1

Results for the year ending 30 June 2010

Presentation to analysts and investors

August 2010

Agenda

Key Features

Financial Review

Mvelaserve Review

Investment Review

Intrinsic Net Asset Value

Conclusion

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Key Features

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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

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Merger Jun-08 Jun-09 Jun-10

7.00

8.687.90

11.36

Intrinsic Net Asset Value(R/share)

Financial Review

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Year ended 30 June 2010

R’ million

%

Change

2009

R’ million

Continuing operations

Revenue 4 112 13 3 647

Operating profit 314 25 252

Net interest expense (108) (26) (145)

Share of loss from associates (23) (32) (34)

Net fair value adjustments and profit/(loss) from investments

575 58 365

Cost of BEE transaction (16) - (16)

Taxation expense 136 (154) (250)

Profit from discontinued operations 13 4

Total comprehensive income 891 412 176

Attributable to the parent 866 406 89

EPS (cents) 212,7 871 21,9

HEPS (cents) 238,5 378 49,9

Summarised group statement of comprehensive income

Summarised group statement of financial position

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Summarised Group statement of cash flows

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Debt repayments (R619m)Asset backed finance raised R137m

Life Healthcare R87mAbsa R65mGroup Five R18mAvusa R20m

Preference shares (R30m)

Depreciation R108m

PPE (R192m) Investments sold R782mInvestments made (R476m)

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)

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Mvelaserve Review

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11

356,000465,000

2009* 2010

EBITDAon comparable basis

* Excluding TMS and Novare

Mvelaserve - diversified services group

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Security

- Protea Coin continues to deliver value

- New contracts with a number of blue chip companies

- Significant operational efficiencies delivered

- Geared for growth

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

Cleaning & Catering

- Most of restructuring done- Back to basics approach

adopted (similar to ProteaCoin )

- Growth in core market

Revenue: R 1 106 m

EBITDA: R 193 m

Employees: 1 534

Revenue: R 1 106 m

EBITDA: R 193 m

Employees: 1 534

Revenue: R 1 641 m

EBITDA: R 174 m

Employees: 16 247

Revenue: R 1 641 m

EBITDA: R 174 m

Employees: 16 247

Revenue: R 1 080 m

EBITDA: R 40 m

Employees: 12 076

Revenue: R 1 080 m

EBITDA: R 40 m

Employees: 12 076

Mvelaserve positioned for growth

Operational review

Facilities Management

- TFMC continued to show growth

- Once-off revenues increased- Telkom contract signed- New commercial model to

commence in 2011

Facilities Management

- TFMC continued to show growth

- Once-off revenues increased- Telkom contract signed- New commercial model to

commence in 2011

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

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

Revenue: R 339 m

EBITDA: R 58 m

Employees: 297

Revenue: R 339 m

EBITDA: R 58 m

Employees: 297

Key achievements- Telkom contract signed - A more balanced earnings profile

Strategy- Continuous evaluation of current portfolio and services- Increase scope of services

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Financial Review

Listed Investments Review

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- Absa performed in line with expectations

- Lock-in for Batho Bonke 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

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Intrinsic Net Asset Value

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Intrinsic Net Asset Value

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• 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

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Intrinsic Net Asset Value – Valuation Methodologies

Absa Mvela owns 44.7% in Batho Bonke which owns 36.6 million shares in ABSA . Value based on ABSA listed share price of R121,49 per share on 30 June 2010 less funding and funding costs

Life Healthcare Value based on Life Healthcare listed share price of R13,55 on 30 June 2010

Group Five Option pricing model and mark-to-market valuation based on the closing Group Five share price of R34,50 per share on the JSE on 30 June 2010

Other investments Market value of listed shares, discounted cash flow, PE multiple or net asset valuation methodologies, less associated debt

Operations PE multiple based on sustainable profit from operations for 12 months less debt in operating subsidiaries

Net cash Cash balances at 30 June 2010 at fair value, less debt not associated with specific investments or operations

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Conclusion

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

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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

EBITDA

-603

1340REVENUE

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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

Life Healthcare unbundling has been delivered

Path to Value Unlocking

Time-table remains unchanged – intention still to realise 70% of value before December 2010:

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Thank you

Questions?

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Questions?