SENS Announcements

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.

Restructuring and Refinancing Project Update and Operating update for the six month ending 30 September 2021 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 OPERATING UPDATE FOR THE SIX MONTHS ENDING 30 SEPTEMBER 2021 Shareholders of the Company ("Shareholders") are referred to the previous announcements released on the Stock Exchange News Service (“SENS”), relating to PPC’s Restructuring and Refinancing Project, including the announcement released on 31 March 2021, wherein they were advised on the status of the restructuring and refinancing project underway. UPDATE ON NEGOTIATIONS WITH THE SA LENDERS TO RESTRUCTURE THE SOUTH AFRICAN BALANCE SHEET AND REMOVAL OF UNDERTAKING TO RAISE EQUITY CAPITAL PPC has previously advised Shareholders that its South African Lenders ("SA Lenders") had agreed to defer the timing of the proposed equity capital raise to de-gear its South African balance sheet ("Capital Raise") to the end of September 2021. PPC further advised Shareholders that the SA Lenders had also agreed to review the need for the Capital Raise should the South African businesses continue to de-gear towards a sustainable debt metric of c.2x EBITDA. PPC is pleased to inform Shareholders that it has signed non-binding term sheets with the SA Lenders to refinance its existing debt obligations and remove the undertaking for a Capital Raise subject to the completion of the disposal of PPC Lime by 31 October 2021. UPDATE ON THE DISPOSAL OF PPC LIME LIMITED PPC previously advised Shareholders that PPC South Africa Holdings Proprietary Limited had entered into a binding agreement to dispose of its entire shareholding in PPC Lime for a consideration of R515 million ("PPC Lime Disposal") on terms and conditions set out in the announcement. On 20 September 2021 Shareholders were informed that all outstanding conditions precedent in relation to the PPC Lime Disposal had been fulfilled on 17 September 2021. In terms of the Agreement, the effective date of the PPC Lime Disposal is the last day of the month in which the final condition precedent is fulfilled and will therefore be 30 September 2021. The closing date on which the purchase price, including interest, will be received is expected to be 10 business days thereafter on 14 October 2021. REFINANCING OF PPC’S SOUTH AFRICAN DEBT FACILITIES PPC refers Shareholders to previous announcements regarding negotiations with its SA lenders on its existing debt arrangements to enhance the Group’s financial flexibility. The new facilities of R2.1 billion, as per the signed non-binding term sheets with the SA Lenders, have an extended maturity profile with the long-term facility of R1.5 billion being repayable over three to five years. The margins have been reduced across all facilities to reflect PPC’s improved credit risk profile. PPC will use the new facilities to re-finance the drawn portions of existing facilities, leaving adequate headroom and financial flexibility over the next five years. DRC CAPITAL RESTRUCTURING As previously announced, the binding settlement agreement entered into on 31 March 2021 with the DRC Lenders terminated PPC’s obligations to make further deficiency funding payments to PPC Barnet. The term sheet, also signed on 31 March 2021, envisaged restructuring of PPC Barnet’s balance sheet by 30 September 2021. It is now envisaged that binding long-form restructuring agreements with the DRC Lenders will only be signed after 30 September 2021, with the administrative processes to restructure PPC Barnet’s balance sheet to re-store solvency and liquidity to be effective by mid-December 2021. Notwithstanding the delay in the restructuring, the DRC Lenders have no further recourse to PPC Ltd. OPERATING UPDATE FOR THE SIX MONTHS ENDING 30 SEPTEMBER 2021 GROUP PERFORMANCE PPC expects total Group cement sales volumes for the six months ending 30 September 2021 to increase by 10%-13% year-on-year, with double- digit volume growth in most business units. Relative to the comparable period in 2019, total cement sales are expected to increase by 6%-9%. The Group’s materials businesses also experienced double-digit year- on-year growth in sales volumes. SOUTH AFRICA & BOTSWANA CEMENT PPC expects cement sales volumes in the region to increase by 10%-13% year-on-year for the six months ending 30 September 2021 due to strong retail demand. Relative to the comparable period in 2019, cement sales in the region are expected to increase by 3%-6%. Growth in cement sales volumes in the informal and rural markets continues to outpace other segments of the market. After experiencing a lagged recovery relative to the inland region, PPC experienced double-digit year-on- year growth in cement sales volumes in the coastal region, albeit from a lower base, with most of the recovery in sales occurring after July 2021. PPC remains cautious on the outlook for demand in the coastal area due to a slow recovery in commercial construction activity. PPC implemented price increases to offset input cost inflation with realised selling prices increasing by 5%-10% year-on-year for the six months ending 30 September 2021. Cement imports continue to threaten the sustainability of the South African cement industry, with total imports increasing by 14% year- on-year after adjusting for the impact of the hard lockdown in the prior comparable period. PPC estimates that imports will account for approximately 10% of total industry volumes by the end of 2021. Although the South African cement industry has experienced an upswing in demand following the initial COVID-19 related hard lockdowns in 2020, total industry demand is below levels that will incentivise new investments in the industry. In addition, the lack of relief against unfair competition [Dumping] is threatening the financial sustainability of a vital component of the manufacturing and construction sector. It is also eroding the industry's ability to create jobs. In conjunction with Cement & Concrete SA (CCSA) and other industry players, PPC is awaiting a decision from the relevant authorities on an application that seeks relief against unfair competition. The application has been updated to include both clinker and cement. PPC is committed to working with all parties to achieve a speedy outcome. The South African cement industry is also awaiting a decision from the authorities to classify locally produced cement as a designated product, making it compulsory for locally produced cement to be used in government-funded construction projects and to prohibit the use of imported cement in such projects. Upon implementation, the local cement industry is expected to benefit from increased demand due to the new designation once the Government's infrastructure build programme gathers pace. PPC continues to work with the relevant stakeholders on this matter. MATERIALS Due to increased construction activity, the readymix and aggregates businesses experienced a recovery in demand for the six months ending 30 September 2021. PPC expects readymix volumes to increase by 33%- 37% year-on-year, while aggregates volumes are expected to increase by 22%-26% year-on-year. Fly ash sales volumes are expected to increase by 2%-5%. 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 ahead of expectations despite the challenging macro-economic environment. For the six months ending 30 September 2021, PPC Zimbabwe’s cement sales volumes are expected to increase by 14%-18% year-on-year benefiting from retail demand, increased sales to concrete product manufacturers, and support from Government-funded projects. Relative to the comparable period in 2019, cement sales volumes are expected to increase by 25%-29%. RWANDA COVID-19 related lockdowns imposed by the authorities to control the spread of the virus continue to have an unfavourable impact on CIMERWA's cement sales. In addition, the prior year benefited from government infrastructure projects which did not reoccur in the current period. Despite this, cement sales volumes for the six months ending 30 September 2021 are expected to be in line with the prior comparable period. Relative to the same period in 2019, CIMERWA expects cement sales volumes to increase by 7%-10%. Revenue in Rands for the six months ending 30 September 2021 is expected to decline year-on-year due to Rand strength against the functional currency. PPC expects additional improvements in sales over the coming months as economic activity gathers momentum on the back of improving vaccination rates and infrastructure projects. LIQUIDITY & CASH FLOW Cash generation benefited from the Group's financial performance improvements and its numerous cash generation and preservation measures. As a result, South Africa gross debt declined to R1.8 billion (31 March 2021: R1.9 billion) and will reduce further by approximately R550 million when the proceeds of the disposals of PPC Lime and PPC Aggregate Quarries Botswana Proprietary Limited are received in October 2021. OUTLOOK Although PPC continues to face uncertain trading conditions, the Group is well-positioned to benefit from growing cement demand in the territories in which it operates. PPC will also continue to take the necessary measures to ensure that it can continue serving its customers, protecting its employees, and implementing strategic initiatives to ensure financial sustainability through all demand cycles. Sandton 28 September 2021 Sponsor Sasfin Capital A member of the Sasfin Group Financial Communications Advisor: Instinctif Partners Louise Fortuin Mobile: +27 71 605 4294 Date: 28-09-2021 07:59:00 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 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 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.

Distribution of IAR and notice of AGM 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 DISTRIBUTION OF INTEGRATED ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL MEETING FOR THE YEAR ENDED 31 MARCH 2021 Shareholders of the Company (“Shareholders”) are hereby advised that the Notice of Annual General Meeting (“AGM”) which includes Summarised Consolidated Financial Statements of the Company for the year ended 31 March 2021, has been published and distributed to Shareholders today, Friday, 16 July 2021. NOTICE OF AGM Notice is hereby given that the next AGM of Shareholders will be held entirely by electronic communication, on Friday, 27 August 2021 at 12:00, 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 distributed to Shareholders today. 2021 Record date to receive the notice of the AGM Friday, 9 July Date of posting the Notice of AGM Meeting Friday, 16 July Last date to trade to be eligible to vote Tuesday, 17 August Record date to be eligible to attend, participate and vote at the AGM Friday, 20 August Meeting For administrative purposes, preferable date by which forms of Wednesday, 25 August proxy for the AGM are requested to be lodged, by 12h00 on Annual General Meeting at 12h00 Friday, 27 August Results of AGM published on SENS on Friday, 27 August Notes: 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, 25 August 2021 may be handed to the chair of the AGM immediately before the appointed proxy exercises any of the shareholder’s rights at the AGM. Electronic copies of the Integrated Annual Report (“IAR”) together with all supplementary reports referenced therein will be available on the Company´s website, at <a href="https://www.ppc.africa/investors-relations/reports/?t=year-end" target="_blank">https://www.ppc.africa/investors-relations/reports/?t=year-end</a> and the notice of AGM will be available on the Company’s website, at <a href="https://www.ppc.africa/investors-relations/reports/?t=agm-notices" target="_blank">https://www.ppc.africa/investors-relations/reports/?t=agm-notices</a> as from today, 16 July 2021. Copies of the IAR and AGM notice may also be requested from the company secretary at <a href="mailto:kevin.ross@ppc.co.za">kevin.ross@ppc.co.za</a>. Sandton 16 July 2021 Sponsor Sasfin Capital, a member of the Sasfin Group Financial Communications Advisor: Instinctif Partners Louise Fortuin Mobile: +27 71 605 4294 Date: 16-07-2021 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.

Short Form Announcement Audited Consolidated Annual Financial Statements 2021 and B-BBEE 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 “the company” or “the group”) SHORT FORM ANNOUNCEMENT AUDITED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 B-BBEE CERTIFICATE Shareholders are advised that PPC has published their Audited Consolidated Annual Financial Statements for the year ended 31 March 2021 (“2021 AFS”). SALIENT FEATURES (CONTINUING OPERATIONS) Group revenue: R8 938 million (March 2020:R8 671 million) Group EBITDA: R1 598 million (March 2020: R1 381 million) Earnings per share: 65 cents (March 2020: 43 cents loss) Headline earnings per share: 3 cents (March 2020: 54 cents) Group free cash flow: R649 million (March 2020: R289 million outflow) The group did not declare a dividend in the current or previous period Roland van Wijnen, CEO, said: My gratitude goes to all my colleagues at PPC. They have worked tirelessly under very stringent health and safety protocols to keep PPC going and sustain our purpose of empowering people to experience a better quality of life. Despite the difficult trading conditions in most of our markets, our businesses have benefited from a recovery in cement demand, resulting in improved financial performance. The strategic repositioning of PPC as a leading cementitious player is progressing well, and we will redouble our efforts in the new financial year. We also achieved significant milestones in our capital restructuring and refinancing project, which remains a priority for PPC. So far, we have concluded an agreement with PPC Barnet's lenders, which terminates their right to recourse to PPC. We signed agreements for the sale of PPC Lime and our aggregates business in Botswana. We also agreed with our South African lending partners to defer the equity capital raise in South Africa from March 2021 to September 2021. We continue to engage with our lenders to find the most economically efficient way to recapitalise the South African business. 2021 AFS The group has, in accordance with IFRS 5 - Non-current assets held for sale, accounted for PPC Lime, Botswana Aggregates and PPC Barnet 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. The following results commentary reflects an analysis of the group’s continuing operations unless specifically stated. The group's financial performance improved on the prior year despite the loss of sales due to the various lockdown restrictions imposed by the relevant authorities in response to the COVID-19 pandemic. Cement sales in South Africa benefited from solid retail demand in the inland region, while the coastal regions experienced a lagged recovery in demand. In Rwanda, CIMERWA also experienced strong cement sales due to the roll-out of government projects, retail demand and exports to the DRC. Although trading conditions in Zimbabwe were characterised by high inflation and a shortage of foreign currency, PPC Zimbabwe grew revenues and EBITDA in functional currency. However, a 75% devaluation in the Zimbabwean dollar against the South African rand resulted in a reduced contribution to the group's profitability. The materials business could not recover from the impact of the lockdowns, although it experienced increased demand in some market segments. Group revenue increased by 3% to R8 938 million (March 2020: R8 671 million) due to the recovery in cement sales. Excluding Zimbabwe, group revenue increased by 7%. Group earnings before interest, tax, depreciation and amortisation ("EBITDA") increased by 16% to R1 598 million (March 2020: R1 381 million) with an EBITDA margin of 17.9% (March 2020: 15.9%). EBITDA benefited from volume growth and stringent cost control. Excluding PPC Zimbabwe, group's EBITDA from continuing operations increased by 66%. Finance costs decreased by 19% to R283 million (March 2020: R349 million) due to lower average borrowings. Earnings per share ("EPS") for the period for continuing operations increased to 65 cents (March 2020: 43 cents loss) while headline earnings per share for continuing operations ("HEPS") reduced to 3 cents (March 2020: 54 cents). Operating profit increased by 75% year-on-year from R600 million to R1 051 million. Headline earnings from continuing operations, however, decreased from R787 million to R77million, due to the impact of the following non- cash pre-tax items impacted headline earnings: • Fair value adjustments and foreign exchange movements resulted in a loss of R376 million (March 2020: R151 million gain), mainly due to strengthening of the South African rand against the US dollar during the year. The South African rand depreciated against the US dollar in the prior year. • A profit of R251 million in the previous year relating to the DRC put option. • A net fair value gain on the Zimbabwe financial asset of R256 million (2020: R7 million). • A net fair value loss on the Zimbabwe blocked funds of R17 million (2020: R258 million). • Accounting for Zimbabwe in terms of IAS 29 - Financial reporting in hyperinflationary economies, resulted in a net monetary loss of R200 million (March 2020: R651 million gain). Cash available from operations amounted to R1 022 million (March 2020: R273 million). Cash generation benefited from improvements in EBITDA, reduction in working capital absorption, and lower finance cost paid. Cash generation and preservation is a key performance measure for PPC. Gross debt amounted to R2 628 million on 31 March 2021 (March 2020: R5 800 million). The R3 172 million decline in gross debt includes R2 482 million relating to the DRC transferred to liabilities associated with assets held for sale and disposal groups. Outlook Despite the recovery in cement demand in most of its markets, PPC is mindful of the prevailing uncertainties around the COVID-19 pandemic and its impact on economic activity. PPC will remain focused on improving cost competitiveness and cash generation. PPC will take the necessary strategic and operational measures to ensure that it can continue to serve its customers, protect its employees and implement strategic initiatives to ensure financial sustainability through all demand cycles. Audit opinion The Audited Consolidated Annual Financial Statements were audited by Deloitte & Touche, who expressed an unmodified audit opinion in terms of the International Standards on Auditing, highlighting key audit matters and including a paragraph on material uncertainty relating to going concern in their report. A copy of the auditor´s report on the Audited Consolidated Annual Financial Statements is available on the following link: <a href="https://www.ppc.africa/investors-relations/reports/?t=final-results-reports" target="_blank">https://www.ppc.africa/investors-relations/reports/?t=final-results-reports</a>. The auditor’s report does not necessarily report on all of the information contained in this announcement, including the Outlook. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor’s engagement they should obtain a copy of the auditor’s report together with the accompanying financial information from PPC’s website or registered office. Short form announcement This short form announcement of the Audited Consolidated Annual Financial Statements for the year ended 31 March 2021 is published in terms of a dispensation granted by the JSE Limited (“JSE”) from the requirement to publish an abridged report. It is a summary of the financial information in the 2021 AFS and does not contain full or complete details of the 2021 AFS. This short form announcement is the responsibility of the board of directors of PPC. The information in this short form announcement has been extracted from the 2021 AFS, but is itself not audited. Any investment decisions should be based on consideration of the 2021 AFS which, together with the audit report, thereon has been published in accordance with section 3.46A(g) of the JSE Listings Requirements, as follows: PPC’s’ website: <a href="https://www.ppc.africa/investors-relations/reports/?t=final-results-reports" target="_blank">https://www.ppc.africa/investors-relations/reports/?t=final-results-reports</a>; and JSE’s website: <a href="https://senspdf.jse.co.za/documents/2021/jse/isse/PPC/FY2021.pdf" target="_blank">https://senspdf.jse.co.za/documents/2021/jse/isse/PPC/FY2021.pdf</a> Copies of the 2021 AFS are also available for inspection at the company's registered office (by appointment, observing COVID-19 restrictions), and may be requested from the Company Secretary Kevin Ross at (<a href="mailto:Kevin.Ross@ppc.co.za">Kevin.Ross@ppc.co.za</a>) at no charge, during office hours. (A live and recorded video webcast of the results presentation will be held today at 11:00am and can be accessed via this link: <a href="https://www.corpcam.com/PPC21062021" target="_blank">https://www.corpcam.com/PPC21062021</a>) B-BBEE certificate PPC is pleased to notify Shareholders that the South African operations were 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 be available on the Company´s website at <a href="http://www.ppc.africa" target="_blank">www.ppc.africa</a>. Posting of notice of 2021 annual general meeting and publication of integrated annual report Shareholders are hereby notified that the 2021 Notice of Annual General Meeting together with summarised 2021 AFS will be posted to shareholders on or before 30 July 2021. The Company’s Integrated Annual Report and the Compliance Report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Amendment Act, No 46 of 2013 will likewise be published on the Company’s website on or before 30 July 2021. Sandton 21 June 2021 Sponsor Sasfin Capital A member of the Sasfin Group Financial Communications Advisor: Instinctif Partners Louise Fortuin Mobile: +27 71 605 4249 Date: 21-06-2021 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.

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, operation 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 “Group”) RESTRUCTURING AND REFINANCING PROJECT UPDATE, OPERATIONAL UPDATE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT Shareholders of the Company (“Shareholders”) are referred to the previous announcements released on the Stock Exchange News Service, including the Restructuring and Refinancing Project Update and Renewal of Cautionary Announcement released on 25 February 2021, wherein they were advised on the status of the restructuring and refinancing project (“Project”) underway. RESTRUCTURING AND REFINANCING PROJECT UPDATE PPC is pleased to report that it has made significant progress in implementing a sustainable capital structure and improving the investment prospects of the Group, including de-risking the Group’s balance sheet through the removal of its contingent obligations in relation to PPC Barnet, its operations in the Democratic Republic of Congo (“DRC”). Resolution of DRC Exposures PPC has entered into a binding agreement with PPC Barnet’s lenders terminating their right to recourse to PPC, which, in the event of acceleration, would have been an amount of c.US$175 million (“Settlement Agreement”). The Settlement Agreement is effective on the payment of a final deficiency settlement amount of US$16.5 million, which PPC expects to make in early April 2021. Simultaneously, PPC has entered into a binding term sheet to restructure the c.US$175 million senior debt in PPC Barnet as part of implementing a sustainable capital structure for that business. The key terms of the restructuring include: • Reinstatement of a portion of the PPC Barnet lenders’ senior debt and conversion of a portion to a pay-as-you-can preference share in PPC Barnet, front ranking other PPC Barnet creditors and shareholders; • Granting a right to PPC Barnet lenders to require PPC to capitalise PPC’s shareholder loans made to PPC Barnet (including the US$16.5m final settlement payment) to ordinary and preferred equity in PPC Barnet, so as to restore the solvency of the business, if required; • PPC will manage the business on behalf of the PPC Barnet lenders under a management agreement for an initial five year term. The management agreement provides for a fee, enabling PPC to recover its costs over the term of the contract; and • The restructuring is to be completed by 30 September 2021. PPC has also reached agreement with the DRC minority shareholder in PPC Barnet’s holding company, PPC Barnet DRC Holdings Mauritius, ensuring alignment of interests and support for the implementation of the restructuring of the business going forward. The Settlement Agreement and related agreements de-risk PPC from future economic downside risk to the DRC operations and effectively directs the economics of the business to the PPC Barnet lenders. Whilst PPC will retain both an ordinary equity and preferred equity interest in PPC Barnet, given its deep subordination to the PPC Barnet lenders, limited economic benefits are expected to flow to PPC in the short to medium term from this business. PPC expects to no longer consolidate the results of PPC Barnet on the implementation of the restructure. The conclusion of the Settlement Agreement represents a significant milestone in the restructuring and refinancing project, providing clarity on what has been a significant overhang on the Group by removing a potential c.US$175 million liability from the Group’s balance sheet. It is also expected to restore investor confidence in the Group and free up management time to focus on core operations and other long-term strategic initiatives. Habesha Cement Share Company (“Habesha”) Habesha, the Ethiopian associate of the Group, started to deliver positive month to month EBITDA in its ramp-up phase. Habesha has appointed advisors to develop a financial restructuring plan to optimise its capital structure, the results of which are expected to be presented to the Habesha board towards mid-2021. Whilst PPC sees long-term value in the business, PPC has no obligation to support the business nor invest further capital. PPC will assess the restructuring proposal, when presented later this year, on its merits and act accordingly. PPC International capital raise The process to raise capital in PPC International is still underway, albeit subject to potential deferral pending the outcome of the Habesha restructuring and the implementation of the DRC restructuring. With the resolution of the DRC exposures the capital raise for PPC International is no longer required for the implementation of a sustainable capital structure of the Group. Sale of PPC Lime The structured sales process for PPC Lime continues to make good progress, with shortlisted parties having completed due diligence and binding offers are expected to be received by early April 2021. PPC will assess these offers in the context of shareholder value creation and targets entering into definitive sale agreements by the end of May 2021, should any of the offers be acceptable. South African Lenders and equity capital raise In terms of the undertakings provided to its South African lenders (“SA Lenders”), and subject to the resolution of its DRC exposures, PPC committed in August 2020 to an equity capital raise of not less than R750m by 31 March 2021 in order to de-gear its South African balance sheet (“Capital Raise”). PPC is pleased to advise that its SA Lenders have agreed to defer the timing of the Capital Raise by six months to the end of September 2021. The SA Lenders have also agreed to review the need for the Capital Raise should the South African businesses continue to de-gear towards a sustainable debt metric of c.2x EBITDA. Shareholders will be kept up to date as progress is made towards the achievement of this key milestone. OPERATIONAL UPDATE The Group experienced a double-digit period-on-period growth in cement sales from July 2020 to February 2021 despite new COVID-19 restrictions in certain markets. PPC’s ability to respond to the strong increase in demand following the easing of lockdown restrictions at the beginning of the 2021 financial year, has resulted in a significant improvement in the Group’s financial performance. Group Revenue Performance PPC Group revenue increased by 7% period-on-period for the eleven months ended February 2021 and 14% for the five months ended February 2021, driven primarily by strong cement demand in South Africa. South Africa & Botswana Cement Cement sales increased by 3% to 5% period-on-period for the eleven months ended February 2021 and 15% to 20% period-on-period for the five months ended February 2021. Sales to the retail sector were the primary drivers of demand, with particularly robust demand experienced in the rural and informal markets. Demand growth in the inland areas offset declines in the coastal regions and Botswana. A lagged recovery in commercial construction demand accounted for the decrease in sales in the coastal areas. PPC implemented price increases to recover input cost inflation. South African cement producers have engaged the relevant authorities to have locally produced cement classified as a designated product. The designation will make it compulsory for locally produced cement to be used in government-funded construction projects and will prohibit the use of imported cement in such projects. Upon implementation, the local cement industry is expected to benefit from increased demand once the Government’s infrastructure build programme gathers momentum. Cement imports, which continue to pose a threat to the industry, rebounded strongly after easing of the lockdown restrictions. PPC estimates that cement imports were in line with the prior year at 1.2 million tonnes and accounted for 8% of demand for the twelve months ended December 2020. Together with The Concrete Institute and other industry players, PPC has applied to the relevant authorities for relief against this unfair competition. A verification report confirming receipt of all the required information for the application process has been received, and a decision by the relevant authorities to initiate an investigation is pending. The presence of non-conforming cement in South Africa remains a major threat to consumers. PPC continues to educate retailers and customers about the risks of using such products. Materials For the eleven months ended February 2021, ash sales benefited from increased cement demand and the shortage of alternative extenders like slag, while demand for aggregates increased due to construction demand. Readymix sales reduced as a result of a lagged recovery in commercial construction activity. Overall, the materials division revenues were flat period-on-period for the 11 months ended February 2021. Lime Lime sales declined by 39% period-on-period for the 11 months ended February 2021 and 25% period-on-period for the five months ended February 2021 due to a decline in steel-related activity. The closure of operations by a significant customer further reduced the demand for lime products. Initiatives are underway to optimise costs and diversify the customer base to mitigate these challenges and a strong recovery is expected. Strict cost management and focus on net working capital reduction has resulted in a stronger cash generation compared to the same period in the prior year. Zimbabwe PPC Zimbabwe continues to trade well. For the eleven months ended February 2021, PPC Zimbabwe cement sales increased by 10% period-on- period and 11% period-on-period for the five months ended February 2021. Retail demand, concrete product manufacturers and Government- funded projects are the main drivers of cement sales. PPC adjusted cement prices upwards in the second half of the 2021 financial year to recover input cost inflation. Rwanda CIMERWA experienced a period-on-period increase of 7% in sales for the eleven months ended February 2021 and 3% for the five months ended February 2021. The Rwandan authorities imposed a second lockdown early in 2021 which resulted in a slow-down in economic activity. A new cement producer in Rwanda has commenced operations but, to date, the impact on CIMERWA’s cement sales is negligible as demand in Rwanda exceeds domestic production. DRC Sales in the DRC were less affected by COVID-19. PPC Barnet sales increased by 16% period-on-period for the 11 months ended February 2021 and 26% period-on-period for the five months ended February 2021, driven by the expansion of cement distribution into new territories. Pricing was stable in US$. Group EBITDA Group EBITDA increased by 25% to 30% period-on-period for the eleven months ended February 2021 and 45% to 50% period-on-period for the five months ended February 2021 benefiting from increased cement sales and stringent cost control. Liquidity and cash flow The Group has experienced the positive impact of improved cement sales, cost reduction measures, enhanced working capital management and cash preservation measures implemented over the 11 months to February 2021. The South African debt has reduced from R1.92 billion at 31 March 2020 to R1.64 billion at the end of February 2021. Given the improved financial performance and reduction in gearing levels, in particular in South Africa, key debt metrics are returning to traditional banking covenant levels. The Group is in good standing with its lenders, with sufficient headroom in existing facilities to meet its operational requirements. As discussed under “Resolution of DRC Exposures” above, the cUS$175 million owed by PPC Barnet to its lenders has been resolved and will be converted into a combination of re-instatement of senior debt and a pay-as-you-can preference share. The Settlement Agreement with the PPC Barnet lenders materially de-risks the Group balance sheet. Group free cash flow for the 11 months ended February 2021 is between 90% to 95% higher than the previous comparable 11 month period. Earnings guidance Currently, the Board of Directors of PPC Ltd (“Board”) does not have the required certainty to provide guidance on the potential change in earnings per share nor the likely range for earnings per share for the year ending 31 March 2021. The Board will communicate this to the market once it has the required certainty. Outlook Although the Group is experiencing positive momentum across most of its markets, it remains cautious on the outlook for cement demand given the prevailing uncertainties around the COVID-19 pandemic and its resultant impact on economic activity. PPC will remain focused on continuing to improve cost competitiveness through cost management initiatives and cash management. It will take the necessary measures to ensure that it can continue to serve its customers, protect its employees, and implement strategic initiatives to ensure financial sustainability through all demand cycles. The financial information contained in this announcement has neither been reviewed nor reported on by the Company’s external auditors. Change in Group CFO As communicated to shareholders at the Group’s interim results in December 2020, Ms. Ronel van Dijk will step down as Group CFO with effect from 31 March 2021 and Ms. Brenda Berlin will take over as Group CFO on 1 April 2021. The Board appreciates the dedication of Ms. van Dijk, who played a pivotal role in guiding the Company through one of its most difficult periods, including negotiations with lenders to address the impact of COVID-19 lockdowns and the delivery of the 2020 audited financial statements and half year results for 2021 under very difficult circumstances. The Board welcomes Ms. Berlin to Team PPC and looks forward to her contribution in further strengthening the financial reporting and controls of the Company. RENEWAL OF CAUTIONARY ANNOUNCEMENT With reference to the information included in this announcement relating to the progress on the Project, the conclusion of the Settlement Agreement and the Capital Raise, Shareholders of PPC are advised to continue to exercise caution when dealing in the securities of PPC until a further announcement regarding the outcome of the possible sale of PPC Lime is made. INVESTOR AND ANALYST CONFERENCE CALL A conference call addressing the above updates will take place at 11.00 CAT, Thursday, 1 April, 2021. Participants are required to register for the call using the following link: <a href="http://www.diamondpass.net/5696790" target="_blank">www.diamondpass.net/5696790</a> Note that registered participants will receive their dial in number upon registration. A recorded playback will be available with access provided on request. Sandton 31 March 2021 Sponsor: Sasfin Capital Financial Communications Advisor: Instinctif Partners Louise Fortuin Mobile: +27 71 605 4294 Date: 31-03-2021 01:01:00 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.

