[PPT] - Interim financial results Half year ended December 31 2011 Bidvest PowerPoint Presentation

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PASSION/VITALITY/PRECISION www.bidvest.com The power of many…

“Bidvest Unusual”

Interim financial results

Half year ended December 31 2011

SLIDE 2

Results for half year ended December 31 2011

Business Unusual agenda

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1 2 3 5 4

CE’s perspective on the trading period Brian Joffe – Group CE Bidvest strategic approach Brian Joffe – Group CE Concluding remarks Brian Joffe – Group CE FD’s perspectives on the financials David Cleasby – Group FD Comprehensive appendices

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Results for half year ended December 31 2011

Half year ended December 31 2011 - key financial figures

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* Excluding ZAR399m profit on disposal of half of the economic interest in Mumbai International Airport

^ Special dividend funded from proceeds of Mumbai sale

Revenue 15,1% to R67,35 bn Trading profit 14,9% to R3,25 bn Constant currency trading profit 11,6% to R3,15 bn Normalised headline earnings* 10,1% to R1,89 bn HEPS 37,5% to 742,3 cps Normalised HEPS* 13,6% to 613,4 cps DPS 24,4% to 280,0 cps Special dividend^ 80,0 cps Cash generated from operations (pre WC)

9,7%

to R4,0 bn Net debt R5,6 bn (R4,6 bn) 27% of equity

SLIDE 4

Results for half year ended December 31 2011

Business Unusual - CE’s perspective on the trading period

Business Unusual financial result

A satisfactory outcome delivered in keeping with our core beliefs of good corporate citizenship
Underpinned by diversity of cash flows, a tradition of financial stability and by good people

Business Unusual trading conditions

Customers are demanding, price conscious and cautious – sentiment is variable, resources limited
Social media and similar democratising tools is having a powerful impact
Sustainable success requires balance in the value chain, hard work and thrift
The markets we serve are profitable and remain attractive - provided we continue to move with the

times and anticipate change

SLIDE 5

Results for half year ended December 31 2011

Business Unusual - CE on the Bidvest strategic approach

Demand driven model – the customer drives our focus
The refreshed operating structure, creating autonomous smaller divisions each with devolved

decision making management, was timely for Business Unusual and is widely embraced

Outcomes are shaped by our thinking, state of mind and our behaviour as Bidvest staff members
We think Bidvest Centric – governance, strategic direction, financial strength, capital allocation
We think Bidvest Operations – customer facing, specific business focus, deliver service and results
We think co-branding – Bidvest’s collective clout behind individual trading names
We try and capture as many linkages in the service value chain as possible
Our internal journey is one of continuous assessment and improvement
Effective leadership means motivating our people to approach their tasks with enthusiasm and skill

and receiving appropriate recognition and reward

Small things count – fixing the broken window analogy

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Results for half year ended December 31 2011

Business Unusual - CE’s concluding remarks

Bidvest Group companies benefit from group’s reach and scale
Strategy intact to grow organically and acquisitively in commercial services and foodservice
New complementary activities always under consideration anywhere in the world
We are patient and we seek good value
Real growth in earnings is anticipated for the full year
Bidvest is in its 24th year and we shall continue to deliver with vigour for many more
It is business unusual – but then so are we

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PASSION

Financial perspectives

David Cleasby – Group FD

SLIDE 8

Results for half year ended December 31 2011

Bidvest Group Limited - salient financial points

Revenue up 15,1% to R67,3bn (constant currency up 9,6% to R64,1bn)
Expenses well controlled - up 11,5% to R10,2bn but up only 6,0% to R9,6bn in constant currency
Trading profits up 14,9% to R3,3bn (up 11,6% in constant currency)
Margin flat at 4,8% - despite change in mix of contribution - low margin Automotive (5,7% share of

Group profit vs. 3,8%) and also Bidvest Panalpina Logistics (considerable offsetting disbursements against billings)

Non-South Africa 36% of profit (35%) with Namibia (NAD pegged to ZAR) contributing 9,6% (7,8%)
Typical seasonality to cash flow cycle – net w/c days improved though
Tax rate (excluding STC on 2011 final dividend and MIAL profits) 26,7% vs. 26,6%
Minorities up 49% to R151,6m – mainly Bidvest Namibia
Net capital items of R101m includes a R97m IFRS impairment charge for associate Comair
Profit on disposal of 50% interest in Mumbai International Airport of R399,1m - included in headline
Headline earnings up 33,3% to R2,3bn, normalised (ex Mumbai) up 10,1% to R1,9bn; weaker ZAR:

3,7% on normalised HEPS

HEPS up 37,5% to 742,3 cents, normalised HEPS up 13,6% to 613,4 cents (constant currency

HEPS up 9,9%)

ROFE improves from 33,3% to 35,9%
Weighted shares in issue down 3% to 309,5m – effect of Dinatla shares bought back in May 2011
Interim dividend of 280,0 cents per share (up 24,4%), gross cover of 2,25x
Special dividend of 80,0 cents per share

SLIDE 9

Results for half year ended December 31 2011

Bidvest Group Limited - notable influences on the trading period

Exchange rate

ZAR weakened from August 2011
R1bn movement in foreign currency translation reserve

Working capital

R1,6bn (R1,0bn) applied – currency, automotive and Office stocking up, seasonality
Days: stock 34 (33), debtors 31 (30), creditors 52 (48), net days better at 13 (15)
Net trade w/c at cyclical peak in H1 F2008 R5,5bn – 9,1% of revenue
Net trade w/c in H1 F0212 R5,2bn – 7,7% of revenue
R320m reduction in net trade w/c in three years vs. a 35% increase in headline HEPS (normalised)

Capital management and cash flow

Net debt at R5,6bn (R5,0bn @ June 2011, R4,6bn @ December 2010)
Debt to equity stable at 27% (target of 40%)
EBITDA interest cover 11,5x, operating interest cover 8,9x (target of 5x - 6x)
Net capex on PPE and intangibles R1,4bn (R1,3bn)
Notable capex items: BRAC (R320m), Freight (R238m)
Funding appropriately termed, 70% of borrowings & overdrafts at local subsidiaries in ZAR; not out
f line with profit contribution (64%), new internal dividend model
Balance sheet strongly capitalised, substantial capacity for growth
Fitch upgraded Bidvest’s South African long-term rating to 'AA- from 'A+ and short-term rating to

'F1+ from 'F1. Long-term rating has a stable outlook with “a steady through-the-cycle credit profile.”

