Appendix 1 Divisional Review

1. Appendix 1Divisional Review

2. Bidfreight – Bracing Revenue 11% Operating profit 19% Operating margin 3.1% Results • Momentum continued into H1 as investments in capacity and efficiencies realise rewards • Customer demand for services robust, volumes pleasing • Safcor Panalpina: billings up 12%, benefiting from a weaker ZAR & interest rates; margin erosion • Marine: profits well ahead of budget • IVS: Profits up despite recent fire reducing capacity; Durban & Isando volumes strong and Richards Bay outperformed on new business • RDS: challenges referred to previously remain but strategic actions to improve profitability in process; Durban terminal delays severely impact turnaround times Rm 3.1% 2.9% Trading margin Appendix 1

3. Bidfreight – Bracing • Bulk Connections: upgraded facilities paying off in higher volumes and new custom • SABT: profits well ahead of budget; volumes up 38%; railway service shortfalls reduce potential of this business • SACD Freight: high volumes at depots; margins assisted by cost containment • BPO: port operations profits up meaningfully; new capacity at Maydon Wharf accommodated increased demand; steel & ferrochrome exports pleasing; forest product exports remain weak • Manica: challenging regional markets; DRC commodity volumes reduced; Botswana performed well on vigorous clearing activity; severe skills shortage in Malawi and Zambia ops; Zimbabwe trades well on food aid volumes • Naval: strong metical eroded margins Strategic Imperatives and Prospects • Agency JV in Marine; 6 new SABT silos; IVS new builds • No change in status of national ports – major impediment • Demand for port based services growing • Real profit growth assured for F2008 13.5% Current contr. to Group Operating Profit Appendix 1

4. Bidserv – Healthy & Wealthy Revenue 19% Results • Fine results in particular from BidTravel, TMS, BidAir, Industrial Products, Security, TopTurf, Bidvest Bank • Continuing to gain profitable ground in all markets • Prestige: Creditable result in face of legislated wage rises that cannot be recovered in full • TMS: Profits up significantly, growth in new contracts • Laundries: Increases in key inputs but profits up 14%; new equipment business promising • Steiner: Cost pressures evident and some difficulties with smaller units but excellent result from flagship Steiner Hygiene • Security: Strong recovery from industry-wide strike action • Global Payment Technologies: reasonable result, cash handling good • Top Turf:Execution of recent offshore contracts boosts profits by 45% but local operations below par Operating profit 28% Operating margin 12.8% Rm 12.8% 11.8% Trading margin Appendix 1

5. Bidserv – Healthy & Wealthy • Industrial:Substantial rise in profits; competitive strengths cement market position • My Market:meaningfully profitable as stand-alone; procurement proving its worth • Office – Konica Minolta & Oce:Konica Minolta performing well, Oce improving from a low base; • BidAir:Brisk airport activity; super ramp license to serve 12 airlines effective 1 March 2008 – necessary equipment already in place • BidTravel:Building on management actions last year to improve performance; cost cutting drive underway to further consolidate competitive position 15.8% Current contr. to Group Operating Profit • Bidvest Bank:39% rise in profits despite expensing of significant marketing costs; Master Currency business up to expectation • Hotel Amenities:Performs strongly due to higher hotel occupancies and increased number of hotels Strategic Imperatives and Prospects • TMS specialist services (petrochemicals) finding favour locally and increasingly abroad • Bidserv expecting a record year, generating group-leading margins • Critical mass of this soft services segment unparalleled in South Africa Appendix 1

6. Bidvest Europe – Tactical Advantage Results • Operating profit up 14% to £28m, with UK up 8% to £23.4m, Netherlands up 30% to £5.6m and Belgium up from £0.3m to £0.8m. All operations in line with budget. Sterling average exchange rate €1.45 (€1.48) • 3663 benefiting from tactical measures taken last year to capitalise on market shake-out; strict expense control • Deli XL Netherlands: €8.15m profit vs. €6.3m; revenue €355m, up 2%; ROS 2.3% (1.8%); cash generated by operations €14.6m; inflation in food products escalating; markets remain difficult with volumes overall flat • Deli XL Belgium:€1.1m profit on €117.2m revenue; ROS 0.9% (1.6%); Kruidenier Belgium incorporated; extraction of efficiencies • Horeca:£52 000 profit, ROS 2.7%. New agency acquired; one-off impact of Asian games out of the system Revenue 7% Operating profit 20% Operating margin 2.6% Rm 2.6% 2.3% Trading margin Appendix 1