Summarised consolidated financial statements for the six months ended 30 September 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 “the company” or “the Group”) SHORT FORM ANNOUNCEMENT - SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 SALIENT FEATURES - Group revenue: R5 006 million (September 2019: R4 948 million) - Group EBITDA: R996 million (September 2019: R868 million) - Earnings per share: 19 cents (September 2019: 32 cents, restated) - Headline earnings per share: 19 cents (September 2019: 32 cents, restated) - Cash flow generated from operations: R 981 million (September 2019: R 503 million) - The Group did not declare a dividend in the current or previous period Roland van Wijnen, chief executive officer, said: “After a difficult start to the financial year as a result of the COVID-19 related trading restrictions across the jurisdictions in which we operate, I am pleased that we are once again able to serve our customers and play our part in keeping the economy going. My gratitude goes to my colleagues who have been working diligently to keep our operations running while observing stringent health and safety protocols. Our business has benefitted from a strong recovery in cement sales in all our markets post the easing of the lockdown restrictions, and this has resulted in improved financial performance for the Group. Our efforts to improve cost competitiveness and reposition PPC on a sound financial footing are yielding encouraging results, and we are making good progress on our capital restructuring project, which remains a key priority for the Group." GROUP PERFORMANCE Despite the initial COVID-19 related trading restrictions, Group revenue increased by 1% to R5 006 million (September 2019: R4 948 million) due to robust cement sales post the easing of COVID-19 restrictions across the jurisdictions in which the group operates. Cost of sales reduced by 4% to R3 895 million (September 2019: R4 042 million, restated) compared with the previous year due to cost savings, the decline in volumes, and a reduction in depreciation and amortisation. Administration and other operating expenditure declined by 10% to R492 million (September 2019: R548 million, restated) driven by the successful efforts to improve cost competitiveness. Group EBITDA increased by 15% to R996 million (September 2019: R868 million) with an EBITDA margin of 19.9% (September 2019: 17.5%). Operating profits increased by 77% to R610 million (September 2019: R344 million, restated). Fair value adjustments and foreign exchange movements resulted in a loss of R366 million (September 2019: R120 million loss, restated), mostly as a result of the revaluation of foreign-denominated intercompany loan accounts. The fair value gain on the Zimbabwe financial asset of R139 million (September 2019: R113 million, restated) consists of intrinsic value gain of R202 million and credit risk fair value loss of R63 million (September 2019: R76 million). Zimbabwe blocked funds resulted in a fair value loss of R10 million (September 2019: R212 million loss, restated). The application of IAS 29 Financial Reporting in Hyperinflationary Economies resulted in a net monetary gain amounting to R326 million (September 2019: R514 million). Finance costs increased by 5% to R330 million (September 2019: R313 million, restated) due to currency movements on foreign currency denominated debt. South African finance costs decreased by 5% to R106 million (September 2019: R111 million, restated) while international finance costs increased by 11% to R224 million (September 2019: R202 million). Excluding unfavourable currency movements, international finance costs declined by 6%. Taxation decreased to R109 million relative to R195 million, restated in September 2019. After taking into account the above fair value adjustments and hyperinflation, earnings and headline earnings attributable to shareholders of PPC Ltd declined by 37% to R287 million. Net cash inflow from operating activities amounted to R769 million (September 2019: R244 million, restated). Cash generation benefitted from improvements in EBITDA and a reduction in working capital absorption to R21 million (September 2019: R342 million absorption). Cash generation and preservation remain a key priority for the group. Capital investments in property, plant and equipment decreased by 26% to R166 million (September 2019: R225 million). Gross debt amounted to R5 218 million at 30 September 2020 (September 2019: R5 131 million). Gross debt declined by R582 million from 31 March 2020. The currency impact on foreign currency-denominated debt is a reduction of R304 million from 31 March 2020 to 30 September 2020. CEMENT SOUTH AFRICA AND BOTSWANA PPC experienced muted cement sales in April and May 2020 as a result of COVID-19 related trading restrictions in South Africa. Cement sales have since rebounded with double-digit year-on-year growth since June 2020. The increase in volumes is primarily retail led. PPC is also beginning to experience the positive impact of increased infrastructure spending. Over the first six months of FY21, PPC South Africa and Botswana cement volumes declined by 5% to 10% with declines in the coastal regions offsetting growth in the inland areas. Q1 cement sales declined by more than 35%, followed by a strong rebound of 20% to 25% in Q2. The sales momentum has continued into October and November. PPC estimates that the South African cement industry sales volumes were in line with prior year despite the COVID-19 related sales restrictions. A shortage of extenders has impacted blender activity, and this has benefitted integrated cement producers such as PPC. The availability of non-conforming cement in the market remains a concern for the industry over the medium term. Cement imports continue to pose a threat to the sustainability of the South African cement industry. Although imports of cement and clinker decreased by approximately 6% to 621 609 tonnes in the current reporting period due to the lockdown restrictions, this is likely to change as the global economy reopens. PPC, in conjunction with The Concrete Institute (TCI) and other industry players, have applied to the relevant authorities for relief against unfair competition. All the necessary documentation and processes have been completed. PPC has received a verification report confirming receipt of all required information for the application process and is now awaiting the initiation of an investigation by the regulator. Revenue in South Africa and Botswana declined by 8% to R2 355 million (September 2019: R2 555 million). Average realised selling prices were flat on prior year as change in the product mix offset the impact of price increases. EBITDA reduced by 8% to R337 million (September 2019: R367 million) with EBITDA margin of 14.3% (September 2019: 14.4%). MATERIALS BUSINESS Aggregates, readymix and ash Revenue decreased by 20% to R514 million (September 2019: R645 million), primarily as a result of reduced volumes in the aggregates division. Demand for aggregates is beginning to benefit from increased infrastructure spend with double-digit year-on-year volume growth in September. EBITDA decreased to a loss of R6 million (September 2019: R35 million) due to the decline in volumes. Lime The lime division’s revenue declined by 36% to R279 million (September 2019: R434 million) with volumes and pricing under pressure due to the decline in steel-related activity. The shut-down of operations by a major customer further reduced demand for lime products. A number of initiatives have been implemented to improve the performance of this business. EBITDA contracted by 56% to R22 million (September 2019: R50 million) primarily due to a similar decline in volumes. With the reported shortage of locally manufactured steel, PPC expects demand to recover in the latter part of the financial year. INTERNATIONAL Zimbabwe Although trading conditions in Zimbabwe were characterised by a challenging economic environment and the impact of COVID-19 related lockdown restrictions, domestic cement volumes grew by 5% - 10%, supported by ongoing infrastructure projects. PPC Zimbabwe cement sales grew in the similar range, supported by an increase in volumes of 35% to 40% in Q2. The positive sales momentum has continued into October and November, albeit at a normalised rate. Revenue increased by 60% to R797 million (September 2019: R497 million). Cement pricing was adjusted to account for the increase in inflation and the devaluation of the local currency. Realised selling prices in US$ increased by 23%. EBITDA improved by 62% to R326 million (September 2019: R201 million) and EBITDA margins improved to 40.9%, versus 40.4% in September 2019. PPC Zimbabwe continues to meet its debt obligations in-country while remaining financially self-sufficient, and recently declared a dividend to its shareholders of US$6.6 million, of which PPC is entitled to US$4.7 million. PPC received US$4.4 million after withholding tax. Rwanda In Rwanda, CIMERWA continues to benefit from robust cement demand, driven by large infrastructure projects, growth in the retail market and export demand from the eastern DRC. Like the other jurisdictions in which PPC operates, cement sales were affected by COVID-19 related restrictions imposed by the authorities. CIMERWA cement sales in Q1 were broadly in line with prior year, with a strong recovery in Q2. For the six months ended 30 September 2020, CIMERWA achieved revenue growth of 28% to R659 million (September 2019: R514 million), supported by a 10% increase in volumes, stable pricing in US$, and translation gains. EBITDA increased by 35% to R211 million (September 2019: R156 million) due to higher revenues and stringent cost control. EBITDA margins improved to 32.0% from 30.4% in September 2019. DRC PPC Barnet in the DRC achieved revenue growth of 33% to R402 million (September 2019: R303 million), driven by volume growth of 8%, higher pricing in US$ and translation gains. EBITDA improved by 64% to R133 million (September 2019: R81 million) with corresponding margins of 33.1%. EBITDA benefitted from stringent cost control, entrenchment of our route to market strategies, as well as the positive EBITDA impact of clinker and cement inventory movements in the period. 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 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 long term facilities and R625 million of short term facilities. The final terms of these agreements are substantially the same as those disclosed in note 36 to the 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 agreed 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 its DRC lenders. The final terms of the agreement are substantially the same as those of the termsheet agreed at the end of August 2020, as disclosed in note 36 to the 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. 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. OUTLOOK Although the group is experiencing positive sales momentum across most of its markets, PPC remains cautious on the outlook for the rest of FY21 given the ongoing health crisis and its resultant impact on economic activity. PPC will remain focused on cash preservation and improving cost competitiveness by lowering operational costs. Management changes During the first 6 months of the year, PPC restructured its Group Administration functions with the aim to increase country responsibility and reduce overhead costs. This resulted in the Group Human Resource department being reduced whilst the Legal & Compliance and Company Secretarial departments were merged. Consequently, the Group HR Executive, Ms. Phindokuhle Mohlala and the Group Company Secretary, Ms. Kristell Holtzhausen, have agreed to leave PPC. Mr. Kevin Ross has been appointed as the Group Company Secretary effective 1 January 2021, in addition to his responsibilities as Group Head Legal & Compliance. The Board wishes to thank Ms. Mohlala and Ms. Holtzhausen for their dedicated service to PPC and wishes them well in their future endeavours. The Group CFO, Ms. Ronel van Dijk, has decided to step down with effect from 31 March 2021 to rebalance her other commitments. Ms. Brenda Berlin will join PPC as Group CFO Designate from 15 February 2021 to formally take over as Group CFO on 1 April 2021. Ms. Berlin is currently CFO and acting CEO at MC Mining and will contribute a wealth of experience and knowledge to PPC’s Finance function. Prior to MC Mining, Ms. Berlin served as CFO of Impala Platinum Holdings Limited (“Implats”) for seven years. To ensure a smooth handover, Ms. van Dijk has agreed to assist the Company with the upcoming year-end results and the audit process on a consultancy basis starting 1 April 2021. During her time at PPC, Ms. van Dijk played a pivotal role in guiding the Company through one of its most difficult periods, which included negotiations with lenders to address the impact of COVID-19 lockdowns. She has also introduced various initiatives aimed at improving the Group’s reporting processes and internal controls. The Board appreciates the dedication of Ms. van Dijk who has been instrumental in the delivery of the 2020 audited financial statements under very difficult circumstances. The Board welcomes Ms. Berlin to Team PPC and looks forward to her contribution in further strengthening the financial reporting and controls of the Company. SHORT FORM STATEMENT This short form announcement is the responsibility of the directors. It is only a summary of the information contained in the full announcement and does not contain full or complete details. Any investment decision should be based on the full announcement accessible from Tuesday, 8 December 2020, via the JSE link and also available on the Company's website at <a href="https://www.ppc.africa/corporate/investors-media/financial-presentations-" target="_blank">https://www.ppc.africa/corporate/investors-media/financial-presentations-</a> reports. The JSE link is as follows: <a href="https://senspdf.jse.co.za/documents/2020/JSE/ISSE/PPC/PPC30Sept.pdf" target="_blank">https://senspdf.jse.co.za/documents/2020/JSE/ISSE/PPC/PPC30Sept.pdf</a> A copy of the full announcement is also available for inspection at the company's registered office (by appointment, observing COVID-19 restrictions), and may be requested from the Company Secretary Kristell Holtzhausen at <a href="mailto:Kristell.holtzhausen@ppc.co.za">Kristell.holtzhausen@ppc.co.za</a> at no charge, weekdays during office hours. A live and recorded video webcast of the results presentation will be held today at 11:00am (SAST) and can be accessed via this link: <a href="https://presentations.corpcam.com/RegistrationPage.aspx?id=PPCDecember2020" target="_blank">https://presentations.corpcam.com/RegistrationPage.aspx?id=PPCDecember2020</a> Sandton 8 December 2020 Sponsor Merrill Lynch South Africa (Pty) Limited Date: 08-12-2020 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.

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 <a href="http://www.ppc.africa/corporate/investors-media/financial-presentations-reports" target="_blank">http://www.ppc.africa/corporate/investors-media/financial-presentations-reports</a> 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 <a href="https://www.ppc.africa/corporate/about-us/broad-based-" target="_blank">https://www.ppc.africa/corporate/about-us/broad-based-</a> 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.

Short Form Announcement – Summarised Consolidated Financial Statements for the year ended 31 March 2020 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”) SHORT FORM ANNOUNCEMENT – SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 SALIENT FEATURES - Group revenue: R10 241 million (March 2019: R10 494 million, restated) - Group EBITDA: R1 604 million (March 2019: R1 946 million) - Loss per share: 124 cents (March 2019: earnings per share 16 cents, restated) - Headline earnings per share: 27 cents (March 2019: 20 cents, restated) - The Group did not declare a dividend for the current or previous year Roland van Wijnen, chief executive officer, said: “FY20 was characterised by difficult trading conditions, especially in South Africa. The global COVID-19 pandemic, which emerged during the last month of the financial year, further exacerbated an already difficult trading cycle. We acted swiftly to implement protocols to protect our employees, improve our competitiveness and preserve cash. While we have seen a decline in our financial performance, we also see that the actions we have taken to reposition PPC to deliver sustainable value for all our stakeholders are beginning to yield results. After the resumption of trading in FY21, the performance across all of our core businesses has been encouraging. The Group’s capital restructuring remains a key priority. Over the next nine months, we will take the strategic and operational actions needed to improve the Group’s financial position and performance. It is encouraging to see how PPC employees have come together to drive performance to sustain our purpose to empower people to experience a better quality of life.” GROUP PERFORMANCE Group revenue declined by 2% to R10 241 million (March 2019: R10 494 million, restated). Excluding Zimbabwe, revenue declined by 7% from R9 047 million (restated) to R8 380 million, mainly due to a decline in revenues from South Africa cement. Cost of sales reduced by 3% to R8 248 million (March 2019: R8 487 million, restated) compared with the previous year. Administration and other operating expenditure increased by 16% to R1 284 million (March 2019: R1 104 million, restated). This increase is primarily due to the impact of hyperinflation in Zimbabwe and an increase in fees paid to consultants. Fair value adjustments and foreign exchange movements resulted in a gain of R151 million (March 2019: R126 million loss), mostly as a result of the revaluation of foreign-denominated intercompany loan accounts. The Democratic Republic of the Congo (“DRC”) put option carrying value was reduced to zero, resulting in a remeasurement gain of R251 million for the year. The slower than anticipated ramp-up in the DRC resulted in no capital repayments having been made on the US dollar-denominated debt in the DRC, as well as more conservative cash flow forecasts, resulting in the option value being zero. A fair value gain on the Zimbabwe financial asset of R7 million (March 2019: R236 million) was realised after taking into account a 50% credit risk fair value adjustment of R161 million (March 2019: R37 million, restated), while a loss was recorded on the blocked funds of R258 million (March 2019: Rnil) which included an 85% credit risk fair value adjustment of R332 million. The application of International Accounting Standards (“IAS”) 29 Financial Reporting in Hyperinflationary Economies resulted in a net monetary gain amounting to R651 million (before tax). Impairments before tax amounted to R3 074 million (March 2019: R76 million, restated), of which R2 767 million relates to the impairment of property, plant and equipment, R205 million relates to the impairment of goodwill and R102 million to the impairment of intangible assets. The uncertainty around the potential effects of COVID-19 on PPC’s operating performance impacted the impairment assessments of cash-generating units, resulting in impairments of R1 946 million in South Africa cement and readymix, and R1 128 million in the DRC. Finance costs decreased by 4% to R652 million (March 2019: R676 million). South African finance costs decreased by 6% to R216 million (March 2019: R229 million) and international finance costs decreased by 2% to R436 million (March 2019: R447 million). Profit attributable to shareholders of PPC Ltd reduced to a loss of R1 872 million (March 2019: R235 million, restated) while headline earnings which exclude the impact of impairments and other capital items increased to R406 million (March 2019: R300 million, restated). Earnings per share reduced to a loss of 124 cents (March 2019: 16 cents, restated) and headline earnings per share increased to 27 cents per share (March 2019: 20 cents, restated). Cash available from operations decreased by R794 million, from R1 257 million to R463 million. The decrease in cash generated from operations is primarily due to the reduction in EBITDA from R1 946 million to R1 604 million, the stockpiling of strategic inventories, accumulation of critical spares, and the impact of hyperinflation in Zimbabwe on inventory balances. Trade receivables were negatively impacted by delays in payments from customers as businesses in the construction sector focused on cash preservation during the lockdown in the regions we operate. Trade payables were also affected by capex retention payments of US$2,8 million in the DRC, as well as payments made to suppliers in FY20 as part of negotiations to extend payment terms. Cash preservation is a major focus area in the coming financial year. Capital investments in property, plant and equipment decreased by 16% to R650 million (March 2019: R773 million). Gross debt increased from R5 002 million in March 2019 to R5 800 million at the end of March 2020. The currency impact on international debt was to increase the reported gross debt by R638 million. CEMENT SOUTH AFRICA AND BOTSWANA PPC is the leading supplier of cement in these markets with an extensive footprint and distribution network. With our three mega plants strategy, we focus on improving cost competitiveness by supplying products to customers from the three largest and most efficient plants in our portfolio. Realised average selling prices for South Africa increased by 8% to 10% as the business continued with its drive to increase cement prices to recover operational costs and improve returns. Cement volu mes declined by 15% to 20%, with the coastal regions experiencing a smaller decline. We estimate that the South African cement industry declined by 7% to 10% for the period, driven by muted demand. The construction sector which accounts for a substantial proportion of PPC Cement sales was weaker than the overall market. Retail demand, however, was supported by activity in the DIY market. Imports and blender activity further exacerbated the competitive environment, with cement imports increasing by 36% to 1,3 million tonnes from April 2019 to March 2020, compared with the previous year. In conjunction with The Concrete Institute (TCI), PPC and other industry players submitted an application to the International Trade Administration Commission (ITAC), highlighting the impact of imports on domestic cement production. PPC continues to engage with the relevant authorities to ensure that non- conforming cement is not sold to the public to reduce the risk of collapsing structures. Revenue in South Africa and Botswana declined by 11% to R4 843 million (March 2019: R5 431 million). The reduction in revenue, coupled with a reduced ability to absorb fixed costs from the decline in volumes, resulted in EBITDA contracting by 36% to R613 million (March 2019: R957 million) an d margins declining from 17,6% to 12,7%. MATERIALS BUSINESS Aggregates, ready-mix and ash Revenue decreased by 11% to R1 178 million (March 2019: R1 318 million), primarily as a result of reduced volumes in the aggregates division due to weak demand in the construction industry. EBITDA increased by 18% to R20 million (March 2019: R17 million) due to improved cost management. Lime The lime division’s revenue declined by 2% to R816 million (March 2019: R834 million) with volumes and pricing under pressure due to the decline in steel-related activity. EBITDA contracted by 11% to R110 million (March 2019: R123 million) due to lower volumes and higher input costs. INTERNATIONAL The international operations hold leading positions in their respective markets and, despite challenging trading conditions in some markets, the businesses are well positioned to deliver sustainable value for stakeholders over the medium term. Shorter term, our focus is to optimise the businesses to enhance competitiveness and improve the quality of the products offered to customers. Zimbabwe Trading conditions in Zimbabwe were characterised by weak demand, unstable power supply, and a shortage of foreign currency. PPC Zimbabwe continues to supply quality products to its customers while remaining financially self- sufficient. PPC Zimbabwe also secured supply contracts for a substantial proportion of the large infrastructure projects in Zimbabwe, in hard currency, which assisted in alleviating some of the volume declines in the other segments of the market. The cost base was also restructured to match demand. Cement volumes declined by 15% to 20% in a market that contracted by a similar percentage. Cement pricing was adjusted to account for the increase in inflation and the devaluation of the local currency. Revenue increased by 29% to R1 861 million (March 2019: R1 447 million) and EBITDA grew by 53% to R707 million (March 2019: R461 million). EBITDA margins improved to 38,0%, versus 31,9% in March 2019 aided by higher selling prices and lower cost. PPC Zimbabwe continues to meet its debt obligations. Rwanda In Rwanda, CIMERWA benefited from robust cement demand, driven by large infrastructure projects, growth in the retail market and export demand in the eastern DRC. CIMERWA achieved revenue growth of 6% to R936 million (March 2019: R885 million) due to increases in pricing and volumes. EBITDA declined by 8% to R226 million (March 2019: R246 million) because of higher operational costs incurred to improve the output of the plant and the lockdown imposed by the authorities. The plant is expected to reach nominal capacity in the next 18 months. DRC PPC Barnet in the DRC achieved revenue growth of 5% to R607 million (March 2019: R579 million, restated), driven by higher pricing and translation gains. PPC estimates that market demand increased by 4% to 8%; however, this was offset by an increase in imports from neighbouring countries. Cement producers in the DRC continue to lobby the authorities to increase the enforcement of existing laws banning the importation of cement into the DRC. The business generated EBITDA of R94 million (March 2019: R108 million. EBITDA in FY20 includes management fees not previously charged, as well as a once-off write-off of development costs. Excluding these items, EBITDA improved on last year. The business is in the process of restructuring its debt. OUTLOOK 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. Over the first six months of FY21 (April – Sept) South Africa & Botswana cement sales volumes declined by 5% to 10% year-on-year due to the impact of the lockdown. Following a strong recovery, Cement South Africa & Botswana experienced double-digit year-on-year growth in sales volumes since June. In the last three months (July – Sept) Cement South Africa & Botswana cement sales volumes increased by 20% to 25% year-on-year. The International operations were less affected by the COVID -19 pandemic. In aggregate, total cement volumes sold also showed strong 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 5% to 10% volume growth each compared to the prior comparable period. In the last three months (July – September) sales volumes in PPC Zimbabwe and PPC Barnet (DRC) increased by 35% to 40% and 20% to 25% respectively, compared to the period July to September in 2019. In Rwanda, CIMERWA experienced approximately 5% to 10% sales volume growth from April 2020 to September 2020 compared to the same period last year. In the last three months (July to September 2020), sales volumes increased by 15% to 20% year-on-year. Despite the 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 will remain focused on ca sh preservation, improving cost competitiveness by lowering operational costs, and positioning the business for recovery. Whilst remaining cautious regarding prospects, PPC remains hopeful that the commitment of the South African government to an infrastructure investment led economic recovery will lead to increased cement consumption. If this is the case, PPC, with its national production and logistical footprint, is very well placed to benefit from such an increase. To strengthen the Group’s balance sheet and improve the investment prospects of PPC, the Group has embarked on a detailed refinancing and restructuring project, which will ensure that the Group is sustainably capitalised and self-sufficient on a standalone basis across the regions whe re it operates. This will be implemented over the course of FY21. Refer to note 36 of the audited consolidated financial statements. AUDIT OPINION The Audited Financial Statements were audited by Deloitte & Touche, who expressed an unmodified audit opinion, highlighting certain key audit matters and an emphasis of matter around a material uncertainty relating to the going concern assumption in their report. A copy of the auditor’s report on the consolidated financial statements, together with the con solidated financial statements, is available on the following link: <a href="http://www.ppc.africa/corporate/investorsmedia/financial-presentations-report" target="_blank">www.ppc.africa/corporate/investorsmedia/financial-presentations-report</a>. SHORT FORM ANNOUNCEMENT This short-form announcement is the responsibility of the directors. This is a summary of the information contained in the audited financial results announcement (“full announcement”) and does not contain full or complete details. This announcement is extracted from audited results but is itself not audited. The full announcement can be accessed using the following JSE link: <a href="https://senspdf.jse.co.za/documents/2020/jse/isse/PPC/FY20Result.pdf" target="_blank">https://senspdf.jse.co.za/documents/2020/jse/isse/PPC/FY20Result.pdf</a> Any investment decisions by investors and/or shareholders should be based on consideration of the full announcement published today, Friday 9 October 2020, on the company's website at <a href="http://www.ppc.africa/corporate/investorsmedia/financial-presentations-report" target="_blank">www.ppc.africa/corporate/investorsmedia/financial-presentations-report</a> A copy of the full announcement is also available for inspection at the company's registered office (by appointment, observing COVID-19 restrictions), and may be requested from the Company Secretary Kristell Holtzhausen at <a href="mailto:Kristell.holtzhausen@ppc.co.za">Kristell.holtzhausen@ppc.co.za</a> at no charge, weekdays during office hours. A live and recorded video webcast of the results presentation will be held today at 11:00am and can be accessed via this link: <a href="https://www.corpcam.com/PPCFY20" target="_blank">https://www.corpcam.com/PPCFY20</a> Sandton 9 October 2020 Sponsor Merrill Lynch South Africa (Pty) Limited Financial Communications Advisor: Instinctif Partners Louise Fortuin Mobile: +27 71 605 4294 Date: 09-10-2020 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.

Short Form Announcement – Summarised Consolidated Financial Statements for the year ended 31 March 2020 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”) SHORT FORM ANNOUNCEMENT – SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 SALIENT FEATURES - Group revenue: R10 241 million (March 2019: R10 494 million, restated) - Group EBITDA: R1 604 million (March 2019: R1 946 million) - Loss per share: 124 cents (March 2019: earnings per share 16 cents, restated) - Headline earnings per share: 27 cents (March 2019: 20 cents, restated) - The Group did not declare a dividend for the current or previous year Roland van Wijnen, chief executive officer, said: “FY20 was characterised by difficult trading conditions, especially in South Africa. The global COVID-19 pandemic, which emerged during the last month of the financial year, further exacerbated an already difficult trading cycle. We acted swiftly to implement protocols to protect our employees, improve our competitiveness and preserve cash. While we have seen a decline in our financial performance, we also see that the actions we have taken to reposition PPC to deliver sustainable value for all our stakeholders are beginning to yield results. After the resumption of trading in FY21, the performance across all of our core businesses has been encouraging. The Group’s capital restructuring remains a key priority. Over the next nine months, we will take the strategic and operational actions needed to improve the Group’s financial position and performance. It is encouraging to see how PPC employees have come together to drive performance to sustain our purpose to empower people to experience a better quality of life.” GROUP PERFORMANCE Group revenue declined by 2% to R10 241 million (March 2019: R10 494 million, restated). Excluding Zimbabwe, revenue declined by 7% from R9 047 million (restated) to R8 380 million, mainly due to a decline in revenues from South Africa cement. Cost of sales reduced by 3% to R8 248 million (March 2019: R8 487 million, restated) compared with the previous year. Administration and other operating expenditure increased by 16% to R1 284 million (March 2019: R1 104 million, restated). This increase is primarily due to the impact of hyperinflation in Zimbabwe and an increase in fees paid to consultants. Fair value adjustments and foreign exchange movements resulted in a gain of R151 million (March 2019: R126 million loss), mostly as a result of the revaluation of foreign-denominated intercompany loan accounts. The Democratic Republic of the Congo (“DRC”) put option carrying value was reduced to zero, resulting in a remeasurement gain of R251 million for the year. The slower than anticipated ramp-up in the DRC resulted in no capital repayments having been made on the US dollar-denominated debt in the DRC, as well as more conservative cash flow forecasts, resulting in the option value being zero. A fair value gain on the Zimbabwe financial asset of R7 million (March 2019: R236 million) was realised after taking into account a 50% credit risk fair value adjustment of R161 million (March 2019: R37 million, restated), while a loss was recorded on the blocked funds of R258 million (March 2019: Rnil) which included an 85% credit risk fair value adjustment of R332 million. The application of International Accounting Standards (“IAS”) 29 Financial Reporting in Hyperinflationary Economies resulted in a net monetary gain amounting to R651 million (before tax). Impairments before tax amounted to R3 074 million (March 2019: R76 million, restated), of which R2 767 million relates to the impairment of property, plant and equipment, R205 million relates to the impairment of goodwill and R102 million to the impairment of intangible assets. The uncertainty around the potential effects of COVID-19 on PPC’s operating performance impacted the impairment assessments of cash-generating units, resulting in impairments of R1 946 million in South Africa cement and readymix, and R1 128 million in the DRC. Finance costs decreased by 4% to R652 million (March 2019: R676 million). South African finance costs decreased by 6% to R216 million (March 2019: R229 million) and international finance costs decreased by 2% to R436 million (March 2019: R447 million). Profit attributable to shareholders of PPC Ltd reduced to a loss of R1 872 million (March 2019: R235 million, restated) while headline earnings which exclude the impact of impairments and other capital items increased to R406 million (March 2019: R300 million, restated). Earnings per share reduced to a loss of 124 cents (March 2019: 16 cents, restated) and headline earnings per share increased to 27 cents per share (March 2019: 20 cents, restated). Cash available from operations decreased by R794 million, from R1 257 million to R463 million. The decrease in cash generated from operations is primarily due to the reduction in EBITDA from R1 946 million to R1 604 million, the stockpiling of strategic inventories, accumulation of critical spares, and the impact of hyperinflation in Zimbabwe on inventory balances. Trade receivables were negatively impacted by delays in payments from customers as businesses in the construction sector focused on cash preservation during the lockdown in the regions we operate. Trade payables were also affected by capex retention payments of US$2,8 million in the DRC, as well as payments made to suppliers in FY20 as part of negotiations to extend payment terms. Cash preservation is a major focus area in the coming financial year. Capital investments in property, plant and equipment decreased by 16% to R650 million (March 2019: R773 million). Gross debt increased from R5 002 million in March 2019 to R5 800 million at the end of March 2020. The currency impact on international debt was to increase the reported gross debt by R638 million. CEMENT SOUTH AFRICA AND BOTSWANA PPC is the leading supplier of cement in these markets with an extensive footprint and distribution network. With our three mega plants strategy, we focus on improving cost competitiveness by supplying products to customers from the three largest and most efficient plants in our portfolio. Realised average selling prices for South Africa increased by 8% to 10% as the business continued with its drive to increase cement prices to recover operational costs and improve returns. Cement volu mes declined by 15% to 20%, with the coastal regions experiencing a smaller decline. We estimate that the South African cement industry declined by 7% to 10% for the period, driven by muted demand. The construction sector which accounts for a substantial proportion of PPC Cement sales was weaker than the overall market. Retail demand, however, was supported by activity in the DIY market. Imports and blender activity further exacerbated the competitive environment, with cement imports increasing by 36% to 1,3 million tonnes from April 2019 to March 2020, compared with the previous year. In conjunction with The Concrete Institute (TCI), PPC and other industry players submitted an application to the International Trade Administration Commission (ITAC), highlighting the impact of imports on domestic cement production. PPC continues to engage with the relevant authorities to ensure that non- conforming cement is not sold to the public to reduce the risk of collapsing structures. Revenue in South Africa and Botswana declined by 11% to R4 843 million (March 2019: R5 431 million). The reduction in revenue, coupled with a reduced ability to absorb fixed costs from the decline in volumes, resulted in EBITDA contracting by 36% to R613 million (March 2019: R957 million) an d margins declining from 17,6% to 12,7%. MATERIALS BUSINESS Aggregates, ready-mix and ash Revenue decreased by 11% to R1 178 million (March 2019: R1 318 million), primarily as a result of reduced volumes in the aggregates division due to weak demand in the construction industry. EBITDA increased by 18% to R20 million (March 2019: R17 million) due to improved cost management. Lime The lime division’s revenue declined by 2% to R816 million (March 2019: R834 million) with volumes and pricing under pressure due to the decline in steel-related activity. EBITDA contracted by 11% to R110 million (March 2019: R123 million) due to lower volumes and higher input costs. INTERNATIONAL The international operations hold leading positions in their respective markets and, despite challenging trading conditions in some markets, the businesses are well positioned to deliver sustainable value for stakeholders over the medium term. Shorter term, our focus is to optimise the businesses to enhance competitiveness and improve the quality of the products offered to customers. Zimbabwe Trading conditions in Zimbabwe were characterised by weak demand, unstable power supply, and a shortage of foreign currency. PPC Zimbabwe continues to supply quality products to its customers while remaining financially self- sufficient. PPC Zimbabwe also secured supply contracts for a substantial proportion of the large infrastructure projects in Zimbabwe, in hard currency, which assisted in alleviating some of the volume declines in the other segments of the market. The cost base was also restructured to match demand. Cement volumes declined by 15% to 20% in a market that contracted by a similar percentage. Cement pricing was adjusted to account for the increase in inflation and the devaluation of the local currency. Revenue increased by 29% to R1 861 million (March 2019: R1 447 million) and EBITDA grew by 53% to R707 million (March 2019: R461 million). EBITDA margins improved to 38,0%, versus 31,9% in March 2019 aided by higher selling prices and lower cost. PPC Zimbabwe continues to meet its debt obligations. Rwanda In Rwanda, CIMERWA benefited from robust cement demand, driven by large infrastructure projects, growth in the retail market and export demand in the eastern DRC. CIMERWA achieved revenue growth of 6% to R936 million (March 2019: R885 million) due to increases in pricing and volumes. EBITDA declined by 8% to R226 million (March 2019: R246 million) because of higher operational costs incurred to improve the output of the plant and the lockdown imposed by the authorities. The plant is expected to reach nominal capacity in the next 18 months. DRC PPC Barnet in the DRC achieved revenue growth of 5% to R607 million (March 2019: R579 million, restated), driven by higher pricing and translation gains. PPC estimates that market demand increased by 4% to 8%; however, this was offset by an increase in imports from neighbouring countries. Cement producers in the DRC continue to lobby the authorities to increase the enforcement of existing laws banning the importation of cement into the DRC. The business generated EBITDA of R94 million (March 2019: R108 million. EBITDA in FY20 includes management fees not previously charged, as well as a once-off write-off of development costs. Excluding these items, EBITDA improved on last year. The business is in the process of restructuring its debt. OUTLOOK 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. Over the first six months of FY21 (April – Sept) South Africa & Botswana cement sales volumes declined by 5% to 10% year-on-year due to the impact of the lockdown. Following a strong recovery, Cement South Africa & Botswana experienced double-digit year-on-year growth in sales volumes since June. In the last three months (July – Sept) Cement South Africa & Botswana cement sales volumes increased by 20% to 25% year-on-year. The International operations were less affected by the COVID -19 pandemic. In aggregate, total cement volumes sold also showed strong 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 5% to 10% volume growth each compared to the prior comparable period. In the last three months (July – September) sales volumes in PPC Zimbabwe and PPC Barnet (DRC) increased by 35% to 40% and 20% to 25% respectively, compared to the period July to September in 2019. In Rwanda, CIMERWA experienced approximately 5% to 10% sales volume growth from April 2020 to September 2020 compared to the same period last year. In the last three months (July to September 2020), sales volumes increased by 15% to 20% year-on-year. Despite the 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 will remain focused on ca sh preservation, improving cost competitiveness by lowering operational costs, and positioning the business for recovery. Whilst remaining cautious regarding prospects, PPC remains hopeful that the commitment of the South African government to an infrastructure investment led economic recovery will lead to increased cement consumption. If this is the case, PPC, with its national production and logistical footprint, is very well placed to benefit from such an increase. To strengthen the Group’s balance sheet and improve the investment prospects of PPC, the Group has embarked on a detailed refinancing and restructuring project, which will ensure that the Group is sustainably capitalised and self-sufficient on a standalone basis across the regions whe re it operates. This will be implemented over the course of FY21. Refer to note 36 of the audited consolidated financial statements. AUDIT OPINION The Audited Financial Statements were audited by Deloitte & Touche, who expressed an unmodified audit opinion, highlighting certain key audit matters and an emphasis of matter around a material uncertainty relating to the going concern assumption in their report. A copy of the auditor’s report on the consolidated financial statements, together with the con solidated financial statements, is available on the following link: <a href="http://www.ppc.africa/corporate/investorsmedia/financial-presentations-report" target="_blank">www.ppc.africa/corporate/investorsmedia/financial-presentations-report</a>. SHORT FORM ANNOUNCEMENT This short-form announcement is the responsibility of the directors. This is a summary of the information contained in the audited financial results announcement (“full announcement”) and does not contain full or complete details. This announcement is extracted from audited results but is itself not audited. The full announcement can be accessed using the following JSE link: <a href="https://senspdf.jse.co.za/documents/2020/jse/isse/PPC/FY20Result.pdf" target="_blank">https://senspdf.jse.co.za/documents/2020/jse/isse/PPC/FY20Result.pdf</a> Any investment decisions by investors and/or shareholders should be based on consideration of the full announcement published today, Friday 9 October 2020, on the company's website at <a href="http://www.ppc.africa/corporate/investorsmedia/financial-presentations-report" target="_blank">www.ppc.africa/corporate/investorsmedia/financial-presentations-report</a> A copy of the full announcement is also available for inspection at the company's registered office (by appointment, observing COVID-19 restrictions), and may be requested from the Company Secretary Kristell Holtzhausen at <a href="mailto:Kristell.holtzhausen@ppc.co.za">Kristell.holtzhausen@ppc.co.za</a> at no charge, weekdays during office hours. A live and recorded video webcast of the results presentation will be held today at 11:00am and can be accessed via this link: <a href="https://www.corpcam.com/PPCFY20" target="_blank">https://www.corpcam.com/PPCFY20</a> Sandton 9 October 2020 Sponsor Merrill Lynch South Africa (Pty) Limited Financial Communications Advisor: Instinctif Partners Louise Fortuin Mobile: +27 71 605 4294 Date: 09-10-2020 08:18:00 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 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 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.

Extension for Publication of Annual Financial Results 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") EXTENSION FOR PUBLICATION OF ANNUAL FINANCIAL RESULTS Shareholders are referred to the market notice issued by the Financial Services Conduct Authority (“FSCA”) and communicated by the JSE on 3 April 2020, granting an extension of financial reporting periods and are advised that the Company will be utilising the two-month extension period afforded to issuers in that notice. The Company’s financial year-end was 31 March 2020. Accordingly, in the normal course, the Company would have been required to release its audited year-end financial results on Stock Exchange News Service (“SENS”) as well as publishing its financial statements (“AFS”) on the Company’s website, by no later than 30 June 2020, and to distribute its AFS together with the notice of annual general meeting (“AGM”) to shareholders by no later than 31 July 2020. PPC is in the process of finalising its results for the year-ended 31 March 2020. Due to the restrictions placed on the Group as a consequence of the Covid-19 pandemic and resultant lockdowns in the regions that the company operates in as well as the consequential impact on the financial results and disclosures arising from the COVID- 19 pandemic, PPC shareholders are advised that the Company will be relying on the two month extension granted by the FSCA, and will release its audited year-end financial results on SENS and publication of the Company’s AFS on the Company’s website, by no later than 31 August 2020. Consequently, the AFS and the notice of AGM will be distributed to shareholders by no later than 30 September 2020. Sandton 9 June 2020 Sponsor Merrill Lynch South Africa (Pty) Limited PPC: Anashrin Pillay Head Investor Relations Tel: +27 (0) 11 386 9000 Date: 09-06-2020 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 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 : 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 transaction : 23 March 2020 Number of securities : 2 840 227 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R1.0071 Value of transaction : R2 860 392.61 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 24 March 2020 Number of securities : 2 313 086 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R1.2087 Value of transaction : R2 795 827.05 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 26 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: 26-03-2020 02:30:00 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 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 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.

