RESULTS PRESENTATIONFOR THE YEAR ENDED

31 MARCH 2018

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CONTENTS

5 HIGHLIGHTS

8 STRATEGY

10 TRANSFORMATION

12 OPERATING ENVIRONMENT

15 FINANCIAL PERFORMANCE

24 OUTLOOK

26 QUESTIONS & ANSWERS

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AIRPORTS COMPANY JOURNEY OVER 25 YEARS

• Formed in 1993 as a public company under Airports Act (No. 44 of 1993)

• From state-owned airports to financially autonomous entity operating under commercial law

• Central theme of our 25-year journey is transformation:

› From fragmented, infrastructural parastatal into a customer- driven, efficient and commercially

successful business

› From following to leading national transformation efforts across employment equity,

procurement and concessions

• Airports Company formed just as sanctions era was ending

• Had to cope with influx of new airlines and more passengers while building a regulated for-profit

business

• We learned early on that we had to put people first:

› It’s all about the passenger experience

› Infrastructure development not just a response to more airlines and passengers, but built

around making the passenger journey a pleasant one

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AIRPORTS COMPANY JOURNEY OVER 25 YEARS

1998 Partially privatised when 25,4% sold to private sector shareholders valuing company at around R4 billion

2005 20% foreign shareholding sold to Public Investment Corporation

2006 ACSA and a consortium win a concession to manage Chhatrapati Shivaji International Airport in Mumbai, India

2009 Cape Town International Airport opens new central terminal building

2010 Opening of King Shaka International Airport north of Durban

2010 Opening of new central terminal building at O.R. Tambo International Airport

2010 Significant contribution to delivery of the 2010 FIFA World Cup, handling thousands of international and

domestic fans

2011 Records highest number of passengers processed to date at 30,8m

2012 Landmark 20-year concession agreement in Brazil to manage Guarulhos International Airport

2013 Cape Town International wins the Airports Council International (ACI) ‘Best Airport in Africa’ award for fourth

successive year. King Shaka International won second place and O.R. Tambo International, fifth place

2014 Strategic partnership with Ghana Airports Company Limited to provide advisory and technical services on allairport-related matters

2014 Brazil’s new international airport terminal opens ahead of the 2014 FIFA World Cup thanks to extensive

involvement of ACSA

2017 Annual passenger numbers hit 40m, 33% growth over 6 years

2018 Official opening of Kotaka International Airport in Ghana where our expertise was central to construction

and opening

2018 A mature and profitable state-owned company

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HIGHLIGHTS

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HIGHLIGHTS

• Board vacancies filled

• The company continued to be resilient despite challenging operating conditions

• Maintained sound financial performance and satisfactory airport service levels

• Remained steadfast in the implementation of our governance framework and

operating model

• Seven transformation sector strategies progressing well

• Continued to strengthen Supply Chain Management governance processes

• Building relationships with our stakeholders is pivotal in creating sustainable value

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ECONOMIC IMPACT

What are we doing today to ensure the legacy of tomorrow?

* This figure comprises of 2 992 direct employees (not including contractors), around 5 519 jobs as a result of supply chain spending and 6 440 supported through spending of ACSA employees and suppliers employees

Source: PwC Economic Impact Study commissioned by ACSA 2017

ACSA contributed

R9.5 billion toSA’s economyin FY2017

ACSA supported

14 950SA jobsin FY2017*

ACSA supported

R2.8 billionof incometo workers in SA

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STRATEGY

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VISION 2025

Run airports

By running our airports efficiently

and developing them innovatively,

we will enhance the regional economy.

Develop airports

Improving our capacity and infrastructure

grows our footprint through

effective operation and partnerships.

Grow our footprint

A larger footprint increases our exposure

to diverse methods, allowing us to learn and grow,

and improve the way we run airports.

