1. Group Results 2003

2. Outline of presentation Financial ResultsAndré Vermeulen New Clicks AustraliaJeff Sher (video) New Clicks South AfricaTrevor Honneysett ConclusionTrevor Honneysett

3. Financial Results André Vermeulen

4. Performance 2003 2002% change Turnover (R’m) 7 368 5 48834.3 Turnover growth excluding UPD8.2 Headline earnings (R’m) 221 15840.5 Headline EPS (cents) 65.6 52.225.7 Diluted headline EPS (cents) 64.5 49.729.8 Diluted HEPS increase adjusted for PM&A provision 13.4 Gross profit margin (%) 24.3 28.3(14.1) Operating profit margin (%) 5.2 5.8(10.3) ROE (%)16.214.98.7

5. Headline earnings per share Undiluted Diluted At 31 August 2002 previously reported70.3 66.9 PM&A impairment(18.1) (17.2) Restated 31 August 200252.2 49.7 Increased by: Acquisitions16.3 Organic growth5.1 Decreased by: Cost of acquisitions(6.8) (7.3) Impact of exchange rate movement(1.2) Impact of share options 1.9 At 31 August 200365.6 64.5

6. Performance per six months 1 st half 2003 2 nd half 2003 Total Turnover Total3 4373 931 7 368 Excluding UPD Percentage 3 107 52.3 2 829 47.7 5 932 100.0 Headline earnings Total12497 221 Excluding UPD Percentage 114 62.3 69 37.7 183 100.0

7. Turnover R’m20032002% change Clicks2 9972 69311.3 Discom7727217.0 Music Division4824399.8 Body Shop462768.6 Link – own brand201623.1 Total SA excl. UPD4 3173 89610.8 UPD1 431- Total SA5 7483 89647.5 Australia1 6201 592*1.8 Total group7 3685 48834.3 * Australia impacted by exchange rate & move to franchise model

8. Turnover - geographic contribution * Australia impacted by exchange rate & move to franchise model

9. Turnover - Australia AU$’00020032002% change Turnover Priceline310 290283 7889.3 Priceline Pharmacy3 460- House2 0223 048 Price Attack785- NCA Total316 557286 83610.4 House Franchisee turnover89 61568 49630.8 Price Attack Franchisee t/o Pharmacy Franchisee t/o 87 269 5 329 ---- NCA Total (incl Franchisees)498 770355 33240.4 Notes: Priceline Pharmacy Sales = Distribution Fee of product sales to franchisees House Sales = 1 Company Store & Import Sales. Last Year 2 stores operating Price Attack = 2 Company Owned stores for part year

10. Gross profit margin - group 20032003 excl UPD 2002 Gross profit1 7911 6321 555 Gross profit margin (%)24.327.528.3 Reduction in gross margin due to: UPD operates at a lower gross profit margin Impact of lower Lifestyle product contribution

11. Expenditure R’000 2003 2002% change Clicks 514 176 475 8398.1 Discom 175 320 177 406(1.2) Music Division 125 560 111 77612.3 Body Shop 14 372 8 01179.4 Link Investment Trust 23 010 23 452(1.9) Intercare 8 430 2 994181.6 Shared Services – SA 322 137 269 19919.7 Priceline 483 297 474 658*1.8 House 10 383 13 639*(23.8) Shared Services – Australia 107 639 101 587*6.0 1 784 324 1 658 5617.5 Priceline Pharmacy 4 046 - Price Attack 9 001 3 141 UPD 139 769 - Total group 1 937 140 1 661 70216.6 * Impacted by exchange rate (total benefit of R51 865k) & move to franchise model

12. Expenditure R’00020032003 excl UPD 2002% change Depreciation103 726100 77896 4254.5 Occupancy costs398 875392 579358 8659.4 Employment costs869 402817 331756 0068.1 Other costs565 137426 683450 406(5.3) Total1 937 1401 797 3711 661 7028.2

13. Operating profit R’00020032002% change Clicks259 281262 974(1.4) Discom(5 571)(20 637) Music Division25 67521 47019.6 Body Shop10 0175 17693.5 Link Investment Trust(2 712)(2 801) Intercare(962)(1 764) Shared Services unallocated(7 376)2 167 Total SA excl. UPD278 352266 5854.4 UPD54 304- Total SA332 656266 58524.8 Australia49 34751 975 * (5.1) Total group382 003318 56019.9 * Australian profit in Rand adversely impacted by strong Rand

14. Operating profit - Australia AU$’00020032002% change Priceline29 59421 94334.8 Retail24 42421 94311.3 Store sales5 170- Priceline Pharmacy(397)- House2 2572 301(1.9) Retail2 2571 70132.7 Store sales-600 Price Attack3 518(17) Shared Services(20 158)(14 882)(35.6) NCA Total14 8149 36758.2 Retail9 6448 76710.0 Store sales5 170600 Notes: Priceline Pharmacy = Costs for setup, late opening of stores Priceline = 2 Stores converted to Pharmacies

15. Interest 20032002 Net interest bearing debt to shareholders’ funds at year end 27.7% 28.0% R’000 % change Interest paid 88 760 70 68425.6 Interest PM&A (net) - -- Other interest received 4 643 3 46434.0 Net interest paid 84 117 67 22025.1 Increase in rates (Average 2003: 13.5%, 2002: 11.0%) Funding for acquisition of Price Attack (R72.2m / A$12.2m) Increase in inventory

16. PM&A R’m20032002 PM&A EBIT 1 st half(8.1)0.2 2 nd half7.9(15.3) Total(0.2)(15.1) Loan to PM&A295.3276.6 Interest charge59.345.5 Provision against interest(59.3)(45.5)

17. PM&A R’m Shareholder deficit at Aug 2002(78.3) Post year-end adjustments(14.6) Adjusted deficit(92.9) Loss for the period(0.2) Interest(59.3) Goodwill(23.7) Shareholder deficit at Aug 2003(176.1)

18. Balance sheet R’0002003 incl. UPD 2003 excl. UPD2002 % change excl. UPD Fixed assets751 843684 423617 76710.8 Inventories1 401 0611 226 3221 055 13716.2 Accounts receivable417 305185 756196 624(5.5) Accounts payable1 373 743990 976887 54211.7

19. Inventory 20032002 Inventory turn (times)5.45.2 Inventory (R’m) % change Held at the DCs25520325.6 Held at stores69553829.2 UPD175- Total SA inventory1 12574151.7 Australia276314(11.9) Total inventory at year end1 4011 05532.8

20. Inventory turn in SA, incl. UPD5.3 times Inventory turn in SA, excl. UPD4.5 times (2002: 5.2) Inventory turn in Aus 5.9 times (2002: 5.1) Clicks - aggressive & successful promotions Discom - additional promotions during this period Body Shop growth - new stores & cosmetics range DC growth is apportioned to new suppliers Imports up 57% to R217m & landing earlier this year Music - lower sales & decentralised buying controls Inventory levels

21. Loans to third parties R’m 2003 2002 PM&A 295.3 276.6 Share trust 46.2 54.8 Franchise set-up (Aus) 37.3 - Intercare professionals - 0.4 Other 5.2 - Total 384.0 331.8

22. Cash flow R’000 2003 2002 Operating activities 337 209 213 665 Investing activities (258 782) (310 034) Property & equipment (198 595) (151 337) Acquisition of subsidiaries 1 797 (89 723) Investments (7 550) - Loans (54 434) (68 974) Financing activities 180 230 717 Net increase/(decrease) 258 657 (95 652) Note: UPD acquisition through share issue