PICK N PAY STORES LIMITED - Appointment of new CEO

Appointment of new CEO

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


FORMER TESCO UK CEO RICHARD BRASHER APPOINTED PICK N PAY CEO

Pick n Pay today announced that after an extensive international search, it has
appointed Richard Brasher, the former Tesco board member, to the position of
Pick n Pay’s Chief Executive Officer. The appointment takes effect from 01
February 2013.

Brasher (51) was a leading member of the top team and main board of Tesco,
who transformed the company into a global retailer and took Tesco to clear
market leadership in the UK with a market share in excess of 30%.

Pick n Pay chairman Gareth Ackerman said the company was "extremely
fortunate" to have secured Brasher, who has had a 25-year career, during which
time Tesco has expanded both domestically and internationally and become a
benchmark on many aspects of retailing.

Tesco UK is a £47-billion business generating a trading profit of £2.5-billion, is
the largest private employer in the UK and runs over 2,800 stores.

Prior to becoming CEO of Tesco UK, Brasher was the group commercial director
where, among other achievements, he created Tesco's International sourcing
operation around the world and was responsible for the company's entire supply
base . He transformed Tesco's non-food operation and was instrumental in the
development of Tesco's own-brand strategy from “Every day value” to “Finest”.
Brasher also created the modern convenience food category in the 1990s and
developed “Clubcard” to be the benchmark supermarket loyalty programme. He
was also one of the key architects of Tesco's format strategy, from Extras to
online.

Ackerman said that Brasher's experience would stand him in good stead across
all major areas of the Pick n Pay business, including Pick n Pay’s smart shopper
loyalty programme, now with 5.7 million members, its private label business and
its online shopping facility.

Having produced a blueprint for the future strategy for the UK business, Brasher
decided to step down from the board of Tesco earlier this year.

Said Brasher: "Pick n Pay is a dynamic, innovative business with a proud and
impressive history. I'm both excited and honoured to be joining the company at
an important time in its development and believe there is a lot I can offer with
my experience in the retail market".

Said Ackerman: "Richard has a singularly impressive track record. We are
delighted he has agreed to join us as Pick n Pay’s new CEO. The executive
search was exhaustive, and given his background, experience, expertise and
array of innovative achievements, he was the natural choice".
By order of the board
Cape Town
3 October 2012

Sponsor:
Investec Bank Limited

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