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Group Five: An Overview

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Honing of existing Strategy

Operating Structure supporting the Strategy

A Strong Base

Management Structure supporting the Strategy

Construction Secured Order Book

Market Outlook

Factors affecting execution capacity in Africa

Focus going forward

Appendices – Strategy

Appendices - Financial

Contents

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G5 is continuing its strategy in:

Honing of existing Strategy

Focused geographic diversification:• A small share of the cross border markets in Africa, the Middle East and Eastern

Europe, carefully chosen and well managed, achieves higher margins• G5 nevertheless maintains the ability to gear up quickly to take advantage of

opportunities as the SA market improves

A: Investments & Concessions

• Expansion into new concession equity and revenue streams, eg. power, infrastructure projects, etc

B: Manufacturing & Materials

• Adding repeat income streams aligned to the construction value chain

• M&A activity

C: Construction

• Moving up the value chain from Constructor to Project Leader through alliancing

• Market positioning & capacity building

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Honing of existing Strategy –A: Investment in Concessions

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Honing of existing Strategy –B: Manufacturing & Materials

MANUFACTURING BUILDING MATERIALS

Growth through capacity expansion

• Everite Building Products• G5 Pipe

Growth through acquisition activity

• Quarry Cats• Sky Sands

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Traditional Contractor . . .

Honing of existing Strategy – C: Construction, an emphasis on integrated project solutions

. . . innovative Project Leader through alliancing

The ability to:• Choose which roles we want in the

project (cross-referrals)• Increase our share of the project • Margin enhancing and cash generative

Engineering ProcurementConstructionManagement

Clients Engineer(EPCM)

Contractor

Partnerships eg. GE

More group revenue and margin from single projects

Packaged Solutions

vs

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Operating Structure supporting the strategy

Property Development Services (PDS)Infrastructural

Developments Infrastructure Development Services (IDS)

Manufacturing(building & construction

materials)

Building and Housing

Construction Civil Engineering

Engineering Projects

Everite

Group Five Pipe

Sky Sands

Quarry Cats

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A Strong Base

Strong brand

World-class risk management and systems base

Growing capacity and internal infrastructure

A strong cross border and local customer base

Continual assessment of returns per business

Diversified earnings base from within the infrastructure sector

Exco now consists of a strong team of professionals who have delivered consistent earnings growth

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Management Structure supporting the strategy

John WallaceManufacturing Experience in

manufacturing & developing business

strategy

CEOMike Upton

29 years in Engineering Construction

Supported by a 16 man Manco

Andrew McJannetConstruction: Civils

17 years in construction

Experienced Exco with a solid track record

Eric VemerService Concessions

8 years in financial markets & 3 years in

concessions

Paul Le SueurConstruction: Buildings26 years experience in

construction

Guy MottramGroup Risk OfficerFocus area is risk

management including legal, commercial, SHEQ

Tim WoodheadMaterials

Experience in quarrying, crushing and readymix

concrete supply

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* Capacity based on current resources and skills

Construction – SECURED order book as at December 2006

PeriodBuilding

and HousingCivil

EngineeringEngineering

Projects Total

R millions

Low / Medium margins

Medium margins

Medium / High margins

Financial year ended 30 June 2006 (Actual)

2 788 1 663 624 5 075

% over-border 27% 65% 67% 44%

Financial year ending 30 June 2007 (forecast)

3 023 2 789 677 6 489

% over-border 28% 70% 74% 51%

Calendar year ending 31 Dec 2007 (forecast)

1 734 2 747 476 4 957

% over-border 8% 79% 42% 50%

Estimated annual capacity 3 000 3 000 750 6 750

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Focus on 4 Geographic Regions

G5’s strategy is to balance its exposure to the South African market with exposure to higher margin/higher risk opportunities outside South Africa

G5 has an established track record in its non-SA areas of operation in Africa, the Middle East and Eastern Europe

A small share of these markets, carefully chosen and well managed, should achieve higher margins

G5 nevertheless maintains the ability to direct resources to take advantage of opportunities in the very active SA market

Market Outlook

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Focus on 4 Geographic Regions: 1. Africa

