SANTOVASANTOVA

InvestorPresentation

18th May 2016

Innovative Solutions. Endless Possibilities

The year in perspective

The logistics industry and the current economic climate

Focus on a ‘counter-cyclical’ strategy and business model

Internationalising and diversifying Santova

Financial highlights

Strategic pillars of ongoing development and management

Focus and future strategy

AGENDA

To be a recognised brand in global trade solutionsthrough strategic international offices and leading

intellectual capital.

The year in perspective

The result is resilience and sustainable year-on-year growth

Ability tomitigate

these factors

Strategy ofdiversification

• Geographic regions• Currencies• Industries• Diversified services

‘Counter-cyclical

business model’• Growth• Innovation• Efficiency-

effectiveness

Industry challenges

. Industry faced with flat global economic growth

. Intense competition, new entrants in the domestic market

. Diminishing margins, price ‘wars’

. Stagnating or reducing trade volumes

. Ongoing over-capacity in ocean and airfreight

. Consolidations through mergers and acquisitions

Strong executionstructure

Clear growthstrategy

Offshore Listed CompaniesMovement in share price over the last 5 years

05.06.2011Santova share

R.80

05.04.2016Santova share

R4.0120.5 19.7 24.5 86.2

11.6

Transport & Logistics IndustryAverage price to earning ratio is more than 20 in the 1. Quarter 2016

Challenging 7 years for the industry

EFFECT OF GLOBALECONOMIES

on the industry

South African Listed CompaniesMovement in share price over the last 5 years

05.06.2011Santova share R.80

05.04.2016Santova share

R4.0111.7 7.9 10.6 9.5 18.6

11.6

All share ex resources PE 19Transport PE 24

Challenging 5 years for the industry – more so than their offshore counterparts

In response, companies have been forced to:

Enter new markets Identify more cost effective sources of supply Manage multiple supply chains Attain a sound understanding of the intricacies of offshore markets Adjust to changing sourcing locations and points of sale Entertain smaller and more frequent purchase orders (E-commerce)

These market conditions are considered favourable for Santova:

Tailor-made solutions: divergent customer/supplier expectations Nimble and flexible in dealing with customers’ requirements globally Constitute an end-to-end “one-stop-shop” service Offer clients global strategic locations (infrastructure) and local knowledge Next generation ICT: efficiency, effectiveness and end-to-end SC visibility

“Loyalty is fast becoming second to value add or ‘cost savings’”

Market change and complexity is drivingopportunity for Santova

Global Presence327 employees

20 offices worldwide

“Greater collaboration: multi-partner sharing of activities , includingwarehousing, transportation (“asset utilisation”)”

The opportunity: Santova is non-asset based and independent

Increase In Cash On Hand

Increase In Reserves AndCapital

Our strategy and business model has supportedour drive for sustainable year-on-year growthRevenue

R279m

Net Profit Before TaxR67m

Normalised HEPS34.28 cents

24.3%

29.9%

33.2%

176%

68%

“A strong focus on balanced growth, irrespective of market conditions”

Operating Margin25.4 %

5.39%

R386m

R124m

2010 2011 2012 2013 2014 2015 2016

6 853

23 21629 756

33 47040 014

51 386

66736

NET PROFIT BEFORE TAXR'000

2010 2011 2012 2013 2014 2015 2016

3.08

10.65

15.9917.66

21.65

25.73

34.29

NORMALISED HEPSCents

2010 2011 2012 2013 2014 2015 2016

64 75 92 108145

169

245

NET ASSET VALUE PER SHARECents

2010 2011 2012 2013 2014 2015 2016

87 728132 872 152 115 165 633

201 879224 235

278 655

RevenueR'000

7 years of year-on-year growth

Internationalisingand diversifying Santova

SOUTH AFRICA *1 UNITED KINGDOM *2 HOLLAND AUSTRALIA GERMANY HONG KONG

30m

15m 19m

7m-2m

384k

ActualProfit before tax by country

1%-3%10%

23%28%

45%

Restated including Tradeway GroupR’000

DIVERSIFICATION actualGeographical and currency12month period ending 31st March 2016R'000

*1 Includes Santova Financial Services*2 Includes Tradeway Group (3 months)

Excludes Santova Logistics (Mauritius)

