Pinnacle Holdings Confidential PAGE 1 2014 Pinnacle Holdings

Pinnacle Holdings Confidential PAGE 1

2014 Pinnacle Holdings Confidential PAGE 2

2014 R 7 103 028 Revenue Up 8% Pinnacle Holdings Confidential PAGE 3

Pinnacle Holdings Confidential PAGE 4

PINNACLE HOLDINGS LTD Revenue Gross Profit - GP as % of revenue Operating Expenses - Opex as % of Revenue H 1 2013 R'000 H 2 2013 R'000 FY 2013 R'000 H 1 2014 R'000 H 2 2014 R'000 FY 2014 H 1 2014 H 2 2014 FY 2014 R'000 Yo. Y % 3, 126, 104 3, 470, 128 6, 596, 232 3, 160, 872 3, 942, 156 7, 103, 028 1% 14% 8% 505, 967 1, 020, 876 12. 8% 14. 4% 6% -7% -1% (258, 834) (277, 443) (536, 277) (286, 712) (332, 947) (619, 659) -8. 3% -8. 0% -8. 1% -9. 1% -8. 4% -8. 7% 11% 20% 16% 487, 469 15. 6% 542, 062 1, 029, 531 15. 6% 514, 909 16. 3% Income before Tax - Income before Tax as % of Revenue 209, 356 6. 7% 244, 587 7. 0% 453, 943 6. 9% 219, 086 6. 9% 143, 880 3. 6% 362, 966 5. 1% 5% -41% -20% Income Tax - Effective Tax Rate % (60, 460) -28. 9% (67, 803) (128, 263) -27. 7% -28. 3% (59, 412) -27. 1% (38, 981) -27. 1% (98, 393) -27. 1% -2% -43% -23% 10% -38% -16% Datacentrix Net Contribution - - - 3, 472 5, 014 8, 486 Net Income 148, 426 176, 522 324, 948 163, 020 109, 562 272, 582 Weighted Average Shares in Issue 157, 890 157, 931 158, 031 157, 638 Earnings Per Share (cents) 93. 9 111. 8 205. 8 103. 2 69. 5 172. 9 10% -38% -16% Headline Earnings Per Share (cents) 93. 8 111. 8 205. 6 95. 4 71. 1 166. 5 2% -36% -19% 36. 8% 37. 4% 34. 4% 31. 4% 18. 9% 23. 6% Return on Equity (%) Pinnacle Holdings Confidential PAGE 5

H 1 2013 R'000 H 2 2013 R'000 FY 2013 R'000 H 1 2014 R'000 H 2 2014 R'000 Revenue 30, 195 42, 918 73, 113 49, 818 55, 932 105, 750 65% 30% 45% Gross Profit - GP as % of revenue 18, 095 59. 9% 22, 189 51. 7% 40, 284 55. 1% 28, 068 56. 3% 36, 785 65. 8% 64, 853 61. 3% 55% 66% 61% Operating Expenses - Opex as % of Revenue (8, 031) -26. 6% (9, 916) -23. 1% (17, 947) -24. 5% (11, 181) -22. 4% (13, 328) -23. 8% (24, 509) -23. 2% 39% 34% 37% Income before Tax - Income before Tax as % of Revenue 10, 059 33. 3% 12, 215 28. 5% 22, 274 30. 5% 16, 528 33. 2% 19, 492 34. 8% 36, 020 34. 1% 64% 60% 62% Income Tax - Effective Tax Rate % (2, 916) -29. 0% (3, 456) -28. 3% (6, 372) -28. 6% (4, 629) -28. 0% (5, 511) -28. 3% (10, 140) -28. 2% 59% 59% 7, 143 8, 759 15, 902 11, 899 13, 981 25, 880 67% 60% 63% 237, 785 275, 986 347, 981 385, 934 1, 361 0. 57% 1, 833 0. 66% 2, 972 0. 85% 3, 471 0. 89% STRUCTURED FINANCE SOLUTIONS Net Income FINANCIAL ASSETS Total Finance Receivables FY 2014 H 1 2014 H 2 2014 FY 2014 R'000 Yo. Y % Portfolio at Risk - % of Total Return on Equity (%) Pinnacle Holdings Confidential 45. 65% PAGE 6 46. 52%

