ANALYST PRESENTATION 19 MAY 2008

1. ANALYST PRESENTATION 19 MAY 2008

2. AGENDA • Logistics • More than just transport… • Structure • Logistics International • Logistics Southern Africa • Our business and strategy • Financials • Fast ‘n Fresh presentation • Fast ‘n Fresh site visit • Lunch • Car rental and tourism • Motor industry and related financial services

3. IMPERIAL LOGISTICS STRUCTURE Imperial Holdings Southern Africa IMPERIAL HOLDINGS MOTOR AND FINANCIAL SERVICES CAR RENTAL AND TOURISM LOGISTICS

4. MORE THAN JUST TRANSPORT… • Our business is about more than transport, warehousing and distribution… • Its about adding value, improving service, reducing cost, understanding our customers’ businesses and exceeding their individual supply chain requirements • The fuel component of a transport and distribution business is normally between • 35 – 45% • Imperial Logistics' fuel component equals 24% of operating costs • Sustaining operating growth of 15% • How to maintain a ROIC of 4% and more, above WACC • By reducing our asset base and adding more services and light assets

5. IMPERIAL LOGISTICS STRUCTURE Structure IMPERIAL LOGISTICS IMPERIAL LOGISTICS SOUTHERN AFRICA IMPERIAL LOGISTICS INTERNATIONAL

6. IMPERIAL LOGISTICS INTERNATIONAL Structure Imperial Logistics International 100% 65% 100% 30%

7. IMPERIAL LOGISTICS INTERNATIONAL Structure Panopa Logistik (100 %) Panopa Logistics is a leading logistics service provider in the steel and automotive industry. Customers include companies such as Acco Steel, BMW, GM, Porsche, Volkswagen and others. Neska is a major operator of terminals along the Rhine River and specialises in the handling, storage and transport of cargo through a multimodal system combining truck, rail and ship. Neska has some of the largest warehousing facilities in Germany for bulk products such as coal, iron ore and ferro alloys. Neska Group (65%) Imperial Reederei is the leading inland waterway shipping company in Europe and involved in transport, transhipment of bulk goods and general cargo with inland waterway barges. Imperial Reederei Group (100 %) Brouwer Shipping & Chartering (30 %) Brouwer operates through a global network of long standing relationships. The company focuses on time charters and the transport of bulk and container cargo.

8. IMPERIAL LOGISTICS INTERNATIONAL Footprint Sites: Traditionally in Western Europe (industrial centre of the Rhine-Ruhr area within Germany, The Netherlands, Belgium and France). Expansion into Eastern Europe, e.g. Poland, Hungary and Lithuania. Sweden Lithuania United Kingdom Netherlands Poland Germany France Hungary Portugal

9. 5% 12% 12% 47% 12% 13% 0% Agriculture/Nutrition (to develop) General cargo Oil/Chemical Container Automotive Steel Paper IMPERIAL LOGISTICS INTERNATIONAL Industry Presence in Europe

10. IMPERIAL LOGISTICS STRUCTURE Imperial Logistics Southern Africa • Synchrony Logistics • Volition • Divisional Risk & Insurance Brokers • Anti-hijacking and Tracking

11. Imperial Logistics Consumer Products W.P. Transport IMPERIAL LOGISTICS STRUCTURE • Broco Transport Consultants • Cargo Planning & Distribution • Conree Transport • Etosha Transport • WP Transport • Fast ‘n Fresh • Freezerlines • Imperial Distribution • Imperial Truck Rental • Imperilog • Interchain Logistics • Kobus Minnaar Vervoer • Liebentrans • Namibie Multiloads • TFD Network Africa • The Cold Chain • Mercor Solutions

12. IMPERIAL LOGISTICS STRUCTURE Imperial Logistics Specialised Freight • Fuelogic • Javelin Trucking • North East Carriers • Tanker Services Food & Chemicals • Tanker Services Fuel & Gas • Tanker Services Specialised Products • Petrologistics (Truckafrica Botswana) • Zimbulk Tankers

13. IMPERIAL LOGISTICS STRUCTURE Imperial Logistics Transport & Warehousing • Cargo Africa • Forecourt Express • Cargo Africa Over Border • Milling Logistics • Colbro Transport • Fourway Haulage • Professional Consolidators • Freightmax • Goldfields Logistics • Long Distance Transport Swaziland • Imperial Cargo Specialised Business Division • Imperial Cargo Western Cape • Atlantis Transport • Dekson Transport • Imperial Cargo Namibia • National Transport Services • Imperial Dedicated Contracts • Imperial Tipper Resources • LA Logistix • Truckafrica • TwinTrans • Wilco Transport

14. IMPERIAL LOGISTICS FAST FACTS Southern Africa - Owning 70 Reputable Brands Total turnover in excess of R9 billion Own 5,456 vehicles and supply through our 4PL activities work for an additional 2,000 vehicles ± 711,000m² in warehouse space Covering 660 million km p/a Using 220 million liters of diesel p/a Transport over 32 million tons p/a

15. IMPERIAL LOGISTICS IN AFRICA Sub-Saharan Footprint • Depots/Offices • Beitbridge • Bulawayo • Francistown • Gaborone • Harare • Kitwe • Lubumbashi • Lusaka • Matsapha • Mutare • Windhoek D.R. Congo Tanzania Angola Zambia Zimbabwe Namibia Botswana Mozambique Swaziland Lesotho South Africa

