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

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

3. 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)

4. 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

5. 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

6. 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
( )
43%
Burger King
DCF
91,1% -
28%
Dunkin’ Donuts
NAV
30 417
100,0% 1%
Baskin-Robbins
13 784 0%
Spur
Traded price
17,8% 9%
Mac Brothers 4%
Grand Foods Meat
50 232
96,9%
48 675 2%
GAMING AND LEISURE
53%
SunWest International
EV/EBITDA
15,1%
29%
Worcester Casino
30 942
Sun Slots
30,0%
23%
OTHER INVESTMENTS
(71 186)
GPI Properties
Various
Other Group companies’ cash and cash equivalents
Other Group companies’ net assets/(liabilities)
( )
INAV: ordinary shareholders (pre-head office costs)
Number of issued ordinary shares (‘000s) excluding treasury shares
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

7. UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

8. 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

9. 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
69 961
Cost of sales
( )
( )
(35 950)
Gross profit
34 011
Operating costs
( )
( )
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)

10. EXTRACTS: REVENUE 31 Dec 2017 R’000s 31 Dec 2016 Burger King 368 607
Mac Brothers
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
Revenue: R’000s

11. 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%

12. 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

13. 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

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

15. QUESTIONS?

16. Thank you