Consolidated

Infrastructure Group Limited Diversified capabilities, strength to deliver

CIG: Building the World

Around Us 2012 Annual results

August 2012

Overview

• African Growth. We are at an interesting juncture in the “African Growth Story”. On balance, trends are working in favor of African-based infrastructure, companies who can provide first-class operations, customer-centric service, local procurement and local skills development. As Africa invests in its infrastructure backbone, CIG will continue to help shape Africa’s future

• Unleashing the potential. Our core businesses of CONCO and Building Materials have performed well while navigating a few tail winds in Power and Construction, respectively. Their performance has led to 7% turnover growth and 20% EBITDA growth. Additionally the group has made significant progress against our 4 strategic goals for 2012

• More growth ahead. CIG is poised for more growth ahead. Our progress against our 4 strategic goals has made for a robust platform for growth. Looking forward, we look to leverage our forward momentum to invest in a more ambitious growth strategy and trajectory

2

CIG is leveraging “tailwinds” while

navigating “headwinds”

▪ Africa growth story: Drive for commodities, urbanization and flat returns in developing world spurring growth along with investments in infrastructure

▪ Focus on sectors we service: Power, Mining and Oil & Gas leading current and future growth in Africa benefitting our core businesses, along with push for sustainability

▪ Africa heterogeneity: Diversity across Africa favors companies with scalable core platforms, proven ability to partner with local stakeholders and ability to find synergies between verticals

▪ Rise of African companies: As countries continue to grow, so do local companies, providing CIG additional partners well suited to management strengths and ways of working

Positive trends working in our favor…

…while navigating negatives

▪ Shortage of skills: Lack of skills necessary to support our core businesses has led to the planning/launch of a Skills Academy and enhanced focus on retention

▪ Dependence on commodity cycle: While unavoidable given Africa countries’ dependence on commodities, presence across sectors and geographies lessens the risk

▪ Foreign invasion: Presence of Asian and European competitors has increased pressure but years of African commercial and operational experience and a robust network has served CIG well

▪ Sovereign risk and localization: Risk addressed by CIG business model built on Pan-African subsidiaries, local hiring and hedging of currency risks

3

Our Core Business: Services to African

infrastructure sector has tailwinds

Power Transmission

Renewable Energy

Fossil Generation

Roads Telecom Rail

Water & Waste Pipelines

Development of Africa’s commodities requires

infrastructure

Infrastructure provides platform for more

exploration, industry and individual productivity

4

Source: Fin24

In SA, despite market troubles

we see signs of upside Lack of quality spend on low-income housing

Government looking to spend (R50B) on rectifying sub-standard housing

Blackouts and maintenance backlogs

Lack of capacity leading to new build and well-structured RE procurement programme

Long term contracts reduce order book

Longer term contracts give CIG more annuity-based income and lower cost

Delays in the RE program

DoE ensuring program is well structured, increasing certainty around execution and payments

5

Overview

• African Growth. We are at an interesting juncture in the “African Growth Story”. On balance, trends are working in favor of African-based infrastructure, companies who can provide first-class operations, customer-centric service, local procurement and local skills development. As Africa invests in its infrastructure backbone, CIG will continue to help shape Africa’s future

• Unleashing the potential. Our core businesses of CONCO and Building Materials have performed well while navigating a few tail winds in Power and Construction, respectively. Their performance has led to 7% revenue growth with 20% EBITDA growth . Additionally the group has made significant progress against our 4 strategic goals for 2012

• More growth ahead. CIG is poised for more growth ahead. Our progress against our 4 strategic goals has made for a robust platform for growth. Looking forward, we look to leverage our forward momentum to invest in a more ambitious growth strategy and trajectory

6

CIG navigated market hurdles and

gained efficiencies 2010 - 2012 CIG annual results

+7% 1,446 1,230

1,553

225 +20% 187

152

11510089 +15%

2012 2011 2010

Revenue ZAR MM

EBITDA ZAR MM

Fully diluted HEPS ZAR cps

While revenue gains were 7%, CIG subsidiaries implemented efficiency gains leading to EBITDA and HEPS increases of 20% and 16%, respectively

CONCO delivered the bulk of Group’s results at 82% and 80% of revenue and EBITDA, respectively

D/E ratio increased from 10% to 32% due to successful note program

Current ratio improved from 1.48 to 2.64 7

CONCO’s growth is driven by

Africa’s need for power 2010 - 2012 CONCO annual results

1,027 1,280 1,242

179166130

2.0

1.5

1.0

2010 2012 2011

Revenue ZAR MM

EBITDA ZAR MM

Order book ZAR B

While revenue remained flat, due to delays in our active markets, EBITDA improved by 8%

Although South African municipality spending was weak, business increased 5-fold from the South African transportation sector, with sizeable tenders from Transnet

Management seeing signs of investments in the business paying off in the short-term, for example: South Africa Renewable Energy Business Development initiatives (e.g.,

new staff, new offerings) Skills Academy (13 learnerships)

Beginning execution on pipeline of new

initiatives 8

2012 YTD Order book ZAR Billion

0.7

0.61.5

1.3

+23%

2012 YTD

2.0

0.7

2011 2010

CONCO order book is growing and increasingly diverse

Order book has grown significantly over the past two years (23%)

