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UNAUDITED GROUP RESULTS for the six months ended 31 December 2014 2 Agenda 1 2 3 4 Section 1 Section 2 Section 3 Section 4 INTRODUCTION FINANCIAL SEGMENTAL GROUP REVIEW REVIEW AND PROSPECTS PROSPECTS 1 3 INTRODUCTION

  1. UNAUDITED GROUP RESULTS for the six months ended 31 December 2014 2 Agenda 1 2 3 4 Section 1 Section 2 Section 3 Section 4 INTRODUCTION FINANCIAL SEGMENTAL GROUP REVIEW REVIEW AND PROSPECTS PROSPECTS 1

  2. 3 INTRODUCTION INTRODUCTION 4 Financial summary H1 F2015 H1 F2014 H2 F2014 H1 F2015 vs. unaudited unaudited unaudited H1 F2014 Revenue – Rm (12%) 7 831 7 509 6 890 from continuing operations* (37%) 328 319 Operating profit – Rm 206 (47%) 2,04 2,03 HEPS – Rand 1,09 (46%) 2,01 1,98 Fully diluted HEPS – Rand 1,08 Fully diluted HEPS from continuing (47%) 2,02 1,98 1,07 operations – Rand* (41%) 2,00 2,01 EPS – Rand 1,18 (40%) 1,96 1,98 1,17 Fully diluted EPS – Rand Dividends per share – cents (33%) 45,0 55,0 Maintained policy of 4.0 x covered on 30,0 adjusted EPS Headline earnings: H1 F2015 earnings adjusted for profit on fair value adjustment of an investment property * excluding Construction Materials reflected as a discontinued operation 2

  3. INTRODUCTION 5 Results in context � Operating performance very disappointing ― Engineering & Construction: weak operational performance at: Disappointing › Civil Engineering (operational difficulties as well as retrenchment six months costs) › Energy (contract completion costs) › Balance of segments: performed in line with expectations ― Manufacturing: solid performance despite flat to declining markets ― Investments and Concessions: delivered improved result on back of solid Intertoll Europe results � Order book intake particularly slow but recovered well in December ― award of Kpone IPP project Signs of � Immediate intervention improvement towards end of ― Strengthened management and shed complexity within Engineering & Construction reporting period ― Improving group efficiency and corporate office cost � Group cash collection good INTRODUCTION 6 CEO’s first 70 days Strategy � Review and confirmation of group strategy with board confirmation � Accelerated focus on pursuit of growth initiatives ― Sector-led growth in rest of Africa ― Geographic expansion › Dedicated resources deployed for African expansion plan › Targeted incremental expansion further east in Eastern Europe ― Restructured contracting business to better deliver on Structure multi-disciplinary / EPC capability review ― Grow annuity revenue basis › Further directed investments in manufacturing, concessions and property assets Overhead � N ew leadership appointments – EXCO and business units efficiency � Action to improve group effectiveness and reduce cost Single culture � Various initiatives to further align single culture behind united strategy 3

  4. INTRODUCTION 7 Group exco and senior appointments update Board of directors E. Vemer C. Teixeira S. Morris J. Job K. Mpinga P. Mthethwa CEO CFO Non-exec Non-exec Non-exec, DRC Chairperson W. Louw B. Ngonyama M. Thompson V. Rague J. Chinyanta Non-exec Non-exec Non-exec Non-exec, Kenyan Non-exec, Zambian Exco CEO: E. Vemer ~ Engineering & Engineering & Investments and Manufacturing Head of Africa Risk CFO HR Construction Concessions W. Zeelie ~ J. Hillary ~ J. Wallace T. Mosai ~ G. Mottram C. Teixeira J. Doorasamy Operations Director: M. Humphreys ^ ~ Building Building Civil Engineering Projects Energy and Housing T. Nichols * P. de Vries F. Enslin S. Ryninks T. de la Motte ** D. Morgan D. Muller E. van Rooyen ~ new appointment, since 1 Dec 2014, internal placement ^ previously MD of Projects, a high performing BU * previously commercial director at Buildings, appointment effective 1 Feb 2015 ** previously contracts director at Projects, appointment effective 1 Feb 2015 8 FINANCIAL REVIEW 4