PPC repays Bond and withdraws Credit Rating 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") Voluntary Announcement - PPC Ltd repays Bond and withdraws Credit Rating PPC wishes to inform shareholders that it successfully completed the repayment of the Bond Program on October 31, 2019 and subsequently terminated the rating service agreement with the ratings agency S&P Global Ratings ("S&P"). In accordance with internal procedures, S&P has issued a research update dated January 13, 2020 informing the market about the withdrawal and their view on the ratings of PPC following the interim results released by PPC on the Stock Exchange News Service on November 20, 2019. The credit rating of ’zaBBB-/zaA-3’ South African national scale corporate credit ratings has remained unchanged since last issued in March 2019. The full report can be found at https://www.standardandpoors.com/en_US/web/guest/home. The S&P’s commentary makes reference to PPC’s debt maturity profile and trading environment. PPC management provided guidance to the market on these topics in the Company’s November 2019 interim results. Amongst others, PPC said it would initiate a process to review the overall capital structure of the Group with the aim to improve the debt maturity profile. This process is currently underway and PPC will inform the market as relevant developments become available. Sandton 14 January 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: 14-01-2020 11:15:00 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.

Click below to view full PDF article https://senspdf.jse.co.za/documents/2019/jse/isse/ppc/PPC30Sept.pdf Condensed Consolidated Financial Statements for the six-month period ended 30 September 2019 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") SHORT FORM ANNOUNCEMENT PPC LTD – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2019 SALIENT FEATURES: - Group revenue R4 948 million (Sept 2018: R5 597 million) - Group EBITDA R868 million (Sept 2018: R1 039 million) - Loss per share of 0,4 cents (Sept 2018: Earnings per share 21 cents) - Headline earnings per share 6 cents (Sept 2018: 21 cents) Group results were adversely affected by the devaluation between the Zimbabwean Dollar (“ZWL”) and the South African Rand and the application of the provisions of IAS 29 – Financial Reporting in Hyperinflationary Economies. Excluding PPC Zimbabwe Group revenue declined 1% to R4 502 million and Group EBITDA decreased by 3% to R667 million. Roland Van Wijnen, CEO said: ”The positive operational results in Rwanda and the DRC have partially offset difficult and competitive market conditions in South Africa and Zimbabwe. PPC has continued its efforts to implement necessary price increases to lay the basis for a sustainable domestic cement industry in RSA. We remain focused on cost reductions and we have achieved cost savings of R65/tonne in South Africa as part of our R70 per tonne saving program announced in 2017. Whilst the profitability of the Group has declined, PPC continues to generate positive free cash flow. Our focus in Zimbabwe remains to deliver our customers premium products and solutions at stable or improved EBITDA margins, as well as to ensure financial self-sufficiency of the business against the backdrop of a challenging macro- economic environment. The PPC Zimbabwe team has delivered on both these strategic imperatives.” GROUP PERFORMANCE Group revenue declined by 12% to R4 948 million (Sept 2018: R5 597 million) attributable to a 17% decline in overall cement volumes to 2,6 million tonnes. Southern Africa cement and PPC Zimbabwe were the main contributors to the decline. Cost of sales reduced by 10% to R4 023 million (Sept 2018: R4 494 million) compared with the previous year. Overheads reduced by 4% to R555 million (Sept 2018: R580 million). Excluding once-off restructuring costs of R83 million incurred during the period, overheads reduced by 19%. PPC reported cost savings of R60/tonne at the end of March 2019, and achieved additional cost savings of R5/tonne for the period towards PPC’s saving target of R70/tonne. Group EBITDA declined by 17% to R868 million (Sept 2018: R1 039 million), resulting in an EBITDA margin of 17,5% (Sept 2018: 18,6%). Excluding the impact of the once-off restructuring costs EBITDA margin was 19,3%. The Group results are impacted by the significant currency devaluation between the ZWL and the South African Rand (“ZAR”) and the application of the provisions of IAS 29 that complicates comparability at a Group level. PPC Zimbabwe has applied hyperinflationary accounting from 1 April 2019 to 30 September 2019. The results, net assets and cash flows were then translated from ZWL into rand at a closing rate of 1 ZWL to 0.99 ZAR compared to 1 ZWL to 4.80 ZAR at March 2019, which had a material impact on the results. Excluding PPC Zimbabwe, Group revenue declined by 1% and cost of sales were maintained at R3 783 million. EBITDA declined by 3% to R668 million (Sept 2018: R687 million), with margins maintained at 15%. The application of IAS 29 resulted in a net monetary gain amounting to R543 million (before tax). Included in the fair value adjustment loss of R270 million is an estimated credit loss of R307 million relating to Zimbabwe financial assets, R76 million of which was raised against the PPC Zimbabwe financial asset arising as a result of the PPC Zimbabwe debt being settled by the Reserve Bank of Zimbabwe on a 1:1 basis as legacy debt. The remainder of the expected credit loss provision was raised against the PPC Limited blocked funds held by the Reserve Bank of Zimbabwe and cash deposited in a non-resident account with Stanbic in Zimbabwe. The balance of the fair value adjustment relates to the translation into Rands of foreign assets and liabilities. Finance costs decreased by 3% to R327 million (Sept 2018: R336 million). Southern Africa finance costs increased by 13% to R125 million (Sept 2018: R111 million) due to the application of IFRS 16 - Leases. International finance costs declined by 10% to R202 million (Sept 2018: R225 million). Taxation expense of R186 million (Sept 2018: R9 million credit), resulted in an effective tax rate of 114%. Excluding the impact of provisions, expected credit losses, hyperinflation, the impairment and other non-deductible expenses, the effective tax rate is 33%. The equity investment in the integrated cement plant in Ethiopia was fully impaired, resulting in an impairment loss of R93 million. Basic earnings per share was reduced to a 0,4 cents loss (Sept 2018: Earnings per share 21 cents) and headline earnings per share was 6 cents (Sept 2018: 21 cents). Cash available from operations decreased from R581 million to R223 million, mainly as a result of an increase in working capital absorption of R342 million, which is significantly higher than the comparative period at R110 million due to the manufacturing cycle in the DRC, cash preservation strategies in Zimbabwe, increasing inventory levels and accounts payable. Capital investments in property, plant and equipment decreased by 40% to R225 million (Sept 2018: R377 million). Gross debt increased marginally from R5 002 million in March 2019 to R5 131 million at the end of September 2019. The currency impact on the international debt is R193 million. On a constant currency basis the gross debt was approximately R4 938 million as at 30 September 2019. The Southern African debt remained constant at R1 700 million. CEMENT SOUTHERN AFRICA (INCLUDING BOTSWANA) Realised average selling prices for Southern Africa increased by 8% - 10%, as the business continued with its drive of increasing cement prices to recover operational costs and improve returns. PPC Southern Africa cement volumes declined by 15% - 20%, where declines were less significant in the coastal regions. PPC estimated the South African cement industry declined by between 10% - 15% for the period, with consumer and construction sector demand still under severe pressure. The competitive environment was exacerbated by imports and blender activity. Cement imports increased by 5% to 849,000 tonnes for calendar year August 2019. The Concrete Institute (“TCI”) on behalf of the domestic cement industry submitted an application to the International Trade Administration Commission (“ITAC”) highlighting the impact of imports on domestic cement production. The industry is continuously engaging with the relevant authorities to ensure that blended cement meets the requisite standards. Revenue for Cement Southern Africa declined by 8% to R2 555 million (Sept 2018: R2 772 million). This was a result of a 30% increase in fuel prices for the period under review. All other production costs were well controlled within the 5% - 7% range. The reduction in revenue coupled with an increase in costs resulted in EBITDA contracting by 24% to R367 million (Sept 2018: R481 million) and margins declining from 17,4% to 14,4%. MATERIALS BUSINESS Aggregates, ready-mix and ash Revenue decreased by 8% to R645 million (Sept 2018: R698 million), as a result of decreased volumes across all segments, as the market remained competitive due to a muted construction industry. EBITDA contracted to R35 million (Sept 2018: R40 million), due to higher fuel and maintenance costs. Lime The lime division grew revenue by 6% to R434 million (Sept 2018: R409 million), with higher prices in certain products compensating for volume declines of 5%. EBITDA contracted by 17% to R50 million (Sept 2018: R60 million), due to lower fixed cost absorptions, higher coal costs and refractory costs. INTERNATIONAL Zimbabwe Volumes declined by 30 - 35%, in-line with the decrease in the overall market, whilst cement pricing was adjusted on a weekly basis to contend with the rapid increase in inflation and the devaluation in currency. Revenue declined by 54% to R497 million (Sept 2018: R1 076 million) against the backdrop of a hyper- inflationary environment, severe weakening of the ZWL, regular power outages and a weaker cement market. EBITDA contracted by 43% to R201 million (Sept 2018: R352 million), with EBITDA margins showing a marked improvement to 40% versus 32% in September 2018. PPC Zimbabwe is financially self-sufficient and is preserving cash by investing in inventory and accelerating capital expenditure. Rwanda CIMERWA achieved revenue growth of 28% to R514 million (Sept 2018: R402 million) due to a 20% increase in volumes. EBITDA increased by 70% to R156 million (Sept 2018: R92 million), benefiting from increased volume output and an improved cost per tonne performance. DRC PPC Barnet DRC achieved revenue growth of 26% to R303 million in the period (Sept 2018: R240 million), driven by stable pricing and production output in an oversupplied market. The business generated EBITDA of R81 million (March 2018: R 60 million), with corresponding margins of 27%. EBITDA benefited from stringent cost control and entrenchment of route to market strategies. The business is in the process of restructuring its debt. OUTLOOK Overall, PPC will remain focused on optimising operational cash generation through price and cost management in order to reduce financial leverage and strengthen the balance sheet. In Southern Africa there are further opportunities to optimize the delivery network and related fixed and variable costs. However, the cement industry in South Africa needs to be protected from unfair competition in the form of imports and substandard products. Unfair competition contributes to an unsustainable pricing environment that threatens the financial viability of the local cement industry that is of strategic relevance to the country. In Zimbabwe, the business is self-sufficient and will continue to focus on delivering to the market at stable EBITDA margins whilst managing cash and implementing strategies to preserve the longer term value of the business. Despite the challenging trading conditions, the business remains well capitalised and is well positioned to benefit from local infrastructure projects and growth in the region. In Rwanda, CIMERWA is expected to benefit from the improved growth in output following the progress of the debottlenecking project and the strong economic climate. The DRC business will focus on maximising EBITDA and restructuring its debt to reduce reliance on the Group. PPC has initiated a comprehensive strategic review and certain initiatives necessary for sustainable value creation are underway. The outcomes of our strategic review will be communicated in due course. RESULTS PRESENTATION PPC will be hosting an analyst’s results presentation today in Johannesburg at the JSE Auditorium, 1 Exchange Square, 2 Gwen Lane, Sandown at 10:00 SAST. The presentation will be webcast live and can be accessed via https://www.corpcam.com/PPC20112019. The results presentation and a copy of this announcement will be available on the company’s website: https://ppc.africa/corporate/investors-media/financial-presentations-reports. SHORT FORM STATEMENT This short form announcement is the responsibility of the directors. It is only a summary of the information contained in the full announcement and does not contain full or complete details. Any investment decision should be based on the full announcement accessible from Wednesday, 20 November 2019, via the JSE link and also available on the Company's website at https://ppc.africa/corporate/investors- media/financial-presentations-reports. The full announcement is available for inspection, at no charge, at the Company's registered office 148 Katherine Street, Sandton and the office of the sponsor during standard office hours. The JSE link is as follows: https://senspdf.jse.co.za/documents/2019/JSE/ISSE/PPC/PPC30Sept.pdf Sandton 20 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: 20/11/2019 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 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.

Dealings in Securities by 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 DIRECTOR In compliance with the JSE Limited Listings Requirements, the following information is disclosed: Director : Ms T Ramano Title : Executive Director Company : PPC Limited Date of transaction : 5 September 2019 Number of securities : 75 700 Nature of transaction : On-market sale of securities in terms of Retention Scheme Class of securities : PPC ordinary share Share price : R4.0087 Value of transaction : R303,458.59 Nature of interest : Direct Beneficial Clearance to deal obtained : Yes Director : Mr J Claassen Title : Executive Director Company : PPC Limited Date of transaction : 5 September 2019 Number of securities : 15 531 Nature of transaction : On-market sale of securities in terms of Retention Scheme Class of securities : PPC ordinary share Share price : R4.0087 Value of transaction : R62,259.12 Nature of interest : Direct Beneficial Clearance to deal obtained : Yes Sandton 9 September 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: 09/09/2019 11:40:00 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.

Results of Annual General Meeting 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”) Results of Annual General Meeting (AGM) PPC advises its shareholders that all the proposed ordinary and special resolutions contained in the Notice of the AGM (“Notice”) dated 18 July 2019 and tabled at the Company’s AGM held on Thursday, 29 August 2019 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 number 1 – Election of Mr Mark Richard 1 382 344 918 86.77% 99.38% 0.62% 0.06% Thompson Ordinary resolution number 2.1 – Re-election of Ms Nonkululeko 1 382 344 918 86.77% 99.25% 0.75% 0.06% Gobodo Ordinary resolution number 2.2 – Re-election of Mr Anthony Charles 1 382 659 918 86.79% 99.37% 0.63% 0.04% Ball Ordinary resolution number 2.3 – 1 369 166 358 85.94% 99.29% 0.71% 0.89% Re-election of Mr Charles Naude Ordinary resolution number 3.1 – Appointment to audit committee – 1 382 343 418 86.77% 99.18% 0.82% 0.06% Ms Nonkululeko Gobodo Ordinary resolution number 3.2 – Appointment to the audit committee 1 382 345 418 86.77% 99.25% 0.75% 0.06% – Ms Noluvuyo Mkhondo Ordinary resolution number 3.3 – Appointment to audit committee – 1 382 346 918 86.77% 99.26% 0.74% 0.06% Mr Mark Richard Thompson Ordinary resolution number 3.4 – Appointment to audit committee – 1 369 168 358 85.94% 79.14% 20.86% 0.89% Mr Charles Naude Ordinary resolution number 4 – Reappointment of external auditor 1 382 346 748 86.77% 68.89% 31.11% 0.06% Deloitte & Touche Ordinary resolution number 5.1 – Non-binding advisory vote – 1 382 319 758 86.77% 95.97% 4.03% 0.06% remuneration policy Ordinary resolution number 5.2 – Non-binding advisory vote – 1 382 321 758 86.77% 96.71% 3.29% 0.06% remuneration implementation report Ordinary resolution number 6 – To place unissued shares under the 1 382 347 399 86.77% 92.66% 7.34% 0.06% control of directors Ordinary resolution number 7 – General authority to issue shares 1 382 636 549 86.79% 91.49% 8.51% 0.04% for cash Ordinary resolution number 8 – Authority to implement resolutions 1 382 345 383 86.77% 99.26% 0.74% 0.06% Special resolution number 1.1 – Financial assistance – section 44 1 382 343 099 86.77% 96.13% 3.87% 0.06% Special resolution number 1.2 – Financial assistance – section 45 1 382 343 099 86.77% 95.39% 4.61% 0.06% Special resolution number 2.1 – Remuneration – board chairman 1 382 339 629 86.77% 93.95% 6.05% 0.06% Special resolution number 2.2 – Remuneration – non- 1 382 336 978 86.77% 99.25% 0.75% 0.06% executive director Special resolution number 2.3 – Audit and risk committee chairman 1 382 339 399 86.77% 99.25% 0.75% 0.06% Special resolution number 2.4 – Audit and risk committee – member 1 382 339 399 86.77% 99.25% 0.75% 0.06% Special resolution number 2.5 – Remuneration committee – chairman 1 382 340 929 86.77% 99.25% 0.75% 0.06% Special resolution number 2.6 – Remuneration committee – member 1 382 340 929 86.77% 99.25% 0.75% 0.06% Special resolution number 2.7 – Social and ethics committee – 1 382 341 399 86.77% 99.25% 0.75% 0.06% chairman Special resolution number 2.8 – Social and ethics committee – 1 382 339 399 86.77% 99.25% 0.75% 0.06% member Special resolution number 2.9 – Nominations committee – chairman 1 382 339 399 86.77% 99.25% 0.75% 0.06% Special resolution number 2.10 – Nominations committee – member 1 382 339 399 86.77% 99.25% 0.75% 0.06% Special resolution number 2.11 – Investment committee – chairman 1 382 339 399 86.77% 99.25% 0.75% 0.06% Special resolution number 2.12 – Investment committee – member 1 382 339 399 86.77% 99.25% 0.75% 0.06% Special resolution number 2.13 – Special meetings – chairman 1 382 339 399 86.77% 98.51% 1.49% 0.06% Special resolution number 2.14 – Special meetings – member 1 382 339 399 86.77% 98.51% 1.49% 0.06% Special resolution number 3 – General authority to 1 382 660 399 86.79% 99.26% 0.74% 0.04% 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 Kristell Holtzhausen Company Secretary 29 August 2019 Sponsor: Merrill Lynch South Africa (Pty) Limited Date: 29/08/2019 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.

Operational Update for the four months ended 30 July 2019 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”) OPERATIONAL UPDATE FOR THE FOUR MONTHS ENDED 30 JULY 2019 GROUP PERFORMANCE Group EBITDA increased by between 5 – 10% for the four months ended 30 July 2019 (“period”), on the back of continued selling price momentum in South Africa and ongoing cost optimisation in terms of R70/tonne savings initiative. The group incurred once-off restructuring costs as part of its operational and head office optimisation, which detracted from the EBITDA performance. The restructuring of the group will position the business to take advantage of future growth. The Southern Africa cement business continues to optimise its route to market strategy by focusing on its most profitable market segments. In the Rest of Africa, the focus is on cash preservation and maximising US$ EBITDA per tonne. The group balance sheet remains strong, with group gross debt at similar levels to those reported for March 2019. SOUTHERN AFRICA CEMENT Despite a challenging operating environment, average cement prices in Southern African (including Botswana), increased by 7.0 - 8.0% for the period. Aligned with the objective of focusing on EBITDA enhancing volume growth, cement sales declined by 10 - 15% compared to the corresponding period in FY’19 (“comparable period”), in line with the estimated decline in domestic demand. Domestic cement demand remains constrained due to a subdued demand environment. Importer and blender activity have also contributed to a competitive operating environment. EBITDA increased by 5 - 10% supported the R70/tonne cost saving initiative. Total cement imports increased by 22% for January 2019 - June 2019 compared to the same period in 2018, amounting to ~640,000 tonnes. The Concrete Institute (TCI) on behalf of the domestic cement industry submitted an application to ITAC highlighting the impact of imports on domestic cement production. The industry is also engaging with the relevant authorities to ensure that blended cement meets the requisite standards. MATERIAL BUSINESS LIME Lime revenue increased by 5 – 10%, supported by higher selling pricing and volumes. EBITDA was marginally lower than the comparable period, due to higher input and maintenance costs. AGGREAGATES AND READYMIX Aggregates and readymix revenue decreased by 5 – 10%, due to constrained demand and challenging pricing environment. This has also resulted in a decline in EBITDA compared to the prior comparable period. REST OF AFRICA CEMENT ZIMBABWE Trading conditions in Zimbabwe remain challenging, due to liquidity constraints and inflationary pressures. PPC remains focused on optimising its local operations and implementing its cash preservation strategy to ensure the business is self- sufficient. The devaluation of the Real Time Gross Settlement (RTGS) dollar versus the US$ impacted revenue, which declined by 30 – 35% in rands. Overall cement sales volumes contracted by 25 – 30% due to a weaker economic climate. Cement pricing, which was aligned with input cost inflation, was higher than the previous comparable period. EBITDA declined by 10 - 15%, while EBITDA margins remained within the guided range of 30 – 35%. Rwanda In Rwanda, Cimerwa continues to benefit from increased construction activity and high economic growth. The successful completion of 1 st phase debottlenecking of the plant has resulted in higher cement sales. Overall volumes for the period increased by 35 - 40%, coupled with stable pricing. Pleasingly, EBITDA increased by more than 200%, compared to the prior period. Democratic Republic of Congo (DRC) Demand remained subdued in the DRC. The EBITDA performance of the business has tracked below last year, mainly as a result of a competitive pricing environment during the first two months of the financial year. Pricing has subsequently recovered, with the business executing strategic plans to maximise EBITDA and free cash flow generation in order to minimise capital requirements from the centre. PPC is currently engaging with its lenders to re-structure the debt in the DRC and put in place a more sustainable capital structure. Ethiopia Habesha has not achieved targeted profitability levels for the period due to sub- optimal plant performance and pricing challenges. PPC management is responding by prioritising plant optimisation and route to market strategies. OUTLOOK PPC will continue to focus on stabilising the performance of its core operations and positioning the group for future growth. The restructuring of the head office will enable the alignment of the business to its operational requirements and enable PPC to focus on maximising EBITDA in all markets it operates in and reducing financial leverage. The information in this operational update has not been reviewed or reported on by the Company’s external auditors. 29 August 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: 29/08/2019 08:15:00 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 / 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 : 20 August 2019 Number of securities : 371 112 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.2916 Value of transaction : R1 592 664.26 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 21 August 2019 Number of securities : 1 043 969 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.2008 Value of transaction : R4 385 504.98 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 22 August 2019 Number of securities : 2 152 711 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.2392 Value of transaction : R9 125 772.47 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 23 August 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: 23/08/2019 11:00:00 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 : 1 August 2019 Number of securities : 100 431 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.7959 Value of transaction : R481 657.03 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 2 August 2019 Number of securities : 60 446 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.8234 Value of transaction : R291 555.24 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 5 August 2019 Number of securities : 143 658 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.8560 Value of transaction : R697 603.25 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 6 August 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: 06/08/2019 09:30:00 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.

Dealings 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 : 29 July 2019 Number of securities : 222 752 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.8628 Value of transaction : R1 083 198.43 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 31 July 2019 Number of securities : 209 871 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.9538 Value of transaction : R1 039 658.96 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 1 August 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: 01/08/2019 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.

Posting of Integrated Report, No Change Statement, Notice of Annual General Meeting and BEE Compliance Report 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”) POSTING OF INTEGRATED REPORT, NO CHANGE STATEMENT, NOTICE OF ANNUAL GENERAL MEETING(“AGM”) AND BEE COMPLIANCE REPORT Notice of disbursement of IAR Shareholders of the Company (“Shareholders”) are hereby advised that the Company’s 2019 Integrated Report, incorporating the summarised audited consolidated annual financial statements of the Company for the year ended 31 March 2019 (“Summarised Financial Statements”) and the notice of the annual general meeting of the Company (“AGM”) has been distributed to Shareholders on Tuesday, 30 July 2019. The summarised audited financial statements contain no modifications to the audited abridged financial statement published on SENS on 19 July 2019. The Integrated Report incorporating the referenced supplementary reports and the notice of AGM will also be available on the Company’s website, at https://ppc.co.za/corporate/investors-media/financial-presentations-reports as from today, 30 July 2019: Notice of AGM Notice is hereby given that the AGM will be held at 12h00 on Thursday, 29 August2019 at PPC offices, Addis Ababa and Lilongwe meeting rooms, 4th floor, 148 Katherine Street, Sandton, 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, 23 August 2019, with the last day to trade being Tuesday, 20 August 2019. BEE Certificate Furthermore, Shareholders are advised that the Company’s BEE certificate and the annual compliance report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Amendment Act, No 46 of 2013 for the period from December 2018 to December 2019, will also be available on the Company’s website https://ppc.africa/corporate/about-us/broad-based-economic-empowerment. 30 July 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: 30/07/2019 12:01:00 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 : 24 July 2019 Number of securities : 443 948 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.6765 Value of transaction : R2 076 122.82 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 25 July 2019 Number of securities : 1 759 373 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.7056 Value of transaction : R8 278 905.59 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 26 July 2019 Number of securities : 263 384 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.6966 Value of transaction : R1 237 009.29 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 29 July 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: 29/07/2019 11:55:00 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.

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 : 19 July 2019 Number of securities : 2 218 192 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.9969 Value of transaction : R11 084 083.60 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 23 July 2019 Number of securities : 3 141 613 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.5679 Value of transaction : R14 350 574.02 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 24 July 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: 24/07/2019 09:03:00 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.

Click below to view full PDF article https://senspdf.jse.co.za/documents/2019/jse/isse/ppc/FY19Abrdgd.pdf Short Form - Abridged Audited Financial Results for the year ended 31 March 2019 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”) Short Form - Abridged Audited Financial Results for the year ended 31 March 2019 Shareholders of the Company (“Shareholders”) are referred to the reviewed condensed consolidated financial statements announcement released on SENS on 27 June 2019 (“Reviewed Results”) and are advised that the Company has completed the audit of its financial statements for the year-ended 31 March 2019 (“Audited Financial Statements”). The Audited Financial Statements contain changes to the Reviewed Results. Summary of changes Herewith a summary of changes from the consolidated reviewed results to the consolidated audited annual financial statements: Consolidated Statement of Financial position - Deferred taxation assets (refer to note 10.3) - Deferred taxation liabilities (refer to note 10.3) There are no changes to the consolidated statement of comprehensive income, the consolidated statement of cash flows as well as the consolidated statement of changes in equity. Notes to the audited consolidated financial statements - Going concern (refer to note 1.4) - Property plant and equipment (refer to note 3) - Commitments ( refer to note 4) - Taxation (refer to note 10.1) - Deferred tax (refer to note 10.3) - Trade and other payables (refer to 15) - Trade and other receivables (refer to note 16) - Non – current assets held for sale (refer to note 24) - Financial risk management (refer to note 26) - Events after reporting date (refer to note 32) Given the changes to the Reviewed Results, PPC is publishing abridged audited financial statements and the financial highlights thereof are outlined below. The Audited Financial Statements were audited by Deloitte & Touche, who expressed an unmodified audit opinion in their report. A copy of the aforementioned audit report is available for inspection at the Company’s registered office, together with the audited financial statements referred to in the audit opinion. Financial Highlights: - Revenue increased by 1% to R10.4bn (March 2018: R10.3bn) - EBITDA R1.94bn (March 2018: R1.88bn) - Basic headline earnings per share 20 cents (March 2018: 15 cents) - Basic earnings per share 16 cents (March 2018: 10 cents) This short-form announcement is the responsibility of the directors. This is a summary of the information contained in the audited financial results announcement (“full announcement”) and does not contain full or complete details. The full announcement can be accessed using the following JSE link: https://senspdf.jse.co.za/documents/2019/jse/isse/PPC/FY19Abrdgd.pdf https://senspdf.jse.co.za/documents/2019/jse/issbb/PPC/FY19Abrdgd.pdf Any investment decisions by investors and/or shareholders should be based on consideration of the full announcement published today, Friday 19 July 2019, on the company's website at www.ppc.africa. A copy of the full announcement is also available for inspection at the company's registered office and may be requested from the Company Secretary Kristell Holtzhausen at Kristell.holtzhausen@ppc.co.za at no charge, weekdays during office hours. Notice of disbursement of Integrated Annual Report (IAR) Shareholders are hereby advised that the Company’s IAR, incorporating the abridged summarised audited consolidated annual financial statements of the Company for the year ended 31 March 2019 and the notice of the annual general meeting of the Company (“AGM”) will be distributed to Shareholders on Friday, 26 July 2019. 19 July 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: 19/07/2019 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.

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 code: PPC JSE ISIN: ZAE 000170049 ZSE code: PPC JSE code: PPC003 JSE ISIN: ZAG000117524 (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 : 9 July 2019 Number of securities : 358 188 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R5.00 Value of transaction : R1 790 940 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 10 July 2019 Number of securities : 383 339 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R5.00 Value of transaction : R1 916 695 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 Peregrine Fund Platform (Pty) Ltd, the registered investment manager for various funds advised by VCP. Sandton 12 July 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: 12/07/2019 11:10:00 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.

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 JSE code: PPC003 JSE ISIN: ZAG000117524 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 : 28 June 2019 Number of securities : 2 827 647 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.6147 Value of transaction : R13 048 742.61 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 1 July 2019 Number of securities : 434 496 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.6480 Value of transaction : R2 019 537.41 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 2 July 2019 Number of securities : 1 226 026 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.8965 Value of transaction : R6 003 236.31 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 Peregrine Fund Platform (Pty) Ltd, the registered investment manager for various funds advised by VCP. Sandton 3 July 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: 03/07/2019 03:30:00 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.

Exchange Control Directive RU102/2019 Issued by the Reserve Bank of Zimbabwe PPC Ltd (Incorporated in the Republic of South Africa) Company registration number: 1892/000667/06 JSE code: PPC JSE ISIN: ZAE 000170049 ZSE code: PPC JSE code: PPC003 JSE ISIN: ZAG000117524 (“PPC” or “Company”) EXCHANGE CONTROL DIRECTIVE RU102/2019 ISSUED BY THE RESERVE BANK OF ZIMBABWE – PERTAINING TO TRADING OF SHARES OF DUALLY LISTED FIRMS ON THE ZIMBABWE STOCK EXCHANGE OR EXTERNAL EXCHANGES. 1 Background The Reserve Bank of Zimbabwe issued a directive in terms of section 35 (1) of the Exchange Control Regulations, Statutory Instrument 109 of 1996, being Exchange Control Directive RU 102/2019 (“Directive”) which amongst other issues deals with matters pertaining to trading of shares of dually listed firms on the Zimbabwe Stock Exchange or external stock exchanges. 2 Directive The relevant part of the Directive provides that: Trading of Dual listed shares 14.1 Authorised Dealers are advised that with effect from 25 June 2019, any investor who shall purchase a dual listed share on the Zimbabwe Stock Exchange (ZSE) shall only be allowed to sell the share on the ZSE or on an external stock exchange after a vesting period of ninety (90) days from the date of initial purchase. 14.2 For investors wishing to uplift dual-listed shares from external bourses for purposes of selling the shares on the ZSE, such sales shall only be allowed to be executed after a period of ninety (90) days from the date of registration on the ZSE. 14.3 For investors who have already acquired the dual-listed shares on the ZSE and are desirous of disposing of such shares, Exchange Control directs that such sales can only be allowed in instances where the shares have been purchased on or before 20 March 2019. 14.4 The procedures for trading in dual-listed shares on the ZSE as previously communicated by Exchange Control on 26 May 2016 shall remain operational. 3 Implications The implications of this Directive are as follows; 3.1 Any investor who purchases shares in a dual listed Company will only be able to dispose of the shares after a period of 90 days from the date of the original purchase. 3.2 The directive also has a retrospective effect in that only those who acquired their shares on or before 20 March 2019 qualify to dispose of their shares if they so wish. 3.3 Locals investors holding shares in dual-listed entities will not be able to sell their shares until the maturity of the vesting period of 90 days. 4 Conclusions Shareholders should carefully consider these changes and the implications when trading in their shares. 1 July 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: 01/07/2019 10:25:00 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.