Non-South African business accounts for ~50% of the non-Renewable Energy portion of the order book

Renewable Energy is projected to comprise a significant share (~30%) of the order book for the foreseeable future

Not included in the order book are contracts awarded, but not signed 9

*SA does not include Renewable Energy

ex-SA RE SA*

CONCO’s 2 year rolling win rate

is a stellar ~36%

61% 67% 64%

36%

2012

116

33%

2011

223

39%

Total

339 100%

Won

Lost

2011 – 2012 Project won/lost ratio Percent

CONCO won/lost ratio declined slightly in 2012 as we continue to compete against new market entrants

Slow downs in spending in some regions and globally increased competitiveness

There are over 80 projects from 2011 and 2012 yet to be adjudicated 10

Tenders submitted*

232 189 421

*Difference in submitted and won/lost totals is projects not yet adjudicated

1.52.2

1.8

0.4

+43%

2012

6.1

3.9

2011

4.5

2.3

2010

3.0

1.5

Potential Ex-SA and SA Renewables projects offer tremendous upside

2012 YTD tenders awaiting adjudication ZAR Billion 49% order book growth

is a promising sign of rising demand across Africa

Growth outside of SA has been remarkably strong

Despite delays, management optimistic SA Renewables will contribute significantly to turnover in FY 2013. SA government recently increased allocation of future build to RE projects

SA Ex-SA SA RE

*Window 1 only 11

Home office Overview of CIG experience across Africa and the Middle East

It remains essential to increase coverage across Africa

CIG office or presence

Split of business: SA vs ex-SA ZAR MM, Percent

64% 65%58%

2010

1,028

36% 35%

100%

SA

Ex-SA

2012

1,280

42%

2011

1,242

12

Supply authority and Transport spend has compensated for Municipalities and Mining

2012 CONCO turnover by division Percentage

2012 CONCO turnover by client type Percentage

Substations Overhead

Lines

Protection

&

Automation

Renewable

energy

Overview of turnover split by division

3

1

3

Mining & General

30

35

21

Supply Authorities

42

26

34

Municipalities

Transport

25

38

42

2012

2011

2010

Example

13

67 64 28 31

57

00

FY 2008 – 2012 CONCO growth in personnel

•Finding quality personnel continues to be our biggest constraint

•Significant progress made towards CONCO certification as a trainer

•CONCO Skills Academy, to be formally launched, led to 13 learnerships for previously disadvantaged candidates

CONCO continues to invest in our key asset – our people

111

134

178

180+32%

2010

1,056

646

2011

876

615

824

2012

481

2009

454

343

Key positions

Rest of workforce

14

Building materials has improved its

operational platform

2010 - 2012 BM annual results ZAR MM 273

203202

58

2829

2012 2011 2010

Revenue

EBITDA

Focused on strengthening operations platform and implementing cost savings initiatives

Outperforming others in the sector, while waiting for a recovery

Actively pursuing acquisition opportunities

15

Priority

•Strategic focus on “Big 5”

•Renewables

• Investment in Infrastructure and Energy

•Deliver more solutions

Progress Details

•Maintained edge in SA •Multiple projects in Ghana and Kenya •Small project wins in Angola, Nigeria •Starting to see opportunity in KSA

•Despite delays, positively positioned

for Window 1 • Increased staff to execute additional

projects efficiently for customers • Invested in Operations & Maintenance

•Added capacity to invest •Advancing on a pipeline of M&A and

project opportunities

•Business Development at CONCO fully staffed and performing well

•Kicking off procurement initiative •Budding partnerships with financiers

Group has made significant progress

against 2012 strategic priorities

16

Overview

• African Growth. We are at an interesting juncture in the “African Growth Story”. On balance, trends are working in favor of African-based infrastructure, companies who can provide first-class operations, customer-centric service, local procurement and local skills development. As Africa invests in its infrastructure backbone, CIG will continue to help shape Africa’s future

• Unleashing the potential. Our core businesses of CONCO and Building Materials have performed well while navigating a few tail winds in Power and Construction, respectively. Their performance has led to 7% turnover growth and 20% EBITDA growth. Additionally the group has made significant progress against our 4 strategic goals for 2012

• More growth ahead. CIG is poised for more growth ahead. Our progress against our 4 strategic goals has made for a robust platform for growth. Looking forward, we look to leverage our forward momentum to invest in a more ambitious growth strategy and trajectory

17

Strategic growth of subsidiaries

Transformative investments

Formation of Pan-African growth engine

•Accelerate growth by applying strategic, operational and financial levers to navigate market conditions and outperform competition

•Priorities: Market share gain in Big 5, successful execution of Renewable Energy EPC projects, product expansion in Building Materials

•Seek and acquire infrastructure companies and projects which can significantly enhance the value of the group, strategically and financially

•Priorities: Make multiple investments during FY2013, dedicate additional resources to sourcing attractive deals

•Build a group support structure which extends reach, adds management capacity to subsidiaries and properly “corporatizes” new investments; making the whole greater than the sum of its parts

