v

ANNUAL RESULTS PRESENTATION 2015

Global trading conditions

Strategic global presence

Differentiation through specialist supply chain solutions

Progress made in the last twelve months

Quality client base distribution

Performance in the context of the logistics industry

Financial results analysis

Future strategic direction

INTRODUCTION

To be a recognised brand in global trade solutions through strategicinternational offices and leading intellectual capital.

VISION

“We strive to ensure that our clients achieve a competitive advantage through innovative globalsupply chain solutions.”

Global Trading Conditions

In the context of the trading environment,our strategic global presence and diversification in terms of

geographies, currencies, industries, products and services has again served us well

Global first world economies - striving to gain the momentum lost during the global financialcrisis

• Eurozone recovery has been slow

• The emerging economies are not as buoyant as they have been in the past

• China has and still is undergoing a carefully managed slowdown

• For America 2014 is the year in which the economy’s momentum finally picked up and lookspoised to be on a more positive ‘footing’ moving into 2015

• South Africa , the impact of unemployment, load-shedding and industrial action has resultedin disruptions to economic growth in South Africa in 2014. GDP only grew 1.5 % which is theslowest rate of growth since the 2009 recession

Strategic Global Presence

287 employees worldwide300 (2014)

6 Onshore offices11 Offshore offices

Looking to open offices in West/EastAfrica and expand into Europe, Asia

and the USA.

Looking to open offices in West/EastAfrica and expand into Europe, Asia

and the USA.

100%

Organic growth

28,4%

Tangible net asset value per share79,16 cents (2014: 54,66)

44,82%

TurnoverR237m (2014: R214m)

10,58%

Net profit before taxR51m (2014:R40m)

25,15%

Headline earnings per share31,00 cents (2014: 24,77)

Cash holdingsR45m (2014: R37m)

21,8%

Growth

Special projects significantly up (282%) on the previous year Continued momentum in growth of offshore earnings Improved year-on-year new business development

Human Resources

Strengthening the talent pool with people more suited to our business model Elevated to the status of preferred employer: access to quality people

Strategic Acquisitions

Acquisition of Masterfreight , Frankfurt, Germany Opened a new office in Hamburg, Germany, effective April 2015 Acquisition of AEMC Trading, effective May 2015

New Territories

In process of establishing a new office in Accra, Ghana In process of investigating a presence in Mauritius

Strategic Re-Structuring

Centralised sea freight operations in Durban whilst airfreight in Johannesburg

Advanced Technologies and Sophisticated Software Packages

The design and deployment of re-engineered international IT architecture better placedto support and differentiate Santova from the rest of the industry

Significant advancements made during the year

0

5000

10000

15000

20000

19 245

5 766

2 008

7 942

2 775Mill

ions

Feb 2015

Onshore vs. OffshoreExcluding Head Office

South Africa United Kingdom Hong Kong Europe Australia

51%

25%

7%

10%

3%

-50%

0%

50%

100%

150%

200%

250%

300%

5% -25% -7%

160%

257%

Perc

enta

ge

Feb 2015

Year-On-Year Growth

South Africa United Kingdom Hong Kong Europe Australia

Group PerformanceGlobal Contributions Net Profit After Tax

0

10 000

20 000

30 000

40 000

50 000

60 000

8 036 11 087 6 85323 216

30 06333 809

40 014

51 386

Net p

rofit

bef

ore

tax

(Mill

ions

)