Reviewed Condensed Consolidated Financial Statements PPC Ltd (Incorporated in the Republic of South Africa) (PPC or company or group) Company registration number: 1892/000667/06 JSE code: PPC JSE ISIN: ZAE 000170049 ZSE code: PPC JSE code: PPC003 JSE ISIN: ZAG000117524 REVIEWED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FINANCIAL HIGHLIGHTS - Headline earnings per share increased 33% to 20 cents - Basic earnings per share up 60% at 16 cents - Group revenue increased 1% to R10,4 billion - Group reported EBITDA increased by 4% to R1,9 billion - Group overheads reduced by 19% or R260 million COMMENTARY Johan Claassen, CEO, said: "PPC has been able to produce a solid set of results, by delivering on its strategic priorities. The group has been successful in executing on its FOH-FOUR strategic priorities, with key focus areas being financial, operational, human capital and customers. This has resulted in significant cost savings, as part of our R70/tonne savings initiatives. These actions will position the group well for the future. In the Rest of Africa (RoA), the Zimbabwe results were impacted by the change in functional currency, which reduced revenue and EBITDA contributions. Pleasingly, the Democratic Republic of Congo (DRC) business achieved positive EBITDA in a challenging market. In Rwanda, the business achieved increased output benefiting from the debottlenecking in the first half of the financial year. Positive free cash flow generated was used to repay debt obligations, which remained within targeted levels. The group's liquidity position was well managed with a smoother debt maturity profile". Johannes Theodorus Claassen Chief executive officer MAJOR ACHIEVEMENTS IN THE year - Group overheads reduced by 19% or R260 million - Group EBITDA increased by 4% to R1,9 billion - DRC contributed EBITDA of R108 million - EBITDA cash conversion ratio 1,0 times GROUP PERFORMANCE Group revenue increased by 1% to R10 409 million (March 2018: R10 271 million) supported by a 1% increase in overall cement volumes to 5,9 million tonnes. Cost of sales increased by 6% to R8 399 million (March 2018: R7 924 million) compared with the previous year. The higher cost of sales is attributed to DRC, southern Africa cement and the materials division. The southern African cement and materials businesses experienced above inflation input cost pressures, as well as once-off unplanned maintenance costs. The DRC was fully accounted for in the period for the first time. The business benefited from the restructuring of the PPC head office and the R70/tonne cost savings initiatives in southern Africa. Group overheads decreased significantly by 19%, resulting in a cost reduction of R260 million. As a result, group EBITDA increased by 4% to R1 946 million (March 2018: R1 880 million) at an EBITDA margin of 18,7% (March 2018: 18,3%). In addition, the DRC business made a positive EBITDA contribution of R108 million. Finance costs increased marginally by 1% to R681 million (March 2018: R675 million). Lower finance charges in South Africa were offset by higher finance costs in RoA. South Africa's finance costs decreased by 31% to R234 million (March 2018: R337 million), while RoA's finance costs increased by 33% to R447 million (March 2018: R338 million). The DRC accounted for the majority of the increase in RoA finance charges. Taxation declined by 97% to R6 million in the current year (March 2018: R205 million). The basic earnings per share of 16 cents per share was outside the previously published range as reported on 21 June 2019, due to the fair value loss on the Zimbabwe government bonds. Net movement in cash and cash equivalents excluding the investment in government bonds and the stock market of R324 million in Zimbabwe, was an inflow of R126 million (March 2018: outflow of R59 million). This was aided by improved working capital management which resulted in a release of R63 million, and a 54% reduction in cash taxation paid of R151 million (March 2018: R330 million). Capital investments in property, plant and equipment decreased by 16% to R773 million (March 2018: R921 million). Gross debt increased from R4 682 million in March 2018 to R5 002 million at the end of March 2019. Rand weakness increased gross debt by R630 million. Net debt to EBITDA for March 2019 was 2,3 times (March 2018: 2,0 times). Excluding the investment of R324 million in government bonds and the Zimbabwe Stock Market, net debt to EBITDA would have been 2,2 times, which is within target range. CEMENT SOUTHERN AFRICA In southern Africa (including Botswana), cement volumes declined by 2% to 3%. Volume declines were experienced in South Africa against the backdrop of a challenging market, where both the consumer segment and construction industry came under pressure. Cement imports increased by 84% to 1,0 million tonnes for calendar year 2018, albeit off a relatively low base. Imports received via Durban increased by 89% to more than 600 000 tonnes, while imports received in the Cape rose by 48% to 209 000 tonnes. Continued increase in the production of blended product contributed to a more competitive inland market. Realised average selling prices for southern Africa increased by 1% to 2%, as the business continued with its drive of increasing cement prices to recover operational costs. Selling prices were increased by 8 to 12% in January 2019. The full benefit is expected to be realised in the new financial year. Overall, revenue for Cement southern Africa declined by 1% to R5 431 million (March 2018: R5 499 million). Cost of sales rose by 6%, driven primarily by a 10% increase in distribution costs on a per tonne basis. This was a result of a 30% increase in fuel prices for the period under review. All other production costs were well controlled within the 5% to 7% range. The combination of lower revenue growth and an increase in costs resulted in EBITDA contracting by 20% to R957 million (March 2018: R1 200 million) and margins declining from 21,8% to 17,6%. Non-recurring items relating to commissioning of SK9 and the unplanned Dwaalboom shutdown amounted to R78 million. Excluding these non-recurring items the like-for-like EBITDA margins were 19%. The business has made good progress in terms of the R70/tonne saving initiatives. Cumulatively, the business has achieved R60/tonne in savings since October 2017. This comprises R40/tonne in cost efficiencies and R20/tonne in overhead reduction. PPC will continue to drive operational cost efficiencies in order to achieve targeted savings. MATERIALS BUSINESS The materials business remains an integral part of the cement route-to-market strategy. Revenue increased by 7% to R2 152 million (March 2018: R2 010 million) and the business generated EBITDA of R140 million (March 2018: R192 million). Lime The lime division grew revenue by 4% to R834 million (March 2018: R801 million), with higher prices in certain products compensating for volume declines of 6%. Lime has significant exposure to the steel and allied sectors, where volumes remain constrained. EBITDA contracted by 9% to R123 million (March 2018: R135 million), due to lower volumes, higher input costs and higher maintenance costs. Aggregates and readymix Revenue increased by 9% to R1 318 million (March 2018: R1 209 million), supported by higher prices and marginally improved volumes in all segments. EBITDA contracted to R17 million (March 2018: R57 million), due to higher fuel and maintenance costs. The market remains competitive due to a muted construction industry. REST OF AFRICA CEMENT Revenue increased by 2% to R2 826 million (March 2018: R2 762 million) on volume growth of 10%. Volumes were supported by ramp up of DRC and positive contribution from Rwanda post the debottlenecking in the first half of the financial year. The difficult trading conditions in Zimbabwe had an adverse impact on overall volume growth and price realisation. EBITDA increased by 10% to R810 million (March 2018: R736 million), and EBITDA margins improved from 26,7% to 28,7%. Non-recurring items relating to the CIMERWA debottlenecking amounted to R100 million. Excluding this amount, EBITDA margins are within the guidance range of 30% to 35%. Zimbabwe The published results for PPC Zimbabwe for the first half of the 2019 financial year were based on an exchange rate of 1RTGS$:1US$. The reported results of PPC Zimbabwe being consolidated in PPC group from 1 October 2018 to March 2019, were based on the commercial exchange rate of 3,5RTGS$:1US$. Revenue declined by 20% to R1 447 million (March 2018: R1 813 million) against the backdrop of a weaker cement market, clinker shortages and a depreciation in the functional currency in the second half of the financial year. The successful implementation of our route-to-market strategy has enabled PPC to offset some of these headwinds, with volumes declining by 5%. EBITDA contracted by 20% to R461 million (March 2018: R573 million), however, margins were maintained at 32%. PPC Zimbabwe is operationally self-sufficient and continues to drive local procurement and exports to reduce forex requirements. PPC Zimbabwe continues to service its debt obligations with in-country cash resources. Legacy debt has been registered with the Reserve Bank of Zimbabwe and will be settled on a 1:1 basis. Management has implemented contingency measures to mitigate the impact of the liquidity challenges. Rwanda CIMERWA achieved revenue growth of 10% to R885 million (March 2018: R804 million) on the back of a 5% increase in volumes. Revenues were supported by higher realised cement prices in US dollar. EBITDA declined by 9% to R246 million (March 2018: R270 million). EBITDA was impacted by the planned shutdown as a result of the debottlenecking, and additional costs related to clinker imports during the shutdown period. This resulted in a non-recurring EBITDA impact of approximately R100 million. Clinker production returned to normalised levels following the completion of phase 1 of the project, and the debottlenecking will allow for higher capacity utilisation going forward. The outlook for economic growth remains positive, with forecast GDP growth of more than 7% in 2019, supported by all major economic sectors. CIMERWA remains well positioned to benefit from growth in the region. DRC PPC Barnet achieved revenue of R494 million in the period (March 2018: R144 million), driven by a ramp up in production output. Route-to-market initiatives supported the company in achieving a market share of 25% to 30% for the period. Pricing remains constrained due to overcapacity and muted demand. The company achieved an EBITDA of R108 million (March 2018: R(105) million), at a margin of 22%. EBITDA benefited from stringent cost control and entrenchment of route-to-market strategies. The post-election backdrop should create a platform to unlock latent cement demand. Economic GDP growth in the DRC is projected to increase by 4,3% in 2019, primarily supported by mining activity. Ethiopia Habesha, which is still in the ramp-up phase, reported an equity-accounted loss of R67 million for the period. While Habesha achieved volumes of more than 500 000 tonnes, the business performance was constrained by sub-optimal plant performance and pricing challenges. A quick results action plan is being implemented to resolve the operational challenges. Ethiopia remains a compelling investment proposition for PPC in the long term, supported by low cement per capita consumption and higher projected GDP growth rates of above 7%. OUTLOOK The operating environment in South Africa remains challenging, given weak demand and competitive pressures. PPC is committed to achieving sustainable price increases, optimising operational efficiencies and a reduction in financial leverage. In addition, PPC will continue to focus on achieving its R70/tonne profitability initiatives and continue to assess opportunities to refine our network and optimise our support structure. In Zimbabwe, the business continues to focus on cash preservation, self-sufficiency and optimising operations. In Rwanda, CIMERWA is expected to capitalise on the investment to expand capacity, with an anticipated growth in output. The ramp up in the DRC continues, with a focus on maximising EBITDA. PPC Barnet remains well positioned to take advantage of growth in that market. DIVIDEND The board has decided not to declare a dividend to shareholders. RESULTS PRESENTATION PPC will be hosting an analyst's results presentation today in Johannesburg at the JSE Auditorium, 1 Exchange Square, 2 Gwen Lane, Sandown at 10:00 SAST. The presentation will be webcast live and can be accessed via https://www.corpcam.com/PPC28062019. The results presentation and a copy of this announcement will be available on the company's website www.ppc.africa. Sandton 27 June 2019 Sponsor Merrill Lynch South Africa (Pty) Ltd PPC Anashrin Pillay Head investor relations Tel: +27 (0) 11 386 9000 Financial communications adviser Instinctif Partners Gift Dlamini Tel: +27 (0) 11 050 7536 REVIEWED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 March 2019 Year ended Year ended 31 March 31 March 2019 2018 Reviewed Audited % Notes Rm Rm change Revenue 2 10 409 10 271 1 Cost of sales 8 399 7 924 6 Gross profit 2 010 2 347 (14) Administrative and other operating expenditure 1 083 1 343 (19) Operating profit before item listed below: 927 1 004 (8) Empowerment transactions IFRS 2 charges 33 48 Operating profit 894 956 (6) Fair value and foreign exchange (loss)/gains 3.1 (9) 143 Finance costs 4 681 675 1 Investment income 95 52 Profit before equity-accounted earnings 299 476 (37) Loss from equity-accounted investments (67) (60) Impairments 5 (82) (174) Profit before taxation 150 242 (38) Taxation 6 6 205 (97) Profit for the year 144 37 289 Attributable to: Shareholders of PPC Ltd 235 149 58 Non-controlling interests (91) (112) 19 Other comprehensive profit/(loss), net of taxation Items that will be reclassified to profit or loss 1 304 (598) 318 Translation of foreign operations 3.2 1 304 (598) 318 Total comprehensive profit/(loss) 1 448 (561) Attributable to: Shareholders of PPC Ltd 1 453 (347) 519 Non-controlling interests (5) (214) 98 EARNINGS PER SHARE (CENTS) 7 Basic 16 10 60 Diluted 16 10 60 REVIEWED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION at 31 March 2019 31 March 31 March 2019 2018* Reviewed Audited Notes Rm Rm ASSETS Non-current assets 14 776 12 910 Property, plant and equipment 8 12 587 11 393 Goodwill 9 236 230 Other intangible assets 10 558 557 Equity-accounted investments 149 182 Other non-current assets* 11 333 297 Financial assets* 11 582 6 Deferred taxation assets 17 331 245 Non-current assets held for sale 12 92 34 Current assets 3 071 3 262 Inventories 1 276 1 182 Trade and other receivables* 13 1 166 1 151 Taxation receivable* 177 93 Cash and cash equivalents 14 452 836 Total assets 17 939 16 206 EQUITY AND LIABILITIES Capital and reserves Stated capital 15 3 943 3 984 Other reserves 2 251 967 Retained profit 3 031 2 817 Equity attributable to shareholders of PPC Ltd 9 225 7 768 Non-controlling interests 115 120 Total equity 9 340 7 888 Non-current liabilities 5 739 5 909 Provisions 16 427 526 Deferred taxation liabilities 17 955 1 042 Long-term borrowings 18 4 064 4 079 Other non-current liabilities 19 293 262 Current liabilities 2 860 2 409 Short-term borrowings 18 938 603 Trade and other payables* 20 1 919 1 735 Taxation payable* 3 71 Total equity and liabilities 17 939 16 206 * Represented for enhanced disclosure. REVIEWED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 March 2019 Year ended Year ended 31 March 31 March 2019 2018 Reviewed Audited Notes Rm Rm Cash flow from operating activities Operating cash flows before movements in working capital 1 917 1 889 Working capital movements 63 411 Cash generated from operations 1 980 2 300 Finance costs paid (618) (592) Investment income received 46 52 Taxation paid (151) (330) Cash available from operations 1 257 1 430 Dividends paid (4) - Net cash inflow from operating activities 1 253 1 430 Cash flow from investing activities Acquisition of additional shares in an equity-accounted investment - (42) Investment in Zimbabwe government bonds (310) - Investment in Zimbabwe Stock Market (14) - Investment in intangible assets (24) (6) Investment in property, plant and equipment (adjusted for capital expenditure accruals) (773) (921) Proceeds from disposal of property, plant and equipment 9 29 Other investing activities 12 28 Net cash outflow from investing activities (1 100) (912) Cash flow from financing activities(a) Net borrowings repaid before repayment of the notes 18 (290) (597) Proceeds from the sale of shares held by consolidated BBBEE entity - 36 Purchase of PPC Ltd shares in terms of the FSP share incentive sche 15 (41) (16) Repayment of notes (20) - Net cash outflow from financing activities (351) (577) Net movement in cash and cash equivalents (198) (59) Cash and cash equivalents at the beginning of the year 836 990 Exchange rate movements on opening cash and cash equivalents (186) (95) Cash and cash equivalents at the end of the year 452 836 (a) In 2019, the non-cash changes on borrowings amounted to R621 million arising from unfavourable unrealised foreign exchange differences. Refer note 24 for the relevant currency conversions. REVIEWED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 March 2019 Other reserves Foreign Equity currency Movement in Equity attributable to Non- Stated translation financial compensation Retained shareholders controlling Total capital reserve asset reserve profit of PPC Ltd interests equity Rm Rm Rm Rm Rm Rm Rm Rm Balance at 31 March 2017 (audited) 3 919 891 14 559 2 668 8 051 334 8 385 IFRS 2 charges - - - 72 - 72 - 72 Sale of shares, treated as treasury shares, by consolidated BBBEE entity 64 - - - - 64 - 64 Shares purchased in terms of FSP incentive scheme treated as treasury shares (72) - - - - (72) - (72) Total comprehensive (loss)/income - (496) - - 149 (347) (214) (561) Vesting of shares held by certain BBBEE 1 entities 73 - - (73) - - - - Balance at 31 March 2018 (audited) 3 984 395 14 558 2 817 7 768 120 7 888 Adjustment as a result of new standards adopted during the year (note 1) - - - - (17) (17) - (17) Balance at 1 April 2018 3 984 395 14 558 2 800 7 751 120 7 871 Dividends declared - - - - (4) (4) - (4) IFRS 2 charges - - - 72 - 72 - 72 Shares distributed to BBBEE 1 beneficiaries - - - (6) - (6) - (6) Shares purchased in terms of FSP incentive scheme treated as treasury shares (41) - - - - (41) - (41) Total comprehensive income/(loss) - 1 218 - - 235 1 453 (5) 1 448 Balance at 31 March 2019 (reviewed) 3 943 1 613 14 624 3 031 9 225 115 9 340 SEGMENTAL INFORMATION for the year ended 31 March 2019 The group discloses its operating segments according to the business units which are reviewed by the group executive committee who are also the chief operating decision-makers for the group. The group executive committee comprises executive directors. The operating segments are initially identified based on the products produced and sold and then per geographical location. The key operating segments are southern Africa cement, Rest of Africa cement, lime, aggregates and readymix and group shared services. Cement Consolidated Southern Africa(a) Rest of Africa(b) 31 March 31 March 31 March 31 March 31 March 31 March 2019 2018 2019 2018 2019 2018 Reviewed Audited Reviewed Audited Reviewed Audited Rm Rm Rm Rm Rm Rm Revenue Gross revenue 10 683 10 524 5 643 5 704 2 826 2 762 Intersegment revenue(d) (274) (253) (212) (205) - Total revenue(e) 10 409 10 271 5 431 5 499 2 826 2 762 Operating profit before item listed below 927 1 004 570 827 331 389 Empowerment transactions IFRS 2 charges 33 48 - - 2 2 Operating profit 894 956 570 827 329 387 Fair value and foreign exchange (loss)/gains (9) 143 10 (19) (6) (69) Finance costs 681 675 222 265 447 338 Investment income 95 52 61 42 64 18 Profit before equity-accounted earnings 299 476 419 585 (60) (2) Earnings from equity-accounted investments (67) (60) - - (67) (61) Impairments (82) (174) (82) 11 - (168) Profit before taxation 150 242 337 596 (127) (231) Taxation 6 205 (122) 202 7 34 Profit/(loss) for the year 144 37 459 394 (134) (265) Attributable to: Shareholders of PPC Ltd 235 149 459 394 (43) (153) Non-controlling interests (91) (112) - - (91) (112) 144 37 459 394 (134) (265) Basic earnings per share (cents) 16 10 30 26 (3) (10) Depreciation and amortisation 1 019 876 387 373 479 347 EBITDA(f) 1 946 1 880 957 1 200 810 736 EBITDA margin (%) 18,7 18,3 17,6 21,8 28,7 26,7 Assets Non-current assets 14 776 12 910 4 405 4 272 8 427 6 817 Non-current assets held for sale 92 34 - - 92 34 Current assets 3 071 3 262 1 371 1 235 1 109 1 375 Total assets 17 939 16 206 5 776 5 507 9 628 8 226 Investments in property, plant and equipment 817 801 572 460 143 235 Liabilities Non-current liabilities 5 739 5 909 2 137 2 181 6 032 5 608 Current liabilities 2 860 2 409 1 069 796 1 330 1 186 Total liabilities 8 599 8 318 3 206 2 977 7 362 6 794 Capital commitments (refer note 21) 321 596 262 482 17 49 (a) Southern Africa comprises South Africa and Botswana. (b) Rest of Africa comprises Zimbabwe, Rwanda, DRC, Mozambique and cross-border sales from Southern Africa. (c) Group services and other comprises group shared services, BEE and group eliminations. (d) All sales are concluded at an arm's length. Segments are disclosed net of intersegment revenue. (e) Revenue from external customers generated by the group's material foreign operations is as follows: Botswana R516 million (2018: R438 million) DRC R494 million (2018: R144 million) Rwanda R885 million (2018: R804 million) Zimbabwe R1 447 million (2018: R1 813 million). (f) EBITDA is defined as operating profit before empowerment transactions IFRS 2 charges, depreciation, amortisation, financial charges and taxation. Materials business Lime Aggregates and readymix Group services and other(c) 31 March 31 March 31 March 31 March 31 March 31 March 2019 2018 2019 2018 2019 2018 Reviewed Audited Reviewed Audited Reviewed Audited Rm Rm Rm Rm Rm Rm Revenue Gross revenue 896 849 1 318 1 209 - - Intersegment revenue(d) (62) (48) - - - - Total revenue(e) 834 801 1 318 1 209 - - Operating profit before item listed below 86 95 (63) (22) 3 (285) Empowerment transactions IFRS 2 charges - - - - 31 46 Operating profit 86 95 (63) (22) (28) (331) Fair value and foreign exchange (loss)/gains - 1 3 (1) (16) 231 Finance costs 38 24 27 20 (53) 28 Investment income 22 18 17 15 (69) (41) Profit before equity-accounted earnings 70 90 (70) (28) (60) (169) Earnings from equity-accounted investments - - - - - 1 Impairments - - - (17) - - Profit before taxation 70 90 (70) (45) (60) (168) Taxation 17 24 (9) 18 113 (73) Profit/(loss) for the year 53 66 (61) (63) (173) (95) Attributable to: Shareholders of PPC Ltd 53 66 (61) (63) (173) (95) Non-controlling interests - - - - - - 53 66 (61) (63) (141) (95) Basic earnings per share (cents) 4 4 (4) (4) (11) (6) Depreciation and amortisation 37 40 80 79 36 37 EBITDA(f) 123 135 17 57 39 (248) EBITDA margin (%) 14,8 16,8 1,3 4,7 Assets Non-current assets 309 309 629 672 1 006 840 Non-current assets held for sale - - - - - - Current assets 245 214 324 327 (22) 111 Total assets 554 523 953 999 1 028 951 Investments in property, plant and equipment 46 41 37 48 19 17 Liabilities Non-current liabilities 11 32 345 264 (2 786) (2 176) Current liabilities 129 83 164 170 168 174 Total liabilities 140 115 509 434 (2 618) (2 002) Capital commitments (refer note 21) 1 2 3 38 38 25 (a) Southern Africa comprises South Africa and Botswana. (b) Rest of Africa comprises Zimbabwe, Rwanda, DRC, Mozambique and cross-border sales from Southern Africa. (c) Group services and other comprises group shared services, BEE and group eliminations. (d) All sales are concluded at an arm's length. Segments are disclosed net of intersegment revenue. (e) Revenue from external customers generated by the group's material foreign operations is as follows: Botswana R516 million (2018: R438 million) DRC R494 million (2018: R144 million) Rwanda R885 million (2018: R804 million) Zimbabwe R1 447 million (2018: R1 813 million). (f) EBITDA is defined as operating profit before empowerment transactions IFRS 2 charges, depreciation, amortisation, financial charges and taxation. NOTES TO THE REVIEWED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2019 1. BASIS OF PREPARATION The reviewed condensed consolidated financial statements are prepared in accordance with the provisions of the JSE Limited Listings Requirements for provisional reports, and the Companies Act of South Africa. The Listings Requirements require the provisional reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards Council, and contain at a minimum the requirements of IAS 34: Interim Financial Reporting. The accounting policies applied in the preparation of the reviewed condensed consolidated financial statements were derived in terms of IFRS. These reviewed condensed consolidated financial statements do not include all the information required for the full consolidated annual financial statements. The accounting policies and methods of computation used are consistent with those used in the preparation of the consolidated annual financial statements for the year ended 31 March 2018, except where the group has adopted new or revised accounting standards, amendments and interpretations, including the consequential amendment of those standards to other standards, which became effective during the period under review. New standards, amendments to standards and interpretations adopted in the current financial period IFRS 9 Financial Instruments The standard became effective in the current reporting year requiring the group to make adjustments to retained earnings as a result of adopting the standard. The impact of the adoption of this standard and the new accounting policy is disclosed below. IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition and Measurement for the annual periods beginning on or after 1 January 2018, bringing together all three aspects of the accounting for financial instruments: classification and measurement, impairment and hedge accounting. The Group has applied IFRS 9 modified retrospective approach, with the initial application date of 1 April 2018 with no adjustments to comparative information for the period beginning 1 April 2017. The effect of adopting IFRS 9 resulted in a R17 million net decrease in opening equity balances. The change did not have a material impact on the group's operating, investing and financing cash flows. (a) Classification and measurement Under IFRS 9, debt instruments are subsequently measured at fair value through profit or loss, amortised cost, or fair value through other comprehensive income. The classification is based on two criteria: the group's business model for managing the assets; and whether the instruments' contractual cash flows represent "solely payments of principal and interest" on the principal amount outstanding. The assessment of the group's business model was made as of the date of initial application, 1 April 2018, and then applied retrospectively to those financial assets that were not derecognised before 1 April 2018. The assessment of whether contractual cash flows on debt instruments which solely comprised principal and interest was made based on the facts and circumstances as at the initial recognition of the assets. Investment in government bonds, trade receivables and other loan receivables previously classified as loans and receivables are held to collect contractual cash flows and give rise to cash flows representing solely payments of principal and interest. These are now classified and measured as debt instruments at amortised cost. There are no changes in classification and measurement for the group's financial liabilities. (b) Impairment The adoption of IFRS 9 has fundamentally changed the group's accounting for impairment losses for financial assets by replacing IAS 39's incurred loss approach with a forward looking expected credit loss (ECL) approach. IFRS 9 requires the group to recognise an allowance for ECLs for all debt instruments not held at fair value through profit or loss and contract assets. Upon the adoption of IFRS 9, on 1 April 2018, the group recognised additional impairment of R23 million, predominately relating to the ECL on trade receivables. This resulted in a net decrease in equity of R17 million (post-tax) as at 1 April 2018. Refer note 11, 13 and 14 for ECL assessment performed as at 31 March 2019. IFRS 15 Revenue from Contracts with Customers On 1 April 2018 the group implemented IFRS 15 Revenue from Contracts with Customers which replaced IAS 18 Revenue. Revenue comprises the consideration received or receivable on contracts entered into with customers in the ordinary course of the entity's activities. Revenue is shown net of taxes, cash discounts, settlement discounts and rebates given to customers. Revenue is recognised as the amount of the transaction prices allocated to each performance obligation and this is determined by the amount that depicts the consideration to which the entity expects to be entitled in exchange for transferring the goods and services promised to the customer. Revenue is recognised on the sale of goods when control is transferred to the customer. Revenue from providing services is recognised when the service has been performed. The group aligned its measurement and recognition principles of revenue with that of IFRS 15 upon adoption. There is no material impact on the measurement and recognition of revenue. New standards, amendments to standards and interpretations to be adopted in the next financial period IFRS16 Leases is effective for years commencing on or after 1 January 2019. The standard will be adopted by the PPC group for the financial reporting period commencing 1 April 2019. The group has completed an initial assessment of the potential impact of the adoption of IFRS 16 on its consolidated financial statements. IFRS 16 requires a lessee to recognise a right-of-use asset and lease obligations for all leases except for short-term leases, or leases of low-value assets which the leases may be treated similarly to operating leases under the current standard IAS 17 if the exceptions are applied. A lessee measures its lease obligation at the present value of future lease payments, and recognises a right-of-use asset initially measured at the same amount as the lease obligation including costs directly related to entering into the lease. Right-of-use assets are subsequently treated in a similar way to other assets such as property, plant and equipment or intangible assets dependent on the nature of the underlying item. PPC group has various rental agreements in place. In accordance with the above, right-of-use assets and lease obligations (liabilities) associated to these rentals would be recognised in the statement of financial position. The group currently recognises the rental expense of the properties on a straight-line basis over the lease term. Upon the adoption of IFRS 16, the group's operating lease charge in profit or loss will be replaced by a depreciation charge in respect of the corresponding right-of-use assets, as well as an interest charge relating to the respective lease liabilities, which may in aggregate be different to the current operating lease charge. PPC group will account for all leases under a single on-balance sheet model in a similar manner to finance leases under IAS 17, with the exception of the short-term and low-value leases. The group has prepared an impact assessment on each subsidiary. Based on the assessment performed, the estimated impact of IFRS 16 on the group's 2020 financial year-end will be the following: - The group will recognise a potential right-of-use asset of R92 million and a corresponding lease liability of R92 million - The group will be required to separately recognise the interest expense on the lease liability and the depreciation expense on the right-of-use asset. PPC group will potentially recognise depreciation of R22 million and an interest expense of R10 million. The depreciation of the asset is based on the lower of the remaining lease period or the useful life of the asset Management continues to assess the implications of the remaining insignificant individual leases in which the group is the lessee, which may cause the final impact to differ from the estimates provided above. Change in accounting estimate During the year, the group reassessed the useful lives of its property, plant and equipment as required by IAS 16 Property, Plant and Equipment. The useful lives of the assets were adjusted to reflect more appropriately the pattern of the consumption of the future economic benefits embodied in the assets concerned. In accordance with IAS 16 Property, Plant and Equipment, this reassessment represents a change in an accounting estimate and is therefore applied prospectively in terms of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The impact of the change in applying the adjusted useful lives for the year ended 31 March 2019 is a decrease in the depreciation expense of R17 million. All monetary information and figures presented in these financial statements are stated in rand, unless otherwise indicated. Going concern At year-end, current assets of R3 071 million (2018: R3[ 262 million) exceeded current liabilities of R2 860 million (2018: R2 409 million) by R211 million (2018: R853 million). PPC's cash flows are under pressure due to the economic environment PPC operates in as well as pricing pressures in the South African market. Group debt position has increased since the beginning of the financial year mainly due to the weaker rand/dollar closing exchange rate which was R14,42 (March 2018: R11,82). To mitigate the liquidity risk, management has adopted the following risk management plan: - Refinancing maturing debt and increasing loan facilities from R2,4 billion to R3,1 billion. The loan facility of R700 million has been approved by the lenders. At the end of this report the group had committed borrowing facilities of R2,4 billion and 70% (2018: 72%) of these facilities were utilised. In total, R731 million of the committed borrowing facilities were unutilised at the reporting date. These numbers exclude project funding in Rwanda, DRC and Zimbabwe - The R3 billion facility, as well as the cost saving measures that the group is currently exploring provides additional headroom - Negotiation of the DRC debt to reschedule the capital repayments for a further two years are in progress with the lenders - The covenant ratio target for group debt to EBITDA has been favourably amended and confirmed by a revised agreement between PPC and the lenders - Improved debtors collection measures have been implemented in order to increase cash inflows - Dividends due from PPC Zimbabwe and the outstanding rights offer proceeds have been invested in government bonds Furthermore, despite the deteriorating economic environment and the challenges being faced with processing of foreign payments by the banks in Zimbabwe. Directors believe that PPC Zimbabwe has the ability to continue in operation as a going concern for the foreseeable future. The change in the Zimbabwe functional currency resulted in the reduction of EBITDA by R108 million. PPC Zimbabwe has set out action plans to help ensure that operations are not interrupted due to difficulties in remitting payments to foreign suppliers. Through the action plans, PPC Zimbabwe is exploring various mitigation methods such as increasing export sales and obtaining a trade financing mechanism facility. In addition to the group's current trading position and forecasts and facilities in place, the directors believe that the group will be able to comply with its financial covenants and be able to meet its obligations as they fall due, and accordingly have formed a judgement that it is appropriate to prepare the reviewed condensed financial statements on a going concern basis. Change of the Zimbabwe functional currency Due to the deteriorating United States dollar (US$) liquidity issues in Zimbabwe the government created the real time gross settlement (RTGS) as an alternative method of payment which was fixed on a 1:1 parity policy. A rising black-market currency trade has resulted in the value of RTGS quickly deteriorating. On 1 October 2018 the Reserve Bank of Zimbabwe announced that banks must separate foreign accounts from RTGS accounts with effect from 15 October 2018, thus officially recognising that actual foreign currency is different to RTGS. The result of the change was a reassessment of the functional currency of the entity. In determining the functional currency the entity assessed the currencies that influenced sales and expenses which revealed a mix between RTGS and US$. Management then concluded that the functional currency of PPC Zimbabwe is the RTGS$. On 20 February 2019 the Reserve Bank of Zimbabwe announced that the RTGS would be recognised as an official currency and that an interbank foreign exchange market would be established to formalise trading in RTGS balances with other currencies. The effect of the change meant that the US$ statement of financial position, as at 30 September 2018 needed to be fair valued to RTGS$. Further analysis on the currency movement between the US$/RTGS$ rate was performed at 31 March 2019, and the exchange differences were recorded in profit or loss in accordance with IAS 21. The application of the change in functional currency has been applied prospectively in our financial results for the 2019 reporting period. For inclusion in the condensed consolidated income statement of the group, results in respect of Zimbabwe have been translated at the average US$ exchange rate for the period up to 30 September 2018 and at the estimated RTGS$ rate for the remaining six months of the financial year. For inclusion in the consolidated statement of financial position, results have been translated at the estimated closing RTGS$ rate of 3,01 to US$ and an average rate of 3,5. On 1 October 2018, an opening RTGS$ rate of 3,5 to the US$ was applied. The inputs considered in this estimate include the recent announcement to increase the fuel price for those settling in RTGS$, global relative fuel prices and the official inflation rate. Financial impact of the change in functional currency (FC) on the group's key performance indicators FY2019 Before FY2019 FY2019 FY2018 FC change* Impact Reported Reported EBITDA 2 054 (108) 1 946 1 880 Profit attributable to shareholders of PPC Ltd 287 (52) 235 149 EPS 19 (3) 16 10 HEPS 23 (3) 20 15 * Assumes no change in functional currency and 1:1 conversion between RTGS$ and US$, below are the sensitivities performed on the RTGS$ rate. RTGS$3,5 to RTGS$6 RTGS$10 US$ - Reported to US$ to US$ Group impact EBITDA 1 946 1 867 1 844 Profit attributable to shareholders of PPC Ltd 235 163 144 EPS 16 11 10 HEPS 20 15 14 These reviewed condensed consolidated financial statements have been prepared under the supervision of MMT Ramano CA(SA), chief financial officer, and were approved by the board of directors on Monday, 24 June 2019. The directors take full responsibility for the preparation of these reviewed condensed consolidated financial statements. 2. REVENUE Adoption of IFRS 15 Revenue from Contracts with Customers IFRS 15 replaces IAS 11 Construction Contracts and IAS 18 Revenue. The standard requires entities to identify the separate performance obligations and allocate the transaction price to the performance obligations in the contract by reference to their relative stand-alone selling prices. The group's primary revenue is derived from the sale of cementitious goods and as a result the group also earns incidental transport revenue from delivering these goods to customers. The incidental transport revenue has always been included as part of revenue earned, however, due to the adoption of IFRS 15, the aforementioned streams of revenue are two separate performance obligations, which are always met at the same time. The group has the following revenue streams, which are all recognised at a point in time: Year ended Year ended 2019 2018 Reviewed Audited Rm Rm Disaggregation of revenue Revenue from the sale of cementitious goods(a) 9 071 9 095 Revenue from transportation services 1 338 1 176 Total revenue 10 409 10 271 Major goods and services per primary geographical markets Cementitious goods 9 071 9 095 Southern Africa 6 376 6 462 Rest of Africa 2 695 2 633 Transport revenue 1 338 1 176 Southern Africa 1 207 1 047 Rest of Africa 131 129 (a) Cementitious goods include the sale of cement, readymix, limestone, clinker, ash and aggregates. Timing of revenue recognition Revenue from the sale of cementitious goods and transport is recognised at the same time, upon delivery, as management considers it as the point the control of the goods is transferred to the customers and the delivery obligation is fulfilled. Payment of the transaction price is also payable immediately at this point. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 3. FAIR VALUE AND FOREIGN EXCHANGE movements 3.1 Fair value and foreign exchange gains Movements in the fair value and foreign exchange gains are recognised in the income statement and comprise the following: Gain on remeasurement of put option liability (refer note 22) - 238 (Loss)/gain on unlisted collective investments (1) 5 ECL on Zimbabwe government bonds (40) - Gain/(loss) on translation of foreign currency denominated monetary items 32 (100) (9) 143 The fair value adjustment on the Zimbabwe government bonds was determined by applying an ECL of 12,7% against the total asset recognised which resulted in an ECL of R40 million. Included in the gain/(loss) on translation of foreign currency denominated monetary items, is a gain of R8 million arising from the remeasurement of the Zimbabwe assets and liabilities following the change in functional currency, and a loss of R13 million (2018: R80 million) comprising the remeasurement following the devaluations of the Congolese franc against the US dollar and a fair value adjustment relating to the discounting of the non-current VAT receivable in the DRC. Furthermore, a remeasurement loss of R16 million (2018: R12 million) has been recorded against the US dollar denominated project funding in Rwanda. Also included in the loss on translation of foreign currency monetary items is losses and gains made on an open forward exchange contract held for capital purchases and working capital requirements. Details on foreign exchange rates can be found in note 24. 3.2 Translation of foreign operations Movements in the translation of foreign operations are recognised in the statement of comprehensive income. The group's foreign currency translation reserve arises from the following foreign subsidiaries: PPC Zimbabwe* 886 (219) CIMERWA Limitada 144 (168) PPC DRC Barnet 269 (213) PPC Botswana 4 - PPC Mozambique 1 2 1 304 (598) * Included in PPC Zimbabwe is a gain of R488 million arising from the change in the functional currency. The gain recorded in the current year is due to the weakening of the rand against the functional currencies of the group's subsidiaries (refer note 24). Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 4. FINANCE COSTS Bank and other short-term borrowings 32 305 Notes 10 8 Long-term loans and project funding 569 303 611 616 Capitalised to plant and equipment - (23) Finance costs before time value of money adjustments 611 593 Interest on penalties 3 - Time value of money adjustments on rehabilitation and decommissioning provisions and put option liability 67 82 681 675 Southern Africa 234 337 Rest of Africa 447 338 The total finance costs excluding time value of money adjustments, relate to borrowings held at amortised cost. For details of borrowings refer note 18. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 5. IMPAIRMENTS Impairment of property, plant, equipment and intangible assets (82) (182) Impairment of the VAT receivable in the DRC - (3) Profit on disposal of property, plant and equipment - 11 Gross impairments (82) (174) Taxation impact 23 56 Net impairments (59) (118) Impairment of property, plant, equipment and intangible assets IAS 36 states that an entity shall assess at the end of each reporting period whether there is any indication that an asset may be impaired. When there are indications that an asset is impaired, a recoverable amount is calculated and compared to the carrying value. During the year, an impairment of R82 million, relating to property, plant and equipment was recognised (refer note 8). Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 6. TAXATION The taxation charge comprises: Current taxation 3 332 Current year 93 347 Prior years (90) (15) Deferred taxation (30) (127) Current year (84) (119) Prior years 12 (8) Change in taxation rate 42 - In specie dividend 1 - Withholding taxation 32 - 6 205 Year ended Year ended 2019 2018 Reviewed Audited % % Taxation rate reconciliation A reconciliation of the standard South African normal taxation rate is shown below: Profit before taxation (excluding loss from equity-accounted investments) 3 68 Prior years' taxation impact 36 (7) Profit before taxation, including prior years' taxation adjustments 39 61 Effective rate of taxation Income taxation effect of: (11) (33) Expenditure not deductible in terms of legislation (15) (14) Expenditure attributable to non-taxable income (5) (16) Empowerment transactions and IFRS 2 charges not taxation deductible (4) (3) Fair value adjustments on financial instruments not subject to taxation (4) 22 Impact of income tax incentives 58 - DRC investment code ANAPI 6 - Prior year adjustment for forfeitable share plan movement (9) - Foreign taxation rate differential 7 16 Deferred taxation not raised (6) (23) Change in taxation rate (19) - ZIMRA interest reversal 5 - Transfer pricing adjustment (10) (12) Withholding taxation (15) (3) South African normal taxation rate 28 28 Year ended Year ended 2019 2018 Reviewed Audited Cents Cents 7. EARNINGS AND HEADLINE EARNINGS Earnings per share Basic 16 10 Diluted 16 10 Headline earnings per share Basic 20 15 Diluted 20 15 Determination of headline earnings per share Earnings per share 16 10 Adjusted for items below, net of taxation: Impairment of property, plant, equipment and intangible assets 3 6 Loss/(profit) on sale of property, plant and equipment 1 (1) Headline earnings per share 20 15 Headline earnings Rm Rm Net profit for the year 144 37 Impairment of property, plant, equipment and intangible assets 82 182 Taxation on impairment of property, plant, equipment and intangible assets (23) (58) Loss/(profit) on sale of property, plant and equipment 14 (11) Taxation on profit/(loss) on sale of property, plant and equipment (4) 2 Headline earnings 213 152 Attributable to: Shareholders of PPC Ltd 304 231 Non-controlling interests (91) (79) Cash earnings per share (cents) 83 95 Cash earnings per share is calculated using cash available from operations divided by the total weighted average number of shares in issue for the period. Cash conversion ratio 1,0 1,2 Cash conversion ratio is calculated using cash generated from operations divided by EBITDA. The cash earnings per share (cents) and the cash conversion ratio are non IFRS measures as described in the accounting policies of the company, which will be included in the annual financial statements for the year ended 31 March 2019. The difference between the number of shares in the determination of earnings and diluted earnings per share relates to shares held under the forfeitable share incentive scheme that have not vested. For the weighted average number of shares used in the calculation, refer note 15. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 8. PROPERTY, PLANT AND EQUIPMENT Net carrying value at the beginning of the period 11 393 12 531 Additions 793 795 Depreciation (952) (798) Disposals (23) (18) Other movements (127) (24) Impairments (refer note 5) (82) (165) Translation differences 1 585 (928) Net carrying value at the end of the year 12 587 11 393 Comprising: Freehold and leasehold land, buildings and mineral right 2 233 1 567 Decommissioning assets 68 133 Plant, vehicles, furniture and equipment 10 286 9 693 12 587 11 393 Property, plant and equipment pledged as security: DRC 3 475 3 111 Rwanda 1 492 1 321 Zimbabwe 2 372 2 028 7 339 6 460 For details on capital commitments, refer note 21. Cost capitalisation Significant judgement is required in identifying costs to be capitalised to a project during the construction, testing and ramp-up phases. Judgement is further required to identify indirect costs that could be capitalised. Revenue and the related cost of sales generated during the pre-commissioning phase are capitalised to the plant. The cost of an item of property, plant and equipment is recognised as an asset if it meets the following requirements: - It is probable that future economic benefits associated with the item will flow to the entity; and - The cost of the item can be measured reliably The cost of an item of PPE comprises: - Purchase price, including import duties and non-refundable purchase taxes, after deducting trade discount and rebates - Any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management - The initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period for purposes other than to produce inventories during that year (IAS 16.16) During the current year, the Slurry Kiln 9 (SK9) was commissioned. The total costs capitalised into the project amounted to R1,4 billion. In accordance with IAS 16, profits of R18 million earned during the testing phase, comprising revenue (R74 million) less cost of sales (R56 million), has been written off against the capitalised cost of the project. Impairment assessment - PPC Cement SA IAS 36 provides that if there is an indication that an asset may be impaired, the recoverable amount of the asset (or, if appropriate, the cash-generating unit (CGU)) is determined. The recoverable amount of the CGU was determined to exceed the carrying amount. As the cement industry is a cyclical environment, manufacturers will go through troughs where some of the assets (kilns) will be idle when demand is down, however, maintenance on these assets will continue to ensure that when the market conditions improve they are in a position to take advantage. As a result it is quite key in this industry to review individual assets that form part of a CGU separately. As at the end of the March 2019 financial year, a few of the PPC cement kilns were not in use due to market constraints. The cement industry is, however, a cyclical environment and the demand can pick up at any time when the market conditions become favourable. PPC Cement SA identified the assets that are no longer in use but still have a carrying amount. In applying the requirements of IAS 36, PPC Cement SA decided to impair these assets. They will be derecognised from the fixed assets registers once a decision to scrap the assets has been taken. The total impairment recognised on these assets is R82 million and is reflected under the Cement southern Africa segment in the segmental analysis. Impairment assessment - Zimbabwe As a result of the current economic environment, liquidity challenges and the change in functional currency in Zimbabwe, an impairment assessment was undertaken. In spite of the economic challenges, the financial performance of the business has been above our internal forecasts and prior year before the impact of the change in functional currency. The inclusion of the Harare mill has improved cash flows. In performing the impairment review, a value-in-use methodology was applied. Cash flow projections were based on financial forecasts approved by management applying a 19% (2018: 16%) US dollar discount rate. The cash flow projections during the forecast period are based on similar pricing and margins to those currently being achieved by the business and takes into consideration the future trends within the industry, geographical location and expected growth in neighbouring countries. The values used reflect past experiences while the economic growth rates of approximately 3% per annum (2018: 2% per annum) are management's best estimates that have been prepared using leading financial institutions' forecasts. Following the impairment assessment review, the recoverable amount of PPC Zimbabwe was calculated to be higher than its carrying amount resulting in no impairment. There are no indications that any reasonable possible change in the key assumptions on which the recoverable amount has been calculated would cause the carrying amount to exceed the recoverable amount of this CGU. Impairment assessment - DRC PPC, in partnership with the Barnet group and International Finance Corporation (IFC), completed the construction of a 1,2 million tonnes per annum integrated cement plant for approximately US$300 million in the DRC, near Kimpese in Kongo Central province in western DRC, 230km south-west of the capital Kinshasa. Following impairment indicators being identified, management performed an impairment assessment. IAS 36 Impairment of Assets provides two options for assessing recoverable amounts and states that the recoverable amount is the higher of the fair value less cost to sell or value in use. In performing the impairment review, a value-in-use methodology was applied. Cash flow projections were based on financial forecasts approved by management applying a 17% (2018: 17%) US dollar discount rate. The cash flow projections during the forecast period are based on similar pricing and margins to those currently being achieved by the business and takes into consideration the future trends within the industry, geographical location and expected growth in neighbouring countries. The values used reflect current industry performance and experiences while the economic growth rates of approximately 5% per annum (2018: 4% per annum) are management's best estimates that have been prepared using leading financial institutions' forecasts. The DRC general elections were successfully held in December 2018, thereby improving the political stability, market confidence and subsequently the economic prospects. Cement consumption grew by 43% to 539 000 tonnes from 378 000 tonnes. The country currently has a cement import ban in place and no exports have been recorded by the BCC since mid-2015. There is also a new 0,6 million tonne plant being constructed by Diamond cement in the DRC (Brazzaville). The IFC suggests that the country will reach a cement supply deficit by 2022. Sales volumes have been softer than expected due to a number of external factors (economic, political, market activities of competitors some of whom are new entrants in the market). However, PPC Barnet DRC has in the past few months slowly improved the sales volume and subsequently revenue. Real GDP growth was an estimated 4,0% in 2018, up from 3,7% in 2017, due to higher commodity prices and greater mining production. The primary sector continued to be the key driver of growth, sustained by a dynamic extraction sector. Following the impairment assessment review, no further impairment was recognised as the calculated recoverable amount approximates the carrying amount. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 9. GOODWILL Net carrying value at the beginning of the year 230 237 Translation differences 6 (7) Net carrying value at the end of the year 236 230 Goodwill, net of impairments, is allocated to the following CGUs: CIMERWA Limitada (Rest of Africa cement segment) 31 25 Cement SA (Pty) Limited (Southern Africa cement segment) 78 78 Readymix (Aggregates and readymix segment) 127 127 236 230 Refer to note 22 for fair value hierarchy on goodwill. CIMERWA Limitada (CIMERWA) The recoverable amount for this CGU of R2 557 million (2018: R1 094 million) was determined based on a value-in-use calculation, using cash flow projections based on financial forecasts approved by management and covering an initial seven-year period and a post-forecast period of 13 years, bringing the total period of the cash flows to 20 years from the report date. The company's budgeting cycle time horizon is seven years and management believes this should provide a more accurate base for the value-in-use calculation. A Rwandan franc discount rate of 17% (2018: 18%) was used in the valuation. Cash flow projections during the forecast period of seven years were based on improved margins and profitability, following the commissioning of the new plant in September 2015, taking cognisance of an appropriate ramp-up period. Selling prices and cost of sales were forecast to increase at applicable inflation rates varying between 5,1% and 5,4% (2018: 5% and 6%), impacted by anticipated competitor activity in the earlier phase of the planning horizon. The cash flows post the forecast period had been extrapolated using specific growth rates of 7,3% (2018: 6,7%) per annum which is in line with the real inflation rate in Rwanda. The forecast period was limited to the life of mine, currently estimated at 20 years. The forecast takes into consideration the future trends within the industry, geographical location and expected growth in neighbouring countries. The values used reflect past experiences while the economic growth rates are management's best estimates that have been prepared using leading financial institutions' forecasts. In both the current and prior reporting periods, the recoverable amount was deemed to be higher than the current carrying value, resulting in no impairment being charged against profit and loss. CIMERWA is included under Cement Rest of Africa in the segmental analysis. There are no indications that any reasonable possible change in the key assumptions on which the recoverable amount has been calculated would cause the carrying amount to exceed the recoverable amount of this CGU. PPC Cement SA (Pty) Ltd During the year PPC Cement SA (Pty) Ltd and Safika were integrated into one entity PPC Cement SA (Pty) Ltd. Therefore, for purposes of impairment testing, the goodwill is allocated to the integrated Cement SA entity. The recoverable amount of R7 495 million (2018: R11 114 million) for the combined Cement SA CGUs was determined based on value-in-use calculations, using cash flow projections based on financial forecasts approved by management and covering an initial seven-year period. The company's budgeting cycle time horizon is seven years and management believes this should provide a more accurate base for the value-in-use calculation. A discount rate of 13% (2018: 13%) and terminal growth rate of 5,6% (2018: 5,5%) have been used in the valuation. Cash flow projections during the forecast period are based on similar pricing and margins to those currently being achieved by the businesses. Selling prices and cost of sales are forecast to increase at rates linked to local inflation forecasts varying between 6% and 10% (2018: 6% and 10%). The values used reflect past experiences while the economic growth rates of approximately 2% (2018: 2%) per annum are management's best estimates that have been prepared using leading financial institutions' forecasts. In both the current and prior reporting periods, the recoverable amount was deemed higher than the current carrying value, resulting in no impairment being charged against profit and loss. The Cement SA CGU is included under Cement Southern Africa in the segmental analysis. There are no indications that any reasonable possible change in the key assumptions on which the recoverable amount has been calculated would cause the carrying amount to exceed the recoverable amount of this CGU. Readymix During the 2017 reporting period the PPC group undertook to re-organise the manner in which it discloses its operating segments according to the business units which are reviewed by the group executive committee. One of these key segments is aggregates and readymix. Included in the readymix segment is the Pronto, 3Q Mahuma and Ulula Ash. Applying judgement, management was of the opinion that the natural synergy between the operations of Pronto, 3Q Mahuma and Ulula Ash, will result in a greater total competitive advantage for the group and should therefore be considered as one CGU. Assessed as its own group of assets, the readymix business operation can be seen to generate revenue and incur expenses which are independent of other groups of assets within the PPC group. This can also be substantiated further by the manner in which the group discloses the performance of its different business units in its segmental information. Therefore, for purposes of impairment testing, the goodwill is allocated to the combined readymix CGU. They represent the lowest level within the entity at which goodwill is monitored for internal management purposes. The recoverable amount of R816 million (2018: R453 million) for the CGU was determined based on value-in-use calculations, using cash flow projections based on financial forecasts approved by management and covering an initial seven-year period, which is in line with the company's budgeting cycle time horizon as management believes this should provide a more accurate base for the value-in-use calculation. A discount rate of 14% (2018: 16%) and terminal growth rate of 2% (2018: 5,5%) have been used in the valuation. Cash flow projections during the forecast period are based on similar pricing and margins to those currently being achieved by the business, noting that selling prices achieved during the year are below last year. Selling prices and cost of sales are forecast to increase at rates linked to local inflation forecasts and vary between 6% and 10% (2018: 5% and 9%). The values used reflect past experiences while the economic growth rates of approximately 2% (2018: 2%) per annum are management's best estimates that have been prepared using leading financial institutions' forecasts. Following the goodwill impairment assessment review, the recoverable amount of readymix was calculated to be higher than its carrying amount resulting in no impairment to goodwill. It is estimated that a decrease in net cash flows by 45% (2018: 4%) would result in the carrying amount exceeding the recoverable amount. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 10. OTHER INTANGIBLE ASSETS Balance at the beginning of the year 557 677 Disposals - - Additions 24 6 Amortisation (67) (78) Impairments (refer note 5) - (17) Translation differences 44 (31) Balance at the end of the year 558 557 Comprising: Right of use of mineral assets 193 166 ERP development and other software 106 105 Brand and trademarks and customer relationships 259 286 558 557 11. FINANCIAL AND OTHER NON-CURRENT ASSETS Investment in Zimbabwe government bonds 279 6 Investment in the Zimbabwe Stock Market 14 - PPC Zimbabwe financial asset 289 - Financial assets 582 6 Unlisted collective investment 141 134 VAT receivable 101 104 Long-term receivable 91 59 Other non-current assets 333 297 Investment in Zimbabwe government bonds The investment in government bonds of R277 million relates to the dividends declared by PPC Zimbabwe, a subsidiary of PPC Ltd, to PPC Ltd for R232 million (2018: R66 million) and the rights issue proceeds of R85 million (2018: R82 million) which is invested in the 7% Zimbabwe government bonds for a period of one year. Per the Zimbabwe exchange control guidelines, these are treated as legacy debts and dividends pre-20 February 2019 (date of publication of Statutory Instrument 33). The investment was registered with the Zimbabwean authorities in accordance with Statutory Instrument 33 and therefore qualify for the 1:1 conversion of US$ to RTGS$. The remaining R2 million represents treasury bills issued in exchange for the funds previously expropriated by the Reserve Bank of Zimbabwe. In accordance with the requirements of IFRS 9, an ECL assessment was performed on the Zimbabwe government bonds taking into account a range of expected default rates on government bonds with similar credit profiles, which resulted in an ECL of R40 million. In assessing the ECL default rate, the following was considered: - The historical average recovery rate for sovereign bonds measured by Moody's in their Sovereign Default and Recovery Rates Study 1983 ? 2016 is 65% - The recovery rate is measured by the ratio of the present value of cash flows received as a result of the distressed exchange versus those initially promised, discounted using yield to maturity immediately prior to default - This methodology closer reflects IFRS 9 - Sub-Saharan African countries comprise a significant portion of sovereign defaults. The most recent at time of publication of the report was the 2016 by Mozambique where there was a loss of approximately 12% Based on the above it was determined that an ECL of 12,7% was deemed appropriate. As a result of the uncertainty around the expatriation of funds from Zimbabwe, the investment in government bonds has been classified as non-current. Investment in the Zimbabwe Stock Market The investment in the stock market relates to the investment in PPC Ltd and Old Mutual shares in Zimbabwe on the Zimbabwe Stock Exchange. This investment is held in RTGS$. The market value as at 31 March 2019 was RTGS$2,9 million (R14 million). As a result of the uncertainty around the expatriation of funds from Zimbabwe, the investment in the Zimbabwe Stock Market has been classified as non-current. PPC Zimbabwe financial asset The PPC Zimbabwe financial asset arose as a result of the US$ denominated Zimbabwe loan (refer note 18). The loan was registered with the Zimbabwean authorities in accordance with Statutory Instrument 33 and therefore qualify for the 1:1 conversion of US$ to RTGS$. The financial asset recognised represents the difference between the closing RTGS$ rate of 3,01 and the rate of 1, being the rate approved by the Zimbabwean authorities for the settlement of this loan. Fair value disclosure with regards to this financial instrument has been disclosed in note 22. Unlisted collective investment This comprises an investment by the PPC Environmental Trust in the Old Mutual Capital Builder Portfolio, with the fair value being calculated using the ruling prices on 31 March 2019. Put options are also held over the value of the investments in order to protect the capital of the portfolio. At 31 March 2019, the value of the put options were not material. During the year, a further R9 million (2018: R7 million) was reinvested into the unit trusts. These funds are held to fund PPC's South African environmental obligations. Refer note 14 for the restricted cash. VAT receivable The group incurred VAT during the construction of the plant in the DRC. In the 2017 financial year, management received a letter from the DRC Finance Department which indicates that the VAT needs to be paid to PPC Barnet DRC on condition that the money is utilised for discharge of local suppliers and local salary obligations. The letter did not, however, state when the payments will be initiated. As a result of the uncertainty around the timing of receipt of the funds, the VAT receivable has been classified as non-current. During the year, a loss of R13 million (2018: R80 million) comprising the remeasurement following devaluations of the Congolese franc against the US dollar and a fair value adjustment relating to the non-current VAT receivable was recorded and is reflected in fair value and foreign exchange gains/(losses) in the income statement (refer note 3). Refunds amounting to R12 million (2018: R11 million) were received during the year. An amount of Rnil (2018: R3 million) assessed to be irrecoverable was impaired during the year. Long-term receivable When the plant in the DRC was being constructed, PPC Barnet DRC entered into an agreement whereby PPC and the local power corporation would build the necessary power facility to supply electricity. In terms of this agreement, the portion initially contributed by PPC would be repaid through electrical usage of the plant. When PPC pays the power corporation, a portion of the amount owing is withheld and offset against this non-current asset. Refer note 22 for classification of the financial assets and liabilities. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 12. NON-CURRENT ASSETS HELD FOR SALE Assets classified as held for sale 92 34 In September 2015, the PPC Zimbabwe board approved the disposal of houses at its Colleen Bawn and Bulawayo factories which was anticipated to be finalised in 12 months. The disposal has been delayed due to the government processing of the sectional title deeds and is now anticipated to be completed during the 2020 financial year. The houses have already been allocated to the employees through a systematic process and the agreements of sale have been drafted and are with the lawyers. It is management's view that the outstanding processes will be completed by September 2019. In the current year, a valuation of the houses was performed by an independent valuator and a fair value gain of R48 million was recognised for the houses. The fair value was estimated based on the market prices of similar properties. The movement from prior year was also impacted by the exchange rate movements (refer note 24). Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 13. TRADE AND OTHER RECEIVABLES Trade receivables 960 958 Allowance for doubtful debts (43) (58) Expected credit losses (6) - Net trade receivables 911 900 Mark-to-market adjustments 9 1 Other financial receivables 97 115 Proceeds due from the sale of PPC shares held by consolidated BBBEE entities - 7 Trade and other financial receivables 1 017 1 023 Prepayments 149 115 VAT receivable - 13 1 166 1 151 Net trade receivables comprise 911 900 Trade receivables that are neither past due nor impaired 685 704 Trade receivables that are past due but not impaired 226 196 In accordance with IFRS 9, an ECL assessment was performed on trade receivables and resulted in a provision of R6 million being raised at year-end. Refer note 22 for fair value of trade and other receivables. Please note that the tax receivable has been disclosed separately on the face of the statement of financial position. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 14. CASH AND CASH EQUIVALENTS Balance at the end of the year 452 836 Currency analysis: Botswana pula 66 51 Mozambican metical 2 7 RTGS dollar (Zimbabwe) 123 - Rwandan franc 42 45 South African rand 62 124 United States dollar 157 609 452 836 Cash and cash equivalents are recognised less of ECLs. During the current year, in line with the requirements of IFRS 9, cash and cash equivalents were assessed for ECLs by analysing the credit rating of each financial institution where PPC Ltd and its subsidiaries have invested cash. This resulted in an ECL of R6 million being recognised in the current year, of which R5 million relates to cash deposits held in Zimbabwe banks. Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less, net of outstanding bank overdrafts. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents at the end of the year, as shown in the consolidated statement of cash flows, can be reconciled to the related items in the consolidated reporting position as shown above. Cash and cash equivalents include cash on hand and cash on deposit. Amounts denominated in foreign currencies have been translated at ruling exchange rates at year-end (refer note 24). Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 14. CASH AND CASH EQUIVALENTS continued Included in cash and cash equivalents is restricted cash: PPC Environmental Trust 9 8 PPC Zimbabwe 44 49 53 57 Cash and cash equivalents held by the PPC Environmental Trust can only be utilised for environmental obligations in South Africa and are therefore not freely available. In accordance with the requirements of lenders to PPC Zimbabwe, PPC Zimbabwe is required to deposit funds in an escrow account which can only be used for the purposes of making capital and interest repayments on the loan. PPC Zimbabwe The rand value of the gross cash balances in Zimbabwe significantly reduced to R206 million (comprising RTGS$, US$, pula and rand) compared to R515 million at the end of March 2018 due to the introduction of the RTGS$ with a closing exchange rate of 3,01 to the US$. The introduction of the RTGS$ as the functional currency in Zimbabwe resulted in a 67% devaluation against the US$ at year-end using the official interbank year end rate of US$1:RTGS$3,01. Furthermore, the decrease was also caused by the settlement of foreign creditors which improved over the period and the transfer of the dividend amounts owing to PPC Ltd which was invested in the Zimbabwe government bonds and listed shares in the Zimbabwe stock market. Please refer to the table below for analysis of the Zimbabwe cash: US$ Rand Cash on hand - 31 March 2018 44 515 Cash on hand - 31 March 2019 14 206 Restricted cash 3 44 Percentage of cash restricted 7% 8% Cash transferred - trading 9 118 Cash transferred - PPC Ltd non-resident account 16 220 Cash transferred rate 57% 66% Comparatives not presented as changes in functional currency has been applied prospectively. Year ended Year ended 2019 2018 Reviewed Audited Shares Shares 000 000 15. STATED CAPITAL Authorised shares Ordinary shares 10 000 000 10 000 000 Preference shares 20 000 20 000 Number of ordinary shares and weighted average number of shares Total shares in issue at the beginning of the year 1 591 760 1 591 760 Shares issued during the year 1 354 - Total shares in issue before adjustments for treasury shares 1 593 114 1 591 760 Shares issued in terms of the second BBBEE transaction (37 382) (37 382) Shares held by consolidated BBBEE trusts and trust funding SPVs (20 144) (20 144) Shares held by consolidated Porthold Trust (Pvt) Limited (1 285) (1 285) Shares purchased in terms of the FSP share incentive scheme (27 146) (19 955) Shares held by the consolidated Safika Trust (1 354) - Total shares in issue (net of treasury shares) 1 505 803 1 512 994 Weighted average number of shares, used for: Earnings and headline earnings per share 1 511 971 1 510 163 Dilutive earnings and headline earnings per share 1 532 949 1 531 802 Cash earnings per share 1 511 971 1 510 163 Shares are weighted for the period in which they are entitled to participate in the profits of the group. Shares held by consolidated participants of the second BBBEE transaction Shares issued in terms of the second BBBEE transaction were facilitated by means of a notional vendor funding (NVF) mechanism, with the transaction concluding on 30 September 2019. These shares participate in 20% of the dividends declared by PPC during the NVF period. With the exception of the Bafati Investment Trust, entities participating in this transaction are consolidated into the PPC group in terms of IFRS 10 Consolidated Financial Statements. Shares held by consolidated BBBEE trusts and trust funding SPVs In terms of IFRS 10 Consolidated Financial Statements, certain of the BBBEE trusts and trust funding SPVs from PPC's first BBBEE transaction are consolidated, and as a result, shares owned by these entities are carried as treasury shares on consolidation. Shares held by consolidated Porthold Trust Pvt Limited Shares owned by a Zimbabwe employee trust company are treated as treasury shares. FSP share incentive scheme In terms of the forfeitable share plan (FSP) long-term incentive scheme, 27 134 235 shares (2018: 19 955 207) are held in total for participants of this long-term incentive scheme. The shares are treated as treasury shares during the vesting periods of the awards. During the year, nil shares (2018: 3 832 250 shares) vested. In terms of IFRS requirements, 5% (2018: 5%) of the total shares in issue are treated as treasury shares following the consolidation of the various BBBEE entities, employee trusts and incentive share schemes. Shares held by the consolidated Safika Consolidated Management Trust Shares issued during the year in order to retain and incentivise the Safika key management employees. This transaction was also facilitated through a NVF mechanism. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm Stated capital Balance at the beginning of the year 3 984 3 919 Sale of shares, treated as treasury shares, by consolidated BBBEE entity - 62 Shares purchased in terms of FSP share incentive scheme treated as treasury shares (41) (72) Vesting of shares held by certain BBBEE 1 entities - 2 Vesting of shares held in terms of the FSP share incentive scheme - 73 Balance at the end of the year 3 943 3 984 Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 16. PROVISIONS Decommissioning and rehabilitation 395 495 Post-retirement healthcare benefits 32 31 427 526 Decommissioning and rehabilitation Group companies are required to restore mining and processing sites at the end of their productive lives to an acceptable condition consistent with local regulations, and in line with group policy. PPC has set up an environmental trust in South Africa to administer the local funding requirements of its decommissioning and rehabilitation obligations. Currently, there are no such regulations in the other jurisdictions in which the group operates for the creation of a rehabilitation trust fund. The investments in the trust fund are carried at fair value through profit or loss and amount to R140 million (2018: R134 million) at year-end (refer note 11). Management have assessed the discount rate applied in determining the decommissioning and rehabilitation provision for Cement southern Africa. In the current year there was a change in estimate, which is applied prospectively. The impact of the change in discount rate applied amounted to an R89 million reduction to the provision for rehabilitation and decommissioning, with a R59 million reduction to cost of sales and a R30 million reduction to the decommissioning asset. Post-retirement healthcare benefits (defined benefit plan) Historically, qualifying employees were granted certain post-retirement healthcare benefits. The obligation for the employer to pay medical aid contributions after retirement is no longer part of the conditions of employment for new employees. A number of pensioners remain entitled to this benefit, the cost of which has been fully provided. 17. DEFERRED TAXATION Net liability at the end of the year comprises: 624 797 Deferred taxation asset 331 245 Deferred taxation liability 955 1 042 Analysis of deferred taxation Property, plant, equipment and intangible assets 1 284 1 189 Other non-current assets 50 134 Current assets (6) (10) Non-current liabilities (111) (124) Current liabilities (65) (75) Reserves 4 1 Taxation losses (532) (318) 624 797 Deferred taxation assets Deferred taxation assets are recognised to the extent it is probable that taxable profits will be available in future periods, based on approved business plans, against which deductible temporary differences can be utilised. The recognition of deferred tax assets is assessed at subsidiary level taking into account the applicable legal provisions of the country in which the PPC subsidiary recognising the deferred tax asset is registered. Further, the recognition of deferred tax assets take into account applicable tax rates, which may vary between reporting periods. CIMERWA has accumulated tax losses over the last four years with a significant amount arising in 2015 from claiming a 50% investment deduction on the new plant. Article 29 of law no 16/2005 capped the utilisation of tax losses to a five-year period following the tax loss. A new income tax law, law no 016/2018 has been gazetted repealing law no 16/2005 of 18/08/2005 on direct income tax. This new law is applicable to CIMERWA. Article 32 of law no 016/2018, which came into force on 13 April 2018, states that the Rwandan Revenue Authority (RRA) may authorise the taxpayer who duly applies, for their loss carried forward of more than five tax periods if the tax payer fulfils requirements determined by an order of the Minister. The Ministerial order was published in the official gazette on 6 May 2018 indicating that a taxpayer may apply for losses to be carried forward more than five tax periods, subject to fulfilment of certain conditions. The deferred taxation asset recognised in CIMERWA is also affected by the maintenance of the existing shareholders. Any disposal of shares by the existing shareholders equal to or higher than 25% will result in the loss of the deferred taxation asset. The government of Rwanda have indicated a proposed sale of their 49% interest in CIMERWA. There has been no finalisation of the matter. An assessment of the conditions indicates that the CIMERWA deferred tax of R199 million (2018: R242 million) is recoverable. The PPC Barnet DRC Manufacturing deferred tax asset was assessed based on the DRC's tax laws applicable at 2019 year-end close. The assessment of the deferred tax recoverability was based on the subsidiary's approved business plans and compliance with DRC's tax laws and regulations, the recognised deferred taxation asset was assessed to be recoverable. PPC Aggregates Quarries Botswana's deferred tax asset recoverability assessment has taken into account the approved business plan and Botswana's applicable tax laws and regulations and based on the assessment, no impairment was recognised during the year. Pronto Building Materials' deferred tax assets recoverability assessment was based on applicable South African tax laws and the approved business plans and the assessment, no impairment was recognised during the year. 18. LONG-TERM BORROWINGS Year ended Year ended 31 March 2019 31 March 2018 Reviewed Audited Notes Terms Security Interest rate Rm Rm PPC 002: Unsecured notes, issued Unsecured Three-month - 20 five years under the company's JIBAR plus 1,5% R6 billion domestic medium-term note programme, and are recognised net of capitalised transaction costs PPC 003: Unsecured Three-month 111 111 five years JIBAR plus 1,48% South Africa R700 million amortising Unsecured Variable rates at 523 696 long-term loan facility, maturing 270 basis points funding in 2021 with capital above three- repayments of month JIBAR R175 million in 2019 and 2020 and R350 million in 2021 R800 million general Unsecured Variable rates at 796 696 banking facility expiring 305 basis points in 2022 above three- month JIBAR Project 3 201 2 889 funding US dollar denominated, Secured by CIMERWA's Variable at 725 353 347 repayable in monthly property, plant and basis points above instalments over a 10-year equipment six-month US period, starting March dollar LIBOR 2016 Rwanda franc Secured by CIMERWA's Fixed rate of 16% 408 300 denominated, repayable property, plant and in monthly instalments equipment over a 10-year period, starting March 2016 US dollar denominated, Secured by PPC Barnet Six-month US 2 150 1 763 capital and interest DRC's property, plant dollar LIBOR plus payable biannually and equipment 975 basis points starting July 2017 ending January 2027, with a capital repayment holiday until January 2020 US dollar denominated, Secured by PPC Six-month US 290 479 interest payable Zimbabwe's property, dollar LIBOR plus biannually. Biannual plant and equipment, 700 basis points repayments in equal inventory and trade instalments over five years and other receivables starting December 2016 4 631 4 412 Less: short-term portion of (567) (333) long-term borrowings Long-term borrowings 4 064 4 079 Add: short-term 938 603 borrowings, bank overdrafts and short-term portion of long-term borrowings Total borrowings 5 002 4 682 Maturity analysis of total borrowings: One year 938 603 Two years 943 764 Three years 1 406 836 Four years 483 1 192 Five and more years 1 232 1 287 5 002 4 682 Assets encumbered are as follows: Property, plant and 7 339 6 460 equipment (refer note 8) The group had committed borrowing facilities of R2,4 billion and utilised 70% (2018: 72%) of these facilities at the date of this report. At reporting date, R731 million of borrowing facilities remain unutilised. These numbers exclude project funding in Rwanda, DRC and Zimbabwe. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 19. OTHER NON-CURRENT LIABILITIES Cash-settled share-based payment liability - 2 Put option liability 274 245 Finance lease liabilities 2 5 Liability to non-controlling shareholder in subsidiary company 17 14 293 266 Less: Short-term portion of other non-current liabilities - (4) 293 262 Put option liability The IFC was issued a put option in September 2015 in terms of which PPC Ltd is required to purchase all or part of the shares held by the IFC in PPC Barnet DRC Holdings. The put option may be exercised after six years from when the IFC subscribed for the shares but only for a five-year period. The put option value was calculated using the DRC's forecast EBITDA applying an earning's multiple less net debt and then present valued. Following the valuation of the put option, no fair value adjustment has been recognised as the fair value is the same as the current carrying amount. Forecast EBITDA is based on financial forecasts approved by management, with pricing and margins similar to those currently being achieved by the business unit, albeit lower than in the prior year, while selling prices and costs are forecast to increase at local inflation projections and extrapolated using local GDP growth rates averaging 5% per annum (2018: 5%) taking cognisance of the plant production ramp-up and adjusted for the impact of competitor activity and political environment within the country and neighbouring countries. An EBITDA multiple of 7 times (2018: 7 times) was determined using comparison of publicly available information on other cement businesses operating in similar territories. The present value of the put option was calculated at R274 million (2018: R245 million). The increase in the liability follows the time value of money adjustments. Refer note 22 for sensitivity analysis. Liability to non-controlling shareholder in subsidiary company Relates to US dollar denominated interest payable on initial equity contribution into the DRC group of companies by a non-controlling shareholder. The accruing of interest ceased in September 2015 and the amount payable will be repaid once the external funding of the DRC has been settled. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm 20. TRADE AND OTHER PAYABLES Accrued finance charges 4 8 Cash-settled share-based payment liability (short-term portion) - 2 Capital expenditure payables 64 45 Finance lease liabilities - 1 Other financial payables 141 156 Retentions held for plant and equipment 316 259 Trade payables and accruals 1 260 991 Trade and other financial payables 1 785 1 462 Payroll accruals 138 248 VAT payable (4) 25 1 919 1 735 Trade and other payables, payroll accruals and regulatory obligations are payable within a 30 to 60-day period. Please note that the tax payable has been disclosed separately on the face of the statement of financial position. 21. COMMITMENTS Contracted capital commitments 176 339 Approved capital commitments 145 257 Capital commitments 321 596 Operating lease commitments 121 128 442 724 Capital commitments Southern Africa 304 546 Rest of Africa 17 50 321 596 Capital commitments are anticipated to be incurred: - Within one year 321 500 - Between one and two years - 96 321 596 The decrease in commitments follows the successful commissioning of Slurry expansion project (SK9). Capital expenditure commitments are stated in current values which, together with expected price escalations, will be financed from surplus cash generated and borrowing facilities available to the group. 22. FINANCIAL RISK MANAGEMENT Fair value of assets and liabilities Year ended Year ended 31 March 2019 31 March 2018 Reviewed Audited Notes Level* Rm Rm Financial assets The financial assets carried at fair value are classified into three categories as reflected below: At amortised cost Investment in Zimbabwe government bonds 11 2 279 6 Trade and other financial receivables 13 2 1 017 1 023 Cash and cash equivalents 14 1 452 836 At fair value through other comprehensive income Investment in the Zimbabwe Stock Market 11 1 14 - At fair value through profit or loss Unlisted collective investments at fair value (held for trading) 11 2 141 134 PPC Zimbabwe financial asset 11 2 289 - Total financial assets 2 192 1 999 Level 1 466 836 Level 2 1 726 1 163 Non-financial assets Assets held for sale 12 2 92 34 Goodwill# 9 3 236 230 Financial liabilities At amortised cost Long-term borrowings 18 2 4 064 4 079 Short-term borrowings 18 2 938 603 Finance lease liabilities 19 2 2 5 Liability to non-controlling shareholder in subsidiary company 19 2 17 14 Trade and other financial payables 20 2 1 785 1 462 At fair value through profit or loss Cash-settled share-based liability 19 2 - 2 Put option liability 19 3 274 245 Total financial liabilities 7 080 6 410 Level 2 6 806 6 165 Level 3 274 245 # The movement in the fair value of goodwill recognised relates to foreign currency exchange differences. Methods and assumptions used by the group in determining fair values: * Level 1 - financial assets and liabilities that are valued accordingly to unadjusted market prices for similar assets and liabilities. Market prices in this instance are readily available and the price represents regularly occurring transactions which have been concluded on an arm's length transaction. * Level 2 - financial assets and liabilities are valued using observable inputs, other than the market prices noted in the level 1 methodology, and make reference to pricing of similar assets and liabilities in an active market or by utilising observable prices and market-related data. * Level 3 - financial assets and liabilities that are valued using unobservable data, and requires management judgement in determining the fair value. The estimated fair value of financial instruments is determined, at discrete points in time, by reference to the mid price in an active market wherever possible. Where no such active market exists for the particular asset or liability, the group uses valuation techniques to arrive at fair value, including the use of prices obtained in recent arm's length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. The fair value of cash and cash equivalents, trade and other financial receivables and trade and other financial payables approximate their respective carrying amounts of these financial instruments because of the short period to maturity. Where the short period to maturity is extended, the company then discounts the current carrying amount using the latest available borrowing rates against the expected maturity period. The PPC Zimbabwe financial asset (refer note 11) should be valued using RTGS forward curves, however, these are not available. As a result of there being no other similar available market data, the financial asset has been valued at the year-end US$:RTGS$ exchange rate and no further fair value adjustment has been recognised. The put option liability has been calculated using EBITDA forecasts prepared by management and discounted to present value. The fair value of derivative financial instruments relating to cash-settled share appreciation rights is determined with reference to valuation performed by third-party financial institutions at reporting date, using an actuarial binomial pricing model. This note has been refined from that reported in the prior period to only include financial instruments held at fair value. Level 3 sensitivity analysis Increase/ Valuation Main decrease Financial instrument technique assumptions Rm Put option liabilities Earnings EBITDA and multiple net debt 29 If the key unobservable inputs to the valuation model, being estimated EBITDA and net debt, were 1% higher/lower while all the other variables were held constant, the carrying amount of the put option liabilities would decrease/increase by R29 million. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm Movements in level 3 financial instruments Financial liability Balance at the beginning of the period 245 434 Remeasurements - (238) Time value of money adjustments 29 49 Balance at the end of the year 274 245 Remeasurements are recorded in fair value adjustments on financial instruments in the income statement. 23. EVENTS AFTER THE REPORTING DATE Business combination On 4 May 2019, Habesha Cement Share Company (Habesha), a cement manufacturing company incorporated in Ethiopia and currently accounted in the PPC group results as an investment in associate, granted PPC and Industrial Development Corporation (IDC) a right to appoint an additional board member. PPC and IDC have a 38% and 20% shareholding in Habesha respectively. PPC and IDC have signed a voting agreement, in terms of which they agreed to vote as a block on key matters pertaining to Habesha. Given PPC's technical knowledge and experience in the cement manufacturing industry and fact that PPC has significant shareholding in Habesha compared to IDC, it is likely that PPC will be a key decision-maker in terms of the voting agreement. Furthermore, PPC entered into an agreement with Habesha, in terms of which PPC is required to provide consulting and technical services. These services, among other include: - Consulting services - such as developing strategic direction and objectives, providing commercial guidance and aligning the policies and procedures of Habesha to those of PPC - Technical services - relating to finance, sales and marketing, treasury, human resources, legal and risk management Taking into account the two agreements, management believes that PPC has control over Habesha from 4 May 2019 and has the exposure to variable returns and ability to affect those returns. In terms of IAS 10, this is considered to be a non-adjusting post-balance sheet event as the meeting where the resolution was passed to give IDC and PPC a right to appoint an additional board member took place after the reporting period. The potential evidence of control therefore never existed at year-end. Effective from 4 May 2019, being the acquisition date, PPC will account for Habesha as a subsidiary and the financial results of Habesha will be consolidated into PPC group. PPC's share of profits will remain as 38%. IFRS 3, sets out the extensive disclosure required for a post-balance sheet event resulting in business combination but also allows non-disclosure in circumstances where certain financial information is not available. It should be noted that at the date of this report, the financial impact of this transaction has not be finalised as it is not practical to determine the amounts at the date of the report, and the applicable disclosure as required by IFRS 3 B64 paragraph (e) - (k) are not yet available. PPC will, within the next 12 months, as permitted by IFRS 3 finalise the financial impact of this transaction. A further update on this transaction will be disclosed in the September 2019 half-year results. Refinancing strategy Due to the expected liquidity constraints, in April 2019, the investment committee approved the engagement with the lenders for the funding facility package to be increased from R2,4 billion to R3.1 billion. This facility has been approved by the lenders and is considered to be a non-adjusting subsequent event in accordance with IAS 10. Movement in RTGS$:US$ rate At 31 March 2019, an official inter-bank rate of 3.01 between the USD and RTGS has been used in the translation of the Zimbabwe results following the change in functional currency. This rate has since deteriorated to 6,32 at 24 June 2019, the date of approval of the reviewed condensed consolidated financial statement. This rate was obtained from http://www.marketwatch.co.zw. For the sensitivty analysis on the RTGS$ rate refer note 1. There are no events that occurred after the reporting date, other than those listed above, that may have a material impact on the group's reported financial position at 31 March 2019. 24. CURRENCY CONVERSION GUIDE In preparing the financial statements of the subsidiary companies, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise except for exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings. Approximate value of foreign currencies to the rand: Average Closing 2019 2018 2019 2018 Botswana pula 1,32 1,28 1,34 1,22 US dollar 13,63 13,06 14,42 11,82 Rwandan franc 0,02 0,02 0,02 0,01 RTGS dollar (to the US dollar) 3,50 N/A 3,01 N/A Mozambican metical 0,20 0,22 0,23 0,19 25. RELATED-PARTY TRANSACTIONS Parties are considered to be related if one party directly or indirectly has the ability to control or jointly control the other party or exercise significant influence over the other party or is a member of the key management of PPC group. In particular, this relates to associates, as transactions with the consolidated subsidiaries are eliminated. In the ordinary course of business, PPC Group Shared Services Pty Limited, a subsidiary of PPC Ltd, entered into various transactions with Habesha Cement Share Company, an associate of PPC Ltd. The effect of these transactions is included in the financial performance and results of the group. Terms and conditions are determined on an arm's length basis. No impairment of receivables related to the amount of outstanding balances is required. Year ended Year ended 2019 2018 Reviewed Audited Rm Rm The following table shows transactions with the related parties that are included in the group's annual financial statements. Services rendered to a related party Habesha Cement Share Company 2 - Amounts receivable from a related party Habesha Cement Share Company 2 - Dividends received from a related party Olegra Pty Limited 1 1 Refer note 23 for post-balance sheet events impacting the accounting treatment of the Habesha Cement Share Company by the PPC group. 26. OTHER DISCLOSURES Contingent liabilities and guarantees A PPC group supplier has instigated legal proceedings against the group for the possible damages relating to a contract. In terms of the contract, the supplier would provide certain services relating to sales and marketing. The total claim is estimated at R3 million. Management believes that the claim has no merit, and is currently contesting the matter in court. In accordance with IAS 37, no provision has been made in these financial statements. The total guarantees issued by the group, by means of a bank guarantee, in favour of the various suppliers was R102 million (2018: R102 million). Included in this amount are financial guarantees for the environmental rehabilitation and decommissioning obligations of the group to the DMR amounting to R76 million (2018: R76 million). 27. REVIEW CONCLUSION The reviewed condensed consolidated financial statements for the year ended 31 March 2019 have been reviewed by the company's external auditors, Deloitte & Touche, who expressed an unmodified review conclusion. A copy of the auditor's review report on the condensed consolidated financial statements is available for inspection at PPC's registered office. The auditor's report does not report necessarily on all the information in this announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement, they should obtain a copy of the auditor's report. Any reference to future financial performance included in this announcement has not been reviewed or reported on by the company's external auditors. ADMINISTRATION Directors PJ Moleketi (Chairman), JT Claassen (CEO), AC Ball, N Gobodo, MF Gumbi, NL Mkhondo, T Moyo*, CH Naude, MMT Ramano, MR Thompson * Zimbabwean Registered office 148 Katherine Street, Sandton, South Africa (PO Box 787416, Sandton 2146, South Africa) Transfer secretaries Computershare Investor Services (Pty) Ltd Rosebank Towers, 15 Biermann Avenue, Rosebank (PO Box 61051, Marshalltown, 2107, South Africa) Transfer secretaries Zimbabwe Corpserve (Pvt) Ltd 4th Floor, Intermarket Centre, Corner 1st Street/Kwame Nkrumah Avenue, Harare Zimbabwe (PO Box 2208, Harare, Zimbabwe) Company secretary K Holtzhausen 148 Katherine Street, Sandton, South Africa (PO Box 787416, Sandton 2146, South Africa) Sponsor Merrill Lynch South Africa (Pty) Ltd The Place, 1 Sandton Drive, Sandton, South Africa (PO Box 651987, Benmore 2010, South Africa) DISCLAIMER This document including, without limitation, those statements concerning the demand outlook, PPC's expansion projects and its capital resources and expenditure, contain certain forward looking views. By their nature, forward looking statements involve risk and uncertainty and although PPC believes that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government action, business and operational risk management. While PPC takes reasonable care to ensure the accuracy of the information presented, PPC accepts no responsibility for any consequential, indirect, special or incidental damages, whether foreseeable or unforeseeable, based on claims arising out of misrepresentation or negligence arising in connection with a forward looking statement. This document is not intended to contain any profit forecasts or profit estimates. Date: 27/06/2019 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.

