Pinnacle Holdings Confidential PAGE 1

Pinnacle Holdings Confidential PAGE 2

Pinnacle Holdings Confidential PAGE 3 R Revenue Up 8%

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Pinnacle Holdings Confidential PAGE 5 H1 2013H2 2013FY 2013H1 2014H2 2014FY 2014H1 2014H2 2014FY 2014 R'000 YoY % PINNACLE HOLDINGS LTD Revenue 3,126,104 3,470,128 6,596,232 3,160,872 3,942,156 7,103,0281%14%8% Gross Profit 487, ,062 1,029, , ,967 1,020,8766%-7%-1% - GP as % of revenue15.6% 16.3%12.8%14.4% Operating Expenses (258,834) (277,443) (536,277) (286,712) (332,947) (619,659)11%20%16% - Opex as % of Revenue-8.3%-8.0%-8.1%-9.1%-8.4%-8.7% Income before Tax 209, , , , , ,9665%-41%-20% - Income before Tax as % of Revenue6.7%7.0%6.9% 3.6%5.1% Income Tax (60,460) (67,803) (128,263) (59,412) (38,981) (98,393)-2%-43%-23% - Effective Tax Rate %-28.9%-27.7%-28.3%-27.1% Datacentrix Net Contribution ,472 5,014 8,486 Net Income 148, , , , , ,58210%-38%-16% Weighted Average Shares in Issue 157, , , ,638 Earnings Per Share (cents) %-38%-16% Headline Earnings Per Share (cents) %-36%-19% Return on Equity (%)36.8%37.4%34.4%31.4%18.9%23.6%

Pinnacle Holdings Confidential PAGE 6 H1 2013H2 2013FY 2013H1 2014H2 2014FY 2014H1 2014H2 2014FY 2014 R'000 YoY % STRUCTURED FINANCE SOLUTIONS Revenue 30,195 42,918 73,113 49,818 55, ,75065%30%45% Gross Profit 18,095 22,189 40,284 28,068 36,785 64,85355%66%61% - GP as % of revenue59.9%51.7%55.1%56.3%65.8%61.3% Operating Expenses (8,031) (9,916) (17,947) (11,181) (13,328) (24,509)39%34%37% - Opex as % of Revenue-26.6%-23.1%-24.5%-22.4%-23.8%-23.2% Income before Tax 10,059 12,215 22,274 16,528 19,492 36,02064%60%62% - Income before Tax as % of Revenue33.3%28.5%30.5%33.2%34.8%34.1% Income Tax (2,916) (3,456) (6,372) (4,629) (5,511) (10,140)59% - Effective Tax Rate %-29.0%-28.3%-28.6%-28.0%-28.3%-28.2% Net Income 7,143 8,759 15,902 11,899 13,981 25,88067%60%63% FINANCIAL ASSETS Total Finance Receivables 237, , , ,934 Portfolio at Risk - Portfolio at Risk 1,361 1,833 2,972 3,471 - % of Total0.57%0.66% 0.85%0.89% Return on Equity (%) 45.65% 46.52%

Pinnacle Holdings Confidential PAGE 7 H1 2013H2 2013FY 2013H1 2014H2 2014FY 2014H1 2014H2 2014FY 2014 R'000 YoY % IT PROJECTS AND SERVICES Revenue 71,155 90, ,722 93,597 75, ,04832%-17%5% Gross Profit 27,320 32,850 60,170 37,404 31,245 68,64937%-5%14% - GP as % of revenue38.4%36.3%37.2%40.0%41.4%40.6% Operating Expenses (17,223) (22,095) (39,318) (24,244) (24,609) (48,853)41%11%24% - Opex as % of Revenue-24.2%-24.4%-24.3%-25.9%-32.6%-28.9% Income before Tax 8,619 9,248 17,867 11,807 5,374 17,18137%-42%-4% - Income before Tax as % of Revenue12.1%10.2%11.0%12.6%7.1%10.2% Income Tax (2,101) (3,322) (5,423) (3,383) (355) (3,738)61%-89%-31% - Effective Tax Rate %-24.4%-35.9%-30.4%-28.7%-6.6%-21.8% Net Income 6,317 5,595 11,912 8,167 5,019 13,18629%-10%11% Working Capital 11,455 7,630 4,655 8,829 Inventory (Incl in Transit) 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 Return on Equity (%) 62.9% 53.2%

