Directors' responsibility for the company

The directors are responsible for the preparation and fair presentation of the Company and Group annual financial statements of Pick n Pay Holdings Limited, comprising the directors’ report, the statements of comprehensive income, the statements of financial position at 28 February 2011, the changes in equity and cash flows for the year then ended, a summary of significant accounting policies and the notes to the financial statements in accordance with International Financial Reporting Standards, and in the manner required by the Companies Act of South Africa.

The directors are also responsible for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, for maintaining adequate accounting records and an effective system of risk management, as well as the preparation of the supplementary schedules included in these financial statements.

The directors have made an assessment of the Company’s and Group’s ability to continue as a going concern and have no reason to believe that the businesses will not be a going concern in the year ahead.

The auditor is responsible for reporting on whether the annual financial statements are fairly presented in accordance with the applicable financial reporting framework.