Results for the year ending 30 June 2010

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

2. Agenda

3. Key Features

4. Key Features • 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

5. Financial Review

6. Summarised group statement of comprehensive income

7. Summarised group statement of financial position

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

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)

10. Mvelaserve Review

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

12. Operational review • 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 • 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 • Facilities Management • TFMC continued to show growth • Once-off revenues increased • Telkom contract signed • New commercial model to commence in 2011 Revenue: R 1 106 m EBITDA: R 193 m Employees: 1 534 Revenue: R 339 m EBITDA: R 58 m Employees: 297 Revenue: R 1 080 m EBITDA: R 40 m Employees: 12 076 Revenue: R 1 641 m EBITDA: R 174 m Employees: 16 247 Mvelaserve positioned for growth • Key achievements • Telkom contract signed • A more balanced earnings profile • Strategy • Continuous evaluation of current portfolio and services • Increase scope of services 11

13. Financial Review

14. Listed Investments Review

15. Absa performed in line with expectations • Lock-in for BathoBonke ends 31 March 2011 • Anticipation that it would take further 2-3 years to realise investment • Absa comprises of 16% of Mvela Group’s iNAV • Group Five benefited from its diversification of earnings base (away from just construction) • Released a solid set of results • Comprises 3% of Mvela Group’s 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 ·        

16. Intrinsic Net Asset Value

17. Intrinsic Net Asset Value • 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 Group’s 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 Group’s intrinsic net asset value at that date of R7,21

18. Intrinsic Net Asset Value – Valuation Methodologies

19. 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 REVENUE 1340 -603 EBITDA • 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

21. Life Healthcare unbundling has been delivered Value Unlocking – Life Healthcare • 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

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

23. Questions? Questions? Thank you