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Results for half year ended December 31 2011

Bidvest Group Limited - financial pointers for remainder of year

For HEPS calculations the projected number of weighted shares in issue is 309,5m
New 15% shareholders tax becomes effective April 2012 – secondary tax on companies falls

away thus reducing effective corporate tax rate; shareholders to be compensated to the extend of the STC impacts, dividend payout ratio to be raised to approximately 44% of headline earnings (previously 40%)

Exchange rate is anyone’s guess but the ups and downs will be managed appropriately
No change of consequence expected to the typical fiscal working capital cycle
Interest rates unlikely to deviate from prevailing levels
Capacity to use various funding permutations if the need arises on corporate action
Capital markets to be accessed to optimise interest costs and liquidity profile
Asset management and cost efficiency remain critical focus areas
Restructure of Bidvest Commercial Division has allowed new financial blood into Group, bolstering

internal audit skills as well

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VITALITY

Thank you for attending

Questions

SLIDE 12

PRECISION

Appendix 1 Half year ended December 31 2011 Segment trading profits detail

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Results for half year ended December 31 2011

Bidvest Group Limited - trading profits detail

H1 2011 H1 2010 R’000 Trading profit Margin % Share of Group profit Trading profit Margin % Share of Group profit Bidvest Commercial Group 1,814,321 5.6% 55.2% 1,597,754 5.5% 56.2% Bidvest Automotive 187,142 1.8% 5.7% 108,134 1.2% 3.8% Bidvest Electrical 69,957 3.3% 2.1% 59,916 3.0% 2.1% Bidvest Financial Services 328,291 40.2% 10.0% 348,740 42.1% 12.3% Bidvest Freight 439,619 4.2% 13.4% 399,360 4.2% 14.1% Bidvest Industrial 49,232 6.4% 1.5% 62,223 8.0% 2.2% Bidvest Office 141,150 6.7% 4.3% 99,641 5.4% 3.5% Bidvest Paperplus 186,213 9.4% 5.7% 172,776 9.0% 6.1% Bidvest Rental and Products 171,596 17.3% 5.2% 146,397 17.4% 5.2% Bidvest Services 94,311 6.1% 2.9% 95,038 6.3% 3.3% Bidvest Travel and Aviation 146,810 14.3% 4.5% 105,529 12.4% 3.7% Bidvest Food Group 1,064,283 3.0% 32.4% 956,244 3.3% 33.7% Asia Pacific 495,371 4.2% 15.1% 400,361 4.2% 14.1% Europe 378,987 1.9% 11.5% 370,440 2.2% 13.0% Southern Africa 189,925 6.4% 5.8% 185,443 7.1% 6.5% Bidvest Namibia 314,401 25.1% 9.6% 220,603 23.9% 7.8% Bidvest Corporate 95,375 26.2% 2.9% 66,788 19.4% 2.4% Bidvest Group 3,288,380 4.8% 100.0% 2,841,389 4.8% 100.0%

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PASSION

Appendix 2 Segmental results analysis – Bidvest Commercial Division Half year ended December 31 2011

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Results for half year ended December 31 2011

Bidvest Automotive - stand alone retail

Key points for first half

Stand alone automotive retailer – clean dealer profit margin
New car sales up 16%, used down 5% - stable new vehicle pricing
National car market up 16% (NAAMSA), Associated Motor Holdings and

Amalgamated Automobile Distributors sales up 13% Remainder of the year

Rate of new car sales improvement slowing
Savings and operational benefits from recently introduced streamlined

structure

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20 40 60 80 100 120 140 160 180 200 H1 F2011 H1 F2012 R108,1m

Margin 1,2%

R187,1m

Revenue +13,7% to R10,4bn Profit +73,1% to R187,1m

Margin 1,8%

>100 dealerships incorporating the following brands:
Motor cars: Alfa Romeo/Fiat, BMW/Mini, General Motors, Land Rover/Volvo,

Mercedes-Benz/Smart, Chrysler/Jeep/Dodge, Mitsubishi, Nissan, Renault, Peugeot/Citroen, Toyota/Lexus, Volkswagen/Audi, Suzuki, Ford/Mazda, Chery, Foton, Mahindra

Trucks: Freightliner, Hino, Mitsubishi Fuso, Mercedes-Benz, Nissan Diesel,

Volkswagen Commercial Vehicles

McCarthy Call-a-Car, Corporate Fleet Services, Club McCarthy, Eliance,

McCarthy Value Centre

Burchmore’s Vehicle Auctioneers
Amalgamated Automobile Distributors (not consolidated, JV with Imperial)

5,7% of Bidvest trading profit

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Results for half year ended December 31 2011

Bidvest Automotive - stand alone retail

Salient features of the period under review

Automotive a focused vehicle retailer – excludes ancillary financial services and Yamaha
New vehicle unit sales up 16% to 20 212 – a broadly flat pricing environment, relative real pricing

advantages for customers versus used, discounting in the market

Used vehicle unit sales reduced by 5% to 18 897 – residual values under pressure
At 50% parts and service remains an important contributor with superior returns on sales relative to

new and used vehicle sales

Markets shares across franchises (marques) show no significant deviations
Continued strong franchise contributions from Volkswagen/Audi, Mercedes-Benz, Toyota and Land

Rover for example but a number of weaker or loss making marques are a cause for concern

Natural disasters in Japan and Thailand resulted in supply disruptions in 2011 and a build up of

strategic stock where called for

Durban head office and Pretoria office closed, related functions are being optimised in

Johannesburg – slimmed down overhead appropriate for a stand-alone retailer

Burchmore’s Auctioneers remains affected by reduced repossessions and lower used car values

and activity but initiatives to source low priced cars within the Group produced promising results

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Results for half year ended December 31 2011

Bidvest Automotive - stand alone retail

Strategic imperatives and prospects

New McCarthy Managing Director announced
Stable pricing and low interest rates assists customer affordability in the face of intensifying

consumer and business cost pressures but represents a challenge for margin if sales do not continue to rise

Entry level segment growing relative to mid and upper
Growth in new sales since recent lows in 2009 is promising for after-market business
Evidence of a decline in the selling rate of new cars per day
New car upcycle shows signs of maturing in 2012
ZAR has strengthened again from weaker levels but pricing impact still indeterminate
We have some ways to go to get profitability up to our targeted levels

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Results for half year ended December 31 2011

10,0% of Bidvest trading profit

Bidvest Financial Services - robust

Key points for first half

Comprehensive range of financial services, increasing penetration
Bank total assets R4,0bn of which leased R1,7bn, deposits reach

R1,5bn

Bank capital adequacy >17%, ahead of Basel III liquidity & funding

framework

Strong product innovation across all areas of business

Remainder of the year

Three key pillars in bank – branch banking, global trading &

investment, lending

Continued investment in people and systems
New insurance product launches

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200 220 240 260 280 300 320 340 360 380 400 H1 F2011 H1 F2012 R348,7m

Margin 42,1%

R328,3m

Revenue

1,5% to R815,8bn

Profit

5,9% to R328,3m

Margin 40,2%

Retail foreign exchange and corporate banking Travel and corporate foreign exchange Trade services Lending and deposit-taking Fleet and asset financing Short term insurance Life insurance

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Results for half year ended December 31 2011

Bidvest Financial Services - robust

Salient features of the period under review

Bank - ROA 8%, ROE 22%, CAR 17,4%, cost to income 52,6% (expenses up only 4,7%)
World Currency cards launched in Chinese Yuan, Indian rupee, Israeli shekel
Bidvest Bank current account launched
680 000 banking customers (up >100 000 for the period) + 126 000 depositors
A weaker, more volatile rand counteracted interest rates (weighted prime overdraft rate 9%)
Retail market very competitive – vigorous marketing initiatives, well located new branch openings
Encouraging growth in corporate leasing and new lending pipeline
Diversification of leasing revenue streams
On-line auctioning of end of term lease vehicles
Leasing fleet > 12 850 vehicles (1 200 more than June 2011), growing proportion sourced from

McCarthy

Financial services enjoyed a good net underwriting result and brokerage profits showed strong

growth

Increased policy volumes via McCarthy channel
Unrealised profits on the equity portfolio assisted investment income but below 2010
Hollard and Wesbank joint ventures yielded a favourable result

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Results for half year ended December 31 2011

Bidvest Financial Services - robust

Strategic imperatives and prospects

Three banking pillars: Branch Banking (was Retail), Global Trading & Investments (was Corporate

Foreign Exchange), Lending (was Leasing)