H 1 2013 R'000 H 2 2013 R'000 FY 2013 R'000 H 1 2014 R'000 H 2 2014 R'000 Revenue 71, 155 90, 567 161, 722 93, 597 75, 451 169, 048 32% -17% 5% Gross Profit - GP as % of revenue 27, 320 38. 4% 32, 850 36. 3% 60, 170 37. 2% 37, 404 40. 0% 31, 245 41. 4% 68, 649 40. 6% 37% -5% 14% (17, 223) -24. 2% (22, 095) -24. 4% (39, 318) -24. 3% (24, 244) -25. 9% (24, 609) -32. 6% (48, 853) -28. 9% 41% 11% 24% 8, 619 12. 1% 9, 248 10. 2% 17, 867 11. 0% 11, 807 12. 6% 5, 374 7. 1% 17, 181 10. 2% 37% -42% -4% (2, 101) -24. 4% (3, 322) -35. 9% (5, 423) -30. 4% (3, 383) -28. 7% (355) -6. 6% (3, 738) -21. 8% 61% -89% -31% 6, 317 5, 595 11, 912 8, 167 5, 019 13, 186 29% -10% 11, 455 7, 630 4, 655 8, 829 3, 478 1, 808 8, 190 2, 171 Trade and Other Receivables 21, 866 24, 220 37, 487 29, 008 Trade and Other Payables 13, 889 18, 398 41, 022 22, 350 IT PROJECTS AND SERVICES Operating Expenses - Opex as % of Revenue Income before Tax - Income before Tax as % of Revenue Income Tax - Effective Tax Rate % Net Income Working Capital Inventory (Incl in Transit) Return on Equity (%) Pinnacle Holdings Confidential 62. 9% PAGE 7 FY 2014 H 1 2014 H 2 2014 FY 2014 R'000 Yo. Y % 53. 2%

DISTRIBUTION Revenue Gross Profit - GP as % of revenue Operating Expenses - Opex as % of Revenue Income before Tax - Income before Tax as % of Revenue Income Tax - Effective Tax Rate % Net Income Working Capital Inventory (Incl in Transit) - Days Cost of Sales in Inventory Trade and Other Receivables - Days Sales in Receivables "DSO's" Trade and Other Payables - Days Purchases in Payables "DPO's" Return on Equity (%) Pinnacle Holdings Confidential H 1 2013 H 2 2013 FY 2013 H 1 2014 H 2 2014 R'000 R'000 Yo. Y % 3, 050, 236 3, 378, 921 6, 429, 157 3, 079, 285 3, 859, 469 6, 938, 754 1% 14% 8% 448, 494 497, 207 945, 701 462, 633 446, 470 909, 103 3% -10% -4% 14. 7% 15. 0% 11. 6% 13. 1% (231, 483) (251, 708) (483, 191) (252, 335) (308, 573) (560, 908) 9% 23% 16% -7. 4% -7. 5% -8. 2% -8. 0% -8. 1% 194, 528 223, 560 418, 088 191, 435 103, 233 294, 668 -2% -54% -30% 6. 4% 6. 6% 6. 5% 6. 2% 2. 7% 4. 2% (55, 633) (58, 889) (114, 522) (50, 389) (30, 795) (81, 184) -9% -48% -29% -28. 6% -26. 3% -27. 4% -26. 3% -29. 8% -27. 6% 138, 895 164, 671 303, 566 141, 046 72, 438 213, 484 2% -56% -30% 1, 031, 451 1, 103, 428 1, 210, 975 1, 159, 585 730, 038 49 1, 041, 930 59 980, 939 68 967, 591 48 1, 078, 369 61 1, 069, 825 50 1, 102, 147 60 1, 288, 491 52 794, 956 48 1, 008, 327 48 872, 111 55 1, 096, 497 48 38. 7% PAGE 8 FY 2014 H 1 2014 H 2 2014 FY 2014 26. 0%

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Full year 30 Jun 2014 30 Jun 2013 Reviewed R'000 7 103 028 6 596 232 Cost of sales (6 082 151) (5 566 701) Gross profit 1 020 877 1 029 531 -0, 8% Operating expenses (615 314) (536 277) 14, 7% (61 860) (34 417) (478 689) (421 614) (85 266) (90 734) 778 382 Profit on foreign exchange 5 377 10 106 Reclassification of fair value adjustment on derecognition of asset 4 346 - 405 563 493 254 Revenue Selling expenses Employees expenses Administration expenses Gain on discounting of finance lease agreements EBITDA Pinnacle Holdings Confidential Audited Variance PAGE 9 7, 7% -17, 8%

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Full year 30 Jun 2014 Reviewed Full year 30 Jun 2013 Audited Variance R'000 EBITDA 405 563 493 254 Depreciation and amortisation (23 926) (20 753) (2 169) - Operating profit before interest 379 468 472 501 -19, 7% Net Finance Costs (28 764) (18 558) 55, 0% 60 713 58 548 (89 477) (77 106) 20 747 - Profit before taxation 371 453 943 -18, 2% Taxation (98 394) (128 263) -23, 3% Net Profit for the year 273 057 325 680 -16, 2% - Owners of the company 272 580 324 948 477 732 (20 499) 1 060 1 011 1 060 Revaluation of property, plant and equipment (21 510) - Total comprehensive income for the year Attributable to: 252 558 326 740 - Owners of the Company 252 081 326 008 PAGE 10477 732 Impairment of goodwill Investment Income Interest Paid Share of Equity accounted associate income - Non-controlling interests Other comprehensive income Exchange differences from translating foreign operations Pinnacle Holdings Confidential - Non-controlling interests -17, 8%

