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PRESENTATION INTERIM RESULTS

2010 PRESENTATION INTERIM RESULTS Agenda Operating environment Financial results Portfolio Outlook Further financial analysis OPERATING ENVIRONMENT Operating environment Global recovery underpinned by fiscal and monetary stimulus packages South Africa followed global markets recovery

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PRESENTATION INTERIM RESULTS

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  1. 2010 PRESENTATIONINTERIM RESULTS

  2. Agenda • Operating environment • Financial results • Portfolio • Outlook • Further financial analysis MAKALANIINTERIM RESULTS DECEMBER 2009

  3. OPERATING ENVIRONMENT

  4. Operating environment • Global recovery underpinned by fiscal and monetary stimulus packages • South Africa followed global markets recovery • Short – term gains in local capital markets driven by global rather than local investor sentiment • Interest rates fairly static Financial markets Impact • Write downs not as severe as 2009 financial year • Floating interest yield on portfolio remained low MAKALANIINTERIM RESULTS DECEMBER 2009

  5. Makalani unit performance Detailed Cautionary Announcement General Cautionary Announcement MAKALANIINTERIM RESULTS DECEMBER 2009

  6. FINANCIAL RESULTS

  7. Highlights • Financial highlights: • Interest income decreased to R135m from R210m in December 2008 due to lower interest rate environment; • Invested assets decreased by R216m from R2 252 in June 2009 to R2 036 mainly due to redemption and sale of certain assets (Metropolitan and Midas) • Interest distributions increased by 7% from 180 cents in December 2008 to 192 cents per linked unit in December 2009; • Headline earnings per linked unit (“HEPLU”) increased by 44% compared to December 2008. • Operational highlights: • Wind-down process in progress; • R225m of assets redeemed; MAKALANIINTERIM RESULTS DECEMBER 2009

  8. Income statement MAKALANIINTERIM RESULTS DECEMBER 2009

  9. Balance sheet MAKALANIINTERIM RESULTS DECEMBER 2009

  10. Balance sheet (continued) MAKALANIINTERIM RESULTS DECEMBER 2009

  11. Revenue Interest income down 58% to R135 million compared to June 2009 MAKALANIINTERIM RESULTS DECEMBER 2009

  12. Fair value movements MAKALANIINTERIM RESULTS DECEMBER 2009

  13. HEPLU & Distributions • Interim (interest) distribution of 192 cents compared to 180 cents in December 2008 • HEPLU up 44% compared to December 2008 • Mainly due to write-downs in the prior year MAKALANIINTERIM RESULTS DECEMBER 2009

  14. PORTFOLIO

  15. Gross yield on portfolio MAKALANIINTERIM RESULTS DECEMBER 2009

  16. Yield and components 16 MAKALANIINTERIM RESULTS DECEMBER 2009

  17. Growth in portfolio and total assets • Invested assets decreased from R2 427 million to R2 333 million • Some assets fully redeemed or sold; • Funds returned to unitholders; and • Fair value write downs (R24m) MAKALANIINTERIM RESULTS DECEMBER 2009

  18. Investment portfolio MAKALANIINTERIM RESULTS DECEMBER 2009

  19. Credit ratings of portfolio By rating international scale • Ratings for exposures are determined by reference to FirstRand Bank’s rating methodologies. • There has been a shift in December 2009 to CCC bucket assets resulting from credit migrations MAKALANIINTERIM RESULTS DECEMBER 2009

  20. Portfolio by industry MAKALANIINTERIM RESULTS DECEMBER 2009

  21. Portfolio maturity By maturity MAKALANIINTERIM RESULTS DECEMBER 2009

  22. OUTLOOK

  23. Strategic direction Strategy to return funds to unitholders • Buyout and delisting optimal solution • General Meeting 29 March 2010 • Planned pay-away 26 April 2010 MAKALANIINTERIM RESULTS DECEMBER 2009

  24. FURTHER FINANCIAL ANALYSIS

  25. Revenue • Above excludes other revenue items and fair value adjustments MAKALANIINTERIM RESULTS DECEMBER 2009

  26. Distributions MAKALANIINTERIM DECEMBER 2009

  27. Headline earnings and distribution per linked unit • Headline earnings per linked unit increased to 386 cents compared to 268 cents in December 2008. • Distribution per linked unit increased by 7% during the same period. MAKALANIINTERIM RESULTS DECEMBER 2009 2009

  28. Operating expenses • Management fees are down 15% to R11m from R13m in December 2008 • Management fee decreased due to lower value of invested assets MAKALANIINTERIM RESULTS DECEMBER 2009

  29. Investment portfolio MAKALANIINTERIM RESULTS DECEMBER 2009

  30. Investment portfolio (continued) MAKALANIINTERIM RESULTS DECEMBER 2009

  31. Investment portfolio (continued) MAKALANIINTERIM RESULTS DECEMBER2009

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