Results Presentation

For the six months ended 30 September 2005

25 November 2005

SEGMENTAL ANALYSIS

UNDERLYING RESULTS

INTRINSIC VALUE

SHARE INFO

QUESTIONS

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

4

Financial HighlightsInterim Sep ‘05

Interim Sep ’04(1)

% change

Final

Mar ‘05(1)

Headline earnings (R’m) 2 809 2 459 14.2 5 006

Headline EPS (cents) 579.4 491.4 17.9 1 006.7

Basic EPS (cents) 1 203.5 786.6 53.0 1 721.1

DPS

- Ordinary (cents) 133.0 116.0 14.7 314.0

- Special (cents) 600.0(2) - -

Intrinsic NAV (R) – after CGT

136.36 107.77 13.7(3) 119.97

Closing share price (R) 109.95 82.10 33.9 93.80

(1) The final and interim figures for March 2005 and September 2004 have been adjusted to be IFRS compliant, with the exception of FirstRand, RMBH and Nampak, which are reported in terms of SA GAAP (see slide 5)

(2) The special dividend of 600 cents has been declared and paid(3) The change in the intrinsic value from 31 March 2005 to 30 September 2005

5

Accounting changes• Remgro applied International Financial Reporting Standards

(“IFRS”) for the six months ended 30 September 2005 • Certain associated companies (FirstRand, RMBH and Nampak)

were not in a position to provide Remgro with IFRS information due to later reporting periods. These companies were included on a SA GAAP basis, as approved by the JSE

• IFRS adjustments to earnings: – 31 March 2005: R253 million (negative)– 30 September 2004: R305 million (positive)

• IFRS adjustments to headline earnings: – 31 March 2005: R19 million (positive)– 30 September 2004: R12 million (negative)

• Other positive prior year adjustments amounted to R5 million for 31 March 2005 and R9 million for the six months ended 30 September 2004 for both earnings and headline earnings. These adjustments related to a restatement of Transvaal Sugar’s inventory and revenue figure (R4 million) and FirstRand and RMB restated their figures to comply with AC 501 (STC)

6

Corporate activity since March 2005Disposals• ABSA

During July 2005, Remgro sold its entire interest in ABSA for a consideration of R5 064 million (after tax gain - R2 570 million)

• FirstRandIn May 2005 FirstRand announced that its BEE transaction had been implemented and in terms of the scheme, all shareholders sold 7.6 shares for each 100 shares held for R12.28 per share. Remgro received R486 million (after tax gain – R123 million) on 16 May 2005. Remgro’s interest in FirstRand (incl its indirect interest through RMBH) is 16.7%

• SageDuring September 2005 Remgro sold its 17.9% interest in Sage for R114 million. An initial payment of R92 million was received and the subsequent payment of R22 million is still subject to certain potential tax liabilities being resolved. An after tax gain of R10 million was realised

7

Corporate activity since March 2005Acquisitions

• Share repurchasesRemgro repurchased 5 187 563 shares (1.1% of Remgro’s issued share capital) at an average price of R110.46 per share for a total amount of R573.0 million during the six months ended 30 September 2005. Together with previous years repurchases, a total of 35 709 404 (7.3%) shares are held as treasury shares

No further shares were purchased by The Remgro Share Trust

8

KTI transactionOn 29 September 2005, Remgro announced the proposed acquisition of a 37% interest in Kagiso Trust Investments (“KTI”), in equal shares from Liberty Life and Nedbank, for an aggregate consideration of R450 million

Rationale• KTI is an established empowered company with a sound investment

record; • KTI’s investment strategy is complimentary to that of Remgro;• With their combined industry expertise, KTI and Remgro can jointly

pursue future investment opportunities

Further details will be announced once the acquisition becomes unconditional

9

Other subsequent events• Nampak

On 29 September 2005 Nampak shareholders approved its BEE transaction and the operative date of the scheme was 31 October 2005. Remgro sold 10 Nampak shares for every 100 shares held at R15.13 per share. Remgro received R131.3 million on 31 October 2005 and its interest in Nampak diluted to approximately 13.5%

• RMBHRMBH announced, with the release of their final results at 30 June 2005, a capital reduction of R1.00 per share. Remgro received R274 million on 7 November 2005

• DistellOn 21 September 2005 Distell announced the introduction of a BEE partner. Distell will dispose of 15% of its operating company for approximately R869.4 million

