Appendix 1: Divisional Results

1. Appendix 1:Divisional Results

2. …% Trading margin Bidfreight Volume Vicissitude Results • Positive SA fundamentals support top-line • Working capital impacted by changed credit terms in Safcor • Good overall revenue gains but notably reduced agricultural, steel, coal, and forest product export volumes • Profits match budgeted projections • Safcor Panalpina: Record billings, up 29%. • Marine: Profits up 22% on higher container & vehicle traffic. Freightbulk strategy under review • Manica: profits up 26%, with Namibia & Naval excelling. Regional instability a constant challenge. Rm Trading Profit Rm Revenue +12% 3.3% 2.9% Appendix 1

3. Current contr. to Group Trading Profit Bidfreight Volume Vicissitude 13.4% • Terminals: • IVS: profits up 36%; capex will enhance profits. • RDS: customer difficulties resulted in profits declining 12%. Review underway. • Bulk Connections: profits static; reduced coal exports offset by rise in other product exports as benefits of capex spend create multiple product handling capability; Spoornet reliability remains a challenge; Negotiations with NPA for increased lease terms and additional handling rights ongoing. • SABT: profits down 29% on substantially lower agricultural exports; cumulative capex of >R100m yet to yield return. • SACD: profits up 12%; discussions with NPA in Durban to explore potential for extended lease terms & larger facilities. • BPO: profits down 13% due to a substantial decline in steel and forest product exports by major clients. Cost cuts have been completed. • Strategic imperatives & prospects • Majority of one-off cash outflows through the system; management to secure a positive re-alignment of working capital • Cost control is being complemented by the securing of new revenue • Bidfreight confident of achieving real profit growth for the full year Appendix 1

4. …% Trading margin Bidserv Nurturing the small acorns Results • BidAir profits up 94% (5% of total); integrated aviation offering complemented by the acquisition of 60% of Comair’s ground handling business; ground handling license being sought • Rennies Bank: recovery continues, with profits up 61% • Top Turf profits up 48%, new contract wins • Cleaning: Prestige profits flat, net new business good; TMS profits up 95%. • Laundries: revenue up 13% but profits flat; further volume required but pricing constrained by influence of large customers • Steiner revenue up 19%, profits up 13% • Bid Risk: at break even after strikes; further restructuring required • IPS profits down but above budget; point-of-sale services being re-evaluated • Industrial Products (Janitorial): profits up 25% despite abnormal costs Rm Trading Profit Rm Revenue +17% 11.8% 11.5% Appendix 1

5. Current contr. to Group Trading Profit Bidserv 14.7% Nurturing the small acorns • Office Automation (Minolta & Ocè): revenue & profits flat off high base, improvement in next period • Travel: profits up 36%; addressing poor margin divisions, debtors management and technology. • Hotel Amenities (transferred from BidFood): profits up a very creditable 19% on new contract wins • Mymarket: at break-even, gaining market share • Strategic imperatives & prospects • Mymarket spearheads lucrative group and external client procurement deals, achieving substantial savings • Prestige has a number of promising new contracts in the pipeline and TMS seeking expansion opportunities • BidAir has a particularly exciting future and likely to grow its share of profits • New facilities for G Fox and Commercial Sundries • Legislated wage increases difficult to recover (security/cleaning) • Travel and Rennies Bank have further upside Appendix 1

6. …% Trading margin Bidvest Europe Going Dutch Results • Trading profits (pre-IFRS) up 6.5% at £26.3m • Outstanding cooperation and sharing of best practice between UK and Dutch teams • Deli XL • Deli XL: €6.7m (£4.6m) “clean” profit, cash generated from operations €11m • Netherlands: margin of 1.8% versus 1%; real growth in hospitality but institutional market remains challenging; excellent staff morale • Deli XL Belgium: reorganisation paying off; sales growth good but margins pressured • 3663 • 3663 profits flat at £22m on an 11% rise in sales to £790m; cash flow sound; MOD revenues & profits being replaced • A new phenomenon is bad debts – may be isolated and non-recurring but management has resolved to insure against this risk Rm Trading Profit Rm Revenue +19% 2.8% 2.3% Appendix 1

