INNOVATIVE SOLUTIONS. ENDLESS POSSIBILITIES

Investor Presentation 16 May 2019

Agenda

Group profile Overview of the industry The year under review Achievements of 2019 Industry benchmarking Group financial review Future strategy Conclusion

20 Offices in 8 countries on 4 continents

Staff Compliment 328Africa 191United Kingdom 74Europe 38 Asia-Pacific 25

Shareholders 4 611

Global Footprint3 REPRESENTATIVE OFFICES(SOUTHEAST ASIA)

International Trade Solutions End-to-end (E2E) Supply Chain Solutions: people, systems, software, workflow processes,

metrics, KPIs, statistical analysis, information flow, quality control, supplier management

Business Intelligence: market intelligence, data analytics, software delivering actionable information

Logistics Services: customs & excise, forwarding, warehousing, distribution

Global Project Management: diverse projects, multiple teams, multiple countries, diverse skill sets

Client Sourcing and Procurement Management Services Express or Time-Sensitive Courier Services Financial Services

7Service offerings

Client Risk Profile

Client DistributionTop 10 clients

No Region Industry % of TotalIndustry

1 SA/Asia Textiles / apparel / accessories 3,80%2 SA/Asia Technology 1,40%3 SA Wholesale 1,01%4 SA Food and beverages 0,92%5 SA Biometrics / security 0,86%6 SA Armoured vehicles 0,80%7 UK Textile recycling 0,68%8 AUS Pharma 0,66%9 UK Textile sorting 0,64%

10 UK Ceramics manufacturing 0,62% Total net revenue from top 10 clients 11,39%

Overview of the industry

Trends in Global Trade and Value Chains

Smaller shares of goods are traded across borders Trade is becoming more regional and less long-haul Services trade is growing faster than goods trade Labour costs have become less important R&D and innovation are now increasingly important Technology is transforming global value chains

McKinsey Global Institute February 2019

Digitisation Shifts in international trade Software-driven process changes Changes in consumer demand Machine-driven process changes

Price Waterhouse Coopers: Future of World Trade 2018. PwC Future of World Trade conducted 1,239 interviews with CEOs in 85 countries - all were in the logistics industry.

Forces Transforming the Logistics Industry

Disruptors and Trends Facing the Industry

Corporate Expectations Going Forward

Are confident about their company’s prospects for revenue growth over the next 12 months

Are concerned about digital skills in both their workforce and their industry

Anticipate that changes in core technologies of service provision will disrupt their business in the next five years

Expect changes in distribution channels to disrupt their business in the next five years

Believe global economic growth will improve over the next 12 months

CEO survey 2018. PWC. n = 1,239 CEOs in 85 countries

65% 60%85% 78% 68%

Companies Are Changing Their Global Strategies75% will change strategy due to trade tensions and uncertainty 33% consider trade uncertainty to be a top concern49% will change the geography of their operations 24% invest more in local supply chains

Global Executive Survey 2018. McKinsey Global Institute. n = 1,021

Trade is Becoming More Regional as Opposed to Long HaulShare of intra-regional trade in 2017Percent of trade (imports/exports)

Closer relationship to suppliers - Speed to market - Proximity to customersMcKinsey & Company Globalization in Transition January 2019

Advanced economies: innovation, intellectual capital and skills allows them to be in a strong strategic position (good connectivity)Developing economies: As production moves closer to consumers, those countries that are strategically located can benefit However, for the low income developing countries using labour intensive exports as a development strategy, time is running out (limited or no connectivity)

Latin America and Caribbean

Exceptional growth

driven by China

The Year Under Review2019

The Challenges of 2019South Africa Struggling economy - in recession for the first two quarters of 2019 financial year Reduced volumes traded: electrical equipment, textiles, clothing, wood, paper, petroleum and chemical products Sluggish transition to a new technological platformUnited Kingdom Brexit, resulting in a weaker pound against the US dollar, affecting pound translated revenue and profit margins Extraordinary costs, including share incentive scheme, bad debt, investment in staff and recruitment fees Impact of reduced trade volumes between South Africa and the United KingdomEurope The loss of a few top end clients in the Netherlands - largest through M&A activity The introduction of a pension scheme in the Netherlands Impact of reduced volumes traded between South Africa and the Netherlands/GermanyRoll-out of cloud based technologies and software, effective March 2019 United Kingdom: Express courier services and Tradeway Shipping logistics services South Africa logistics services and Singapore logistics servicesSuccessful completion of three acquisitions Singapore (August 2018), United Kingdom (October 2018) and Germany (March 2019)

