The directors have declared the following cash dividends during the year:

	Pick n Pay Stores Limited			Pick n Pay Holdings Limited
	2012   Cents per   share	2011   Cents per   share	Growth   %	2012   Cents per   share	2011   Cents per   share	Growth   %
Interim dividend	22.50	37.00	(39.2)	10.91	17.94	(39.2)
Final dividend	108.35	105.50	2.7	52.57	51.34	2.4
Normal dividend	98.50	105.50	(6.6)	47.79	51.34	(6.9)
Additional dividend in respect of STC no longer payable	9.85	—		4.78	—
Total dividend	130.85	142.50	(8.2)	63.48	69.28	(8.4)
Normal dividend	121.00	142.50	(15.1)	58.70	69.28	(15.3)
Additional dividend in respect of STC no longer payable	9.85	—		4.78	—

Pick n Pay Stores Limited
Notice is hereby given that the directors have declared a final growth dividend (number 88) of 108.35 cents per share out of income reserves.
The dividend declared is subject to dividend withholding tax at 15%.
The total Secondary Tax on Companies (“STC”) utilised as part of this declaration amounts to R216 474. The amount of ordinary shares in issue at the date of this declaration is 480 397 321 and consequently the STC credits utilised per share amount to 0.05 cents per share.
In determining the dividend tax to withhold, STC credits must be taken into account. Accordingly, the dividend to use for determining the dividends tax is 108.30 cents per share. The tax payable is 16.25 cents per share, leaving shareholders who are not exempt from dividends tax with a net dividend of 92.10 cents per share.
Pick n Pay Stores Limited's tax reference number is 9275/141/71/2.

Pick n Pay Holdings Limited
Notice is hereby given that the directors have declared a final growth dividend (number 61) of 52.57 cents per share out of income reserves.
The dividend declared is subject to dividend withholding tax at 15%.
The total Secondary Tax on Companies (“STC”) utilised as part of this declaration amounts to R14 525 753.The amount of ordinary shares in issue at the date of this declaration is 527 249 082 and consequently the STC credits utilised per share amount to 2.76 cents per share.
In determining the dividends tax to withhold, STC credits must be taken into account. Accordingly, the dividend to use for determining the dividends tax is 49.81 cents per share. The tax payable is 7.47 cents per share, leaving shareholders who are not exempt from dividends tax with a net dividend of 45.10 cents per share.
Pick n Pay Holdings Limited's tax reference number is 9050/141/71/3..

For both Companies, the last day of trade in order to participate in the dividend (CUM dividend) will be Friday, 1 June 2012. The shares will trade EX dividend from the commencement of business on Monday, 4 June 2012 and the record date will be Friday, 8 June 2012.
The dividends will be paid on Monday, 11 June 2012.
Share certificates may not be dematerialised or rematerialised between Monday, 4 June 2012 and Friday, 8 June 2012, both dates inclusive.

On behalf of the boards of directors
DE Muller – Company Secretary
17 April 2012