PICK N PAY STORES LIMITED - Trading statement

Trading statement

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

Trading statement

Shareholders are advised that Pick n Pay Stores Limited (“the Group”) is in the process of finalising
its 2017 financial results for the 52 weeks ended 26 February 2017, which are expected to be
published on 19 April 2017.

The Group will deliver an improved financial performance for the 2017 financial year. Headline
earnings per share (HEPS) will increase between 15% and 20% on the prior year, continuing the
forward momentum achieved by the Group over each of the last four years.

The result will demonstrate the Group’s progress in delivering a balanced and sustainable
recovery. Greater operating efficiency is evident in the strong discipline on cost, more centralised
supply chain and higher productivity in stores. Turnover growth of 7.0% reflects a difficult trading
environment, alongside some internal disruption from refurbishments and store closures which
are improving the quality of the estate. The Group is developing strong pillars for future growth
by improving its customer offer across its Pick n Pay and Boxer formats, opening more Next
Generation stores, accelerating product innovation through private label and enhancing its
clothing, online and services offer.

We expect the results for the 52 weeks ended 26 February 2017, expressed as growth on the
previous year, to fall within the following ranges:

                                                                   52 weeks to            52 weeks to
                                                                   26 February            28 February
                                                                           2017                   2016
                                         Growth on prior        Expected range                  Actual
                                                 period         cents per share        cents per share

 HEPS will increase between               15% and 20%            257.65 - 268.85          224.04
 Diluted HEPS will increase
 between                                  15% and 20%            252.89 - 263.88          219.90

 Basic EPS will increase between          15% and 20%            251.98 - 262.93          219.11
 Diluted basic EPS will increase
 between                                  15% and 20%            247.31 - 258.06          215.05

The Group is now well advanced on its journey to restore the business to a sustainable profit
margin, with a cost-effective and efficient engine and effective platforms for long-term growth.

This trading statement has not been reviewed by or reported on by the Group’s auditors.

By order of the Board

Cape Town
10 April 2017                                                   

Sponsor: Investec Bank Limited

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