High Level Overview of Group Performance

Group Financial Ratios

The challenge % Change

South African growth rate 2018 20170,80% 1,30% -38,5%

GDP per capita of South Africa 2018 2008$6 182 $6 124 0,9%

Global trade wars: economic protectionismBrexit: weakening pound against the US$

Revenue growth slower than expectedAdministrative expenses higher due to acquisitionsDebt and finance costs reduced in spite of acquisitionsAdmin expenses and cashflow - not a true indicator of ‘financial health’

Positive 'supportive' rationaleFeb 19 Feb 18 %

ChangeAdministrative Expenses 263 317 239 628 9,9%Operating margin 25,20% 30,60% -17,6%Cash and cash equivalents on hand 89,80 108,40 -17,2%Net cash generated from operations 20,20 67,80 -70,2%

High Level Observations

Logistics Regional Analysis

General Europe United KingdomGrowth in Net Revenue across all regions Impact of South African economy Extraordinary once off costs Operating margin still well above industry norm Loss of few large clients (M&A activity) Weak pound to the US$South Africa impacted all regions Introduction of a pension fund Reduced margins (imports)Investment in key resources

Global Trade Volumes

The above are approximate numbers. Until such time that all offices globally are on the same system some discrepancy may exist

South Africa most affected by economic trading conditions, however, courier still showed growth

Asia Pacific showing a significant growth in volumes traded Europe showing significant growth, in spite of the loss of clients (M&A activity)

Santova Express has been held back due to slower than expected rate of implementationOverall - transaction count is still good

United Kingdomrepriced (‘lost’) a large number of smaller clients who were considered ‘not profitable’

Achievements of 2019AcquisitionsSAI Logistics Ltd (United Kingdom) R52m, effective 1st October 2018 A niche trade route from India to the United Kingdom An opportunity to leverage off shipments from India to own offices globallyASM Logistics (S) Pte. Ltd (Singapore) R13,5m, effective 1st August 2018 A strategic pivotal point or platform to share in the growth of Southeast Asia Asia-Pacific region is projected to make up 8 of the top 25 trade pairs in 2030MLG Maritime Cargo Logistics GMBH (Germany) R30m, effective 1st March 2019 Specialists in the movement of dangerous goods Expands the Group’s presence and service in Hamburg (Germany's largest port and Europe's third-largest container port)and acts as the gateway to northern Europe

TechnologyRoll-out of cloud based technologies and software South Africa, Tradeway (UK) and Singapore have been transferred onto a new platform Future operational cost structures will be significantly reduced going forward Santova Express is now ‘live’ (UK) - a fully automated small parcel express service

Continued Focus on 10 Key Differentiators Global diversification: currency, geographical, multiple industries, client spread Multiple revenue streams Complementary, diverse business activities Asset-light business model Relationship driven focus on small to medium enterprises A complex, sophisticated business model - founded on ‘disruptive market forces’ Proven track record of strategic and highly accretive M&A transactions Continuously leveraging off next generation technology Globalisation - unlimited growth in opportunities and target markets Strong client base with low exposure to bad debt write-offs

A strong entrepreneurial culture, underpinned by sound values and sound hands-on leadership

Industry Benchmarking

Includes Feb 2019 results

Includes Feb 2019 results

Santova Trading Well Below Fair Value

Company Country Countries Employees Year founded

Market Cap ($mm) P/E TTM EBIT

marginID Logistics Group SA France 17 19 000 2001 797 33 3%Aramex PJSC United Arab Emirates 1982 1706 12 13%CTS International Logistics Corporation Limited China 5 2 033 1984 888 19 4%Echo Global Logistics, Inc. United States 1 2 500 2005 615 17 2%Tegma Gestão Logistics S.A. Brazil 1969 440 13 13%Radiant Logistics, Inc. United States 700 2006 238 24 2%YTO Express China 22 700 2000 136 9 3%Dimerco Express Corporation Taiwan 17 2 070 1971 81 11 2%Orian Sh.M. Ltd. Israel 830 1953 77 28 2%Xpediator Plc United Kingdom 9 900 1988 69 17 4%World-Link Logistics (Asia) Holding Limited Hong Kong 200 1990 53 21 16%QEX Logistics Limited New Zealand 3 44 2010 42 29 6%Santova Limited South Africa 9 342 2002 33 7 25%Tiger Logistics (India) Limited India 300 2000 20 13 6%

