Dedicated to Value...Brief Overview of 53 weeks to December 2013 > Total 53 week sales growth of...

Dedicated to ValueMassmart Reviewed Consolidated Resultsfor the 53 weeks ended 29 December 2013

Presentation to Investors, Analysts and MediaFebruary 2014

Divisional Performance

Massdiscounters

> Game SA. Comp sales still low (-2.1%):- Sales & margin pressure from trading environment, Electronics & clearance- Very positive customer response to Fresh & Dry Groceries (+20% comps)- Profit significantly below prior year (expense growth > sales growth)

> Game Africa. Good performance (total sales +22%, own currency +15%)- Steady economic environment- Some US$-denominated expense pressure - Profit growth below sales growth

> DionWired. Great performance (total sales +20%):- Product inflation now. Category slowing down from low product innovation - Profit growth below sales growth

53 weeks

52 weeks growth

Comp growth Inflation

Sales R16.7bn 5.7% 1.0% 0.5%

Massdiscounters continued

53 weeks 52 weeks 52 weeks growth

Sales R16.7bn R16.3bn 5.7%

PBIT R367m R327m -46%PBIT margin 2.2% 2.0%

> Food / Fresh conversions: 17 converted / opened in 2H. Now in 48 stores, with 13 planned for FY14

> New-look Game stores trading well (nine in FY13 and 30 in FY14)> Mark Huxtable joined as IT Director and Alan van der Bergh to join as

Food Director > Trading space +7.7% in FY13> Eight new African stores in FY14-FY15 in Angola, Nigeria, Namibia,

Kenya, Mocambique, Ghana & Zambia

Massdiscounters Strategic Plans

> Broadly, Game SA has three problem areas and our response is:- Sales: introduce Food, reduce Electronics’ participation, new categories

(Baby & Clothing), customer value proposition, review store portfolio. Wait out the tough environment

- Margin: greater Food participation, greater F&R reliance to reduce slow-moving stock & mark-downs, private label

- Expenses: leverage RDC investment> Game Africa:

> More stores. More Food. More property ownership> DionWired:

> Online. Manage store size & portfolio

Masswarehouse

> Very good trading performance in tough environment

> Pleasing comp sales growth in all categories

> New stores in Alberton, Jhb, in April and Amanzimtoti, Durban, in Sept (a relocation):

> Alberton making significant profit contribution but affecting Germiston & Crown Mines stores

> Amanzimtoti trading well but initially higher costs

> Food Retail / Fresh offering now in 15 stores. Increases customer visits & spend per basket

53 weeks

52 weeks growth

Comp growth Inflation

Sales R19.7bn 12.0% 4.0% 2.1%

Masswarehouse continued

> Inventory levels slightly higher due to new stores – will stabilise

> Fruitspot sales +38%. Now have combination of new & original key management. Playing growing intra-Group role in Gauteng

> Store pre-opening costs R25m (LY R31m)

> Trading space +9.3% in FY13, now 19 stores. Seven new stores (& two relocations) since Sept ’11. No new stores in FY14

> Group cannibalisation? A new Makro store’s sales in 2nd year are approx. R800m, of which < R100m comes from Group stores

53 weeks 52 weeks 52 weeks growth

Sales R19.7bn R19.3bn 12.0%

PBIT R990m R940m 7.6%PBIT margin 5.0% 4.9%

Masswarehouse Strategic Plans

> Get new stores to trading maturity

> Widen Baby category

> Enhance Food Retail offering

> Commercial customers

> Online: B2B & B2C

> Supply Chain & Inventory optimisation

> Leverage CRM

Massbuild

> Another great performance:

> Good comp sales growth in Warehouse & Express

> Profit growth well ahead of sales growth

> Refocused Trade Depot:

> FY13: closed four stores and converted five stores to Express

> Converted to Division’s SAP IT platform

> A core of 15 large stores, regionally dominant, focused on Building Materials including Roof Trusses. Represent approx. 70% of original sales

> New store openings: six Builders, eight Express & two Superstores. Trading space +3.7%

53 weeks

52 weeks growth

Comp growth Inflation

Sales R9.6bn 10.3% 8.2% 4.1%

Massbuild continued

> Format innovation: two new Builders Superstores focused on lower-income customers. Positive sales & profit performance. Four more in FY14

> Africa: Builders Warehouse performing well in Botswana (two) & Mocambique (two). Closed 10 Kangela satellite stores

