1. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 Photo Feature Boxer Simunye Photo Feature Swaziland January 2014

2. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 Photo Feature Introduction Five years ago Boxer Superstores opened in a small village in Swaziland; Simunye. Late 2013 saw Boxer completely revamping and reopening its store to a delighted community. The local people of Swaziland travel from villages like Shewula, Lomahasha, Mlume, Ngomane and Tabankulu to shop at this impressive store. Commuters also come from far and wide to do their weekly (small) shop and big month-end shop; especially shoppers from Mozambique. Managers of hotels, schools and the local stokvel clubs express their gratitude to Boxer as supplies in this area were limited before. With speedy signs of success and a loyal and grateful community of shoppers this store is sure to succeed. Enjoy the tour!

3. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 Photo Feature Store Trading Context The newly refurbished Boxer Simunye, Swaziland opened its doors in late 2013 to a welcoming community of shoppers.

4. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 Photo Feature Opening Day Boxer put on a show opening day inviting the community to come and enjoy the fun.

5. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 Photo Feature Opening Day A choir entertained the onlookers and created a delightful atmosphere

6. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 Photo Feature Happy children enjoyed a jumping castle courtesy of Boxer Opening Day

7. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 Photo Feature The Boxer employees joined in the fun on opening day; rejoicing in the expected success and future of this store Opening Day

8. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 Photo Feature Opening Day Grateful shoppers received a free 2014 calendar with their purchase; ensuring Boxer is kept front of mind in people’s homes

9. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 Photo Feature Opening Day Boxer Simunye has committed itself to helping the community and handover donations monthly to needy organisations

10. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 Photo Feature Opening Day An excited and proud Store Manager, Michael Mabuso, receives support from Boxer directors

11. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 Photo Feature We hope you’ve enjoyed the tour!

12. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Boxer Store Photo Feature | January 2014 tel +27 31 303 2803 fax +27 31 303 4560 info@tradeintelligence.co.za Kim Furber | Online Support Shannon Osztonits | Research Assistant Amy von Buddenbrock | Junior Writer 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