Analysts Presentation

2008

Welcome to

PRESENTERS:

• Mike Wylie - Chairman

• Savannah Maziya - Main Board non-executive

• Kobie Botha - EXCO, MD Roads & Earthworks

• Louwtjie Nel - CEO

• Paul Foley - EXCO, MD Civil & Building

AGENDA:

1. BEE - Mike Wylie

2. Company structure - Mike Wylie

3. Current contracts - Paul Foley & Kobie Botha

4. Prospects - Louwtjie Nel

5. Industrial - Mike Wylie

6. Financial highlights - Savannah Maziya

COMPANYSTRUCTURE

AVERAGE AVERAGEYEARS OF AVERAGE YEARS

SENIOR MANAGEMENT NO. SERVICE AGE EXPERIENCEEXCO 11 23 52 27REGIONAL MANAGING DIRECTORS 9 15 41 22DIRECTORS 31 19 50 26ALTERNATE DIRECTORS 36 13 43 19

TOTAL AVERAGE 19 48 24Total 87

WBHO CONSTRUCTION (PTY) LIMITED

CRITICAL SKILLS BUILD UP: JUNE 2004 - JUNE 2008

CRITICAL SKILLS 06/2004 06/2005 06/2006 06/2007 06/2008 % '04 vs '08

SHUTTER HANDS 605 720 812 947 1464 142%

SUPERVISORY 569 617 632 771 895 57%

OPERATIONAL 207 229 235 248 387 87%

TRAINEES (Eng / Tech, QS) 24 32 49 95 111 363%

TOTAL CRITICAL SKILLS: 1405 1598 1728 2061 2857 103%

T/O PER CRITICAL SKILL *: R 1,463 R 1,648 R 2,205 R 2,525 R 2,389 63%

TOTAL EMPLOYEES: 4943 6502 6177 8309 11779 138%

* 000's

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.

.

.

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YOUNG TALENT

Au

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ital Africa,

etc

Au

s, Cap

ital Africa,

etc

Retire at 60 Coaching from 60

FOOTPRINT

INDUSTRIAL

CAPITAL AFRICA STEEL

WBHO50%

BRAIT40%

CARACAL10%

CAPITAL AFRICA STEEL

RMS100%

DIWIDAG50%

STAR STEEL95%

SYMO100%

3Q CONCRETE

60%

PROSPECTS

PROSPECTS

Roads & Civils

• SANRAL and Provincial Roads - R50 B

• DWAF – new and refurbished dams - R 1 B

• Transnet and Portnet - R40 B

• Gas and petroleum pipelines - R 9 B

• ACSA airports - R 8 B

• Mining and infrastructure RSA, Ghana,DRC,

Zambia - R 1 B

PROSPECTS

Civils

• Medupi and Kusile power stations - R 7 B

• Nuclear 1 - R 10 B

• SASOL expansion projects - R 5 B

• Mining contracts - R 2 B

• Coega – Petrosa and biofuels - R 1 B

PROSPECTS

Building

• PPP’s – Healthcare and prisons - R10 B

• ACSA – Midfields - R20 B

• Retail – Upgrades and regional malls - R 7 B

• Corporate office blocks - R 1 B

• Hotels - R 1 B

• Convention centres - R 2 B

• Government – National archives - R 2 B

• UAE, Mauritius, Zambia

PROSPECTS

Probuild

• Retail - R 4 B

• Commercial - R 7 B

• Residential - R 3 B

• Airports - R 3 B

• Education - R 3 B

FINANCIALHIGHLIGHTS

Revenue

0

2,000

4,000

6,000

8,000

10,000

12,000

2002 2003 2004 2005 2006 2007 2008

R m

0

We have grown our revenue by 33% from R8.1b by R2.7 b to R10.8 b last year we grew by R2.3 b some 40%

Operating profit

0

100

200

300

400

500

600

700

800

900

1000

2002 2003 2004 2005 2006 2007 2008

R m

Our operating margin achieved 8.4% on R10.8 b last year it was 5.1% on R8.1 b

Headline Earnings

0

200

400

600

800

1000

1200

1400

2002 2003 2004 2005 2006 2007 2008

R 000's

Our compound growth in headline earnings has been 36% per annum since listing

HIGHLIGHTS

• WBHO’s earnings per share have improved by 160%

• In January 2008 we restructured CAS and reduced our investment to 50%, giving rise to R93 m profit and CAS then became an associate

• Headline earnings per share are up 147% after adding back impairment of goodwill and deducting the profit on the sale of CAS and profit on the sale of assets

• Balance sheet and cash balances remain strong

SEGMENTAL INFORMATION Reviewed AuditedJune 2008 June 2007

R'000 R'000

Segment revenue - Building and civil engineering 7,807,924 5,716,322 - Roads and earthworks 2,719,297 1,877,000 - Industrial 183,689 289,648 - Property and concessions 72,741 244,823

10,783,651 8,127,793

Segment result (operating profit before non-trading items) Margin Margin

- Building and civil engineering 6% 484,380 4% 222,453 - Roads and earthworks 14% 374,394 4% 76,128 - Industrial 21% 39,058 22% 65,083 - Property and concessions 10% 6,996 21% 52,213

8% 904,828 5% 415,877

SECONDARY SEGMENTS

Segment revenue - Local 6,911,796 5,515,206 - International 3,871,855 2,612,587

10,783,651 8,127,793

Segment result (operating profit before non-trading items) Margin Margin

- Local 7% 521,894 6% 303,519 - International 10% 382,934 4% 112,358

8% 904,828 5% 415,877

RELY ON OUR ABILITY

QUESTIONS ?