1. New Clicks Australia Jeff Sher

2. New Clicks Australia Margin productivity – Priceline Building pharmacy capability New positioning – House Store growth – Price Attack Building franchisor skills Cost efficiency Enhanced distribution – Pharmacy Shared Services – brought to life Increased stakeholder value Today’s Focus Tomorrow’s Vision

3. Priceline - Snapshot Feb 2003Feb 2002 SalesA$’000 R’000 166 018 882 777 150 009 799 050 Sales growth%10.549.3 Comparable store sales growth%4.66.6 Operating profit before interest & after allocation of net costs of support structures A$’000 R’000 6 739 35 840 6 034 32 145 Number of stores Company owned Franchised 132 2 122 - Number of full-time permanent employees811743 Trading aream²62 55658 781 Net increase in trading area for the period%6.49.6 Weighted annual sales per m²A$ R 4 954 26 340 4 764 25 370

4. Priceline HIGHLIGHTS Leadership changes Selected as preferred retailer by multi national supplier Lifestyle category expanded One millionth ClubCard customer Satisfactory results in the face of discounting Continue with organic growth CHALLENGES Weak December sales due to intensity of competition Margin productivity impacted underperformance of Lifestyle category intense competition Inventory management

5. Priceline KEY ACTION PLANS New category team established Inventory management programme established to enhance stock turns Focus on improving high- margin categories Promotional programme for the second 6 months enhanced

6. Priceline Pharmacy HIGHLIGHTS Significant work completed developing the model Amanda Brook – dedicated role in Pharmacy 2 stores now operating Interest in model remains high 2 Priceline stores ready to convert to Pharmacy CHALLENGES High degree of dependency on distributors Regulatory process slows down store opening Cost to build technology & operational infrastructure

7. Priceline Pharmacy KEY ACTION PLANS Developing strategic alliance with wholesalers Establish a complete set of operating procedures Investing in technology Incorporating ClubCard Leveraging data-base 8 stores planned before August year end

8. House HIGHLIGHTS Key leadership changes post founders New positioning established POS system tested to enable category data capture 8 new stores opened CHALLENGES Growth in competitor environment Results against two company stores now closed Build on import programme

9. House KEY ACTION PLANS Roll out new store image & positioning Drive product differentiation Private labels Direct imports Develop franchisee education

10. Price Attack HIGHLIGHTS Appointment of new Brand Leader New promotional programme delivering strong results Service delivery from NCA shared service 100 th store opened CHALLENGES Two company owned stores dragging performance Market convergence at supplier level New competition

11. Price Attack KEY ACTION PLANS Image upgrade of stores Feasibility - New Zealand Strategic alliance – Women's basketball New format of store to be opened

12. Shared Services HIGHLIGHTS Review underway to ensure service delivery culture established Store development model sets trend for income generation New Office development signed - April 2004 occupancy CHALLENGES Expense growth difficult to contain OD resources stretched Further develop franchisor mentality KEY ACTION PLANS Installation of new ERP system Efficiency review Education

13. New Clicks Australia Deliver performance Pharmacy capability Efficiency Enhancing value Organic growth Pharmacy - franchise Today’s Focus Tomorrow’s Vision