Trading statement Pick n Pay Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1981/009610/06) Share code: PWK ISIN code: ZAE000005724 Trading statement Shareholders are advised that Pick n Pay Holdings Limited RF (“the Group”) is in the process of finalising their financial results for the 26 weeks ended 31 August 2014, which are expected to be published on 16 October 2014. The Group will deliver an improved financial performance in the first half of the 2015 financial year, despite the backdrop of a difficult economy and a challenging trading environment. Turnover growth of 6.8% over the period reflects the increasing financial pressure faced by our customers and the competitiveness of our market. We are pleased however, with the improvement in our like-for-like turnover growth, which has increased to 4.0%, from 2.7% for the year ended February 2014. We continue to support our customers both by keeping our price increases below food CPI and by investing to improve the shopping trip. Sustained improvement in financial control and operating efficiencies are driving the profit growth, as Pick n Pay steadily becomes a more effective and productive business. We expect the results for the 26 weeks ended 31 August 2014, expressed as growth on the same period last year, to fall within the following ranges: Performance measure 2013 Expected range Growth on last year cents per share cents per share HEPS will increase between 25% and 35% 20.24 25.30 to 27.32 Diluted HEPS will increase between 25% and 35% 19.88 24.85 to 26.84 EPS will increase between 30% and 40% 19.86 25.82 to 27.80 Diluted EPS will increase between 30% and 40% 19.50 25.35 to 27.30 The Group is encouraged by this improved profit performance and the progress being made across all areas of our business. Good expense control and improving operational efficiency is strengthening the capacity of the business to deliver on its strategic focus, which remains that of customer-driven and sales-led growth. We are taking our positive momentum into the second half of the year, while acknowledging that a great deal of hard work remains to be done under increasingly challenging economic conditions. This trading statement has not been reviewed by or reported on by the Group’s external auditors. By order of the board Cape Town 6 October 2014 Sponsor: Investec Bank Limited Date: 06/10/2014 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.