1 The Bidvest Business Model Market-leading service, trading & distribution businesses Implementation ► Businesses actively & successfully managed ► Decentralised,

1

The Bidvest Business Model

Market-leading service, trading & distribution businessesImplementation

► Businesses actively & successfully managed► Decentralised, focused business units► Market leaders in distribution channels:

• Critical mass for sourcing & funding• Reaching common customers • Tying the customer in

Strategy

► Own the cash flows ► Control distribution channels► A balance of mature & growth businesses► Funds allocated across asset base according to

proven return criteria► Vigorous capital management - cash used from

mature businesses to fund growth businesses and acquisitions

► Identifying acquisitive value

► A team of operationally strong, entrepreneurial owner-managers:• Financial disciplines (working capital, managing sustainable returns)• Corporate office frees up businesses to perform

► Financial integrity ► Proven ability to correct underperformance (incl .organic growth record from acquisitions)► Proven ability to create value in businesses

Management Focus

management of a balance of cash generative and growth businesses

An operationally active investment holding company whose core competence is the

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Unaudited Results

For six months ended December 31 2008

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Agenda

► Introduction

► Financial Results

► Group Outlook

► Appendices:• Appendix 1: Geographic and Segmental Revenue and Trading Profit

• Appendix 2: Divisional Results

• Appendix 3: Historic Performance

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Introduction

Brian Joffe

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Note: IFRS compliant

H1 F2009 results summaryIntroductionIntroduction

* HEPS, excluding non trading costs of R165m (40cps after tax) related to closure and re-organisation of operations

ROFE from 37.6% in H1 F2008 to 32.4% in H1 F2009

DPS 14% to 190cps

HEPS 9% to 454,0cps

Revenue 11% to R60,0bn

Trading profit 6% to R2,6bn

Headline earnings 10% to R1,4bn

EPS 9% to 530,4cps

Cash generated from operations 41% to R0,9bn

Normalised HEPS* 1% to 494,0cps

► The world has changed, and changed forever; we are living in the new normal► Good people matter more than ever - Bidvest has them► Are we fearful of the economic upheaval? Not a bit► Do we see opportunity? You bet – the Group will continue to adapt ► What are our people inspired to do?

• Use their gumption• Be resourceful • Strengthen partnerships • Get back to brass tacks • Be good housekeepers - we haven’t got limitless cash• Be alert to the potential a world of uncertainty and difficulty offers

► Bidvest gains strength from its diversity and shall succeed – wherever in the world the Group trades

CEO’s opening conclusionIntroductionIntroduction

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Financial Results

David Cleasby

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H1 F2009 – FD’s perspectives

► Risk aversion prevalent ► Creditworthiness under scrutiny by lenders ► Favourable funding terms less easy to come by

• Overall costs not declining; increased credit spreads with decreasing base rates

► Bidvest has a fiduciary responsibility to stakeholders to husband its resources appropriately for the times

► Optimal funding structures will continue to be investigated► Cash will be conserved ► Working capital will be managed as effectively as we are able ► Internal controls stepped up as increased fraud & criminal activity prevalent

FinancialsFinancials

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Consolidated Income StatementFinancialsFinancials

► 11% organic growth► 8% growth excluding exchange rate translation ► 17% growth excl. McCarthy in both periods

Half-year ended Dec 31 2008Avg

R/£15.20Avg

R/£ 14.14

H1 2009 in constant currency

R/£ 14.14

Rm’s H1 2009 % ch H1 2008 H1 2009 % ch

Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6

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Trading Margins H1 2009 H1 2008 Comment

Local 5.7% 6.0% Materially impacted by Bid Auto

Foreign 3.1% 2.8% Decline in 3663 offset by improvement in Bidvest Namibia

Group 4.4% 4.6%

NoteNote:: 1. All growth in Trading Profit is organic 2. Foreign businesses = 30% contribution to Trading Profit vs 27% in H1 2008

Half-year ended Dec 31 2008 AvgR/£15.20

AvgR/£ 14.14


R/£ 14.14

Rm’s H1 2009 % ch H1 2008 H1 2009 % ch

Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6

Trading profit 2 614,7

+6.4 2 458,1 2 572,4 +4.7

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► Increase in finance expense due to increased funding rates, increased utilisation

► Foreign interest of R76,5m vs local interest of R486,4m ► Net debt offshore of R1,4bn vs local net debt of R6,5bn► Finance cost has peaked

• 2nd half:─ More internal working capital management & capex scale-

back─ H2 much better from a working capital perspective─ Falling interest rate environment