8 328

Group Financial Review

Introduction - 2019 In Perspective

“the Group encountered one of the most challenging trading environments since the global financial crises of 2007-2008” “the strategy of diversification across geographical regions has historically provided a buffer against the impact of unforeseen economic conditions in individual regions” “however in the current year the difficult economic environments experienced across key regions simultaneously was unprecedented”

2019 Key Events - Acquisitions• ASM Logistics - Singapore

Acquired 100% - effective date 1 August 2018 Total purchase price - R13.6 million Total Goodwill - R10.0 million Funded in cash 2 year warranty period Warranted profit before tax - SG$220k pa

SAI Logistics – Milton Keynes, United Kingdom Acquired 100% - effective date 1 October 2018 Total purchase price - R52.1 million Total Goodwill - R42.1 million Funded via 6 year Medium Term Loan - R23.8 million 3 year warranty period Warranted profit before tax - £595k pa

Operating Context – FOREX2019 2018 Movement

R'000 R'000 %AVERAGE EXCHANGE RATESPrimary Reporting Currencies - GBP/ZAR 17.82 17.15 3.9% - EUR/ZAR 15.76 15.11 4.3% - AUD/ZAR 9.92 10.10 (1.7)% - HKD/ZAR 1.73 1.68 3.0%Primary Transactional Currencies - USD/ZAR 13.53 13.07 3.5% Indirect impact on South African revenues

2.6% RESULT = LIMTED IMPACT ON PROFITABLITY IN 2019

Direct impact on translation of foreign profits

AVERAGE INCREASE

CLOSING EXCHANGE RATESPrimary Investment Currencies - GBP/ZAR 18.59 16.26 14.3% - EUR/ZAR 15.93 14.35 11.0%

12.7% RESULT = MATERIAL IMPACT ON FINANCIAL POSITION IN 2019

Direct impact on OCI, Asset Values and Equity

AVERAGE INCREASE

2019 Income Statement - Analysis2019 2018 Move

R'000 R'000 %BILLINGS 4 220 581 4 123 540 2.4%REVENUE 342 234 329 277 3.9%Other income 11 418 14 362 (20.5)%

Depreciation and amortisation (4 191) (3 355) 24.9%Administrative expenses (263 317) (239 628) 9.9%Operating profit 86 144 100 656 (14.4)%Interest received 202 279 (27.6)%Finance costs (5 726) (5 998) (4.5)%Profit before taxation 80 620 94 937 (15.1)%Income tax (19 506) (23 670) (17.6)%Profit for the year 61 114 71 267 (14.2)%Other comprehensive income Exchange differences on translation 33 975 (3 933) 963.8%

Key ratios: - Billings/revenue margin 8.1% 8.0% 0.1% - Operating margin 25.2% 30.6% -5.4% - Effective tax rate 24.2% 24.9% -0.7% - Headline earnings per share (cents) 38.21 44.84 -14.8%

ExcludingAcquistions

1.1%(1.4)%

(28.3)%8.7%3.9%

(18.3)%(28.5)%(35.4)%(17.3)%(19.1)%(16.6)%

963.8%

7.8%25.3%24.4%37.14

1 Impact of lower trade volumes in South Africa2 Margin pressure across the offshore regions3 Once-off extraordinary credit underwriter

rebates in 2018

4

5 Ongoing repayment of acquisition financing

6 Benefits of lower international tax rates

7

Average inflationary growth rate across SA and offsore regions

Translation gains due to weakening in closing exchange rates

Segmental Analysis – Key RegionsAFRICA

R'000BILLINGS

2019 ACTUAL 2 509 488 MOVEMENT (3%)

SA economic impactFile volumes (10.6%)

Sea freight TEU's (10.8%) MARGINS

2019 ACTUAL 5.6%MOVEMENT 0.2%

SA improved buy ratesHigher margin projects

REVENUE 2019 ACTUAL 141 445

MOVEMENT 2%

ADMIN EXPENSES 2019 ACTUAL 109 180

MOVEMENT 6%Consistent with SA Inflation

PROFIT 2019 ACTUAL 26 438

MOVEMENT (11%)

UKR'000

791 517 13%

5.9% - exclu SAI acquisition

10.4%(0.6%)