•Priorities: Add Business Intelligence function at group level, optimize Group corporate and capital structure

On the back of strategic success,

management built a growth platform

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•Sectors: Power, Oil & Gas, Mining, Logistics, Telecom and Water and other infrastructure services

•Investment types: Services companies into each sector, infrastructure projects, advantaged manufacturing assets

•Investment profile: Earnings enhancing, good management, scalable services, high growth potential, customer-centric, nice fit with Group ethos (entrepreneurial, technically sound, moderate technical complexity)

•Progress: Management has identified opportunities to invest in, diligence progressing, potential partners engaged to identify additional opportunities

CIG Board has approved an investment

mandate for Management to execute

Civ

ils

Po

we

r M

inin

g Te

leco

m

Oil

& G

as

Logi

stic

s W

ate

r

19

Public sector (e.g., NERSA, DTI, Eskom, Munis) Experienced local skill development (26 yrs) Supplier localization Long term investment by SA company Easy access to performance across multiple

assets

Owners and Developers Maximize value for entire asset Reliable balance sheet to support

performance guarantees Transparent performance reporting Meet localization, development goals

Financiers Certainty around cash flows due to

uninterrupted operations Increased security with higher

value assets Transparency into asset

performance Subcontractor with a meaningful

balance sheet

EPCs and OEMs Maintenance of asset and

equipment to specification Avoids hassle of importing O&M

personnel or hiring personnel of substandard quality

Greater warranty assurance

CONCO O&M can align stakeholder

interests in SA Renewable Energy

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Appendix: Detailed Financials

21 21

Financial performance and ratios

12 months 31st Aug 2012

12 months 31st Aug 2011

ROIC – Conco 24% 21%

ROCE 13.3% 12.8%

EPS (cps) 116 98

HEPS (cps) 116 100

Operating margin (EBITDA on revenue)

14.5% 12.9%

Current ratio

2.64 1.48

Debt to equity

32% 10%

Net asset value per share (cents) 964 832

Net tangible asset per share (cents) 549 395

Note: HEPS figures adjusted to allow for 10:1 share consolidation

22 22

31 Aug 2012 Rand ‘000

Percent change

31 Aug 2011 Rand ‘000

Revenue 1,553,522 8% 1,445,556

EBITDA 225,059 21%

186,794

Trading profit 185,379 16%

159,325

Net interest earned / (expensed) 2,671

(4,919)

Taxation 51,146 18%

(43,314)

Profit for period 136,892 23%

111,092

Headline earnings 136,485 20%

114,223

Consolidated income statement

Trading margin steady at 28%

Note: Current ZAR exchange rate = R7/$ 23 23

31 Aug 2012

Rand ‘000 31 Aug 2011

Rand ‘000

Non-current assets

819,151

817,423 Current assets 1,163,227 807,528 Total assets 1,982,378 1,624,951

Equity 1,146,503 946,311 Non-current liabilities 396,053 132,570 Current liabilities 439,822 546,070 Total equity and liabilities 1,982,378 1,624,951

Consolidated balance sheet

24 24

Consolidated cash flow statements

25

Reviewed 31 Aug 2012

Rand ‘000

Audited 31 Aug 2011

Rand ‘000

Cash generated by operations before changes in working capital 226,523 190,736

Changes in working capital (225,068) (179,735)

Net interest received/(interest paid) 2,671 (4,919)

Taxation paid (13,845) (39,986)

Cash flows from operating activities (9,719) (33,904)

Cash flows from investing activities (42,789) (58,567)

Cash flows from financing activities (268,362) (5,261)

Net increase/ (decrease) in cash and cash equivalents 268,362 (97,732)

Effect on foreign currency translation reserve movement on cash balances (9) (92)

Cash and cash equivalents at beginning of year 136,036 233,860

Cash and cash equivalents at end of year 404,389 136,036

25

CONCO Debtor Analysis

26

56

124

348

39

147

335

Contract debtors Debtors over 60 days Retention debtors

2011

2012

2011 and 2012 Debtors positions ZAR MM

Increase in retention debtors CONCO has put additional effort into collecting on late debts

26

• Procurement shift to East (5 to 7 months of additional investment)

• Higher value projects – longer construction periods

• Milestone shifts - from delivery to installation

• “Lumpiness” in turnover

• Mix of contracts has resulted in a substantial reduction in advance payments (R100m)

• Investment in new markets and capabilities

Working Capital constraints

27

CIG Shareholders > 5% represents

70% of the shareholder base

28

11%

30%

6%

10%Yonbor Nominees (Global Capital)

PGR2 investments

14% Consolidated Power Holding (Management) 6%

Nala Empowerment

Pan African Investment Partners II

23% Other*

Peregrine Equities

CIG Shareholders with greater than 5% stake Percent

28

*Includes shares held by institutions and other smaller shareholders

Contact Us

Thank you for your interest!!

Raoul Gamsu – CEO raoul@ciglimited.co.za

Ivor Klitzner – CFO ivor@ciglimited.co.za

D.C. Moore – CIO dc@ciglimited.co.za

Main telephone: +27 10 591 0593

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