Appendix 1

1
Appendix 1

• Geographic and Segmental contributions to Revenue
  and Trading Profit

2
Geographic Revenue and Trading Profit splits
Appendix 1
F2008
F2007
SA
Revenue
Asia Pacific
UK Europe
Trading Profit
Africa
Contribution Foreign operations SA operations
Note IFRS compliant
3
Segmental contributions to results
Appendix 1
Segment
4
Appendix 2

• Detailed segmental results

5
Bidfreight Bulk Supplies
Appendix 2
Bidfreight
6
Bidfreight Bulk Supplies
Appendix2

• Results
• SABT Bulk Connections, together with strong
  contributions from IVS, Marine and BPO, drive a
  16 rise in profits
• Bulk-category Capex on facilities pays off in
  recognition by customers, in pricing and in
  throughputs
• Protracted NPA lease negotiations Transnet
  unreliability are prejudicial to BVT national
  interest
• Manica Namibia excluded as of 1 July 2007 forms
  part of new Bidvest Namibia
• Safcor Panalpina reduced pre-tax profits, mix
  reduces margin, higher financing costs
• Marine pre-tax profits, including associates, up
  27 driven by containerised exports and exports
  of vehicles. Additional ships agencies being
  sought from shipping lines to diversify revenue
  stream
• RDS a disappointing result but re-focus
  (disruptive) during F08 will pay off in future
  years a new Pallet rental segment established
• SACD profits up 10, assisted by customer win
  additional import volume from quality customers
  export volumes pick up whilst overall imports
  slow depot capacity constrained

Rm Trading Profit
3.1
3.1
Trading margin
7
Bidfreight Bulk Supplies
Appendix 2

• IVS profits up 7 new-build of destroyed tanks
  in progress maintenance work substantially
  increased liquid bulk storage demand at high
  level
• Bulk Connections upgrades to world-class norms
  results in substantially increased volumes and
  good customer service levels profits double
  prolonged Ports Authority lease negotiations
  frustrates further expansion
• SABT Maydon Wharf now most efficient terminal of
  its kind in South Africa and a terminal of first
  choice profits up 116 poor Transnet Rail
  services impede optimal efficiencies
• BPO profits up 28 as revenues accelerate ahead
  of budget volumes slowed Q4 in products such as
  cement, rice, pulp paper steel volumes low
  bulk expected to increase its contribution in
  F2009
• Naval profits flat due to low coal, citrus,
  aluminium volumes strength of Metical a
  negative termination of a ferrochrome contract
  will effect F2009 result
• Manica territories now include SA, Botswana,
  Malawi, Zambia and Zimbabwe. Profits
  substantially down, with only Botswana holding
  its own region remains variable from a trading
  point of view
• Strategic imperatives prospects
• Outlooks vary but the consolidated Freight
  segment is budgeted to produce profit growth in
  F2009 at a rate below that of F2008
• Organic growth is immediate focus together with
  tighter debtor and cash management
• Agreement with Ports on new facilities needed to
  accommodate higher throughputs/ profitability
• The Bulk businesses depend on unstinting support
  from Transnet Freight Rail
• Fuel power costs could place pressure on
  margin customer resistance to price increases
• Substantial prior capex will continue to pay off,
  particularly in Bulk
• Re-built IVS capacity on stream but higher
  depreciation likely to restrain the operating
  result

8
Bidserv High Flier
Appendix 2
9
Bidserv High Flier
Appendix2

• Results
• Record level of profitability
• TMS, Industrial Products, Konica-Minolta, BidAir,
  Bidvest Bank notable outperformers
• Prestige labour-intensive contract cleaning
  gross profits by 13.5 as qualitative advantages
  enhances market share
• TMS profits up 58 as R70m capital investments
  reinforce specialist cleaning offering for major
  industrial customers
• Laundries profits up 14 in a price-sensitive
  market
• Steiner expenses associated with infrastructure
  improvements resulted in profits easing by 7
• Security return to profit following strikes but
  below budget
• Global Payment Technologies in line with prior
  year. Profits typically cyclical, aligned with
  banking customer projects
• Top Turf 18 growth in profits masks pockets of
  underperformance but revived management team set
  on improving profitability

