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OVERVIEW OF THE LOGISTICS INDUSTRY 2017

Evolving complexity in logistics: New markets

New cost effective sources of supply

Multiple supply chains - globalisation

Complexity of offshore markets

Changing sourcing locations and points of sale

Smaller and more frequent purchase orders (e-commerce)

USA/CANADA 32.1%

EUROPE34.4%

ASIA PACIFIC20.6%MIDDLE

EAST 3.1%

SOUTH AMERCIA

6.8%

AFRICA3.1%

33% Shippers

471 Respondents

27% Other(Service providers to the industry)

The State of Global Logistics Report for 2016

40% Logistics Providers

Stagnant global growth, intense competition and the threat of being commoditised. LSPs face tough timesand the threat of being commoditised unless they transform into agile and innovative entities.

The industry remains averse to change, in part because of a strong emphasis on the human element and anacute shortage of specialised skills.

Reluctance to embrace automation due to financial constraints and the rate at which technology ischanging.

Innovative solutions through data (fact) driven decisions is now an expectation of shippers.

Only a LSP that provides a common global system and has global offices on strategic trade lanes canidentify, resolve, and even prevent disruptions in the supply chain.

The State of Global Logistics Report for 2016

Customers are less interested in committing to long-term contracts that are based on a high cost IT solutions. Theyprefer smaller, scalable solutions that can successfully integrate and utilize existing systems, with some minormodifications.

Labour shortages, increased customer demands, industry consolidations, emerging and disruptive Uber-like supplychain models, and the continued evolution of multi-channel fulfilment means that today’s LSPs must be at the top oftheir game to thrive.

The good news is that these challenges are driving more shippers to consider outsourcing.

The global third party logistics market is expected to grow by 4.4% each year to 2022.

The State of Global Logistics Report for 2016 continued

Santova has been and still is well placed to meet the challenges highlighted by the Global Logistics Annual Report 2016

Highly Entrepreneurial Culture A culture which thrives on change and is

driven by innovation. Highly flexible, adaptable and proactive – agile.

Next Generation TechnologyOne common global platform for

engagement and global multi-dimensional interface (EDI), enabling

predictive analytics.

Global Talent PoolCultivating knowledgeable employees

who are attuned to the Group’s entrepreneurial culture and knowledge

intensive business model.

Specialist Provider of Innovative Global Trade SolutionsManaging a global network of interconnected activities for multinational organisations from origin to point-of-consumption is huge differentiator.

Sustainable Business ModelSantova’s diversification in terms of geographies, currencies, industries, products and services enables it to hedge against unexpected ‘regional risks’ whilst at the same time allowing it to capitalise on opportunities that may present themselves globally.

“The more ground we cover the luckier we seem to get”

PERFORMANCEHIGH LEVEL OVERVIEW

MARKET CONCERNS?SANTOVA HAS MORE THAN ADEQUATELY

DEALT WITH THESE CONCERNS 2017

Organic growth ? State of the South African

economy

Flat global economies

The state of the logistics industry, flat to negative growth

Depreciating Sterling ? Reduced import volumes

Reduced profit margins: US$ based freight costs and client invoicing in Sterling

Brexit ?

Slow down in trade volumes and reduced inventory levels

Appreciating Rand ? Translation of offshore earnings

(Sterling to Rands)

Reduced profit margins (last 6 months) based on fees raised on Rand value of goods and US$ freight margins translated to Rands

Share price a reflection of market concerns

YEAR ON YEAR GROWTH

ASIA PACIFIC 102% EUROPE 49% UNITED KINGDOM 12% AFRICA 12%

NETHERLANDS 37,7%AUSTRALIA 56,70% HONG KONG 740,9%SOUTH AFRICA 20.16%(LOGISTICS)

Incl. Mauritius & GhanaIncl. WM Shipping

Asia Pacific 42,9%Europe 38,5%Africa 23,2%United Kingdom 21,7%

Industry norm 4% - 8%

Improved buy-ratesDiversified revenue streams

Reduced costs: intelligent work flow processes, structuresLeveraging off sophisticated technology, software and systems

