© Howden Group 2014 Howden Africa 2016 Interim Results Presentation 26 th August 2016

© Howden Group Housekeeping In case of an emergency - Do not run - Proceed to the nearest exit - Wait for instructions at assembly points We expect the presentation to last for approximately 30 minutes. Please hold your questions for the end of the presentation. We ask that you please turn off your mobile telephones.

© Howden Group The material in this presentation is general background information about Howden’s activities as at the date of this presentation. This information is given in summary form and does not purport to be complete and has been prepared solely for informational purposes. Information in this presentation should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities. This presentation or statements made during the presentation may contain forward looking information including statements regarding our intent, belief or current expectations with respect to Howden’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Investors/shareholders are cautioned not to place undue reliance on these forward looking statements. Forward-looking statements are based on Howden's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. These statements are based on a number of assumptions that are subject to change. The slides speak only as of this date. Howden disclaims any duty to update the information herein. The term “Howden" in reference to the activities described in these slides may mean one or more of Howden's South African operating subsidiaries and/or their internal business divisions. Forward-Looking Statements

© Howden Group Interim Results Highlights Willie Thomson - CEO

© Howden Group Howden Africa Interim Results Highlights Challenging trading conditions in the first six months. Weak demand for environmental and mining capital projects across all the served market segments. Highlight was the sales and margin for aftermarket (spares and service supply) within the Fans and Heat Exchangers division. Balance sheet is healthy and the company remains debt free.

© Howden Group Revenue of R702.8m to June 2016 is 3.7% ahead H Our customers’ appetite across all industries for major original equipment capital investment remains subdued, due to persistent slow economic activities and funding shortages. The market environment for spares and service supply (aftermarket) was robust with aftermarket growing from 59% to 69% of the businesses total revenue. Major changes in revenue by industry was a drop in Mining to 16% (2015: 19%) and a increase in Power to 59% (2015: 55%). ORDERS in Africa will continue, and should opportunities in the future. ORDERS Howden Africa 2016 Interim Results ‘Dash Board’ Revenue (ZAR’000) Revenue (Aftermarket vs. New Build) Revenue by Industry

© Howden Group Fans and Heat Exchangers Division

© Howden Group Fans and Heat Exchangers Division ORDERS & REVENUE Orders received during 2016 have increased 0.8% compared to H and 14.2% compared to H Revenue increased by 11.5% to R588.2m compared to H and was flat compared to H A strong performance in Aftermarket (spares and service supply) has mitigated a slow down in Capital Equipment spend. ORDERS (ZAR’000)REVENUE (ZAR’000)

© Howden Group Environmental Control Division

© Howden Group Environmental Control Division ORDERS & REVENUE ORDERS (ZAR’000) REVENUE (ZAR’000) The division experienced a low order intake in the first six months of 2016 with revenue declining by 46.7% compared to H Customers are delaying decisions on environmental control projects due to economic conditions. Large-scale environmental control legislation and general environmental pressures is expected to result in growth in this division in the longer term.

© Howden Group © Howden Group Fabrication Technology Division

© Howden Group Fabrication Technology Division ORDERS & REVENUE ORDERS (ZAR’000) REVENUE (ZAR’000) The new Fabrication Technology division commenced trading during H Logistics and Sales operations have been established in Johannesburg, Durban, Port Elizabeth and Cape town. As this business is a start-up this was a solid performance in its first months of trading.

© Howden Group © Howden Group Financial Overview Kevin Johnson - CFO

© Howden Group Financial Performance Interim Result 2016 – Condensed Statement of Comprehensive Income Compared to the corresponding six months in 2015; Revenue up 3.7%. Drop in Environmental Control revenue compensated by improvements from the other divisions. Operating profit of R102.4 million is a decrease of 7.1% due to the performance from the Environmental Control and Fabrication Technology Divisions. Investment income increased by 50.8% to R25.9m on increased cash balance. Earnings per share increased by 1.2%.

© Howden Group Financial Performance Interim Results – Condensed Statement of Financial Position Key changes when compared to the corresponding six months in 2015 are; Pension fund asset (R19.7m). The defined benefit fund is in the process of being closed with financial approval being sought from the Financial Services Board. Inventories have increased R134.6m due to a combination of increased work in progress due to timing of a few large projects completion and also new inventory required for the Fabrication Technology division. Cash and cash equivalents increased by R159.6m. Payables has increased due to the establishment of the Fabrication Technology Division.

© Howden Group © Howden Group Trading Outlook Willie Thomson

© Howden Group Capital spend within power generation, mining and general industry is expected to remain subdued. Fans and Heat Exchangers division continues to focus on the supply of spares and service to key industries. Market conditions within the Environmental Control division are expected to remain challenging. Fabrication Technology division is expected to grow. Trading Outlook

© Howden Group © Howden Group Questions?

© Howden Group Q: Can you provide more detail in respect of the environmental division pipeline? The environmental division centres around gas cleaning and water treatment. Our customer contact starts well in advance of contract awards with Howden providing technical advice. Hence we are managing the pipeline proactively. Q: Can you provide more detail in respect of the sustainability of the aftermarket business? There is a strong installed base and our products operate in arduous conditions which will always require replacement parts. Q: When do you expect profitability from the new fabrication business? There is great opportunity with the business as we have a low market share. As a start up, we have incurred start up costs, including costs around recruitment of appropriate skills. The business has made profit in the last few months. As a new business we are currently better understanding our routes to market via distributors and end-users. However, we are conscious not to take on sales that impact profitability. Shareholder Q & A’s

© Howden Group Q: What is you thoughts on the working capital outlook in H2 and how will the new fabrication division influence that? The Company has historically been a good cash generator and over a 3 year average target cash conversion of circa 100% Operating Profit to Operating Cash. The company will strive for a good working capital performance in H2. We have however seen customers put additional focus on their own working capital through reduced supplier payment terms in these difficult economic times. The new fabrication division will have an impact on working capital as we are required to keep some form of inventory. As this is a new business we are still better understanding the business working capital requirements. Q: What do you think the impact of new fabrication division will be on group margins? The new fabrication division is a start-up and is unlikely to be material for some time to the overall Howden business. it is still too early to determine the impact and we should have a better feel after another 6 months of trading. Q: Do you envisage a consistent revenue stream from the new fabrication business? We do expect the business to generate a consistent revenue stream going forward. Shareholder Q & A’s

© Howden Group Q: Is there any update in respect of the BEE deal? The is nothing new to add at this time. Q: Are the working capital requirements still around R150 million and of the approximate R750 million cash in hand. If so, what do we intend to do with the remainder of the cash? The working capital requirements remain around R150 million. The board is actively investigating option to utilise the cash. Q: What is the group’s management fee and is the company intending to hedge this fee? We have provided for 50% of the 2015 full year fee plus a 7% uplift. We did a scenario analysis on potential exchange rate movement and made a decision not to hedge the fee. Shareholder Q & A’s

© Howden Group 2014 Thank You