Trading statement Pick n Pay Holdings Limited RF (Incorporated in the Republic of South Africa) (Registration number 1981/009610/06) JSE 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 financial results for the 52 weeks ended 28 February 2016, which are expected to be published on 26 April 2016. The Group expects to deliver a strong financial performance for the 2016 financial year, with headline earnings per share (HEPS) up between 20% and 30% on the prior year. The result demonstrates good progress across all areas of the business. It delivers on the Group’s determination that its improved performance should be customer-led as well as cost-driven. It therefore reflects a stronger customer proposition as well as further improvements in cost control and operational efficiency. Group turnover growth of 8.2% for the year (8.6% in constant currency terms) is the strongest delivered for several years, well ahead of the 6.1% growth delivered in 2015. The Group’s focus on improving its customer offer is reflected in stronger like-for-like turnover growth, and an effective opening programme has delivered a greater contribution from new stores. The Group restricted its selling price inflation to 3.1%, below CPI Food inflation of 5.3% for the period. We expect the results for the 52 weeks ended 28 February 2016, expressed as growth on the previous period, to fall within the following ranges: 52 weeks to 52 weeks to 28 February 28 February 2016 2015 Growth on prior Expected range Actual period cents per share cents per share HEPS will increase between 20% and 30% 105.61 to 114.41 88.01 Diluted HEPS will increase between 20% and 30% 102.96 to 111.54 85.80 Basic EPS will increase between 20% and 30% 106.54 to 115.41 88.78 Diluted EPS will increase between 20% and 30% 103.85 to 112.50 86.54 This is a good result which demonstrates the Group’s commitment to the successful delivery of its long-term turnaround strategy. This trading statement has not been reviewed by or reported on by the Group’s auditors. By order of the board Cape Town 11 April 2016 Sponsor: Investec Bank Limited Date: 11/04/2016 04:01:00 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.