Profitable new business development

Non asset basedVariable cost structure

Diversified quality earnings

ORGANIC GROWTH 2017

Group Total

30,30%

Excluding

Tradeway

15,80%

Excluding

Tradeway, Ghana, Mauritius

18,10%

Excluding

Tradeway, Ghana, Mauritius, WMS

33.00%

OFFSHORE62% GROUP CONTRIBUTION

ASIA PACIFIC 16%

EUROPE 31%

SOUTH AFRICA 38%

UNITED KINGDOM 20%

Excludes Ghana -1.8%Mauritius – 2.4%

ClientIndustry and Geographical Diversification

PHARMACEUTICALSTEXTILE RECYCLINGPAPERSALES PROMOTIONELECTRONIC SECURITYAPPARELFOOD & BEVERAGETEXTILE RECYCLINGLOGISTICS

APPARELWATCHES & JEWELLRYGOVERNMENT MINTBEVERAGESELECTRICAL COMPONENTS SUPPLIERSELECTRICAL APPLIANCESGAME TECHOLOGY

Industry norm 1 client normally constitutes 15% and 3 clients 25% to 33%

of total net revenue

Summary: . 4,605 Clients (total client base) generate net revenue of R 315 million . 20 Clients (0,5% of clients) generate net revenue of R 57 million (18% of total net revenue) . The largest client only constitutes 3,3% of net revenue and the next only 1,4%

RegionNet

Revenue % Contribution

South Africa R24 158 43%United Kingdom R13 709 24%Netherlands R10 106 18%Australia R6 717 12%Germany R2 012 4%

R56 703 100%

SANTOVA (SOUTH AFRICA)

6 Offices

WM SHIPPING(UNITED KINGDOM)

SANTOVA (MAURITIUS)

TRADEWAY SHIPPING (UNITED

KINGDOM)

SANTOVA (UNITED KINGDOM)

SANTOVA (HOLLAND)

SANTOVA (GERMANY)

SANTOVA (HONG KONG)

SANTOVA (AUSTRALIA)

United Kingdom. Brexit. Low freight rates. Shipping lines going direct . Stagnant Caribbean economy. Limited vessel capacity. Ghana branch: Governance

South Africa. Strong Rand. Struggling economy

432%

104%

19%

-115%

UNITED KINGDOMBREXIT

Santova’s reliance on the United Kingdom – European Union trade lane is minimal.

Trade volumes have increased, not decreased.

United Kingdom can now use its freedom to negotiate its own trading arrangements to good effect.

Initial period of uncertainty, slow trade and reduced inventory levels.

Depreciation of the Sterling, reduced profit margins due to US$ costings and client invoicing in Sterling.

United Kingdom. Brexit

UNITED KINGDOMWM SHIPPING (UK)

Solution Re-alignment of the business into new

markets, products and services.

Deployment of Tradenav ®

Work with Agents in Africa

Low freight rates, limited profit margins.

Shipping lines going direct to market with low rates to fill up capacity.

A stagnant Caribbean economy, vulnerability to external demand shocks and internal challenges, namely commodity prices and monetary tightening policies.

Limited vessel capacity and excessive freight rates on the trade lane between the United Kingdom and the Middle East.

However, an unexpected excessive increase in sea freight rates of late which has curbed trade volumes. Whilst detrimental to profits in the short term, this will benefit the business in the medium to long term.

Well publicised (by the Ghana Commissioner of Customs) questionable Customs Clearance practices in Ghana.

United Kingdom. Brexit

. Low freight rates. Shipping lines going direct . Stagnant Caribbean economy. Limited vessel capacity. Ghana: poor governance

SOUTH AFRICA STRONG RAND

Solution Santova’s fundamental strategy and business

model is founded on the principle of being a Rand hedge.

Focus on short to medium term yet more so on long term sustainable earnings growth.

Impact on Group earnings where the consolidation of offshore earnings (Sterling) has resulted in reduced contributions.

Reduced profit margins (last 6 months) based on fees raised on Rand value of goods and US$ freight margins translated to Rands.

United Kingdom. Brexit. Low freight rates. Shipping lines going direct . Stagnant Caribbean economy. Limited vessel capacity. Ghana: poor governance

South Africa. Strong Rand

SOUTH AFRICASTRUGGLING ECONOMY

Solution

Continued focus on offshore markets that offer sustainable growth through diversified quality earnings.

