1. Pinnacle Holdings Confidential PAGE 1

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3. Pinnacle Holdings Confidential PAGE 3 R7 103 028 Revenue Up 8%

4. Pinnacle Holdings Confidential PAGE 4

5. Pinnacle Holdings Confidential PAGE 5 H1 2013H2 2013FY 2013H1 2014H2 2014FY 2014H1 2014H2 2014FY 2014 R'000 YoY % PINNACLE HOLDINGS LTD Revenue 3,126,104 3,470,128 6,596,232 3,160,872 3,942,156 7,103,0281%14%8% Gross Profit 487,469 542,062 1,029,531 514,909 505,967 1,020,8766%-7%-1% - GP as % of revenue15.6% 16.3%12.8%14.4% Operating Expenses (258,834) (277,443) (536,277) (286,712) (332,947) (619,659)11%20%16% - Opex as % of Revenue-8.3%-8.0%-8.1%-9.1%-8.4%-8.7% Income before Tax 209,356 244,587 453,943 219,086 143,880 362,9665%-41%-20% - Income before Tax as % of Revenue6.7%7.0%6.9% 3.6%5.1% Income Tax (60,460) (67,803) (128,263) (59,412) (38,981) (98,393)-2%-43%-23% - Effective Tax Rate %-28.9%-27.7%-28.3%-27.1% Datacentrix Net Contribution - - - 3,472 5,014 8,486 Net Income 148,426 176,522 324,948 163,020 109,562 272,58210%-38%-16% Weighted Average Shares in Issue 157,890 157,931 158,031 157,638 Earnings Per Share (cents) 93.9 111.8 205.8 103.2 69.5 172.910%-38%-16% Headline Earnings Per Share (cents) 93.8 111.8 205.6 95.4 71.1 166.52%-36%-19% Return on Equity (%)36.8%37.4%34.4%31.4%18.9%23.6%

6. Pinnacle Holdings Confidential PAGE 6 H1 2013H2 2013FY 2013H1 2014H2 2014FY 2014H1 2014H2 2014FY 2014 R'000 YoY % STRUCTURED FINANCE SOLUTIONS Revenue 30,195 42,918 73,113 49,818 55,932 105,75065%30%45% Gross Profit 18,095 22,189 40,284 28,068 36,785 64,85355%66%61% - GP as % of revenue59.9%51.7%55.1%56.3%65.8%61.3% Operating Expenses (8,031) (9,916) (17,947) (11,181) (13,328) (24,509)39%34%37% - Opex as % of Revenue-26.6%-23.1%-24.5%-22.4%-23.8%-23.2% Income before Tax 10,059 12,215 22,274 16,528 19,492 36,02064%60%62% - Income before Tax as % of Revenue33.3%28.5%30.5%33.2%34.8%34.1% Income Tax (2,916) (3,456) (6,372) (4,629) (5,511) (10,140)59% - Effective Tax Rate %-29.0%-28.3%-28.6%-28.0%-28.3%-28.2% Net Income 7,143 8,759 15,902 11,899 13,981 25,88067%60%63% FINANCIAL ASSETS Total Finance Receivables 237,785 275,986 347,981 385,934 Portfolio at Risk - Portfolio at Risk 1,361 1,833 2,972 3,471 - % of Total0.57%0.66% 0.85%0.89% Return on Equity (%) 45.65% 46.52%

7. Pinnacle Holdings Confidential PAGE 7 H1 2013H2 2013FY 2013H1 2014H2 2014FY 2014H1 2014H2 2014FY 2014 R'000 YoY % IT PROJECTS AND SERVICES Revenue 71,155 90,567 161,722 93,597 75,451 169,04832%-17%5% Gross Profit 27,320 32,850 60,170 37,404 31,245 68,64937%-5%14% - GP as % of revenue38.4%36.3%37.2%40.0%41.4%40.6% Operating Expenses (17,223) (22,095) (39,318) (24,244) (24,609) (48,853)41%11%24% - Opex as % of Revenue-24.2%-24.4%-24.3%-25.9%-32.6%-28.9% Income before Tax 8,619 9,248 17,867 11,807 5,374 17,18137%-42%-4% - Income before Tax as % of Revenue12.1%10.2%11.0%12.6%7.1%10.2% Income Tax (2,101) (3,322) (5,423) (3,383) (355) (3,738)61%-89%-31% - Effective Tax Rate %-24.4%-35.9%-30.4%-28.7%-6.6%-21.8% Net Income 6,317 5,595 11,912 8,167 5,019 13,18629%-10%11% Working Capital 11,455 7,630 4,655 8,829 Inventory (Incl in Transit) 3,478 1,808 8,190 2,171 Trade and Other Receivables 21,866 24,220 37,487 29,008 Trade and Other Payables 13,889 18,398 41,022 22,350 Return on Equity (%) 62.9% 53.2%

