woolworths holdings limited Revenue up 15.1% to R13.0bn Operating profit up 24.3% - R1.3bn Operating profit margin widened from 9.0% to 9.7% Net profit before tax up 23.7% - R1.1bn Headline earnings per share up 22.0% cps (pre adj: 95.0cps) Distribution to shareholders up 40.3% cps Cover ratio down from 1.9 to 1.7 (pre adj: 1.8) ROE of 33.5% (2004 : 27.4%) another year of continued growth

progress woolworths holdings limited Enhance shareholders’ ROE Woolworths card book securitised Share repurchase returned R1bn to shareholders Focus on customers Good volume growth in clothing and home Strong gains in food market share Continued store growth Focus on value and innovation Design/technology led buying process Sourcing strategy Clothing and home prices below last year Improved availability Implementation of replenishment system Productivity gains Reduced distribution costs per unit High volume growth with good cost control Process improvement

woolworths holdings limited Consumer confidence levels remain high Stable interest rate environment Wage increases remain above inflation Growth in emerging market with increasing access to credit Robust real retail sales growth momentum trading environment – south africa

woolworths holdings limited results income statement *Prior year figures restated

woolworths holdings limited results expenses analysis R262.1mR609.8mR1,449.6mR1,195.6mR3,517.1m

woolworths holdings limited results expenses analysis Impact of change in interpretation of AC105: Leases Lease expense/income recognised on a straight-line basis over the lease term for fixed-escalation rentals Results in an equal impact/charge to the income statement irrespective of the fact that cash flows differ Jun-05Jun-04 Impact on Opening Retained Profit-R243,0m Impact on Headline earnings-R24,6m-R 26,5m Impact on Headline Earnings per Share-2,9 cps-3,1 cps

woolworths holdings limited results HEPS and dividend cover Compound HEPS growth: 33.3% (5 years) *Prior year figures restated for AC105

woolworths holdings limited results balance sheet

financial services results securitisation R2,416m of in-store card book receivables securitised in Account On Us (Pty) Ltd Funded by: R1,900m AAA rated notes issued R335m subordinated loan from Woolworths Balance funded by originator facility Legal ownership of the receivables rests with Account On Us and used as security for bond holders Consolidated in terms of AC412

woolworths holdings limited results cash flow

woolworths holdings limited results cash flow (cont.) capex spend R385.9m growth in woolworths financial services assets R722.0m

woolworths holdings limited results return on equity / wacc

woolworths retail results income statement (excluding financial services) *Prior year figures restated *

woolworths retail results balance sheet (excluding financial services)

woolworths operations turnover analysis

financial services results income statement & balance sheet

country road results income statement Change in accounting policy for distribution costs included in inventory: A$0.9m

country road limited results balance sheet * eliminated at Holdings level

clothing and home turnover & growth Sales growth of 11.6% (2004: 12.0%) Corporate store comparable growth of 8.3% (2004: 9.0%) Deflation averaged -1.1% for the year (2004: 6.9% inflation)

clothing and home turnover & growth Product deflation with volume growth

rlc market share Market share to June 2005 –12 month moving average this year 15.6% last year 16.3% (June 2004) –3 month moving average this year 16.4% last year 16.2% (June 2004) clothing *Prior year figures include an additional trading week for some of the competitors

Value = innovation, quality and price Strategic sourcing unit to drive value and differentiation Technological innovation Supplier base rationalised Appropriate imports implementation clothing and home

Womenswear Classic customer Wardrobe building blocks Number of styles Menswear Classic garments Childrenswear Open price points down between -10% to -20% Toddler Rationalisation and sourcing Home Authoritative range building implementation clothing and home Core Key Fashion Focus on the core customer – design-led buying 20% 80%

Availability in core 50% of turnover on replenishment Increase annuity opportunity sustainable annuity growth clothing and home

foods turnover & growth Sales growth of 19.4% (2004: 19.2%) Corporate stores comparable growth of 11.4% (2004 : 7.8%) Inflation averaged 3.0% for the year (2004 : 6.4%)

foods rlc market share Market share to June 2005 –12 month moving average this year 7.9% last year 7.4% (June 2004) –3 month moving average this year 8.0% last year 7.6% (June 2004) *Prior year figures include an additional trading week for some of the competitors

foods rlc market share Source: AC Nielsen

foods food retailers growth rates Source: AC Nielsen

Increase market penetration Extend our main shop concept Extend grocery offering Branded 6.5% (2004: 5.0%) Continue to address the need for convenience Store accessibility Roll-out Woolworths food stops Tap the emerging market sustainable growth and innovation foods

Widening the gap Improve value perception Key grocery items to be below competitors everyday low prices Continue delivering innovation Improve meat shelf life Good food journey Over 100 new stores in next 4 years sustainable growth and innovation foods

Improve availability Demand forecasting system – Feb 06 In line with expectations sustainable annuity growth foods

financial services Book value growth of 19.3% to R2.6bn (2004 : R2,1bn) Customer numbers growth of 8.1% to 1.2m (2004 : R1,1m) woolworths card

Book value growth of 25.4% to R725m (2004 : R578m) Customer numbers growth of 15.7% to 147’000 (2004 : 127’000) financial services personal loans

financial services visa credit card Book value growth of 73.2% to R310m (2004: R179m) Customer numbers growth of 58.0% to 79’000 (2004 : 50’000)

financial services net bad debt Net bad debt levels in line with expectations Controlled growth strategy

woolworths financial services credit statistics June Growth in credit sales19.8%20.6% Credit sales as % of total sales33.7%33.1% Average yield17.6%20.3% Weighted average usury rate20.3%23.4% Average cost of funds8.0%9.7%

woolworths financial services sustainable annuity growth Build a credit-granting business Customer acquisition Aggressive marketing Launch Visa with loyalty Grow external non-interest revenue 45.6% (2004: 48.3%) Insurance products New product development Responsible credit Conservative behavioural scoring

woolworths operations trading space as at

woolworths operations number of stores Marginal clothing stores to have higher hurdle rates

New systems completed to date:  Point of sale  Customer call centre and management system  Clothing replenishment  Food replenishment - 50% complete  Clothing stock ownership  Foods distribution systems  Supplier portal  Credit management  Human resource system and labour scheduling  Outsourced all core infrastructure and support operations process simplification

Systems underway: Foods planning – 50% rolled out –Roll-out complete Feb 06 –In line with expectations Retek merchandise management system –Includes store back office –Final testing phases –Roll-out to commence Apr 06 Clothing buying systems –Womenswear complete –Roll-out complete by Jun 07 Total 5 year investment : R500m (currently in year 3) operations process simplification

Distribution costs per unit reduced –Labour productivity –Accuracy and controls Capacity growth in all regions, including Gauteng campus –Development started –Phased relocation early 07 R450m 3 year all DC’s investment programme operations supply chain logistics

country road Australia Warm winter Heavy discounting Results Sales up 9.0% to A$208.5m Unit sales growth in excess of 30% Gross margin declined from 53.3% to 52.2% Operating profits up 14.3% to A$4.0m Increased costs from air freight amounted to A$3.0m trading performance

country road strategy Strategy bedded down Retek Design team Pricing Consolidation of wholesale operation Lead times reduced

strategy and prospects Clothing and Home further implementation Foods sustainable growth and innovation Financial Services sustainable annuity growth Grow annuity parts of the business Continue to deliver real growth in earnings