Interest in Subsidiary Companies

at 31 August 2005


			Ordinary	Shares at cost less		Amount owing
			issued	amounts written off		by subsidiaries
	Name of company and	Country of	share	2005	2004	2005	2004
	nature of business	incorporation	capital	R'000	R'000	R'000	R'000
Directly held
(i)	Trading
	New Clicks South Africa (Proprietary) Limited	South Africa	R500	272 439	272 439	536 269	476 916
	The Link Investment Trust	South Africa		14 790	14 790	15 000	15 000
(ii)	Property owning
	Elsdon Investments (Proprietary) Limited	South Africa	R1	3 911	3 911	–	–
	Crantock Investments (Proprietary) Limited	South Africa	R1	44	44	–	–
	Optimprops 93 (Proprietary) Limited	South Africa	R100	13	13	–	–
	Flamborough Investments (Proprietary) Limited	South Africa	R1	†	†	–	–
	Clicks Centurion (Proprietary) Limited	South Africa	R10	†	†	9 000	9 000
Indirectly held
(i)	Trading
	Clicks Stores (Western Cape) (Proprietary) Limited	South Africa	R1 000	†	†	–	–
	Safeway (Swaziland) (Proprietary) Limited	Swaziland	E2	†	†	–	–
	Clicks Stores (Lesotho) (Proprietary) Limited	Lesotho	M1 000	†	†	–	–
	The Clicks Organisation (Botswana) (Proprietary) Limited	Botswana	BWP3 000	†	†	–	–
	Safeway (Namibia) (Proprietary) Limited	Namibia	N$100	†	†	–	–
	The Clicks Group Finance Company (Proprietary) Limited	South Africa	R1	†	†	–	–
	New United Pharmaceutical Distributors (Proprietary) Limited	South Africa	R10	†	†	–	–
	Multicare Pharmaceutical Benefits Management (Proprietary) Limited	South Africa	R4 000	†	†	–	–
	Multicare Western Cape (Proprietary) Limited	South Africa	R100	†	†	–	–
	Purchase Milton & Associates (Proprietary) Limited	South Africa	R100	†	†	–	–
	Milton & Associates (Proprietary) Limited	South Africa	R100	†	†	–	–
	Leon Katz (Proprietary) Limited	South Africa	R100	†	†	–	–
	J & G Purchase & Associates (Proprietary) Limited	South Africa	R120	†	†	–	–
(ii)	Name protection and dormant
	24 companies (2004 – 24 companies)			†	†	–	–
(iii)	Holding
	Multicare Health Centres (Proprietary) Limited	South Africa	R1 000	†	†	–	–
				291 197	291 197	560 269	500 916
Shares at cost less amounts written off				291 197	291 197
Amounts owing by subsidiary companies				560 269	500 916
Net interest in subsidiaries				851 466	792 113
All subsidiary companies are wholly-owned.
New Clicks Holdings has a 56% interest in The Link Investment Trust.
The loan to The Link Investment Trust is interest free, unsecured and is repayable in annual instalments, not exceeding 10% of the underlying profit of the entity.
All other loans are interest free, unsecured and no fixed dates of repayment have been determined.
† Values less than R1 000

Financials

Interest in Subsidiary Companies

at 31 August 2005