Pinnacle Holdings Confidential PAGE 1

Pinnacle Holdings Confidential PAGE 2

Pinnacle Holdings Confidential PAGE 3

Pinnacle Holdings Confidential PAGE 4 Group Organogram

Pinnacle Holdings Confidential PAGE 5 Group Organogram

Pinnacle Holdings Confidential PAGE 6 Group Organogram

Pinnacle Holdings Confidential PAGE 7 Group Organogram

Pinnacle Holdings Confidential PAGE 8 Income Statement Dec 2013 H1 2014H1 2013FY 2013 Year on Year Growth R'000 Revenue 3,160,872 3,126,104 6,596,2321.1% Gross Profit 514, ,469 1,029,5315.6% Operating Expenses -282, , ,2779.1% Earnings before Interest, Tax, Depreciation and Amortisation 232, , ,2541.7% Depreciation and Amortisation -8,784 -9, , % Operating Profit before interest 223, , ,5012.0% Net Finance Costs -6, , , % Share of Equity accounted associate income 4, Profit before Taxation 221, , ,9435.9% Taxation -59, , , % Net Profit for the year 162, , ,6809.0% - owners of the company 162, , ,9489.4% - non-controlling interests % Headline Earnings (Normal and Fully Diluted) %

Pinnacle Holdings Confidential PAGE 9 Dec 2013 Revenue

Pinnacle Holdings Confidential PAGE Percentages

Pinnacle Holdings Confidential PAGE Percentages

Pinnacle Holdings Confidential PAGE Percentages

Pinnacle Holdings Confidential PAGE 13 Group CONSOLIDATED INCOME STATEMENT Year on Year Growth Sequential Growth H1 2013H2 2013H R'000 Revenue 3,126,104 3,470,128 3,160,8721.1%-8.9% Gross Profit 487, , ,9095.6%-5.0% - % of revenue15.6% 16.3% Operating Expenses (258,834) (277,443) (282,366)9.1%1.8% - % of revenue-8.3%-8.0%-8.9% Operating Profit before interest 219, , ,7592.0%-11.6% - % of revenue7.0%7.3%7.1% Net Finance Costs (10,113) (8,445) (6,851)-32.3%-18.9% - % of revenue-0.3%-0.2% Income Tax (60,460) (67,803) (59,412)-1.7%-12.4% - Effective Tax Rate %-28.9%-27.7%-26.8% Net Profit for the year 148, , ,2729.0%-8.2% - % of revenue4.8%5.1% Headline Earnings (Normal and Fully Diluted) %-14.7%

Pinnacle Holdings Confidential PAGE 14 ICT Distribution Year on Year Growth Sequential Growth H1 2013H2 2013H CONSOLIDATED INCOME STATEMENTR'000 Revenue 3,050,236 3,410,865 3,107,3301.9%-8.9% Gross Profit 448, , ,6333.2%-7.0% - % of revenue14.7%14.6%14.9% Operating Expenses (231,483) (251,708) (252,335)9.0%0.2% - % of revenue-7.6%-7.4%-8.1% Operating Profit before interest 210, , , %-13.4% - % of revenue6.9%7.0%6.6% Net Finance Costs (15,501) (13,583) (14,023)-9.5%3.2% - % of revenue-0.5%-0.4%-0.5% Income Tax (55,633) (58,889) (50,389)-9.4%-14.4% - Effective Tax Rate %-28.6%-26.3% Net Profit 138, , ,0481.6%-14.3% - % of revenue4.6%4.8%4.5% WORKING CAPITAL 1,013,451 1,103,428 1,210, %9.7% Inventory (Incl in Transit) 730,038 1,041, ,939 - Forecast Days in Inventory Trade and Other Receivables 1,078,369 1,069,825 1,102,147 - Days Sales in Receivables "DSO's" Trade and Other Payables 794,956 1,008, ,111 - Days Purchases in Payables "DPO's" RETURN ON EQUITY38.3%39.0%30.6%