The main drag on overall economic growth was a massive decrease in mining and slow activity in the manufacturing sector.

SA economy contracted by 0.3% quarter-on-quarter (4th Quarter 0f 2016).

South Africa’s GDP expanded just 0.3% in 2016 as a whole, which is the country’s worst economic performance in seven years.

Undermining of overall macroeconomic stability and investment:. loss of confidence in the government;. rising public debt;. inefficient state-owned enterprises;. spending pressures;

United Kingdom. Brexit. Low freight rates. Shipping lines going direct . Stagnant Caribbean economy. Limited vessel capacity. Ghana: poor governance

South Africa. Strong Rand. Struggling economy

Operating margins and profitabilityGroup ‘buy rates’, efficiency-effectiveness, clientretention and new business development haveincreased significantly year on year, protectingour earnings.

Offshore expansionWith the exception of WM Shipping, all offshore operations have delivered an exceptional performance, offshore contributions are now 62% of total earnings.

TradeNav ®Launch and deployment of next generation technology, ‘virtual’ client-centric (single platform worldwide), end-to-end supply chain visibility, integration and communication, enabling predictive analytics and data based decision making.

Brand awarenessTop-end brand name companies have engaged Santova. We have also achieved the status of a preferred employer, with an entrepreneurial innovative culture and a quality talent pool.

ResilienceAs a result of a well diversified business model, there was a strong year on year earnings growth in the face of global economic challenges, particularly South Africa.

ACHIEVEMENTS2017

FINANCIAL STATEMENT ANALYSIS

KEY FINANCIAL HIGHLIGHTS/EVENTS

• Improved overall Billings margin to 7.7% and Operating margin to 30.7%• The inclusion of Tradeway (Shipping) for 12 months• Strong operational performances in

• Australia - PBT up 56.7%• Hong Kong – PBT up 740.9%• Netherlands – PBT up 37.7%

• Successful turnaround in Germany, profit before tax and rebranded ‘Santova Logistics’• Solid performance in South Africa, profit before tax 20.2%• Operational loss in W.M. Shipping, profit before tax 119.5%• Strong cash generation from operating activities 85.7%• Continued debt reduction, debt to equity ratio improved to 53.0%• Increased contribution from offshore operations to 62.1%

OPERATING CONTEXT – Foreign Exchange Rates

2017 2016 MovementR'000 R'000 %

Average exchange rates: Profitability Impact - USD/ZAR 14.26 13.49 5.7% - GBP/ZAR 18.92 20.37 (7.1)% - Euro/ZAR 15.71 14.86 5.8% - USD/GBP 1.32 1.51 (12.6)%

Closing exchange rates: Balance Sheet Impact - GBP/ZAR 16.19 22.25 (27.2)% - Euro/ZAR 13.80 17.47 (21.1)%

IMPACT OF BREXIT

IMPACT OF BREXIT

R6 movement to the GBP

FOREX Sensitivity Analysis

Impact on Capital & Reserves of a change: 2017 2016 + 10% 24,618 28,989 - 10% (24,618) (28,989)

Impact on Profit of a change: 2017 2016 + 10% 3,664 4,890 - 10% (3,664) (4,890)

R78.8 million reduction in FCTR

OVERALL GROUP PROFITABILITY

Other comprehensive income Exchange differences arising from translation (78,840) 42,796 (284.2)%

Impact higher Tradeway margins and improved Group 'buy rates'

R5.5 mil hedging FOREX gain on devaluation of GBPAccelerated write off of Oscar software0% Growth excluding Tradeway

Additional finance cost on Tradeway acquisition

Primary impact of R6 strengthening to GBPKey ratios: - Billings/revenue margin 7.7% 7.3% 0.4% - Operating margin 30.7% 25.4% 5.3% - Effective tax rate 26.6% 25.2% 1.4% - Interest cover (times) 11.0 17.5 (6.5) - Basic earnings per share (cents) 39.87 34.50 15.6% - Headline earnings per share (cents) 39.89 34.58 15.4%

2017 2016 MovementR'000 R'000 %

Gross billings 4 073 868 3 797 890 7.3%Total Revenue (after net interest income) 315 415 278 655 13.2%