Pinnacle Holdings Confidential PAGE 8 H1 2013H2 2013FY 2013H1 2014H2 2014FY 2014H1 2014H2 2014FY 2014 R'000 YoY % DISTRIBUTION Revenue 3,050,236 3,378,921 6,429,157 3,079,285 3,859,469 6,938,7541%14%8% Gross Profit 448, , , , , ,1033%-10%-4% - GP as % of revenue14.7% 15.0%11.6%13.1% Operating Expenses (231,483) (251,708) (483,191) (252,335) (308,573) (560,908)9%23%16% - Opex as % of Revenue-7.6%-7.4%-7.5%-8.2%-8.0%-8.1% Income before Tax 194, , , , , ,668-2%-54%-30% - Income before Tax as % of Revenue6.4%6.6%6.5%6.2%2.7%4.2% Income Tax (55,633) (58,889) (114,522) (50,389) (30,795) (81,184)-9%-48%-29% - Effective Tax Rate %-28.6%-26.3%-27.4%-26.3%-29.8%-27.6% Net Income 138, , , ,046 72, ,4842%-56%-30% Working Capital 1,031,451 1,103,428 1,210,975 1,159,585 Inventory (Incl in Transit) 730,038 1,041, , ,591 - Days Cost of Sales in Inventory Trade and Other Receivables 1,078,369 1,069,825 1,102,147 1,288,491 - Days Sales in Receivables "DSO's" Trade and Other Payables 794,956 1,008, ,111 1,096,497 - Days Purchases in Payables "DPO's" Return on Equity (%) 38.7% 26.0%

Pinnacle Holdings Confidential PAGE 9 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Full year 30 Jun Jun 2013 ReviewedAuditedVariance R'000 Revenue ,7% Cost of sales ( ) ( ) Gross profit ,8% Operating expenses ( ) ( )14,7% Selling expenses (61 860) (34 417) Employees expenses ( ) ( ) Administration expenses (85 266) (90 734) Gain on discounting of finance lease agreements Profit on foreign exchange Reclassification of fair value adjustment on derecognition of asset EBITDA ,8%

Pinnacle Holdings Confidential PAGE 10 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Full year 30 Jun Jun 2013 ReviewedAuditedVariance R'000 EBITDA ,8% Depreciation and amortisation (23 926) (20 753) Impairment of goodwill (2 169) - Operating profit before interest ,7% Net Finance Costs (28 764) (18 558)55,0% Investment Income Interest Paid (89 477) (77 106) Share of Equity accounted associate income Profit before taxation ,2% Taxation (98 394) ( )-23,3% Net Profit for the year ,2% - Owners of the company Non-controlling interests Other comprehensive income (20 499) Exchange differences from translating foreign operations Revaluation of property, plant and equipment (21 510) - Total comprehensive income for the year Attributable to: - Owners of the Company Non-controlling interests

Pinnacle Holdings Confidential PAGE 11 FINANCIAL REVIEW Full year 30 Jun Jun 2013 ReviewedAudited 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 Returns (%) 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 Effective tax rate 28,1 28,3 Net profit 3,8 4,9 Return on Equity 23,56 34,31

Pinnacle Holdings Confidential PAGE 12 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Full year 30 Jun Jun 2013 ReviewedAudited ASSETSR'000 Non-current assets Property plant and equipment Intangible assets Investments in listed shares Investment in associate Long-term loans Finance lease receivables Deferred taxation Current assets Inventories on hand Inventories in transit Trade and other receivables Finance lease receivables Taxation receivable Short-term deposit Cash and cash equivalents TOTAL ASSETS

Pinnacle Holdings Confidential PAGE 13 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Cont'd Full year 30 Jun Jun 2013 ReviewedAudited EQUITY AND LIABILITIESR'000 Capital and reserves Share capital and premium Treasury shares (41 766) Non-distributable reserves Cash flow hedge reserve (12 143) - Accumulated profits Non-controlling interests Non-current liabilities Interest-bearing liabilities Non-interest bearing liability Deferred taxation Current liabilities Trade and other payables Interest-bearing iabilities Short-term loans Deferred revenue Taxation payable Bank overdrafts Total equity and liabilities

Pinnacle Holdings Confidential PAGE 14 Full year 30 Jun Jun 2013 ReviewedAudited Capital management Net aset value per share (cents) 789,6 686,0 Net tangible asset value per share (cents) 702,8 604,2 Working capital management Investment in working capital (R'000) Days inventory outstanding (excluding in transit) 45,0 66,0 Days sales outstanding 54,0 50,0 Days purchases outstanding 51,0 48,0 Liquidity and solvency 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

Pinnacle Holdings Confidential PAGE 15 CONDENSED STATEMENT OF CASH FLOWS Full year 30 Jun Jun 2013 ReviewedAudited R'000 EBITDA Changes in working capital (74 019) ( ) Other non-fund flow items Cash generated by operating activities Net finance costs (28 764) (18 558) Finance income received Finance expenses paid (89 477) (77 106) Taxation paid ( ) ( ) (11 181) Cashflows from investing activities Property, plant and equipment acquired (58 725) (84 328) Proceeds on disposals of property, plant and equipment Acquisition of intangible assets (8 675) (7 912) Net Investment in finance leases receivable ( ) ( ) Acquisition of subsidiaries (2 580) (6 000) Acquisition of shares in Datacentrix (including deposit) (16 693) ( ) Acquisition of non-controlling interests (2 939) - ( ) ( )

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

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