PriceSmart Sells Interest in PSMT Mexico

San Diego, PriceSmart Inc. sold its 50% interest in PSMT Mexico, S.A. de C.V. (“PSMT Mexico”) to Grupo Gigante, S.A.B. de C.V. (“Grupo Gigante”), for $2 million in cash.

PSMT Mexico, a joint venture between PriceSmart and Grupo Gigante formed in January 2002 to operate PriceSmart warehouse clubs in Mexico, ceased all club operations in February 2005.