Other income 22 765 11 196 103.3%Depreciation and amortisation (5 921) (4 043) 46.5%Administrative expenses (235 476) (215 022) 9.5%Operating profit 96 783 70 786 36.7%Interest received 427 205 108.3%Finance costs (9 187) (4 255) 115.9%Profit before taxation 88 023 66 736 31.9%Income tax (23 403) (16 841) 39.0%Profit for the year 64 620 49 895 29.5%

SOURCE OF PROFITABILITY – Organic vs Currency

TotalR'000 % R'000 % R'000 %

Profit before taxation - 2016 66 736 60 760 61 982 - 2017 88 023 72 584 75 594 Increase 21 287 11 824 13 612

Made up of: 21 287 11 824 13 612 - Organic Growth 20 223 30.3% 9 572 15.8% 11 232 18.1% - Currency Growth 1 064 1.6% 2 252 3.7% 2 380 3.8%

Excl T/Way, Ghana, Maur

Excl Tradeway

FINANCIAL POSITION

Impact of 7.3% growth in Billings offset by currency translation differencesImpact of ZAR R6 strengthening to GBP applied to GBP6.7 million goodwillResult of debt repayment and Tradeway payments

Santova Logistics SA ST Invoice Discounting client financing facility

Ongoing repayment of amortising LT Medium Term acquisition loans

Payment of purchase price for Tradeway

2017 2016 MovementR'000 R'000 %

ASSETS

Trade receivables & other receivables 590,574 636,902 (7.3)% Intangible assets 178,494 222,881 (19.9)% Cash and cash equivalents 91,780 123,657 (25.8)% Property, plant and equipment 18,540 25,086 (26.1)% Taxation 10,352 9,718 6.5% Financial assets 6,332 4,921 28.7%

896,072 1,023,165 (12.4)%

EQUITY AND LIABILITIES

Capital and reserves 365,567 386,415 (5.4)%Liabilities ST Borrowings and overdrafts 228,380 262,918 (13.1)% Trade and other payables 205,710 216,456 (5.0)% LT Interest-bearing borrowings 57,093 75,663 (24.5)% Short-term provisions 17,808 23,079 (22.8)% Financial liabilities 15,136 49,134 (69.2)% Taxation 4,953 8,000 (38.1)% Long-term provision 1,425 1,500 (5.0)%

896,072 1,023,165 (12.4)%Key ratios: - Debtor days 48.3 56.7 (8.4) - Creditor days 19.9 22.3 (2.5) - Debt to equity ratio 53.0% 55.6% (2.6)% - Tangible NAV per share 1.18 1.04 13.5% - Current ratio 2.2 2.1 0.1 - Return on average equity 17.0% 16.1% 0.9%

Headline Earnings Data

Santova 2017 Headline Earnings Graph

YearCents per share

20103.08

201110.65

201215.99

201317.66

201424.77

201531.00

201634.58

201739.89

Headline Earnings per share

Cents per share201020112012201320142015201620173.0810.6515.9917.6624.773134.5839.89

Sensitivty

20172016Movement

R'000R'000%

Average exchange rates: Profitability Impact

- USD/ZAR14.2613.495.7%

- GBP/ZAR18.9220.37(7.1)%IMPACT OF BREXIT

- Euro/ZAR15.7114.865.8%

- USD/GBP1.321.51(12.6)%IMPACT OF BREXIT

Closing exchange rates: Balance Sheet Impact

- GBP/ZAR16.1922.25(27.2)%R6 movement to the GBP

- Euro/ZAR13.8017.47(21.1)%

FOREX Sensitivity Analysis

Impact on Capital & Reserves of a change:20172016

+ 10%24,61828,989R78.8 million reduction in FCTR7%

- 10%(24,618)(28,989)

Impact on Profit of a change:20172016

+ 10%3,6644,8906%

- 10%(3,664)(4,890)

Profitability

20172016MovementMovement

R'000R'000R'000%

Gross billings4,073,8683,797,890275,9787.3%

Less: Cost of Billings3,774,8343,531,723243,1116.9%

Revenue299,034266,16732,86712.3%

Net interest income16,38112,4883,89331.2%

Interest and financing fee income recovered from clients38,92333,3475,57616.7%

Interest and financing fee expenses incurred (22,542)(20,859)(1,683)8.1%

Total Revenue315,415278,65536,76013.2%Impact higher Tradeway margins and improved Group 'buy rates'