  5. FINANCIAL REVIEW 9 Income statement H1 F2015 H1 F2014 H2 F2014 H1 F2015 vs H1 F2014 unaudited unaudited Rm unaudited % (12%) 7 831 7 509 Revenue from continuing operations * 6 890 (37%) 328 319 206 Operating profit and margin % 3.0% 4.2% 4.2% � including fair value adjustments (34%) 340 335 Profit before interest and taxation 225 - (2) - Finance cost ‒ net (4) (35%) 338 335 Profit before taxation 221 - 34% 34% Effective tax rate % 34% (34%) 222 221 Profit from continuing operations 146 Loss from discontinued operations - (3) - - � operating losses from Construction Materials (33%) 219 221 Net profit 146 * excluding Construction Materials reflected as a discontinued operation FINANCIAL REVIEW 10 Underlying performance from continuing operations Target range H1 F2015 Core margin achieved %* (set at F2014 reporting date) Engineering & Construction Building and 2 – 4%, short-term low end of range 2.0% On target Housing 3 – 5%, Civil (2.7%) Below target (~ below range 0 – 2%) Engineering 5 – 8% Projects 6.0% On target 3 – 5%, short-term lower end of range; Energy 1.1% Below target ** (~below range 0 – 2%) Investments and 15 – 20% 23.0% Above target Concessions 6 – 8% Manufacturing 8.2% Above target * Core margin is total margin adjusted for non-core transactions of pension fund gains/deficits, but not adjusted for profit /loss on sale of assets ~ target as guided in Nov 2014 ** in line with guidance in Nov 2014 5

  6. FINANCIAL REVIEW 11 Legacy issues � Competition Commission (“CompCom”) ‒ Leniency obtained on all matters reported ‒ Lack of evidence and factual discrepancies on 4 matters to be settled ‒ Provision assessment of F2013 remains unchanged ‒ Consensus not reached with CompCom › group elected to assess its position on referral to the Tribunal › thus CompCom’s referral to Tribunal on one of the outstanding matters was anticipated ‒ Risk of civil claims exists; none received to date ‒ Wider engagement between industry and government in progress � Middle East – Net asset value R80m ‒ Operations closed; costs no longer material ‒ Further progress on final close-out of all matters ‒ Payment flows honoured by clients ‒ Debtors and contracts in progress to recover � Construction Materials – Net asset value R27m ‒ One remaining business held for sale, no earnings impact FINANCIAL REVIEW 12 Cash flow H1 F2014 H2 F2014 H1 F2015 unaudited unaudited Rm unaudited 490 413 Operating cash 229 (5) (514) Working capital changes 89 (2) - Finance cost – (net) (4) 652 (202) Trade and other payables (133) (447) (150) Trade and other receivables 279 (200) (133) Contracts in progress (73) (10) (29) Inventories 16 (5) (514) Total change 89 Working capital � Trade payables a reflection of a reduction in excess billings � Trade receivables a reflection of focus on client cash collections Net finance costs � In line with expectation 6

  7. FINANCIAL REVIEW 13 Cash flow H1 F2014 H2 F2014 H1 F2015 unaudited unaudited Rm unaudited 490 413 Operating cash 229 (5) (514) Working capital changes 89 485 (101) Cash generated from / (utilised in) operations 318 (2) - Finance cost – (net) (4) (3) (8) Cash effects of operating activities (disc. operations) 2 (96) (124) Tax and dividends paid (182) 384 (233) Net cash generated from / (utilised in) operating activities 134 (94) (66) Fixed assets and investment property – (net) (15) (60) (26) Investments and financing – (net) 46 Cash effects of investing and financing activities 4 5 1 (disc. operations) 53 (12) Effect of exchange rates on cash 48 287 (332) Movement in cash 214 3 253 2 921 Cash and cash equivalents on hand – end of period 3 135 Cash and cash equivalents on hand – end of period from 3 239 2 912 3 124 cont. operations FINANCIAL REVIEW 14 Cash flow Cash generated/(utilised) - net Net cash balance on hand at period-end Rm 3106 3124 2954 2912 2778 3000 2265 2235 1824 2000 1195 956 1000 689 629 327 212 60 33 0 (42) (871) -1000 F2007 F2008 F2009 F2010 F2011 F2012 F2013 F2014 H1 F2015 Net gearing % 36.9% nil nil nil nil nil nil nil � Cash on hand is healthy in current environment � Excess cash will be applied to future equity investments, mainly in Investments and Concessions 7

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