Overview

Founded in 1995Listed in 1998Profitable Empowering Making a differenceTrack record of creating value for shareholders evidenced by steady growth in share price, dividends paid, and solid growth in intrinsic net asset valueStrong empowerment credentials 25 broad based NGOs as shareholders, with more than 3 million beneficiaries

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Overview

Sector focus: Financial Services, Food, Healthcare, Infrastructure

Long-term partnership approach to investments

Strong, diverse and experienced team

Leadership and structuring role in larger BBBEE transactions

Access to leveraged transactions

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Key investment sectors

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FoodFood HealthcareHealthcare Financial ServicesFinancial Services

RE AFRICA

OtherOtherInfrastructureInfrastructure

Contribution to Intrinsic Gross Asset Value

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Financial Highlights for 6 months to June 2014

Profit increased to R310m from R165m

Headline Earnings for the year increased by 96%

Total assets increased to R7.2b

Intrinsic NAV increased to R4.6b

Intrinsic NAV per share increased to R18.59

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Statement of Comprehensive Income

(R’m) change 30 June 2014 30 June 2013

RevenueSales and fee incomeDividends

4%-2%

114%

1 092968124

1 04999158

Operating profit 136% 104 44Fair value gains 105% 334 163Share of profits of associates 7% 31 29Finance costs 89% (87) (46)Profit before tax 86% 391 210Taxation 82% (82) (45)Profit for the period 87% 310 165

Basic EPS (cps) 92% 120.9 63.0Diluted EPS (cps) 92% 103.1 53.8Basic HEPS (cps) 96% 120.9 61.7Diluted HEPS (cps) 96% 103.1 52.7

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Financial Position

change30 June

201431 Dec 2013

31 Dec 2012

Total assets (R’m) 6% 7 231 6 799 5 725Interest bearing

borrowings (R’m) 17% 1 403 1 198 1 181

Book NAV (R’m) 4% 3 356 3 238 2 815Book NAV per share

(cps) 3% 1 370 1 324 1 153

Intrinsic NAV (R’m) 9% 4 563 4 187 3 605Intrinsic NAV per share

(cps) 9% 1 859 1 709 1 474

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NAV & INAV history (R’m)

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Intrinsic NAV summary%

change30 June

201431 Dec 2013

31 Dec 2012

Book NAV (R’m) 3.6% 3 356 3 238 2 815Intrinsic NAV (R’m) 9.0% 4 563 4 187 3 605

Book NAV per share (cps) 3.5% 1 370 1 324 1 153Intrinsic NAV per share (cps) 8.8% 1 859 1 709 1 474

Fully diluted intrinsic NAV per share (cps) 8.5% 1 753 1 616 1 399

Market price per share (cps)Ordinary shares

N ordinary shares7.1%8.9%

1 5001 525

1 4001 400

1 1251 195

Discount to Intrinsic NAV Ordinary shares

N ordinary shares19.3%18.0%

18.1%18.1%

23.7%18.9%

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Intrinsic NAV detail

Asset % held Valuation basis

Gross Value

(R’000)Debt

(R’000)CGT

(R’000)INAV

(R’000)Life Healthcare 5.04% Mkt val per share 2 178 562 - (397 494) 1 781 068

Oceana16.82

% Mkt val per share 1 748 418 (230 142) (220 448) 1 297 828

Sea Harvest61.44

% DCF & EV/EBITDA 557 262 - (66 399) 490 863Nedbank option 0.8% Option valuation 511 368 - (63 984) 447 384Phuthuma Nathi 3.32% Mkt val per share 332 809 (128 818) (24 536) 179 456

MTN Zakhele 2.64% Mkt val per share 261 892 - (24 426) 237 466Tiger Brands option 0.95% Option valuation 250 719 - (44 250) 206 469Old Mutual option 0.35% Option valuation 224 629 - (37 764) 186 865

Lion of Africa 100% Price to book 139 939 - 11 523 151 463

Taste Holdings12.15

% Mkt val per share 92 762 - (10 134) 82 627A&O / Rex Trueform 22% Mkt val per share 54 725 - (4 357) 50 368

AON Re Africa 18% PE 50 518 - (7 932) 42 586

Investment properties 100%Discount to mkt cap

rate 50 521 (23 234) (7 211) 20 077

Afena Capital28.79

% AUM & PE 47 344 - - 47 344House of Monatic 100% Book value 35 969 - (1 113) 34 856

The Scientific Group 28.2% EV/EBITDA 34 203 - (1 816) 32 387

Other investmentsVariou

s Book value 6 370 - 9 401 15 770

In conclusion

Strong balance sheet and access to facilities

Well positioned to pursue value enhancing transactions

Solid track record of unlocking value

Will continue to seek opportunities that will create long-term value for shareholders

Long term view on underlying investments

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Questions

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