26 Aug - 7 min read

Results of the 88th Annual General Meeting and Change in Director Responsibility

Results of the 88th Annual General Meeting and Change in Director Responsibility

Mr Price Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004418/06)
ISIN: ZAE000200457
LEI number: 378900D3417C35C5D733
JSE and A2X Share Code: MRP

("Mr Price Group" or "the Group")

RESULTS OF THE 88th ANNUAL GENERAL MEETING AND CHANGE IN DIRECTOR RESPONSIBILITY

Results of the 88th annual general meeting

Shareholders are advised that at the Mr Price Group Annual General Meeting (“AGM”) held yesterday, Wednesday 25 August 2021, all
the ordinary and special resolutions as set out in the notice of AGM dated 11 June 2021 were passed by the requisite majority of votes
of shareholders present in person or represented by proxy.

The total number of shares present or represented, including by proxy, at the AGM was 76.21% of the Group’s issued share capital* as
at Friday 20 August 2021, being the AGM voting record date. The voting results were as follows:

                                 Votes cast as a           Votes cast as a % of the                            Shares         Shares
                             combined % of the       number of shares voted at the          Number of       voted as a     abstained
                                 total number of                           meeting        shares voted     % of issued      as a % of
                                    shares voted           Ordinary shares (“Ord”)                               share         issued
                               (Ordinary shares        B ordinary shares (“B Ord”)                             capital*         share
                                  and B ordinary                                                              Ordinary        capital*
Resolutions                        shares) at the                                                               shares      Ordinary
                                         meeting                                                               (“Ord”)         shares
                                                                                                            B ordinary        (“Ord”)
                                    For   Against             For          Against                          shares (“B              B
                                                                                                                  Ord”)      ordinary
                                                                                                                               shares
                                                                                                                           (“B Ord”)

Ordinary resolution 1 -         99.97         0.03      99.95 Ord         0.05 Ord     192,503,982 Ord       75.21 Ord       0.29 Ord
Adoption of the annual                               100.00 B Ord       0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
financial statements

Ordinary resolutions 2.1
and 2.2 - Re-election of
directors retiring by
rotation
                                90.22         9.78      85.54 Ord        14.46 Ord     192,963,825 Ord       75.39 Ord       0.11 Ord
2.1 Daisy Naidoo
                                                     100.00 B Ord       0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
                                93.65         6.35      90.62 Ord         9.38 Ord     192,963,825 Ord       75.39 Ord       0.11 Ord
2.2 Mark Bowman
                                                     100.00 B Ord       0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord

Ordinary resolution 3 –         99.52         0.48      99.29 Ord         0.71 Ord     192,963,825 Ord       75.39 Ord       0.11 Ord
confirmation of                                      100.00 B Ord       0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
appointment of non-
executive director Lucia
Swartz

Ordinary resolution 4 –       100.00          0.00     100.00 Ord         0.00 Ord     192,963,825 Ord       75.39 Ord       0.11 Ord
confirmation of                                      100.00 B Ord       0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
appointment of non-
executive director Jane
Canny

Ordinary resolution 5 -         80.04        19.96      70.49 Ord        29.51 Ord     192,963,773 Ord       75.39 Ord       0.11 Ord
Re-election of                                       100.00 B Ord       0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
independent auditor

Ordinary resolutions 6.1
to 6.3 - Election of
members of the audit
and compliance
committee
                                89.05        10.95      83.82 Ord        16.18 Ord     192,963,825 Ord       75.39 Ord       0.11 Ord
6.1 Daisy Naidoo
                                                     100.00 B Ord       0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
                                99.26         0.74      98.90 Ord         1.10 Ord     192,963,825 Ord       75.39 Ord       0.11 Ord
6.2 Mark Bowman
                                                     100.00 B Ord       0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
                              100.00          0.00     100.00 Ord         0.00 Ord     192,963,825 Ord       75.39 Ord       0.11 Ord
6.3 Mmaboshadi Chauke
                                                     100.00 B Ord       0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord

Ordinary resolution 7 -         83.08        16.92      74.98 Ord        25.02 Ord     192,961,463 Ord       75.39 Ord       0.11 Ord
Non-binding advisory                                 100.00 B Ord       0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
vote on the remuneration
policy** (see
commentary below)

Ordinary resolution 8 -         59.85        40.15      40.64 Ord        59.36 Ord     192,911,138 Ord       75.37 Ord       0.13 Ord
Non-binding advisory                                 100.00 B Ord       0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
vote on the remuneration
implementation report**
(see commentary below)

Ordinary resolution 9 -       100.00        0.00      100.00 Ord           0.00 Ord     192,503,482 Ord       75.21 Ord       0.29 Ord
Adoption of the SETS                                100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
committee report

Ordinary resolution 10 -      100.00        0.00      100.00 Ord           0.00 Ord     192,940,624 Ord       75.38 Ord       0.12 Ord
Signature of documents                              100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord

Ordinary resolution 11 -       78.18       21.82       67.75 Ord          32.25 Ord     192,963,773 Ord       75.39 Ord       0.11 Ord
Control of unissued                                 100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
shares (excluding issues
for cash)

Ordinary resolution 12 –       77.57       22.43       66.56 Ord          33.44 Ord     188,016,707 Ord       73.46 Ord       0.11 Ord
General issue of shares                             100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
for cash

Special resolutions 1.1 to
1.12 - Non-executive
director remuneration:

1.1 Independent non-           99.71        0.29       99.58 Ord           0.42 Ord     192,961,988 Ord       75.39 Ord       0.11 Ord
executive chair of the                              100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
board – R 1 778 211

1.2 Honorary chair of the      97.09        2.91       95.69 Ord           4.31 Ord     191,611,496 Ord       74.86 Ord       0.63 Ord
board – R865 501                                    100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord

1.3 Lead independent           99.77        0.23       99.66 Ord           0.34 Ord     192,961,911 Ord       75.39 Ord       0.11 Ord
director of the board –                             100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
R600 997

1.4 Non-executive              99.79        0.21       99.68 Ord           0.32 Ord     192,961,911 Ord       75.39 Ord       0.11 Ord
directors – R409 812                                100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord

1.5 Audit and                  99.90        0.10       99.86 Ord           0.14 Ord     192,961,911 Ord       75.39 Ord       0.11 Ord
compliance committee                                100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
chair – R329 827

1.6 Audit and                  99.91        0.09       99.87 Ord           0.13 Ord     192,961,911 Ord       75.39 Ord       0.11 Ord
compliance committee                                100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
members – R161 466

1.7 Remuneration and           99.90        0.10       99.86 Ord           0.14 Ord     192,961,911 Ord       75.39 Ord       0.11 Ord
nominations committee                               100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
chair – R216 852

1.8 Remuneration and           99.91        0.09       99.87 Ord           0.13 Ord     192,961,911 Ord       75.39 Ord       0.11 Ord
nominations committee                               100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
members – R108 047

1.9 SETS committee             99.90        0.10       99.86 Ord           0.14 Ord     192,961,911 Ord       75.39 Ord       0.11 Ord
chair – R179 181                                    100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord

1.10 SETS committee            99.91        0.09       99.87 Ord           0.13 Ord     192,961,911 Ord       75.39 Ord       0.11 Ord
members – R104 728                                  100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord

1.11 Risk and IT               99.91        0.09       99.87 Ord           0.13 Ord     192,961,911 Ord       75.39 Ord       0.11 Ord
committee members -                                 100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
R130 896

1.12 Risk and IT               99.84        0.16       99.76 Ord           0.24 Ord     192,961,911 Ord       75.39 Ord       0.11 Ord
committee - IT specialist                           100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
- R295 476

Special resolution 2 –         99.49        0.51       99.24 Ord           0.76 Ord     188,000,427 Ord       73.45 Ord       0.11 Ord
General authority to                                100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
repurchase shares

Special resolution 3 -         99.11        0.89       98.68 Ord           1.32 Ord     192,963,725 Ord       75.39 Ord       0.11 Ord
Financial assistance to                             100.00 B Ord         0.00 B Ord     7,689,090 B Ord       100 B Ord        0 B Ord
related or inter-related
companies

* The total issued share capital as at the AGM voting record date was 255,945,150 ordinary shares and 7,689,290 B-ordinary shares

** Ahead of the AGM, the Group sent communication to 25 shareholders representing approximately 55% of its issued ordinary shares
for purposes of engaging generally on the resolutions proposed at the AGM and particularly on the Group’s remuneration policy and
remuneration implementation report. Through this process, the Group actively engaged with 15 of these shareholders. Mr Price Group
is disappointed at the overall result of the voting on these resolutions, particularly given the adjustments made to the remuneration
policy and remuneration implementation report over the past few years and the new long-term incentive plan that was implemented
during 2020.

The Group strives to apply its remuneration philosophy of “partnership” consistently and appropriately and the Group will continue its
efforts to engage with shareholders to understand more fully the concerns around the remuneration policy and implementation thereof.
Accordingly, shareholders are invited to advise the Group of their reasons for their dissenting votes on the remuneration policy and/or
the implementation thereof, and whether they wish to engage with the Group on these issues. Correspondence in this regard should be
addressed by email to the Head of Investor Relations, Matt Warriner (kbezuidenhout@mrpg.com), by 30 September 2021. Thereafter
the date and time of requested engagements will be scheduled with shareholders individually.
Change in director responsibility

Shareholders are advised that Lucia Swartz, who joined the Mr Price Group board of directors in August 2020 as an independent non-
executive director, has been appointed as a member of Social, Ethics, Transformation and Sustainability committee with effect from 26
August 2021.

Durban
26 August 2021

JSE Equity Sponsor and Corporate Broker
Investec Bank Limited

Date: 26-08-2021 07:05:00
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