Boom in commodity prices - gold, oil, uranium, platinum, copper, nickel, cobalt

─ Large increase in exploration and mining spend

─ Multiplier effect on housing, power and infrastructure spend

G5 Focus: profitable regions on the West Coast of Africa

G5 strategy is flexible - able to switch emphasis as markets change

Nigeria

Ghana

Angola

Zambia

DRC

Market Outlook

G5 activity

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Market Outlook – Mining Projects in Africa

Mali

Syama project

Burkina Faso

Perkoa zinc

Ghana

Tarkwa project

Congo

Pot Ash project

Tanzania

Geita 2

Kabanga Nickel

Madagascar

Ambatovy nickel

Malawi

Kaylekera

Mocambique

Corridor sands

DRC

Ruashi 2, Kamoto 1-5

KoV, Kolwezi tailings

Kalukundi, Tenke furogrome

Kipushi zinc

Zambia

Konkola

Lumwana

Chambisi

Namibia

Rossing

Langer heinrich 2

Botswana

Orapa exp

Tati nickel exp

South Africa

Kumani, Styldrift

Amandelbult

Klipspruit

Simmer & Jack

Impala 17 shaft

Pardekraal

Eland platinum

Weziswe

30-40 projects30-40 projects

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Market Outlook – Industrial Projects in Africa

Angola

Cabinda

Soya

Libito cement

Tanzania

TPPC expansion

Mozambique

MOZAL 3

South Africa

Straits chemicals

Alcan smelter

SASOL Secunda

SASOL Sasolburg

Highveld steel

Columbus furnace 3

MITTAL

10 projects10 projects

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Market Outlook – Power Projects in Africa

Libya

1000MW power projects

Kenya

Various GT

Tanzania

various GT

Mozambique

Ressano Garcia

EnMo

Ivory coast

GT project

Ghana

Tema

Tikaroudo

Togo

Electrotogo

Benin

GT project

Nigeria

IBOM 1&2, Aba

Chevron Agura

Farm Electric

Ikorodu

Exxon Eket

Abuja, Kaduna

Cameroon

Kribi

Congo

Pot Ash project

Angola

Cabinda

Namibia

Kudu gas

Walvis bay

South Africa

DME

ESKOM

Engen

SASOL

Straits

Botswana

Kalahari gas

Mmamabula

Moropule

30 projects30 projects

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Focus on 4 Geographic Regions: 2. Middle East

G5 Operations established in early 2004 in partnershipwith Al Naboodah (largest local contractor)

Strong regional economic growth sustained through possession of57% of the world’s proven oil reserves and 45% of proven gas reserves

- $26bn infrastructure spending expected over next six years

G5 Target: Construction contracts for Dubai and Jebel Ali airports initially

Significant opportunities exist in the niche markets of Dubai and other Emirates,

particularly Abu Dhabi

United Arab Emirates:

Abu Dhabi, Dubai, Sharjah Ajmah, Umm Al-Qaiwain,

Ras Al-Khaimah and Fujairah

Market Outlook

G5 activity

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Focus on 4 Geographic Regions: 3. Eastern Europe

G5 focus: Toll road operations and investment, with substantial international partners such as Bouygues and Skanska

Pursuing further toll road opportunities in partnership

Sustainable growth opportunities through:

─ Capitalizing on G5’s established reputation in the region

─ The definitive trend towards tolling of vehicles for the use of highways

Hungary

Poland

Market Outlook

G5 activity

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Construction Related GFCF (2000=100)

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

2000/01

2000/03

2001/01

2001/03

2002/01

2002/03

2003/01

2003/03

2004/01

2004/03

2005/01

2005/03

2006/01

2006/03

mil

lio

n

Residential Non- Residential Construction Works

Focus on 4 Geographic Regions: 4. South Africa

Market Outlook

Water

Electricity

Housing

Health

Roads & ports

Prisons

TOTALZAR 300bn

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Focus on 4 Geographic Regions: 4. South Africa

Market Outlook

% ZAR million

Focus on 4 Geographic Regions: 4. South Africa

Source: South African Federation of Civil Engineering and Construction (SAFEC)

0

5

10

15

20

25

81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

Govt Private business Construction works

Growth momentum set to continue well past 2010

Construction works is a good example:

% ZAR million

Focus on 4 Geographic Regions: 4. South Africa

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Focus on 4 Geographic Regions: 4. South Africa

Market Outlook

0

20

40

60

80

100

120

Residential & Non-residentialMarket Share

Civil Engineering Market Share

Total SA Market Big 4: M&R, Aveng, G5 & WBHO

Potential to increase market share in a growing SA market

%

<20% <30%

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Factors Affecting Execution Capacity in AfricaAvailability of materials – purchase of Quarry Cats and Sky Sands

Input cost increases exceeding inflationBank Guarantees – spare capacity available ZAR 3bn

Human resources:Supply shortages, including the impact of HIV/Aids on specialized skills – being addressed through:

─ Transferring skills from Building & Housingto Civil Engineering, to address higher margin work

─ Skills Development: R14million spend through skills training, 161 learnerships; and student management. Training accredited by Construction SETA

─ Bursaries – 149 bursaries ─ Enterprise Development – Official development agreements in place─ The G5 Training Academy – Includes PMD programme, Junior

Management Training, Programme in Project Management, Executive Development, Competency streams, Operational Training

─ Manpower capacity assessments based on secured and forecast order books to 2010

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Making the most of the construction boom from a solid base with a successful team

Revenue enhancement ─ Eg. regional business, long term revenue streams, group projects

Margin enhancement─Vigorous attention to management of construction risk & reward─Further investment in skills in project delivery

Sustainability─Recruitment, development & retention of skills─Differentiation through innovative strategic positioning ─Continually hone strategy by revisiting:• Margin opportunities on existing revenue streams• New revenue streams that will be sustainable for the next 5-10+

years• Balance between organic and acquisitive growth

Focus going forward

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Group Five: Appendices - Strategy

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9 Key Supporting Strategies

Productivity Strategy

Growth StrategyBEE

Embracing BEE requirements to the benefit

of the business and communities in which the

group operates

Financial Resources

Attracting additional financial resources for

business growth

Market Positioning

Profiling G5 to continually improve its public image

with all stakeholders

Financial Perspective

Markets and Customers

Continually identifying and appraising markets, customers, products and services

Growth

Actively driving profitable growth in revenues from

targeted customers

Customer Perspective

Organisational Structure

Ensuring the right geographical, market and process structures are in place to

reduce costs and improve focus

Continuous Improvement

Continually improving processes to optimise and maximise resource

utilisation

InternalPerspective

Technology

Continually seeking new cost-effective technologies to improve the way the

group operates

People and Leadership

Implementing and operating the G5 Way by employing the right people in the right

jobs

Learningand GrowthPerspective

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Supporting the strategy – The Group 5 WayOutlined below are the main pillars

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G5 Academy

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Group Five: Appendices - Financials

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Financial highlights – Interim results

Rm % changeH1 2007

Unaudited

H1 2006Unaudited as

restated

Revenue 37,7% 4 004 2 909

Operating Profit 60,9% 138 85

HEPS (loss) (c) n/a% 121,0 (55,8)

HEPS before external BEE ownership expense (c)

74,4% 121,0 69,4

DPS (c) 50,0% 30,0 20,0

EPS (loss) (c) n/a% 121,0 (44,2)

EPS before external BEE ownership expense (c)

49,4% 121,0 81,0

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Key financial ratios

H1 2007

UnauditedH2 2006

Unaudited

H1 2006*Unaudited

as restated Goals**Dividend Cover (x) 4,0 3,2 4,1 4.0Operating margin % 3.4 5.3 2.9 >5.0Debt to Equity ratio % - gross 87 56 56 66Debt to Equity ratio % - net - - - 33Capital Expenditure (Rm) 100 515 159 890 106 103 n/a Interest Cover (x) 11,2 11,0 6,1 >5.0Cash generated as a % of net income - 275% 247% 100%

Revenue from repeat income sources % 12 13 13 33

External financial institution guarantees available (Rm) 3 049 1 410 1 158

Guarantees in issue ± 40% of

revenue

Return on shareholders funds % 12 12 1020% p.a.;

10% per interim

Total over border revenue for the period % 40 37 36 33

* But before external BEE ownership expense** Short to medium term incl. Quarry Cats and bond issue

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