*2 Includes Tradeway Group for 12 months (Turnover R46m, Net Profit before tax R19m)Excludes Santova Logistics (Mauritius)

Onshore45%

Offshore55%

SOUTH AFRICA*1

UNITEDKINGDOM *2

HOLLAND AUSTRALIA GERMANY HONG KONG

30m28m

19m

7m-2m

384k

RestatedProfit before tax by country

1%-3%8%

34%

23%

37%

Onshore37% Offshore 63%

AFRICA ASIA PACIFIC UNITED KINGDOM EUROPE

18 271

5 092

11 42613 287

Logistic ServicesGeographical segments

Profit after taxR’000

38%

11%

28%24%

South Africa *1 United Kingdom*2

Holland Australia Germany Hong Kong

2.6m

7.8m 8m

2.8m

-1.4m -1.8m

NET GROWTH YEAR ON YEARPROFIT BEFORE TAX

(R15M)

-83%0%

72%

70%

10%Including all SA

divisions(16% Logistics only)

106%

TOP 20 CLIENT REVENUE29 FEBRUARY 2016

COMPANY NAME INDUSTRY DESCRIPTION GROSS REVENUE2016 %

SANTOVA LOGISTICS SA CHEMICALS 12 401 825 4.5%SANTOVA LOGISTICS SA APPAREL 11 784 606 4.2%SANTOVA AUSTRALIA PHARMACEUTICALS 3 311 323 1.2%TRADEWAY SHIPPING TEXTILE RECLAIMERS & PROCESSORS 3 260 183 1.2%WMS MINING 3 201 121 1.1%SANTOVA BV SALES PROMOTION 2 886 650 1.0%SANTOVA LOGISTICS SA PAPER 2 483 081 0.9%SANTOVA AUSTRALIA FOOD, BEVERAGE 2 448 805 0.9%SANTOVA LOGISTICS SA APPAREL 2 370 557 0.9%SANTOVA UK GARMENT 2 314 864 0.8%SANTOVA LOGISTICS SA ELECTRONIC SECURITY SOLUTIONS 2 188 067 0.8%SANTOVA LOGISTICS SA ELECTRICAL COMPONENTS SUPPLIERS 2 033 612 0.7%WMS MINTING 1 979 625 0.7%TRADEWAY SHIPPING TEXTILE RECYCLING 1 918 210 0.7%SANTOVA LOGISTICS SA FOOD, BEVERAGE 1 869 527 0.7%SANTOVA AUSTRALIA PHARMACEUTICALS 1 852 222 0.7%SANTOVA BV MUSHROOM TECHNOLOGY 1 705 404 0.6%MASTERFREIGHT WATCHES & JEWELLRY 1 666 035 0.6%SANTOVA LOGISTICS SA RETAIL FOOTWEAR 1 635 290 0.6%TRADEWAY SHIPPING TEXTILE RECYCLING 1 633 712 0.6%

TOTAL TOP 20% 64 944 720 23.3%

TOTAL GROUP 278 654 341

Business Model: Offshore vs. Onshore

SOUTH AFRICA*1

AUSTRALIA UNITEDKINGDOM *2

HOLLAND GERMANY *4 HONG KONG

26% 47%

198%

103%

0%38%

Return on capital employedEstimate based on what the business requires to function

SOUTH AFRICA*1

AUSTRALIA UNITEDKINGDOM *2

HOLLAND GERMANY *4 HONG KONG

451m

18m92m 25m 11m 4m

Debtors bookas a % of Groups total debtors book

75%

15%4% 2% 1%3%

SOUTH AFRICA*1

AUSTRALIA UNITEDKINGDOM *2

HOLLAND GERMANY *4 HONG KONG

13

58

33 39

19

60

Number of shipments per staffMonthly

SOUTH AFRICA*1

AUSTRALIA UNITEDKINGDOM *2

HOLLAND GERMANY *4 HONG KONG

690k

2.8m

1.6m2.4m

755k 730k

Net revenue per staffAnnual

Financial highlights

2016 FINANCIAL OVERVIEW• Continuation of 7 year trend in growth of profit and assets

• Strong performance from certain offshore subsidiaries

• Solid growth of SA logistics profitability despite economy

• Increased operating margins due to efficiencies

• Investment in new ‘start up’ territories – Germany, Ghana, Mauritius

• Transformed balance sheet• Assets exceeding R1 billion• 176% increase in cash on hand• Substantial strengthening in capital and reserves• Significant reduction in gearing

