SA Economic Indicators Report updated:April 2016 Next update:May 2016

SA Economic Indicators Updated to end March © 2016 | How to read this report Depending on the indicator itself, data is released by the various institutions on a daily, monthly or quarterly basis. The frequency and release date has been indicated at the foot of each slide, next to the data source. These dates are indicative however, since the institutions may publish the data with a delay. Data lag: Data availability varies according to the data source, at times with a lag of a couple of months. e.g. Retail Trade Sales for July 2015 were released with a two-month lag in September 2015 GDP figures for Q2/2015 were released two months after Q2 (i.e. in August 2015) Readers are reminded to bear this data lag in mind when looking for parallels between indicators. It might therefore be necessary to go back to previous months’ reports in order to correctly analyse indicators over the same reporting periods. SA Economic Indicators What is the SA Economic Indicators report? Ti’s SA Economic Indicators report is a clear and easy-to-read view of the most currently available data for South Africa’s key economic indicators. Produced on a monthly basis by Ti Research, it draws on official information from various public and private institutions. The report is released in the first week of each new month, reporting on the available data up to and including the last day of the previous month. Page 2

SA Economic Indicators Updated to end March © 2016 | SA Economic Indicators Retail Trade Sales – 2012 Constant Prices Page 3 NOTE: 1. Retail trade includes the resale (sale without transformation) of new and used goods and products to the public for household use. Retailers of consumer goods are not classified in a category of their own according to StatsSA but rather in the two broader categories of ‘retailers in food, beverages and tobacco in specialised stores’ and ‘retailers in pharmaceutical and medical goods, cosmetics and toiletries’. SOURCE: StatsSA | Frequency: Monthly | Release date: 2 months after reported month Christmas sales contribute ±20% to the year’s total retail sales each year

SA Economic Indicators Updated to end March © 2016 | NOTE: 1. Retail trade includes the resale (sale without transformation) of new and used goods and products to the public for household use. Retailers of consumer goods are not classified in a category of their own according to StatsSA but rather in the two broader categories of ‘retailers in food, beverages and tobacco in specialised stores’ and ‘retailers in pharmaceutical and medical goods, cosmetics and toiletries’. SOURCE: StatsSA | Frequency: Monthly | Release date: 2 months after reported month SA Economic Indicators Retail Trade Sales (R’m) - January 2015 to January 2016 Page 4

SA Economic Indicators Updated to end March © 2016 | SA Economic Indicators Retail Trade Sales (R’m) COMMENTARY Retail trade sales for January 2016: grew +3.1% YoY (from +4.1% growth in December 2015) 2015 full-year growth of 3.3% was recorded The main contributors to the annual growth rate were: - All ‘other’ retailers (contributing 1.1 percentage points) - General dealers (contributing 0.7 percentage points) - Textiles, clothing, footwear and leather goods (contributing 0.6 percentage points) The highest annual growth rates were recorded for retailers in: -All ‘other’ retailers (8.6%) -Pharmaceuticals & medical goods, cosmetics and toiletries (7.0%) -Textiles, clothing, footwear and leather goods (3.0%) -Household furniture, appliances and equipment (2.6%) Month-on-month seasonally adjusted retail sales decreased by -0.3% in January 2016 (-1.0% decline in December 2016), which is reflective of tougher economic conditions and negative consumer confidence Retail sales growth is expected to be moderate for the near future given the difficult household financial conditions, exacerbated by economic uncertainty, ongoing drought and weakening rand The low levels of consumer confidence recorded this year will continue to knock consumers’ willingness to spend Page 5

Maryla Masojada|Head Analyst Tarryn Butler|Senior Retail Analyst Tabang Mbenge|Junior Retail Analyst