Vesting of Share Options and Sale of Shares: Directors Pick n Pay Stores Limited Incorporated in the Republic of South Africa Registration number 1968/008034/06 Share code: PIK ISIN: ZAE000005443 VESTING OF SHARE OPTIONS AND SALE OF SHARES: DIRECTORS Executive directors were granted a number of share options, as detailed below, that subsequently vested in terms of the Pick n Pay Consolidated Share Incentive Scheme. These share options were exercised on 24 October 2018 at the strike price disclosed and taken up into the directors’ names. One director elected to sell a portion of the share options to pay the tax. To cover the grant prices, portions of the share options were sold back to the Pick n Pay Employee Share Purchase Trust. Director : S Ackerman-Berman Company : Pick n Pay Stores Limited Date of transaction : 24 October 2018 Nature of transaction : Off market exercise of share options Class of security : Ordinary Number of share options granted : 100 000 at R26.14 Grant date : 2008 Vesting date : 2015 Exercise price per share : R66.27 Total exercise value : R6 627 000 Number of shares sold to cover : 66 712 grant price and tax (off market) Value : R4 421 004.24 Number of shares taken up : 33 288 Value : R2 205 995.76 Nature of interest : Direct beneficial Clearance obtained : Yes Number of share options granted : 196 at R58.10 Grant date : 2015 Vesting date : 2015 Exercise price per share : R66.27 Total exercise value : R12 988.92 Number of shares sold to cover : 171 grant price and tax (off market) Value : R11 332.17 Number of shares taken up : 25 Value : R1 656.75 Clearance obtained : Yes Director : J Ackerman Company : Pick n Pay Stores Limited Date of transaction : 24 October 2018 Nature of transaction : Off market exercise of share options Class of security : Ordinary Number of share options granted : 100 000 at R26.14 Grant date : 2008 Vesting date : 2015 Exercise price per share : R66.27 Total exercise value : R6 627 000 Number of shares sold to cover : 39 444 grant price (off market) Value : R2 613 953.88 Number of shares taken up : 60 556 Value : R4 013 046.12 Nature of interest : Direct beneficial Clearance obtained : Yes Company : Pick n Pay Employee Share Purchase Trust Date of transaction : 24 October 2018 Nature of transaction : Off market purchase of shares Class of security : Ordinary Number of shares purchased : 106 327 Price per share : R66.27 Value : R7 046 290.29 Nature of interest : Direct beneficial Clearance obtained : Yes Cape Town 25 October 2018 Sponsor: Investec Bank Limited Date: 25/10/2018 09:20:00 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.