Notes to the Company financial statements
for the period ended

		Pick n Pay Stores Limited		Pick n Pay Holdings Limited RF
		As at   2 March   2014   %	As at   3 March   2013   %	As at   2 March   2014   &	As at   3 March   2013   %
3.	TAX
	Statutory tax rate	28.0	28.0	28.0	28.0
	Exempt income – dividends received	(28.9)	(31.2)	(28.2)	(28.2)
	Other non-deductible expenditure	0.9	3.2	0.2	0.2
	Effective tax rate	—	—	—	—