Decentralised hubs in Johannesburg, Durban, Cape Town
Marketing the World Currency Card - pre-paid in currency of travel destination, now includes

American Dollar, Euro, Sterling, Australian Dollar, Chinese Yuan, Indian Rupee, Israeli Shekel, United Arab Emirates Dirham and Mauritian Rupee

Well located outlets in southern Africa – continued roll out, branch modernisation, high visibility
Asset based lending to private individuals
Corporate lending diversification
Financial Services Board approves use of “Bidvest Insurance” name
Reviewing IT infrastructure requirements and investing to accommodate growth

SLIDE 21

Results for half year ended December 31 2011

Bidvest Electrical - rising to a challenge

Key points for first half

Depressed market an opportunity to strengthen competitive

advantages - >R4bn annual turnover, comprehensive range, network, know-how

Result benefited from disciplined and focused approach to trading

Remainder of the year

Margins will remain tight and costs will be carefully monitored
No signs of any upturn in construction
Constantly alert to opportunity

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20 30 40 50 60 70 80 H1 F2011 H1 F2012 R59,9m

Margin 3,0%

R70,0m

Revenue +6,4% to R2,1bn Profit +16,8% to R70,0m

Margin 3,3%

Distributor of electrical products and services Voltex (umbrella brand) Versalec Cables Atlas Cables WACO Industries Cabstrut reticulation management Sanlic Security

2,1% of Bidvest trading profit

SLIDE 22

Results for half year ended December 31 2011

Bidvest Electrical - rising to a challenge

Salient features of the period under review

Sharpened focus within the new Bidvest South Africa structure
Right-sized for a subdued market, strong emphasis on consolidated branding
Voltex result considered very acceptable in prevailing conditions
Solutions business was loss making but received remedial attention and now incorporated in Voltex
Substantial improvement in Western Cape region, driven by new leadership and marketing
Satisfactory performance in Eastern Cape, new contract wins
Free State region rationalised and reinvigorated to good effect
North West and North East regions benefitting from quality mining orders, albeit at thin margin
WACO continued to deliver a respectable result - distribution of industrial products into the electrical

wholesale trade, original equipment manufacturers and internally within Voltex

SLIDE 23

Results for half year ended December 31 2011

Bidvest Electrical - rising to a challenge

Strategic imperatives and prospects

Voltex strategy is to trade successfully regardless of the state of the market
No signs of the construction market improving anytime soon but unlikely to deteriorate further
The prevailing market opens up opportunity for a well resourced market leader
Close engagement with customers and suppliers
Brand positioning and refresh
Voltex energy efficiency solutions are even more relevant in South Africa given that Eskom tariffs

continue to escalate, electricity levies on non-renewable generating sources are increasing, and carbon taxes are a real cost consideration

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Results for half year ended December 31 2011

Bidvest Freight - bulk upgrades

Key points for first half

Safcor Panalpina & Rennies Distribution amalgamated into BPL
Bulk commodity activity remained buoyant
Capex in H1 R238m – bulk capacities and upgrades on track
Evidence of Transnet (rail) improvements
Volumes weakened at the end of the half

Remainder of the year

Trade picture is mixed
Anticipating a moderately improved result

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150 200 250 300 350 400 450 H1 F2011 H1 F2012 R399,4m

Margin 4,2%

R439,6m

Revenue +9,1% to R10,5bn Profit +10,1% to R439,6m

Margin 4,2%

Bulk Connections South African Bulk Terminals Island View Storage Naval Bidfreight Port Operations Bidvest Panalpina Logistics (BPL) SACD Freight Manica

13,4% of Bidvest trading profit

SLIDE 25

Results for half year ended December 31 2011

Bidvest Freight - bulk upgrades

Salient features of the period under review

Island View Storage: slightly improved result, volumes eased off in Durban and Johannesburg but

were up in Richards Bay on chemicals business

South African Bulk Terminals: continued strong volumes (maize exports especially) benefitted

revenue and profitability as utilisation remained high; Durban Bulk Shipping will be upgraded and new equipment will be ordered

Bidvest Panalpina Logistics: broader range of service under one umbrella finds favour with

customers; rate of improvement in billings has slowed but remains well up on recession lows; Cargowise IT system assisting productivity

SACD Freight: Durban continued to show a strong performance but overall revenue was flat;

storage volumes in Johannesburg were low due to customers diverting volumes in-house whist quicker internal clearing of goods has reduced container storage revenue; new Cape Town facility volumes are below capacity

Bulk Connections: a much improved result but demand was quite erratic; R200m capex programme

underway at strategic Durban site is going well and due for completion this year; increased handling capacity is good for existing and new business and will increase productivity; high demand but dependant on international pricing of commodities; operating under 25 year lease renewed at substantially higher rental; Transnet Freight Rail service is now improving

SLIDE 26

Results for half year ended December 31 2011

Bidvest Freight - bulk upgrades

Bidfreight Port Operations: after a solid 2011 customer volumes through Durban were lower in the

half, including the loss of Sappi volumes; stevedoring result continued to benefit from more appointments and service delivery; ships agency performed to expectation

Naval: sized coal volumes through Maputo maintained and a new iron ore contract was obtained;
ther volumes such as ferrochrome and granite remained low
Manica: business conditions in a number of regionally economies remain problematic; each country

is being analysed to determine continued viability Strategic imperatives and prospects

Commodities demand anticipated to remain strong
Continued investment in strategically well located facilities

SLIDE 27

Results for half year ended December 31 2011

Bidvest Industrial - a disappointing half

Key points for first half

Exchange rate volatility and weakness had margin and volume

impact overall

Strike action in July meant lost volumes

Remainder of the year

Strongly positioned businesses in their respective specialities
A better H2 is anticipated

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20 30 40 50 60 70 80 H1 F2011 H1 F2012 R62,2m

Margin 8,0%

R49,2m

Revenue +0,2% to R775,2m Profit

20,9% to R49,2m

Margin 6,4%

Yamaha Distributors Afcom packaging and fastening products Buffalo self-adhesive tape Vulcan Industrial Catering Equipment Materials Handling (Nissan forklift trucks) Berzack range of products into garment manufacture and retail

1,5% of Bidvest trading profit

SLIDE 28

Results for half year ended December 31 2011

Bidvest Industrial - a disappointing half

Salient features of the period under review

Afcom: a difficult manufacturing environment with strong resistance to price rises; strike action

resulted in lost volumes and costs; operating structure is being re-evaluated

Berzack: revenue and profits both declined; clothing manufacturing customers under pressure
Bidvest Materials Handling: revenue up in double digits and whilst profits declined this was due to

branch opening costs; new Durban and Cape Town branches are actively seeking regional business with encouraging early results

Buffalo Executape: Q2 of the period was strong and the business expects a far better H2; returns

from the business are good

Vulcan: a very encouraging half with a strong rebound in revenue and profits; outlook is positive
Yamaha: World of Yamaha costs affected margin but the facility is a superb flagship for brand

presence, leads, events, and stock warehousing Strategic imperatives and prospects

Currency volatility is a constant challenge to manage
Continue to explore industrial acquisitions to fill gaps and build scale

SLIDE 29

Results for half year ended December 31 2011

Bidvest Office - strengthening

Key points for first half

Continued strong result from Technology cluster
Strengthening of management – new Waltons MD, new

manufacturing manager at Furniture

Tight expense control

Remainder of the year

Efforts continue to return Furniture to profitability
Increasing collaboration between businesses
Further growth in profits anticipated

