PICK N PAY HOLDINGS LIMITED - Trading Statement

Trading Statement

Pick n Pay Holdings Limited RF
(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 its 2016 interim financial results for the 26 weeks ended 30 August 2015, which
are expected to be published on 13 October 2015.

The Group will deliver another improved financial performance for the first half of the 2016
financial year. Earnings per share (EPS) and headline earnings per share (HEPS) will increase
between 15% and 25% on the prior year.

Stage 2 of the Group’s long-term strategy – to change the trajectory of Pick n Pay - is gaining
momentum despite an increasingly challenging trading environment. Turnover growth
accelerated in the first half of the year to 8.5% compared to 6.1% in the 2015 financial year.
This growth has come from a good balance between sales from new space and a stronger
like-for-like performance.

We expect the results for the 26 weeks ended 30 August 2015, expressed as growth on the
previous year, to fall within the following ranges:

                                                                 26 weeks to            26 weeks to
                                                                   30 August              31 August
                                                                        2015                   2014
                                   Growth on prior             Expected range                Actual
                                            period            cents per share       cents per share
HEPS will increase between             15% and 25%             30.49 to 33.14                 26.51
Diluted HEPS will increase
between                                15% and 25%             29.43 to 31.99                 25.59
Basic EPS will increase between        15% and 25%             30.73 to 33.40                 26.72
Diluted Basic EPS will increase
between                                15% and 25%             29.66 to 32.24                 25.79

The Group is encouraged by the momentum it is achieving in delivering its plan, combining
greater operational efficiency with an increasingly strong customer offer. Market conditions
are likely to remain difficult in the second half of the financial year, but the Group’s first half
performance provides a solid base on which to deliver.

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


By order of the board
Cape Town
2 October 2015                                                 Sponsor: Investec Bank Limited

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