Leadership and Governance Update: PPC Appoints Roland van Wijnen as Chief Executive Officer PPC Ltd (Incorporated in the Republic of South Africa) (PPC or company or group) Company registration number: 1892/000667/06 JSE code: PPC JSE ISIN: ZAE 000170049 ZSE code: PPC JSE code: PPC003 JSE ISIN: ZAG000117524 LEADERSHIP AND GOVERNANCE UPDATE: PPC APPOINTS ROLAND VAN WIJNEN AS CHIEF EXECUTIVE OFFICER (CEO) Following a global search, the Board of Directors of PPC Ltd is pleased to announce the appointment of Roland van Wijnen as Chief Executive Officer (CEO). The search for a new CEO to succeed Johan Claassen began last November when he announced he was taking early retirement from his position of CEO of PPC. “Considering the specialized nature of the industry, and its challenges, as soon as Johan decided to retire, the board began a process to identify a high calibre candidate, with extensive experience in leading cement companies in cyclical downturns and challenging markets,” said PPC Chairperson, Jabu Moleketi. “We are pleased to have secured Roland, a Dutch national, whose listed company experience and exposure to international global best practice will broaden the management practices of PPC. He is an ideal appointment as he already has a detailed knowledge of the cement sector. He is up-to-speed with our strategic imperatives and will advance the process without any delays.” VAN WIJNEN EXPERIENCE Van Wijnen was with Holcim, now LafargeHolcim, for 17 years during which time he held various senior leadership roles across the group. As CEO of the Philippines business, a public company, much the same size as PPC, he successfully dealt with similar challenges to those that PPC is facing. During his time, Holcim Philippines successfully implemented a new retail business model and a growth strategy to best serve customers and increase profitability. An Industrial Engineering graduate from Twente University, in the Netherlands, van Wijnen was CEO of certain of Holcim’s Eastern European businesses between 2005 and 2010 and also acted as CEO of Holcim’s global trading business before the Lafarge Holcim merger. Having done some work for Holcim in South Africa before the company moved its operations out of the region, he is familiar with the country. Van Wijnen said: "I am excited and honoured to have been appointed into this executive role at such iconic company that PPC is. PPC is currently undergoing strategic projects to ensure the long-term sustainability and viability of the Group, and I have been working on similar initiatives for the past decade. I am looking forward to starting my new role as CEO which will enable me to focus on the value and growth strategy of the Group. Our future will be defined by how well we deliver on our strategy of driving sustainable growth and maximising opportunities in order to realise the ambitions of our company and take us to the next level of success.” SUCCESSION PLANNING The PPC board recognizes that the foundation for succession planning is effective governance, based on defined core values and application principles that guide both governing and operating decisions and actions. To this end, the board has conducted a detailed evaluation of the executive bench, individual and collective skills of the leadership body and developed succession plans to align the leadership with the strategic needs of the firm going forward. During the next four years, the Board will work with Roland to fast-track and implement the company’s succession policy and strategy. Van Wijnen has signed a four-year contract and is expected to take over from Claassen as soon as he has received a work permit. He will be tasked with building and developing the executive team and jointly accelerating the process of turning PPC into a high-performance organization that offers superior products and solutions to customers throughout its leading positions across Africa. The board would like to thank Johan for his commitment, hard work, and loyalty to PPC, its shareholders, employees and customers. He has accomplished what he was set up to do - to renew the operational focus of the company and position the group for a period of consolidation. 26 June 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: 26/06/2019 01:30:00 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.