Long-term horizons

Our strategy is implemented over three time horizons

to create value over the short, medium and long-term

Horizon 1

By 2020:Extend and defend our business

Horizon 2

By 2025:Build emerging businesses and drive medium-term growth

Horizon 3

Beyond 2025:Create viable options to ensure the company’s success in future

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TRANSFORMATION

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TRANSFORMATION

Our Transformation Agenda is to

contribute towards strengthening

South Africa’s democracy

1. Social:

To assist people living below the

poverty line and to assist them to

mainstream economic growth

2. Moral:

to promote equality and to

contribute towards correcting

the imbalances of our past

3. Economic:

to align our business to reflect

the demographics of South Africa

towards economic equality

1. Design and implement socio

economic activities that will

empower our communities to

ultimately lead to better lives

2. Create equal opportunities that

are reflective of fairness,

transparency, the economically

active population and the

elimination of unfair

discrimination

3. Develop small, medium and large

size businesses with a broad

objective of changing the face of

business at ACSA to an industry

that is reflective of the South

African demographics

Transformation agenda Goals Objectives

TR

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20

15

-20

20

12

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OPERATING ENVIRONMENT

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OUR GEOGRAPHIC FOOTPRINT

INDIA

Chhatrapati Shivaji International Airport

in Mumbai is an equity investment.

GHANA

The Company performs technical

advisory and consultancy services at

Kotoka International Airport in Accra.

BRAZIL

Guarulhos International Airport in

São Paulo is an equity investment.

SOUTH AFRICA

We operate nine airports and provide technical

advisory and consultancy services for non-ACSA airports.

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MATERIAL MATTERS

Effect

Like

liho

od

SA Inc. and global economy

Vertical integrationand outsourcing

Competing countriesCustomer profile

Reputation and brand

Naturalenvironment

Inbound bulk services infrastructure

Employees

Airline sector

Access to, andcost of, funding

Technology and digitisation

Government policyand regulation

Transformation

New growth opportunities

Safety and security Economic regulation

Licence to operate

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FINANCIAL PERFORMANCE

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KEY FINANCIAL HIGHLIGHTS

Revenue R6.9 billion(2017: R8.6 billion)

Negative

EBITDA R3.0 billion(2017: R5.1 billion)

Negative

Profit for

the periodR0.8 billion(2017: R2.0 billion)

Negative

ROE 4.2%(2017: 10.9%)

Negative

Concession

investmentsMIAL returned

to profitability

Positive

Capital

expenditureR875 million(2017: R921 million)

Positive

Total

assetsR32 billion(2017: R31 billion)

Positive

Gearing

ratio22%(2017: 24%)

Positive

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TRAFFIC VOLUME

39

13

14

1

72

38

13

14

2

89

International Regional Domestic Unscheduled

2018 2017

AIRCRAFT LANDING VOLUMES (000)

5 9

72

56

1

14

24

2

62

5 6

80

56

6

13

69

3

63

International Regional Domestic Unscheduled

2018 2017

DEPARTING PASSENGER VOLUMES (000)

0%

3%

1%

19%

5%

1%

4%

2%

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ABRIDGED COMPREHENSIVE INCOME OVERVIEW

The Company’s profit after tax decreased to R0.8 billion (2017: R2.0 billion) due to the 35.5% reduction in airport charges

FINANCIAL YEAR MOVEMENT

Figures in R’millions 2018 2017 R’m %

Revenue and other operating income 6 925 8 636 (1 711) (20)

Employee costs (1 402) (1 346) (56) 4

Operating expenses (2 439) (2 208) (231) (10)

EBITDA 3 084 5 082 (1 998) (39)

Fair value gains on investment properties 537 563 (26) (5)

Depreciation, amortisation and impairments (1 247) (1 269) 21 2

Loss from equity-accounted investments (476) (1 017) 541 53

Net finance expense (589) (751) 162 22

(Losses)/gains on property and equipment (7) (10) 3 30

Profit before tax 1 301 2 600 (1 296) (50)

Tax expense (459) (594) 135 23

Profit for the period 843 2 006 (1 161) (58)

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REVENUE SPLIT

1 2

55

2 2

83

47

1 9

29

3 3

89

72

Landing fees Passengerservice charges

Aircraft parking

2018 2017

AERONAUTICAL REVENUE (R’millions)

