PICK N PAY STORES LIMITED - Vesting of share options and sale of shares: Director

Vesting of share options and sale of shares: Director

Pick n Pay Stores Limited
Incorporated in the Republic of South Africa
Registration number 1968/008034/06
Share code: PIK
ISIN: ZAE000005443
(“Pick n Pay”)

VESTING OF SHARE OPTIONS AND SALE OF SHARES: DIRECTOR

Executive director, A Jakoet, was granted a number of share options, as detailed below,
that subsequently vested in terms of the Pick n Pay Consolidated Share Incentive
Scheme. These share options were exercised on 03 May 2018 at the strike price
disclosed, and were subsequently sold back to the Pick n Pay Employee Share Purchase
Trust.

 Director                              :   A Jakoet
 Company                               :   Pick n Pay Stores Limited
 Date of transaction                   :   03 May 2018
 Nature of transaction                 :   Off market exercise of share options
 Class of security                     :   Ordinary

 Number of share options exercised     :   250 000 at R12.00
 Grant date                            :   2003
 Vesting date                          :   2010
 Exercise value                        :   R20 167 500.00

 Number of share options exercised     :   195 at R23.59
 Grant date                            :   2005
 Vesting date                          :   2005
 Exercise value                        :   R15 730.65

 Number of share options exercised     :   5779 at R31.15
 Grant date                            :   2007
 Vesting date                          :   2011
 Exercise value                        :   R466 191.93

 Number of share options exercised     :   293 at R23.24
 Grant date                            :   2008
 Vesting date                          :   2008
 Exercise value                        :   R23 636.31

 Number of share options exercised     :   7 907 at R26.56
 Grant date                            :   2008
 Vesting date                          :   2012
 Exercise value                        :   R637 857.69

 Number of share options exercised     :   12 413 at R28.20
 Grant date                            :   2009
 Vesting date                          :   2013
 Exercise value                        :   R1 001 356.71

 Number of share options exercised     :   195 at R32.82
 Grant date                            :   2005
 Vesting date                          :   2005
 Exercise value                        :   R15 730.65

 Number of share options exercised     :   1 799 at R42.28
Grant date                             :   2010
Vesting date                           :   2014
Exercise value                         :   R145 125.33

Number of share options exercised      :   195 at R46.44
Grant date                             :   2014
Vesting date                           :   2014
Exercise value                         :   R15 730.65

Number of shares subsequently sold     :   278 776
Price per share                        :   R80.67
Value                                  :   R22 488 859.92
Nature of interest                     :   Direct beneficial
Clearance obtained                     :   Yes

Company                                :   Pick n Pay Employee Share Purchase Trust
Date of transaction                    :   03 May 2018
Nature of transaction                  :   Off market purchase of shares
Class of security                      :   Ordinary
Number of shares purchased             :   278 776
Price per share                        :   R80.67
Value                                  :   R22 488 859.92
Nature of interest                     :   Direct beneficial
Clearance obtained                     :   Yes


Cape Town
03 May 2018

Sponsor: Investec Bank Limited

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