> Opened RDC in Midrand, Jhb, in April ‘13. Superb team execution. New net operating costs of R33m in FY13. Indent opportunity

> R63m of store pre-opening costs & closure costs (LY R9m)

> Lizelle Peterson joined as FD

> Nine new stores in 2014, including in Mocambique (two)

53 weeks 52 weeks 52 weeks growth

Sales R9.6bn R9.4bn 10.3%

PBIT R508m R468m 16.7%PBIT margin 5.3% 5.0%

Massbuild Strategic Plans

> New stores roll-out, including Matola in Mocambique (with Game)

> Trade Depot: inventory range, IT platform value extraction, contractors

> Optimise Superstore offering & grow

> Leverage RDC including W Cape

> Focus on Trade Customers & B2B

> Grow Southern Africa store footprint

Masscash

> Tough trading environment:

- Wholesale comp sales +4.1% and Retail +7.8%

- Competition from independently-owned ex-Metro sites

- Unexpectedly low product inflation, but now increasing

> Disorderly market decline but now settling. Trading normalised

> Opened new Wholesale store in Xai Xai, Mocambique

> Opened one Wholesale & five Cambridge. Closed three Wholesale & two Cambridge stores. Trading space +0.6%

53 weeks

52 weeks growth

Comp growth Inflation

Sales R26.3bn 4.5% 3.8% 4.2%

Masscash continued

> Despite good cost control, sales & margin pressure caused profits to decline in Wholesale

> Masscash Retail trading well. New stores trading above expectation. Strong Cambridge customer brand loyalty & price perception

> New executives in Wholesale: Anton Smith (Shield & Saverite) and Marlon Reddy (IT)

> FY14: seven new Cambridge stores

53 weeks 52 weeks 52 weeks growth

Sales R26.3bn R25.8bn 4.5%

PBIT R281m R260m -3.5%PBIT margin 1.1% 1.0%

Masscash Strategic Plans

> Close smaller or less profitable stores. Closed three Cambridge stores in Q1 FY14

> New store roll-out

> Improve Supply Chain & Logistics capability in Wholesale

> Focus on Saverite

> Grow Southern Africa store footprint

Store Portfolio

> Massdiscounters: opened 11 and closed four Game stores; opened three DionWired stores;

> Makro: opened Alberton and Amanzimtoti; closed Rossburgh

> Massbuild: Opened six Warehouse; opened five and closed two Express; closed three and sold one Trade Depot; opened two Superstores. Five Trade Depot converted to Express

> Masscash stores: Retail – opened five, closed two. Wholesale – one opened, three closed

Massdiscounters Makro Massbuild Masscash Total

December ’12 133 18 85 121 357

Opened 14 2 13 6 35

Closed -4 -1 -5 -5 -15

Sold - - -1 - -1

December ’13 143 19 92 122 376

SA Retail Environment

0 2 4 6 8 10 12 14 16

Shoprite SA

Cashbuild

Masscash

PnP

Makro

Massbuild

Woolies

% Growth

Recent Comparable Sales Growth

Higher Income Customers

Lower Income Customers

Sources: company announcements for six months to Dec 13. Cashbuild comps estimated from Q1 & Q2 updates. PnP sales for six month to Aug 13

Category Competitors

Sources: company announcements for six months to Dec 13. Hi-Fi & Incredible Connection show Total sales. PnP sales for six months to Aug 13

‐15 ‐10 ‐5 0 5 10

HiFi & IC

Game SA

Shoprite SA

PnP

Makro

% Growth

Recent Comparable Sales Growth

Core Profit Growth

Rm’s 2013 2012 Change

Operating Profit (52 wks) 2 002 1 708 17%

Exclude Forex ‐68 +232 ‐

Exclude Transaction cost in LY ‐ +140 ‐

Adjusted Operating Profit 1 934 2 080 ‐7%

Exclude store open / close costs +117 +70

“Core” Operating Profit 2 051 2 150 ‐5%

December 2013Financial Performance

Income Statement:

Brief Overview of 53 weeks to December 2013

> Total 53 week sales growth of 9.8%

> Total & comparable 52 week sales growth of 7.5% & 3.8%

> Gross margin decreased to 18.5% (PY: 18.6%)

> Comparable expenses of 7.2% > comparable sales growth

> Good results – Makro & Massbuild

> Poor result – Game SA

> Operating profit before interest & forex increased by 7.5%

> 15 December net sales loss of approximately R200 million

> Real comparable volume growth

2012 2011 Total % Chg

Comp % Inflation %

2013 Rm

(53 weeks)