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20 40 60 80 100 120 140 160 H1 F2011 H1 F2012 R99,6m

Margin 5,4%

R141,2m

Revenue +13,3% to R2,1bn Profit +41,7% to R141,2m

Margin 6,7%

Konica Minolta Océ Waltons Stationery Cecil Nurse Business Furniture Dauphin seating solutions Seating chair manufacturing Global Payment Technologies

4,3% of Bidvest trading profit

SLIDE 30

Results for half year ended December 31 2011

Bidvest Office - strengthening

Salient features of the period under review Technology:

Konica Minolta produced a 20% growth in turnover and a significantly enhanced profit off an already

good base driven by its in-demand IT intelligence solutions; expanded offering into medical radiology

Océ, now within Canon, complements the Konica Minolta solution and maintains a strong niche

presence

GPT had a strong result; performance remains variable due to timing of capex of banking customers

Stationery

Waltons revenue was flat at just over R1bn; efficiencies remain under the spotlight and expenses

came in under budget Furniture

Remained loss making but sales were comfortably up; remedial measures taken to optimise the

manufacturing, sales & marketing, and service activities and to rationalise stock lines will yield positive margin results Strategic imperatives and prospects

Strongly positioned businesses with longstanding pedigrees
Mix of Technology (Konica Minolta, Océ, Global Payment Technologies), Stationery (Waltons), and

Furniture (CN, Seating, Dauphin)

A good result is expected in 2012 with more to come thereafter as Furniture contributes

SLIDE 31

Results for half year ended December 31 2011

Bidvest Paperplus - a lean operation

Key points for first half

Firm expense control
Kolok computer consumables successfully integrated,

performed well

General print and packaging markets remain highly competitive
Result driven by print sales & distribution
Personalisation and mail also produced a solid result

Remainder of the year

Quality earnings is the focus as the balance between mature

and newer technology growth businesses is carefully managed

31

50 70 90 110 130 150 170 190 H1 F2011 H1 F2012 R172,8m

Margin 9,0%

R186,2m

Revenue +3,6% to R2,0bn Profit +7,8% to R186,2m

Margin 9,4%

Printing and conversion Personalisation and Mail Sales and Distribution Alternative Products Wholesale Stationery Computer consumables Labeling and Packaging products

5,7% of Bidvest trading profit

SLIDE 32

Results for half year ended December 31 2011

Bidvest Paperplus - a lean operation

Salient features of the period under review Print Sales & Distribution

Reducing demand ongoing and thus need to keep trimming costs; export project work contributed

Personalisation and Mail

Pleasing growth in profits with new projects assisting; second high speed full colour digital printing press

will contribute in H2 and will bolster a leading market position in laser personalisation

Email Connection performed strongly as demand for electronic solutions grows; paper based customers

graduating to electronic offerings Print and Conversion

Mature sector of the industry continues to decline but remains profitable; further rationalisation

Labelling and Packaging

Sprint Packaging acquisition contributed; investment in increased capacity for new sales volumes

Wholesale Stationery

Kolok margins improved as the rand weakened whilst Silveray held market share at lower margins in a

weak market Strategic imperatives and prospects

Proven successful strategy of adapting to shifts in technology
The division is cost competitive with relevant products and solutions across the spectrum
Acquisitions will be considered

SLIDE 33

Results for half year ended December 31 2011

Bidvest Rental & Products - enhanced return

Key points for first half

Maintaining leadership in focus areas with enhanced returns
Steiner Hygiene and G Fox returned another exceptional result
Laundry had a reduced result in a difficult market
Recently acquired Alsafe (personal protective equipment) made a

small contribution Remainder of the year

Steiner has signed up significant new business
G Fox brand will continue to be strengthened and grown
F2012 will be a good year

33

50 70 90 110 130 150 170 190 H1 F2011 H1 F2012 R146,4m

Margin 17,4%

R171,6m

Revenue +17,8% to R989,4m Profit +17,2 to R171,6m

Margin 17,3%

Products and services to enhance the working and hospitality environment through hygiene rental equipment, consumables, laundry, indoor plants, drinking water and coolers, specialised clothing, hotel toiletries and accessories, silk flower arrangements, fabric protection, etc Steiner Hygiene, G Fox work clothing, Laundries Execuflora, Pureau, Hotel Amenities

5,2% of Bidvest trading profit

SLIDE 34

Results for half year ended December 31 2011

Bidvest Rental & Products - enhanced return

Salient features of the period under review

Steiner Hygiene: a strong performance at better margin, assisted by a refreshed management

team, improved rental revenue, and tight expense control

Laundries: a reduced result on lower hotel occupancies, modest revenue growth and aggressive

competitor activity; the business is on a sound footing and considering bolt-on acquisitions

Industrial Products (G Fox): an exceptional result assisted by improved garment manufacturing

production, expense control and asset management; Alsafe acquired and will be merged in during H2

Pureau: bottled water dispensing JV with Nestle had modest growth but is delivering below potential
Execuflora: interior plantscaping had a pleasing rise in revenue and profits and new revenue

streams have been secured

Silk By Design: this small contributor had a pleasing jump in profitability; synergies with Execuflora
Hotel Amenities: a strong rise in revenue and profits, recovering from a disappointing prior year
Rochester Midland: a small contributor, synergies with Hotel Amenities and other hygiene

companies

Masterguard: an solid result from this furniture fabric protection company

Strategic imperatives and prospects

Acquisitions continue to be identified to create additional scale

SLIDE 35

Results for half year ended December 31 2011

Bidvest Services - guarding the way

Key points for first half

Prestige and Magnum drive the result
Top Turf is struggling with a lack of good quality projects

Remainder of the year

TMS is in the process of revisiting its traditional model
Cleaning and Security are expecting a good year

35

20 30 40 50 60 70 80 90 100 H1 F2011 H1 F2012 R95,0m

Margin 6,3%

R94,3m

Revenue +2,9% to R1,5bn Profit

0,8% to R94,3m

Margin 6,1%

Outsourced services including industrial and commercial cleaning, guarding & security, vehicle tracking & recovery, commercial landscaping Prestige Cleaning, Magnum Security, TMS industrial cleaning, Top Turf landscaping

2,9% of Bidvest trading profit

SLIDE 36

Results for half year ended December 31 2011

Bidvest Services - guarding the way

Salient features of the period under review

Prestige: good cost management resulted in a real rise in profits off a modest increase in turnover;

business remains the largest of its kind in South Africa and continues to deliver pleasing returns

Security: strong growth in profitability driven by guarding and vehicle tracking
TMS: revenue was up slightly but delayed revenue recognition resulted in a small loss for the

period; management in the process of better aligning activity levels with actual revenue recorded and cash flows

TopTurf: revenue was down but the business remained profitable as controllable expenses are

being kept in line with reduced activity Strategic imperatives and prospects

Cleaning and security will remain the mainstay for the foreseeable future
Market share is being gained and repeat business won in the face of tough competition

SLIDE 37

Results for half year ended December 31 2011

Bidvest Travel & Aviation - good Budget(ing)

Key points for first half

An excellent result delivered
Reduced cost base at Travel assisted profitability, new MD at

Rennies

Budget achieved a better result, operating rental metrics all improved
Bidvest Premier Lounge is getting great customer response
BidAir result in line with prior but cut-throat turf war likely to impact H2
Local cargo volumes have been under pressure

Remainder of the year

Tender cycle for airline ground handling services in process
Galileo travel volumes have been growing
Profit growth is anticipated for the year

