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Investment Case

Truworths International offers investors equity exposure to the retail sectors in South Africa and the United Kingdom, together with its mass middle to upper-income customer base spread across developed and emerging markets, and a diversified product, sales, earnings and country risk profile. Management believes the following factors should enable Truworths International to continue to deliver competitive returns and value for shareholders through share price appreciation and growth in dividends.

Group Strategy; Value-creating Business Model; Material Issues, Risks and Opportunities