Feb 2008 - 2015

SANTOVA GROUP

2008 2009 2010 2011 2012 2013 2014 2015

Profit beforetax up 28,4%

Offshore 49%YOY Growth 35%

South Africa 51%YOY Growth 5%

Differentiation Through Specialist Supply Chain Solutions

ADVANCED SCM SERVICES Partnership Value based Contractual

CUSTOMS CLEARING ANDFORWARDING Contractual Fixed and variable

CUSTOM CLEARING Commodity Transaction based

Advanced SCM services

Advancing services

Basic services

LEAD LOGISTICS PROVIDER Contractual Risk sharing

Lead logistics

Evol

ving

capa

bilit

y

2006 20152003 2009 2012

Phase 1

Phase 2

Phase 3

Phase 4

Focused cost reduction Transaction based One dimensional

Enhanced capabilities Broader service offering Management of independent

functions Price driven Own services or outsourced to

suppliers Not independent

Project management Contract management Service provider integration Single point of contact Predominantly independent

facilitator Providing some services whilst

outsourcing or contractingothers

New organisational structures Strategic global relationships Knowledge – information

based End-to-end supply chain

expertise Advanced technology and

software packages Adaptable, flexible and

collaborative engagement Shared risk and reward Independent, represents client Raises management fee for

services

Advanced Services2003 - 2015

Domesticstructured,predictable

engagement

Globalentrepreneurial ,

innovativeengagement

Greater barriers toentry

Protect profitmargins

Diverse globalquality earnings

Strong clientretention

Total National Logistics Costs And The ComponentsFrom 2006 – 2014

Source: Stellenbosch University (CSRI Report)

Total cost of logistics . 2012 - R393 billion . 2013 - R423 billion . 2014 - 456 billion

Today transport costs account for 61% of total logistics costs whereas in 2003 it accounted for approximately 39%. Logistics costs as a % of transportable GDP is approximately 47% today – a significant cost factor. Logistics costs as a % of GDP is approximately 12,8%

MANAGEMENT & ADMINISTRATION Greater number of people being employed Increase in salaries above inflation Opportunity for automation

INVENTORY CARRYING COST Record low interest rates Increased efficiencies in inventory

management

TRANSPORT Increase in fuel prices Increase in wages above

inflation

The size of theindustry presents

an opportunity

Holland

Benefited from past decisions to re-investment in ‘new’leadership and people

Highly successful strategy of new business development Leveraging off a trend of ‘growing imports’ in the European

Union Europe is the world's largest exporter of manufactured

goods and services, and is itself the biggest export marketfor around 80 countries

United Kingdom

Loss of three ‘senior clients’ Competitor ‘price-cutting’ Slow progress on the acquisition of new clients Re-investment in the business – IT and people

Germany

Strategic ‘foothold’ in this region through Air (Frankfurt)and Sea freight (Hamburg), ‘hubs’ of Germany

Germany is the second to largest exporter outside of Chinaand has a 10 % share of world trade

Extensive trade between Santova’s offices worldwide andGermany

Facilitate the growth of Santova’s planned offices in Africa

South Africa

Source and foundation to our innovation Most challenging trading zone of all global offices Significant growth in specialised projects Significantly re-engineered work flow processes Year-on-year improvement in efficiency and effectiveness

Australia

‘An economy in transformation’ Previously ‘exempt’ from financial crises, property crashes

and dot-com busts Seeking ‘alternative economies’ – agricultural, construction ,

‘new’ energies and e-commerce Benefits from past decisions to invest further in the ‘right

people’ Solid ‘new market’ business development – pharmaceuticals

China/Hong Kong

Pivotal role for value-added services at source ‘Shipping terms’ changed to enable end-to-end SCM Intellectual capital supporting client globalisation All the more strategic as Santova globalises

Santova Business Unit Highlights

Geography Rank Gross Billings(Rands)