Rm Trading Profit
13.1
12.6
Trading margin
10
Bidserv High Flier
Appendix 2

• Industrial exceptional result with profits up
  40 facilities strengthen competitiveness
• My Market e-procurement solutions, cutting edge
  travel engine, and group-wide procurement savings
  make this erstwhile greenfield business
  comfortably profitable
• Office Konica Minolta Oce 45 rise in
  profits, market position in office automation
  strengthened in a tightening economy
• BidAir profits 45, with lounges and cargo
  performance pleasing. ACSA license effective 1
  March 2008
• BidTravel profits 20 as business responds to
  prior management actions to right-size for new
  realities brands rationalised manual processes
  now automated
• Bidvest Bank 41 rise in bank profits assisted
  by new forex products Master Currency exceeds
  expectations
• Hotel Amenities profits 16 on the back of
  improved hotel occupancies and new customers
• Strategic Imperatives and Prospects
• Critical mass in soft services plus market reach
  will enable Bidserv to once again grow profits in
  a less favourable economic climate
• BidAir to focus on realising return on capex
  spent gearing up for ACSA license
• TMS expected to substantially increase profits
  and returns
• Hotel Amenities contract win from a major hotel
  group opens up Africa potential
• Further upside expected in BidTravel following
  right-sizing and productivity initiatives

11
Bidvest Europe Thirst for Foodprofits
Appendix 2
12
Bidvest Europe Thirst for Foodprofits
Appendix 2

• Results
• Total profits up 8 to 59.1m. UK trading profit
  flat at 46.7m, Netherlands 31 to 16.9m
  (12.4m), Belgium 32 to 4.1m (3m), and Horeca
  UAE 51 to AED1.5m (0.2m). Sterling average
  exchange rate 1.36 (1.48). Deli XL combined now
  over quarter of total profits
• Accelerating price inflation a feature across all
  markets food and fuel inflation well above CPI
  
• Deli XL Netherlands 31 (16.9m profit vs.
  12.9m) revenue 730.5m (6) ROS 2.3 (1.9)
  cash generated by operations 25.4m labour
  market tight (wage pressures) intensified
  institutional competition but market share gained
  in hospitality small bolt-ons
• Deli XL Belgium 32 profit (4.1m) on 239.8m
  revenue (14) ROS 1.7 (1.5) Kruidenier
  Sodexo add to volumes

Rm Trading Profit
2.6
2.5
Trading margin
12
13
Bidvest Europe Thirst for Foodprofits
Appendix 2

• Horeca 0.2m profit ROS 2.6. Sales in local
  currency rise 64 oil induced boom fuels
  inflation cost efficiencies stricter credit
  policy pays off
• 3663 sales 3 up at 1.586bn (6.8 like-for-like
  excluding MOD) profits flat at 46.7m ROS 2.9
  cash generated by ops 63m capex 31m vs.
  25m overhead 2 below F2007 tight controls
• Multi-Temp grows profits 16 CD now profitable
  (1.1m)
• Positive MOD exit
• Field sales re-organisation realises substantial
  cost savings
• Pass-thru of inflation profitable pre-emptive
  buying will also flow into F2009
• Frozen Fresh Chilled Multi Temp combined in
  single Wholesale business.
• Barton Meat under review, with alternatives being
  explored
• Strategic imperatives prospects
• GDP growth in all markets decelerating, whilst
  CPI increases
• Margin to be preserved wherever possible
• Balance sheet capacity to profit from inflation
• 3663 likely to benefit from customer
  consolidating their suppliers to reduce costs.
• 3663 Genesis IT project to roll-out fully F2009
• 1 July 2008 Dutch smoking ban in public places
  impact indeterminate
• Bidvest Europe budgets to once again grow profits
  in F2009