2012Rm

Total %Change

Comp %

(52 weeks)

Inflation %

Massdiscounters 16 740 15 408 8.6 1.0 0.5

Masswarehouse 19 675 17 201 14.4 4.0 2.1

Massbuild 9 584 8 561 11.9 8.2 4.1

Masscash 26 264 24 669 6.5 3.8 4.2

Total 72 263 65 839 9.8 3.8 2.7

Sales

> African businesses sales growth:

• South African Rand grew by 16.6%

• African Local Currencies grew by 10.9%

92%

8%

S.A Sales

Non ‐ S.A Sales

Higher inflation will be driven by:

> Weak Rand

> Food inflation

Low inflation in General Merchandise

Sales Inflation

YTD Sales Inflation to December 2013 %General Merchandise 0.1Home Improvement 3.7Food & Liquor 4.1Total 2.7

2013(53 weeks)

2012

Gross Profit (Rm) 13 337 12 276

As % of Sales 18.5% 18.6%

> Margins decreased due to a combination of: - Increased contribution from Game Africa

- Improved margin performance in Massbuild

Both of which were offset by

- Difficult trading conditions in Wholesale Food

- Greater overall Food contribution at a lower margin

- General Merchandise margins in Game SA under pressure

Gross Profit

2013(53 weeks)

2012

Operating Costs (Rm) 11 501 10 407*

As % of Sales 15.9% 15.8%

> Operating costs (excl. forex) increased by 10.5% (52 week +9.2%)

> Walmart integration costs - treated as normal operating cost

> Employment costs increased 15.7% (52 week +14.3%)

> Depreciation & occupancy costs up 10.6% & 11.3%, respectively

> Pre-opening and closure costs of R117m (December 2012: R70m)

> Comparable expenses increased by 7.2%

Operating Costs (excluding forex)

* Excludes the R140 million transaction costs

2013(53 weeks)

2012

Employment Costs (Rm) 5 423 4 686

As % of Sales 7.5% 7.1%

> Total increase of 15.7% (52 week +14.3%)

> Comparable increase of 9.5%

> Re-allocation of integration costs

> Increase in staff (FTEs) of 4.2%

• Result of new stores, HO skills & one new RDC

Employment Costs (47% of total costs)

2013(53 weeks)

2012

Occupancy Costs (Rm) 2 555 2 296

As % of Sales 3.5% 3.5%

> Total increase of 11.3% (52 week +10.8%)

> Comparable increase of 8.7%

> 4.8% net new trading space

> 5.9% net new total space (trading and DC)

> High inflation - rates, services & electricity

> Costs should reduce as % of sales from 2014

Occupancy Costs (22% of total costs)

2013(53 weeks)

2012

Depreciation (Rm) 731 661

As % of Sales 1.0% 1.0%

> Increased by 10.6% (52 week +10.6%)

• Growth higher than sales growth but stabilising

• New stores & RDC opened in the period

• Owned Makro properties

Depreciation (6% of total costs)

> Rand weakness compared to African currency basket

> Prior year devaluation of the Malawian Kwacha

Forex Gains & Losses

2013 Rm

(53 weeks)

2012 Rm

Massdiscounters 82 (241)

Other (14) 9

Total Forex Gain/ (Loss) 68  (232)

EBITDA

2013 Rm

(53 weeks)

2012 Rm

Change%

Operating profit before forex 2 085 1 940 7.5

Depreciation & amortisation 731 661

Impairment of assets 41 21

EBITDA before forex 2 857 2 622 9.0

> Lower tax rate due to:

• Decreased proportion of non-deductible expenditure

• No STC in current year> Effective tax rate to normalise just below 30%

Tax Charge

2013 (53 weeks)

2012

Total tax (Rm) 555 549

Effective tax rate 29.3% 34.8%

2013 (53 weeks)

2012

Rm Days Rm Days

Net Stock 10 115 63 9 691 66

Trade Creditors 13 702 75 12 601 75

> Stock increased 4.4%. Stock days down slightly:• Improvement in all Divisions other than Massdiscounters• Game SA over-stocked - soft comparable sales

> Trade Creditors days in line with prior year> Working capital funding continues to be a key focus area

Stock & Creditors

> Trade debtors are well controlled throughout the Group

> Bad debts of 0.04% of sales are closely monitored (2012: 0.09%)

