1. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 INTERIM RESULTS ANNOUNCEMENT Six months ended 31 August 2012

2. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Agenda WelcomeAndy Payne, CEO Review of the period to Aug 2012 Andy Payne, CEO Final resultsDerek de la Harpe, CFO Outlook and prospects Andy Payne, CEO Questions 2

3. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Overview of the business Safari operations: 63 camps, 1052 beds, in eight countries o DumaTau (Botswana) re-built o Two new camps in Odzala National Park, Republic of Congo (management contract under the Wilderness Collection) o Closure of two camps in Namibia: Skeleton Coast and Kulala Wilderness Air operations: 42 aircraft Travel shops: six offices in four countries Employment: 2 800 people 3

4. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Trading environment Improvement in the overall economic climate mainly driven by recovery in the USA (our largest source market) Demand out of Europe continues to be soft Exchange rates: o USD:ZAR in our favour for most of the period Inflation running at 5.8% to 6.6% 4

5. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Our response to the climate Investment in service delivery and the relevance of the Wilderness offering (want to be the first to fill and the last to empty) o Virtual training platforms o Wilderness TV o Travel trade portal Realignment of certain business units to lower demand: o Namibia o Zambia Continued investment in initiatives to improve productivity o Technology o Flying business Continued strong focus on marketing and sales efforts Brand development, including: o Brand simplification (to two trading brands: Wilderness Safaris and Wilderness Collection) o Connecting with customer (on social network platforms) Building cash resources and strengthening the balance sheet 5

6. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Non-financial achievements Awards for quality and sustainable tourism products o Travel and Leisure Global Vision Award for Leadership Further progress in implementing our 4Cs sustainability platform o Latest Integrated Report Increased investment in human capital o Innovations in training and quality management Capex of P35 million: all facilities are properly maintained o Rebuild of Duma Tau 6

7. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Financial highlights Bednight sales decreased by 2% on prior period o ‘Normalised’ 1% increase Revenue per bednight increased by average of 4%, in source currency terms Source currency turnovers (except ZAR) increased: o US$ by 8% Reported turnover has increased by 17% to P672 million Reported EBITDA is P71 million, 16% up on prior period 7

8. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Revenue drivers Our business has three major revenue drivers: Bednight sales Revenue per bednight Exchange rates 8

9. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 9

10. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 10

11. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 11

12. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2011 Foreign exchange rates 12 18% -3%

13. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Abridged income statement 13 BWP 000s2013 2012 Change Revenue672,323576,32917% EBITDA71,29961,41616% Impairment losses(136)(11,449) Depreciation and amortisation(23,981)(23,600) Operating profit47,18226,36779% Net finance costs(3,990)(2,624) Unrealised forex loss on loans(3,324)(3,343) Share of profits of associates7121,015 Profit before tax40,58021,41589% Taxation(12,300)(9,349) Profit after tax28,28012,066134% EPS basic and diluted (thebe)10.636.25 HEPS basic and diluted (thebe)8.987.0527%

14. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Abridged balance sheet BWP 000s2013 2012 Assets Non current assets 468,338432,650 Current assets 414,723376,963 Total assets883,061809,613 Equity and liabilities Capital and reserves 338,460327,669 Non current liabilities 160,650133,707 Current liabilities 383,951348,237 Total equity and liabilities883,061809,613 14

15. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Cash flow extracts BWP 000s2013 2012 Cash flow from operating activities EBITDA71,29961,416 Adjustment for non-cash items7,372(9,163) Changes in working capital49,21367,648 Cash generated from operations127,884119,901 Net finance costs(3,990)(2,624) Taxation paid(11,405)(4,812) Net cash generated from operating activities112,489112,465 Cash used in investing activities(34,825)(10,204) Net cash used in financing activities(12,460)(28,899) Increase in cash and cash equivalents65,20473,362 Unrealised exchange gains on foreign cash balances10,1672,285 Cash and equivalents at beginning of period157,504152,593 Cash and equivalents at end of the period232,875228,240 15

16. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Ratio analysis Detail20132012 Gross profit43.0%44.7% EBITDA11% Effective tax rate30%44% Return on equity8%6% Debt : equity54%40% Interest cover (times)1210

17. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Dividends 17 A dividend has not been declared o Due to the annual cash flow cycle of the business A final dividend is expected in May each year o Subject to results, financial position, capital requirements, etc.

18. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Summary and outlook The economic climate remains uncertain Forward booking sheets show steady recovery in forward bednight sales Cash generation continues - noting: o All facilities are fully maintained o Dividends maintained Innovation continues in the business: o People development (Wilderness Business School and the virtual training environment) o Wilderness TV o Technology platforms We are cautiously optimistic about the outlook: o Re-organised and positioned well for growth o Strong balance sheet and cash reserves (ungeared) o Exchange rate remains in our favour Now entering ‘green season’ o Soft demand till dry season commences o Measures to increase demand o Temporary camp closures to reduce overheads 18

19. WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012 Questions? 19