AvgR/£ 14.14


R/£ 14.14

Rm’s H1 2009 % ch H1 2008 H1 2009 % ch

Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6


+6.4 2 458,1 2 572,4 +4.7

Net finance expense (562,9) +26.4 (445,5) (557,4) +25.1

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Associates:

Tiger Auto (Sold for R212m with effect from Feb 2008)

Enviroserv (Sold for R569m with effect from Nov 2008)

Comair

Other Note: Note: Includes dividends received


AvgR/£ 14.14


R/£ 14.14

Rm’s H1 2009 % ch H1 2008 H1 2009 % ch

Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6


+6.4 2 458,1 2 572,4 +4.7


Associate Income 29,3 -50.4 59,1 29,3 -50.4

Effective tax rates

H1 2009 H1 2008 Comment

Local 25.9% 25.8% No material change

Offshore 27.2% 29.5% Reduction in UK rate by 2%

Group 26.5% 27.0% Sustainable rate of +/- 27%

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AvgR/£ 14.14


R/£ 14.14

Rm’s H1 2009 % ch H1 2008 H1 2009 % ch

Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6


+6.4 2 458,1 2 572,4 +4.7



Taxation (477,5) -9.2 (525,6) (469,4) -10.7

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H1 2009 H1 2008

Bidvest Namibia 29,7 -2,2

Other 23,9 21,8


AvgR/£ 14.14


R/£ 14.14

Rm’s H1 2009 % ch H1 2008 H1 2009 % ch

Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6


+6.4 2 458,1 2 572,4 +4.7



Taxation (477,5) -9.2 (525,6) (469,4) -10.7

Minority interests (53,6) n/a (19,6) (53,7) n/a


AvgR/£ 14.14


R/£ 14.14

Rm’s H1 2009 % ch H1 2008 H1 2009 % ch

Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6


+6.4 2 458,1 2 572,4 +4.7



Taxation (477,5) -9.2 (525,6) (469,4) -10.7


Headline earnings 1 364,3 -9.7 1 510,6 1 565,2 +5.815


Decisive remedial actions deliberately taken to put the Group in a stronger position at a time of uncertainty and worldwide economic recession:

► 3663 Barton Meat: perennial loss maker closed + other closures - £10,1m charge► Bid Auto: rationalisation of dealerships – R27m charge


AvgR/£ 14.14


R/£ 14.14

Rm’s H1 2009 % ch H1 2008 H1 2009 % ch

Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6


+6.4 2 458,1 2 572,4 +4.7



Taxation (477,5) -9.2 (525,6) (469,4) -10.7


Headline earnings 1 364,3 -9.7 1 510,6 1 565,2 +5.8

HEPS (cps) 454,0 -8.9 498,1 454,1 -9.816


HEPS, excluding non trading costs of R165m (40cps after tax) related to closure and re-organisation of operations, would have been 1% down


AvgR/£ 14.14


R/£ 14.14

Rm’s H1 2009 % ch H1 2008 H1 2009 % ch

Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6


+6.4 2 458,1 2 572,4 +4.7



Taxation (477,5) -9.2 (525,6) (469,4) -10.7


Headline earnings 1 594,1 +7.7 1 480,0 1 565,2 +5.8

HEPS (cps) 454,0 -8.9 498,1 454,1 -9.8

Diluted HEPS (cps) 450,3 -7.5 487,0 450,5 -8,517


302,9m vs 310,2m diluted weighted avg shares in issue

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Dividend cover of 2,4x


AvgR/£ 14.14


R/£ 14.14

Rm’s H1 2009 % ch H1 2008 H1 2009 % ch

Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6


+6.4 2 458,1 2 572,4 +4.7



Taxation (477,5) -9.2 (525,6) (469,4) -10.7


Headline earnings 1 594,1 +7.7 1 480,0 1 565,2 +5.8

HEPS (cps) 454,0 -8.9 498,1 454,1 -9.8

Diluted HEPS (cps) 450,3 -7.5 487,0 450,5 -8,5

Distribution (cps) 190,0 -13,6 220,0 190,0 -13.6

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Consolidated Cash Flow Statement – Rm’s

Cash generated from ops

Working capital utilised

Net Finance charges

Taxation

Distributions

Cash effects of investment act’s

Cash effects of financing act’s

Half-year ended Dec 31 2008



►Investment activities:• No material acquisitions• Capex of R1,2bn is similar to H1 2008

►In the 4½ years to Dec 2008: •R9,8bn cash generated from operations after working capital, tax and distributions, supported the R12,5bn spent on acquisitions & investments of businesses for medium term growth•Full benefits still to manifest

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Debtors days

Stock days

Creditors days

H1 2007 F2007 H1 2008 F2008 H1 2009

59 17 9 Net days


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Net Working Capital Days

Some improvement in working capital management:►Inventory - increased strategic buying & longer supply chain