GROUP PROFITABILITY2016 2015

R'000 R'000 %

Gross Billings 3,797,890 3,462,792 10%

South Africa 2,717,174 2,838,582 -4% Impact of economy on freight volumes in SA

Foreign 987,880 624,210 58%

Tradeway 92,836 - 100% Tradeway included for 3 months

Revenue 278,655 224,235 24%

South Africa 140,326 132,439 6%

Foreign 124,451 91,796 36%

Tradeway 13,878 - 100% Tradeway included for 3 months

% Margin 7.3% 6.5% 0.9%

South Africa 5.2% 4.7% 0.5% Results of focus on higher yielding airfreight project

shipments and supplier consolidation and rate renegotiations

Foreign 12.8% 14.7% -1.9% Impacted by a decline in freight rates in the UK

% Operating margin 25.4% 24.1% 1.3% Boosted by margin gains and overhead efficiencies

% Effective tax rate 25.2% 23.7% 1.5% Increased profitability and higher corporate tax rates in

Netherlands 25%, Australia 30% and SA 28%

13% excl Tradeway, 3% in SA Logistics operations and 6% in

foreign operations in local currency215,022 182,742 18%Administration expenses

SOURCE OF PROFITABILITY2016

R'000 %Source of Growth in profit for the year

Organic growth 11,553 75%

Currency depreciation 2,085 14%

Contribution from acquisitions 1,712 11% Tradeway for 3 months net of transaction and financing costs

Total growth in profit for the year 15,350 100%

Regional source of growth in profit for the year

Group -272 -2%

Financial Services 934 6%

Logistic Services 17,333 113%

Netherlands 7,928 52%

South Africa 4,648 30%

Tradeway 2,935 19%

Australia 2,760 18%

UK 901 6%

HK -1,839 -12% Impact of the reduction in volumes from one major SA Listed client

Start Up Phase Operations -2,645 -17%

Mauritius -294 -2% Results of CAPEX into new offices, equipment and systems

Ghana -928 -6% Investment in registering and licencing a new division in Tema

Germany -1,423 -9% Investment in opening up new Hamburg sea freight branch

Total growth in profit for the year 15,350 100%

VOLUNTARY INCOME STATEMENT RECLASSIFICATIONReclassification of net interest and fee income and expense from client financing activities to revenue

Client financing activities considered a principal revenue-producing activity

Consistent with change in cash flow accounting policy in 2015

Consistent with how all Group revenues are recognised net of disbursements

Interest expense line now reflects purely interest on working capital financing, not from the sale of receivables

2016 2016 2016Post Pre Move

Financial Impact R'000 R'000 R'000

Income Statement Revenue 278,655 288,776 (10,121)

Other income 11,196 12,414 (1,218)

Administrative expenses (215,022) (221,416) 6,394

Operating profit 70,786 75,731 (4,945)

Interest received 205 9,725 (9,520)

Finance costs (4,255) (18,720) 14,465

Profit before taxation 66,736 66,736 -

Cash Flow Statement Cash generated from operations 48,225 53,170 (4,945)

Interest received 205 9,725 (9,520)

Finance costs (3,628) (18,093) 14,465

Net cash flows from operating activities 30,413 30,413 -

Net Interest and Fee Revenue from client financing activities 12,488

TOTAL ASSETS2016 2,015 Move

R'000 R'000 %

Property Plant and Equipment 25,086 7,933 216% R15.9 million acquired with Tradeway, including 2 unencumbered

commercial properties the UK

Intangible AssetsOpening Balance 122,264 123,927

Goodwill of Tradeway acquisition 75,854 - GBP 3.6 million of goodwill acquired

Exchange gain on translation 21,176 -2,035 R14.4 mil on goodwill in WM Shipping R4.50 increase in closing ZAR/GBP rate

Software 878 52

Trademarks and licences 1,211 162 Acquisition of Mauritian customs licence and registration of Santova trademark worldwide

Other 1,498 158

222,881 122,264 82%

Trade and other Receivables 636,876 547,900 16% 6% Organic growth and 10% from Tradeway