13
14
Bidvest Asia Pacific Bonzer Wicket
Appendix 2
15
Bidvest Asia Pacific Bonzer Wicket
Appendix 2

• Results
• Largely organic growth in Australia, record
  returns 3.5x increase in profits since F2002
• New Zealand performs well in a slackening economy
  
• Angliss (HK Singapore) proves its worth first
  full year contribution exceeds expectation
• Australia sales up 17.5 to A1,429bn (real
  growth 10 after food inflation), profits up 25
  to A55,7m ROS 3.9 vs. 3.7 GDP growth slows
  sharply, labour market remains tight, cost
  pressures
• Foodservice sales up 13.5, profits up 36 all
  branches comfortably profitable facilities and
  people investment continues full national
  coverage attained
• Despite its developmental status, Hospitality is
  a net contributor and enhances overall offering
• QSR profits up 50, assisted by transfer of
  Subway business high service levels underpin
  sustainability in a slowing market

Rm Trading Profit
3.9
3.8
Trading margin
15
16
Bidvest Asia Pacific Bonzer Wicket
Appendix 2

• New Zealand sales up 18 (organic) to NZ384m
  (real growth 10), profits up 17 to NZ16,8m
  ROS 4.4 independent trade sales growth exceeds
  national accounts growth NZ17m spent on capital
  assets rising food prices help neutralise higher
  operating costs in a moribund economy
• Fresh sales grow 40, profits up marginally
  management continues to finesse this business for
  optimum effectiveness
• Foodservice profits up 14 substantial market
  share gain as total market declines value-add
  service delivery size focus
• Logistics profits double in first full year
  valuable complement
• Angliss First time annual trading profit of R97m
  
• Singapore Sales of S31,6m, profits of S10,7m,
  ROS of 3.3 (incl. forex gains)
• Hong Kong China Sales of HK1,4bn, profits of
  HK45,5m, ROS of 3.3
• Strategic imperatives prospects
• All markets share similar cost challenges
• Australia small bolt-ons to contribute to F09
  cost pressures will impinge on margin but real
  growth budgeted
• New Zealand strongly positioned in a difficult
  economy, real growth budgeted
• Angliss bolt-ons Malaysia foodservice unit
  start-up growth opportunities being pursued in
  Macau and Mainland China

16
17
Bidfood Inflating times
Appendix 2
18
Bidfood Inflating times
Appendix2

• Results
• Ingredients copes well with the twin forces of
  escalating food price rises and raw material
  shortages
• Chipkins Bakery Supplies improves profitability
  substantially strong performance from Crown
  National Group encouraging result out of NCP
  Yeast
• Divisional restructure successful
• Excellent expense control
• Caterplus net revenue up 17 and trading profits
  up 19 strict credit policy has reduced volumes
  but pays off in substantially reduced trading
  risk and reduced debtors book restaurant
  bankruptcies escalate higher average basket
  values/spend with good customers
• Increased symmetry between buying sales
• Higher gross margin due to buying in ahead of
  price rises or stock shortages
• Theft of inventory is a headache, requiring
  vigilance

Rm Trading Profit
8.1
7.3
Trading margin
19
Bidfood Inflating times
Appendix 2

• Speciality Patleys grew revenue by 22 and
  trading profits by 28 but diminishing disposable
  incomes placed increasing strain on trading as
  the year progressed price increases pushed
  through but agency volumes fall as a consequence
  own-brand Goldcrest makes excellent progress as
  do sales to leading retailers approaching the
  market with vigor through promotions, stock
  availability, customer awareness
• Strategic imperatives prospects
• Deflation (outright reduction in prices) is a
  possibility after a rapid run up in food
  inflation.
• Deliberate policy to reduce volume in Caterplus
  rather than risk bad debts may impact rebates
• Bidfood will emerge from these taxing trading
  times far stronger than competitors and fully
  expects to achieve yet another record result in
  F2009