37

20 40 60 80 100 120 140 160 H1 F2011 H1 F2012 R105,5m

Margin 12,4%

R146,8m

Revenue +20,2% to R1,0bn Profit +39,1 to R146,8m

Margin 14,3%

Travel management, aviation services and car rental BidTravel Budget Rent a Car BidAir

4,5% of Bidvest trading profit

SLIDE 38

Results for half year ended December 31 2011

Bidvest Travel & Aviation - good Budget(ing)

Salient features of the period under review

BidTravel: volumes via the Galileo platform 7% up; growth in supplier revenue; successful retention
f top corporate accounts on tender; procurement, online booking, and travel management

technology solutions have been optimised and well received by customers; online travel market and complementary industry opportunities under investigation

Budget: profits meaningfully up on a real rise in revenue; number of rentals increased by 9% and

rental days by 19% with fleet size in line with that; average daily revenue declined marginally; fleet size increased and fleet utilisation improved by 2%; average length of rental was up 4%

BidAir: revenue up 4% with profits in line with prior but market provides no pricing power of

consequence; ground handling tenders are being priced very aggressively; operational statistics were pleasing and a IATA Safety Audit for Ground Operations (ISAGO) accreditation process is underway; investment in facilities such as lounges is realising significant benefits Strategic imperatives and prospects

Focused on maintaining competitive edge in fiercely contested markets

SLIDE 39

VITALITY

Half year ended December 31 2011 Appendix 3 Segmental results analysis – Bidvest Food Division

SLIDE 40

Results for half year ended December 31 2011

Bidvest Food Asia Pacific - plenty of opportunity

Key points for first half

Australia – Foodservice outperformed sluggish market, customers

margin conscious

New Zealand – another record result, coincided with Rugby WC
Greater China – momentum maintained, record Q2
Singapore – disappointing result, refocusing business
Revenue up only 6,6% and profit up 7,6% in ZAR constant currency

Remainder of the year

Likely to do better than market in Australia and New Zealand
Greater China offering growth at good margin
Singapore remains challenging
Very early days in Latin America through small acquisition in Chile

40

150 200 250 300 350 400 450 500 550 H1 F2011 H1 F2012 R400,4m

Margin 4,2%

R495,4m

Revenue +22,5% to R11,7bn Profit +23,7% to R495,4m

Margin 4,2%

Australia Singapore New Zealand Greater China

15,1% of Bidvest trading profit

SLIDE 41

Results for half year ended December 31 2011

Bidvest Food Asia Pacific - plenty of opportunity

Salient features of the period under review

Remained most buoyant Food territory but reported number flattered by ZAR weakness
Constant currency revenue: up 6,6% to R10,2bn and profits up 7,6% to R833,1m
Profit in reporting currencies: Australia up 1,3%, New Zealand up 11,1%, Greater China up 20,9%,

and Singapore down 16,8% - respective contributions in constant currency 65%, 18%, 11% and 6%

New Zealand team continued to excel with high morale - even earthquake affected Christchurch

achieved an impressive result in line with previous year

Solid progress and learning in Greater China
Australia: revenue up 3,3% to A$952,1m; profit up 1,3% to A$39,7m; margin 4,17% vs. 4,25%;

Foodservice performed better in isolation with growth in revenue of 7% benefiting from corporate sales but there was net margin pressure; market share continued to inch up; booming commodity sector and considerably overvalued exchange rate continues to have a depressive effect on non- commodity sectors; inflation in check

Foodservice: the Sydney and Rockhampton sites were relocated with minimal disruption;
Hospitality Supply: a small but matching offering to Foodservice; diversification into repeat

consumables a focus

Logistics: reduced result on exiting a drinks distribution to an existing customer and lower trading by

two QSR customers

Fresh: remains a learning curve; small produce distributor purchased in Adelaide

SLIDE 42

Results for half year ended December 31 2011

Bidvest Food Asia Pacific - plenty of opportunity

New Zealand: sales up 16% to NZ$308,7m, profits up 11,1% to NZ$14,3m margin at 4,6%; asset

management remained good; economy remained fragile; continued investment and new facilities and equipment benefitting service levels; national accounts growth in line with street business; ecommerce functionality being enhanced

Fresh: sales up 35%; network and offer expanding, including prepared vegetable manufacture
Foodservice: revenue up 13%, benefiting from the new DCs in Dunedin and Tauranga
Logistics: sales shortfall and Christchurch is recovering from quake
Angliss Greater China: Sales up 19% to HK$1,34bn, profits up 20,9% to HK$53,4m; margin 4,0%;

particularly strong Q2; HK, China and Macau all performed well

Angliss Singapore: Sales up 1% to S$177,7m, profit down 17% to S$4,7m; margin 2,7% (3,2%);

volumes down 10% but turnover boosted by pricing – on average 12% higher; strong gourmet gains; tough trading market in food commodities and margins under severe pressure Strategic imperatives and prospects

Asia: dynamic growth market barely tapped; harnessing China procurement for Bidvest Food Group
Australia: Footprint and growing maturity represents a challenge but alert to that
New Zealand: sales set to break through NZ$600m; butchery contributing for first time
Latin America: baby steps for now; also talking to possible partners in Brazil

SLIDE 43

Results for half year ended December 31 2011

Bidvest Food Europe - light amid gloom

Key points for first half

UK – pleasing showing in a constrained market, Wholesale sales up 9%
Netherlands/Belgium – negative mood, institutional squeeze
Czech/Slovakia – weaker FX, higher taxes, HORECA up slightly, poor summer
Poland – economy holding up well, sales grow 23%
UAE/Saudi – strong sales performance at good margin
Acquisition Q2 of Nowaco brand in Baltics – 6m people in Lithuania, Latvia

and Estonia - highly complementary, skilled staff, brand recognition and known value proposition, good geographic coverage, line item choice Remainder of the year

3663 Wholesale: positive trend will continue
Netherlands: increased national hospitality and key account business
Investing in modernisation and capacity in Poland

43

200 220 240 260 280 300 320 340 360 380 400 H1 F2011 H1 F2012 R370,4m

Margin 2,2%

R379,0m

Revenue +19,3% to R20,3bn Profit +2,4% to R379,0m

Margin 1,9%

3663 Wholesale (UK) Horeca Trade (Middle East) Bidvest Logistics (UK) Nowaco (Czech and Slovakia) Seafood Holdings (UK) Farutex (Poland) Deli XL (Netherlands) Nowaco Baltics – Lithuania, Latvia and Estonia Deli XL (Belgium)

11,5% of Bidvest trading profit

SLIDE 44

Results for half year ended December 31 2011

Bidvest Food Europe - light amid gloom

Salient features of the period under review

3663 Wholesale: revamped livery and customer offering and positive back-to-basics attitude to business showing good

results; one less trading week in the half compared with an extra week in the comparative; adjusted sales thus 13% up with volumes up 8% and freetrade volume up 10%; margin not compromised but helped by smart stock buying; targeting

f larger accounts for cash margin; cost per item continued to improve; upgrade of IT on schedule, on budget
Sales up 8,7% to £540,9m; profit of £18,6m in line with prior; margin steady at 3,4%; small acquisition in Scotland
Bidvest Logistics: sales up 10,4% to £457,1m; mix and inflation (5,7%); margin per case improved; overhead as

planned; 108 new 26 ton rigid trucks delivered in new livery; some older trucks are being mothballed to ensure sufficient resources for Olympics trade; active engagement with customers on contracts and terms – majority of volume secured

n long duration
Seafood Holdings: net sales at £41m, up 6,5%; significant national accounts wins; active marketing initiatives to grow

awareness and boost business; cross-selling opportunities have been identified with 3663; geographic information technology has been harnessed to optimise depot distribution routes; improved purchasing for variety and competitive edge; additional state of the art disaster recovery measures being put in place; exploring range and product extension

