UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDING 31 DECEMBER 2017

MANUFACTURING AND PROPERTIES LANDSCAPE STRATEGIC INVESTMENTS FOOD INVESTMENTS FOOD BRANDS MANUFACTURING AND PROPERTIES MOVE GRAND SLOTS AND SUN SLOTS INTO GAMING

Strategy OBJECTIVES ACTIONS Narrow the Gap between traded share price and iNAV Dividend active Efficient capital allocation Efficiencies Head office cost reduction Strong focus on capital allocation Continuous monitoring of our assets in our portfolio Grand Tellumat Manufacturing Sold properties Investor confidence- Road show/ Investor day in May (can show 3 quarterly update)

Strategy OBJECTIVES ACTIONS Narrow the Gap between traded share price and iNAV Dividend active Efficient capital allocation Focus on existing Businesses Burger King Optimization of the operating model Cost efficiencies Innovative marketing initiatives New Store roll-outs Dunkin’ Brands “Challenging brands” Re-look at operating models & monitor Spur Strategic investment Stable dividend yield

CORPORATE ACTIVITY IN PROGRESS TRANSACTIONS Sale of 33 Heerengracht Property: R225m subject to certain CPs Sale of 1 Heerengracht successful transferred at R52,5m Sale of Sandon Drive for R11,5m Sale of 51% in Grand Tellumat for R15m CLEAN UP THIS SLIDE BOLD COMPANY NAMES

Intrinsic NAV summary at 31 December 2017 Company Valuation Me 100% equity value (R’000s) GPI Holding % GPI equity value (R’000s) Related Holding Co borrowings (R’000s) Intrinsic NAV (R’000s) % of portfolio FOOD INVESTMENTS 1 542 771 (248 156) 1 294 615 43% Burger King DCF 908 486 91,1% 827 631 - 28% Dunkin’ Donuts NAV 30 417 100,0% 1% Baskin-Robbins 13 784 0% Spur Traded price 2 983 226 17,8% 514 281 266 125 9% Mac Brothers 107 983 4% Grand Foods Meat 50 232 96,9% 48 675 2% GAMING AND LEISURE 1 573 643 53% SunWest International EV/EBITDA 5 929 033 15,1% 866 649 29% Worcester Casino 231 127 30 942 Sun Slots 2 253 508 30,0% 676 052 23% OTHER INVESTMENTS 185 000 (71 186) 113 814 GPI Properties Various Other Group companies’ cash and cash equivalents 211 696 Other Group companies’ net assets/(liabilities) (214 316) INAV: ordinary shareholders (pre-head office costs) 2 979 452 Number of issued ordinary shares (‘000s) excluding treasury shares 429 988 INAV per share (cents) 693 Head office costs (13%) (91) Capital gains tax effect (11%) (74) INAV per share POST CGT and Head Office costs (cents) 528 MOVE GRAND SLOTS AND SUN SLOTS INTO GAMING

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

281% 14% 135% 546% FINANCIAL HIGHLIGHTS 3.20 cents R576 million INCREASE IN HEADLINE EARNINGS PER SHARE INCREASE IN REVENUE FROM OPERATIONS 3.20 cents R576 million 135% 546% INCREASE IN PROFIT FROM OPERATIONS INCREASE IN BURGER KING PROFIT FROM OPERATIONS R69 million R20.7 million

GROUP STATEMENT OF COMPREHENSIVE INCOME for the 6 months ended 31 December 2017 Unaudited 6 months 31 Dec 2017 R’000s 31 Dec 2016 Movement Revenue 576 718 506 757 69 961 Cost of sales (302 504) (266 554) (35 950) Gross profit 274 214 240 203 34 011 Operating costs (261 891) (262 246) 355 Profit/(loss) from operations 12 323 (22 043) 34 366 Profit from equity accounted investments 56 683 50 596 6 087 Fair value adjustments (including profits from disposals) - 64 697 (64 697) EBITDA 69 007 93 250 (24 243) Depreciation and amortisation (39 220) (35 982) (3 238) Finance income 2 605 24 227 (21 622) Finance expense (20 525) (30 045) 9 520 Profit before tax 11 866 51 450 (39 584) Tax (626) (23 922) 23 296 Profit for the year 11 241 27 528 (16 287)

EXTRACTS: REVENUE 31 Dec 2017 R’000s 31 Dec 2016 Burger King 368 607 317 637 Mac Brothers 108 344 113 389 GF Meat Plant 59 783 49 002 GPI Properties 5 853 5 658 Dunkin’ Donuts 15 659 11 244 Baskin-Robbins 6 889 886 Dividends 11 569 7 919 Other 14 1 022 TOTAL 576 718 506 757 Revenue: R’000s

EXTRACTS: PROFIT FROM OPERATIONS Unaudited 6 months 31 Dec 2017 R’000s 31 Dec 2016 Var Var % FOOD 21 721 1 573 20 148 1 281% Burger King 20 756 3 211 17 546 546% Dunkin’ Donuts (8 350) (11 599) 3 250 (28%) Baskin Robbins (5 012) (6 697) 1 685 (25%) Spur 11 533 7 874 3 658 46% Mac Brothers 4 947 8 731 (3 784) (43%) Grand Food Meat Plant (2 153) 53 (2 206) (4 125%) Grand Bakery (2 899) - CENTRAL COST AND PROPERTIES (6 499) (20 803) 14 303 (69%) NON-CORE (2 813) PROFIT FROM OPERATIONS 12 323 (22 043) 34 367 156%

EXTRACTS: EQUITY ACCOUNTED EARNINGS 31 Dec 2017 R’000s 31 Dec 2016 R’000s SunWest 35 142 37 443 Sun Slots 19 897 16 825 Worcester Casino 1 644 978 GTM - (4 649) TOTAL 56 683 50 596 Equity accounted earnings: R000’s

HEADLINE EARNINGS BY INVESTMENT Unaudited 6 months 31 Dec 2017 R’000s 31 Dec 2016 Var Var % FOOD (28 801) (25 284) (3 517) 14% Burger King (5 720) (8 375) 2 655 (32%) Dunkin Donuts (10 891) (8 723) (2 167) 25% Baskin Robbins (6 665) (5 007) (1 658) 33% Spur 557 (2 992) 3 548 119% Mac Brothers 887 2 267 (1 380) (61%) Grand Food Meat Plant (3 906) (2 454) (1 452) 59% GAMING AND LEISURE 64 271 55 269 9 002 16% SunWest 42 656 37 443 5 214 GPI Slots 19 971 16 849 3 122 19% Worcester Casino 1 644 978 666 68% OTHER (21 722) (18 536) (3 186) 17% Corporate Costs (excl net finance income) (25 467) (30 953) 5 486 (18%) Net corporate finance income 279 13 233 (12 954) (98%) GPI Properties 3 466 (816) 4 282 525% NON-CORE - (7 707) 7 707 (100%) Grand Sport (3 058) 3 058 Grand Tellumat (4 649) 4 649 PROFIT FROM OPERATIONS 13 748 3 742 10 006 267% Burger King 31 December 2017 31 December 2016 Profit from operations 20 756 3 211 Fair value adjustments - (10 118) Depreciation (29 673) (29 475) Net finance expense (1 014) ( 491) Profit before tax (9 931) (36 874) Taxation 2 902 16 369 Net loss for the period (7 028) (20 506) Minority adjustment 1 308 4 057 Basic earnings (5 720) (16 448) Impairment of assets 8 073 Headline earnings (8 375) HEPS: cents

DEBT : EQUITY as at 31 December 2017 Debt : Equity % and debt: R000’s

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