History Report Publication date: October 2018 Next publication: December 2019 History Report

History Year Milestone 2018 New Retail MD, Pedro Da Silva, appointed Grocery stockvel account launched Stores trial compostable shopping bags 2017 Pick n Pay celebrates 50 years of trading Boxer celebrates 40 years of trading Pick n Pay changes Smart Shopper program points system and begins issuing customers with more personalised vouchers Pick n Pay launches new store account

History Year Milestone 2016 Pick n Pay Hyper tries for stokvel boost as wholesale concept is explored through Pick n Pay Hyper Pick n Pay converts spaza shop into store in Diepkloof Pyramid ownership structure is collapsed, thereby unbundling Pick n Pay Holdings (Ltd), with all shares converted into Pick n Pay Stores shares 2015 Smart Shopper programme reaches more than 8 million members Pick n Pay opened the first of its new-look stores in Blue Hills Fresh Living magazine goes up to half a million copies monthly 2014 PnP launches Mobile Money ‘banking’ cards in all stores, these cards offer free banking in PnP and Boxer stores without the need for a bank account PnP and MTN launch a co-branded SIM card offering customers additional benefits Pick n Pay launches ‘Brand Match’, a first in South Africa price tracking service targeted at customers Jonathan Muthige is appointed Group HR Director, replacing Isaac Motaung 2013 Paul Marsh, ex Massmart, joins PnP and is named divisional manager in groceries and perishables retail in the merchandise division Gerhard Ackerman, previously ex Shoprite Group, joins the PnP Group with immediate effect Gustave Möller, previously Shoprite, joins the PnP planning department PnP closes its Mauritius and Mozambique stores

History Year Milestone 2013 Richard van Rensburg stays on as deputy CEO Neal Quirk, currently Operations Director, will take on additional responsibilities for the Group’s general merchandise and clothing divisions 2012 Nick Badminton resigns as CEO Richard Brasher ex Tesco CEO appointed as the new PnP CEO 2011 Franklins business sold to Metcash Limited for R1.2 billion, net of fees. PnP to focus teams and capital entirely on its core Southern African retail operations 2010 Raymond Ackerman retired as Chairman in March, after being involved with the Group for four decades His son Gareth Ackerman took over the reigns as Non-Executive Chairman, while Raymond has retained an ambassadorial role in the business Shift in the structure of Group management, from three divisions, each with its own management board – to a two- tier structure consisting of the Supervisory Board and a team of Group executives 2007 Nick Badminton took over the reigns as CEO from Sean Summers in February 2006 6,000 new customers from now-defunct 20Twenty sign up for PnP’s GoBanking service PnP’s Raymond Ackerman awarded the Lifetime Achievement Award for Consumerism by the Department of Trade and Industry

History Year Milestone 2004 PnP take over their own Australian distribution Boxer launch a builders hardware category called Boxer Build 2003 PnP acquires Boxer, which will now ideally place the group in a position to tackle the lower LSM section PnP acquires Boardmans 2001 PnP launches itself into the virtual shopping aisles Boxer acquires 3 outlets that used to trade under the Supasave banner, which was part of the then Brown’s Cash & Carry Group 2000 PnP announce a joint venture with Nedcor to operate PnP Financial Services – Gobanking division, which replaced an existing agreement with BOE Bank 1988 PnP introduces wireless EPOS scanning 1997 Boxer trading retail name is changed to Boxer Superstores in order to better reflect its role At the end of August 1997, Boxer merges with one of its parent companies, Goss & Co, adding three outlets South African Technikon, in August 1997, accredit and endorse the 456 training modules developed by PnP PnP Financial Services is launched and introduces South Africans to the revolutionary concept of in-store banking 1996 PnP embarks upon the PnP 2000 process with the formation of two separate divisions – Retail and Group Enterprises under the leadership of Sean Summers and Gareth Ackerman respectively

History Year Milestone 1994 PnP venture into franchising with the opening of six PnP Family stores 1991 KwaZulu Cash & Carry name change and the relaunch of the trading stores under the name of Boxer Cash & Carry 1990 PnP opens the food hall operation at the Norwood Hypermarket – now called ‘Fresh Food Markets’ 1987 PnP Health Hotline established 1986 PnP is forced to abandon its expansion into Australia due to union opposition 1984 PnP acquire a 50% interest in Boardmans, a chain of Cape-based house ware stores, which was to become wholly-owned by PnP two years later PnP enters the Australian market with Hypermarket 1975 The first PnP Hypermarket opened in Boksburg making a reality of the concept of “one stop shopping for the South African consumer” 1970 PnP starts driving frozen foods through increase in in-store refrigeration 1969 A leading financial publication pronounces PnP ‘the star of the Cape supermarket scene’ The PnP company is listed as one of the ‘Sunday Times Top 100’ companies 1968 The PnP Group is listed on the JSE Securities Exchange South Africa in 1968 (as Pick ’n Pay Stores Limited) 1967 The PnP Company starts with the sale of 4 small stores to Raymond Ackerman, by Harry Goldin

Maryla Masojada | Lead Analyst Adrienne Osberg | Retail Analyst