SANTOVA

Investor Presentation1st November 2016

Agenda

Group profile

The industry and context within which Santova is

trading

Quality diversified international client base

Strategic focus: current and future

Financial highlights

- Annual results Feb 2016

- Interim results Aug 2016

KEY DIFFERENTIATORS

“A specialist provider of innovative global trade solutions,

managing a global network of interconnected activities for multinational organisations from origin to point-of-consumption”

ADVANCED SCM SOLUTIONS Partnership Value based

CUSTOMS CLEARING AND FORWARDING Contractual Fixed and variable

CUSTOM CLEARING Commodity Transaction based

Advanced SCM services

Value add services

Basic services

LEAD LOGISTICS PROVIDER Contractual

Risk sharing

Lead logistics

Evo

lvin

g ca

pab

ility

2006 20162003 2009 2012

Phase 1

Phase 2

Phase 3

Phase 4

Focused cost reduction Transaction based One dimensional

Enhanced capabilities Broader service offering Management of independent

functions Price driven Own services or outsourced to

suppliers Not independent

Project management Contract management Service provider integration Single point of contact Predominantly independent

facilitator Providing some services whilst

outsourcing or contracting others

New organisational structures Strategic global relationships Knowledge – information

based End-to-end supply chain

expertise Advanced technology and

software packages Adaptable, flexible and

collaborative engagement Shared risk and reward Independent, represents client Raises management fee for

services – ‘gain share’ model

Business Model2003 - 2016

Domesticstructured, predictable

engagement

Globalentrepreneurial,

innovative engagement

“Multi-dimensional’

Australia

Ghana

Italy

Kenya

GermanyFrankfurtHamburg

NetherlandsSchiphol

Rotterdam

United Kingdom

LondonTamworth

ManchesterLeeds

FelixstoweEssex

Mauritius

South AfricaJohannesburg

DurbanCape Town

Port ElizabethPietermaritzburg

Hong Kong

China

Revenue

R25m

Revenue

R54m

Revenue

R59m

Revenue

R177m

OfficesOffshore 15

South Africa 6

3,990 clients3,735 shareholders321 employees

New United

States of America

Global Offices & Trade Lanes

“Duplicating earnings on both

sides of the ocean”

Market and industry specific 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

Changing Global Trading Conditions

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)

The Opportunity

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

Market demand for innovative solutions or ‘alternative ways’ of ‘doing the same thing’ or ‘doing something’ different.

“Loyalty is fast becoming second to innovation, value add and greater efficiency and effectiveness”

TOP 20 CLIENT REVENUE 29 FEBRUARY 2016

COMPANY NAME INDUSTRY DESCRIPTION GROSS REVENUE

2016 %

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

Offshore

Growth Innovation

Efficiency –Effectiveness

Diversification

Strategic Management FocusCurrent and Future

Organic growth

Acquisitions

+ ‘Bolt-on’s’

+ Strategic

Information communication technology

Workflow process design

Free flow of intellectual capital ‘Group think’

Centralisation and decentralisation

Geographical (offshore/onshore)

Currency

Service/product

Industry

Next generation ICT

Business model (knowledge intensive)

Core ideology – culture, values, purpose

Application – execution structure

Never satisfied,

always asking the

question?

Clear Growth Strategy &

Strong Execution Structure

Resilience: Counter – cyclical business model

Mitigating Challenging Market Conditions

24.3%

29.9%

33.2%

5.39%

RevenueR 279m

Net Profit Before TaxR 67m

Normalised HEPS34.28 cents

Operating Margin25.4%

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

21.6525.73

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

Annual Results Feb 2016

Onshore45%

Offshore55%

Netherlands 28% United Kingdom 23% Australia, Germany, Hong Kong 10%

Strategy: Offshore vs. Onshore

SOUTH AFRICA *1

AUSTRALIA UNITED KINGDOM *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 UNITED KINGDOM *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 UNITED KINGDOM *2

HOLLAND GERMANY *4 HONG KONG

13

58

33 3919

60

Number of shipments per staffMonthly

SOUTH AFRICA *1

AUSTRALIA UNITED KINGDOM *2

HOLLAND GERMANY *4 HONG KONG

690k

2.8m

1.6m

2.4m

755k 730k

Net revenue per staffAnnual

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

INTERIMSCOMMENTARY

32%

33%

18%

2.4%

RevenueR 160m

Net Profit Before TaxR 40m

Normalised HEPS18.40 cents

Operating Margin28.4%

Positive factors

Resilience: diversification and a ‘differentiated’ business model

Acquisition and inclusion of Tradeway Group

Strong contributions from the Netherlands, Australia and Hong Kong

Offshore growth strategy a hedge against the depreciating Rand.

In the context of the market, more specifically the industry, a ‘strong

performance by the South African operations.