(1.8%)% - exclu SAI acquisitionImpact of weaker GBP on freight costs

Building import business - funding duties

82 016 7%

(8.2%)% - exclu SAI acquisition

69 001 13%

(0.3%)% - exclu SAI acquisitionRationalisation offset by R1.8 mil bad debts

and additional recruitment/staff costs

10 201 (25%)

EUROPER'000

654 757 6%

Netherlands strong new client growth

11.3%(0.6%)

74 187 1%

(1.3%) - Netherlands in Euro

54 119 12%

Netherlands - once off Pension costsInvestment in new staff

14 533 (25%)

2019 Balance Sheet - Analysis2019 2018 Move

R'000 R'000 %ASSETS Trade & other receivables 651 598 641 518 2% Consistent with the 2.4% growth in Billings Intangible assets 253 344 181 411 40% R52.1 mil. Goodwill on ASM & SAI acquisitions plus R18.2 mil. FOREX Cash and cash equivalents 89 801 108 371 (17)% Combined impact of acquisitions & debt repayments Property, plant and equipment 27 638 20 379 36% Acquisition of SAI and FOREX revaluation of 2 x UK properties Financial assets 7 637 4 366 75% Taxation 6 959 8 331 (16)%

1 036 977 964 376 8%EQUITY AND LIABILITIESCapital and reserves 502 257 416 172 21% Ongoing profitability and increase in FCTRLiabilities ST Borrowings and overdrafts 245 559 265 097 (7)% Invoice Discounting facility in SA - decline due to reduction in Billings in SA Trade and other payables 188 111 202 540 (7)% LT Interest-bearing borrowings 48 940 36 600 34% Additional R23.8 mil 6 yr Medium Term Loan for acquisition of SAI Financial liabilities 35 182 17 350 103% Profit warranties for SAI & ASM acquisitions Short-term provisions 11 965 18 087 (34)% Lower level of Bonus Provisions Taxation 3 805 7 246 (47)% Long-term provisions 1 158 1 284 (10)%

1 036 977 964 376 8%KEY RATIOS: - Debtor days 52.6 51.3 (1.3) - Debt to equity ratio 40.8% 46.5% 5.7% - NAV per share 3.13 2.61 20%

Trade Receivables - Credit Quality Analysis2019 2018 Movement

R'000 % R'000 % %Trade receivables 607 663 100% 579 376 100% 4.9% - South Africa 457 518 75% 469 016 81% (2.5)% SA Debtors book credit insured for 85% - 90% of value - Offshore 150 145 25% 110 360 19% 36.1%

Key ratios: Debtor days 52.6 51.3 1.3 SA Book ageing reduced by 0.1 days - Group ratio impacted by ASM & SAI Impairment provisions - Total amount 2 800 5 714 (51.0)% - Percentage of Trade receivables 0.46% 0.99% (53.3)% Impairments written off - Total amount (net of recoveries) 2 156 990 117.7% 3 UK clients R1.8 million - SA only R336k on a book of R458 million - Percentage of Trade receivables 0.35% 0.17% 107.6% Ageing of Trade Receivables - Total amount >60 days past terms 8 605 9 445 (8.9)% - Percentage >60 days past terms 1.42% 1.63% (13.1)%

Santova’s Business Model

SANTOVA ComparativeGroup CompanyR'000 R'000

Contracts with clients on an - Agency basis Principal basisBillings 4 220 581 324 130 Revenue 324 130 324 130

Trade receivables 607 663 46 710 Comparative Trade Receivables - substantially lower - Debtor days 52.6 52.6

No requirement to fund Customs VAT & Duties on behalf of clients

Profit before Taxation 80 620 80 620

- Cash impact of 5% negative movement in Trade Receivables 30 383 2 336

Percentage reduction in cash generated from operations (38%) (3%)

Example of impact of Working Capital on Cash generated from operations:

2019 Cash Flow Analysis 2019 R'mil

CASH GENERATED FROM OPERATING ACTIVITIES (47.6) - 2019 20.2 - 2018 67.8 ANALYSIS OF MAJOR MOVEMENTS: (48.1) Working capital changes: (24.4) Santova Germany (16.1)

Santova Netherlands (10.2)

Santova Australia (4.8)

Profit before taxation (14.3) 15.1% decrease in profit before taxationMovement in fair value of financial assets and liabilities (6.7)