• Medi-ClinicOn 4 October 2005 Medi-Clinic announced its BEE initiative and capital restructuring. The operative date of the scheme is 19 December 2005 and Medi-Clinic will buy back 4.25 shares for each 100 shares held at a proposed price of R18.40 per share. Remgro will consequently receive R139.5 million. Remgro’s interest will dilute to 43.4% (after a share issue)

10

Application of cash at the centre• First priority is to invest cash on behalf of shareholders

– New investments– Increased exposure to existing investments

• Continue the share repurchase programme, combined with

• Ongoing real growth in dividends to shareholders; and

• Special dividends from time to time as in the past (STC implications)

SEGMENTAL ANALYSIS

12

Segmental headline earnings performance

Strong performances from:• Tobacco interests +22.5%• Financial services +14.4%

Off-set by:• Mining interests -6.1%

• Industrial interests -1.5%

September 2005

September 2004

Tobacco42%

Financial services32%

Industrial interests22%

Mining interests3%

Corporate finance & other

1%

Tobacco45%

Financial services32%

Industrial interests19%

Mining interests3%

Corporate finance & other

1%

UNDERLYING RESULTS

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Summary of underlying performanceR’million Sep ‘05 Sep ’04 %change

Tobacco interests 1 264 1 032 22.5

Financial services 903 789 14.4

Industrial interests 535 543 (1.5)

Mining interests 77 82 (6.1)

Corporate 30 13 130.8

Total 2 809 2 459 14.2

HEPS (cents) 579.4 491.4 17.9

15

Tobacco

Highlights

• R&R’s contribution to headline earnings increased by 22.5% and was mainly due to Remgro’s higher indirect interest in BAT as well as BAT’s strong results

• BAT’s attributable profit increased by 21.1% in sterling as a result of good organic growth and strong performances by all regions

• The rand was also stable and only appreciated by 0.3%

Headline earnings % Intrinsic value %

R’million Sep’05 Sep’04 change Sep’05 Mar’05 change

R&R / BAT 1 264 1 032 22.5 30 919 26 276 17.7

Avg ZAR:£ rate

11.72 11.75 (0.3)

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Tobacco (cont’d)

£’million Sep’05 Sep’04

Earnings attributable to BAT 1 011 843

(excl non-recurring items)

Movement in NPV of preference shares & dividends - (8)

1 011 835

R&R’s share of earnings 290 238

Movement in NPV of preference shares & dividends - 8

Interest income 15 17

R&R’s income 305 263

Remgro’s share thereof 108 88

ZAR:£ translation rate 11.72 11.75

Remgro’s tobacco headline earnings (R’million) 1 264 1 032

17

Tobacco (cont’d)

• Remgro’s effective interest in BAT increased from 9.4% in September 2004 to 10.2% mainly as a result of the investment in participation securities issued by R&R Holdings

• BAT’s operating profit was 43% lower due to the impact of the £1 392 million gain, in the comparative period as a result of the merger of BAT’s North American operations with those of RJ Reynolds in July 2004. If non-recurring items are excluded, profit from operations are 9% higher (6% at constant exchange rates)

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FinancialHeadline earnings % Intrinsic value %

R’million Sep’05 Sep’04 change Sep’05 Mar’05 change

ABSA 123 228 (46.1) - 4 629 nm

FirstRand 420 296 41.9 8 155 6 941 17.5

RMBH 360 265 35.8 7 182 5 874 22.3

Other - - - 1 146 nm

Total 903 789 14.4 15 338 17 590 (12.8)

Highlights• The ABSA stake was sold to Barclays effective 27July 2005. Dividends amounting to R123

million have been included in income during the period under review. ABSA was equity accounted in 2004

• FirstRand and RMBH returned strong earnings growth for the six months ended June 05

19

IndustrialHeadline earnings % Intrinsic value %

R’million Sep’05 Sep’04 change Sep’05 Mar’05 change

Medi-Clinic 143 125 14.4 3 393 2 732 24.2

Rainbow 95 52 82.7 1 481 1 124 31.8

Total SA 83 105 (21.0) 1 572 1 187 32.4

Distell 57 42 35.7 1 937 1 405 37.9

UBR 53 68 (22.1) 1 709 1 711 (0.1)

