WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 FINAL RESULTS ANNOUNCEMENT Year ended 29 February 2012

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Agenda WelcomeAndy Payne, CEO Review of the year to Feb 2012 Andy Payne, CEO Final resultsDerek de la Harpe, CFO Outlook and prospects Andy Payne, CEO Questions 2

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Economic and industry environment Improvement in the overall economic climate mainly driven by recovery in the USA (our largest source market) Regardless, uncertainty in source markets Exchange rates were largely against us, although there was a favourable swing in Q3/Q4 Inflation running at 6% to 9% Industry in South Africa and Namibia under pressure, due to: o Over-supply of beds o Strength of the ZAR/NAD 3

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 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 Year/s of Service o Introduction of the 4Cs platform o Virtual training platforms o Wilderness TV o Travel trade portal Realignment of certain business units to lower demand Continued investment in initiatives to improve productivity o Solar investments (Mombo and Xigera) 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 4

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Achievements Numerous awards for quality and sustainable tourism products o 2012 WTTC Global Business Category finalist o Trip Advisor Certificate of Excellence for Mombo Further progress in implementing our 4Cs sustainability platform o Award winning Integrated Report o Sustainability web-site and 4Cs iPad app Increased investment in human capital o Innovations in training and quality management Further innovations in brands, products and communications Capex of P65 million: all facilities are properly maintained o Rebuild of Duma Tau, opening June

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Financial highlights Bednight sales increased by 5% to nearly 190,000 Revenue per bednight increased by average of 4%, in source currency terms Source currency turnover increased by at least 10% in all currencies except NAD Reported turnover has increased by 12% to P1.066 billion Reported EBITDA is level with the PY o 16% up on PY in currency adjusted terms P67 million cash generated from operations, up 46% on prior period: o Year end cash position is P158 million Dividend of P20 million declared 6

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Revenue drivers Our business has three major revenue drivers: Bednight sales Revenue per bednight Exchange rates 7

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Bednight sales 8

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY %  14%  51%  10% 

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Currency performance 10

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Abridged income statement BWP 000s Change Revenue1,066,243948,60712% EBITDA77,78177,4170.5% Operating profit29,73950,532-41% Net finance costs(5,021)(6,925) Unrealised forex (loss)/gain on loans(8,207)7,974 Share of profits of associates(492)59,437 Profit before tax16,019111,018-86% Taxation (7,824)(18,895) Profit after tax8,19592,123-91% EPS basic (thebe) EPS diluted (thebe) HEPS (thebe) HEPS diluted (thebe)

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Abridged balance sheet BWP 000s Assets Non current assets 451,100440,997 Current assets 287,451289,769 Total assets738,551730,766 Equity and liabilities Capital and reserves 331,212332,949 Non current liabilities 145,709141,138 Current liabilities 261,630256,679 Total equity and liabilities738,551730,766 12

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Cash flow extracts BWP 000s Net cash inflow from operating activities67,37445,979 Cash used in investing activities (47,469)(40,453) Net cash (outflow)/flow from financing activities (28,016)84,726 Increase in cash and cash equivalents(8,111)90,252 Unrealised exchange gains/(losses) on foreign cash balances 13,022(1,582) Cash and equivalents at beginning of year152,59363,923 Cash and equivalents at end of the year157,504152,593 13

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Ratio analysis Detail Gross profit43%44% EBITDA7%8% Effective tax rate49%17% Return on equity2%28% Debt : equity44% Interest cover (times)67

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Dividends 15 A dividend of 8.6 thebe per share has been declared o Payable on or about 27 June o To shareholders registered on 15 June

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Summary and outlook While economic climate remains challenging and uncertain we are forecasting real growth Forward booking sheets show gradual recovery in forward bednight sales Cash generation continues - noting: o All facilities are fully maintained o Dividends maintained Innovation continues in the business: o 4Cs platform (relevance of the offering) 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 Authorised capital expenditure of P102 million New camps opening in current year: o Duma Tau (Botswana) o Segera (Kenya) o Odzala (Republic of Congo) 16

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012 Questions? 17