Store Footprint Report Publication date: November 2018 Next publication: June 2019 Store Footprint Report

Boxer Store Numbers Boxer stores are located in urban, peri-urban*, and rural areas. Boxer’s primary interests when choosing store locale is the availability of high foot traffic – whether directly off the street, close to public transport hubs, as an anchor tenant within a shopping mall or as a standalone development. Boxer became a national brand following the opening of its first Western Cape store in Khayelitsha in November 2015 (FY2016), and has opened 6 stores in the Western Cape as at August 2018. * Note: Peri-urban is defined as denoting or located in an area immediately adjacent to a city or urban area. Source: Oxford Dictionary Boxer Trading Brands 11 net new Boxer stores opened across Boxer trading brands in HY2019 Boxer stores count as at the end of August 2018 was 257 stores Boxer Superstores added 6 net new stores , now with a total of 156 as at the end August 2018 Boxer Punch closed 1 store, total at 19 stores Boxer Build opened 1, total at 32 stores Boxer Liquors added 5 new stores, taking the portfolio to 48 stores Boxer Super Meats opened no new stores, keeping the total at 2 stores “Boxer will continue to grow and expand in areas where the company knows it can serve the needs of the community through its well-defined product range, sold at low prices and served in an efficient customer friendly manner. Definitely helping our customers to ‘Never pay more than the Boxer price.’” SOURCE: Pick n Pay Holdings Ltd & Boxer Head Office - Eugene Stoop, Boxer Managing Director

Boxer Store Numbers cont. Boxer Trading Brand Numbers YOY FY2015 FY2016 FY2017 FY2018 HY2019 Total Boxer 189 208 229 246 257 Boxer Superstores 125 136 142 150 156 Boxer Build 21 24 31 32 Boxer Liquors 22 27 34 43 48 Boxer Punch 20 19 Boxer Super Meats 2 Boxer Trading Brand Net New Stores and 5 Year % Growth FY2015 FY2016 FY2017 FY2018 HY2019 5-year % Change Total Boxer 10 19 21 17 11 36.0% Boxer Superstores 2 6 8 24.8% Boxer Build 3 7 1 52.4% Boxer Liquors 5 9 118.2% Boxer Punch -1 -9.5% Boxer Super Meats -- SOURCE: Pick n Pay Holdings Ltd & Boxer Head Office

Boxer Geographic Spread as at May 2018 South Africa KwaZulu-Natal remains the largest region for Boxer, representing 37% of total South African store share. All 5 formats are represented in the province i.e. Superstores, Punch, Build, Liquors, and Super Meats Eastern Cape is the second largest, with a 29% share of the Boxer store portfolio   Rest of Africa Swaziland currently has a total of 7 Boxer stores. 5 Boxer Superstores and 2 Boxer Liquors, contributing 3% to the total Boxer store portfolio KwaZulu -Natal 37% Eastern Cape 29% Western Cape 2% Northern Cape 1% Freestate 3% North West 5% Mpumalanga Limpopo 8% Gauteng Swaziland Planned new Stores Between six to eight Boxer Superstores are planned to February 2019, which will reflect the discount supermarket store format Highlights to date 4 trading brands 252 stores in South Africa, 7 stores in Swaziland Next Gen: all KZN and EC stores have been revamped including new stores , with remaining to be completed by end 2019 +70% of the Boxer estate is now next generation Nov 2018 Boxer Superstores opened their latest super in the Atterridgeville’s Nkomo Village Centre in Pretoria SOURCE: Boxer Head Office NOTE: Data in above differs slightly from rest of report. Geographic spread is as at end May 2018

Boxer Geographic Spread as at October 2018 Regions Boxer Superstores Boxer Build Boxer Liquors Boxer Punch Boxer Super Meats Province Total South Africa 156 31 47 16 2 252 KwaZulu-Natal 48 15 14 94 Eastern Cape 12   75 Limpopo 17 4 21 Gauteng 5 1 20 North West 9 3 Mpumalanga Free State 7 Northern Cape Western Cape 6 Rest of Africa Swaziland Total   161 49 259 SOURCE: Boxer Head Office NOTE: Data in above table differs slightly from rest of report. Geographic spread is as at Oct 2018

Maryla Masojada | Lead Analyst Carey Leighton | Associate Analyst