7. Bidvest Europe – Tactical Advantage • 3663: sales 1% up at £801m (8% like-for-like excluding MOD); profits up 8% to £23.4m; ROS 2.9% vs. 2.7; cash generated by ops £33.7m; capex £11m vs. £10m • Good working capital management and overhead cost control • Wholesale successfully reorganised, efficiencies gained • Food price inflation being passed on, with benefits for margin • Multi-temp sales and profits up 15%, well ahead of market • CD profits up sharply on efficiencies • Frozen, Fresh & Chill profits stable, helped by cost savings; Fresh under strategic review for optimal positioning • New management structure at Barton – benefits H2 Strategic imperatives & prospects • 2007 UK GDP growth 3.1% and hotel & catering growth 3.6% - unlikely to be maintained at this strong rate; interest rates have eased; 3663 well placed to turn competitor stress to own advantage • DeliXL wins Starbucks contract in Netherlands ; acquisitive options open • Strong year in prospect for Bidvest Europe 16.6% Current contr. to Group Operating Profit Appendix 1

8. Bidvest Asia Pacific – True blue tucker Revenue 59% Results • Every Australian business unit now profitable • New Zealand market share gains • Angliss has settled in well • Australia: sales up 16% (5% acquisitive) to $711m with profits rising 23% to $27m; ROS 3.8% vs. 3.6%; GDP growth running at 4%; food inflation up to 6% • Foodservicesales up 12%, profits up 36%; Melbourne & Sydney sustainably profitable; upgrades underway to cope with growth • Hospitalityremains in development phase, promising • QSR sales up 27% and profits up 75%, assisted by transfer of Subway business; margin exceeds 1%; organic growth 6% Operating profit 61% Operating margin 3.8% Rm 3.8% 3.8% Trading margin Appendix 1

9. Bidvest Asia Pacific – True blue tucker • New Zealand:sales up 18% to NZ$186.9m and profits up 21% to NZ$8.8m; ROS 4.7%; 15% real growth from new customers, new products • Fresh profits up 31%; new acquisition to lead growth • Foodservice profits up 14%; infrastructure investment • Angliss:R46m profit; Singapore and Hong Kong operating performance highly satisfactory, region strong, underscores merits of purchase Strategic imperatives & prospects • Australia: targeting >4% margin; double-digit profit growth for 2008 • New Zealand: further acquisitions, outperform industry • Singapore: margins approaching 4%, economy buoyant • Hong Kong/China: margins in the 3% to 4% range, robust markets, Beijing Olympics a positive 10.2% Current contr. to Group Operating Profit Appendix 1

10. Bidfood – The right ingredients Revenue 15% Results • Pleasing execution of strategic re-alignment • Record levels of profitability; food inflation benefit • Ingredients delivers on promise to improve returns • Caterplus: net revenue up 21% and profits up 24%; national accounts, “street” trade, and industrial catering revenues outperform; higher average basket values and average spend • Speciality: Patleys grew revenue by 24% and profits by 34%; promotions pay off; price increases successfully passed through; top LSM customer focus shields from squeeze Operating profit 25% Operating margin 8.5% Rm 8.5% 7.9% Trading margin Appendix 1

11. Bidfood – The right ingredients • Ingredients: modest increase in revenue translates to 19% rise in profits; Crown National profits up substantially with all regions trading well; Bidbake performance encouraging; exports growing strongly off a very small base Strategic imperatives & prospects • Increasing cooperation across businesses to grow market share, grow basket, and grow average spend per customer • Investments made in people, facilities, and equipment will continue to enhance returns • QSR restaurant trade showing stress, buy-down trends evident • Stock holdings will be managed to profit from inflation • Further gains expected in H2, leading to a good overall 2008 result 7.8% Current contr. to Group Operating Profit Appendix 1