20
Bid Industrial and Commercial Products
Levelling Out
Appendix 2
21
Bid Industrial and Commercial Products
Levelling Out
Appendix2

• Results
• Profits at record high but rate of growth
  moderates after a stellar run
• Voltex profits up 5 in a tougher trading
  environment copper price recovery in Q4 enabled
  a partial clawback of opportunity costs in H1
  debtor collection drive both existing and new
  electricity savings initiatives and products are
  a focal point
• Stationery Furniture a better Q4 enabled
  profits for the year to grow by 7 cash
  generation particularly pleasing
• Waltons profits up 16, with Gauteng particularly
  strong back-to-school sales improved
  refurbishments assist growth
• Koloks trading results improved in H2 with the
  result that the profit decline for the year was
  limited to 19 focus on eliminating low-margin
  business expenses contained despite costs of
  store re-positioning
• Furniture achieved pleasing overall profit
  growth. The Seating business continues to
  increase its mix of imported component to remain
  competitive market exposure ramped up for all
  operations

Rm Trading Profit
8.7
8.4
Trading margin
22
Bid Industrial and Commercial Products
Levelling Out
Appendix 2

• Packaging
• Afcom GE Hudson profits up 19. Higher market
  share due to new products on offer factory
  consolidation continued strategy to import is
  bearing fruit
• Buffalo Executape profits up 7 despite raw
  material price pressures - smart purchasing has
  limited full effects and retained customer
  loyalty
• Vulcan a broadly flat result, with pressures
  coming from raw material costs, imported
  competition, and lately a buoyant used market for
  catering equipment
• Strategic imperatives prospects
• Voltex has both challenge and opportunity
  challenge in the form of a declining
  residential/commercial market and opportunity in
  the form of infrastructure investment on a broad
  front, together with a number of energy
  efficiency initiatives
• Office products are facing a pressure in a
  weakening retail market
• Vulcan will capitalise on modernized facilities
  and new products
• Overall growth expected to be modest in the short
  term

23
Bidpaper Plus You win some, you lose some
Appendix 2
24
Bidpaper Plus You win some, you lose some
Appendix2

• Results
• Broadly flat results due to absence of profitable
  Lithotech ad-hoc export project business in the
  period
• Business remains solidly cash generating
• Laser Mail continues to offer profitable
  opportunity
• Lufil and Rotolabel integrated into Labeling
  Packaging
• Croxley re-branding completed, growing market
  acceptance
• Input cost pressures a constant throughout
• E-mail connection business has a fabulous year

Rm Trading Profit
12.4
11.4
Trading margin
25
Bidpaper Plus You win some, you lose some
Appendix 2

• Strategic imperatives prospects
• Lithotech will continue to generate cash and
  provide necessary expansion funds for e-products
• Laser Mail has enjoyed new contract wins
• Expansion of Labels Packaging range
• Stationary expected to yield higher returns
  following recapitalisation of Siveray/Statmark
• Intensified push to secure more export business
• Confederation Cup 2010 World Cup proactively
  seeking print opportunities

26
BidAuto Diversification Dividend
Appendix 2
27
BidAuto Diversification Dividend
Appendix2

• Results
• Considered strategy to diversify away from car
  retailing bolsters result as boom turns to abrupt
  bust
• Full-year contribution from fleet management
  acquisition Viamax, heavy equipment and truck
  sales, used cars, and exposure to leading OEM
  brands for parts and service business partly
  supported profits but like-for-like profit
  declined 26
• Total vehicle sales down 3 to 86 616 units, with
  used vehicle sales up 10 to 42 182 units and new
  unit sales down 12 to 44 434 units
• National Credit Act, higher finance charges, and
  worsening affordability resulted in substantial
  market weakening as the year progressed and
  likely to worsen into F2009
• Disconnect between OEM aspirations and immediacy
  of harsh dealer economic realities
• R300m in capex staff retention and training
  focus underscores BidAutos intention of
  remaining a leading and sustainable player

