Investor Presentaiton

Tax rate reconciliation Limitation of the recognition of deferred tax assets relating to certain loss-making entities and disallowed expenditure % Tax rate reconciliation Dec 2021 (Reviewed) Dec 2020 (Reviewed) Standard tax rate 28.0 28.0 Disallowed expenses (1.6) (14.2) Assessed loss not utilised (6.2) (69.5) Other (0.6) 8.3 Group tax rate 19.6 (47.4) Continuing operations Massmart powered by Walmart 38

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