> No significant concentration of debtors

Debtors

2013 (53 weeks)

2012

Rm Days Rm Days

Gross Trade Debtors 1 919 8.6 1 777 8.6

> Includes:• The opening of Makro Alberton & Amanzimtoti• The opening of the Builders Warehouse RDC• Acquisition of Makro properties

Net Capital Expenditure2013 Rm

2012 Rm

Net investment to maintain operations 752 629

Investment to expand operations and businesses acquired 1 554 1 035

Total Capital Expenditure 2 306 1 664

> Capex amounts to 3.2% of sales (December 2012: 2.6%) > Capex, excluding business and property acquisitions, amounts to 1.85% of sales

Capex

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

 ‐

 500

 1 000

 1 500

 2 000

 2 500

Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013

Makro properties

Businesses acquired

Investment to expandoperations

Net investment to maintainoperations

Total capex % of sales

Total capex % of salesexcluding business andproperty acquisitions

Rm

Sales Split between Owned and Leased Assets

> Sales from owned assets represents 27.3% (December 2012: 12.6%)

Dec 2012 Dec 2013Owned

Leased

Cash flow Statement

2013Rm

2012 Rm

Operating cash before working capital movements 2 984 2 681Working capital movements 752 (775)

Cash generated from operations 3 736 1 906

Net interest and tax paid (987) (728)

Investment income 79 0.1

Net investment to maintain operations (752) (629)Free cash flow 2 076 549

Dividends paid (913) (864)Investment to expand operations and businesses acquired (1 554) (1 035)

Cash outflow before Financing (391) (1 350)

2013 (cents)

2012 (cents)

Dividend per share 421 421

> Dividend Policy cover = 1.55x> Final cash dividend declared of 275 cents per share

Dividends

CEO Review

> Underlying profit performance -7%> Strong performances from Massbuild and Masswarehouse> Tough trading environment for Wholesale> With hindsight, MDD ended better than expected in a weak market> Balance sheet and cashflows strong> Investments in Food Retail and Supply Chain started to realise

value> Successful store openings across SA and Africa> Significant market share gains in Food Retail> Outperformed everyone in Electronics

Business Performance Summaryyear in review

Environment

Global Trendsspecific implications for retail businesses

Expectation of convenience and ease of shop

eCommerce/technology changing customer shopping behavior and experience

Customer demand for greater quality and value

Demand for total shopping solutions

Customer seeking products they can trust

Cost pressures

Portfolio approach needed

Competition responding aggressively

Emerging middle class & continuousrise of women’s purchasing influence

Economic headwinds, income disparity & rising costs

Gov’t Intervention, stakeholder influence and role of institutions

Disparity of growth rates

eCom/Technology and transparency

Massmart Implications

Growing consumer expectations for doing good business

Economic Conditionschallenges facing the SA consumer

Increasing Unemployment *

Access to Credit

Rand Depreciation **

GDP Growth Rate *

Sources:* Stats SA** INET BRIDGE

Durable Goods

Semi-Durable Goods

10%

10%Real Household Expenditure Growth *

Consumer Confidence Index **

2004 2013

1/21/14

Real household expenditure is under pressure and trending downward

Consumer confidence index hit a 10-year low; seeing a correlation between confidence and GM sales

Impact of the Economy changing the way consumers spend

‐20

‐10

0

10

20

30

Sep‐98

Jun‐99

Mar‐00

Dec‐00

Sep‐01

Jun‐02

Mar‐03

Dec‐03

Sep‐04

Jun‐05

Mar‐06

Dec‐06

Sep‐07

Jun‐08

Mar‐09

Dec‐09

Sep‐10

Jun‐11

Mar‐12

Dec‐12

Sep‐13

Sources:* SARB** BER & FNB

Impact of the Economy changing where consumers spend their money

Source:Stats SA

Massmart Shoppers different shopping patterns by income groups

> Massmart has offerings across all income levels

> The highest and lowest income consumers contribute equally to Group sales:- The top 1% of households by income (Category A) accounts for 17% of retail

expenditure- Equivalent to that spent by the bottom 78% of households by income

(Category E)

> Higher-income consumers are less impacted by the economic conditions

> Lower-income consumers are under extreme constraints; focused on basics and flipping sources of credit

> Expenditure by middle-income consumers on public and controlled price goods is crowding out spending on discretionary goods