Cash on hand 123,657 44,889 175%

Total Assets 1,023,165 733,486 39% Total Group assets exceeding R1 billion for first time

TRADE RECEIVABLES2016 2015

R'000 R'000 %

Total Trade Receivables 609,136 507,198 20% Before provisionsSouth Africa 447,302 430,323 4% - Percentage 73% 85%Offshore 161,833 76,875 111% R48.4 mil due to inclusion of Tradeway - Percentage 27% 15%

Debtor Days 56.7 52.2 4.5South Africa 56.7 52.7 4.0 Primarily due to effects of economy in SAOffshore 56.7 49.1 7.6 Take on of new longer term clients in UK

Debtors more than 30 days past due 26,192 13,601 93%South Africa 3,155 9,561 -67% - Percentage 0.7% 2.2%Offshore 23,037 4,040 470% Impact of inclusion of Tradeway - Percentage 14.2% 5.3%

Specific impairment provisions 3,174 2,952 8% - Percentage 0.5% 0.6%South Africa 2,038 1,970 3% - Percentage 0.5% 0.5%Offshore 1,135 982 16% - Percentage 0.7% 1.3%

Bad debts written off (Net of Recoveries) 2,004 1,185 69% - Percentage 0.3% 0.3%

CASH FLOW AND CASH ON HAND

2016 2015 Move

% R'000 R'000 %

Cash on Hand

South Africa 14% 17,657 7,495

Group 14,765 3,586 312% R9.6 million paid to sellers of Tradeway in March 16

Financial Services 572 2,334 -76%

Logistics 2,321 1,575 47% - ZAR

Offshore 86% 106,000 37,394 Held in:

Netherlands 33,476 7,485 347% - Euro

Tradeway 19,997 - 100% - GBP

UK 15,677 13,914 13% - GBP

Australia 15,466 4,933 214% - AUS$

Hong Kong 13,087 10,556 24% - USD

Germany 8,062 329 2350% - Euro

Other 234 177 32%

123,657 44,889 176%

Cash FlowCash generated from operations 48,225 46,138 5%

EQUITY AND LIABILITIES2016 2015 Move

R'000 R'000 %

Capital and ReservesOpening balance 230,289 198,510

General issue of shares for cash 51,282 -

Profit for the year 49,913 39,220

Exchange gain on translation of foreign operations 42,796 -4,144 R21 million on Goodwill and remainder on net assets

Vendor issue of shares 17,602 - Issued to sellers of Tradeway

Dividend -5,794 -4,435

Other 327 1,138

386,415 230,289 68%

Interest Bearing DebtInvoice discounting facility 262,153 280,838 Client financing facility of R350 million

R60 million 5 year amortising medium term loan 56,883 - Utilised for acquisition of Tradeway

R39 million 5 year amortising medium term loan 17,784 25,541 Taken out in Jan 2013

Instalment sale agreements 996 1,347

Overdrafts 765 -

338,581 307,726 10%

Gearing Ratio (net of cash) 56% 114% -51% Gearing levels falling bellow 100% for first time

Group banking facilitiesTotal facilities available 473,195 416,867 14%Total unutilised facilities 135,610 110,488 23%

SANTOVA GROUP STRUCTURE

100% 100% 100% 100%

100% 100% 100% 100% 100% 75% 100% 100%

51% 100%

SANTOVA LIMITED(SOUTH AFRICA)(Listed on the JSE)

SANTOVALOGISTICS

(SOUTH AFRICA)

SANTOVAEXPRESS

(SOUTH AFRICA)

SANTOVAFINANCIALSERVICES

(SOUTH AFRICA)

SANTOVAINTERNATIONAL

HOLDINGS(SOUTH AFRICA)

SANTOVALOGISTICS

(NETHERLANDS)

SANTOVALOGISTICS

(HONG KONG)

SANTOVALOGISTICS

(AUSTRALIA)

SANTOVALOGISTICS

(UNITED KINGDOM)

SANTOVAPATENT

LOGISTICS CO

W.M. SHIPPING(UNITED KINGDOM)

MASTERFREIGHTINTERNATIONALE

SPEDITION(GERMANY)

JET-FREIGHTSERVICES

(MAURITIUS)

TRADEWAY(SHIPPING)

(UNITED KINGDOM)