Deli XL Netherlands: revenue €360,8m (-5%), profit €3,8m (-47%), margin 1,1% (1,9%), overhead down 6%
Extreme margin erosion in Institutional; less to do with actual economy more a feature of mindset and outcome of public

tenders, internet auctions and fixed pricing impacting margins; however, national hospitality and key accounts have performed well with turnover up and the outlook for the remainder of 2012 and beyond is encouraging

Continued focus on complementary meat, fish, fresh produce, and convenience foods (for Institutional market)
Deli XL Belgium: Revenue €148,8m (+14%, like-for-like +9%) with all categories experiencing growth; profit €1,5m

before abnormal item; shift in mix from lower margin catering and logistics customers; Horeca wholesale acquisition in January 2011 added €6m to sales

Horeca UAE: ZAR7,6m profit; UAE turnover up 30% in AED and profit up 57%; Saudi Al Diyafa JV sales up 50% in

SAR; model remains appropriate for the region

SLIDE 45

Results for half year ended December 31 2011

Bidvest Food Europe - light amid gloom

Nowaco: sales flat at CZK3,8bn, profits of CZK269,1m (-14%), margin of 7,0% (8,0%); poor weather

again affected high margin ice cream sales; recent weakening of Crown will have an effect on pricing at a time of price consciousness in Retail; Horeca trade was up in Czech and Slovakia; small acquisition in Slovakia

Farutex: sales of PLN211,4m (+23%), adjusted profit up 25% to PLN3,6m, margin 1,7%; recent FX

fluctuations had slight gross margin impact as 15% of sales are imported; diversification into replacement business; business has margin potential of 2% and 3% Strategic imperatives and prospects

Farutex capex largely complete in Warsaw, Krakow, Gdansk and Wroclaw and is already benefitting sales

and efficiencies

UK businesses are trading very well and competitively positioned for the new normal; Seafood has been

an excellent acquisition with a lot of scope under Bidvest ownership

Bidvest Foodservice Europe has good fundamentals and covers advanced high income countries (UK and

Benelux) and newly emerging countries (central and eastern Europe)

It is anticipated that profits in constant ZAR will be up for the full year

SLIDE 46

Results for half year ended December 31 2011

5,8% of Bidvest trading profit

Bidvest Food Southern Africa - upping its game

Key points for first half

Foodservice modernisation and alignment with international model
Food inflation returned after a period of negative food inflation –

resistance by customers a new and possibly permanent feature

Foodservice – rise in net sales growth each month
Speciality – revenue in line with prior but profits impacted by margin

pressure and damaging strike action

Ingredients – good growth in revenue but margins under slight

pressure on higher input costs Remainder of the year

Foodservice is alert to new non-traditional competitors
New own-label product initiatives in the pipeline
Market is dynamic and fiercely fought but continues to grow
Profit anticipated to be up for the year

46

20 40 60 80 100 120 140 160 180 200 H1 F2011 H1 F2012 R185,4m

Margin 7,1%

R189,9m

Revenue +13,3% to R3,0bn Profit +2,4% to R189,9m

Margin 6,4%

Bidvest Foodservice South Africa Speciality (Patleys) Bidfood Ingredients

SLIDE 47

Results for half year ended December 31 2011

Bidvest Food Southern Africa - upping its game

Salient features of the period under review

Bidvest Foodservice South Africa: real growth ahead of the market seen in all three key

categories of Independent, National, and Industrial Catering; quality business sought with credit control a priority; Western Cape branches merged into a single multi-temp business; in the prior period food inflation was actually negative but food inflation has risen steadily in recent months; whilst there are some tactical short term benefits to be gained from inflation; customer resistance is evident; A&S food distributors acquired in October 2011 and is being successfully merged ; Bidvest Foodservice common branding continues to be rolled out with branches migrating into multi-temp; ERP roll-out

Speciality: five fewer trading days in the period versus prior; gross profit margin pressure for the

period; top line trading was reasonably good and despite a troublesome and damaging strike in late October/early November the half year ended on a positive note with December a record month; business with the major supermarkets groups remains solid with some notable gains with certain companies; price increases from suppliers have been passed through to customers and accepted;

wn label brand Goldcrest did experience sourcing disruptions out of Asia due to weather

SLIDE 48

Results for half year ended December 31 2011

Bidvest Food Southern Africa - upping its game

Ingredients: revenue up 12,6%, assisted by good growth in own manufactured products, but

margins were adverse due to higher input cost of yeast; rising prices prompted a strategic decision to hold additional stock of key inputs; in the prior year deflation was evident cross certain major product categories; new liquids plant under construction in Cape Town and due to be commissioned in June; significant increase in production volumes at Crown factory Strategic imperatives and prospects

Bidvest Foodservice South Africa: rebranding and restructuring is yielding positive results and

reinforcing Bidvest’s proven specialisation in Foodservice; competition from retailers and cash & carry is a regular feature of the competitive landscape in other countries and a sign of a healthy market place; Bidvest firmly believes that lifestyle choices and socio-economic development makes Foodservice a growth industry with respectable returns if it is done properly

Speciality: selective portfolio rationalisation under consideration; Goldcrest remains the largest

single product and complements the suite of strong premium brand agencies

Ingredients: strong and modern manufacturing and distribution presence in the food industry;

further growth anticipated for the second half

SLIDE 49

PASSION

Appendix 4 Segmental results analysis – Bidvest Namibia Half year ended December 31 2011

SLIDE 50

Results for half year ended December 31 2011

Bidvest Namibia - the sea’s bounty

Key points for first half

Fisheries again delivered a strong operational and financial performance
Commercial delivered an encouraging turn for the better and remains on

a journey of improvement

Strong financial position with substantial cash balances
Taeuber & Corssen acquired effective 1 December 2011 for NAD188,7m

Remainder of the year

Fishing conditions favourable but quota costs escalating
Taeuber & Corssen FMCG contribution to Commercial
Strengthening of the Commercial business proposition

50

50 100 150 200 250 300 350 H1 F2011 H1 F2012 R220,6m

Margin 23,9%

R314,4m

Revenue +35,9% to R1,25bn Profit +42,5% to R314,4m

Margin 25,1%

Fishing and canning Office solutions Stationery and office furniture Printer consumables Electrical supplies Freight management services Foodservice Travel

9,6% of Bidvest trading profit

Bidvest Namibia is listed on the Namibian Stock Exchange. Bidvest has a 51% shareholding Published results, released through the Namibian Stock Exchange news service, may be accessed at: www.bidvestnamibia.com.na Note that for foreign exchange conversion purposes the Namibian dollar trades at parity with the South African rand

SLIDE 51

Results for half year ended December 31 2011

Bidvest Namibia - the sea’s bounty

Salient features of the period under review Fishing

Revenue increased 40% to NAD724,8m and trading profit by 50,5% to NAD273,5m
Horse mackerel: healthy biomass, good catches, mix of product and increased selling prices
Exchange rate to the USD averaged NAD7,60 (NAD7,11) and benefited trading profit on translation

by approximately NAD31m

Horse mackerel total allowable catch for 2012 is 320 000 tons vs. 310 000 tons
Pesca Fresca investment in Angola contributed positively, benefitting from good sardinilla catches
Other marine activities contributed to the result
Commercial : Including: Freight, Foodservice, Services, and Industrial and Commercial Products
Freight revenue was up slightly but profit was down on shortage of logistics projects
Foodservice profits were flat on margin pressure and revenue loss
Services and Industrial and Commercial Products profits increased significantly

