Airports Company South Africa 2003 / 2004 Budget Presentation Updated and Revised

Passenger Growth - Summary Pax 2002/3 2003/4 % growth Domestic 14,778,946 15,493,880 4.8% International 6,323,242 6,735,372 6.5% Regional 620,154 646,364 4.2% Unscheduled 126,870 131,290 3.5% Total 21,849,212 23,006,906 5.3%

ATM Growth - Summary Pax 2002/3 2003/4 % growth 119 845 125 406 4.6% Domestic 119 845 125 406 4.6% International 22 125 23 023 4.1% Regional 11 373 12 064 6.1% Unscheduled 65 515 68 282 4.2% Total 218 858 228 774 4.5%

Capex - Summary Per BU JIA CIA DIA Other Total Security 2003/4 Per Permission Over Spend JIA 329 132 239 224 89 908 CIA 125 151 114 161 10 990 DIA 24 654 7 591 17 063 Other 83 300 19 670 63 630 Total 562 237 380 646 181 591 Security 110 103 - Over Spend excl Security 452 134 71 488

Salient Features Revenue Operating Expenses EBITDA EBIT 2002/2003 2003/2004 % growth Revenue 1 529 617 1 771 696 15.8% Operating Expenses 625 442 700 362 11.9% EBITDA 904 175 1 071 334 18.5% EBIT 719 671 851 927 18.4% Finance charges (13 002) (73 554) 465.7% Net Income after tax 463 695 513 008 10.6%(1) ROI 15.29% 16.12% 5.4% Note 1: Excluding Profit on Sale of Natcos

Consolidated Income Statement 2002/2003 2003/2004 Aeronautical Revenue 832 898 947 938 Commercial Revenue 611 859 718 122 Other Revenue 84 860 105 636 Total Revenue 1 529 617 1 771 696 Personnel costs 274 776 302 046 Repairs and Maintenance 86 329 92 100 Utilities 74 814 93 142 Security 39 980 45 637 Other Costs 149 543 167 437 Operating Expenditure 625 442 700 362 EBITDA 904 175 1 071 334 Depreciation 171 502 219 407 Net Operating Income 732 673 851 927 % change 14 17 24 15.83 10 7 12 11.98 18.49 28 16.28

Consolidated Balance Sheet 2002/2003 2003/2004 Share Capital 750 001 Retained Income 2 065 555 2 346 262 Deferred tax & PRF 66 262 62 167 Trade Creditors 89 528 105 423 Sundry creditors and provisions 190 227 180 112 Loans and funding 660 132 717 164 Total Liabilities 3 821 705 4 161 129 Assets Net Book Value 3 530 076 3 900 650 Trade Debtors 159 866 171 059 Sundry Debtors, loans & Cash 131 763 89 420 Total Assets

Cash Flow Statement 2003/2004 859 335 Net Profit before tax & interest Depreciation 219 407 Working capital changes 1 943 Cash generated by operations 1 080 685 Interest paid (111 298) Taxation paid (262 307) Dividends paid (243 850) Net cash inflow from operating activities 463 230 Net cash inflow from investing activities 26 142 Additions to fixed assets (562 237) Increase in loans 52 937 Movement in cash for year (19 928)

Airports Company South Africa