Company Directors Report

COMPANY: PICK N PAY STORES LTD

-The primariy analysis is in USD. Remuneration is also shown in ZAR to accurately reflect felt increases.

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CEO Biography - USD:

Year End:	Director Surname:	Director Name:	Director Gender:	Full Year on Board?:	Full year in position?:
2008	Badminton	Nick	Male	Yes	Yes
2009	Badminton	Nick	Male	Yes	Yes
2010	Badminton	Nick	Male	Yes	Yes
2011	Badminton	Nick	Male	Yes	Yes
2012	Badminton	Nick	Male	Yes	Yes
2013	Brasher	Richard	Male	No	No
2014	Brasher	Richard	Male	Yes	Yes
2015	Brasher	Richard	Male	Yes	Yes
2016	Brasher	Richard	Male	Yes	Yes
2017	Brasher	Richard	Male	Yes	Yes
2018	Brasher	Richard	Male	Yes	Yes
2019	Brasher	Richard	Male	Yes	Yes
2020	Brasher	Richard	Male	Yes	Yes
2021	Brasher	Richard	Male	No	No
2021	Boone	Pieter	male	No	No
2022	Boone	Pieter	male	Yes	Yes
2023	Boone	Pieter	male	Yes	Yes

CEO Remuneration - USD:

Financial Year:	Salary:	Benefits:	Cash Bonus	Other:	Total Annual:	LTI Payment:	Total Including LTI:
2008	323,096	102,878	36,276	0	462,249	3,990,326	4,452,576
2009	353,239	92,158	349,569	0	794,966	0	794,966
2010	434,848	112,820	39,262	0	586,930	0	586,930
2011	517,068	125,587	0	0	642,655	1,543,399	2,186,054
2012	511,893	1,441,070	0	0	1,952,963	480,901	2,433,864
2013	100,227	32,796	0	179	133,202	49,427	182,628
2014	702,106	292,668	526,580	150	1,521,505	0	1,521,505
2015	673,105	215,543	821,918	137	1,710,703	1,074,995	2,785,699
2016	496,183	100,372	946,372	0	1,542,927	1,276,568	2,819,495
2017	684,985	83,032	0	115	768,132	1,818,859	2,586,991
2018	805,612	97,415	68,027	128	971,182	2,008,376	2,979,558
2019	709,091	84,622	1,443,357	0	2,237,070	2,271,140	4,508,210
2020	679,896	61,468	0	47,149	788,513	289,034	1,077,546
2021	854,584	132,279	1,354,280	338,570	2,679,713	7,845,511	10,525,223
2022	702,513	214,290	688,465	62,568	1,667,837	380,461	2,048,297
2023	599,060	54,188	549,141	179,041	1,381,430	325,508	1,706,938

Executive Director Remuneration - USD:

Financial Year:	No. of EDs:	Total Salary:	Cash Bonus	Other:	Total Annual:
0	1	0	0	0	0
2008	5	746,433	1,109,782	149,287	221,956
2009	5	671,440	1,412,375	134,288	282,475
2010	4	1,128,990	1,423,854	282,247	355,963
2011	3	955,685	1,502,537	318,562	500,846
2012	6	1,424,582	3,205,601	237,430	534,267
2013	6	1,768,638	2,042,903	294,773	340,484
2014	6	1,883,099	3,446,583	313,850	574,430
2015	5	1,618,950	3,325,352	323,790	665,070
2016	5	1,213,621	2,984,984	242,724	596,997
2017	5	1,658,231	1,954,357	331,646	390,871
2018	5	1,950,119	2,421,709	390,024	484,342
2019	5	1,690,545	4,835,175	338,109	967,035
2020	6	1,627,379	1,982,836	271,230	330,473
2021	6	1,784,703	4,827,038	297,451	804,506
2022	2	1,035,168	2,290,952	517,584	1,145,476
2023	4	969,960	2,157,181	242,490	539,295

Non-Executive Director Remuneration - USD:

Financial Year:	No. of NEDs:	Total Fees:	Average Fees
2008	9	374,849	41,650
2009	6	236,542	39,424
2010	7	394,382	56,340
2011	9	900,415	100,046
2012	6	277,709	46,285
2013	6	384,468	64,078
2014	9	655,356	72,817
2015	9	667,580	74,176
2016	9	513,754	57,084
2017	8	635,260	79,408
2018	8	722,832	90,354
2019	8	616,748	77,094
2020	8	650,981	81,373
2021	11	739,335	67,212
2022	10	759,038	75,904
2023	11	659,458	59,951

CEO Remuneration - ZAR:

Financial Year:	Salary:	Benefits:	Cash Bonus	Other	Total Annual	LTI Payment	Total Including LTI
2008	2,672,000	850,800	300,000	0	3,822,800	33,000,000	36,822,800
2009	3,031,500	790,900	3,000,000	0	6,822,400	0	6,822,400
2010	3,310,500	858,900	298,900	0	4,468,300	0	4,468,300
2011	3,544,500	860,900	0	0	4,405,400	10,580,000	14,985,400
2012	3,921,100	11,038,600	0	0	14,959,700	3,683,700	18,643,400
2013	838,900	274,500	0	1,500	1,114,900	413,700	1,528,600
2014	7,000,000	2,917,900	5,250,000	1,500	15,169,400	0	15,169,400
2015	7,370,500	2,360,200	9,000,000	1,500	18,732,200	11,771,200	30,503,400
2016	7,864,500	1,590,900	15,000,000	0	24,455,400	20,233,600	44,689,000
2017	8,945,900	1,084,400	0	1,500	10,031,800	23,754,300	33,786,100
2018	9,474,000	1,145,600	800,000	1,500	11,421,100	23,618,500	35,039,600
2019	10,140,000	1,210,100	20,640,000	0	31,990,100	32,477,300	64,467,400
2020	10,707,000	968,000	0	742,500	12,417,500	4,551,700	16,969,200
2021	12,620,500	1,953,500	20,000,000	5,000,000	39,574,000	115,862,500	155,436,500
2022	10,707,000	3,266,000	10,492,900	953,600	25,419,500	5,798,600	31,218,100
2023	10,707,000	968,500	9,814,800	3,200,000	24,690,300	5,817,800	30,508,100

Executive Director Remuneration - ZAR:

Financial Year:	No. of EDs:	Total Salary:	Total Annual Remuneration	Average Salary	Average Remuneration
0	1	0	0	0	0
2008	5	6,173,000	9,177,900	1,234,600	1,835,580
2009	5	5,762,300	12,121,000	1,152,460	2,424,200
2010	4	8,595,000	10,839,800	2,148,750	2,709,950
2011	3	7,524,300	12,051,400	2,508,100	4,017,133
2012	6	10,912,300	24,554,900	1,818,717	4,092,483
2013	6	14,803,500	17,099,100	2,467,250	2,849,850
2014	6	18,118,100	33,530,400	3,019,683	5,588,400
2015	5	17,727,500	36,412,600	3,545,500	7,282,520
2016	5	19,235,900	47,312,000	3,847,180	9,462,400
2017	5	21,656,500	25,523,900	4,331,300	5,104,780
2018	5	22,933,400	28,479,300	4,586,680	5,695,860
2019	5	24,174,800	69,143,000	4,834,960	13,828,600
2020	6	24,710,800	30,069,600	4,118,467	5,011,600
2021	6	26,356,500	71,285,700	4,392,750	11,880,950
2022	2	15,777,000	34,916,400	7,888,500	17,458,200
2023	4	17,336,100	38,555,300	4,334,025	9,638,825