Date: 05-02-2020 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.

Trading Statement

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
JSE Code: PPC
ISIN: ZAE000170049
JSE code: PPC003
JSE ISIN: ZAG000117524
("PPC" or the "Company")

TRADING STATEMENT

In terms of the Listing Requirements of the JSE Limited, companies are required to
publish a Trading Statement as soon as they become reasonably certain that the
financial results for the period to be reported will differ by more than 20% from
those of the previous corresponding period. PPC is finalising its interim results
for the 6 months ended 30 September 2019 which will be released on or about 20
November 2019.

Earnings before Interest, tax, depreciation and amortisation (“EBITDA”), before
Impairments, Expected Credit Loss adjustments and the Net monetary gain resulting
from the application of hyper-inflation accounting on the PPC Zimbabwe business is
expected to decrease by between 15% and 20% compared to R1.039 billion for the period
ended 30 September 2018.

The main drivers for the decline in EBITDA are:

- The impact of Zimbabwe due to the hyper-inflationary environment (see details
below)
- The difficult trading environment in South Africa
- Once-off restructuring costs amounting to R85 million incurred during the
period under review

Basic earnings per share is expected to decrease by between 90% and 110% (between 19
cents and 23 cents), compared with the 21 cents achieved for the prior comparable
period ended 30 September 2018. Headline earnings per share is expected to decrease
by between 65% and 85% (between 14 cents and 18 cents) compared with the 21 cents
achieved for the prior comparable period ended 30 September 2018.

The main drivers for the decline in EPS are:

- The above EBITDA drivers
- Hyper-inflationary accounting (IAS29) and the application of IFRS9: Financial
Instruments, both explained below
- Impairment of the equity accounted investment in Ethiopia amounting to
R93 million (this item does not impact HEPS)

TREATMENT OF ZIMBABWE

PPC has been closely monitoring the economic situation in Zimbabwe and whilst the
business is self-sufficient, the Zimbabwe Public Accountants and Auditors Board
(PAAB) announced that Zimbabwe is a hyperinflationary economy. This conclusion was
supported by a rapid increase in the inflation rate which at the end of September
2019 was in excess of 150%, the significant deterioration in the traded interbank
Zimbabwean dollar exchange rate over the period and the lack of access to foreign
currency to discharge foreign liabilities.

PPC Zimbabwe has applied hyperinflationary accounting from 1 April 2019 – 30
September 2019, in accordance with IAS 29 accounting standards. The results, net
assets and cash flows were then translated from Zimbabwe Dollar (“ZWL”) into rand at
a closing rate of 1 ZWL to 0.99 ZAR.

The impact of the above on the PPC Group results is as follows:

- PPC Zimbabwe EBITDA is expected to decline between 40% and 45% compared with
the R352m achieved in the prior comparable period.
- Loss for the period is impacted by a net monetary gain amounting to R445
million (after tax)

PPC Group results are also impacted by application of IFRS9: Financial Instruments
to the funds held in Zimbabwe and the Zimbabwe Financial Asset that arose as a result
of the US$ denominated Zimbabwe loan that qualified as legacy debt. The impact on
the group results is an increase in expected credit losses of between R300 million
and R350 million.

The information in this trading statement has not been reviewed or reported on by
the Company’s external auditors.

Sandton

7 November 2019

Sponsor

Merrill Lynch South Africa (Pty) Limited

PPC:

Anashrin Pillay

Head Investor Relations

Tel: +27 (0) 11 386 9000

Financial Communications Advisor:

Instinctif Partners

Gift Dlamini

Mobile: +27 11 050 7536

Date: 07/11/2019 09:32:00
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.

Tryphosa Ramano, Chief Financial Officer and Director of PPC, Steps Down

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
JSE Code: PPC
ISIN: ZAE000170049
JSE code: PPC003
JSE ISIN: ZAG000117524
("PPC" or the "Company")

TRYPHOSA RAMANO, CHIEF FINANCIAL OFFICER AND DIRECTOR OF PPC, STEPS DOWN

In compliance with paragraph 3.59 of the Listings Requirements of the JSE
Limited, PPC wishes to announce that the Board of Directors (“the Board”)
and Ms. Tryphosa Ramano have mutually agreed to separate. Ms Ramano will
therefore step down as the Chief Financial Officer (“CFO”) and as director
of PPC with effect from 31 October 2019. Ms Ramano has indicated she is
stepping down to pursue personal interests.