7. Current contr. to Group Trading Profit Bidvest Europe Going Dutch 16.4% • Upward pressure on product prices and operating costs. • Lower-margin CD sales up 31% (KFC, Pizza Hut) – higher unit values but higher costs due to volumes. • Multi-temp sales up 4%, profits up 1%; bad debt hurt costs; Compass non-food contract (2 Jan 07) incurred extra costs; ex-MOD depot at Basingstoke converted to multi-temp site. • Frozen, Fresh & Chill sales up 8% but margin still a challenge; bad debts hurt costs; two new sites operational Jan 07; roll-out of major contract. • Barton loss making but profitable at the end of the period. • Systems alignments at Horeca, profits ahead of expectation in large part due to Asian Games orders • Strategic imperatives & prospects • Compass non-food service contract exceeding expectations • 3663 on track to meet budget despite recent hiccups • Expansion into institutional market in Northern Belgium being explored • Joint opportunities between 3663 and DeliXL being successfully pursued Appendix 1

8. …% Trading margin Bidvest Australasia Street cred Results Australia (A$) “Street” trade showing organic growth of 10%, at good margin Record 3.6% margin - profits up 25% to $21.9m off an 8% rise in sales to $611m (largely organic) Foodservice: Sydney & Melbourne both profitable and improving; decreased cost of doing business; 25% of sales transacted electronically Hospitality: profits up 34%; acquisitions in Melbourne and Geelong to assist with national roll-out and critical mass QSR: profits up 28% on an 11% rise in sales; a key link in the total foodservice supply chain Rm Trading Profit Rm Revenue 3.8% +44% 3.2% Appendix 1

9. Bidvest Australasia Street cred New Zealand (NZ$) • Sales up 20% to $158m, profits up 29% to $7.3m; Fresh profits up 163% - taking shape as a national wholesale produce business; Logistics set for annual $30m in sales –national roll-out • Finding suitable staff remains a challenge • Strategic imperatives & prospects Australia • Expanded branch network unparalleled, broadline national offering • Suitable acquisitions + organic growth to access additional market space – Bidvest market share 20% • Sydney & Melbourne remain below potential • New Zealand • Business tracking well and strategic objectives unfolding • Top three finalist in “Most Improved Business” category of Top 200 Companies 7.5% Current contr. to Group Trading Profit Appendix 1

10. …% Trading margin Bidfood Mixed bag Results • A 37% decline in Bidbake profits masks a good result with tangible underlying improvements • Caterplus: 16% rise in profit off a 23% rise in sales; significant market share gains, broadening of choice; energetic focus on customers needs, with the independent trade a top priority; fresh fruit & vegetables introduced • BidBake: ferocious competition has resulted in a rightsizing of the business in line with realities • Crown: 25% rise in profits off a 19% rise in sales because of astute procurement and equipment sales; installation of a steam steriliser underscores food safety focus for competitive advantage Rm Trading Profit Rm Revenue +4% 9.2% 8.1% Appendix 1

11. Bidfood Mixed bag • Speciality: 25% rise in profits and a 29% rise in sales off an already high base as range and mix optimisation pays off. • Vulcan: 12% rise in profits off a 10% rise in sales; obsolete equipment being replaced to improve product quality; upgraded factory; export focus; • Catering and Frozen have been merged under a single management team • Strategic imperatives & prospects • Strategic initiatives will continue to be reflected in on-the-ground execution • Capex and new facilities to yield efficiencies • BidBake very challenging but change in emphasis will result in an improved performance during F2008 8.0% Current contr. to Group Trading Profit Appendix 1

12. …% Trading margin Bid Industrial and Commercial Products A bright spark Results: Profits up 76% off a 30% rise in revenue EWD • Versalec Cables (75%) has settled in well, performing strongly • Infrastructure markets strong & growing • Copper price surge has reversed and management has adopted a more conservative stocking policy; • New distributorship of LS products Nov 06 Stationery & furniture: • Profits rise 51% off a 16% rise in revenue • Waltons profits up 18%; Gauteng shows materially improved performance • Kolok: revenue up 14% in a tough market, profits up 58% as gross margins expand • CN Business Furniture: 35% rise in profits off an 18% rise in revenue; strong order books Rm Trading Profit Rm Revenue 7.7% +76% 5.7% Appendix 1