16. Multiple Activities (Integrated) No Outsourcing Single Source 3PL Contract Logistics Lead Logistics/4PL Services Advanced Services Individual Logistics Services (Non- Integrated) Strategic Fit Expertise Ability to Invest IMPERIAL LOGISTICS BUSINESS AND STRATEGY Outsourcing Logistics Service • Important to note: “Using a 3PL is not an “all-or-nothing” proposition” • Logistics/supply chain not always an area of core competency, even for capable organisations

17. IMPERIAL LOGISTICS BUSINESS AND STRATEGY The Supply Chain Planning & Forecasting Product and Information Flow

18. BUSINESS AND STRATEGY Outsourcing Logistics Service Individual Logistics Services (Non- Integrated) No Outsourcing Multiple Activities (Integrated) Single Source 3PL Contract Logistics Lead Logistics/4PL Services Advanced Services

19. BUSINESS AND STRATEGY Individual Logistics Services (Non-integrated)

20. BUSINESS AND STRATEGY Outsourcing Logistics Service No Outsourcing Individual Logistics Services (Non- Integrated) Single Source 3PL Contract Logistics Lead Logistics/4PL Services Advanced Services Multiple Activities (Integrated)

21. BUSINESS AND STRATEGY Multiple Activities Integrated

22. BUSINESS AND STRATEGY Outsourcing Logistics Service Single Source 3PL Contract Logistics No Outsourcing Individual Logistics Services (Non- Integrated) Multiple Activities (Integrated) Lead Logistics/4PL Services Advanced Services

23. BUSINESS AND STRATEGY Single Source 3PL Contract Logistics

24. BUSINESS AND STRATEGY Outsourcing Logistics Service No Outsourcing Individual Logistics Services (Non- Integrated) Multiple Activities (Integrated) Single Source 3PL Contract Logistics Advanced Services Lead Logistics/4PL Services

25. BUSINESS AND STRATEGY Lead Logistics/4PL Services

26. BUSINESS AND STRATEGY Outsourcing Logistics Service No Outsourcing Individual Logistics Services (Non- Integrated) Multiple Activities (Integrated) Single Source 3PL Contract Logistics Lead Logistics/4PL Services Advanced Services

27. OUR FUTURE… Advanced Services

28. BUSINESS AND STRATEGY In Summary No Outsourcing Individual Logistics Services (Non- Integrated) Multiple Activities (Integrated) Single Source 3PL Contract Logistics Lead Logistics/4PL Services Advanced Services Planning & Forecasting Product and Information Flow

29. INDUSTRY PRESENCE

30. FMCG/RETAIL PETROCHEMICAL PAPER PRODUCTS PACKAGING CONSTRUCTION OTHER BLUE CHIP CUSTOMER BASE ACROSS INDUSTRIES

31. IMPERIAL LOGISTICS OVERVIEW FINANCIALS

32. IMPERIAL LOGISTICS FINANCIALS Key Financials 2007

33. IMPERIAL LOGISTICS FINANCIALS Key Ratios and Information • Proposed CAPEX spend for this year: • First half year actual: R478m • Second half: Substantially less • Ratios: • Return on Capital Employed: 4% above WACC • Return on Total Assets: aim to be above 12% • Return on Net Assets: aim to be above 15% • Asset Turnover: aim to be above 2,3 x • Debt/Equity 75% • Vehicle replacement policy: • 6 x 4 truck tractors on or before 800 000 kms (5-6 years) • Other vehicles over 8 years • Fuel: 24% of total operating costs • Fixed/variable: • Fixed % of total operating cost: 48% (depreciation = 7% of the 48%) • Variable % of total operating cost: 52% • Labour relations (wage negotiations) • Currently agreement in place valid 2007/2008 (NBC) • Commencing negotiations end of August 2008 for 2009 increases • Market indication of double-digit increase expectations

34. IMPERIAL LOGISTICS FINANCIALS Macro Drivers • Economic growth: • infrastructure spending • High interest rate environment: • impact on consumer spending • Outsourcing trends: • strong growth expected to continue • Exchange rates: • load imbalances • cost of capital • Partnerships with state owned enterprises: • create and leverage synergies • Cost elements, particularly wages and fuel: • impacting on general economy/margins

35. IMPERIAL LOGISTICS FINANCIALS Imperial Logistics Revenue 1996 to 2007 Strong financial performance Rm R 16,500 R 15,000 R 13,500 R 12,000 R 10,500 R 9,000 R 7,500 R 6,000 R 4,500 R 3,000 R 1,500 R 0 1998 2002 2006 1996 1997 1999 2000 2001 2003 2004 2005 2007

36. Bolt-on acquisitions • Outsourcing (growing trend) • Extended service offering • Organic growth • Escalations • New business development • Partnership approach (strategic) • Consulting IMPERIAL LOGISTICS STRATEGY Future Growth Strategy Revenue R9 BN CAGR = 19% R0.843 BN 1996 2008

37. THANK YOU

38. IMPERIAL LOGISTICS OVERVIEW APPENDIX

39. BBBEE Initiatives We believe that BBBEE is a strategic imperative Future success and sustainability is dependent thereon We are committed to transformation and empowerment Imperial Logistics will continue to pursue and promote all facets of empowerment in its business NERA was appointed as Imperial Logistics' verification agency The verified scorecard gives Imperial Logistics a status five (5) contributor level according to the codes Imperial Logistics qualifies as a value-adding supplier Formal ratings are completed and Verification Certificate received IMPERIAL LOGISTICS OVERVIEW