The Bidvest Business Model

1. The Bidvest Business Model An operationally active investment holding company whose core competence is the management of a balance of cash generative and growth businesses Market-leading service, trading & distribution businesses Implementation Strategy • Businesses actively & successfully managed • Decentralised, focused business units • Market leaders in distribution channels: • Critical mass for sourcing & funding • Reaching common customers • Tying the customer in • Own the cash flows • Control distribution channels • A balance of mature & growth businesses • Funds allocated across asset base according to proven return criteria • Vigorous capital management - cash used from mature businesses to fund growth businesses and acquisitions • Identifying acquisitive value • A team of operationally strong, entrepreneurial owner-managers: • Financial disciplines(working capital, managing sustainable returns) • Corporate office frees up businesses to perform • Financial integrity • Proven ability to correct underperformance (incl .organic growth record from acquisitions) • Proven ability to create value in businesses Management Focus

2. Unaudited Results For six months ended December 31 2008

3. Agenda • Introduction • Financial Results • Group Outlook • Appendices: • Appendix 1: Geographic and Segmental Revenue and Trading Profit • Appendix 2: Divisional Results • Appendix 3: Historic Performance

4. Introduction Brian Joffe

5. H1 F2009 results summary Introduction Revenue 11% to R60,0bn Trading profit 6% to R2,6bn Headline earnings 10% to R1,4bn EPS 9% to 530,4cps HEPS 9% to 454,0cps Normalised HEPS* 1% to 494,0cps DPS 14% to 190cps Cash generated from operations 41% to R0,9bn ROFE from 37.6% in H1 F2008 to 32.4% in H1 F2009 * HEPS, excluding non trading costs of R165m (40cps after tax) related to closure and re-organisation of operations Note: IFRS compliant

6. CEO’s opening conclusion Introduction • The world has changed, and changed forever; we are living in the new normal • Good people matter more than ever - Bidvest has them • Are we fearful of the economic upheaval? Not a bit • Do we see opportunity? You bet – the Group will continue to adapt • What are our people inspired to do? • Use their gumption • Be resourceful • Strengthen partnerships • Get back to brass tacks • Be good housekeepers - we haven’t got limitless cash • Be alert to the potential a world of uncertainty and difficulty offers • Bidvest gains strength from its diversity and shall succeed – wherever in the world the Group trades

7. Financial Results David Cleasby

8. H1 F2009 – FD’s perspectives Financials • Risk aversion prevalent • Creditworthiness under scrutiny by lenders • Favourable funding terms less easy to come by • Overall costs not declining; increased credit spreads with decreasing base rates • Bidvest has a fiduciary responsibility to stakeholders to husband its resources appropriately for the times • Optimal funding structures will continue to be investigated • Cash will be conserved • Working capital will be managed as effectively as we are able • Internal controls stepped up as increased fraud & criminal activity prevalent

9. Consolidated Income Statement Financials • 11% organic growth • 8% growth excluding exchange rate translation • 17% growth excl. McCarthy in both periods

10. Consolidated Income Statement Financials Note: 1. All growth in Trading Profit is organic 2. Foreign businesses = 30% contribution to Trading Profit vs 27% in H1 2008

11. Consolidated Income Statement Financials • Increase in finance expense due to increased funding rates, increased utilisation • Foreign interest of R76,5m vs local interest of R486,4m • Net debt offshore of R1,4bn vs local net debt of R6,5bn • Finance cost has peaked • 2nd half: • More internal working capital management & capex scale-back • H2 much better from a working capital perspective • Falling interest rate environment

12. Consolidated Income Statement Financials Associates: Tiger Auto (Sold for R212m with effect from Feb 2008) Enviroserv(Sold for R569m with effect from Nov 2008) Comair Other Note: Includes dividends received

13. Consolidated Income Statement Financials

14. Consolidated Income Statement Financials

15. Consolidated Income Statement Financials • Decisive remedial actions deliberately taken to put the Group in a stronger position at a time of uncertainty and worldwide economic recession: • 3663 Barton Meat: perennial loss maker closed + other closures - £10,1m charge • Bid Auto: rationalisation of dealerships – R27m charge

16. Consolidated Income Statement Financials HEPS, excluding non trading costs of R165m (40cps after tax) related to closure and re-organisation of operations, would have been 1% down

17. Consolidated Income Statement Financials 302,9m vs 310,2m diluted weighted avg shares in issue

18. Consolidated Income Statement Financials Dividend cover of 2,4x

19. Consolidated Cash Flow Statement – Rm’s Financials Half-year ended Dec 31 2007 Half-year ended Dec 31 2008 Cash generated from ops Working capital utilised Net Finance charges Taxation Distributions Cash effects of investment act’s Cash effects of financing act’s • Investment activities: • No material acquisitions • Capex of R1,2bn is similar to H1 2008 • In the 4½ years to Dec 2008: • R9,8bn cash generated from operations after working capital, tax and distributions, supported the R12,5bnspent on acquisitions & investments of businesses for medium term growth • Full benefits still to manifest

20. Net Working Capital Days Financials Half-year ended Dec 31 2008 9 5 17 9 16 Net days Debtors days Stock days Creditors days • Some improvement in working capital management: • Inventory - increased strategic buying & longer supply chain • Debtors - quality of debtors book is sound, but increasing debtor delinquencies • Creditors - impact of importing stock with shorter credit lines

21. Net working capital flows vs cash generated Financials Half-year ended Dec 31 2008 • Upward trend in half on half cash generated • Working capital utilisation typically better in 2nd half

22. Gearing Financials Half-year ended Dec 31 2008 Target interest cover range • Clean EBITDA interest cover of 6.1x; Interest cover of 4.7x vs target of 5-6x • Full year interest cover should be back within target range

23. Group Outlook Brian Joffe

24. CEO’s closing conclusion Group Outlook • Business cycles are an age-old hardy perennial – this is a necessary corrective phase • Bidvest remains entrepreneurial • Management are really energised • We know our businesses but we don’t pretend to know the future • We manage for all eventualities, although the following unknowns could have a big effect: • Interest rates • Exchange rates • Deflation will become an issue • Operating conditions are still challenging • Difficult times provide opportunity and Bidvest is alert to the potential this offers Bidvest will, at best, maintain HEPS in F2009

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