Nampak 45 58 (22.4) 1 379 1 371 0.6

Air Products 32 24 33.3 670 606 10.6

Wispeco 29 26 11.5 307 304 1.0

Dorbyl (28) 23 nm 179 422 (57.6)

TSB 23 18 27.8 1 116 1 028 8.6

Henkel / Tylon 0 2 nm - - -

Caxton 3 0 nm 109 89 22.5

Total 535 543 (1.5) 13 852 11 979 15.6

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Industrial (cont’d)Improved performances were mainly due to:• Air Products

Due to increased demand for gaseous products in all industries, Air Products reported a substantial increase in headline earnings

• TSBAlthough the national sugar industry production has increased due to better climatic conditions, TSB has not recovered to the same extent. The strengthening in the export sugar price however has lead to increased income. TSB’s results have been negatively affected by lower income of the citrus business due to lower prices in Japan

Lower results were reported by:• Total SA

The lower contribution was mainly due to STC payable on dividends declared and slightly lower gross profit margins. Reduced refining margins were offset by higher marketing margins

• UBRThe decrease is mainly due to tax payable on dividends declared. Israel reported improved results, but South Africa reported lower results due to the impact of brand disposals and discontinuances

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MiningHeadline earnings % Intrinsic value %

R’million Sep’05 Sep’04 change Sep’05 Mar’05 change

Implats 60 53 13.2 2 412 1 751 37.8

Trans Hex 16 28 (42.9) 520 529 (1.7)

Gencor 1 1 - 6 6 -

Total 77 82 (6.1) 2 938 2 286 28.5

Highlights• The decrease of 6.1% is mainly due to the lower income from Trans Hex as a

result of an increase in cost of sales, exploration costs and asset impairments

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Corporate finance & other

Headline earnings

R’million Sep’05 Sep’04

Central treasury 53 50

Corporate costs (1) (23) (37)

Total 30 13

Intrinsic value

R’million Sep’05 Mar’05

Sundry (liabilities) / assets (2) (134) 355

Note:

(1) The decrease in corporate costs resulted from reduced share scheme costs as a result of implementing IFRS2

(2) The movement is mainly due to an increase in deferred tax liability and tax payable

23

Cash movement at the centre

3 005(561)

(2 918)

5 782 (1)

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(1) Investments realised consists of the sale of ABSA to Barclays (R5 064m), the proceeds received on the FirstRand BEE scheme (R486m), the Sage disposal (R92m), loan repayments received (R132m) and other investments realised (R8m)

24

Total cash

At 30 Sep 2005

R’million Local Offshore Total

Per consolidated balance sheet 3 929 1 005 4 934

Less: Cash at other operating

subsidiaries (835) - (835)

Cash at the centre 3 094 1 005 4 099

Attributable share of R&R’s cash - 2 344 2 344

Available cash 3 094 3 349 6 443

Offshore cash at the centre (on balance sheet) was £89.7 million and the attributable share of R&R’s cash (off balance sheet) was £209.3

million

INTRINSIC VALUE

26

Remgro’s intrinsic valueR’million Sep ‘05 March ‘05 %change

Tobacco interests in GBP (£’m) 2 761 2 236 23.5

Tobacco interests 30 919 26 276 17.7

Financial services 15 338 17 590 (12.8)

Industrial interests 13 852 11 979 15.6

Mining interests 2 938 2 286 28.5

Other interests (134) 355 (137.8)

Cash at the centre 4 099 1 094 274.7

Total 67 012 59 580 12.5

Shares in issue (million) 481.9 487.1

Intrinsic NAV per share (R) – before CGT 139.06 122.32 13.7

Intrinsic NAV per share (R) – after CGT 136.36 119.97 13.7

27

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Intrinsic value Remgro share price

Discount 30/9/05: 19.4%

Intrinsic value vs share price

• Remgro traded at a 19.4% discount as at 30 September 2005 to its intrinsic value (after CGT) (31 March 2005: 21.8%)

Discount 31/3/05: 21.8%

SHARE INFO

29

Share price performance

• Remgro’s share price as at 30 September 2005 outperformed the ALSI by 24.5% and the FINDI by 76.7%

• Remgro’s share price as at 22 November 2005 outperformed the ALSI by 27.1% and the FINDI by 82.2%

Remgro's relative share performance (based to 100)

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100

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29/0

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Remgro ALSI FINDI

QUESTIONS