12. BidIndustrial & Commercial Products – Cooling off Revenue 9% Results • Revenue growth not out of line with guidance; profit growth stalled, but at an exceptionally high level • Voltex, Office, Packaging & Vulcan profits broadly flat • Voltex: revenue up 12% but trading progressively tighter, particularly in contracting; copper price fall in Q2 reduced profits (estimated 20% impact); working capital is receiving vigorous attention • Stationery & Furniture: profits flat overall • Waltons profits grew by 19%; expanded footprint with refurbished and new stores • Kolok suffered a setback as a result of cut-throat competition among distributors; emphasis on store positioning continued and overall expense control was good • Furniture achieved growth overall Operating profit 0% Operating margin 7.2% Rm 7.8% 7.2% Trading margin Appendix 1

13. BidIndustrial & Commercial Products – Cooling off • Packaging: • Afcom GE Hudson grew market share as a result of an expanded offering • Buffalo Executape’s DIY range made further inroads • Vulcan: catering equipment margins came under some pressure Strategic imperatives & prospects • Voltex is capitalising vigorously on energy crisis opportunity • But, a slowdown in contracting is being experienced and sustained power shortages are likely to curtail developments, impact mining • 2nd half looking more promising; copper price recovery and weaker Rand 13.7% Current contr. to Group Operating Profit Appendix 1

14. Bidpaper Plus – Consolidating, for the Future Revenue 5% Results • Strategy of optimising cash generation from mature products whilst building presence in electronic solutions gathers pace • Lufil packaging integrated into Labeling & packaging sub-division • Complementary acquisitions on the table • Siveray/Statmark re-capitalisation completed and will materially improve productivity • Croxley brand continues to benefit from earlier re-vamp Operating profit 10% Operating margin 12.4% Rm 12.4% 11.8% Trading margin Appendix 1

15. Bidpaper Plus – Consolidating, for the Future Strategic imperatives & prospects • Traditional print expected to contract and mature whilst e-products expand • Management focused on optimally managing two contrasting business cycles; reinvesting for future returns • Modest growth expected for 2008 5.2% Current contr. to Group Operating Profit Appendix 1

16. Bid Auto – Balancing the load Revenue 4% Results • Like-for-like profit declined 27% but timely fleet management diversification resulted in flat earnings • Viamax acquisition (R960m); results accounted effective 1 July 2007 • Total vehicle sales down 4% to 44 448 units, with used vehicle sales up 8% to 21 051 units and new unit sales down 12% to 23 397 • Motor retail, Distribution and Finance & Insurance profits declined but Viamax acquisition contributed positively in its 1st half; Car & Van Rental was flat; Burchmores auction business performed well • Heavy Equipment has had a promising start • Working capital inflated by traditional seasonal factors, rental vehicle turnbacks and impact of OEM-imposed stocking • No significant used vehicle stock over-valuations Operating profit 1% Operating margin 3.6% Rm 3.7% 3.6% Trading margin Appendix 1

17. Bid Auto – Balancing the load Strategic imperatives & prospects • Motor retail at the sharp end of reducing consumer spending • Market for passenger vehicles remains weak compared to the prior year with continuing margin pressure • Quality control on imports will take precedence over pushing volume; Chery launch timely • Three new Value Centres opening • Dealership profit improvement programme to continue • Budget Car and Van Rental expanding geographic footprint • Diversification has resulted in motor retailing component reducing to less than 40% • Negatives will be offset by positives for the remainder of the fiscal year 14.6% Current contr. to Group Operating Profit Appendix 1

18. Corporate – Bricks & Mortar Revenue 20% Results • Bidvest Properties continues to make a meaningful contribution to group • Namsov affected by poor weather and catches • All Namibian assets folded into Bidvest Namibia, to be managed by Namibians. • Bidvest Namibia due for listing before the end of calendar 2008 • On-Time Automotive continues to struggle Operating profit 42% Operating margin N/A Rm 2.6% Current contr. to Group Operating Profit Appendix 1

19. Appendix 2Historic Performance

20. Historic Performance 5.1% 5.2% 5.2% 4.6% 4.9% 4.4% 4.4% 4.5% 4.7% Impact of Viamax & Angliss Distribution 17.5% CAGR over 5 years 18,6% CAGR over 5 years Appendix 2