1. Retail Lunch
December 2005

2. Trading Environment Trading environment robust
Softer growth rates from clothing retailers
Challenge of low inflation environment

3. Progress on strategy Clothing and Home Food Availability a challenge
3 year turnaround process
Ladieswear progress encouraging
Menswear continues to underperform
Childrenswear and Homeware in line with expectations
Food
Good growth continues
Availability a challenge

4. Progress on strategy Financial Services Country Road
Debtors book growth momentum slowed
Bad debts increased slightly in line with expectations
Country Road
Good volume growth
Impact of rand strength

5. Investment in first half
Accelerated store rollout to capitalise on growth momentum
Increased staffing and focus on service
Launch of loyalty programme