190 194

1 185 1 186

552 539

306 227

690613

150143

153164

96110

2018 2017

Advertising Retail Parking

Car hire Property rental Hotel operations

Recoveries Other

NON-AERONAUTICAL REVENUE (R’millions)

35%

33%

35%

5%

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TOTAL EXPENSES

1 4

02

63

4

37

7

29

6

28

7

50

1 3

46

59

6

32

2

27

7

19

1 60

Employee costs Utilities Repairs andmaintenance

Security Informationsystems

expenses

Impairmentof receivables

2018 2017

TOP FIVE EXPENSES (R’000)

17%

4%

6%

17%7% 50%

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ABRIDGED FINANCIAL POSITION OVERVIEW

The Company’s total assets increased to R32 billion (2017: R31 billion), comprising 22.3% (2017: 18.3%) investment

properties and 10.0% (2017: 10.7%) cash and short-term investments

FINANCIAL YEAR MOVEMENT

Figures in R’millions 2018 2017 R’m %

ASSETS

Non-current assets 27 555 26 899 657 2

Property and equipment, investment properties and intangible assets

25 595 25 483 112 0

Investments in associates and joint ventures 1 735 1 174 561 48

Other non-current assets 225 242 (17) (7)

Current assets 4 372 4 352 20 0

Investments and cash and cash equivalents 3 200 3 246 (46) (1)

Other current assets 1 172 1 106 66 6

Total assets 31 927 31 251 676 2

EQUITY AND LIABILITIES

Equity 20 367 19 347 1 021 5

Non-current liabilities

Interest-bearing borrowings 8 841 9 331 (490) 5

Other non-current liabilities 412 282 130 46

Current liabilities 2 307 2 291 15 1

Total liabilities 11 560 11 904 (345) 3

Total equity and liabilities 31 927 31 251 676 2

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DEBT EVOLUTION AND GEARING RATIO

Agency Ratings Outlook

Company rating Rating action Long-term domestic currency Long-term national scale

Moody’s Affirmed Baa3 Aa1.za Stable

DEBT EVOLUTION (EXCLUDING SWAPS) (R billion) GEARING RATIO (%)

13

9

-2.0

-1.6

-1.2

-0.8

-0.4

0.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2014 2015 2016 2017 2018

Change in debt levels[RHS] Debt levels[LHS]

48

39

31

2522

2014 2015 2016 2017 2018

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CASH FLOW STATEMENT OVERVIEW

1 7211 374

3 221124

(485)

(1 490)

(553)(353)

(811)

Openingcash

Cashgenerated

Income taxpaid

Interestreceived

Investingactivities

Debtrepaid

Dividendspaid

Interestand other

financecosts paid

Endingcash

TOTAL CASH DECLINED BY R347 MILLION

(R’million)

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OUTLOOK

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OUTLOOK

CELEBRATING 25 YEARS OF OPERATIONS

FINANCIAL POSITION REMAINS SOUND

FINAL PERMISSION ISSUED IN AUGUST 2018

CHALLENGES IN OUR EXTERNAL BUSINESS ENVIRONMENT PERSISTS

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QUESTIONS & ANSWERS

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DISCLAIMER

The information contained in this presentation is confidential, and is intended solely for this

presentation. This presentation may contain information proprietary to the Airports Company South

Africa SOC Limited (“the Company”), and may not be reproduced or disseminated in whole or in part

without the Company's written consent. The Company is not acting as your adviser in any transaction

that may be proposed herein, and this presentation does not constitute a recommendation, guidance

or proposal to enter into any transaction. Any decision to enter into a transaction should be made on

the basis of information contained within an offering circular, programme memorandum or prospectus

published in relation to such an offering. The Company does not guarantee or otherwise assure the

expected results of any transaction as envisaged in this presentation. You shall not be entitled to

place any reliance on the information contained in this presentation for the purposes of entering into

any proposed transaction or otherwise.