Other income22,76511,19611,569103.3%R5.5 mil hedging FOREX gain on devaluation of GBP

Depreciation and amortisation(5,921)(4,043)(1,877)46.4%Accelerated write off of Oscar software

Administrative expenses(235,476)(215,022)(20,455)9.5%0% Growth excluding Tradeway

Operating profit96,78370,78625,99736.7%

Interest received427205221107.8%

Finance costs(9,187)(4,255)(4,931)115.9%Additional finance cost on Tradeway acquisition

Profit before taxation88,02366,73621,28731.9%

Income tax (23,403)(16,841)(6,562)39.0%

Profit for the year64,62049,89514,72529.5%

Attributable to:

Equity holders of the parent62,79148,71314,07828.9%

Non-controlling interests1,8291,18264754.7%

Other comprehensive income

Items that may be reclassified subsequently to profit or loss

Exchange differences arising from translation(78,840)42,796(121,636)(284.2)%Primary impact of R6 strengthening to GBP

Net actuarial (loss)/gain(62)18(80)(445.6)%

Total comprehensive income(14,282)92,709(106,991)(115.4)%

Key ratios:

- Billings/revenue margin7.7%7.3%0.4%0.4%

- Operating margin30.7%25.4%5.3%5.3%

- Effective tax rate26.6%25.2%-1.4%1.4%

- Interest cover (times)11.017.5(6.4)

- Basic earnings per share (cents)39.8734.50515.6%

- Headline earnings per share (cents)39.8934.58515.4%

- Dividends per share (cents)6.255.50113.6%

- Dividend cover (times)6.46.30.1

- Return on equityERROR:#REF!ERROR:#REF!ERROR:#REF!

- Percentage offshore earnings62.1%57.3%4.8%

SA National Port Volumes (TEU's)

- Full Container Imports

- Full Container Exports

Baltic Dry Index

SA GDP Growth

SA Business Confidence Index

Source

Exclu TradewayExcl T/Way, Ghana, Maur

Total

R'000%R'000%R'000%

Profit before taxation

- 201666,73660,76061,982

- 201788,02372,58475,594

Increase21,28711,82313,611

Made up of:21,28711,82313,611

- Organic Growth20,22330.3%9,57115.8%11,23118.1%

- Currency Growth1,0641.2%2,2523.7%2,3803.8%

Balance Sheet

20172016Movement

R'000R'000%

ASSETS

Trade receivables & other receivables590,574636,902(7.3)%Impact of 7.3% growth in Billings offset by currency translation differences

Intangible assets178,494222,881(19.9)%Impact of ZAR R6 strengthening to GBP applied to GBP6.7 million goodwill

Cash and cash equivalents91,780123,657(25.8)%Result of debt repayment and Tradeway payments

Property, plant and equipment18,54025,086(26.1)%

Taxation10,3529,7186.5%

Financial assets6,3324,92128.7%

896,0721,023,165(12.4)%733486

EQUITY AND LIABILITIES

Capital and reserves365,567386,415(5.4)%

Liabilities

ST Borrowings and overdrafts228,380262,918(13.1)%Santova Logistics SA ST Invoice Discounting client financing facility

Trade and other payables205,710216,456(5.0)%

LT Interest-bearing borrowings57,09375,663(24.5)%Ongoing repayment of amortising LT Medium Term acquisition loans

Short-term provisions17,80823,079(22.8)%

Financial liabilities15,13649,134(69.2)%Payment of purchase price for Tradeway

Taxation4,9538,000(38.1)%

Long-term provision1,4251,500(5.0)%

896,0721,023,165(12.4)%

Key ratios:

- Debtor days48.356.7(8.4)

- Creditor days19.922.3(2.5)

- Debt to equity ratio53.0%55.6%(2.6)%

- Tangible NAV per share1.181.0413.9%

- Current ratio2.22.10.1

- Number of shares in Issue158,247,496157,597,496

- Return on average equity17.0%16.1%0.9%

20172016Movement

R'000R'000%

Credit ratios

Impairment provisions - year end

- Total amount10,66619,003(8,337)

