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woolworths holdings limited<br />

outlook<br />

• Inflationary ypressures in Clothing due to currency. Inflationary ypressures in Food will<br />

continue in Q3, then ease<br />

• Sales growth will remain muted<br />

• Retail gross margin to be held at current level<br />

• Tight control of costs to continue<br />

• Certain WFS related benefits in H1 will not be repeated in H2<br />

• Capex planned FY2009 FY2010<br />

- SA Retail R650m R550m<br />

- Country Road R150m R145m<br />

• Continue cautious share repurchase<br />

• Trading space growth in <strong>Woolworths</strong> to slow

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