PICK N PAY STORES LIMITED - Increase in authorised share capital

Increase in authorised share capital

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

INCREASE IN AUTHORISED SHARE CAPITAL

1. Introduction and background

Shareholders are referred to the SENS and ANS announcements released by the Company on Thursday,
22 February 2024 in terms of which they were advised, inter alia, of the Company's proposed two-step
recapitalisation plan comprising a rights offer to existing shareholders of the Company ("Rights Offer") and
the proposed offering and listing of shares in the Group's Boxer business on the Main Board of the
Johannesburg Stock Exchange.

Shareholders are further referred to the announcement released by the Company on Wednesday, 26 June
2024 in which it was confirmed that the resolutions necessary to advance the Rights Offer had been passed
by the requisite majority of votes of Pick n Pay shareholders.

2. Increase in authorised share capital

The Company is pleased to confirm as follows:

1. The process of conversion of the ordinary shares of the Company from par value to no par value shares
   is complete;
2. The increase in:
   a. the authorised ordinary shares from 800 000 000 ordinary shares (of which 493 450 321
      ordinary shares are currently in issue) to 10 000 000 000 ordinary shares, through the creation
      of 9 200 000 000 new authorised ordinary shares; and
   b. the authorised B shares from 1 000 000 000 B Shares (of which 259 682 869 B Shares are
      currently in issue) to 5 300 000 000 B Shares, through the creation of 4 300 000 000 new
      authorised B shares,
   is effective; and
3. The amendments to the memorandum of incorporation of the Company to effect the changes sought
   to the share capital have been implemented.

By order of the Board
Cape Town
12 July 2024

Transaction sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Legal advisers
Bowman Gilfillan Inc.

Date: 12-07-2024 03:18:00
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