PICK N PAY STORES LIMITED - Dealings in securities by a director

Dealings in securities by a director

PICK N PAY STORES LIMITED
Incorporated in the Republic of South Africa
Registration number: 1968/008034/06
JSE share code: PIK
ISIN code: ZAE000005443
("Pick n Pay" or "the Company")

DEALINGS IN SECURITIES BY A DIRECTOR

In compliance with paragraph 3.63 of the JSE Listings Requirements, the following information is
disclosed:

Vesting of Restricted Share Plan ("RSP") shares

Further to the announcement published on SENS on 11 July 2024, shareholders are advised that, in
accordance with the terms of the Pick n Pay Restricted Share Plan ("RSP"), 2 000 000 (two million)
RSP shares awarded to Chief Executive Officer, Mr Sean Summers, vested on 31 October 2025.

These RSP shares form part of the 4 000 000 (four million) performance-based share awards
approved by the Remuneration Committee in May 2024, designed to align leadership incentives
with the successful turnaround of the Pick n Pay supermarket business. The performance conditions
combined qualitative and quantitative indicators considered critical to Pick n Pay's recovery and
long-term value creation.

The vesting was subject to the successful implementation of a new leadership and operational
structure within Pick n Pay, a key pillar of the Company's turnaround strategy. The leadership
structure has strengthened operational accountability, sharpened execution and improved regional
decision-making, contributing to measurable progress in the core supermarket performance,
including the recovery in like-for-like sales growth, strengthened customer service and operational
efficiency.

The Board views this vesting as an important milestone in the delivery of Pick n Pay's turnaround
plan, marking the achievement of foundational structural and leadership objectives that underpin
the next phase of the multi-year strategy.

The vested shareholding will be retained by Mr Summers in compliance with the Company's
minimum shareholding requirements (MSR) applicable to executive directors.

Director                           Sean Robin Summers
Designation                        Chief Executive Officer
Company                            Pick n Pay Stores Limited
Nature of transaction              Off-market vesting of RSP shares and corresponding off-
                                   market transfer of PIK shares to a restricted share account
                                   held on behalf of the director in terms of Pick n Pay's MSR
Date of transaction                31 October 2025
Class of shares                    Ordinary shares
Number of shares vested            2 000 000 (two million)
Deemed price per share             R28.30*
Total deemed value of award        R56 600 000.00
Nature of interest                 Direct beneficial
Clearance obtained                 Yes

*based on closing share price as at 31 October 2025.

By order of the Board
Cape Town

3 November 2025
Sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited)

Date: 03-11-2025 05:00:00
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