Gross Revenue(Rands) Contribution % Gross Profit

Margin %South Africa 1 416 276 948 10 971 305 4,6% 3%South Africa 2 29 092 452 6 303 334 2,7% 22%South Africa 3 143 440 307 6 170 915 2,6% 4%South Africa & Hong Kong 4 197 408 173 7 839 932 3,3% 4%South Africa 5 31 216 870 3 779 758 1,6% 12%South Africa 6 152 721 726 3 398 688 1,4% 2%Australia 7 25 506 190 2 590 817 1,1% 10%United Kingdom 8 9 819 671 2 436 249 1,0% 25%Australia 9 13 822 023 2 182 231 0,9% 16%South Africa 10 27 507 428 2 160 985 0,9% 8%United Kingdom 11 10 059 120 2 048 774 0,9% 20%United Kingdom 12 10 095 337 2 015 884 0,9% 20%South Africa 13 56 419 406 1 849 941 0,8% 3%South Africa 14 17 232 870 1 692 126 0,7% 10%South Africa 15 53 434 832 1 551 436 0,7% 3%South Africa 16 27 039 477 1 470 454 0,6% 5%Netherlands 17 8 666 960 1 437 579 0,6% 17%South Africa 18 45 945 814 1 404 359 0,6% 3%South Africa 19 35 584 695 1 323 758 0,6% 4%United Kingdom 20 7 717 168 1 315 232 0,6% 17%

1 319 007 466 63 943 759 27% 5%

Group Total 237 032 905

% Contribution 27% Top 20 clients

0

50

100

150

200

250

300

350

30 80 81106

172

348

Cent

s

Feb 2015

Closing Share PriceFeb 2015

2010 2011 2012 2013 2014 2015

2015 2014Movement

Market capitalisation 474 878 733 234 710 178 102%Number of shares in issue 136 459 408 136 459 408 -Volume traded as % of shares in issue 37,47% 69,50% 46,09%Total number of shareholders 2 656 1 433 85,35%No. shareholders holding 76,87% of shares 126 128 1,56%Market price/net asset value per share (cents) 2,06 1,18 74,58%Santova price earnings multiple 12,33 7,67 60,76%

Corrected overthe last 12

months yet notover priced

Santova Share

0%

5%

10%

15%

20%

25%

30%

35%

31%

Industry

Diluted Earnings Per Share Year-Over-Year Growth Rate(CAGR) Over the Last 7 Years 2015

SantovaThe industry

average isapproximately 5%

The industryaverage is

approximately 5%

0

100

200

300

400

500

97

231335

441 463

Thou

sand

s

Feb 2015

Santova OfficesNet Income After Tax per Employee

Excluding Head Office

South Africa United Kingdom Hong Kong Europe Australia

Efficiency Effectiveness

0,00%5,00%

10,00%15,00%20,00%25,00%30,00%35,00%40,00%

22,85%26,12%

22,50%

39,98%

28,41%

23,56%

Perc

enta

ge

Feb 2015

Geographical Operating Profit Margins (%)Excluding Head Office and Financial Services

South Africa Offshore United Kingdom Hong Kong Europe Australia

Industry averageis approximately

6%

Industry averageis approximately

6%

0,00

5,00

10,00

15,00

20,00

25,00

30,00

12,70

22,10

23,8023,10 24,20

26,00

Perc

enta

ge

2010 - 2015

Group Operating Profit Margin (%)

2010 2011 2012 2013 2014 2015

v

2015 FINANCIAL RESULTS PRESENTATION

FINANCIAL HIGHLIGHTS

28.4%Profit before tax

6.623.0 29.7 33.5 40.0 51.4

2010 2011 2012 2013 2014 2015

Basic earnings per share

25.9% 3.012.6 15.8 18.1 22.4 28.2

2010 2011 2012 2013 2014 2015

16.0% Net Asset Value per share 63.9 75.2 92.1 108.4

145.5 168.8

2010 2011 2012 2013 2014 2015

30.8%Ordinary Dividend 2.50

3.254.25

2013 2014 2015

FINANCIAL HIGHLIGHTS

• Santova Administration Services (Pty) Limited officially approved by SARB as a ‘DomesticTreasury Management Company’

• Santova awarded 1st place out of 311 companies listed on the JSE in the 2014 IRASSustainability Reporting Survey

• Renewal and increase in Group banking facilities from R300 million to R350 million inAugust 2014

