‘Small Talk’ – Small and Medium Market Cap Conference 26 February 2013

Presentation coverage 2 Diversified open cast miner and materials supplier “Delivering consistent growth” Focus on smaller sized projects adds to Afrimat’s sustainability Excellent cash conversion Strong balance sheet Consistent dividend payer Acquisitions paying off Market remains under pressure Diversification underpins sustained performance Who we are and what we do Strategy & rationale Clinker Infrasors BEE Corporate activity What is happening in our environment How are we performing financially The future and what lies ahead

Leading black empowered open cast miner and materials supplier Strategically diversified through location and product range Group overview 3

Afrimat’s products Products from mines: Aggregates (crushed stone) Metallurgical dolomite Metallurgical quartzite Agricultural lime Clinker Products from factories: Concrete blocks Concrete bricks Pavers 4

Products from readymix batch plants: Readymix concrete Readymix mortar Services by the contracting team: Contract crushing Mobile screening Drilling Blasting Afrimat’s products (cont’d) 5

Supply market segments Transport infrastructure: Road building materials Materials for railroads (e.g. ballast) Industrial minerals: Metallurgical dolomite Quartzite Energy infrastructure: Materials for power stations (e.g. Medupi) Materials for renewable energy projects Materials for distribution network 6

Supply market segments (cont’d) Building materials: Affordable housing (Government funded) Commercial building Residential (Privately funded) Agriculture: Agricultural lime Drainage stone Paving 7

… portfolio… and footprint CONCRETE PRODUCTS Concrete brick & block factories (9) READYMIX Batching sites (17) MINING & AGGREGATES Commercial quarries (24) Sand and gravel mines (8) Dolomite mine (1) Clinker (1) … which generates a balanced consistent income stream CONTRACTING Mobile Crushing Drilling and Blasting 8 Our diversification

Strategic principles Diversified: Wide product range Across wide geographic markets Effective hedge against market volatility Competitive advantage: Geographic location Unique and scarce products or Operations with structural cost advantage Innovation and creativity Operational expertise 9

Corporate Activity 10

Acquisitions: The underlying strategy The goal Enhance sustainability, profitability and robustness Targets Acquisition purchase consideration below 15% of Afrimat market cap In our space of expertise High upside Compensate for our weaknesses Must fit strategically into our master plan 11

Infrasors transaction Acquired 50.4% (control) at 35 cps amounting to R32 million Competition Commission approved transaction Infrasors: Listed resources group involved in mining and beneficiation of minerals used in the industrial, metallurgical, mining and construction sectors Lyttelton Centurion Mine – opencast mining and beneficiation of a dolomite ore-body Marble Hall Mine – opencast mining and beneficiation of a limestone (metamorphosed dolomite) ore-body Delf Sand – sand extraction and beneficiation of alluvial silica sand Delf Silica Coastal – sand extraction and beneficiation of alluvial silica sand Conditions precedent ABSA (ring fenced) – no material changed to debt facilities, pricing or repayment terms 12

Infrasors transaction (cont’d) 13 Rationale (product and assets) Augment Afrimat’s industrial minerals diversification strategy Add to the aggregates product offering Expand geographic footprint Operational involvement Afrimat manager appointed to oversee operations Take control of board Implement Afrimat’s proven management, marketing, product development and pricing strategies Implement a proper BEE scheme

Clinker Group acquisition Effective 1 March 2012 Purchase consideration R121 million (R95 million in cash and R26 million shares) F2012 PAT = R35.1 million Business with unique competitive advantage Already well integrated into Afrimat Life expectation of operation is 10 years Marketing and research drive shows possibility of extending life of mine 14

Clinker Group 15

16 Clinker Group (cont’d)

Impact of acquisitions 17 Open pit dolomite mine in Gauteng (metallurgical dolomite, aggregates, agricultural lime) R35 million purchase consideration Defensive product diversification Industrial minerals with vast applications Attractive margins and strong profitability Life of mine: >30 years Glen Douglas Clinker Supplies and SA Block (brick & block manufacturing) in Gauteng Processor of clinker material – used in manufacture of concrete products R121 million purchase consideration Product diversification which adds to current product line with geographic diversification Vast applications Attractive margins and strong profitability Life of project: 10 years + Clinker

BEE update BEE ownerships is 26.1% (including 6.4 million shares purchased) Mega Oil SPV’s 7-year lock-in period expires November 2013 Afrimat BEE Trust purchased 6.4 million shares from Mega Oils Afrimat provided funding (R40 million) Purchased shares prior to expiry date to eliminate any BEE risk to mining rights 21.25% owned by black employees 18

Business Environment 19

Macro environment Slower growth: European economic woes continue China and India showing signs of slower growth USA – slow growth at best In South Africa: Increasingly exposed to a more uncertain China Internal growth dynamic is fragile Downgraded by credit agencies Government’s focus on infrastructure backlog will act as economic stimulus when implemented Excellent opportunities continue to present themselves 20

Trends in Afrimat’s markets Difficult time for aggregates business Western Cape slow and under pressure Diversification strategy has assisted Afrimat performance Strong increase in tender activity in most market segments Industrial markets stable, not as competitive as construction Action against incompetent government departments (e.g. Provincial roads to SANRAL) Strong pipeline, specifically government infrastructure (small to medium sized projects) Exciting opportunities 21

GDP by sector Source: SARB, Standard Bank 22

Financial Overview 23

Financial highlights Operating profitRevenue 15.4% 32.5% 24

Segmental contributions to revenue 25 Returning to previous levels

Headline earnings per share Cents per share %

Rands 64.8% 27 Net cash from operating activities Net cash at end of period: R106.4m (2011: R63.7m)

Dividends Afrimat remains a consistent dividend payer Cents per share 28

What differentiates us? Strong financial position: Healthy cash flow Strong balance sheet Industry leading margins throughout economic cycle Active innovative strategic positioning: Good market intelligence and expertise Continuously identifying and evaluating opportunities Track record of successful acquisitions Successful greenfield projects Operational competence: Flexible Reliable quality supplier Superior reaction time Operating margin 13,2% vs. industry average 6,4% 29

30 Risk mitigation RiskMitigating action Slow delivery on Government infrastructure projects Widely diversified over markets, products and locations Actively seeking and exploiting opportunities Construction companies under financial pressure No single dominant debtor, all less than 4% Strict efficient credit control Macro-economic threatsConstant strategic management (avoiding threats, exploiting opportunities) Entrepreneurial culture and creative innovative solutions Strong balance sheet Country risk in South AfricaSeeking opportunities outside South Africa

What does the future hold?

Prospects Short term outlook: Clinker group exciting Glen Douglas a real gem Remainder of the market conditions remain under pressure Integration of Infrasors acquisition Momentum drivers: Power stations Low cost housing Roads – SANRAL, provinces Renewable energy Industrial minerals Afrimat will pursue a conservative growth strategy preserving the status of the balance sheet 32

Take away Afrimat will pursue a conservative but strategic diversified growth strategy Preserve the status of the balance sheet Continue to deliver high cash conversion rates 33 Final results due to be released during week of 6 May 2013

Q & A Thank you for your attendance and participation For any further Investor Relations questions please contact: Andries van Heerden (CEO): or Vanessa Rech (Keyter Rech Investor Solutions):