The Board would like to thank Ms. Ramano for her many years of dedicated
service to PPC and wishes her well in her future endeavours. She has been
with PPC for 8 years, since joining in August 2011 and has played a major
role in assisting PPC to deliver on its strategy of growing outside of SA,
with PPC ROA revenue increasing by ~80% over the period. Ms Ramano played a
leadership role in ROA governance, representing PPC on the boards of PPC
group companies in Ethiopia, Rwanda, Zimbabwe and DRC. Ms Ramano has agreed
to take on a consultancy role with PPC which will see her avail her services
to PPC in order to ensure continuity.

Ms Ronel van Dijk, has been appointed as interim CFO and as an Executive
Director to PPC Ltd, with effect from 1 November 2019 until such time as a
permanent CFO and Executive Director is appointed. On behalf of the Board,
the Chairman, Mr Jabu Moleketi, said that the Nominations Committee of the
Company will commence the process to appoint a permanent CFO with immediate
effect.

Ronel has a B.Rek (Hons) degree from the University of Stellenbosch and
qualified as a CA(SA) in December 1997. Ronel joined Spur Corporation Limited
as group financial manager in January 2003. In January 2005 she was appointed
as CFO and Company Secretary, and she was appointed to the board of directors
in September 2006. Ronel resigned from Spur Corporation Limited in March
2018 and was appointed as a non-executive director and audit and risk
committee member of GPI Limited and Adcorp Holdings Limited in December 2018
and June 2019 respectively. She is also a founding member of the Western
Cape Development Board of the Early Care Foundation.

Sandton
10 October 2019

Sponsor
Merrill Lynch South Africa (Pty) Limited

Investor contacts:
PPC:
Anashrin Pillay
Tel: +27 (0)11 386 9000
Anashrin.Pillay@ppc.co.za

Date: 10/10/2019 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.

Investor Centre

Sens Announcements

2025

2025/09/03

Results of Annual General Meeting and Change to the Board of Directors

2025/09/01

Disposal of Vacant Land by PPC Zimbabwe LTD

2025/08/21

Disposal of Vacant Land by PPC Zimbabwe Ltd

2025/07/25

Publication of Integrated Annual Report, Notice of Annual General Meeting and BBBEE Compliance Report

2025/06/09

Audited Consolidated Annual Financial Statements for the Year Ended 31 March 2025 and Cash Dividend Declaration

2024

2024/09/30

Operating Update for the Four Months ended 31 July 2024

2024/08/28

Declaration of Special Cash Dividend

2024/07/26

Distribution of Integrated Annual Report Notice of Annual General Meeting and BBBEE compliance certificate

2024/07/25

Disposal of CIMERWA (Rwanda) - COMESA approval

2024/06/12

Trading Statement for the Year Ended 31 March 2024

2024/03/27

Operational Update for the Ten Months ended 31 January 2024

2024/01/31

General Repurchase of Shares

2024/01/25

PPC Successfully Concludes Disposal of its 51% Interest in CIMERWA (Rwanda)

2024/01/02

Vesting of Shares to former Chief Executive Officer - Long Term Incentive Plan

2023

2023/11/28

Dealing in Shares pursuant to Long-Term Incentive Plan

2023/11/27

Leadership and Governance Update - Appointment of Matias Cardarelli as Chief Executive Officer of PPC

2023/11/17

Disposal by PPC Limited of its 51% Interest in CIMERWA - Rwanda

2023/09/20

Operating Update for the five months ended 31 August 2023

2023/09/07

Availibility of Broad-Based Black Economic Empowerment Compliance Report

2023/09/06

Results of Annual General Meeting

2023/09/04

Appointment of Matias Cardarelli as Chief Executive Officer of PPC

2023/08/07

Employment Equity Transaction

2023/07/28

Notice of Annual General Meeting and Publication of Integrated Annual Report

2023/06/26

Summarised Audited Consolidated Financial Statements for the Year Ended 31 March 2023

2023/06/26

Further Trading Statement for the Twelve Months ended 31 March 2023

2023/06/15

Trading statement and operational update for the 12 months ended 31 March 2023

2023/03/16

Capital Markets Day and Operational Update for the Twelve Months ending 31 March 2023

2022

2022/11/21

Group Results for the six months ended 30 September 2022

2022/11/21

CANCELLATION OF S468618 Group Results of the six months ended 30 September 2022

2022/11/21

Group Results of the six months ended 30 September 2022

2022/11/16

Trading Statement and Operation Update for the six months ended 30 September 2022

2022/09/30

Vesting of shares in terms of Forfeitable Share Plan

2022/09/21

Disclosure of beneficial interests in securities

2022/09/14

Operating Update for the five months ended 31 August 2022

2022/09/09

Results of Annual General Meeting and Change to the Board of Directors

2022/07/27

Notice of Annual General Meeting, Integrated Annual Report and B-BBEE Certificate and Change to the Board

2022/07/07

Dealing in Securities by an Associate of Directors