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.