Changes 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 JSE code: PPC003 JSE ISIN: ZAG000117524 JSE code: PPC005 JSE ISIN: ZAG000117532 ("PPC" or "Company" or "Group") 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 Mr Mark Richard Thompson as a non-executive director and member of the Audit, Risk and Compliance Committee of PPC Ltd with effect 1 May 2019. Mr Thompson holds B.Com, BAcc and LLB degrees and is both a qualified lawyer and a Chartered Accountant and was formerly Chief Financial Officer and Executive Director of Sappi Limited. He was a member of the Sappi Limited board for six years and served on the boards of Sappi operating subsidiaries in South Africa, the USA, Europe and Hong Kong, and chaired the Supervisory Board of the Austrian holding company housing Sappi's non-South African interests. He was the senior executive on the Sappi Group Audit Committee and a member or Chairman of various subsidiary Audit and Risk Committees in Europe, the USA, South Africa and Asia. He currently holds non-executive positions at Rand Merchant Bank (member of the Audit Committee); FirstRand Insurance Services Company Limited (member of the Board and Chairman of the Audit, Risk and Compliance Committee); Hudaco Industries Limited (member of the Board, Audit Committee, the Nominations Committee and Chairman of the Remuneration Committee); Rockwood Private Equity Limited (member of the Rockwood Advisory Panel and a member of the Board and Audit and Risk Committee of one of its major unlisted investments); is a Trustee of a medical research foundation and a member of its Investment Committee; and Chairs the Audit Committee of the Sappi Pension Fund. The Board welcomes Mr Thompson and looks forward to his contribution. Sandton 12 April 2019 Investor contacts: Anashrin Pillay Tel: +27 (0) 11 386 9000 <a href="mailto:Anashrin.Pillay@ppc.co.za">Anashrin.Pillay@ppc.co.za</a> Sponsor to PPC: Merrill Lynch South Africa (Pty) Limited Date: 12/04/2019 02:15:00 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 JSE code: PPC003 JSE ISIN: ZAG000117524 JSE code: PPC005 JSE ISIN: ZAG000117532 ("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 : 29 March 2019 Number of securities : 254 892 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.7407 Value of transaction : R1 208 366.50 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 Peregrine Fund Platform (Pty) Ltd, the registered investment manager for various funds advised by VCP. Sandton 1 April 2019 Sponsor Merrill Lynch South Africa (Pty) Limited Investor contacts: PPC: Anashrin Pillay Tel: +27 (0)11 386 9000 <a href="mailto:Anashrin.Pillay@ppc.co.za">Anashrin.Pillay@ppc.co.za</a> Date: 01/04/2019 02:30:00 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 (Registration number 1892/000667/06) (Incorporated in the Republic of South Africa) JSE & ZSE share codes: PPC JSE ISIN: ZAE000170049 JSE code: PPC003 JSE ISIN: ZAG000117524 JSE code: PPC005 JSE ISIN: ZAG000117532 ("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 2019 Number of securities : 4 221 614 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.4968 Value of transaction : R18 983 753.84 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 27 March 2019 Number of securities : 4 798 757 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.4966 Value of transaction : R21 578 090.73 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 28 March 2019 Number of securities : 504 795 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R4.6290 Value of transaction : R2 336 696.06 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 Peregrine Fun d Platform (Pty) Ltd, the registered investment manager for various funds advised by VCP. Sandton 29 March 2019 Sponsor Merrill Lynch South Africa (Pty) Limited Investor contacts: PPC: Anashrin Pillay Tel: +27 (0)11 386 9000 <a href="mailto:Anashrin.Pillay@ppc.co.za">Anashrin.Pillay@ppc.co.za</a> Date: 29/03/2019 02:48:00 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.

Update on Financial Reporting and Auditing Guidance in Zimbabwe and S&P Downgrade PPC Ltd (Incorporated in the Republic of South Africa) (Company registration number 1892/000667/06) JSE ISIN: ZAE000170049 JSE code: PPC ZSE code: PPC JSE code: PPC003 JSE ISIN: ZAG000117524 JSE code: PPC005 JSE ISIN: ZAG000117532 ("PPC" or "Company" or "Group") UPDATE ON FINANCIAL REPORTING AND AUDITING GUIDANCE IN ZIMBABWE AND S&P DOWNGRADE BACKGROUND Following the SENS announcement on 7 March 2019, PPC wishes to update investors on the accounting implications of the announcement by the Zimbabwe Public Accountants and Auditors Board (PAAB) on 21 March 2019 regarding currency changes in Zimbabwe. KEY ACCOUTNING CONSIDERATIONS AND IMPLICATIONS FOR PPC GROUP The PAAB guidance was issued to highlight considerations auditors of financial statements would be required to make for reporting for periods commencing on or after 1 January 2018. By implication, acknowledgement that the functional currency of Zimbabwe businesses has changed to the Real Time Gross Settlement (RTGS) $, PPC has reviewed the guidance issued by the PAAB and the impact on the group is as follows: 1. PPC will consolidate PPC Zimbabwe according to IFRS with the effective date of the change in functional currency being 1 October 2018 2. The reported results of PPC Zimbabwe being consolidated in PPC Group as at 30 September 2018 remains unchanged. There will be no restatement of previously reported figures; 3. The reported results of PPC Zimbabwe being consolidated in PPC Group from 1 October 2018 will be based on prevailing commercial rates for the remainder of the 2019 financial year, ranging between 2.5 RTGS$ : 1 US$ to 3.5 RTGS$ : 1 US$; In terms of guidance and reference to March 2018 results, PPC Zimbabwe’s EBITDA in rands is expected to be within 5% to 15% of previously reported EBITDA for March 2018 of R573m. PPC will, for the 2019 Group financial results reporting, provide extensive financial statement disclosures with regard to the Zimbabwean business and the impact of the change in functional currency on the reported results. S&P GLOBAL RATINGS DOWNGRADE BACKGROUND AND RATIONALE On 22 March 2019, S&P Global Ratings (“S&P”) downgraded PPC’s long - and short-term South African national scale corporate credit ratings from ‘zaA-/zaA-2’ to ‘zaBBB- /zaA-3’. The full report can be found at <a href="https://www.standardandpoors.com/en_US/web/guest/home" target="_blank">https://www.standardandpoors.com/en_US/web/guest/home</a>. The rationale for the downgrade was attributed to the announced changes to monetary policy in Zimbabwe and challenging domestic trading conditions. It is important to note that S&P has excluded the Zimbabwe operations in their assessment of PPC's financial profile, and will do so until there is more certainty on reporting and cash repatriation prospects. It should also be noted that PPC’s latest rating is still four rating levels above that of the ‘zaBB –’ rating on the national scale S&P ratings, when the company was downgraded in 2016. While they do acknowledge that the Zimbabwean business is will not require financial support from PPC group, we do believe that this approach is unduly punitive and not reflective of the economic reality of our business. PPC GROUP LIQUIDITY AND BALANCE SHEET POSITION The PPC group remains adequately capitalised with previously guided liquidity headroom of 15% being maintained. Furthermore, the maturity profile remains adequate and covenant levels are aligned to previously guided ranges as shown on page 12 of the Merrill Lynch presentation booklet: <a href="https://www.ppc.co.za/investors/presentations/financials.aspx" target="_blank">https://www.ppc.co.za/investors/presentations/financials.aspx</a>. Management is confident that the facilities in place are adequate to enable the group to navigate any volatility in the markets in which the company operates. As reported in the operational update on the 5 February 2019, group gross debt has remained at similar levels to that reported in September 2018. The downgrade does not trigger early repayment of debt, however the downgrade may impact PPC’s cost of debt in future. The information in this update has not been reviewed or reported on by the Company’s external auditors. Sandton 27 March 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: 27/03/2019 08:05:00 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.

Update Regarding Changes to Monetary Policy in Zimbabwe PPC Ltd (Incorporated in the Republic of South Africa) (Company registration number 1892/000667/06) JSE ISIN: ZAE000170049 JSE code: PPC ZSE code: PPC JSE code: PPC002 JSE ISIN: ZAG000111212 JSE code: PPC003 JSE ISIN: ZAG000117524 JSE code: PPC005 JSE ISIN: ZAG000117532 ("PPC" or "Company" or "Group") PPC LTD – UPDATE REGARDING CHANGES TO MONETARY POLICY IN ZIMBABWE BACKGROUND The PPC Zimbabwe business has remained resilient despite the challenges experienced in the Zimbabwean economy in the last 12 months. The company has kept its pricing in line with inflationary increases in the economy and demand remains strong. Furthermore, EBITDA margins remain within the previously guided range of 30% - 35% for FY19. PPC Zimbabwe continues to follow a rigorous approach to liquidity management and cash preservation as highlighted in our update on 5 February 2019. Initiatives include: • 90% of input costs sourced locally, • Increasing exports to neighbouring countries, • Continuing with clinker imports from South Africa, • Shares purchases of PPC on the Zimbabwe Stock Exchange On 20 February 2019, Zimbabwe’s Central Bank Governor John Mangudya announced that the Bank would be establishing an inter-bank foreign exchange market in Zimbabwe to formalise the trading of RTGS balances and bond notes with US dollars and other currencies. We view the introduction of a formalised floating foreign exchange market as a positive development toward curbing the high inflation and excessive premiums created by the parallel exchange rates. The exchange market should result in a more efficient allocation of foreign currency, removing the distortions that were impacting the market, and facilitate the repatriation of cash in the medium to long-term. KEY CONSIDERATIONS The key elements of the announcement issued on the 20 February 2019, are: 1. The RTGS (Real Time Gross Settlement) $ will become the functional currency in Zimbabwe, with the initial rate being 2.5 RTGS $:1 US$; 2. All foreign liabilities or legacy debts and declared dividends, will be treated separately after registering such transactions with the exchange control department of the Reserve Bank of Zimbabwe; and IMPLICATIONS FOR PPC GROUP BALANCE SHEET AND LIQUIDITY PPC has reviewed the monetary policy statement issued on the 20 February 2019. The impact on the group is as follows: 1. The functional reporting currency will be the RTGS $. A full impact assessment including systems alignment is underway; 2. The Public Accountants and Auditors Board (PAAB) is expected to pronounce on the impact of the monetary policy statement. In particular the determination of the effective date of conversion to the RTGS $ being October 2018 or February 2019; 3. PPC reported a cash balance of US$63m at the end of September 2018 which was reduced to US$60m by a debt repayment at the end of February 2019; 3.1. The initial rate of 2.5 RTGS $:1 US$ applies only to a portion of the US$60m cash balance, amounting to US$30m – US$35m; 3.2. The remaining balance including US$16m in dividends and US$5m rights offer proceeds, qualifies as legacy debt due to PPC RSA which is awaiting repatriation. In terms of group liquidity, PPC Zimbabwe is excluded from covenant calculations. LOOKING AHEAD PPC Zimbabwe’s maintains a good relationship with the Zimbabwean monetary authorities and will persist in engaging the regulators and monitoring developments. The business continues to implement strategies to protect its financial position and utilise regulatory channels to repatriate funds where possible. The information in this update has not been reviewed or reported on by the Company’s external auditors. Sandton 7 March 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: 07/03/2019 09:28:00 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 Nine Months to December 2018 PPC Ltd (Incorporated in the Republic of South Africa) (Company registration number 1892/000667/06) JSE ISIN: ZAE000170049 JSE code: PPC ZSE code: PPC JSE code: PPC002 JSE ISIN: ZAG000111212 JSE code: PPC003 JSE ISIN: ZAG000117524 JSE code: PPC005 JSE ISIN: ZAG000117532 ("PPC" or "Company" or "Group") PPC LTD – OPERATIONAL UPDATE NINE MONTHS TO DEC 2018 SOUTHERN AFRICA CEMENT Despite difficult trading conditions, average cement prices in Southern African (including Botswana) increased by 1.0% - 2.0% for the period. Cement volumes were down 2.0% - 3.0% up to December 2018, against the backdrop of estimated market contraction of 4% - 5%. An uncharacteristically weak December retail segment and subdued construction activity contributed to the contraction. Total cement imports increased by 80% for January 2018 - November 2018 compared to the prior comparable period, with imports into Cape Town increasing by 48% to ~209,000 tonnes, although still substantially lower than the majority of imports into Durban which increased by 84%. The Western Cape, has seen a marginal recovery in volumes post the drought. Price increases of between 8% - 12% were implemented on the 15th January 2019 in certain regions. The “SURERANGE” product line continues to gain traction and has positioned PPC well against blended product and imports. The business continues to focus on achieving its R70/tonne profitability initiatives. MATERIAL BUSINESS The lime business has shown resilience in terms of profitability, whilst the aggregates and readymix business remains under pressure from a demand and pricing perspective. As stated previously the readymix business remains an important channel to market. REST OF AFRICA ZIMBABWE Volumes grew by low single digits compared to the prior year for the same period, due to operational challenges experienced in the third quarter of the financial year. Pricing has been aligned with local inflationary increases. Nonetheless, recent policy announcements regarding fuel price increases has placed consumers in Zimbabwe under strain. The impact of fuel increases and cost of living increases afforded to PPC Zimbabwe employees is expected to impact EBITDA margins by 1 – 2%. However, it is envisaged that cost saving measures will ensure that EBITDA margins remain within previously guided ranges. PPC Zimbabwe management is implementing a number of initiatives to mitigate the impact of inflation and liquidity constraints on the business and on the broader PPC Group. Liquidity management and cash preservation measures include: • Focus on local procurement, with 90% of input costs sourced locally • Increasing exports to neighbouring countries • Continuing clinker imports from South Africa • Share buy-back of PPC shares listed on the ZSE though subsidiary PPC Zimbabwe Limited. Despite the challenging trading environment, the Group remains positive about its operational strength and customer support for its brand. DRC In the DRC, PPC Barnet continues to operate in a challenging environment, impacted by the elections in December 2018, as infrastructure demand was still subdued. The business continues to execute on strategic plans to maximise EBITDA and free cash flow generation in order to minimize capital requirements from the centre. PPC is engaging with its lenders to re-structure the debt in the DRC and put in place a more sustainable capital structure. Rwanda In Rwanda, Cimerwa has improved its production output inline with expectations, post the debottlenecking of the plant. Increased capacity utilisation coupled with stable pricing has resulted in the 2nd half EBITDA performance to date exceeding that of the 1st half of the financial year. Ethiopia Habesha has been able to steadily increase market share toward its market share capacity of 10%, with capacity utilisation above 40% for the last 12 months. Further plant optimisation and efficiency improvements are required to get the plant to the target capacity utilisation. Political instability has detracted from the performance for the period, however management is responding by prioritizing plant optimisation and route to market strategies. PPC endeavours to have a controlling holding in the business, in order to consolidate Habesha going forward. GROUP BALANCE SHEET Group gross debt has been maintained at similar levels to those reported for September 2018. PPC is continuously pursuing avenues to optimise its capital structure and bolster its balance sheet. OUTLOOK In South Africa, PPC intends to maintain price increases implemented. The company is engaging the authorities with regard to imports to ensure industry sustainability and also market stabilisation. PPC Zimbabwe remains focused on cash preservation. In the DRC, the business continues to entrench route to market strategies to increase volumes and prices. In Rwanda, the Cimerwa business continues with business optimisation in order to achieve optimal capacity. Sandton 5 February 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: 05/02/2019 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.

Dealing in Securities by an Associate of a Director PPC Ltd (Registration number 1892/000667/06) (Incorporated in the Republic of South Africa) JSE ISIN: ZAE000170049 JSE & ZSE share codes: PPC JSE code: PPC003 JSE ISIN: ZAG000117524 JSE code: PPC005 JSE ISIN: ZAG000117532 (“PPC” or the “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 : 27 December 2018 Number of securities : 156 981 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R5.4999 Value of transaction : R863 379.80 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 31 December 2018 Number of securities : 4 252 883 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R5.8784 Value of transaction : R25 000 147.43 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 Peregrine Fund Platform (Pty) Ltd, the registered investment manager for various funds advised by VCP. Sandton 2 January 2019 Sponsor Merrill Lynch South Africa (Pty) Limited Investor contacts: PPC: Anashrin Pillay Tel: +27 (0)11 386 9000 <a href="mailto:Anashrin.Pillay@ppc.co.za">Anashrin.Pillay@ppc.co.za</a> Date: 02/01/2019 03:25:00 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.

Dealing in Securities and Disclosure of Beneficial Interest PPC Ltd (Registration number 1892/000667/06) (Incorporated in the Republic of South Africa) JSE ISIN: ZAE000170049 JSE & ZSE share codes: PPC JSE code: PPC002 JSE ISIN: ZAG000111212 JSE code: PPC003 JSE ISIN: ZAG000117524 JSE code: PPC005 JSE ISIN: ZAG000117532 (“PPC” or the “Company”) DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR AND DISCLOSURE OF BENEFICIAL INTEREST IN SECURITIES In compliance with paragraph 3.66 of the JSE Limited Listings Requirements (“JSE LR”), 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 (“VCP”)* Date of transaction : 6 December 2018 Number of securities : 2 560 213 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R5.35 Value of transaction : R13 697 139.55 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 7 December 2018 Number of securities : 397 998 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R5.4999 Value of transaction : R2 188 949.20 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 Peregrine Fund Platform (Pty) Ltd, the registered investment manager for various funds advised by VCP. In terms of paragraph 3.83(b) of the JSE LR and section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended, shareholders are also advised that the Company has received formal notification that VCP has, in aggregate, acquired ordinary shares in the Company, such that the total interest in securities currently held in PPC is 10.07% of the total issued ordinary shares of PPC. Sandton 12 December 2018 Sponsor Merrill Lynch South Africa (Pty) Limited Investor contacts: PPC: Anashrin Pillay Tel: +27 (0)11 386 9000 <a href="mailto:Anashrin.Pillay@ppc.co.za">Anashrin.Pillay@ppc.co.za</a> Date: 12/12/2018 05:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Dealing in Securities by an Associate of a Director PPC Ltd (Registration number 1892/000667/06) (Incorporated in the Republic of South Africa) JSE & ZSE share codes: PPC JSE ISIN: ZAE000170049 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 : 3 December 2018 Number of securities : 1 584 985 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R5.4973 Value of transaction : R8 713 138.04 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 5 December 2018 Number of securities : 83 594 Nature of transaction : On-market purchase of securities Class of securities : Ordinary shares Share price : R5.4639 Value of transaction : R456 749.26 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 Peregrine Fund Platform (Pty) Ltd, the registered investment manager for various funds advised by VCP. Sandton 7 December 2018 Sponsor Merrill Lynch South Africa (Pty) Limited Investor contacts: PPC: Anashrin Pillay Tel: +27 (0)11 386 9000 <a href="mailto:Anashrin.Pillay@ppc.co.za">Anashrin.Pillay@ppc.co.za</a> Date: 07/12/2018 11:46:00 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.