- Percentage of Trade Receivables1.98%3.22%(1.24%)

Trade Receivables written off - during the year

- Total amount (net of recoveries)2242,181(1,957)

- Percentage of Trade Receivables0.04%0.37%(0.33%)

Ageing of Trade Receivables - year end

- Total amount >60 days past terms7,9678,426(459)

- Percentage >60 days past terms1.48%1.43%0.05%

Trade receivables539,111590,133(51,022)

- South Africa403,448451,229(47,781)

- %74.8%76.5%(2.6)%

Cash Flow

20172016Movement

R'000R'000%

OPERATING ACTIVITIES

Net cash flows from operating activities56,47430,41486%

INVESTING ACTIVITIES

CAPEX(3,999)(5,951)(47)%

Acquisition of Tradeway(24,077)(59,275)(100)%

FINANCING ACTIVITIES

LT borrowings raised/(repaid)(18,885)48,861(139)%

Share capital(360)50,172(99)%

Dividends paid(8,654)(5,794)49%

TRANSLATION

FOREX Impact(31,619)19,576(262)%

CASH AT YEAR END91,772122,892(25)%

- 0- 0

Cash and cash equivalents is made up as follows:

Cash and cash equivalents91,780123,657(25.8)%

Less: Bank overdrafts(8)(765)

Cash and cash equivalents at end of year91,772122,892(25.3)%

- 0- 0

.

Total cash on hand:100%100%

- South Africa8%14%(5)%

- Offshore92%86%5%

Total funding facilities available451,056473,195(5)%

Total unutilised funding facilities165,583135,61022%

Segment Report

SEGMENTSAfricaAsia PacificUnited KingdomEuropeFinancial ServicesHead OfficeGROUPTradewaySouth Africa

R'000R'000R'000R'000R'000R'000R'000R'000R'000

2017

Gross billings2,524,680230,834681,210628,2548,6242664,073,868367,75992,8362,524,680

Percentage movement-6.8%19.6%69.1%30.2%-3.9%-62.0%7.3%296.1%-6.8%

Revenue134,02031,72872,89768,0329,500(762)315,41541,59713,878134,020

Percentage movement2.1%27.0%33.9%16.3%-4.8%52.4%13.1%199.7%2.1%

Operating profit 31,12213,60615,83326,2113,8436,16896,78315,7946,09831,122

Percentage movement16.1%93.1%12.0%54.9%-14.5%347.9%36.7%159.0%16.1%

Key ratios:

- Revenue/Billings Margin5.3%13.7%10.7%10.8%110.2%-286.5%7.7%11.3%14.9%5.3%

Percentage movement0.5%0.8%-2.8%-1.3%-1.0%-215.0%0.4%-3.6%0.5%

- Operating Margin23.2%42.9%21.7%38.5%40.5%-809.4%30.7%38.0%43.9%23.2%

Percentage movement2.8%14.7%-4.2%9.6%-4.6%-534.0%5.3%-6.0%-4.2%2.8%

2016

Gross billings

Gross billings

Internal

Revenue

Depreciation and amortisation

Operating profit

Interest received

Finance costs

Income tax expense

Profit for the year

Total assets

Total liabilities

Key ratios:

- Revenue/Billings Margin

- Operating Margin

18.92

834.85945.844- 110.99- 0.12

Profit before TaxForeignForeign

201720162017201620172016

South Africa31,79826,46331,797,73326,463,299

Netherlands26,15318,99726,153,41618,996,82726,153,41618,996,827

Tradeway15,4405,97615,439,5995,975,95415,439,5995,975,954

Australia10,5286,72010,527,8466,720,02210,527,8466,720,022

Financial Services 4,7525,1804,751,8535,180,291

Hong Kong3,3123943,311,735393,8543,311,735393,854

United Kingdom1,2102,1861,209,8012,186,4421,209,8012,186,442

Germany55(2,059)55,274- 2,059,40155,274- 2,059,401

Head Office(1,048)(1,872)- 1,048,477- 1,872,350

WM Shipping(1,166)5,973- 1,165,5045,973,251- 1,165,5045,973,251

Ghana(1,172)(928)- 1,172,193- 928,183- 1,172,193- 928,183

Mauritius(1,838)(294)- 1,837,816- 293,869- 1,837,816- 293,869

88,02366,73688,023,26766,736,13752,522,15836,964,897

59.7%55.4%

Profit after TaxForeignForeign

201720162017201620172016SAOFFSHORE

South Africa23,19019,49523,189,51019,494,856201738%62%

Netherlands19,73914,37319,739,35314,373,15319,739,35314,373,153201643%57%

Tradeway12,5904,76112,590,3194,761,09312,590,3194,761,093

Australia7,2904,7077,289,6834,706,7327,289,6834,706,732

Financial Services 3,7434,0963,742,6544,095,550

Hong Kong3,0033853,002,586384,8383,002,586384,838

United Kingdom9491,717949,2721,716,647949,2721,716,647

Germany38(1,086)37,705- 1,086,34037,705- 1,086,340

Head Office(2,456)(2,277)- 2,455,585- 2,277,224

WM Shipping(731)4,948- 731,0914,948,272- 731,0914,948,272

Ghana(1,172)(928)- 1,172,193- 928,183- 1,172,193- 928,183

Mauritius(1,562)(294)- 1,562,144- 293,869- 1,562,144- 293,869

64,62049,89664,620,06949,895,52540,143,49028,582,343

62.1%57.3%

2017South AfricaNetherlandsTradewayAustraliaFinancial Services Hong KongUnited KingdomGermanyHead OfficeWM ShippingGhanaMauritius31797.73326153.41600000000115439.59910527.8464751.85300000000013311.73500000000011209.800999999999955.274000000000001-1048.4770000000001-1165.5039999999999-1172.193-1837.8162016South AfricaNetherlandsTradewayAustraliaFinancial Services Hong KongUnited KingdomGermanyHead OfficeWM ShippingGhanaMauritius26463.29899999999918996.8270000000015975.95399999999976720.02199999999995180.2910000000002393.853999999999982186.442-2059.4009999999998-1872.355973.2510000000002-928.18299999999999-293.86900000000003

ASSET QUALITY – Trade Receivables

2017 2016 MovementR'000 R'000 %

Credit ratios Impairment provisions - year end - Total amount 10,666 19,003 (8,337) - Percentage of Trade Receivables 1.98% 3.22% (1.24%)

Trade Receivables written off - during the year - Total amount (net of recoveries) 224 2,181 (1,957) - Percentage of Trade Receivables 0.04% 0.37% (0.33%)

Ageing of Trade Receivables - year end - Total amount >60 days past terms 7,967 8,426 (459) - Percentage >60 days past terms 1.48% 1.43% 0.05%

Trade receivables 539,111 590,133 (51,022) - South Africa 403,448 451,229 (47,781) - % 74.8% 76.5% (2.6)%

CASH FLOWS

2017 2016 MovementR'000 R'000 %

OPERATING ACTIVITIES Net cash flows from operating activities 56,474 30,414 86%

INVESTING ACTIVITIES CAPEX (3,999) (5,951) (47)% Acquisition of Tradeway (24,077) (59,275) (100)%

FINANCING ACTIVITIES LT Borrowings raised/(repaid) (18,885) 48,861 (139)% Share capital (360) 50,172 (99)% Dividends paid (8,654) (5,794) 49%

TRANSLATION FOREX Impact (31,619) 19,576 (262)%

CASH AT YEAR END 91,772 122,892 (25)%.

Total cash on hand: 100% 100% - South Africa 8% 14% (5)% - Offshore 92% 86% 5%

Total funding facilities available 451,056 473,195 (5)%Total unutilised funding facilities 165,583 135,610 22%

Result of increased profit and improved Debtor collections

Additional Tradeway purchase price payments

Repayment of two 5 year Medium Term Loans

REGIONAL PERFORMANCE

SEGMENT REPORT Africa Asia Pacific United

Kingdom Europe Financial Services Head Office GROUP

R'000 R'000 R'000 R'000 R'000 R'000 R'000

2017Gross billings 2 524 680 230 834 681 210 628 254 4 073 868

Percentage movement -6.8% 19.6% 69.1% 30.2% 7.3%

Revenue (after net interest income) 134 020 31 728 72 897 68 032 9 500 (762) 315 415 Percentage movement 2.1% 27.0% 33.9% 16.3% -4.8% 52.4% 13.2%