Economics Impacting Key Categoriesretail conditions

Massmart has traditionally been strong in serving the wholesale food customers and is a market leader in general merchandise. Both of these categories are impacted:

• Changes in mix cause over ‐stocks and  therefore margin pressure

• Demand for hi‐tech and multi‐media categories is decreasing

General Merchandise

• Industry declining• Independents changing the way of operating• Suppliers changing distribution strategies

Wholesale Food

37.0%

16.5%

34.4%

12.1%GeneralMerchandise

Home Improvement

Food ‐ Wholesale

Food ‐ Retail

General Merchandise in the MarketplaceMassmart sales performance relative to the market

Massmart GM retail outperforms GM specialists  

STATSSa: Retailers in household furniture,appliances and equipment

Massmart GM (excl. cell and Home Improvement)

Sources:MassmartStats SA

> Although the GM category is under pressure, Massmart sales are ahead of the market

> Massmart GM outperforming more specialised GM retailers

Wholesale Food in the MarketplaceMassmart performance relative to the market

> Independents picked up the better ex-Metro stores; mostly inland

> Distribution patterns have changed as a result

> Suppliers have invested in new channels

> Export markets have grown

> Massmart has gained market share in Liquor and lost a bit in Dry Grocery

> Massmart has held market shares overall

Strategic Priorities

Strategic Priorities

Protect and Grow Our Core Businesses 

• General Merchandise

• Wholesale Food

Diversify Our Sales Mix

• Fresh / Retail• Home Improvement

• Private Brands• Clothing

Expand Our Reach

• Africa• eCommerce• New Stores

Built on a Foundation of Trust

Strategic Prioritiesprotect and grow in core markets

Wholesale TradingStore portfolio review

Grow in AfricaSupplier JBP process 

Drive Comp Sales

Repositioning of General MerchandiseConsolidating Ranges Shrinking Store SizesWider Ranges Online

Widening Ranges Higher Quality ChoicesNew Categories (Baby)

Refocus Range on Middle‐incomeOPP OwnershipRe‐allocate Space

Store Location Optimisation

Brand ConsolidationNew Low‐Income Consumer 

Brand            Complete Contractor Solutions

Maximize Returns in Wholesale Food

Reducing 3rd Party DistributionGrowing Commercial BusinessExporting OpportunitiesB2B eCommerce Expansion

Optimise Store PortfolioDeepening Customer ValueSupplier Partnerships

Strategic Priorities

Protect and Grow Our Core Businesses 

• General Merchandise

• Wholesale Food

Diversify Our Sales Mix

• Fresh / Retail• Home Improvement

• Private Brands• Clothing

Expand Our Reach

• Africa• eCommerce• New Stores

Built on a Foundation of Trust

Strategic Prioritiesdiversify our sales mix

Wholesale TradingStore portfolio review

Grow in AfricaSupplier JBP process 

Drive Comp Sales

Grow in Fresh Retail across all income levels:

MakroGame

Cambridge Food

Win in the Home Improvement Category with 

Builders:New SuperstoreEDLP model

Clothing:Trialing George in Makro and Game with Baby and 

Essentials to test future apparel categories

Increase Private Label participation 

across the Group and Divisions to deliver trusted items at a great 

value

Strategic Priorities

Protect and Grow Our Core Businesses 

• General Merchandise

• Wholesale Food

Diversify Our Sales Mix

• Fresh / Retail• Home Improvement

• Private Brands• Clothing

Expand Our Reach

• Africa• eCommerce• New Stores

Built on a Foundation of Trust

Strategic Prioritiesexpand our reach

Wholesale TradingStore portfolio review

Grow in AfricaSupplier JBP process 

Drive Comp Sales

Grow Outside of SADedicated African team and 

Forum establishedCity (Power Center) and Country 

Strategies in placeSmall format opened in Nigeria 

– ValuMart7 stores scheduled to open in 

2014

Servicing Customer 2.0Global Leverage of Walmart.com

Skills AcquisitionNew Makro site launch

eCommerce Forum across Functions and Brands

B2B eCommerce through Builders and Makro

Strategic Prioritiesexpand our reach with new stores

Wholesale TradingStore portfolio review

Grow in AfricaSupplier JBP process 

Drive Comp Sales

Number of Stores

New Area(square metres)