13. Bid Industrial and Commercial Products A bright spark • Fasteners & Tape • Afcom revenues up 4%, profits up 25%, with better balance between imports and local production achieved • Buffalo: 22% rise in profits off a 9% rise in revenue; launch of new DIY range a success • Strategic imperatives & prospects • Exchange rate variability a challenge • Continuing strong performance off a higher base • Focus on optimising stock levels 15.4% Current contr. to Group Trading Profit Appendix 1

14. …% Trading margin Bidpaper Plus Congo Fever Results Profits up 11% off a 12% rise in revenue; Printing & Conversion a notable performer; integration of ex-office business complete. Silveray Statmark Improved results in a fiercely competitive market, with sales up 9% Lithotech Profits up 15% off an 18% rise in sales, boosted by DRC project (revenues good even without DRC) Rm Trading Profit Rm Revenue +11% 11.9% 11.8% Appendix 1

15. Bidpaper Plus Congo Fever • Personalisation & Mail grew revenue 19%, notwithstanding prolonged industrial action • Significant capex assisted printing & conversion • Labels suffered in a tough market • Continued growth from e-solutions • Lufil continues to grow range of paper converted products Strategic imperatives & prospects • Lithotech to continue to reduce capacity in traditional continuous business forms whilst investing in the new growth areas of label, print to post, stationery and e-billing • Renewed growth focus on label products • Laser & mail to remain a substantial contributor, with increased market presence • Further growth in stationery products and “New Croxley” promotions 5.5% Current contr. to Group Trading Profit Appendix 1

16. …% Trading margin Bid Auto Fleet of foot Results Profits up 22% (Motor Holdings up 18%) on a 16% rise in revenue – ahead of budget. Yamaha revenues up 19% amidst stiff competition. Substantial loss at GAZ negatively impacted result. Financial services profits up 40%, ahead of budget 32 967 new units, up 6% on 31 019, but favourable product mix assists margin; new car pricing remained keen with knock-on effect to used; parts & servicing well up on budget 30 014 used units sold, up 10% on 27 192 Budget performed well, with a sharp rise in rental days; significant increase in fleet size; interest rate hikes, higher insurance costs and higher maintenance costs puts pressure on margins Seasonal working capital bulge; excess stock and age profile receiving vigorous attention Fleet Services finance book well ahead of budget; rebalancing mix toward operating leases away from installment sale Rm Trading Profit Rm Revenue +22% 3.7% 3.5% Appendix 1

17. Bid Auto Fleet of foot • Burchmores delivered improved performance on the back of an increase in bank repossessions and units purchased internally from McCarthy dealers • GAZ restructuring to minimise exposure Strategic imperatives & prospects • Projections for a growth slowdown, but no outright contraction foreseen • Competition price based but every effort is being made to preserve margin • Chinese product options being energetically pursued • Acquisition of Shell Autoserv to provide a nationwide presence for servicing out-of-warranty cars and Chinese product • Modest rises in new car prices will have a positive impact on used car values • Growing vehicle parq is beneficial for recurring parts and service income • McCarthy Fleet Services seeking meaningful expansion opportunities • A continued good performance is expected with management alert to competitive challenges and executing on identified opportunities 17.0% Current contr. to Group Trading Profit Appendix 1

18. …% Trading margin Corporate Services Results • Bidprop up 35% to R36m on back of strategic group development • Namibian fishing operations profits decline by 60% to R17m on poor catches and dominance of small fish • Ontime Automotive contributes R1.3m Rm Trading Income Rm Revenue -27% 2.1% Current contr. to Group Trading Profit Appendix 1

19. Group Outlook Appendix 2: Segmental Outlook Financials Introduction Group

20. Bidfreight- sensitivity to anticipated economic variables Segmentals • + GDP growth expected to remain robust • Trade volumes to grow ahead of GDP but extenuating factors may result in • isolated exceptions e.g. agriculture volatility, steel directed to home market • + effect of relative Rand weakness: • Trade weighted impact not sufficient to stimulate exports meaningfully • Increased unit values in Clearing & Forwarding without substantially decreased volume (PCE buoyant into F2008 and capital equipment imports set to rise) • + effect of rising interest rates: • Higher interest earnings in Clearing & Forwarding and Marine but this can • Be tempered by large customers demanding extended credit terms • Alert to easing PCE but recessionary conditions unlikely • + effect of rising fixed investment: • Infrastructure investment set to gather momentum, likely to benefit from F2008 onwards. BUT capacity constraints should not be underestimated OVERALL EFFECT: POSITIVE Appendix 2