FINANCIAL REVIEW Full year 30 Jun 2014 30 Jun 2013 Reviewed Audited R'000 Performance per share (cents) Basic and diluted earnings per share 172, 9 205, 8 Headline and diluted headline earnings per share 166, 5 205, 6 Dividends - 41, 0 Dividend cover - 5, 0 Gross profit 14, 4 15, 6 Operating expenses (8, 7) (8, 1) EBITDA 5, 7 7, 5 Operating profit before Interest and taxation 5, 3 7, 2 28, 1 28, 3 3, 8 4, 9 23, 56 34, 31 Returns (%) Effective tax rate Net profit Return on Equity Pinnacle Holdings Confidential PAGE 11

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS Full year 30 Jun 2014 30 Jun 2013 Reviewed R'000 Audited R'000 Non-current assets 913 787 594 636 Property plant and equipment 176 028 186 637 Intangible assets 135 406 129 117 Investments in listed shares Investment in associate Long-term loans 284 144 30 179 - 28 795 28 689 257 957 184 782 31 457 35 232 2 432 892 2 501 814 Inventories on hand 895 702 940 655 Inventories in transit 76 034 108 031 1 328 964 1 125 423 105 758 65 349 1 171 1 154 Finance lease receivables Deferred taxation Current assets Trade and other receivables Finance lease receivables Taxation receivable Short-term deposit Cash and cash equivalents TOTAL ASSETS Pinnacle Holdings Confidential Full year - 237 272 25 263 23 930 3 346 679 3 096 450 PAGE 12

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Cont'd EQUITY AND LIABILITIES Capital and reserves Full year 30 Jun 2014 Reviewed R'000 1 234 842 1 088 059 1 680 25 982 (41 766) 8 589 32 588 Share capital and premium Treasury shares Non-distributable reserves Cash flow hedge reserve Accumulated profits (12 143) - 1 274 822 1 066 308 3 660 4 947 Non-current liabilities 519 138 503 594 Interest-bearing liabilities 487 455 482 075 Non-controlling interests Non-interest bearing liability 18 083 Deferred taxation 13 600 21 519 Current liabilities 1 592 699 1 504 797 Trade and other payables 1 129 699 1 074 736 Interest-bearing iabilities 17 944 17 203 Short-term loans 151 048 115 543 Deferred revenue 12 412 14 519 Taxation payable 4 357 12 320 277 239 270 476 3 346 679 3 096 450 Bank overdrafts Total equity and liabilities Pinnacle Holdings Confidential Full year 30 Jun 2013 Audited R'000 PAGE 13 -

Capital management Full year 30 Jun 2014 Reviewed Full year 30 Jun 2013 Audited Net aset value per share (cents) 789, 6 686, 0 Net tangible asset value per share (cents) 702, 8 604, 2 1 158 589 1 084 854 Days inventory outstanding (excluding in transit) 45, 0 66, 0 Days sales outstanding 54, 0 50, 0 Days purchases outstanding 51, 0 48, 0 Debt to equity (%) 77, 1 81, 4 - Attributable to Distribution and Holdings 29, 9 36, 4 - Attributable to Datacentrix 23, 1 24, 7 - Attributable to Finance Assets (Centrafin) 24, 1 20, 3 Current ratio (excluding stock in transit) 1, 55 1, 71 Acid test (excluding stock in transit) 0, 96 1, 04 Working capital management Investment in working capital (R'000) Liquidity and solvency Pinnacle Holdings Confidential PAGE 14

CONDENSED STATEMENT OF CASH FLOWS EBITDA Changes in working capital Other non-fund flow items Cash generated by operating activities Net finance costs Finance income received Finance expenses paid Taxation paid Cashflows from investing activities Property, plant and equipment acquired Proceeds on disposals of property, plant and equipment Acquisition of intangible assets Net Investment in finance leases receivable Acquisition of subsidiaries Acquisition of shares in Datacentrix (including deposit) Acquisition of non-controlling interests Pinnacle Holdings Confidential PAGE 15 Full year 30 Jun 2014 Reviewed R'000 405 563 (74 019) 13 046 344 590 (28 764) 60 713 (89 477) (104 247) 211 579 Full year 30 Jun 2013 Audited R'000 493 254 (378 331) 10 037 124 960 (18 558) 58 548 (77 106) (117 583) (11 181) (58 725) 34 559 (8 675) (113 584) (2 580) (16 693) (2 939) (168 637) (84 328) 8 162 (7 912) (105 945) (6 000) (267 451) (463 474)

CONDENSED STATEMENT OF CASH FLOWS Full year 30 Jun 2014 Reviewed R'000 Full year 30 Jun 2013 Audited R'000 Cashflows from financing activities Interest-bearing liabilities raised 68 707 439 229 Interest-bearing iabilities repaid (28 087) (14 724) 18 083 - 14 - (29 059) - Short term loans raised - 64 720 Short term loans repaid - (64 561) Decrease in long term loans receivable - (475) (12 143) - (106) - (64 787) (55 257) (47 378) 368 932 (4 436) (105 723) (994) (576) Net overdraft at beginning of year (246 546) (140 247) Net overdraft at end of year (251 976) (246 546) Non-interest bearing liabilities raised Shares issued Repurchase of shares Increase in cash flow hedge reserve Decrease in trust loans Dividends paid Decrease in net cash, cash equivalents and overdrafts Net overdraft acquired from business combinations Pinnacle Holdings Confidential PAGE 16

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