8. Pinnacle Holdings Confidential PAGE 8 H1 2013H2 2013FY 2013H1 2014H2 2014FY 2014H1 2014H2 2014FY 2014 R'000 YoY % DISTRIBUTION Revenue 3,050,236 3,378,921 6,429,157 3,079,285 3,859,469 6,938,7541%14%8% Gross Profit 448,494 497,207 945,701 462,633 446,470 909,1033%-10%-4% - GP as % of revenue14.7% 15.0%11.6%13.1% Operating Expenses (231,483) (251,708) (483,191) (252,335) (308,573) (560,908)9%23%16% - Opex as % of Revenue-7.6%-7.4%-7.5%-8.2%-8.0%-8.1% Income before Tax 194,528 223,560 418,088 191,435 103,233 294,668-2%-54%-30% - Income before Tax as % of Revenue6.4%6.6%6.5%6.2%2.7%4.2% Income Tax (55,633) (58,889) (114,522) (50,389) (30,795) (81,184)-9%-48%-29% - Effective Tax Rate %-28.6%-26.3%-27.4%-26.3%-29.8%-27.6% Net Income 138,895 164,671 303,566 141,046 72,438 213,4842%-56%-30% Working Capital 1,031,451 1,103,428 1,210,975 1,159,585 Inventory (Incl in Transit) 730,038 1,041,930 980,939 967,591 - Days Cost of Sales in Inventory 49 59 68 48 Trade and Other Receivables 1,078,369 1,069,825 1,102,147 1,288,491 - Days Sales in Receivables "DSO's" 61 50 60 52 Trade and Other Payables 794,956 1,008,327 872,111 1,096,497 - Days Purchases in Payables "DPO's" 48 55 48 Return on Equity (%) 38.7% 26.0%

9. Pinnacle Holdings Confidential PAGE 9 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Full year 30 Jun 201430 Jun 2013 ReviewedAuditedVariance R'000 Revenue 7 103 028 6 596 2327,7% Cost of sales (6 082 151) (5 566 701) Gross profit 1 020 877 1 029 531-0,8% Operating expenses (615 314) (536 277)14,7% Selling expenses (61 860) (34 417) Employees expenses (478 689) (421 614) Administration expenses (85 266) (90 734) Gain on discounting of finance lease agreements 778 382 Profit on foreign exchange 5 377 10 106 Reclassification of fair value adjustment on derecognition of asset 4 346 - EBITDA 405 563 493 254-17,8%

10. Pinnacle Holdings Confidential PAGE 10 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Full year 30 Jun 201430 Jun 2013 ReviewedAuditedVariance R'000 EBITDA 405 563 493 254-17,8% Depreciation and amortisation (23 926) (20 753) Impairment of goodwill (2 169) - Operating profit before interest 379 468 472 501-19,7% Net Finance Costs (28 764) (18 558)55,0% Investment Income 60 713 58 548 Interest Paid (89 477) (77 106) Share of Equity accounted associate income 20 747 - Profit before taxation 371 451 453 943-18,2% Taxation (98 394) (128 263)-23,3% Net Profit for the year 273 057 325 680-16,2% - Owners of the company 272 580 324 948 - Non-controlling interests 477 732 Other comprehensive income (20 499) 1 060 Exchange differences from translating foreign operations 1 011 1 060 Revaluation of property, plant and equipment (21 510) - Total comprehensive income for the year 252 558 326 740 Attributable to: - Owners of the Company 252 081 326 008 - Non-controlling interests 477 732

11. Pinnacle Holdings Confidential PAGE 11 FINANCIAL REVIEW Full year 30 Jun 201430 Jun 2013 ReviewedAudited R'000 Performance per share (cents) Basic and diluted earnings per share 172,9 205,8 Headline and diluted headline earnings per share 166,5 205,6 Dividends - 41,0 Dividend cover - 5,0 Returns (%) Gross profit 14,4 15,6 Operating expenses (8,7) (8,1) EBITDA 5,7 7,5 Operating profit before Interest and taxation 5,3 7,2 Effective tax rate 28,1 28,3 Net profit 3,8 4,9 Return on Equity 23,56 34,31