• Voluntary changes in accounting policies to give more relevant information– Cash flow statement – inclusion of proceeds from sale of receivables in operating activities– Segment report – separation out of Group Head Office and consolidation eliminations

• Acquisitions/New offices– Acquisition of Masterfreight, Frankfurt – effective 1 December 2014– Acquisition of AEMC Trading – Effective 1 May 2015– Establishment of a new Hamburg sea freight office on 1 April 2015

GROUP EARNINGS

2015 2014 ChangeR'000 R'000 % Comments

Billings 3 462 792 3 221 519 7.5%

Revenue 237 033 214 357 10.6%Revenue/Billing Margin 6.85% 6.65% 0.2%

Other income 16 700 15 118 10.5%Depreciation and amortisation (3 311) (3 476) -4.8%Administrative expenses (188 741) (174 228) 8.3%Operating profit 61 681 51 771 19.1%

Operating Margin 26.0% 24.2% 1.9%

Interest received 8 686 4 559 90.5%Finance costs (18 981) (16 316) 16.3%

Interest Cover 6.0 4.4 1.6Profit before taxation 51 386 40 014 28.4%

Income tax expense (12 166) (9 228) 31.8%Effective tax rate 23.7% 23.1% 0.6%

Profit for the year 39 220 30 786 27.4%

Combination of 3% in SA and 31% offshore - SA 82% of billings

61% SA and 39% ForeignLeveraged by higher margins offshore and project revenue in SA

Annuity FOREX Commissions and FV gain of R5.9 mil. (2014: R5.2 mil)

Inflation based in SA plus effects of FOREX on translation of foreigns

Growth in Foreign revenue exceeding growth in costs - BV and AUS

Interest earned on funding of clients in SAInterest paid on ID facilities - directly linked to growth in billings

Increase as a result of higher earnings from Netherlands and Australia

BILLINGS/REVENUE ANALYSIS2015 2015 2015 2014 2014 2014

% R'000 % % R'000 %

TOTAL BILLINGS 100% 3 462 792 100% 3 221 519

DISBURSEMENTSFreight & Transportation 26% 905 877 25% 819 374Customs Duty & VAT 67% 2 319 883 68% 2 187 788

93% 3 225 759 93% 3 007 162REVENUE

Freight Revenue 85 351 36% 69 541 32%Agency Fees 45 703 19% 48 745 23%Documentation Fee 25 439 11% 21 553 10%Facility Fee 24 237 10% 21 255 10%Commission 23 952 10% 22 574 11%Other 15 698 7% 14 067 7%Insurance Revenue 8 633 4% 7 992 4%Exchange Factor 4 405 2% 5 269 2%Port Dues 3 615 2% 3 362 2%

6.8% 237 033 6.7% 214 357OTHER INCOME

Fair Value Gain 5 896 5 171Profit on FOREX 5 363 5 580Marine Insurance 1 259 749Credit Underwriting 806 -Other 3 434 3 618

16 758 15 118

BILLINGS CYCLE

Peak Trading PeriodPeak Trading Period

HEADLINE EARNINGS

2015 2014 ChangeR'000s R'000s %

Profit attributable to ordinary shareholders 38 525 30 587 26.0% Assets disposals -130 94 Impairment of goodwill 3 892 3 131 Taxation effects 19 -18 Non-controll ing Interest - 9Headline earnings 42 306 33 803 25.2%

Basic earnings per share (cents) 28.23 22.42 25.9% - Diluted Basic earnings per share (cents) 27.73 22.12 25.4%

Headline earnings per share (cents) 31.00 24.77 25.1% - Diluted headline earnings per share (cents) 30.45 24.45 24.5%

Weighted average no. of shares (000s) 136 459 136 459

W.M Shipping goodwill - August 2014 & 2013

Dilution due to Employee Share Option Scheme

No new shares issued in 2014 or 2015

FOREX and TRADE VOLUMESFOREIGN EXCHANGE RATES

2015 2014 % ChangeAUD 9.00 9.65 -6.8%EUR 12.95 14.76 -12.2%GBP 17.75 17.98 -1.3%HKD 1.48 1.39 6.2%USD 11.45 10.79 6.1%

