1. 0 Results for the year ending 30 June 2010 Presentation to analysts and investors August 2010

2. Agenda Key Features Financial Review Mvelaserve Review Investment Review Intrinsic Net Asset Value Conclusion 1

3. Key Features 2

4. Investment performance continues to improve across most investments: - Fair value increase in investments of R575 million - Cash of R527 million received from investments - Successful listing of Life Healthcare Strong performance from Mvelaserve - Revenue from operations increased by 17% to R4 176 million on a comparable basis - EBITDA increased by R109 million to R465 million on a comparable basis - TFMC contract with Telkom signed - Cash generated from operations continues to improve and increased to R428 million (2009: 363 million) Intrinsic net asset value per ordinary share at 30 June 2010 of R11,36 Improved gearing to 28% - Interest bearing debt reduced to R1 358 from R1 765 million the previous year 3

5. Financial Review 4

6. Year ended 30 June 2010 R million % Change 2009 R million Continuing operations Revenue4 112 133 647 Operating profit314 25252 Net interest expense(108) (26)(145) Share of loss from associates(23) (32)(34) Net fair value adjustments and profit/(loss) from investments 575 58365 Cost of BEE transaction(16) - Taxation expense136 (154)(250) Profit from discontinued operations13 4 Total comprehensive income891 412176 Attributable to the parent866 40689 EPS (cents)212,7 87121,9 HEPS (cents)238,5 37849,9 Summarised group statement of comprehensive income

7. Summarised group statement of financial position 6

8. Summarised Group statement of cash flows 7 Debt repayments (R619m) Asset backed finance raised R137m Life Healthcare R87m Absa R65m Group Five R18m Avusa R20m Preference shares (R30m) Depreciation R108m PPE (R192m) Investments sold R782m Investments made (R476m)

9. Share Capital and Dividends Weighted average net number of ordinary shares in issue unchanged at 407 million shares at 30 June 2010 Preference shares - 438 732 Preference shares converted to 473 831 ordinary shares since 4 November 2009 until 30 June 2010 - Preference shares can be converted until 4 November 2010 - Conversion price of convertible perpetual cumulative preference shares unchanged at R9,30 during the year - Conversion price changed after Health unbundling to R4,50 which equates to 2,22 ordinary shares - After 4 November 2010 the preference shares become redeemable at the instance of the issuer or remain perpetual at a dividend rate of 80% of the ruling prime overdraft rate - The preference shares continue to earn dividends at a rate of 5,5% per annum until 4 November 2010 - 66% of outstanding preference shares to be redeemed during May 2011 Distribution/dividend - Preference shares – 27,11 cents (interim) - Preference shares – 27,12 cents (final) - Ordinary shares – Health shares (462 cents) 8

10. Mvelaserve Review 9

11. 10 * Excluding TMS and Novare Mvelaserve - diversified services group

12. 11 Security - Protea Coin continues to deliver value - New contracts with a number of blue chip companies - Significant operational efficiencies delivered - Geared for growth Security - Protea Coin continues to deliver value - New contracts with a number of blue chip companies - Significant operational efficiencies delivered - Geared for growth Cleaning & Catering - Most of restructuring done - Back to basics approach adopted (similar to ProteaCoin ) - Growth in core market Cleaning & Catering - Most of restructuring done - Back to basics approach adopted (similar to ProteaCoin ) - Growth in core market Revenue: R 1 106 m EBITDA: R 193 m Employees: 1 534 Revenue: R 1 106 m EBITDA: R 193 m Employees: 1 534 Revenue:R 1 641 m EBITDA: R 174 m Employees:16 247 Revenue:R 1 641 m EBITDA: R 174 m Employees:16 247 Revenue: R 1 080 m EBITDA: R 40 m Employees:12 076 Revenue: R 1 080 m EBITDA: R 40 m Employees:12 076 Mvelaserve positioned for growth Operational review Facilities Management - TFMC continued to show growth - Once-off revenues increased - Telkom contract signed - New commercial model to commence in 2011 Facilities Management - TFMC continued to show growth - Once-off revenues increased - Telkom contract signed - New commercial model to commence in 2011 Diversified Services - Manufacturing in Khuseti has started delivering significant value - Zonke flat as a result of slow roll-out in Gauteng - Freight business on recovery; however volumes still low Diversified Services - Manufacturing in Khuseti has started delivering significant value - Zonke flat as a result of slow roll-out in Gauteng - Freight business on recovery; however volumes still low Revenue: R 339 m EBITDA: R 58 m Employees: 297 Revenue: R 339 m EBITDA: R 58 m Employees: 297 Key achievements - Telkom contract signed - A more balanced earnings profile Strategy - Continuous evaluation of current portfolio and services - Increase scope of services

13. 12 Financial Review

14. Listed Investments Review 13

15. - Absa performed in line with expectations - Lock-in for Batho Bonke ends 31 March 2011 - Anticipation that it would take further 2-3 years to realise investment - Absa comprises of 16% of Mvela Groups iNAV - Group Five benefited from its diversification of earnings base (away from just construction) - Released a solid set of results - Comprises 3% of Mvela Groups iNAV at 30 June 2010 - Group Five structure – earliest exit November 2012 - Avusa continues to trade in a very difficult environment` - Earnings still under pressure - Focus on digital gaining momentum - Avusa contributes a negative R0.74 to the iNAV - Focus is now on converting cellular LCR customers onto Crystal Vox product which runs on the Vox network - Major focus on expanding Orion voice business to all inbound and outbound traffic types - Vox is now exploiting opportunity created by implementation of fixed local number portability - Major focus on launch of new products · 14

16. Intrinsic Net Asset Value 15

17. Intrinsic Net Asset Value 16 Based on the Mvela Group ordinary share price listed on the JSE of R7,75 on 30 June 2010, the ordinary shares were trading at a discount of 32% to Groups intrinsic net asset value at that date Based on the Mvela Group ordinary share price listed on the JSE of R4,87 on 24 August 2010, the ordinary shares were trading at a discount of 32% to Groups intrinsic net asset value at that date of R7,21

18. 17 Intrinsic Net Asset Value – Valuation Methodologies Absa Mvela owns 44.7% in Batho Bonke which owns 36.6 million shares in ABSA. Value based on ABSA listed share price of R121,49 per share on 30 June 2010 less funding and funding costs Life Healthcare Value based on Life Healthcare listed share price of R13,55 on 30 June 2010 Group Five Option pricing model and mark-to-market valuation based on the closing Group Five share price of R34,50 per share on the JSE on 30 June 2010 Other investments Market value of listed shares, discounted cash flow, PE multiple or net asset valuation methodologies, less associated debt Operations PE multiple based on sustainable profit from operations for 12 months less debt in operating subsidiaries Net cash Cash balances at 30 June 2010 at fair value, less debt not associated with specific investments or operations

19. 18 Conclusion

20. Mvelaserve has delivered on promise Mvelaserve is building a strong brand which is underpinned by a diversified client base and a well-balanced portfolio of services 19 Growth and change in business mix as a result of focusing on existing client base and growing blue chip clients Growth in market share New businesses being acquired at appropriate profitability margins **Businesses sold – Trollope, Novare EBITDA -603 1340 REVENUE

21. 20 Life Healthcare was listed on 10 June 2010 Listing in line with strategy to maximise value and give value to shareholders in most efficient manner Immense value created as part of unbundling as a result of innovative structuring Life Healthcare unbundling has been delivered

22. Path to Value Unlocking Time-table remains unchanged – intention still to realise 70% of value before December 2010: 21

23. Thank you Questions? 22 Questions?