21. Bidserv – sensitivity to anticipated economic variables Segmentals • + Tertiary and secondary GDP to grow ahead of overall GDP: • Growing base of commercial activity, retail/tourism/leisure/non-residential buildings/travel • Stimulates recurring income, business well balanced, but heightened competition attracted • - effect of relative Rand weakness: • No discernable net negative impacts experienced or anticipated • + effect of mild inflation: • Mildly positive but competition will restrain pricing power • + effect of rising fixed investment • Multiplier benefits across entire business landscape Industry specific factors • - Legislated minimum wages are a negative due to labour intensity of Bidserv • - effect of HIV/AIDS, again due to relative labour intensity • - Competition from SMME contractors is not proving an insurmountable threat OVERALL EFFECT: MODERATELY POSITIVE Appendix 2

22. Bidvest Food Interests – sensitivity to anticipated economic variables Segmentals • General influencing factors: • + food price increases • + markets served remain strong but competition is cut-throat and pricing power constrained • + Increased wealth and disposable income spurs out-of- home consumption • + Upward pressure on labour & distribution costs • Benelux: • Positive outlook, helped by cyclical upswing in Germany & France, lower corporate taxes in Netherlands • UK: • Wealthy, competitive, flexible and relatively fast growing top-tier economy; predictable environment • Ever alert to expansion options; trading skills are continuously tested in a demanding & sophisticated market • Australasia: • Growth slower but resources boom underpins prospects; excellent macro economic management • Breadth, depth and business mix cushions vulnerability to external shocks • South Africa: • + Top line prospects remain promising in a growing economy • + Expanding discretionary income • Scope for increased sophistication of offering and business practices OVERALL EFFECT: POSITIVE Appendix 2

23. Bid Industrial & Commercial Products – sensitivity to anticipated economic variables Segmentals • Fixed investment set to gain momentum, with emphasis shifting to non-residential • Likely areas identified for capitalising on: public transportation, 2010 facilities, airports, power generation, urbanisation, water, roads, ports & harbours, bulk infrastructure, electrical, telephonic and water reticulation, regional mining, government facilities & socio-economic spend, plus commercial, leisure & residential buildings • Effect of relative Rand weakness: • No discernible negative impacts on the whole, if anything stimulatory • Accentuates impact of high USD copper prices • + stocking levels and trading activities • Relief from cheap import competition, division will still selectively import • Interest rates • Retail expansion off a low base • Modest inflation is good for a trading business but sharp rises in raw material inputs may lead to certain projects being uneconomic OVERALL EFFECT: BROADLY POSITIVE Appendix 2

24. Bid Auto – sensitivity to anticipated economic variables Segmentals General economy • -effect of slower GDP growth: • Business and consumer confidence of greater relevance, consumer slowdown set to bite H2 of F2007 • Annuity financial services income will cushion volume sales slowdown • Replacement cycle pushed out, but service/after market revenues boosted • - effect of rising interest rates: • Undermines affordability, but volume/entry level exposure a quarter of sales and set to expand – poor public transport in SA • Relative shift in favour of used cars evident • Financial services income up • - effect of slower growth in PCE: • Rate of growth in new to slow but used takes up slack; PDI buyers +/- 30% of total now • + effect of rising fixed investment: • Commercial vehicle sales have soared and set to remain strong • + effect of relative Rand weakness: • Stimulating automotive exports; export credits assist vehicle affordability, modest price increases have taken affect January Industry-specific features • Vigorous competition and choice + manufacturers terms pressuring dealer margins • SA car parq expanding appreciably plus appearance of cheap Chinese vehicles OVERALL EFFECT: NEUTRAL Appendix 2 Group

25. Inside back cover The BIDVest Business Model Market-leading service, trading & distribution businesses Strategy Implementation • 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 • 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 Control distribution channels: Management Focus • A team of operationally strong 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