Focus area’s

‘Grass roots’ operations in Germany, Mauritius and Ghana.

WM Shipping (UK), the Caribbean and Middle East Trade lane

South African operations in the context of a challenging economic environment

FINANCIAL PERFORMANCEFOR THE SIX MONTH PERIOD ENDING 31ST AUGUST 2016

2017 INTERIM GROUP PROFITABILITY

Aug-16 Aug-15

6 Mths 6 Mths

R'000 R'000 %

Gross Billings 2 000 612 1 686 696 19% Combination impact of subdued growth in SA plus take on of Tradeway

Revenue 159 772 120 910 32%

% Revenue/Billings Margin 8,0% 7,2% 0,8% Margins maintained in SA and strengthened by take on of Tradeway

Other Income 10 755 4 658 131% Significant currency gains as a result of hedging GBP exposures

Administration expenses (123 056) (92 182) 34% Inflation related growth in SA plus Tradeway and currency growth

% Operating margin 28,4% 26,0% 2,4% Boosted by Tradeway margins - 60% higher than those achieved in SA

Finance costs (4 977) (1 096) 354% Take on of new R60 million 5 year loan to finance Tradeway acquisition

Profit for the Period 29 663 22 996 29%

Exchange rates - Average

ZAR/GBP 20,55 18,82 9%

ZAR/USD 14,75 12,26 20%

Other Comprehensive Income (40 898) 17 951 (328%) Impact of R3.18 reduction in GBP/ZAR on translation of foreign balance sheets

Normalised headline earnings per share 18,40 15,63 18%

WANOS 157 317 136 383 15% Capital raising and vendor placements in 2015 as part of the Tradeway acquisition

2017 INTERIM FINANCIAL POSITION

Aug-16 Aug-15 Move Feb-16

R'000 R'000 % R'000

Intangible assets 200 850 134 715 49% 222 881 Impact since year end of R3.18 reduction in GBP/ZAR on translation of foreign goodwill

Trade receivables 535 783 465 721 15% 590 133 Growth relative to 19% billings growth and improved debtor management

- Debtor Days 49,3 50,8 (1,5) 56,8 Reflective of the sound credit quality of the book

Cash on hand 100 664 61 699 63% 123 657 Reduction since year end due to debt repayment and further payments for Tradeway

TOTAL ASSETS 930 287 728 787 28% 1 023 165

Capital and Reserves 367 726 265 134 39% 386 415 Reduction since year end due to FOREX losses on translation of offshore balance sheets

Financial Liabilities 32 284 709 4453% 49 134 Tradeway warranty payments

Medium Term Debt - 5 Year 66 643 22 849 192% 75 663 New R60 million amortising 5 year loan to fund Tradeway

Short Term Debt - ID Facility 213 166 234 809 (9)% 262 918 Funding of South African receivables book

Trade Payables 224 123 184 853 21% 216 154 Principally SARS in SA

- Creditor Days 22,4 21,7 0,7 21,0

Debt/Equity Ratio 49% 74% (25)% 56%

Exchange rates - Closing

ZAR/GBP 19,07 20,44 (1) 22,25 R3.18 reduction since year end impacting on translation of foreign balance sheets

2017 INTERIM CASH FLOWS

2016 2015 Move

% R'000 R'000 %

Cash Flow

Cash generated from operations 36 255 31 367 16%

Applied to:

Interest & Debt Repayments (13 698) (5 123) 167% Additional interest and repayments of the new R60 mill loan

Acquisitions (12 410) (1 100) 1028% 'Top up' payment to sellers of Tradeway in March 2016

Taxation (9 349) (5 750) 63% Improved profitability from prior period

Dividends (8 654) (5 800) 49%

Other (1 667) (4 468) (63)%

Translation Differences (15 509) 7 684 (302)% Impact of R3.18 reduction in GBP/ZAR on translation

Net Decrease in Cash/Bank OD's (25 032) 16 810

2017 INTERIM SEGMENTAL ANALYSIS

SEGMENTsAfrica Asia Pacific

Europe and United

Kingdom

Financial

Services Head Office GROUP

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

31 August 2016

Revenue 65 242 15 581 73 785 5 651 (487) 159 772

- Growth on prior period 8% 37% 68% 14% (339)% 32%

Operating profit 13 989 5 067 18 529 2 207 5 550 45 342

Profit for the period 9 097 3 819 14 238 2 024 485 29 663

- Growth on prior period (8)% 64% 64% 15% 27% 29%

31 August 2015 R'000 R'000 R'000 R'000 R'000 R'000

Revenue 60 633 11 408 44 039 4 941 (111) 120 910

Operating profit 14 237 3 358 10 861 1 979 1 020 31 455

Profit for the period 9 866 2 329 8 664 1 756 381 22 996

LOGISTICS SERVICES

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 you