Dealings in Securities PPC Ltd (Registration number 1892/000667/06) (Incorporated in the Republic of South Africa) JSE & ZSE share codes: PPC JSE ISIN: ZAE000170049 DEALINGS IN SECURITIES In compliance with the JSE Limited Listings Requirements, the following information is disclosed: Director : Tryphosa Ramano Date of transaction : 30 November 2018 Number of securities : 50,000 Nature of transaction : On-market sale of PPC vested shares Class of securities : Ordinary shares Share price : R5.38 Value of transaction : R269 000.00 Nature of interest : Direct Beneficial Clearance to deal obtained : Yes 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* Nature of transaction : On-market purchase of securities by an Associate Date of transaction : 28 November 2018 Number of securities : 1 568 591 Class of securities : Ordinary shares Share price : R5.0295 Value of transaction : R7 889 228.43 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 29 November 2018 Number of securities : 179 682 Class of securities : Ordinary shares Share price : R5.20 Value of transaction : R934 346.40 Nature of interest : Indirect Beneficial Clearance to deal obtained : Yes Date of transaction : 30 November 2018 Number of securities : 820 230 Class of securities : Ordinary shares Share price : R5.3568 Value of transaction : R4 393 808.06 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 Peregrine Fund Platform (Pty) Ltd, the registered investment manager for various funds advised by VCP. Sandton 3 December 2018 Sponsor Merrill Lynch South Africa (Pty) Limited Investor contacts: PPC: Anashrin Pillay Tel: +27 (0)11 386 9000 <a href="mailto:Anashrin.Pillay@ppc.co.za">Anashrin.Pillay@ppc.co.za</a> Date: 03/12/2018 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.

Unaudited Condensed Consolidated Financial Statements for the six months ended 30 September 2018 PPC LTD (Incorporated in the Republic of South Africa) Company registration number: 1892/000667/06 JSE ISIN: ZAE000170049 JSE code: PPC ZSE code: PPC JSE code: PPC002 JSE ISIN: ZAG000111212 JSE code: PPC003 JSE ISIN: ZAG000117524 JSE code: PPC005 JSE ISIN: ZAG000117532 ("PPC" or "Company" or "Group") UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS for the six months ended 30 September 2018 FINANCIAL HIGHLIGHTS - Group revenue increased 8% to R5,6 billion - Group reported EBITDA reduced by 13%, rest of Africa (RoA) +18% - Headline earnings per share increased 11% to 21 cents - Basic earnings per share up 5% to 21 cents - DRC contributed positive EBITDA of R60 million - Capex decreased by 27% - Cash on hand up 50% to R1,26 billion (March 2018: R836 million) - Cash tax reduced by 49% - Net movement in cash up significantly to R272 million (September 2017: outflow of R2 million) COMMENTARY Johan Claassen, CEO, said: "PPC has produced resilient results against a challenging South African environment. Our diversified portfolio has enabled the group to offset the weaker South African performance with robust growth in our rest of Africa (RoA) segment. In South Africa, a subdued consumer environment, a depressed construction market and higher fuel costs negatively impacted our cement and materials results for the period. We will implement price increases to achieve sustainable returns in excess of the group's cost of capital. In RoA, Zimbabwe delivered improved profitability against the backdrop of liquidity constraints. The DRC business contributed to both revenue and EBITDA in a market with muted growth and overcapacity. In Rwanda, we saw the benefits of the planned plant upgrade in the second quarter of the period, with record volumes being achieved in September 2018. Pleasingly, we continue to generate positive free cash flow, with debt and liquidity positions within targeted levels, albeit higher due to rand dollar exchange rate weakness. We continue to execute on our strategic priorities, in order to drive operational efficiencies and maintain our sustainable competitive advantage in the markets that we operate in. In addition, PPC has been successful in executing on its FOH - FOUR strategic priorities, with key focus areas being financial, operational and human capital. In particular, the company achieved R22/tonne in cost savings towards our initial R50/tonne profitability improvement target in SA cement. Furthermore, RSA debt was restructured together with renegotiating of funding agreements in Rwanda. The company also completed the first phase of head office restructuring". MAJOR ACHIEVEMENTS IN THE PERIOD - SK9 commissioned for accounting purposes on 30 June 2018 - Launched new product range in August 2018 - First phase of Cimerwa (Rwanda) plant upgrade successfully completed - Positive free cash flow of R202 million achieved - DRC contributed positive EBITDA of R60 million - Net debt R4 billion (March 2018: R3,8 billion) GROUP PERFORMANCE Group revenue rose by 8% to R5 597 million (September 2017: R5 188 million), supported by total cement volumes increasing by 4% to approximately 3,1 million tonnes. Cost of sales increased by 16% to R4 494 million (September 2017: R3 859 million) compared with the previous year. The higher cost of sales was due to the DRC being fully accounted for in the period, which contributed R226 million and additional clinker imports and maintenance costs during the Cimerwa plant upgrade period of R33 million. Cost of sales was further impacted by additional expenditure related to phasing of kiln shutdowns and unplanned downtime in South Africa of R26 million and previously capitalised expenditure related to SK9 commissioning of R19 million. On a like-for-like basis, cost of sales was up 9%. Group overheads increased by 6%, mainly due to the DRC which contributed R47 million (September 2017: R13 million). On a like-for-like basis overheads were flat. Furthermore, overheads in cement southern Africa were down 1% due to head office restructuring. Group EBITDA reduced by 13% to R1 039 million (Sept 2017: R1 193 million) at an EBITDA margin of 19% (September 2017: 23%) largely due to a decreased contribution from the South African operations. Accounting for non-recurring items totalling R150 million (SK9 commissioning and downtime at South African plants of R78 million and Cimerwa R72 million), EBITDA would have been R1 189 million. Finance costs increased by 18% to R336 million (September 2017: R285 million). The DRC contributed R143 million to finance costs in the period - on a like-for-like basis finance costs reduced by 31%. The restructuring of RSA debt, at a lower effective interest rate of 9,5% (September 2017: 11,8%), contributed to the decrease in the like-for-like interest charge. Taxation contributed positively to the bottom line, with a credit of R9 million in the period (September 2017: R193 million expense). Cash and cash equivalents increased by R272 million (September 2017: outflow of R2 million), excluding positive movement in exchange rate of R149 million. An absorption in working capital of R110 million was offset by cash taxation paid reducing by 49% to R88 million (September 2017: R172 million) and capital investments in property, plant and equipment decreasing by 27% to R377 million (September 2017: R518 million). This resulted in positive free cash flow of R202 million achieved for the period. Group net debt has increased from R3 846 million in March 2018 to R3 979 million at the end of September 2018. This was due to the impact of rand dollar closing rates moving from R11,82 at the end of March 2018 to R14,15 at the end of September 2018. On a constant currency basis net debt reduced for the period. Net debt to EBITDA was 2,3x (March 2018: 2,0x) and is within targeted levels. CEMENT SOUTHERN AFRICA As part of the R50/tonne profitability initiatives, PPC introduced the "SURERANGE" in August 2018. The "SURERANGE" is a fit for purpose range of cement that broadens PPC's product offering and has been well received by the market. In southern Africa (including Botswana), cement volumes were down 3%. Volume declines were experienced in South Africa, against the backdrop of a challenging market - where both the consumer segment and construction industry came under severe pressure. Cement imports increased by 71% (albeit off a low base), with the majority of imported product received via Durban, and to a lesser extent Cape Town. Increased blender activity contributed to a competitive inland market. Realised average selling prices for southern Africa increased by 1% to 2%, as the business continued with its drive of increasing cement prices to recover operational costs. Overall, revenue for Cement Southern Africa reduced by 4%. We note that current period revenue excludes R74 million in income generated at SK9 during the testing phase, which is not recognised as revenue for accounting purposes. Cost of sales in Cement Southern Africa rose by 5%, which was due to phasing of kiln shutdowns and unplanned downtime at one of our major plants in the inland region which amounted to R26 million. Furthermore, cost of sales also included R19 million of previously capitalised costs related to SK9 commissioning. Variable delivered cost of sales rose by 4% on a rand/tonne basis. Distribution costs, which are the single largest contributor to variable costs, increased by 13% on a rand per tonne basis due to a significant rise in fuel prices. Fixed costs were well controlled in the period. The R22/tonne in profitability savings has enabled costs to be contained below inflation. The combination of a reduction in revenue and an increase in costs resulted in EBITDA margins contracting from 26% to 17%. The total impact of non-recurring items amounted to R78 million. After taking into account non-recurring items the like-for-like EBITDA margins are 19%. The R50/tonne profitability initiatives which have been increased to R70/tonne, the commissioning of SK9 on 30 June 2018 and the integration of Safika are expected to reduce operational costs going forward. Furthermore, a price increase was implemented in October 2018, in order to recoup increased operational costs. MATERIALS BUSINESS The materials business positions PPC as a leading materials solutions provider. The materials business delivered revenue growth of 7% to R1 107 million (September 2017: R1 036 million) and EBITDA of R100 million (September 2017: R108 million). Lime The lime division grew revenue by 5% to R409 million (September 2017: R390 million), with higher prices in certain products compensating for lower volumes. Lime has significant exposure to the steel and allied sectors, where volumes remain constrained. Lime's EBITDA contracted by 5% to R60 million (September 2017: R63 million), due to higher variable costs relating to maintenance and raw material inputs. Aggregates, ready-mix and fly ash This segment is a key cement channel to market, and delivered improved revenue growth of 8% to R698 million (September 2017: R646 million), supported by improved volumes in the aggregates and fly ash segments. EBITDA was however affected by pricing pressure (due to a competitive market), depressed construction industry demand and higher fuel costs. The ready-mix segment was most affected by these factors. Consequently, EBITDA reduced by 11% to R40 million (September 2017: R45 million). REST OF AFRICA CEMENT Revenue increased 36% to R1 718 million (September 2017: R1 259 million) on volume growth of over 34% (supported by robust volume growth in Zimbabwe and the positive contribution made by the DRC). Selling prices remained fairly stable. EBITDA grew by 18% to R499 million (September 2017: R422 million), and EBITDA margins contracted from 34% to 29%. Taking into account non-recurring items due to Cimerwa, EBITDA margins are within the guided range. Zimbabwe PPC Zimbabwe grew revenue by 31% to R1 077 million (September 2017: R820 million) on the back of strong volume growth of 28%. Successful implementation of our route to market strategy has enabled PPC to benefit from the upsurge in construction activity as consumers convert their monetary investments into fixed assets and growing government infrastructure expenditure. EBITDA grew 42% to R352 million (September 2017: R248 million), with corresponding margins improving from 30% to 33%. Acute forex shortages as well as liquidity constraints continue to hamper economic activity. PPC Zimbabwe is operationally self-sufficient and continues to drive local procurement and exports to reduce forex requirements. Furthermore, the company is continually looking to capitalise on sustainable acquisition opportunities in the value chain in country. Rwanda The Cimerwa results were impacted by the planned upgrade to debottleneck the plant and increase production output. Realised cement prices were at similar levels to last year. Cimerwa achieved revenue of R402 million (September 2017: R433 million) on the back of a 7% reduction in volumes, and EBITDA of R92 million (September 2017: R168 million), which was impacted by the cost of maintenance and clinker imports during the shutdown period. The benefits of phase 1 of the upgrade were seen towards the second quarter of the financial year - record volumes were achieved in September 2018. The outlook remains positive. The country is forecast to achieve GDP growth of at least 7% in 2018, supported by growth in the agriculture sector of the economy. Cimerwa remains well positioned to benefit from growth in the region, as evidenced by the company supplying to the flagship Bugesera airport project. DRC PPC Barnet continues to encounter challenging market conditions, characterised by overcapacity and muted cement demand due to political uncertainty. Route to market initiatives supported the company in achieving market share ranging between 25% and 30% for the period. Revenue of R240 million was achieved in the period, despite pricing remaining under pressure due to the competitive nature of the market. The benefits of right sizing the business and stringent cost control resulted in the business delivering EBITDA of R60 million (September 2017: R8 million) for the period, at a margin of 25%. Elections in the DRC are scheduled for December 2018. In the interim the country has projected GDP growth of 4,1%, primarily supported by mining activity. Ethiopia Despite being in ramp-up phase, Habesha delivered more than 300 000 tonnes for the period under review. The business performance was constrained by the political environment and heavy rainfall in the second quarter of the financial year resulting in a net loss of R19 million for the period. PPC remains optimistic about the prospects for Habesha given the economic outlook which remains positive. GDP growth is expected to average between 7% to 8% and is a good proxy for cement demand. Politically, the environment has stabilised with the appointment of a new prime minister. OUTLOOK The difficult trading conditions in South Africa are expected to persist in the second half of the financial year. The industry requires real cement price increases to recover operational cost increases. PPC will remain focused on implementing price increases to achieve sustainable returns in excess of the group's cost of capital, executing cost savings initiatives and ramping-up SK9 to drive efficiencies. In the DRC, the elections scheduled for December 2018 are a key milestone to unlock latent infrastructure demand, and PPC Barnet remains well positioned to take advantage of growth in that market. In Rwanda, Cimerwa is expected to produce an improved performance in the second half of the financial year, on the back of increased production output. Zimbabwe is expected to deliver a steady performance, supported by robust demand and an improved political environment. The political situation in Ethiopia, has also stabilised, with continued growth in cement demand. UPDATE ON GOVERNANCE AND LEADERSHIP MATTERS Following an evaluation of the leadership of the company, there have been several changes to the composition of the board to balance the need for change, while ensuring board and company stability going forward. Board composition While the skills, experience and demography of the board are reasonably balanced, the board anticipates making some adjustments in the near future to deepen the cement expertise on the non-executive bench. Sub-committees and composition The board has six standing committees through which it operates. Following the company's annual general meeting on 30 August 2018, the board decided to implement changes to improve the effectiveness of the sub-committees. The audit and risk and compliance committees were combined and the following non-executive directors were appointed to the committee: Mr Sehoole (Chairman), Ms Gobodo, Mr Naude and Ms Mkhondo. Furthermore, Advocate Gumbi was appointed as a member of the social ethics and transformation as well as the remuneration committees, and Ms Mkhondo as member of the investment committee. Strategy and succession planning Following the restructuring of the board, it became apparent that the company faced a set of near-term challenges and opportunities. To this end, the board has conducted a detailed evaluation of the executive bench, individual and collective skills of the leadership body and developed succession plans to align the leadership with the strategic needs of the firm going forward. During the period under review, the executive committee was restructured to achieve accountability geographically, and enhance the effectiveness of group services. In the course of this exercise, Johan Claassen expressed an interest to take early retirement. The company's policy makes provision for such circumstances, and accordingly the company has agreed to accommodate this request. The board has therefore initiated a process to find a new CEO. Johan is fully committed to the role of CEO until such time as a new CEO is found. The board would like to thank Johan for his commitment, hard work, and loyalty to PPC, its shareholders, employees and customers. Under Johan's leadership, PPC has built a strong customer-focused organisation. His industry expertise and relationships have been invaluable resources and he has served the company with courage during a challenging period. This was demonstrated by the delivery of its FOH - FOUR strategic priorities. The board will work closely with Johan to ensure a smooth transition, regardless of the length of time it takes to find a suitable replacement that will ensure long-term sustainability and value creation following a period of expansion in the rest of Africa. RESULTS PRESENTATION PPC will be hosting an analyst's results presentation today in Johannesburg at the JSE Auditorium, 1 Exchange Square, 2 Gwen Lane, Sandown at 10:00 SAST. The presentation will be webcast live and can be accessed via <a href="http://www.corpcam.com/PPC23112018" target="_blank">http://www.corpcam.com/PPC23112018</a>. The results presentation and a copy of this announcement will be available on the company's website <a href="http://www.ppc.co.za" target="_blank">www.ppc.co.za</a>. Sandton 23 November 2018 Sponsor Merrill Lynch South Africa (Pty) Limited PPC Anashrin Pillay Head investor relations Tel: +27 (0) 11 386 9000 Financial communications adviser Instinctif Partners Gift Dlamini Mobile: +27 11 050 7536 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 September 2018 Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited % Audited Notes Rm Rm change Rm Revenue 2 5 597 5 188 8 10 271 Cost of sales 4 494 3 859 16 7 924 Gross profit 1 103 1 329 (17) 2 347 Administrative and other operating expenditure 580 549 6 1 343 Operating profit before item listed below: 523 780 (33) 1 004 Empowerment transactions IFRS 2 charges 16 17 48 Operating profit 507 763 (34) 956 Fair value and foreign exchange gains/(losses) 3 38 (1) 143 Finance costs 4 336 285 18 675 Investment income 62 20 52 Profit before equity-accounted earnings 271 497 (45) 476 Loss from equity-accounted investments (19) - (60) Impairments and other exceptional items 5 (1) - (174) Profit before taxation 251 497 (49) 242 Taxation 6 (9) 193 (105) 205 Profit for the period 260 304 (14) 37 Attributable to: Shareholders of PPC Ltd 312 294 6 149 Non-controlling interests (52) 10 (112) Other comprehensive income/(loss) net of taxation Items that will be reclassified to profit or loss 779 41 (598) Translation of foreign operations 779 41 (598) Total comprehensive income 1 039 345 (561) Attributable to: Shareholders of PPC Ltd 997 335 (347) Non-controlling interests 42 10 (214) EARNINGS PER SHARE (CENTS) 7 Basic 21 20 5 10 Headline 21 19 11 15 Unaudited CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION at 30 September 2018 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Notes Rm Rm Rm ASSETS Non-current assets 14 000 14 357 12 910 Property, plant and equipment 8 12 403 12 714 11 393 Goodwill 9 236 236 230 Other intangible assets 10 566 638 557 Equity-accounted investments 196 271 182 Other non-current assets 11 323 312 303 Deferred taxation assets 17 276 186 245 Non-current assets held for sale 12 41 39 34 Current assets 3 917 3 662 3 262 Inventories 1 255 1 174 1 182 Trade and other receivables 13 1 405 1 485 1 244 Cash and cash equivalents 14 1 257 1 003 836 Total assets 17 958 18 058 16 206 EQUITY AND LIABILITIES Capital and reserves Stated capital 15 3 984 3 919 3 984 Other reserves 1 686 1 541 967 Retained profit 3 112 2 962 2 817 Equity attributable to shareholders of PPC Ltd 8 782 8 422 7 768 Non-controlling interests 162 344 120 Total equity 8 944 8 766 7 888 Non-current liabilities 6 552 5 277 5 909 Provisions 16 533 554 526 Deferred taxation liabilities 17 1 149 1 114 1 042 Long-term borrowings 18 4 595 3 165 4 079 Other non-current liabilities 19 275 444 262 Current liabilities 2 462 4 015 2 409 Short-term borrowings 18 641 2 267 603 Trade and other payables 20 1 821 1 748 1 806 Total equity and liabilities 17 958 18 058 16 206 Net asset book value per share (cents) 580 580 513 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 September 2018 Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Notes Rm Rm Rm Cash flow from operating activities Operating cash flows before movements in working capital 1 069 1 211 1 889 Working capital movements (110) 59 411 Cash generated from operations 959 1 270 2 300 Finance costs paid (312) (248) (592) Investment income received 22 20 52 Taxation paid (88) (172) (330) Cash available from operations 581 870 1 430 Dividends paid - - - Net cash inflow from operating activities 581 870 1 430 Cash flow from investing activities Acquisition of additional shares in an equity-accounted investment - (40) (42) Investments in intangible assets (3) (4) (6) Investments in property, plant and equipment (377) (518) (921) Proceeds from disposal of property, plant and equipment 1 - 29 Other investing activities 15 13 28 Net cash outflow from investing activities (364) (549) (912) Cash flow from financing activities(a) Net borrowings repaid before repayment of the notes 18 48 (323) (597) Proceeds from the sale of shares held by consolidated BBBEE entity 7 - 36 Purchase of PPC Ltd shares in terms of the FSP share incentive scheme 15 - - (16) Net cash inflow/(outflow) from financing activities 55 (323) (577) Net movement in cash and cash equivalents 272 (2) (59) Cash and cash equivalents at the beginning of the period 836 990 990 Exchange rate movements on opening cash and cash equivalents 149 15 (95) Cash and cash equivalents at the end of the period 1 257 1 003 836 Cash earnings per share (cents) 38 58 95 (a) During the period, the unfavourable non-cash changes on borrowings amounted to R588 million (September 2017: R17 million) arising from unrealised foreign exchange differences. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2018 Other Reserves Foreign Available- currency for- Equity Stated translation sale financial compensation Retained capital reserve asset reserve profit Rm Rm Rm Rm Rm Balance at 31 March 2017 (audited) 3 919 891 14 559 2 668 IFRS 2 charges - - - 36 - Total comprehensive income/(loss) - 41 - - 294 Balance at 30 September 2017 (unaudited) 3 919 932 14 595 2 962 IFRS 2 charges - - - 36 - Sale of shares, treated as treasury shares, by consolidated BBBEE entity 64 - - - - Shares purchased in terms of FSP incentive scheme treated as treasury shares (72) - - - - Total comprehensive loss - (537) - - (145) Vesting of shares held in terms of FSP share incentive scheme 73 - - (73) - Balance at 31 March 2018 (audited) 3 984 395 14 558 2 817 IFRS 2 charges - - - 34 - Restatement as a result of new standards adopted during the period (refer note 22) - - - - (17) Total comprehensive income/(loss) - 685 - - 312 Balance at 30 September 2018 (unaudited) 3 984 1 080 14 592 3 112 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2018 (continued) Equity attributable to Non- shareholders controlling Total of PPC Ltd interests equity Rm Rm Rm Balance at 31 March 2017 (audited) 8 051 334 8 385 IFRS 2 charges 36 - 36 Total comprehensive income/(loss) 335 10 345 Balance at 30 September 2017 (unaudited) 8 422 344 8 766 IFRS 2 charges 36 - 36 Sale of shares, treated as treasury shares, by consolidated BBBEE entity 64 - 64 Shares purchased in terms of FSP incentive scheme treated as treasury shares (72) - (72) Total comprehensive loss (682) (224) (906) Vesting of shares held in terms of FSP share incentive scheme - - - Balance at 31 March 2018 (audited) 7 768 120 7 888 IFRS 2 charges 34 - 34 Restatement as a result of new standards adopted during the period (refer note 22) (17) - (17) Total comprehensive income/(loss) 997 42 1 039 Balance at 30 September 2018 (unaudited) 8 782 162 8 944 SEGMENTAL INFORMATION for the six months ended 30 September 2018 The group discloses its operating segments according to the business units which are reviewed by the group executive committee. The operating segments are initially identified based on the products produced and sold and then per geographical location. The key operating segments are southern Africa cement, rest of Africa cement, lime, aggregates and readymix and group shared services. Cement Consolidated Southern Africa(a) 30 September 30 September 31 March 30 September 30 September 31 March 2018 2017 2018 2018 2017 2018 Unaudited Unaudited Audited Unaudited Unaudited Audited Rm Rm Rm Rm Rm Rm Revenue Gross revenue 5 748 5 319 10 524 2 893 3 004 5 704 Inter-segment revenue(d) (151) (131) (253) (121) (111) (205) Total revenue(e) 5 597 5 188 10 271 2 772 2 893 5 499 Operating profit/(loss) before item listed below 523 780 1 004 282 549 827 Empowerment transactions IFRS 2 charges 16 17 48 - - - Operating profit/(loss) 507 763 956 282 549 827 Fair value and foreign exchange gains/(losses) 38 1 143 10 (4) (19) Finance costs 336 285 675 109 123 265 Investment income 62 20 52 28 6 42 Profit/(loss) before equity-accounted earnings 271 497 476 211 436 585 Loss from equity-accounted investments (19) - (60) - - - Impairments and other exceptional items (1) - (174) - - 11 Profit/(loss) before taxation 251 497 242 211 436 596 Taxation (9) 193 205 (50) 119 202 Profit/(loss) for the period 260 304 37 261 317 394 Attributable to: Shareholders of PPC Ltd 312 294 149 261 317 394 Non-controlling interests (52) 10 (112) - - - 260 304 37 261 317 394 Basic earnings per share (cents) 21 20 10 17 21 26 Headline earnings per share (cents) 21 19 15 17 20 25 Depreciation and amortisation 516 413 876 199 191 373 EBITDA(f) 1 039 1 193 1 880 481 740 1 200 EBITDA margin (%) 18,6 23,0 18,3 17,4 25,6 21,8 Assets Non-current assets 14 000 14 357 12 910 4 276 4 227 4 272 Non-current assets held for sale 41 39 34 - - - Current assets 3 917 3 662 3 262 1 355 1 468 1 235 Total assets 17 958 18 058 16 206 5 631 5 695 5 507 Investments in property, plant and equipment 361 523 801 224 233 460 Liabilities Non-current liabilities 6 552 5 277 5 909 2 245 830 2 181 Current liabilities 2 462 4 015 2 409 796 2 293 796 Total liabilities 9 014 9 292 8 318 3 041 3 123 2 977 Capital commitments (refer note 21) 564 795 596 501 697 482 SEGMENTAL INFORMATION for the six months ended 30 September 2018 (continued) Cement Rest of Africa(b) Lime 30 September 30 September 31 March 30 September 30 September 31 March 2018 2017 2018 2018 2017 2018 Unaudited Unaudited Audited Unaudited Unaudited Audited Rm Rm Rm Rm Rm Rm Revenue Gross revenue 1 718 1 259 2 762 439 410 849 Inter-segment revenue(d) - - - (30) (20) (48) Total revenue(e) 1 718 1 259 2 762 409 390 801 Operating profit/(loss) before item listed below 263 278 389 40 42 95 Empowerment transactions IFRS 2 charges - 1 2 - - - Operating profit/(loss) 263 277 387 40 42 95 Fair value and foreign exchange gains/(losses) 4 29 (69) - - 1 Finance costs 225 101 338 17 2 24 Investment income 48 5 18 10 8 18 Profit/(loss) before equity-accounted earnings 90 152 (2) 33 48 90 Loss from equity-accounted investments (19) - (61) - - - Impairments and other exceptional items (1) - (168) - - - Profit/(loss) before taxation 70 152 (231) 33 48 90 Taxation 11 69 34 10 11 24 Profit/(loss) for the period 59 83 (265) 23 37 66 Attributable to: Shareholders of PPC Ltd 111 73 (153) 23 37 66 Non-controlling interests (52) 10 (112) - - - 59 83 (265) 23 37 66 Basic earnings per share (cents) 7 5 (10) 2 2 4 Headline earnings per share (cents) 7 5 (5) 2 2 4 Depreciation and amortisation 236 144 347 20 21 40 EBITDA(f) 499 422 736 60 63 135 EBITDA margin (%) 29,0 33,5 26,7 14,7 16,2 16,8 Assets Non-current assets 7 958 8 294 6 817 308 318 309 Non-current assets held for sale 41 39 34 - - - Current assets 1 900 1 642 1 375 193 173 214 Total assets 9 899 9 975 8 226 501 491 523 Investments in property, plant and equipment 98 232 235 19 24 41 Liabilities Non-current liabilities 6 332 5 973 5 608 10 36 32 Current liabilities 1 470 1 685 1 186 88 50 83 Total liabilities 7 802 7 658 6 794 98 86 115 Capital commitments (refer note 21) 5 59 49 8 5 2 SEGMENTAL INFORMATION for the six months ended 30 September 2018 (continued) Materials business Aggregates and readymix Group services and other(c) 30 September 30 September 31 March 30 September 30 September 31 March 2018 2017 2018 2018 2017 2018 Unaudited Unaudited Audited Unaudited Unaudited Audited Rm Rm Rm Rm Rm Rm Revenue Gross revenue 698 646 1 209 - - - Inter-segment revenue(d) - - - - - - Total revenue(e) 698 646 1 209 - - - Operating profit/(loss) before item listed below (2) 5 (22) (60) (94) (285) Empowerment transactions IFRS 2 charges - - - 16 16 46 Operating profit/(loss) (2) 5 (22) (76) (110) (331) Fair value and foreign exchange gains/(losses) 1 - (1) 23 (24) 231 Finance costs 11 2 20 (26) 57 28 Investment income 8 7 15 (32) (6) (41) Profit/(loss) before equity-accounted earnings (4) 10 (28) (59) (149) (169) Loss from equity-accounted investments - - - - - 1 Impairments and other exceptional items - - (17) - - - Profit/(loss) before taxation (4) 10 (45) (59) (149) (168) Taxation (2) 2 18 22 (8) (73) Profit/(loss) for the period (2) 8 (63) (81) (141) (95) Attributable to: Shareholders of PPC Ltd (2) 8 (63) (81) (141) (95) Non-controlling interests - - - - - - (2) 8 (63) (81) (141) (95) Basic earnings per share (cents) - 1 (4) (5) (9) (6) Headline earnings per share (cents) - 1 (3) (5) (9) (6) Depreciation and amortisation 42 40 79 19 17 37 EBITDA(f) 40 45 57 (41) (77) (248) EBITDA margin (%) 5,7 7,0 4,7 Assets Non-current assets 654 724 672 804 794 840 Non-current assets held for sale - - - - - - Current assets 372 349 327 97 30 111 Total assets 1 026 1 073 999 901 824 951 Investments in property, plant and equipment 16 34 48 4 - 17 Liabilities Non-current liabilities 351 270 264 (2 386) (1 832) (2 176) Current liabilities 172 179 170 (64) (192) 174 Total liabilities 523 449 434 (2 450) (2 024) (2 002) Capital commitments (refer note 21) 23 5 38 27 29 25 (a) Southern Africa comprises South Africa and Botswana. (b) Rest of Africa comprises Zimbabwe, Rwanda, DRC, Mozambique and cross border sales from Southern Africa. (c) Group services and other comprises group shared services, BEE and group eliminations. (d) All sales are concluded at an arm's length. Segments are disclosed net of inter-segment revenue. (e) Revenue from external customers generated by the group's material foreign operations is as follows: Botswana R264 million (September 2017: R218 million; March 2018: R438 million) DRC R240 million (September 2017: Rnil; March 2018: R144 million) Rwanda R402 million (September 2017: R433 million; March 2018: R804 million) Zimbabwe R1 076 million (September 2017: R825 million; March 2018: R1 813 million) (f) EBITDA is defined as operating profit before empowerment transactions IFRS 2 charges, depreciation, amortisation, financial charges and taxation. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS at 30 September 2018 1. BASIS OF PREPARATION The unaudited condensed consolidated financial statements are prepared in accordance with the provisions of the JSE Limited Listings Requirements for interim reports, and the requirements of the Companies Act of South Africa applicable to the interim financial results. The Listings Requirements require the condensed reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of IFRS and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards Council, and contain the information required by IAS 34: Interim Financial Reporting. The accounting policies applied in the preparation of the condensed consolidated financial statements were derived in terms of International Financial Reporting Standards (IFRS). These unaudited condensed consolidated financial statements have been prepared under the supervision of MMT Ramano CA(SA), chief financial officer, and were approved by the board of directors on 22 November 2018. The directors take full responsibility for the preparation of these condensed consolidated financial statements. The accounting policies and methods of computation used are consistent with those used in the preparation of the consolidated annual financial statements for the year ended 31 March 2018, except where the group has adopted new or revised accounting standards, amendments and interpretations, including the consequential amendment of those standards to other standards, which became effective during the period under review. New standards, amendments to standards and interpretations The group has adopted the following standards during the period: IFRS 9 Financial Instruments (refer note 22). IFRS 15 Revenue from Contracts with Customers (refer note 2). Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 2. REVENUE Adoption of IFRS 15: Revenue from Contracts with Customers IFRS 15 replaces IAS 11: Construction Contracts and IAS 18 Revenue. The standard requires entities to identify the separate performance obligations and allocate the transaction price to the performance obligations in the contract by reference to their relative standalone selling prices. The group's primary revenue is derived from the sale of cementitious goods and as a result the group also earns incidental transport revenue from delivering these goods to customers. The incidental transport revenue has always been included as part of revenue earned, however due to the adoption of IFRS 15, the aforementioned streams of revenue are two separate performance obligations, which are always met at the same time. The group has the following revenue streams, which is all recognised at a point in time: Revenue from the sale of cementitious goods(a) 4 886 4 603 9 095 Revenue from transportation services 711 585 1 176 Total revenue 5 597 5 188 10 271 Major goods and services per primary geographical markets Cementitious goods 4 886 4 603 9 095 Southern Africa 3 271 3 400 6 462 Rest of Africa 1 615 1 203 2 633 Transport revenue 711 585 1 176 Southern Africa 608 529 1 047 Rest of Africa 103 56 129 Timing of revenue recognition Revenue from the sale of cementitious goods and transport is recognised at the same time, upon delivery, as management considers it as the point the control of the goods is transferred to the customers and the delivery obligation is fulfilled. Payment of the transaction price is also payable immediately at this point. The impact of adopting IFRS 15, particularly with regard to the performance of the service obligations, resulted in revenue for the current period being overstated by R5 million (September 2017: R2 million; March 2018: Rnil). Due to this amount being insignificant in relation to the reported revenue of R5 597 million (September 2017: R5 188 million; March 2018: R10 271 million), management opted not to restate the prior reported results. (a) Cementitious goods include the sale of cement, readymix, limestone, clinker, ash and aggregates. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 3. FAIR VALUE AND FOREIGN EXCHANGE GAINS/(LOSSES) Gain on premeasurement of put option liability (refer note 22) - - 238 (Loss)/gain on unlisted collective investments (1) (1) 5 Gain/(loss) on translation of foreign currency-denominated monetary items 39 - (100) 38 (1) 143 Included in gain/(loss) on translation of foreign currency-denominated monetary items, is a loss of R3 million (September 2017: R26 million; March 2018: R80 million) comprising the remeasurement following devaluations of the Congolese franc against the US dollar and a fair value adjustment relating to the discounting of the non-current VAT receivable in the DRC. Furthermore, a remeasurement loss of R6 million (September 2017: R4 million; March 2018: R12 million) has been recorded against the US dollar denominated project funding in Rwanda. Also included in the loss on translation of foreign currency monetary items are profit or losses made on open forward exchange contracts held for capital purchases and working capital requirements. Details on foreign exchange rates can be found in note 24. 4. FINANCE COSTS Bank and other short-term borrowings 7 113 305 Notes 5 5 8 Long-term loans 297 211 303 309 329 616 Capitalised to plant and equipment - (82) (23) Finance costs before time value of money adjustments 309 247 593 Time value of money adjustments on rehabilitation and decommissioning provisions and put option liability 27 38 82 336 285 675 Southern Africa 111 184 337 Rest of Africa 225 101 338 The total finance costs excluding time value of money adjustments, relate to borrowings held at amortised cost. For details of borrowings refer note 18. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 5. IMPAIRMENTS AND OTHER EXCEPTIONAL ITEMS Impairment of property, plant and equipment and intangible assets (1) - (182) Impairment of the VAT receivable in the DRC - - (3) Profit on disposal of property, plant and equipment - - 11 Gross impairments and other exceptional items (1) - (174) Taxation impact - - 56 Net impairments and other exceptional items (1) - (118) In the current period Impairment of property, plant and equipment and intangible assets An impairment of R1 million relating to the previously capitalised exploration costs was recognised in PPC Zimbabwe. Refer note 8 for the DRC impairment review. In March 2018 Impairment of property, plant and equipment and intangible assets As a result of the economic and political uncertainty in the DRC, an impairment assessment was performed. The recoverable amount was calculated based on the fair value less cost to sell methodology and assessed to be lower than the carrying value with an impairment of R165 million recorded. In addition, an impairment of R17 million was recognised on the intangible assets relating to one of the aggregate quarries in Botswana. Profit on disposal of property, plant and equipment (PPE) In the period ended March 2018, PPC Botswana Cement (Pty) Ltd disposed of land resulting in a profit of R11 million. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 6. TAXATION The taxation charge comprises: Current taxation (57) 196 332 Current period (34) 166 345 Prior years (23) 30 (15) Capital gains taxation - - 2 Deferred taxation 43 (4) (127) Current period 32 (4) (119) Prior years 11 - (8) Withholding taxation on dividends 5 1 - (9) 193 205 Taxation rate reconciliation A reconciliation of the standard South African normal taxation rate is shown below: % % % Profit before taxation (excluding loss from equity-accounted investments) (3) 39 68 Prior years' taxation impact (4) (6) (7) Profit before taxation, including prior years' taxation adjustments (7) 33 61 Effective rate of taxation Income taxation effect of: 35 (5) (33) Disallowable charges, forex revaluations, permanent differences and impairments (6) (5) (42) Empowerment transactions and IFRS 2 charges not taxation deductible (2) (1) (3) Fair value adjustments on financial instruments not subject to taxation (1) - 22 Impact of income tax incentives 39 - - Foreign taxation rate differential 8 1 16 Deferred taxation (not raised)/previously not recognised (1) - (23) Withholding taxation (2) - (3) South African normal taxation rate 28 28 28 Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited cents cents cents 7. EARNINGS AND HEADLINE EARNINGS Earnings per share Basic 21 20 10 Diluted 21 19 10 Headline earnings per share Basic 21 19 15 Diluted 21 19 15 Determination of headline earnings per share Earnings per share 21 20 10 Adjusted for items below, net of taxation: Impairment of property, plant, equipment and intangible assets - - 6 Proceeds from insurance claim, net of taxation - (1) - Profit on sale of property, plant and equipment - - (1) Headline earnings per share 21 19 15 Headline earnings Rm Rm Rm Profit for the period 260 304 37 Impairments 1 - 182 Taxation on impairments - - (58) Loss/(profit) on sale of property, plant and equipment 12 - (11) Taxation on (loss)/profit on sale of property, plant and equipment (4) - 2 Proceeds from insurance claim - (4) - Taxation on proceeds from insurance - 1 - Headline earnings 269 301 152 Attributable to: Shareholders of PPC Ltd 321 291 231 Non-controlling interests (52) 10 (79) Cash earnings per share (cents)(a) 38 58 95 Cash conversion ratio(b) 0,9 1,1 1,2 (a) Cash earnings per share is calculated using cash available from operations divided by the total weighted average number of shares in issue for the period. (b) Cash conversion ratio is calculated using cash generated from operations divided by EBITDA. The difference between earnings and diluted earnings per share relates to shares held under the forfeitable share incentive scheme that have not vested. For the weighted average number of shares used in the calculation, refer note 15. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 8. PROPERTY, PLANT AND EQUIPMENT Net carrying value at the beginning of the period 11 393 12 531 12 531 Additions 357 523 795 Depreciation (484) (369) (798) Disposals (13) - (18) Other movements (26) (24) (24) Impairments (refer note 5) (1) - (165) Translation differences 1 177 53 (928) Net carrying value at the end of the period 12 403 12 714 11 393 Comprising: Freehold and leasehold land, buildings and mineral rights 1 012 978 1 567 Decommissioning assets 134 260 133 Plant, vehicles, furniture and equipment 11 257 11 475 9 693 Capitalised leased plant - 1 - 12 403 12 714 11 393 Property, plant and equipment pledged as security: DRC 3 602 3 409 3 111 Rwanda 1 561 1 627 1 321 Zimbabwe 1 999 1 977 2 028 7 162 7 013 6 460 Included in plant, vehicles, furniture and equipment are vehicles used in the readymix operations with a carrying value of R3 million (September 2017: R4 million; March 2018: R4 million) that have been used as security for finance lease obligations of R2 million ( September 2017: R3 million; March 2018: R3 million). For details on capital commitments, refer note 21. In accordance with the requirements of IAS 36 Impairment of Assets, an impairment review was performed for all cash-generating units (CGUs) which showed indicators of potential impairment. Following this review, no impairment was recognised as the value in use of all these CGUs was greater than the carrying amount DRC impairment review PPC, in partnership with the Barnet Group and International Finance Corporation (IFC), completed the construction of a 1,2 million tonnes per annum integrated cement plant for approximately US$300 million in the DRC, near Kimpese in Kongo Central province in western DRC, 230km south-west of the capital Kinshasa. Over the past two years, there has been an increase in political uncertainty. The country planned to hold general elections in December 2017, but these have subsequently been rescheduled to December 2018. The pending elections have created uncertainty in the economy and most of the infrastructural projects have been put on hold. Given that IAS 36.33 (a) requires "projections to be based on reasonable and supportable assumptions", the economic and political uncertainty makes it difficult to make reliable long-term forecasts. The current carrying amount of the plant is deemed to approximate the recoverable value and as a result, management does not believe that a further impairment against the DRC property, plant and equipment is required for the period ended September 2018. IAS 36.9 requires an entity to assess, at the end of each reporting date, whether there is an indication that an asset (property, plant and equipment) may be impaired. An impairment indicator assessment and calculation of recoverable amount will also be performed at the next reporting date, 31 March 2019. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 9. GOODWILL Net carrying value at the beginning of the period 230 237 237 Translation differences 6 (1) (7) Net carrying value at the end of the period 236 236 230 Goodwill, net of impairments, is allocated to the following cash-generating units: CIMERWA Limitada (Rest of Africa cement segment) 31 31 25 Safika Cement Holdings (Pty) Ltd (Southern Africa cement segment) 78 78 78 Pronto Holdings (Pty) Ltd Aggregates and readymix segment) 127 127 127 236 236 230 10. OTHER INTANGIBLE ASSETS Balance at the beginning of the period 557 677 677 Additions 3 4 6 Amortisation (32) (44) (78) Impairments (refer note 5) - - (17) Translation differences 38 1 (31) Balance at the end of the period 566 638 557 Comprising: Right of use of mineral assets 189 202 166 ERP development and other software 78 97 105 Brand and trademarks and customer relationships 299 339 286 566 638 557 Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 11. OTHER NON-CURRENT ASSETS Unlisted collective investment 137 129 134 VAT receivable (refer note 3) 108 178 104 Investment in government bonds 2 5 6 Long-term receivable 76 - 59 323 312 303 Unlisted collective investment Comprises an investment by the PPC Environmental Trust in local unit trusts. These investments are held to fund PPC's South African environmental obligations. VAT receivable The group incurred VAT during the construction of the plant in the DRC. During the prior reporting period, management received a letter from the DRC Finance Department which indicates that the VAT needs to be paid to PPC Barnet DRC on condition that the money is utilised for discharge of local suppliers and local salary obligations. The letter did not however state when the payments will be initiated. As a result of the uncertainty around the timing of receipt of the funds, the VAT receivable has been classified as non-current. During the period, a loss of R3 million (September 2017: R26 million; March 2018: R80 million) comprising the remeasurement following devaluations of the Congolese franc against the US dollar and a fair value adjustment relating to the discounting of the non-current VAT receivable was recorded and is reflected in fair value and foreign exchange gains/(losses) in the income statement (refer note 3). Refunds amounting to R12 million were received during the period. Investment in government bonds Represents government of Zimbabwe treasury bills carried at fair value. The initial face value of the treasury bills was US$706 831 (R8 million), repayable in three equal annual instalments from June 2017 to June 2019. In the current period an instalment of US$326 609 (September 2017: US$nil; March 2018: US$188 613) was received. Due to current liquidity constraints in Zimbabwe and uncertainty around receipt of the remaining instalment, the remaining value is still recognised as non-current. Long-term receivable When the plant in the DRC was being constructed, PPC Barnet DRC entered into an agreement whereby PPC and the local power corporation would build the necessary power facility to supply electricity. In terms of this agreement, the portion initially contributed by PPC would be repaid through electrical usage of the plant. When PPC pays the power corporation, a portion of the amount owing is withheld and offset against this non-current asset. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 12. NON-CURRENT ASSETS HELD FOR SALE Assets classified as held for sale 41 39 34 In September 2015, the PPC Zimbabwe board approved the disposal of houses at its Colleen Bawn and Bulawayo factories which was anticipated to be finalised in 12 months. The disposal has been delayed due to the government processing of the sectional title deeds and is now anticipated to be completed during the second half of the financial year. No impairment loss was recognised on the initial reclassification as management concluded that the fair value (estimated based on market prices of similar properties) less costs to sell was higher than the current carrying amount. PPC Zimbabwe is included under the cement rest of Africa segment in the segmental analysis. The underlying assets are US dollar denominated and the increase follows the weakening of the rand against the US dollar. 13. TRADE AND OTHER RECEIVABLES Trade receivables 1 111 1 079 958 Allowance for doubtful debts (93) (70) (58) Net trade receivables 1 018 1 009 900 Mark to market fair value hedge - 24 1 Other financial receivables 68 115 115 Proceeds due from the rights offer for PPC shares listed on the Zimbabwe Stock Exchange - 80 - Proceeds due from the sale of PPC shares held by consolidated BBBEE entities - - 7 Trade and other financial receivables 1 086 1 228 1 023 Prepayments 89 137 115 Taxation receivable 230 58 93 VAT receivable - 62 13 1 405 1 485 1 244 Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 13. TRADE AND OTHER RECEIVABLES continued Proceeds due from the rights offer for PPC shares listed on the Zimbabwe Stock Exchange Relates to the rights issue proceeds (concluded in September 2016) from the PPC shares listed on the Zimbabwe Stock Exchange. The amount receivable has been reclassified to cash and cash equivalents in March 2018 as the funds are considered freely available to PPC. Net trade receivables comprise 1 018 1 009 900 Trade receivables that are neither past due nor impaired 848 952 704 Trade receivables that would otherwise be impaired whose terms have been renegotiated 16 3 - Trade receivables that are past due but not impaired 154 54 196 Refer note 22 for fair value of trade and other receivables. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 14. CASH AND CASH EQUIVALENTS Balance at the end of the period 1 257 1 003 836 Currency analysis: Botswana pula 43 62 51 Mozambican metical 4 5 7 Rwandan franc 124 96 45 South African rand 120 106 124 United States dollar 966 734 609 1 257 1 003 836 Cash and cash equivalents include cash on hand and cash on deposit, net of outstanding bank overdrafts, where there is a right of set-off. Amounts denominated in foreign currencies have been translated at ruling exchange rates at year end (refer note 24). Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 14. CASH AND CASH EQUIVALENTS continued Included in cash and cash equivalents is restricted cash: PPC Environmental Trust 8 8 8 Consolidated BEE entities - 1 - PPC Zimbabwe 57 54 49 65 63 57 Cash and cash equivalents held by the PPC Environmental Trust can only be utilised for environmental obligations in South Africa and is therefore not freely available. In the prior comparable period, PPC Zimbabwe's full cash and cash equivalents of R564 million were reflected as restricted. After due consideration, the prior period number has been restated to only reflect the funds included in the escrow account at September 2017 rather than the PPC Zimbabwe's full cash and cash equivalents as restricted cash and cash equivalents. There has been no change to the overall cash and cash equivalent position as recorded in the prior year. In accordance with the requirements of lenders to PPC Zimbabwe, PPC Zimbabwe is required to deposit funds in an escrow account which can only be used for the purposes of making capital and interest repayments on the loan. PPC Zimbabwe PPC Zimbabwe has cash and cash equivalents, net of restricted cash, of R896 million (September 2017: R510 million; March 2018: R466 million). The funds are freely available for use in Zimbabwe, but due to the current economic environment, the transfer of funds outside of the country is limited. In 2016, the Zimbabwe Central Bank through Exchange Control Operational Guide 8 (ECOGAD 8) introduced a foreign payments priority list that has to be followed when making foreign payments. Any foreign payment that is made is ranked based on the Central Bank prioritisation criteria and paid subject to the bank having adequate funds with its foreign correspondent banks. This has resulted in the delayed processing of payments of foreign telegraphic transfers. The delayed payments have resulted in an increase in the cash and cash equivalents balance and the foreign creditor balances compared to the prior period. Furthermore, included in PPC Zimbabwe's cash and cash equivalents are bond notes. Bond notes are debt instruments which have been disclosed under cash and cash equivalents as it meets the definition of cash and cash equivalents. In October 2018, the government of Zimbabwe indicated that all cash held in the bank will be converted to real-time gross settlement (RTGS). These RTGSs will only be usable in-country and are pegged at 1:1 with the US dollar. Also held in a form of RTGSs is R82 million due from the rights issue (concluded in September 2016) for PPC shares listed on the Zimbabwe Stock Exchange. The amount receivable is reflected in cash and cash equivalents as it is considered freely available to PPC for use within Zimbabwe. The current liquidity issues in Zimbabwe have not allowed our Zimbabwe sponsors to facilitate the transfer of funds to South Africa. In light of the liquidity issues in Zimbabwe, the company continues to explore the most beneficial use of the funds while transfer to South Africa is not possible. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Shares Shares Shares (000) (000) (000) 15. STATED CAPITAL Authorised shares Ordinary shares 10 000 000 10 000 000 10 000 000 Preference shares 20 000 20 000 20 000 Number of ordinary shares and weighted average number of shares Total shares in issue at the beginning of the period 1 591 760 1 591 760 1 591 760 Shares issued during the period 1 354 - - Total shares in issue before adjustments for treasury shares 1 593 114 1 591 760 1 591 760 Shares issued in terms of the second BBBEE transaction (37 382) (37 382) (37 382) Shares held by consolidated BBBEE trusts and trust funding SPVs (20 144) (28 929) (20 144) Shares held by consolidated Porthold Trust (Private) Limited (1 285) (1 285) (1 285) Shares purchased in terms of the FSP share incentive scheme (19 955) (14 013) (19 955) Shares held by the consolidated Safika Key Management Trust (1 354) - - Total shares in issue (net of treasury shares) 1 512 994 1 510 151 1 512 994 Weighted average number of shares, used for: Earnings and headline earnings per share 1 512 994 1 510 151 1 510 163 Dilutive earnings and headline earnings per share 1 532 949 1 524 165 1 531 802 Cash earnings per share 1 512 994 1 510 151 1 510 163 Shares are weighted for the period in which they are entitled to participate in the profits of the group. Shares held by consolidated participants of the second BBBEE transaction Shares issued in terms of the second BBBEE transaction which was facilitated by means of a notional vendor funding (NVF) mechanism, with the transaction concluding on 30 September 2019. These shares participate in 20% of the dividends declared by PPC during the NVF period. With the exception of the Bafati Investment Trust, entities participating in this transaction are consolidated into the PPC group in terms of IFRS 10 Consolidated Financial Statements. Shares held by consolidated BBBEE trusts and trust funding SPVs In terms of IFRS 10 Consolidated Financial Statements, certain of the BBBEE trusts and trust funding SPVs from PPC's first BBBEE transaction are consolidated, and as a result, shares owned by these entities are carried as treasury shares on consolidation. Shares held by consolidated Porthold Trust Pvt Limited Shares owned by a Zimbabwean employee trust company are treated as treasury shares. FSP incentive scheme In terms of the forfeitable share plan (FSP) long-term incentive scheme, 19 955 207 shares (September 2017: 14 013 429 shares; March 2018: 19 955 207) are held in total for participants of this long-term incentive scheme. The shares are treated as treasury shares during the vesting periods of the awards. During the current period, nil shares (September 2017: nil shares; March 2018: 3 832 250 shares) vested. In terms of IFRS requirements, 5% (September 2017: 5%; March 2018: 5%) of the total shares in issue are treated as treasury shares following the consolidation of the various BBBEE entities, employee trusts and incentive share schemes. Shares held by the consolidated Safika Key Management Trust Shares issued during the period in order to retain and incentivise the Safika key management employees. This transaction was also facilitated through a NVF mechanism. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm Stated capital Balance at the beginning of the period 3 984 3 919 3 919 Sale of shares, treated as treasury shares, by consolidated BBBEE entity - - 62 Shares purchased in terms of FSP incentive scheme treated as treasury shares - - (72) Vesting of shares held by certain BBBEE 1 entities - - 2 Vesting of shares held in terms of the FSP share incentive scheme - - 73 Balance at the end of the period 3 984 3 919 3 984 Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 16. PROVISIONS Decommissioning and rehabilitation 508 524 495 Post-retirement healthcare benefits 25 30 31 533 554 526 Decommissioning and rehabilitation Group companies are required to restore mining and processing sites at the end of their productive lives to an acceptable condition consistent with local regulations, and in line with group policy. PPC has set up an environmental trust in South Africa to administer the local funding requirements of its decommissioning and rehabilitation obligations. Currently, there are no such regulations in the other jurisdictions in which the group operates for the creation of a rehabilitation trust fund. The investments in the trust fund are carried at fair value through profit or loss and amount to R137 million (September 2017: R129 million; March 2018: R134 million) (refer note 11). Post-retirement healthcare benefits Historically, qualifying employees were granted certain post-retirement healthcare benefits. The obligation for the employer to pay medical aid contributions after retirement is no longer part of the conditions of employment for new employees. A number of pensioners remain entitled to this benefit, the cost of which has been fully provided. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 17. DEFERRED TAXATION Net liability at the end of the period comprises: 873 928 797 Deferred taxation asset 276 186 245 Deferred taxation liability 1 149 1 114 1 042 Analysis of deferred taxation Property, plant and equipment and intangible assets 1 446 1 305 1 189 Other non-current assets 11 124 134 Current assets 27 3 (10) Non-current liabilities (54) (100) (124) Current liabilities (89) (78) (75) Reserves (45) 14 1 Taxation losses (423) (340) (318) 873 928 797 Included in the net deferred taxation balance is a deferred taxation asset of R214 million (September 2017: R230 million; March 2018: R242 million) relating to CIMERWA's taxation losses. In terms of local legislation, taxation losses need to be utilised within five years from the initial year of assessment. This assessment involves significant judgement as it requires management to project available taxable profits over a five-year period. Management has relied on the same projections used in assessing impairments. At period end, and based on the approved business plans, the company considered it probable that these taxation losses will be offset against future taxable profits. In the current period, the assessment of the future recoverability of deferred taxation assets resulted in the deferred taxation asset not being impaired as the entities are expected to make taxable profits in the future. In March 2018, the assessment of the future recoverability of deferred taxation assets resulted in the deferred taxation assets being fully impaired at PPC Barnet DRC Trading and 3Q Mahuma Concrete totalling R54 million. Furthermore, in March 2018, an impairment of R6 million was recorded against PPC Aggregate Quarries Botswana. 18. LONG-TERM BORROWINGS Twelve Six months Six months months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Terms Security Interest rate Rm Rm Rm Notes PPC 002 Unsecured notes, issued Unsecured Three-month 20 20 20 under the company's JIBAR plus 1,5% R6 billion domestic medium-term note programme, and are recognised net of capitalised transaction costs PPC 003 Unsecured Three-month JIBAR 111 111 111 plus 1,48% South Africa Interest is payable Unsecured Variable rates at - 1 586 - long-term bi-annually with a 585 basis points funding bullet capital above JIBAR repayment in June 2018. Loan was settled in March 2018 through long-term loans secured as noted below R700 million amortising Unsecured Variable rates at 697 - 696 loan facility, maturing 270 basis points in 2021 with capital above three-month repayments of JIBAR R175 million in 2019 and 2020 and R350 million in 2021 R800 million general Unsecured Variable rates at 796 - 696 banking facility 305 basis points expiring in 2022 above three-month JIBAR Project funding 3 439 3 597 2 889 US dollar denominated, Secured by Variable at 404 525 347 repayable in monthly CIMERWA's 725 basis points instalments over a property, plant above six-month 10-year period, and equipment US dollar LIBOR starting March 2016 Rwanda franc denominated, Secured by Fixed rate of 16% 430 413 300 repayable in monthly CIMERWA's instalments over a property, plant 10-year period, and equipment starting March 2016 US dollar denominated, Secured by PPC Six-month US dollar 2 113 2 061 1 763 capital and interest Barnet DRC's LIBOR plus 975 payable bi-annually property, plant basis points starting July 2017 and equipment ending January 2027, with a capital repayment holiday until 2021 US dollar denominated, Secured by PPC Six-month US dollar 492 598 479 interest payable Zimbabwe's LIBOR plus 700 biannually. Bi-annual property, plant basis points repayments in equal and equipment, instalments over inventory and five years starting trade and other December 2016 receivables 5 063 5 314 4 412 Less: Short-term portion of long-term borrowings (468) (2 149) (333) Long-term borrowings 4 595 3 165 4 079 Add: Short-term borrowings, bank overdrafts and short- term portion of long- term borrowings 641 2 267 603 Total borrowings 5 236 5 432 4 682 Maturity analysis of total borrowings: One year 641 2 267 603 Two years 872 584 764 Three years 943 684 836 Four years 1 339 583 1 192 Five and more years 1 441 1 314 1 287 5 236 5 432 4 682 Assets encumbered are as follows: Plant and equipment (refer note 8) 7 162 7 013 6 460 Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 19. OTHER NON-CURRENT LIABILITIES Cash-settled share-based payment liability 1 1 2 Put option liability 256 424 245 Finance lease liabilities 2 3 5 Liability to non-controlling shareholder in subsidiary company 17 17 14 276 445 266 Less: Short-term portion of other non-current liabilities (1) (1) (4) 275 444 262 Put option liability The International Finance Corporation (IFC) was issued a put option in September 2015 in terms of which PPC Ltd is required to purchase all or part of the class C shares held by the IFC in PPC Barnet DRC Holdings. The put option may be exercised after six years from when the IFC subscribed for the shares in the DRC, but only for a five-year period. The put option value is based on a predefined formula using PPC Barnet DRC's forecast EBITDA applying an EBITDA multiple and then adjusting for net debt. Forecast EBITDA is based on financial forecasts approved by management, with pricing and margins similar to those currently being achieved by the business unit, albeit lower than in the prior year, while selling prices and costs are forecast to increase at local inflation projections and extrapolated using local GDP growth rates averaging 5% per annum taking cognisance of the plant production ramp-up and adjusted for the impact of competitor activity and political environment within the country and neighbouring countries. An EBITDA multiple of seven times was determined using comparison of publicly available information on other cement businesses operating in similar territories. The present value of the put option was calculated at R256 million (September 2017: R424 million; March 2018: R245 million). The increase in the liability during the period is due to the time value of money adjustment. Liability to non-controlling shareholder in subsidiary company Relates to US dollar denominated interest payable on initial equity contribution into the DRC group of companies by a non-controlling shareholder. The accruing of interest ceased in September 2015 and the amount payable will be repaid once the external funding of the DRC has been settled. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm 20. TRADE AND OTHER PAYABLES Accrued finance charges 4 5 8 Cash-settled share-based payment liability (short-term portion) 1 1 2 Capital expenditure payables 10 15 45 Finance lease liabilities - 1 1 Other financial payables 4 9 156 Retentions held for plant and equipment 311 302 259 Trade payables and accruals 1 387 1 197 991 Trade and other financial payables 1 717 1 530 1 462 Payroll accruals 68 115 248 VAT payable 18 37 25 Taxation payable 18 66 71 1 821 1 748 1 806 Trade and other payables, payroll accruals and regulatory obligations are payable within a 30 to 60-day period. 21. COMMITMENTS Contracted capital commitments 300 378 339 Approved capital commitments 263 417 257 Capital commitments 563 795 596 Operating lease commitments 81 80 128 644 875 724 Capital commitments Southern Africa 558 736 546 Rest of Africa 5 59 50 563 795 596 Capital commitments are anticipated to be incurred: - Within one year 428 318 500 - Between one and two years 135 477 96 563 795 596 Capital expenditure commitments are stated in current values which, together with expected price escalations, will be financed from surplus cash generated and borrowing facilities available to the group. 22. FINANCIAL INSTRUMENTS Adoption of IFRS 9: Financial Instruments IFRS 9 was issued in 2014 and replaces IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 sets out new requirements for classification and measurement of financial instruments, which are driven by the business model objective and the contractual cash flow of the financial assets. While IAS 39 had different models of impairment for different financial instruments - IFRS 9 applies a single impairment model to all financial instruments. Impairment losses are recognised on initial recognition, and at each subsequent reporting period, even if the loss has not yet been incurred. The standard also provides new guidance for hedge accounting that is more aligned to the business's risk management. Transition The standard (IFRS 9) was effective from 1 January 2018, and was adopted by the group at the beginning of the period on 1 April 2018. The group has decided to adjust opening retained income for the impact of IFRS 9. This is in accordance with the transitional requirements of the standard. The transition resulted in a R17 million decrease in the opening retained income. Prior to IFRS 9, the group classified financial assets as: held-to-maturity investments, financial assets at fair value through profit or loss, loans and receivables and available-for-sale financial assets. That will now be classified either as financial assets at amortised cost, financial assets at fair value through profit or loss and/or financial assets at fair value through other comprehensive income. The classification of financial liabilities shall remain the same. The table below illustrates the transitional impact to the classification (and consequently measurement) of the financial instruments: Financial assets IAS 39 Classification IFRS 9 Financial Instruments Trade receivables Loans and receivables Amortised cost Mark to market fair value hedge Fair value through profit or loss Fair value through profit or loss Long-term receivables Loans and receivables Amortised cost Unlisted collective investment Fair value through profit or loss Fair value through profit or loss Investment in government bonds Loans and receivables Amortised cost Cash and cash equivalents Loans and receivables Amortised cost Fair value of financial assets and liabilities The financial assets and liabilities carried at fair value are classified into three categories as reflected below: Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Note Level * Rm Rm Rm Financial assets At amortised cost Mark to market hedges 13 1 - 24 1 At fair value through profit or loss Unlisted collective investments at fair value (held for trading) 11 2 137 129 134 Total financial assets 137 153 135 Level 1 - 24 1 Level 2 137 129 134 Financial liabilities At fair value through profit or loss Cash-settled share-based liability 19 2 1 1 2 Put option liabilities 19 3 256 424 245 Total financial liabilities 257 425 247 Level 2 1 1 2 Level 3 256 424 245 Methods and assumptions used by the group in determining fair values: * Level 1 - financial assets and liabilities that are valued accordingly to unadjusted market prices for similar assets and liabilities. Market prices in this instance are readily available and the price represents regularly occurring transactions which have been concluded on an arm's length transaction. * Level 2 - financial assets and liabilities are valued using observable inputs, other than the market prices noted in the level 1 methodology, and make reference to pricing of similar assets and liabilities in an active market or by utilising observable prices and market-related data. * Level 3 - financial assets and liabilities that are valued using unobservable data, and requires management judgement in determining the fair value. The estimated fair value of financial instruments is determined, at discrete points in time, by reference to the mid price in an active market wherever possible. Where no such active market exists for the particular asset or liability, the group uses valuation techniques to arrive at fair value, including the use of prices obtained in recent arm's length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. The fair value of cash and cash equivalents, trade and other financial receivables and trade and other financial payables approximate their respective carrying amounts of these financial instruments because of the short period to maturity. Where the short period to maturity is extended, the company then discounts the current carrying amounts using the latest available borrowing rates against the expected maturity period. The put option liability has been calculated using EBITDA forecasts prepared by management and discounted to present value. The fair value of derivative financial instruments relating to cash-settled share appreciation rights is determined with reference to valuation performed by third-party financial institutions at reporting date, using an actuarial binomial pricing model. Level 3 sensitivity analysis Financial instrument Increase/ Valuation Main decrease technique assumptions Rm Put option liabilities Earnings EBITDA and multiple net debt 29 If the key unobservable inputs to the valuation model, being estimated EBITDA and net debt, were 10% higher/lower while all the other variables were held constant, the carrying amount of the put option liabilities would decrease/increase by R29 million. Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2018 2017 2018 Unaudited Unaudited Audited Rm Rm Rm Movements in level 3 financial instruments Financial liability Balance at the beginning of the period 245 434 434 Fair value adjustments - (33) (238) Time value of money adjustments 11 23 49 Balance at the end of the period 256 424 245 Remeasurements are recorded in fair value adjustments on financial instruments in the income statement. 23. EVENTS AFTER THE REPORTING DATE There are no events that occurred after the reporting date that may have a material impact on the group's reported financial position at 30 September 2018. 24. CURRENCY CONVERSION GUIDE Approximate value of foreign currencies to the rand: Average Closing September September March September September March 2018 2017 2018 2018 2017 2018 Botswana pula 1,31 1,28 1,28 1,34 1,30 1,22 US dollar 13,42 13,17 13,06 14,15 13,56 11,82 Rwandan franc 0,02 0,02 0,02 0,02 0,02 0,01 ADMINISTRATION Directors PJ Moleketi (Chairman), JT Claassen (CEO), AC Ball, N Gobodo, MF Gumbi, NL Mkhondo, T Moyo*, CH Naude, MMT Ramano, IS Sehoole * Zimbabwean Registered office 148 Katherine Street, Sandton, South Africa (PO Box 787416, Sandton 2146, South Africa) Transfer secretaries Computershare Investor Services (Pty) Ltd Rosebank Towers, 15 Biermann Avenue, Rosebank (PO Box 61051, Marshalltown, 2107 South Africa) Transfer secretaries Zimbabwe Corpserve (Pvt) Ltd 4th Floor, Intermarket Centre, Corner 1st Street/Kwame Nkrumah Avenue, Harare, Zimbabwe (PO Box 2208, Harare, Zimbabwe) Company secretary JHDLR Snyman 148 Katherine Street, Sandton, South Africa (PO Box 787416, Sandton 2146, South Africa) Sponsor Merrill Lynch South Africa (Pty) Ltd The Place, 1 Sandton Drive, Sandton, South Africa (PO Box 651987, Benmore 2010, South Africa) DISCLAIMER This document including, without limitation, those statements concerning the demand outlook, PPC's expansion projects and its capital resources and expenditure, contain certain forward-looking views. By their nature, forward-looking statements involve risk and uncertainty and although PPC believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government action and business and operational risk management. While PPC takes reasonable care to ensure the accuracy of the information presented, PPC accepts no responsibility for any consequential, indirect, special or incidental damages, whether foreseeable or unforeseeable, based on claims arising out of misrepresentation or negligence arising in connection with a forward-looking statement. This document is not intended to contain any profit forecasts or profit estimates. The historical information published in this report has been audited. <a href="http://www.ppc.co.za" target="_blank">www.ppc.co.za</a> Date: 23/11/2018 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 (Registration number 1892/000667/06) (Incorporated in the Republic of South Africa) JSE & ZSE share codes: PPC JSE ISIN: ZAE000170049 JSE code: PPC002 JSE ISIN: ZAG000111212 JSE code: PPC003 JSE ISIN: ZAG000117524 JSE code: PPC005 JSE ISIN: ZAG000117532 (“PPC” or the “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 October 2018 Number of securities : 571 Nature of transaction : On-market disposal of securities by an Associate of PPC directors Class of securities : Ordinary shares Share price : R5.9925 Value of transaction : R3,421.72 Nature of interest : Indirect Beneficial Clearance to deal obtained : No VCP’s back-office entered into the above trades on the 31 October 2018 to cover transaction costs associated with an automatic portfolio rebalancing amongst its various funds for its month-end process. * Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital Partners (Pty) Ltd (“VCP”), which is the advisor to Peregrine Fund Platform (Pty) Ltd, the registered investment manager for various funds advised by VCP. Sandton 6 November 2018 Sponsor Merrill Lynch South Africa (Pty) Limited Investor contacts: PPC: Anashrin Pillay Tel: +27 (0)11 386 9000 <a href="mailto:Anashrin.Pillay@ppc.co.za">Anashrin.Pillay@ppc.co.za</a> Date: 06/11/2018 05:00:00 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.

