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New Clicks Holdings Limited [logo] Interim group results for the six months ended 28 February 2005

Notes

Accounting policies

These interim financial statements have been prepared in accordance with South African Statements of Generally Accepted Accounting Practice, and the accounting policies used are consistent with those applicable for the 2004 annual financial statements except in the case of goodwill which is no longer amortised but is subject to an annual impairment test.

Change in comparatives

An amount of R17.3 million has been reallocated from cost of merchandise to sales in 2004. This amount relates to discounts granted by UPD which were previously included in cost of merchandise. The reallocation was necessary in order to correctly state the group's turnover.

An amount of R63.8 million has been reallocated from expenditure to other revenue. This amount relates to advertising recoveries that were previously included in other expenses. This reallocation was necessary in order to correctly state the group's other income and to be consistent with the 2004 annual report.

An amount of R76.2 million has been reallocated from loans payable classified as non-current liabilities to loans payable classified as current liabilities in 2004. This amount relates to the current portion of long-term loans. The reallocation was necessary in order to correctly reflect the maturity profile of the group's borrowings.

In the prior year an amount of R23.7 million was erroneously included in investing activities, this has now been corrected and is classified under financing activities.

For segmental reporting purposes, Link Investment Trust and New United Pharmaceutical Distributors, which were previously reported as separate segments, have been combined into a single segment referred to as United Pharmaceutical Distributors. Comparatives have been restated accordingly.