2015 2014 % ChangeAUD 9.69 9.38 3.3%EUR 14.14 13.29 6.4%GBP 17.78 15.74 13.0%HKD 1.41 1.29 9.8%USD 10.94 9.97 9.7%

Average 8.4%

CLOSING RATE

AVERAGE RATE

SOUTH AFRICAN PORT TRADE VOLUMES

Durban Port ALL PORTS

IMPORTS - Deepsea TEU's Landed2014 1 003 137 72% 1 386 387

-5.1% -5.0%2013 1 057 116 72% 1 459 698

EXPORTS - Deepsea TEU's Shipped2014 684 342 63% 1 083 814

-1.8% -0.2%2013 697 164 64% 1 085 851

Source: Transnet National Ports Authority

FOREX + Trade = SA Billings Growth ActualRESULT = SIMPLE MATHS

2015 8.40% + (5%) = 3.40% 3.10%2014 19% + (5%) = 14% 15%

SEGMENTAL EARNINGS

Billings% ChangeGP% Margin- Change

Revenue% Change

Other income% Change

Depreciation and amort.Administrative expenses

% Change

Operating incomeOperating Margin%- Change

SOUTH AFRICA

GROUPSANTOVALOGISTICS

FINANCIALSERVICES

80%(80 027) 2 842 966 9 795

9.1% 3.1% 9.8%1.0% 4.8% 100.0%

-0.3% 0.1% 0.0%

61%(809) 136 251 9 795-12.6% 5.3% 9.8%

5 427 6 073 1 34654.5% -9.5% 24.1%

1 129 1 464 38682 109 728 7 333

-76.4% 6.4% 19.4%

2 806 31 131 3 769-346.9% 22.8% 38.5%-481.2% -1.4% -4.4%

22.8%

OFFSHORE

HK UK AUS Europe20%

26 874 214 871 168 359 279 953-7.5% 5.3% 45.2% 55.8%20.1% 15.2% 9.8% 13.3%

1.3% -0.9% -0.7% -1.4%

39%5 393 32 590 16 578 37 235

-1.0% -0.6% 35.3% 40.7%

1 659 1 232 710 31353.1% 130.0% 60.9% -82.2%21 329 152 177

4 874 26 161 13 230 26 79118.7% 15.3% 15.9% 12.3%

2 156 7 332 3 906 10 58040.0% 22.5% 23.6% 28.4%-3.0% -8.6% 14.8% 12.5%

26.1%

TOTAL

3 462 7927.5%6.8%0.2%

237 03310.6%

16 75810.9%

3 311188 799

8.4%

61 68126.0%

1.9%

SEGMENTAL EARNINGS cont.

TOTAL

GROUP SANTOVALOGISTICS

FINANCIALSERVICES HK UK AUS Europe

Interest received (1 429) 9 462 472 77 47 54 3 8 686% Change 52.7% 85.7% 71.4% 6.0% 262.4% 43.9% 90.5%

Finance costs (69) 18 778 - - 119 - 153 18 981% Change -157.6% 19.0% 0.0% 7.4% -100.0% -50.7% 16.3%

Profit before taxation 1 447 21 815 4 241 2 233 7 259 3 960 10 431 51 386

Income tax expense (37) 6 034 778 225 1 494 1 185 2 488 12 166Effec Tax Rate -2.6% 27.7% 18.3% 10.1% 20.6% 29.9% 23.8% 23.7% - Change -48.1% 0.5% -2.1% -0.9% -3.0% 0.2% 2.2% 0.6%

Profit for the year 1 484 15 781 3 464 2 008 5 765 2 775 7 944 39 220% Change -218.5% 4.7% 6.1% -6.6% -25.3% 257.0% 160.3% 27.4%