Pinnacle Holdings Confidential PAGE 15 IT Projects & Services Year on Year Growth Sequential Growth H1 2013H2 2013H CONSOLIDATED INCOME STATEMENT R'000 REVENUE 68,027 93,695 94, %1.2% Gross Profit 27,320 32,850 37, %13.9% - % of revenue40.2%35.1%39.5% Operating Expenses (17,223) (22,095) (24,244)40.8%9.7% - % of revenue-25.3%-23.6%-25.6% Operating Profit before interest 8,680 9,250 11, %26.4% - % of revenue12.8%9.9%12.3% Net Finance Costs (61) (2) % % - % of revenue-0.1%0.0%0.1% Income Tax (2,101) (3,322) (3,383)61.0%1.8% - Effective Tax Rate %-24.4%-35.9%-28.7% Net Profit for the year 6,518 5,926 8, %42.2% - % of revenue9.6%6.3%8.9% WORKING CAPITAL 11,455 7,630 4,655 Inventory (Incl in Transit) 3,478 1,808 8,190 Trade and Other Receivables 21,866 24,220 37,487 Trade and Other Payables 13,889 18,398 41,022 RETURN ON EQUITY65.4%47.6%59.1%

Pinnacle Holdings Confidential PAGE 16 Structured Finance Solutions CONSOLIDATED INCOME STATEMENT Year on Year Growth Sequential Growth H1 2013H2 2013H R'000 Revenue 30,195 42,918 49, %16.1% Gross Profit 18,095 22,189 28, %26.5% - % of revenue 59.9%51.7%56.3% Operating Expenses (8,031) (9,916) (11,181)39.2%12.8% - % of revenue -26.6%-23.1%-22.4% Operating Profit before interest 9,997 12,175 16, %35.8% - % of revenue 33.1%28.4%33.2% Income Tax (2,916) (3,456) (4,629)58.7%33.9% - Effective Tax Rate % -29.0%-28.3%-28.0% Net Profit for the year 7,143 8,759 11, %35.8% - % of revenue 23.7%20.4%23.9% FINANCIAL ASSETS Total Finance Receivables 237, , ,981 Portfolio at Risk - Portfolio at Risk 1,361 1,833 2,972 - % of Total 0.60%0.66%0.85% RETURN ON EQUITY 63.9%45.1%41.3% Capital & Arrears Jan 2014 Feb 2014 Portfolio at Risk % of Total 0.72% 0.68%

Pinnacle Holdings Confidential PAGE 17 Consolidated Statement of Financial Position Half yearFull yearHalf year 31 Dec Jun Dec 2013 UnauditedAuditedUnaudited ASSETSR'000 NON CURRENT ASSETS 491, , ,063 Property Plant and equipment 168, , ,205 Intangible Assets 97, , ,107 Investments in Listed Shares - 30,179 - Investments in Associate ,450 Long Term Loans 27,855 28,689 27,953 Finance Lease Receivables 161, , ,029 Deferred Taxation 35,588 35,232 42,319 Current Assets 2,079,843 2,501,814 2,260,376 Inventories on Hand 685, , ,414 Inventories in Transit 65, , ,950 Trade and other Receivables 1,243,065 1,125,423 1,160,463 Finance Lease Receivables 53,121 65,349 86,415 Taxation Receivable 1,679 1, Short-term deposit - 237,272 - Cash and Cash Equivalents 31,075 23,930 23,216 TOTAL ASSETS 2,571,175 3,096,450 3,172,439 Asset Additions Modrac10,300 Bloemfontein 6,375 Durban 2,400 Pacific 2,256 X-ALT 2,319 & Internet Upgrade Deferred Tax Asset Infrasol 5,260Provisions PBS 1,416Losses PTSMS 1,112Losses

Pinnacle Holdings Confidential PAGE 18 Consolidated Statement of Financial Position EQUITY AND LIABILITIESH1 2013FY 2013H Capital and Reserves 905,002 1,088,059 1,182,757 Share Capital and Premium 25,948 25,982 25,996 Treasury Shares (42,166) (41,766) Non Distributable Reserves 31,636 32,588 33,607 Accumulated Profits 884,599 1,066,308 1,161,610 Non Controlling Interests 4,985 4,947 3,310 Non Current Liabilities 55, , ,152 Interest Bearing Liabilities 36, , ,584 Deferred taxation 19,219 21,519 24,568 Current Liabilities 1,610,388 1,504,797 1,460,530 Trade and Other Payables 1,055,805 1,074, ,276 Interest Bearing Liabilities 14,886 17,203 17,467 Short Term Loan 214, , ,999 Deferred Revenue 11,423 14,519 14,398 Taxation Payable 7,750 12,320 11,401 Bank Overdrafts 305, , ,989 TOTAL EQUITY AND LIABILITIES 2,571,175 3,096,450 3,172,439

