PICK N PAY STORES LIMITED - Change in beneficial interest in Pick n Pay shares and dealings in securities by an associate of certain directors

Change in beneficial interest in Pick n Pay shares and dealings in securities by an associate of certain directors

Pick n Pay Stores Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1968/008034/06)
JSE and A2X share code: PIK
ISIN: ZAE000005443
("Pick n Pay" or "the Company")

CHANGE IN BENEFICIAL INTEREST IN PICK N PAY SHARES AND DEALINGS IN SECURITIES BY AN
ASSOCIATE OF CERTAIN DIRECTORS

Shareholders are referred to the announcement released on the Stock Exchange News Service ("SENS") on 17
November 2025 regarding the launch of an accelerated bookbuild offering (the "Placement" or the "ABO") of Pick n
Pay ordinary shares held by Ackerman Investment Holdings (RF) Proprietary Limited (the "Selling Shareholder") and
its related and inter-related persons (collectively, the "Ackerman Family").

Shareholders were advised on the SENS on 18 November 2025 of the successful Placement of 64,038,857 Pick n Pay
ordinary shares (the "Placement Shares"), representing approximately 8.5% of the total issued ordinary shares of Pick
n Pay and the equivalent number of shares that the Selling Shareholder subscribed for in the rights offer. Following the
ABO, the Ackerman Family continues to hold 135,354,720 ordinary shares in Pick n Pay, which represents 18.2% of
the total issued ordinary shares of the Company. The Ackerman Family's aggregate voting interest decreased from
49.0% to 36.8% as a result of the Placement.

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008 as amended ("the Companies Act"),
regulation 121(2)(b) of the Companies Regulations, 2011 and paragraph 3.83(b) of the JSE Limited ("JSE") Listings
Requirements, shareholders are advised that the Selling Shareholder notified the Company on 21 November 2025 that
it has reduced its beneficial interest in the issued ordinary share capital of the Company from 25.4% to 16.8% of the
Company's issued ordinary share capital through the ABO. The Company has filed the required notice with the Takeover
Regulation Panel, per section 122(3)(a) of the Companies Act.

As a consequence of the off-market Placement, the Company is required to disclose the following information in terms
of paragraph 3.63 of the JSE Listings Requirements, regarding the dealing in the Placement Shares by an associate
of certain directors:

Name of directors                                Gareth Ackerman, Suzanne Ackerman and Jonathan Ackerman
Date of transaction                              18 November 2025
Class of securities                              Ordinary shares
Number of securities                             64 038 857
Price per security                               R25.50
Total value of transaction                       R1 632 990 853.50
Nature of transaction                            Off market sale of the Placement Shares by the Selling Shareholder, an
                                                 associate of Gareth Ackerman, Suzanne Ackerman and Jonathan
                                                 Ackerman
Nature and extent of directors' interest         Indirect and beneficial dealing by the directors through their associate
                                                 the Selling Shareholder
Clearance to deal received                       Yes

The board of directors of Pick n Pay accepts responsibility for the information contained in this announcement as it
relates to the Company and confirms that, to the best of its knowledge and belief, such information relating to Pick n
Pay is true and that this announcement does not omit anything likely to affect the importance of such information.

Cape Town
21 November 2025

Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 21-11-2025 05:30:00
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.