2005 ANNUAL FINANCIAL RESULTS PRESENTATION

Monhla Hlahla Managing Director

Proposed developments at JIA

ECONOMIC AND INDUSTRY ANALYSIS

Continued Rand strength;

Interest Rates at 20 year lows;

GDP growth exceeded forecasts and domestic driven;

Impact of low cost carriers;

High oil price continue to put pressure on airlines.

Monhla Hlahla Managing Director

AIRLINE PERFORMANCE (Latest Financial Results)

Revenue (million) Operating Profit (m)

SAA (ZAR) 17 442 7% 1 111 >100%

BA Comair (ZAR) 1 474 8% 41 29%

Kenya Airways (USD) 524 38% 73 103%

Ethiopian Airlines (USD) 390 20% 31 97%

Air Mauritius (USD) 480 19% 59 7%

British Airways (USD) 14 417 12% 996 45%

Lufthansa (USD) 13 939 20% 330 544%

Cathay Pacific (USD) 5 016 32% 674 136%

Quantas (USD) 8 083 21% 782 135%

Monhla Hlahla Managing Director

Source: ATI (Air Transport Intelligence)

DEPARTING PASSENGERS

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

2001 2002 2003 2004 2005

Domestic

International

Regional

Unscheduled

TOTAL

Monhla Hlahla Managing Director

CAGR 7,15%

AIRCRAFT LANDINGS

0

50000

100000

150000

200000

250000

2001 2002 2003 2004 2005

Domestic InternationalRegionalUnscheduledTOTAL

Monhla Hlahla Managing Director

CAGR 2,64%

STRATEGIC THRUSTS

Exploit New Opportunities

Continue efforts to diversify revenue streams;

Mozambique concession;

Mumbai Airport privatisation bid and;

Property income.

Monhla Hlahla Managing Director

STRATEGIC THRUSTS

Increase Shareholder Value

R492m invested in infrastructure development;

EBITDA increased 2.37% to R1,151m;

Profit before tax increased by 22% to R875m;

Headline Earnings increased by 26% to R593m;

Economic Value Added increased by 168% to R152m;

Proposed dividends increased by 29% to R295m and;

Contribution of taxes to the South African fiscus increased by 16.3% to R283m.

Monhla Hlahla Managing Director

STRATEGIC THRUSTS

International Benchmarks

Provide world-class safe and secure infrastructure and services;

JIA awarded the Skytrax Best Airport in Africa;

AETRA rated CIA as the second best airport in the Africa and Middle East region;

AETRA rated DIA as the third best airport in the region and was rated fifth in the world within its passenger category;

Significant progress made in addressing safety and security issues.

Monhla Hlahla Managing Director

STRATEGIC THRUSTS

Unlock Human Capital

Continued investment in training;

Project “Soaring Service” launched – aimed at improving customer service-focused competencies and behaviours;

Talent attraction and retention including talent mapping;

Woman development programme;

Continuous improvement in Performance Management;

HIV / AIDS prevention and awareness campaigns;

Employment Equity.

Monhla Hlahla Managing Director

STRATEGIC THRUSTS

Good Corporate Citizen

Extensive Corporate Social Responsibility Programme including Wheelchair Tennis South Africa, construction of a crèche in Katlehong;

ACSA’s development plans will generate 18,000 temporary jobs and approximately 1,800 permanent jobs in the industry;

45% of general services and 51% of consultancy services procured from BEE companies (including state owned enterprises)

Corporate Governance

Monhla Hlahla Managing Director

Proposed developments at JIA

Johannesburg International Airport

NEW INTERNATIONAL PIER

NEW ECHO APRON

NEW CENTRAL TERMINAL BUILDING

(CTB)

NEW MULTI-STOREY PARKADE

(MSP2)

NEW MULTI-STOREY PARKADE

(MSP3)

NEW GAUTRAIN RAIL AIRPORT LINK

Monhla Hlahla Managing Director

Proposed developments at JIA

Cape Town International Airport

NEW DOMESTIC TERMINAL

NEW CENTRAL TERMINAL BUILDING (CTB)

NEW MULTI-STOREY PARKADE (MSP1)

Monhla Hlahla Managing Director

Durban International Airport

EXISTING TERMINAL UPGRADE

POSSIBLE DOMTEX TERMINAL EXTENSION

NEW MULTI-STOREY PARKADE (MSP1)

Monhla Hlahla Managing Director

Proposed developments at JIA

FINANCIAL PERFORMANCE

Brooks Mparutsa Financial Director

FINANCIAL OVERVIEW

Financial performance satisfactory;

Passenger traffic growth spurred revenue growth;

Commercial initiatives in changing environment and;

All airports achieve positive EBITDA

Brooks Mparutsa Financial Director

HIGHLIGHTS

Passenger Traffic 12.1 %

Commercial Revenue 11.7%

EBITDA 2.4 %

Profit before tax 22.3 %

Headline Earnings 25.7 %

Proposed Dividends per Share 29.4 %

Monhla Hlahla Managing Director

FINANCIAL HIGHLIGHTS

2005 2004 % Change

Passenger Traffic 13,340,976 11,900,019 12.11

Revenue 1,963,106 1,864,883 5.27

EBITDA 1,150,680 1,124,055 2.37

Profit before tax 875,003 715,549 22.28

Headline Earnings 593,174 471,630 25.77

Proposed Dividend per Share 59,00 45,60 29,39

Brooks Mparutsa Financial Director

Key Indicators for the Financial Year Ended 31 March 2005

2005 2004 % Change

Commercial Revenue 780,340 698,552 11,71

NAR (%) 45% 46% -1.08

Cost to Income (%) 53% 52% -0.02

Revenue per Employee 1,087,750 1,010,961 7.6

Capex 491,783 473,462 3.87

Gearing Ratio 7.85% 6.07% 29.37

Brooks Mparutsa Financial Director

Proposed developments at JIA

REGULATORY ENVIRONMENT

ACSA and the airlines (the industry), jointly presented a proposal of a regulatory approach that the industry believes will create a predictable and stable regulatory environment that also improves transparency.

Brooks Mparutsa Financial Director

CAPITAL EXPENDITURE

ACSA envisages spending R5.2bn in the period to 2009 and;

Continued high inflation within the building and construction industry is a significant risk for ACSA.

Brooks Mparutsa Financial Director

TRAFFIC

Domestic traffic growth is forecast to decelerate following a period of significant growth;

Low Cost Carriers will continue to contribute to traffic growth;

New airlines envisaged in 2006 include: Etihad Airways; Gulf Air; Thai Airways; Virgin Nigeria and Ghana International.

Brooks Mparutsa Financial Director

CAPITAL STRUCTURE

ACSA capital structure is not optimal.

In delivering the planned infrastructure, ACSA intends on finalising it’s capital structure, enhancing shareholder value.

Brooks Mparutsa Financial Director

DUBE TRADEPORT

ACSA continues to engage the KwaZulu-Natal Provincial Government on matters pertaining to the development of the Dube Tradeport and in particular, the King Shaka International Airport.

Brooks Mparutsa Financial Director

SAFETY AND SECURITY

Aviation security remains a strategic focus for ACSA;

Key in delivering aviation security is co-operation and interdependence with the airlines and organs of state such as SAPS; Home Affairs, Customs, CAA etc.;

SAPS will deploy in excess of 500 additional officers to JIA as well as investment in capital equipment;

Key components in ACSA’s strategy is continued and accelerated investment in capital equipment as well as personnel;

The National Aviation Security Plan has been approved and implementation will commence during the 2006 financial year.

Brooks Mparutsa Financial Director

Thank you

Proposed developments at JIA