12. Pinnacle Holdings Confidential PAGE 12 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Full year 30 Jun 201430 Jun 2013 ReviewedAudited ASSETSR'000 Non-current assets 913 787 594 636 Property plant and equipment 176 028 186 637 Intangible assets 135 406 129 117 Investments in listed shares - 30 179 Investment in associate 284 144 - Long-term loans 28 795 28 689 Finance lease receivables 257 957 184 782 Deferred taxation 31 457 35 232 Current assets 2 432 892 2 501 814 Inventories on hand 895 702 940 655 Inventories in transit 76 034 108 031 Trade and other receivables 1 328 964 1 125 423 Finance lease receivables 105 758 65 349 Taxation receivable 1 171 1 154 Short-term deposit - 237 272 Cash and cash equivalents 25 263 23 930 TOTAL ASSETS 3 346 679 3 096 450

13. Pinnacle Holdings Confidential PAGE 13 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Cont'd Full year 30 Jun 201430 Jun 2013 ReviewedAudited EQUITY AND LIABILITIESR'000 Capital and reserves 1 234 842 1 088 059 Share capital and premium 1 680 25 982 Treasury shares (41 766) Non-distributable reserves 8 589 32 588 Cash flow hedge reserve (12 143) - Accumulated profits 1 274 822 1 066 308 Non-controlling interests 3 660 4 947 Non-current liabilities 519 138 503 594 Interest-bearing liabilities 487 455 482 075 Non-interest bearing liability 18 083 - Deferred taxation 13 600 21 519 Current liabilities 1 592 699 1 504 797 Trade and other payables 1 129 699 1 074 736 Interest-bearing iabilities 17 944 17 203 Short-term loans 151 048 115 543 Deferred revenue 12 412 14 519 Taxation payable 4 357 12 320 Bank overdrafts 277 239 270 476 Total equity and liabilities 3 346 679 3 096 450

14. Pinnacle Holdings Confidential PAGE 14 Full year 30 Jun 201430 Jun 2013 ReviewedAudited Capital management Net aset value per share (cents) 789,6 686,0 Net tangible asset value per share (cents) 702,8 604,2 Working capital management Investment in working capital (R'000) 1 158 589 1 084 854 Days inventory outstanding (excluding in transit) 45,0 66,0 Days sales outstanding 54,0 50,0 Days purchases outstanding 51,0 48,0 Liquidity and solvency Debt to equity (%) 77,1 81,4 - Attributable to Distribution and Holdings 29,9 36,4 - Attributable to Datacentrix 23,1 24,7 - Attributable to Finance Assets (Centrafin) 24,1 20,3 Current ratio (excluding stock in transit) 1,55 1,71 Acid test (excluding stock in transit) 0,96 1,04

15. Pinnacle Holdings Confidential PAGE 15 CONDENSED STATEMENT OF CASH FLOWS Full year 30 Jun 201430 Jun 2013 ReviewedAudited R'000 EBITDA 405 563 493 254 Changes in working capital (74 019) (378 331) Other non-fund flow items 13 046 10 037 Cash generated by operating activities 344 590 124 960 Net finance costs (28 764) (18 558) Finance income received 60 713 58 548 Finance expenses paid (89 477) (77 106) Taxation paid (104 247) (117 583) 211 579 (11 181) Cashflows from investing activities Property, plant and equipment acquired (58 725) (84 328) Proceeds on disposals of property, plant and equipment 34 559 8 162 Acquisition of intangible assets (8 675) (7 912) Net Investment in finance leases receivable (113 584) (105 945) Acquisition of subsidiaries (2 580) (6 000) Acquisition of shares in Datacentrix (including deposit) (16 693) (267 451) Acquisition of non-controlling interests (2 939) - (168 637) (463 474)

16. Pinnacle Holdings Confidential PAGE 16 CONDENSED STATEMENT OF CASH FLOWS Full year 30 Jun 201430 Jun 2013 ReviewedAudited R'000 Cashflows from financing activities Interest-bearing liabilities raised 68 707 439 229 Interest-bearing iabilities repaid (28 087) (14 724) Non-interest bearing liabilities raised 18 083 - Shares issued 14 - Repurchase of shares (29 059) - Short term loans raised - 64 720 Short term loans repaid - (64 561) Decrease in long term loans receivable - (475) Increase in cash flow hedge reserve (12 143) - Decrease in trust loans (106) - Dividends paid (64 787) (55 257) (47 378) 368 932 Decrease in net cash, cash equivalents and overdrafts (4 436) (105 723) Net overdraft acquired from business combinations (994) (576) Net overdraft at beginning of year (246 546) (140 247) Net overdraft at end of year (251 976) (246 546)

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