53% (2014: 56%) 47% (2014:44%)

SOUTH AFRICA OFFSHORE

GROUP BALANCE SHEET

2015 Movement 2014 % ChangeR'000 R'000 R'000 Comments

ASSETSNon-current assets 140 652 (766) 141 418Plant and equipment 7 933 . 8 940 -11%Intangible assets 122 264 (1 663) 123 927 -1%Financial assets 3 235 60 3 175 2%Deferred taxation 7 220 1 844 5 376 34%

Current assets 592 834 37 711 555 123Trade receivables 495 162 14 424 480 738 3%Other Receivables 52 738 16 111 36 627 44%Current tax receivable 45 (871) 915 -95%Cash and cash equivalents 44 889 8 046 36 843 22%

733 486 36 945 696 541 5%

Goodwill on acquisition of subsidiaries

Trade Debtors - 89% SA

Position control - recoverable disbursments

Cash on call - 83% held offshore

GROUP BALANCE SHEET cont.

2015 Movement 2014 % Change CommentsR'000 R'000 R'000

EQUITY AND LIABILITIESCapital and reserves 230 289 31 779 198 510 16%

Non-current liabilities 20 500 (9 580) 30 080Interest-bearing borrowings 18 800 (9 167) 27 967 -33%Long-term provision 1 700 (77) 1 777 -4%Financial liabilities - (336) 336 -100%

Current liabilities 480 697 12 746 467 951Trade and other payables 171 826 (48 924) 220 750 -22%Current tax payable 2 710 (1 470) 4 180 -35%Interest-bearing borrowings 8 088 141 7 947 2%Related parties 216 12 204 6%Financial liabilities 1 447 (8 262) 9 709 -85%Short-term borrowings 280 838 72 517 208 321 35%Short-term provisions 15 572 (1 268) 16 840 -8%

731 486 34 945 696 541 5%

Amortising 5yr Medium Term LoanPost Retirement medical aid costs

Change in Customs Deferment Date

Amortising 5yr Medium Term Loan

Masterfreight contingent purchase priceInvoice discounting facilityHR related provsions

TRADE RECEIVABLES2015 2014 Change

R'000 R'000 % CommentsCredit Ratios

Total Trade Receivables 507 198 486 344 4% - SA Portion 88% 89%

Debtor Days 52.2 54.5 -2.30

Debtors more than 30 days past due 13 601 13 663 0% - Percentage 2.7% 2.8%

Bad Debt Provisions 8 651 4 622 87% - South Africa 1 970 1 343 - Offshore 6 681 3 279 - Percentage 1.7% 1.0%

Bad Debts (Net of Recoveries) 1 327 2 316 -43% - Percentage 0.3% 0.5%

Total Impairment Charge 5 632 1 871 201% - Credit loss ratio 1.1% 0.5% 0.6%

Provision for Overtrading 3 385 985 244% - Percentage 0.7% 0.2%

Pre-provisions

Improved overall collections

SA book credit underwritten 85%/90%Foreign books 'self insured'

Avg of 4 major SA banks 2.1% - 2.0% in 2014

Avg of 4 major SA banks 1.1% - 0.8% in 2014

Clients trading above insured limits

FINANCING REVENUE Analysis2015 2014 Change

R'000 R'000 %

Total Gross Debtors Book 507 198 486 344 4%

- South Africa

Interest Bearing 304 203 306 665 -1%

Non-interest bearing 130 304 141 939 -8%

- Foreign 72 691 37 740 93%

Financing Revenue

- Facility Fee & Interest Received 32 687 25 489 28%

- Credit Underwriting Recoveries 806 - 100%

Less: Interest paid 16 002 12 030 33%

Net Interest Margin 17 491 13 459 30%

- Credit Underwriting Fee 6 043 4 709 28%

Net Margin 11 448 8 750 31%

Average Prime rate 9.25% 9.1% 8.5%

Average Rate - Interest Received 10.7% 9.9% 0.8%- Margin to prime 1.6% 1.4% 0.2%Average Rate - Interest Paid 8.8% 8.3% 0.5%- Margin to prime -0.4% -0.3% -0.1%Net Interest Margin 2.0% 1.7% 0.3%