Strategic imperatives and prospects

Focusing on addressing Commercial shortcomings
Fishing business is in good shape but recent momentum may be difficult to maintain

SLIDE 52

PASSION

Appendix 5 Bidvest Corporate Half year ended December 31 2011

SLIDE 53

Results for half year ended December 31 2011

Bidvest Corporate - a real estate

Bidvest’s strategic property holdings contributed R121,2m in income (R98,2m)
Investment, other income, corporate costs and Ontime Automotive negative R25,9m (-R31,4m)
Ongoing property developments for internal purposes but strictly at arms length

2,9% of Bidvest trading profit

Corporate office Bidvest Properties Ontime Automotive

SLIDE 54

PRECISION

Appendix 6 Half year ended December 31 2011 Financial analysis

SLIDE 55

Results for half year ended December 31 2011

Managing for financial sustainability

Financial

A decentralised operating model that encourages entrepreneurship but with strict financial

disciplines and controls Currency risk

Our businesses are managed for local conditions and local currency
Currency is but one variable among numerous external variables that we have to manage
A non-negotiable policy of forward cover on trade transactions
Foreign assets are matched against foreign liabilities in local currency

Interest and liquidity risk

Interest cover is the primary yardstick of capacity and benchmark is 5 - 6x
Borrowings are largely negotiated centrally and liquidity risk by country is managed locally
Operations requests for facilities are considered on a case by case basis and on merit
Funding lines are carefully termed, the ratio of long-term to short-term debt is approximately 50:50
Including cash, most of borrowings are term facilities
A judicious mix of funding permutations, including equity

Credit risk

The Group debtors book is closely monitored by corporate office but being at the coal face each

business is empowered to best judge the creditworthiness of customers. Prudence has stood the Group in good stead and we would rather not have potential bad business than run the risk of default

55

SLIDE 56

Results for half year ended December 31 2011

Consolidated Income Statement

Half year ended December 31 2011 Avg R/£12,13 2010 Avg R/£11,18 H1 2012 in constant currency R/£ 11,18 Revenue 67 344,9 +15,1% 58 492,5 64 082,9 +9,6%

56

R3,3bn adverse exchange rate impact on revenue just in translation
51/49 split between Food and Rest of the Group
Change in mix with improvement in Bidvest Panalpina Logistics and McCarthy Motor group (R1,3bn)

SLIDE 57

Results for half year ended December 31 2011

Consolidated Income Statement

Half year ended December 31 2011 Avg R/£12,13 2010 Avg R/£11,18 H1 2012 in constant currency R/£ 11,18 Revenue 67 344,9 +15,1% 58 492,5 64 082,9 +9,6% Trading profit 3 246,6 +14,9% 2 824,6 3 151,5 +11,6%

57

Margin held up well despite impact of mix change
Greater contribution from Automotive (margin increased to 1,8% from 1,2%)
Costs generally well managed (6,0% in constant currency)
Foreign contribution to trading profit 40,7% vs 39,5% (H1 2011)

Trading margins 2011 2010 Comment Local 5,8% 5,7% Increase in mix of lower margin business of clearing and forwarding and automotive retailing Foreign 3,8% 3,9% Improvement at Bidvest Namibia offset by Czech and Netherlands Group 4,8% 4,8%

SLIDE 58

Results for half year ended December 31 2011

Consolidated Income Statement

Half year ended December 31 2011 Avg R/£12,13 2010 Avg R/£11,18 H1 2012 in constant currency R/£ 11,18 Revenue 67 344,9 +15,1% 58 492,5 64 082,9 +9,6% Trading profit 3 246,6 +14,9% 2 824,6 3 151,5 +11,6% Net finance expense (368,5) +19,5% (308,5) (359,7) +16,6%

58

Benefit of exposure to the short end of the funding cycle in South Africa
Competitive funding available internationally
Reasonable asset management and cash generation despite season working capital absorption
Offshore finance expense R69,4m vs R47,2m (H1 2011)
Net foreign debt R364m vs R61m (H1 2011)
Group net borrowings increased 22% from R4,6bn (H1 2011) to R5,6bn, largely due to cash for Dinatla share

buy back of R1,6bn, the seafood acquisition of R500m offset by cash from sale of Mumbai International Airports Private Limited (MIAL)

SLIDE 59

Results for half year ended December 31 2011

Consolidated Income Statement

Half year ended December 31 2011 Avg R/£12,13 2010 Avg R/£11,18 H1 2012 in constant currency R/£ 11,18 Revenue 67 344,9 +15,1% 58 492,5 64 082,9 +9,6% Trading profit 3 246,6 +14,9% 2 824,6 3 151,5 +11,6% Net finance expense (368,5) +19,5% (308,5) (359,7) +16,6% Associate Income 23,5

48,5%

45,7 23,0

49,5%

59

Associates Comair Share of losses accounted for Other

Good contributions from Bidvest Freight JV’s

SLIDE 60

Results for half year ended December 31 2011

Consolidated Income Statement

Half year ended December 31 2011 Avg R/£12,13 2010 Avg R/£11,18 H1 2012 in constant currency R/£ 11,18 Revenue 67 344,9 +15,1% 58 492,5 64 082,9 +9,6% Trading profit 3 246,6 +14,9% 2 824,6 3 151,5 +11,6% Net finance expense (368,5) +19,5% (308,5) (359,7) +16,6% Associate Income 23,5

48,5%

45,7 23,0

49,5%

Taxation (846,8) +14,2% (741,7) (823,6) +11,0%

60

Effective tax rates (ex non trading items) 2011 2010 Comment Local 28,0% 26,5%

Excl. STC of R79m (R69m H1 2011)

International 25,1% 26,8% Group 26,7% 26,6% Sustainable clean rate (ex STC) of ± 27%

SLIDE 61

Results for half year ended December 31 2011

Consolidated Income Statement

Half year ended December 31 2011 Avg R/£12,13 2010 Avg R/£11,18 H1 2012 in constant currency R/£ 11,18 Revenue 67 344,9 +15,1% 58 492,5 64 082,9 +9,6% Trading profit 3 246,6 +14,9% 2 824,6 3 151,5 +11,6% Net finance expense (368,5) +19,5% (308,5) (359,7) +16,6% Associate Income 23,5

48,5%

45,7 23,0

49,5%

Taxation (846,8) +14,2% (741,7) (823,6) +11,0% Minority interests (151,6) +49,3% (101,5) (151,3) +49,0%

61

2011 2010 Bidvest Namibia 131,5m 86,5m Other 20,1m 15,0m

SLIDE 62

Results for half year ended December 31 2011

Consolidated Income Statement

Half year ended December 31 2011 Avg R/£12,13 2010 Avg R/£11,18 H1 2012 in constant currency R/£ 11,18 Revenue 67 344,9 +15,1% 58 492,5 64 082,9 +9,6% Trading profit 3 246,6 +14,9% 2 824,6 3 151,5 +11,6% Net finance expense (368,5) +19,5% (308,5) (359,7) +16,6% Associate Income 23,5