Operating profit 31 122 13 606 15 833 26 211 3 843 6 168 96 783 Percentage movement 16.1% 93.1% 12.0% 54.9% -14.5% 347.9% 36.7%

Key ratios: - Revenue/Billings Margin 5.3% 13.7% 10.7% 10.8% 7.7%

Percentage movement 0.5% 0.8% -2.8% -1.3% 0.4%

- Operating Margin 23.2% 42.9% 21.7% 38.5% 40.5% 30.7%Percentage movement 2.8% 14.7% -4.2% 9.6% -4.6% 5.3%

CONCLUSION

“Focused on sustainable year on year growth”

FINANCIAL DASHBOARD2017 2016 %

R' million R' million Change

1 Revenue

Billings 4 074 3 798 7.3%

Revenue 315 279 13.2%

Revenue/Billings Margin 7.7% 7.3% 0.4%

2 Profitability

Net Profit before Tax 88.0 66.7 31.9%

Operating Margin 30.7% 25.4% 5.3%

3 Cash

Cash generated from Operations 90.1 48.2 86.8%

Cash and Cash Equivalents 91.8 122.9 -25.3%

Debt to equity ratio 53.0% 55.6% -2.6%

4 Tradability

Volume of shares traded 29 555 40 991

Number of Shareholders 4 514 3 735

Percentage Traded 19% 30%

PE Ratio 8.65 11.65

5 Dividends Paid 6.25 5.50

5th annual dividend paid

Average annual growth since inception 26.0%

FUTURE STRATEGY2018

AcquisitionsFurther entrenching our business offshore through acquisitions that are located on strategic trade lanes, enabling the continued diversification of the Group in terms of geographic regions, currencies, industries and services.

TechnologyThe migration of the Group onto next generation information and communication technologies (TradeNav ®) which will facilitate the faster processing of data, easier retrieval of information, reduced duplication of errors and the time it takes to complete a shipment.

Global Talent poolInvesting in, developing and cultivating dedicated, skilled and knowledgeable employees who are attuned to the Group’s entrepreneurial culture and knowledge intensive business model.

Deployment of advanced supply chain services

The deployment of advanced client - centric supply chain services and solutions throughout the United Kingdom, Europe and Australia.

FUTURE STRATEGY 2018

Growth Innovation

Efficiency –EffectivenessDiversification

Fundamental dimensions underlying future strategy

Organic growth. New clients. New services with existing clients. New trade routes. New services/products

Acquisitions. ‘Bolt-on’ acquisitions. Strategic acquisitions

Information communication technology Data (information) based decision making Elimination of duplication - automation Workflow process design Standard operating procedures Key performance indicators (metrics) Free flow of intellectual capital Centralisation vs. decentralisation

Geographical Currency Service/product Markets Industry Trade route

Leveraging off next generation technology Business model (knowledge intensive) Advanced supply chain solutions Face-to-face client consultative engagements Core ideology – culture, values, talent Application-implementation

A specialist provider of innovative global trade solutions

Santova’ s diversification in terms of geographies, currencies, industries, products

and services enables it to manage a global network of interconnected activities for

multinational organisations from origin to point-of-consumption.

Thank youQuestions and discussion?

Slide Number 2Slide Number 3Slide Number 4Slide Number 5Slide Number 6Slide Number 7Slide Number 8Slide Number 9Slide Number 10Slide Number 11Organic Growth 2017Slide Number 13TRANsCENDING CHALLENGES�2017� Slide Number 15Slide Number 16Slide Number 17South Africa �strong randSouth Africa�Struggling economySlide Number 20Slide Number 21KEY FINANCIAL HIGHLIGHTS/EVENTSOPERATING CONTEXT – Foreign Exchange RatesOVERALL GROUP PROFITABILITYSOURCE OF PROFITABILITY – Organic vs CurrencyFINANCIAL POSITIONASSET QUALITY – Trade ReceivablesSlide Number 28Slide Number 29Slide Number 30Slide Number 31Slide Number 32Slide Number 33Thank you��Questions and discussion?