1. Financial Results Peter Green

2. Performance Feb 2003Feb 2002% Turnover (R’m)3 436.72 792.423.1 Turnover growth excluding UPD & Price Attack11.2 Headline earnings (R’m)123.7106.416.3 Headline EPS (Cents)38.535.48.8 Diluted headline EPS (Cents)37.033.510.4 Gross margin (%)26.829.0(7.6) Operating margin (%)6.26.3(1.5) Net tangible asset value per share (Cents)3713544.8

3. Undiluted headline earnings per share At 28 February 2002 previously reported39.8 Provision for PM&A interest(4.4) Restated 28 February 200235.4 Increased by: Acquisitions3.3 Organic growth3.4 Decreased by: Cost of acquisitions(3.6) Impact of exchange rate movement - At 28 February 200338.5

4. Operating profit R’000Feb 2003Feb 2002% Clicks139 294140 131(0.6) Discom(2 214)(13 447)n/a Music Division18 62515 53219.9 Body Shop3 3571 004234.4 Link Investment Trust987(1 812)n/a Intercare(362)(759)n/a Priceline35 84032 14511.5 House4 0534 240(4.4) 199 580177 03412.7 Price Attack4 885-- UPD10 095-- Total group214 560177 03421.2

5. Clicks turnover growth R’000Feb 2003Feb 2002% Lifestyle643 866611 7275.3 Health & Beauty878 527742 49718.3 1 522 3931 354 22412.4

6. Segmental contribution – Operating profit

7. Group operating margin

8. Interest Feb 2003 R’000 Feb 2002 R’000 % Change Interest received (excluding loan to PM&A)2 3671 46261.9 Interest paid45 12130 42348.3 Net interest paid42 75428 96147.6 Increase due to: Increase in rates Funding for PM&A Funding for acquisition of Price Attack

9. PM&A R’mFeb 2003Aug 2002 Loan to PM&A283.1276.6 Interest charge28.845.5 Cost recovery5.011.4 Loss for the period R8.2m before interest to New Clicks Budgeting an operating profit for the full year Cash generating towards end of the financial year

10. PM&A R’mFeb 2003 Shareholder deficit at Aug 200278.3 Post year-end adjustments14.6 Adjusted deficit92.9 Loss for period8.2 Interest28.8 Goodwill10.9 Shareholder deficit at Feb 2003140.8

11. Tax rate

12. Balance sheet R’000Feb 2003 incl. UPD Feb 2003 excl. UPD Feb 2002 adjusted % change excl. UPD Fixed assets691 885623 412566 23810.1 Inventories1 288 6521 122 1241 054 2886.4 Accounts receivable466 406215 556156 21038.0 Accounts payable1 163 406792 244726 1109.1 Note - The Feb 2002 figures for Australia included above have been adjusted to the current exchange rate to allow comparison

13. Goodwill R’000Balance SheetIncome Statement Link15 683447 UPD97 3221 650 House62 2144 333 Price Attack70 7054 089 Total245 92410 519 Forex revaluation adjustment R 25 030 k UPD goodwill acquired R 98 972 k

14. Asset turn

15. Loans to third parties R’mFeb 2003Aug 2002 PM&A283.1276.6 Share trust61.354.8 Intercare professionals2.90.4 Franchise set-up (Aus) 9.2- Other 1.5- Total358.0331.8

16. Cash flow R’000Feb 2003Feb 2002 Operating activities76 529(25 224) Investing activities(104 667)(132 506) Fixed assets(79 793)(68 207) Cash flow - UPD3 572- Loans(28 446)(64 299) Financing activities(7 186)(8 576) Net decrease(35 324)(166 306) Note - UPD acquisition through share issue

17. Future focus Continue to focus on: –Asset turnover –Cash generation –Improving margins –UPD will lower margin, but has high asset turnover Resulting in improving: –Returns & EVA