►Debtors - quality of debtors book is sound, but increasing debtor delinquencies►Creditors - impact of importing stock with shorter credit lines


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H1 2006 H2 2006 H1 2007 H2 2007 H1 2008 H2 2008 H1 2009


Net working capital flows vs cash generated

► Upward trend in half on half cash generated ► Working capital utilisation typically better in 2nd half


Target interest cover range

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H1 2007 F2007 H1 2008 F2008 H1 2009


Gearing

► Clean EBITDA interest cover of 6.1x; Interest cover of 4.7x vs target of 5-6x ► Full year interest cover should be back within target range


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Group Outlook

Brian Joffe

► Business cycles are an age-old hardy perennial – this is a necessary corrective phase ► Bidvest remains entrepreneurial ► Management are really energised

► We know our businesses but we don’t pretend to know the future

► We manage for all eventualities, although the following unknowns could have a big effect:

• Interest rates

• Exchange rates

► Deflation will become an issue

► Operating conditions are still challenging

► Difficult times provide opportunity and Bidvest is alert to the potential this offers

CEO’s closing conclusion

Bidvest will, at best, maintain HEPS in F2009

Group OutlookGroup Outlook

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Joffe’s take on the businesses

Revenue (Rm) Trading Profit (Rm)

Bidfreight H1 2008 % ch. H1 F2009 H1 2008 % ch. H1 2009

Deterioration in trade volumes as half proceeded, Liquids and Bulk maintained

10 580,9 +1.4 10 729,3 330,9 +10.5 365,5

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Bidfreight


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Bidserv H1 2008 % ch. H1 F2009 H1 2008 % ch. H1 2009

Competitive advantages and scale assist as market turns down, Bank and Industrial exceptional

2 955,0 +23.3 3 644,7 384,8 +27.2 489,4

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Bidfreight

Bidserv



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Bidvest Europe H1 2008 % ch. H1 2009 H1 2008 % ch. H 12009

3663 profits - 25% in £, cost control strong, major focus on margins; Deli XL Netherlands profits up 16% in € and Belgium up 79% in €; Horeca margin 3.2%

16 007,1 +20.8 19 329,9 410,4 -3.4 396,3

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Bidfreight

Bidserv

Bidvest Europe

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Bidvest Asia Pacific H1 2008 % ch. H1 2009 H1 2008 % ch. H 12009

Stress in all markets but staff highly motivated to achieve, Australia up 15%, New Zealand up 12% in spite of four consecutive quarters of GDP decline, Singapore down on overstocked market

6 575,2 +33.7 8 790,2 251,3 +13.7 285,7

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Bidfreight

Bidserv

Bidvest Europe

Bidvest Asia Pacific

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Bidfood H1 2008 % ch. H1 2009 H1 2008 % ch. H1 2009

Caterplus tackles a weak market aggressively, highly disciplined working capital management, profits up 16%; Speciality profit up 10%, higher income consumers cutting back sharply; Bidfood Ingredients traded well with profit up 18%, deflationary tendencies evident

2 195,3 +20.7 2 650,8 186,1 +16.9 217,6

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Bidfreight

Bidserv

Bidvest Europe


Bidfood

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Bid Industrial and Commercial

H1 2008 % ch. H1 2009 H1 2008 % ch. H 12009

Voltex down 5%, sharply weaker copper price; Waltons, Kolok, Afcom, Buffalo, and Vulcan showed good growth; Furniture notably weak

4 594,1 +8.2 4 969,1 329,5 -1.4 324,9

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Bidfreight

Bidserv

Bidvest Europe


Bidfood


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Bidpaper Plus H1 2008 % ch. H1 2009 H1 2008 % ch. H 12009

Strong results from Silveray and Labels, selected gains in market share, cost pressure, pricing sensitivity as markets weaken, vigorous asset management

1 020,4 +14.4 1 167,6 126,6 +2.9 130,3

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Bidfreight

Bidserv

Bidvest Europe


Bidfood


Bidpaper Plus

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Bid Auto H1 2008 % ch. H1 2009 H1 2008 % ch. H1 2009

Motor retail profits down 92%; import & distribution declined sharply but limited by previous diversification; new car sales down 24%, used up 12%; 7 Value Centres and 16 Value Serve outlets rationalised; working capital prioritised, cash retained

9 989,5 -11.7 8 822,5 353,6 -39.4 214,4

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Bidfreight

Bidserv

Bidvest Europe


Bidfood


Bidpaper Plus

Bid Auto

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Documents

1 The Bidvest Business Model Market-leading service, trading & distribution businesses Implementation ► Businesses actively & successfully managed ► Decentralised,