Pinnacle Holdings Confidential PAGE 19 Summarised Consolidated Statement of Cash Flow H1 2013FY 2013H EBITDA 228, , ,543 Changes in working capital (196,177) (378,331) (108,365) Other non fund flow items (801) 10,037 (10,737) Cash Generated by Operating Activities 31, , ,441 Net Finance Costs (10,112) (18,558) (6,851) Taxation Paid (53,338) (117,583) (64,275) Cashflows from Operating Activities (31,793) (11,181) 42,315 Cashflows from Investing Activities (140,654) (463,474) (68,733) Property, plant and equipment acquired (63,914) (84,328) (60,787) Proceeds on disposals of property, plant and equipment 741 8,162 42,164 Acquisition of intangible assets (1,718) (7,912) (4,175) Net Investment in finance leases receivable (70,750) (105,945) (43,247) Acquisition of Subsidiaries (5,013) (6,000) - Acquisition of Shares in Datacentrix (including deposit) - (267,451) (1,223) Acquisition of Non-Controlling Interests - - (1,465) Cashflows from Financing Activities 37, ,932 (41,815) Interest Bearing Liabilities raised (7,432) 439,229 32,936 Interest Bearing Liabilities repaid - (14,724) (10,707) Shares issued Short term loans raised 99,439 64,720 - Short term loans repaid - (64,561) - Decrease in long term loans receivable - (475) - Decrease in Trust Loans Dividends Paid (55,296) (55,257) (64,794) Decrease in net cash, cash equivalents and overdrafts (135,377) (105,723) (68,233) Net (Overdraft) / cash and cash equivalents acquired from business combinations 998 (576) (994) Net (Overdraft) / cash and cash equivalents at beginning of year (140,247) (246,546) Net (Overdraft) / cash and cash equivalents at end of year (274,626) (246,546) (315,773) Asset Addition Modrac10,300 Bloemfontein 6,375 Durban 2,400 Pacific 2,256 X-ALT 2,319 & Internet Upgrade Acquisition of NCI Merqu Paid - 1,465

Pinnacle Holdings Confidential PAGE 20 Borrowings December 2013 H1 2013H2 2013H R000's GEARING Net Debt to Equity63.2%81.4%82.5% - Attributable to Datacentrix0.0%24.7%23.2% - Attributable to Distribution40.5%36.4%35.7% - Attributable to Centrafin22.7%20.3%23.6% OVERDRAFTS IN DISTRIBUTION - Overdraft Facility 609,160 - Overdraft Balance 317, , ,781 - Working Capital 1,013,451 1,103,428 1,210,975

Pinnacle Holdings Confidential PAGE 21 APPLICATION OF FUNDS - Centrafin Finance Assets 203, , ,860 - Acquisition of Datacentrix 267, ,450 - Acquisition of Axiz 47,277 39,401 31,868 - Property Finance (Samrand) 43,776 43,823 46,980 - Other Assets -28,761 44,482 5,892 Total 266, , ,050 Borrowings December 2013 H1 2013H2 2013H R000's GROUP BORROWINGS - DMTN Programme 315,000 - Nedbank Loan 98,013 - Nedbank Preference Shares 132, ,307 - Depfin Investments 47,277 39,401 31,868 - Investec Short Term Loan 116, , ,999 - FNB Property Loan 32,936 - Instalment Sale and Sundry 4,175 12,510 9,940 Total 266, , ,050

Pinnacle Holdings Confidential PAGE 22 PTH Group Devices Shipments

Pinnacle Holdings Confidential PAGE 23 PTH Group Devices Shipments 56% 42% 56% 35%

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