1. SA Economic Indicators: for the month of May 2013

2. SA Economic Indicators for the month of May 2013 © 2013 Trade Intelligence Updated Quarterly (Last Updated: April 2013) Boom period SA Economic Indicators Household Debt Source: South African Reserve Bank Effects of low interest rates South Africans are once again borrowing more and more

3. SA Economic Indicators for the month of May 2013 © 2013 Trade Intelligence SA Economic Indicators COMMENTARY The ratio of household debt to disposable income remains high, at 75.8% in the 4 th quarter of 2012, which means that for every R100 earned, South Africans have R75,80 debt The first rise in the measure since Q1/2009 was experienced in Q2/2012 Stanlib expects the ratio to rise over the coming quarters It does however expect it to remain manageable, considering the low interest rates According to FNB strategist John Loos, “Households are borrowing more on credit cards and store accounts” Personal loans account for 11% of total household debt Unsecured lending is a problem in South Africa. According to the regulator, in the year to September 2012 consumer loans not backed by assets increased 39% to R140bn and accounted for 10% of consumer credit. Household Debt

4. SA Economic Indicators for the month of May 2013 © 2013 Trade Intelligence Disclaimer These materials and the information contained herein are collated by TI* referencing a wide range of public domain data sources, face-to-face interviews, retailer presentations and financial reports, and are intended to provide general information about the South African consumer goods trading environment and selected retailers, and are not intended as an exhaustive treatment of such subjects. Whilst every effort has been made to ensure that the information published in this work is accurate, your use of these and the information contained herein is at your own risk. The information is not intended to be relied upon as the sole basis for any decision which may affect you or your business, and TI makes no express or implied representations or warranties regarding the accuracy of the information herein. TI will not be liable for any special, indirect, incidental, consequential, or punitive damages or any other damages whatsoever, whether in an action of contract, statute, tort (including, without limitation, negligence), or otherwise, relating to the use of these materials and the information contained herein. TI expressly disclaims all implied warranties, including, without limitation, warranties of merchantability, title, fitness for a particular purpose, non- infringement, compatibility, security, and accuracy. * TI refers to The Retail Workshop (Pty) Ltd trading as Trade Intelligence For further information: +27 (0)31 303 2803 / info@tradeintelligence.co.zainfo@tradeintelligence.co.za Other Sources ABSA Agri Trends; BizCommunity; Bloomberg; Business Day; Business Report; Department of Agriculture, Forestry and Fisheries; Financial Mail; Finweek; Fin 24; The Mercury; Reuters; Stanlib, Sunday Times; Sunday Tribune; The Times ; www.businesslive.co.za; www.businessweek.com; www.moneyweb.co.za; www.supermarket.co.za; thesouthafrican.com CONTACT : For Content Queries Katia Benedetti | Associate Writer tel +27 (0) 31 303 2803 katia@tradeintelligence.co.za katia@tradeintelligence.co.za Contact and Disclaimer CONTACT : For Account Management Queries Annomi Kriel | Account Manager tel: +27 (0) 31 303 2803 annomi@tradeintelligence.co.za