Investor Information

Sens Announcements

2021

2021/10/18

Change to the Board of Directors of PPC

2021/10/12

Disclosure of beneficial interests in securities

2021/09/30

Disclosure of beneficial interest in securities

2021/09/28

Restructuring and Refinancing Project Update and Operating update for the six month ending 30 September 2021

2021/09/20

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

2021/08/27

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

2021/08/13

Correction announcement Forfeitable Share Award

2021/08/13

CANCELLATION OF S449876 Forfeitable share plan award

2021/08/12

Forfeitable share plan award

2021/07/16

Distribution of IAR and notice of AGM

2021/07/02

Changes to the Board of Directors

2021/06/25

Dealing in securities by a Director

2021/06/21

Short Form Announcement Audited Consolidated Annual Financial Statements 2021 and B-BBEE Certificate

2021/06/09

Trading statement and Sale of PPC Aggregate Quarries Botswana Proprietary Limited

2021/05/03

PPC Disposal of PPC Lime Limited and withdrawal of cautionary

2021/03/31

Restructuring and refinancing project update, operation update and renewal of cautionary

2021/02/25

Restructuring and refinancing project update and renewal of cautionary announcement

2021/01/27

Change to the Board of PPC

2021/01/15

Renewal of cautionary announcement

2020

2020/12/24

Change in sponsor

2020/12/08

Summarised consolidated financial statements for the six months ended 30 September 2020

2020/12/02

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

2020/11/16

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

2020/11/11

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

2020/11/03

Publication of the B-BBEE Annual Compliance Report

2020/11/03

Notice in Terms of Section 122 of the Companies Act, Act No. 71 of 2008: Disposal of Securities by Public Investment

2020/10/28

Notice of disbursement of Integrated Annual Report (“IAR”) for the year ended 31 March 2020

2020/10/13

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

2020/10/09

Short Form Announcement – Summarised Consolidated Financial Statements for the year ended 31 March 2020

2020/10/09

Short Form Announcement – Summarised Consolidated Financial Statements for the year ended 31 March 2020

2020/09/30

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

2020/09/15

Restructuring and Refinancing Update and Renewal of Cautionary Announcement

2020/09/02

Notice in Terms of Section 122 of the Companies Act, Act no. 71 of 2008: Disposal of Securities by Public Investm

2020/08/19

Correction of Stock Exchange News Service Announcement

2020/08/18

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

2020/08/13

Restructuring and Refinancing update and Cautionary Announcement

2020/07/31

Notice of Halt in Trading in Shares of PPC Ltd on The Zimbabwe Stock Exchange

2020/07/23

Trading Statement and Operational Update