CASH FLOW & CASH HOLDINGS

2015 2014 ChangeR'000 R'000 % Comments

NET CASH GENERATED FROM OPERATING ACTIVITIES 28 644 23 668 21%

INVESTING ACTIVITIESAssets acquisitions (3 015) (4 205)Asset Disposals 496 293Dividends received 1 200 -Net cash flows on acquisition of subsidiaries (3 438) (6 277)

FINANCING ACTIVITIESBorrowings repaid (9 439) (5 597)Increase in amounts owing to related parties 12 37Dividends paid (4 435) (3 411)

Difference arising on translation of cash (1 979) 5 257

CASH AND CASH EQUIVALENTS 44 889 36 843 22%- Held Offshore 83% 75%- Held in South Africa 17% 25%

CAPEX - primarily IT

Guardrisk Cell Captive - Marine Insurance

Acquisition of Masterfreight Germany

Repayment of Medium Term Loan

Final 2014 ordinary dividend

Impact of FOREX movements on cash

Cash held on call

VALUE ADD2015 2015

Billings Basis Revenue Basis

R'000 % R'000 %

Value Created

Billings to Clients 3 482 051

Revenue from Clients 256 292

Paid to Suppliers and Agents 944 171 45 615

2 537 880 210 677

Value Distributed

Employees 119 945 5% 119 945 57%

Government/Regulators 2 339 709 92% 12 506 6%

Financial Institutions 24 793 1% 24 793 12%

IT Service Providers 8 049 0.3% 8 049 4%

Shareholders 4 435 0.2% 4 435 2%

Asset replacement 6 164 0.2% 6 164 3%

Profits retained for future 34 785 1% 34 785 16%

2 537 880 100% 210 677 100%

CONCLUSION – Financial Dashboard

KEY INDICATORS1 Revenue Growth

BillingsRevenueRevenue/Billings Margin

2 ProfitabilityNet Profit before TaxOperating Margin

3 Cash PositiveCash generated from OperationsCash and Cash Equivalents

4 TradabilityVolume of shares tradedPercentage Traded

5 Dividend Paid

2015 2014 %R' million R' million Change

R 3 463 R 3 222 7.5%R 237 R 214 10.6%6.8% 6.7% 0.1%

R 51.4 R 40.0 28.4%26.0% 24.2% 1.8%

R 53.7 R 45.2 18.9%R 44.9 R 36.8 21.8%

51 135 94 84537% 70%

4.25 3.25 31%

Future Strategic Direction

Growth Innovation Efficiency – Effectiveness

• Strategic ‘manageable’ acquisitions

• Application of next generation supplychain technology and sophisticatedsoftware packages

• Partnerships: client centricity through‘intimacy’, agility and flexibility

• Global integration and connectivitybetween supplier and buyer –international offices

• Capitalising off new ideas, opportunities,networks across geographies andcultures

• Multiple revenue streams throughdiverse businesses, currencies andgeographies

• Cross trades: trade outside the countrieswe have a presence in.

• E-commerce

• Leaner cost structures

• Centralisation and decentralisation

• Work flow process optimisation

• Standardisation of operating procedures

• Leveraging off sophisticated softwarepackages and advanced Informationtechnology

• Management by exception: KPI’s

• New organisational structures

• Value add services at source - globally

• Real time integration and connectivity:end-to-end logistics solutions acrossgeographies

• Multi-tiered supply chain networks beingadministered from one point of control

• Facilitating a networked and digital globalsupply chain : network re-engineering

“Continued leveraging of our strengths andfocus on what we’re good at...”

Future strategy is based on 3 pillars