Taxation paid (2.7) 2018 Taxation paid in 2019 on increased 2018 profitability versus 2017

Timing differences on 1 significant client due to high value of import duties on Luxury WatchesFeb 2019 - 21.7% increase in YOY Billings and resultant increased closing Trade ReceivablesSignificance increase in Jan 19 Billings on a large longstanding 60 day NZ client and extended ageing on 2 longstanding ZIM clients

Revaluation of investment in Cell Captive in 2019 versus a R3.5 mil. dividend received in cash 2018

Cash on Hand – February 2019 2019 R'mil

CASH ON HAND (18.6) - 2019 89.8 - 2018 108.4

ANALYSIS OF MAJOR MOVEMENTS: (57.8) Payment of financial liabilities (17.4) Final Tradeway (Shipping) warranty paymentAcquisitions (8.3) Payment of cash purchase price ASM LogisticsMovement in fair value of financial assets and liabilities (15.4) Ongoing quarterly repayment of R60 million medium term loanCapital expenditure (5.5) R3 mill. computer hardware and softwareAnnual Group dividend (11.2) Paid June 2018 - 7 cents per share

UNUTILISED AVAILABLE BANKING FACILITIES - 2019 185.9 - 2018 127.6

Future StrategyFollowing global trade patterns

Bilateral Trade Pairs: Growth in Top 25 Sea and Air Freight

20302009

Participating countriesSoutheast Asia. China. India. United States. Germany. United Kingdom. Japan. Korea

PricewaterhouseCoopers: Future of World Trade

USA-CHINA

Key Opportunity Trends by 2030 China will overtake the US and dominate global trade in 2030 - being in 17 of the top 25 bilateral routes Asia-Pacific region will make up 8 of the top 25 trade pairs in 2030 Trade within the Asia-Pacific region (Indonesia and Thailand) 5 times as high in 2030

Manufacturing - China becomes richer, starts importing and labour becomes expensive Manufacturing moves to Southeast Asia (Indonesia, Vietnam, Malaysia, Thailand and Bangladesh)

Trade between developed and emerging economies – China and Germany China and Germany become the 5th biggest trading partners in the world by 2030 China will consume more than 20% of global demand for luxuries by 2025. Germany - high end manufacturing, pharmaceuticals, designer clothing, green technologies, fashion brands

Trade between emerging economies - Asia and Latin America, Saudi Arabia, Brazil, Nigeria Trade between Intra-Asia-Pacific economies – China, India, Japan, Southeast Asia Trade between China and Africa - Nigeria fastest growth - 8 times bigger in 2030

The Four Priorities for The Group

Grow organically and through acquisition on strategic trade lanesSoutheast Asia, United Kingdom, Europe and the United States

With the global growth in the parcel industry exceeding expectations, we will continue rolling out Santova Express internationally

China a dominant driver of global tradeSoutheast Asian economies are fuelling the growth of Intra-Asia trade, including Trans-Pacific, Europe-Asia and Intra-Asia Vietnam is the latest success story - partly due to shifting of some production out of China

Automate our workflow processes and procedures to continuously improve operating efficiency

Group will ‘reinstate’ its traditional growth curve going forward. Whilst confident of the performance of our offshore offices - South Africa remains an unknown.Strategic Acquisitions Santova Express Intra-Asia Technology and Sophisticated Software Packages

The Game Changer______________Building Earnings Through Technology and Sophisticated Software_____________________ Automation: Digitisation and digitalisation - transforming business processes, including paperless work stations Cloud technology: ‘Virtual supply chain’ - flexibility, global connectivity from one portal to multiple devices and everyday objects Scalability: Rapid growth without a corresponding increase in operational costs, converting low margin business into more profitable business, improving operating margins and increasing ‘reach’ to market Control tower: Central hub - enabling trade route specialists, facilitating interactive benchmarking of rates and resulting in greater profit margins

“Talking 2050. Brain-computer interfaces, we won't need a physical screen or microphone. It will be a technologically assisted form of telepathy. The transmission of information from one person to another without using any known human sensory channels or physical interaction.”

Thank you

ACKNOWLEDGEMENT AND APPRECIATIONTo our colleagues, clients, shareholders, suppliers and business associates, thank you for your loyalty andcontinued support without which we would not have been able to manage and leverage off both theopportunities and challenges that we have encountered in our journey. We look forward to your continuedsupport taking Santova to its next level of success.