Rm Trading Profit
4.0
3.9
Trading margin
28
BidAuto Diversification Dividend
Appendix 2

• New and used car price differentials widen, with
  used car prices little different over five years
• Burchmores auction volumes and bargain-retail a
  major success
• Chinese mini-bus and pick-up sales disappointing
  but exclusive Chery arrangement off to a
  promising start
• Budget Car Rental secures third place in the
  market, boosted by innovations
• Yamaha product acceptance remains healthy and
  despite reduced profits returns were highly
  satisfactory
• Working capital management improved during H2
  from earlier inflated levels
• Strategic imperatives prospects
• Motor retail market likely to bottom out 25
  below 2006 peak
• Retail cost bases out of line with reduced
  volumes margin pressure
• Affordable, fuel-efficient and quality used
  product holds promise
• Fleet Solutions contribution to grow, good
  returns, fleet renewals
• Parts and service revenues a partial compensation
  for lower new volumes
• Crime is a pressing and costly concern
• Selected openings of new dealerships will
  continue (e.g. Suzukis return to SA plus
  additional Ford/Mazda outlets)
• Franchise potential for Chinese brands
• BidAuto will hold profits at F2008 levels in F2009

29
Corporate Services Bricks Mortar
Appendix 2
30
Corporate Services Bricks Mortar
Appendix2

• Results
• Strategic property holdings worth significantly
  more than stated book value
• New property developments for BidAuto, Bidpaper
  Plus, and Bidfood
• Namsov reversed H1 losses on better catches and
  pricing
• All Namibian assets folded into Bidvest Namibia
  with a view to listing later in calendar 2008
• Ontime Automotive hit by restructuring, fuel
  price increases, and termination of loss-making
  volume distribution contracts Parking Solutions
  secured a major tender Prestige Vehicle
  Distribution traded better than budgeted
• Ontime will nevertheless show a sharp reversal of
  losses in F2009
• 2010 World Cup commercialisation plans in full
  swing and a minority interest was acquired in
  MATCH Hospitality AG, a FIFA appointed
  hospitality services business

Rm Trading Profit
11.1
11.1
Trading margin
31
Appendix 3

• Effects of economic drivers by segment

32
Economic influencers various outcomes
Appendix 3
Bidvest is indifferent to any particular ZAR
rate of exchange - relative stability is far
preferable though to the extremes in valuation
that have eventuated periodically
33
Appendix 4

• Historic Performance

34
Historic Performance - Year to June
Appendix 4
5.1
5.1
5.2
5.2
5.2
5.2
4.9
4.9
4.3
4.4
4.3
4.5
4.4
4.5
4.7
4.7
18 CAGR over 5 years
18 CAGR over 5 years
35
Appendix 5

• The Bidvest Business Model

36
The Bidvest Business Model
Appendix 5
An operationally active investment holding
company whose core competence is the
management of a balance of cash generative and
growth businesses
Market-leading service, trading distribution
businesses
Implementation
Strategy

• Businesses actively successfully managed
• Decentralised, focused business units
• Market leaders in distribution channels
• Critical mass for sourcing funding
• Reaching common customers
• Tying the customer in

• Own the cash flows
• Control distribution channels
• A balance of mature growth businesses
• Funds allocated across asset base according to
  proven return criteria
• Vigorous capital management - cash used from
  mature businesses to fund growth businesses and
  acquisitions
• Identifying acquisitive value

• A team of operationally strong, entrepreneurial
  owner-managers
• Financial disciplines (working capital, managing
  sustainable returns)
• Corporate office frees up businesses to perform
• Financial integrity
• Proven ability to correct underperformance (incl
  .organic growth record from acquisitions)
• Proven ability to create value in businesses

Management Focus