TRADEWAY NORTHWEST (UNITED

KINGDOM)

FINANCIAL DASHBOARDINVESTMENT CASE 2016 2015 %

R' million R' million Change

1 Revenue

Billings R 3,798 R 3,463 10%

Revenue R 279 R 224 25%

Revenue/Billings Margin 7.3% 6.5% 1%

2 Profitability

Net Profit before Tax R 66.7 R 51.4 30%

Operating Margin 25.4% 24.1% 1%

3 Cash

Cash generated from Operations R 48.2 R 46.1 5%

Cash and Cash Equivalents R 123.7 R 44.9 176%

4 Tradability

Volume of shares traded 40,991 51,135

Number of Shareholders 3,735 2,656

Percentage Traded 30% 37%

5 Dividends Paid 5.50 4.25 29%

CONCLUSIONFINANCIAL OUTLOOK FOR 2017

Continued strong contribution from offshore operations

- In particular with the inclusion of Tradeway for a full 12 months

Trading conditions in SA to remain challenging

- Trade volumes expected to continue to be under pressure

- Potential debt downgrade could impact economic

fundamentals significantly

- Management will continue to focus on strategy and efficiency

initiatives in this region

Positive cash flow generation from in particular the offshore

operations is expected to continue

- Cash generated will be applied to settling debt

Balance sheet to continue to remain sound with further reductions

in gearing levels

Strategic FocusCurrent and Future

3 Strategic pillars of development and management

Growth Innovation Efficiency-Effectiveness

Growth3 strategic pillars

ORGANICGROWTH

. Buyer-supplierconnectivity

. Cross trades

Jet Freight(Mauritius)

. SADC (Southern AfricanDevelopment Community)

. Customs Licence Masterfreight(Hamburg)

. Route development(Own offices &

West/East Africa)

W.M Shipping(Ghana)

. Vessel chartering(East/West Africa)Up-selling

cross selling. SCM

Insurance. Procurement

Critical mass. Organic growth

. Acquisitions

InternationalOffices

. Intellectual capital. Resources

. New markets. New trade routes

“Grass roots” initiatives (‘hands-on’ management) Low in cost structure, pose fewer cultural and adaptation-integration challenges – low risk Constitute exciting strategic opportunities for future earnings growth

STRATEGICACQUISITIONS

. Tradeway Group(‘Base load’ for East/West

Africa)

Age of changeand complexity“Conducive to alternativesuggestions, tradition no

longer dictating”

ICTNext generationcommunicationand technology

BUSINESS MODELknowledge –

intensive in design

CULTUREPEOPLE

Building andretaining thetalent pool

APPLICATIONEntrepreneurial

knowledge basedmatrix teams

Advancedtechnologies

Productproliferation

EconomicstagnationCost

pressures

Culturalintegration

Innovation4 dimensions to our innovation

Unlocking information,enabling strategic logistics

and ‘smart’ decisionmaking

End-to-end supply chainsolutions, across continents,

across industries“multifaceted andmultidimensional”

Consultativeengagement,

comprehensivebusiness solutions

“Alternatives”

External sourcing andinternal development

Newmarkets

ICTInformation and

communicationtechnologies

Centralisationvs

decentralisation

Workflowprocess design

Uninterruptedflow of

intellectualcapital across

theorganization

Efficiency and effectivenessFour drivers – starts with asking the right questions?

Faster processing of files,access to information,

reduction or elimination oferrors

Current performance levelsare benchmarked against bestpractice to ensure improvedefficiency, compliance, agility

and visibility.

Eliminating barriers to flow,breaking down

departmental silos - ‘bestpractice’, Group think

Take cognisance of control,standardised procedures,quicker decision making,customer service and theelimination of duplication.

Never satisfied,always askingthe question?

Focus and future strategy Focus on the 3 strategic pillars of continuous development and management

GROWTHOrganic

Strategic acquisitions‘Bolt-on’ acquisitions

INNOVATIONICT

CulturePeople

ApplicationBusiness model

EFFICIENCY –EFFECTIVENESS

Quality capitalefficiency ratios

Contain expensesIncrease productivity

High operating marginsIncrease profitability

Diversification: currencies, geographies, services and industries

Sim

ulta

neou

sly

Cons

olid

ate

and

Grow

Thank you