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woolworths holdings limited<br />

“business unusual”<br />

• Continuation of market deterioration from October 2007<br />

• Compounded by collapse in global economy<br />

- Need to refine our positioning in the market<br />

• Significant changes in consumer behaviour<br />

- Deleveraging<br />

- Realignment of needs back to necessities<br />

- Trading down<br />

• Our customers hit the hardest<br />

- Holding quality and innovation but shifting opening price points and cutting costs

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