Compound AnnualGrowth %

Massdiscounters 33 124,703 8.1%

Masswarehouse 1 17,500 2.9%

Masscash 27 83,850 6.6%

Massbuild 28 87,496 6.7%

Total Group 89 313,549 6.6%

Massmart Store Pipeline 2014 - 2016

Group Growth Figures 2014 2015 2016

Area Growth 85,050  122,500  105,999 

% Growth 6.15% 8.22% 6.49%

No of Stores 26 32 31

Building Trusta framework to operate by

After government, business is the least trusted institution globally

Massmart has embarked on a conscious journey to become sub-Saharan Africa’s most trusted retailer

We have adopted a trust framework that comprises 8 trust focus areas

Products and ServicesInnovationWorkplaceGovernanceCitizenshipLeadershipOrganisation EffectivenessPerformance

Building Trust

Our strategic plans are built to deliver a trust-worthy brand. Listed below are a few additional ways we build trust within our organisation:

Leadership• Massmart Corporate University• 50 New Graduates• CEO’s Women’s Council

Citizenship• An amount of R50m is committed for 2014 • Lethabo Milling company - hopes to launch a private label maize

meal• Annual Report has been Delivered to the Commission

Governance• Compliance policies and monitoring in place across all businesses

Organisational Effectives• Leveraging the ASDA model of We Operate 4 Less to drive

efficiencies

Prospects

> For the 8 weeks to 23 February 2014, total sales increased by 9.5% and comparable sales increased by 7.7%

> A much stronger start to the financial year than we anticipated> Whilst too early to be confident about this new trend, the strong start

suggests a better overall performance this year than last > Whilst we remain cautious about the economy, we are much more

positive about the business as we reap the rewards from the operational focus of last year

Massmart’s 2014 Prospects

Conclusion

> Good 2013 performance given the economic conditions> Excited about the beginning of 2014 sales> Transaction, integration and supply chain investments are completed> Over the initial growing pains of entering the food retail business> Strong growth plan> Strong operational disciplines in place to deliver results> Cautious about the economy> Confident about the company

Conclusion

Thank You & Questions

Additional FinancialData

Reviewed Results for 53 Weeks Ending December 2013Dec 2013

RmDec 2012

RmRevenue 72 513 66 051Sales 72 263 65 840Cost of sales (58 926) (53 563)Gross profit 13 337 12 277Other income 250 211 Depreciation and amortisation (731) (661)Impairment of assets (42) (22)Employment costs (5 424) (4 687)Occupancy costs (2 555) (2 297)Foreign exchange profit / (loss) 68 (232) Walmart transaction, integration and related costs - (349)Other operating costs (2 750) (2 533)Operating profit 2 153 1 707Net finance costs (255) (127)Profit before taxation 1 898 1 580Taxation (555) (550)Profit for the period 1 343 1 030

Tax Rate Reconciliation

Dec 2013

%

Dec 2012

%Standard tax rate 28.0 28.0

Non-taxable income and disallowed expenses (2.0) (2.1)

Allowances on lease premiums and improvements (0.3) (0.5)

Assessed loss not utilised 1.4 1.5

Withholding tax 0.1 (0.7)

STC - 3.5

Other – including foreign tax adjustments and transaction related costs

2.1 5.1

Group tax rate 29.3 34.8

Headline Earnings Reconciliation

Dec 2013 Rm

Dec 2012 Rm

Attributable earnings 1 283.0 972.3

Impairment of assets 41.6 21.6

Loss on disposal of fixed assets 11.9 16.4

Loss on disposal of business 1.8 16.5Fair value adjustment on assets classified as held for sale

- 8.3

Tax effects on adjustments (3.8) (8.1)

Headline earnings 1 334.5 1 027.0

Capex Per CategoryDec 2013

RmDec 2012

RmInvestment to expand operations and businesses acquired (1 307) (1 069)Land and buildings/leasehold improvements (807) (100)

Vehicles (35) (40)

Fixtures, fittings, plant and equipment (428) (492)

Computer hardware (33) (20)

Computer software (2) (24)

Other (2) (9)

Businesses acquired - (384)

Net investment to maintain operations (752) (629)Land and buildings/leasehold improvements (35) (56)

Vehicles (39) (29)

Fixtures, fittings, plant and equipment (517) (321)

Computer hardware (70) (90)

Computer software (96) (136)

Other 5 3

Number of Shares

‘000

At December 2012 216 910

Shares issued 199

At December 2013 217 109

Weighted‐average at December 2013 216 935

Diluted weighted average at December 2013 219 268