48,5%

45,7 23,0

49,5%

Taxation (846,8) +14,2% (741,7) (823,6) +11,0% Minority interests (151,6) +49,3% (101,5) (151,3) +49,0% Headline earnings 2 297,2 +33,3% 1 723,5 2 234,4 +29,6%

62

Major capital item:

1. Impairment of associate Comair Limited R97m after tax

SLIDE 63

Results for half year ended December 31 2011

Consolidated Income Statement

Half year ended December 31 2011 Avg R/£12,13 2010 Avg R/£11,18 H1 2012 in constant currency R/£ 11,18 Revenue 67 344,9 +15,1% 58 492,5 64 082,9 +9,6% Trading profit 3 246,6 +14,9% 2 824,6 3 151,5 +11,6% Net finance expense (368,5) +19,5% (308,5) (359,7) +16,6% Associate Income 23,5

48,5%

45,7 23,0

49,5%

Taxation (846,8) +14,2% (741,7) (823,6) +11,0% Minority interests (151,6) +49,3% (101,5) (151,3) +49,0% Headline earnings 2 297,2 +33,3% 1 723,5 2 234,4 +29,6% HEPS (cps) 742,3 +37,5% 539,8 722,0 +33,8%

63

Headline earnings per share impacted by: Impact of STC - 4,7% ( H1 2011 - 4,4%) Translation of foreign operations - 3,7% Sale of part interest in MIAL 23,9% (R399,1m)

SLIDE 64

Results for half year ended December 31 2011

Consolidated Income Statement

Half year ended December 31 2011 Avg R/£12,13 2010 Avg R/£11,18 H1 2012 in constant currency R/£ 11,18 Revenue 67 344,9 +15,1% 58 492,5 64 082,9 +9,6% Trading profit 3 246,6 +14,9% 2 824,6 3 151,5 +11,6% Net finance expense (368,5) +19,5% (308,5) (359,7) +16,6% Associate Income 23,5

48,5%

45,7 23,0

49,5%

Taxation (846,8) +14,2% (741,7) (823,6) +11,0% Minority interests (151,6) +49,3% (101,5) (151,3) +49,0% Headline earnings 2 297,2 +33,3% 1723,5 2 234,4 +29,6% HEPS (cps) 742,3 +37,5% 539,8 722,0 +33,8% Diluted HEPS (cps) 739,3 +37,4% 537,9 719,1 +33,7%

64

309,5m vs. 319,3m diluted weighted average shares Total ordinary shares (net of treasury) 310,7m vs. 320,3m

SLIDE 65

Results for half year ended December 31 2011

Consolidated Income Statement

Half year ended December 31 2011 Avg R/£12,13 2010 Avg R/£11,18 H1 2012 in constant currency R/£ 11,18 Revenue 67 344,9 +15,1% 58 492,5 64 082,9 +9,6% Trading profit 3 246,6 +14,9% 2 824,6 3 151,5 +11,6% Net finance expense (368,5) +19,5% (308,5) (359,7) +16,6% Associate Income 23,5

48,5%

45,7 23,0

49,5%

Taxation (846,8) +14,2% (741,7) (823,6) +11,0% Minority interests (151,6) +49,3% (101,5) (151,3) +49,0% Headline earnings 2 297,2 +33,3% 1723,5 2 234,4 +29,6% HEPS (cps) 742,3 +37,5% 539,8 722,0 +33,8% Diluted HEPS (cps) 739,3 +37,4% 537,9 719,1 +33,7% Normal distribution (cps) Special distribution (cps) 280,0 +24,4% 225,0 280,0 +24,4%

65

Dividend cover of approximately 2,25x (previously 2,4x)

SLIDE 66

Results for half year ended December 31 2011

Consolidated cash flow statement - Rm’s

66

Working capital absorption up from R1,0bn H1 2011 to R1,6bn in H1 2012
Investment activities
Net capex on PPE and intangibles of R1,4bn vs R1,3bn in H1 2011
Debtors book well managed, inventories slightly overstocked in certain areas

537

1044
871
736
366
1637

3971

4000

1000 6000 301

1661
783
751
307
1006

3621

5000

5000

Six months ended December 31 2011

Cash generated from ops pre wc Working capital utilised Net Finance charges Taxation Distributions Cash effects of investment act’s Cash effects of financing act’s

Six months ended December 31 2010

SLIDE 67

Results for half year ended December 31 2011

Net working capital days

67

Working capital position typically spikes in H1 but improves in H2

Inventory
slightly up over prior year due to stocking-up by Automotive and Office
Debtors
receivables slightly higher than past year, delinquencies remain focus area
Creditors
better terms translating into better extended days

Debtors days Stock days Creditors days

11 8 9 8

Net days

53
51
55
48
57
52

30 32 34 33 34 34 31 30 30 30 31 31

F 2009 H1 2010 F 2010 H1 2011 F 2011 H1 2012

15 13

SLIDE 68

Results for half year ended December 31 2011

2,3

0,4

1,1

1,0

1,4

1,6

3,5 3,5 3,8 3,6 4,2 3,9

2
1

1 2 3 4 5 F 2009 H1 2010 F 2010 H1 2011 F 2011 H1 2012 Net working capital Cash generated by operations

Net working capital flows vs cash generated

68

Seasonal absorption of working capital
H1 cash generation by operations before WC 9,7% higher than H1 2011

Rbn

SLIDE 69

Results for half year ended December 31 2011

Target interest cover range

4,1 5,9 3,9 4,6 5,0 5,6

4,8 6,6 7,2 9,2 9,1 8,8

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0

F 2009 H1 2010 F 2010 H1 2011 F 2011 H1 2012

Net interest-bearing debt (Rbn) Interest cover (x)

Gearing

69

Net interest cover of 8.8 exceeds Group benchmark of 5 – 6x
Ample headroom to fund organic or acquisitive expansion

SLIDE 70

VITALITY

Half year ended December 31 2011 Appendix 6 Historic profits, margins, returns, earnings and dividends

SLIDE 71

Results for half year ended December 31 2011

Historic Performance - year to June

71

12.2% CAGR over 10 fiscal years 11.0% CAGR over 10 fiscal years

5.2% 4.4% 4.3% 5.1%

50 49 36 39 38 30 31 21 24 21

10 20 30 40 50 60 2007 2008 2009 2010 2011 %

Returns (annual)

ROFE ROE

198,0 220,0 190,0 207,0 255,0 280,0 248,4 275,0 190,0 225,0 225,0

100 200 300 400 500 600 2007 2008 2009 2010 2011 2012 cps

Dividend per share

H2 H1 2000 4000 6000 8000 2007 2008 2009 2010 2011 2012 Rm

Trading Profit and Trading Margin

H1 H2

452,4 498,0 454,0 495,0 617,6 613,4 517,6 570.0 476,0 575,0 539,8

200 400 600 800 1000 1200 1400 2007 2008 2009 2010 2011 2012 cps

Headline earnings per share

H1 H2

4,5% 4,7% 5,2% 4,9% 5,2% 4,4% 4,4% 5,1% 4,7% 5,4% 4,8%

SLIDE 72

The Monarch butterfly (Danaus Plexippus) is considered by many to be the most beautiful of all butterflies, perhaps even the ‘king’ of the

rder Lepidoptera, hence

the name. It is also know for its evolutionary ingenuity, perseverance and value to man. PASSION/VITALITY/PRECISION www.bidvest.com The power of many…

“Bidvest Unusual”

Interim financial results

Half year ended December 31 2011