DATATEC GROUP UNAUDITED INTERIM RESULTS FOR THE SIX

MONTHS ENDED 31 AUGUST 2003

Jens Montanana

TRADING ENVIRONMENT

> Modest recovery so far

> Broader IT CAPEX planning is starting

> Significant Rand appreciation

> Limited opportunities for improving value added services

PERFORMANCE HIGHLIGHTS

> 10 % improvement in dollar revenues

> Break even result despite effects of rapidly appreciating Rand

> Westcon - Landis businesses had first month of operating profit

(normalised)

> Logical – growth in revenues and EBITDA

> Mason – yet to recover from end-of-cycle contraction

CONTINUED IMPROVEMENT IN FINANCIAL MANAGEMENT

> Group Net cash $100 million

> Financing capacity in under utilised facilities

> Sale of non-core operations

- Affinity Logic – R63 million (shares + loans)

- Datanet & WCM - R18 million

> Corporate overhead cost reductions

> Move to US Dollar stated financials

> Adoption of AC 133

GROUP REVENUES

$1.0 B

$1.0 B $1.1 B

1H 042H 031H 03

Sequential and comparative improvement

REVENUES BY REGIONS

9%

6%

50%

1%34%

North America

South America Europe

Asia

Africa+ME

GROSS MARGIN – ONGOING OPERATIONS

$115.1 M

$123.3 M$129.4 M

1H 041H 03 2H 03

Sequential and comparative improvement

EBITDA – ONGOING OPERATIONS

$2.3 M

$18.0 M

2H 031H 03 1H 04

$10.3 M

TOTAL HEADLINE EARNINGS PER SHARE

US cents

(8.27)

1.13

2H 03

1H 03 1H 04

0.04

TOTAL HEADLINE EARNINGS PER SHARE

SA cents

(80.4)

12.5

2H 03

1H 03 1H 04

1.1

BALANCE SHEET

$ million

ASSETS

Current Assets

Tangible Fixed Assets (NBV)

Intangible Assets (primarily goodwill)

Total Assets

LIABILITIES & SHAREHOLDER FUNDS

Current Liabilities

Non-current Liabilities

Total Equity

Total Liabilities and Shareholder Funds

Non-current Assets

28-Feb-03

782 747

30 46

64 68

903 892

541 511

12 24

350 357

903 892

27 31

31-Aug-03

GROUP NET CASH

Cash position remains strong

$116 M

$69 M

FY 031H 03 1H 04

$100 M

SEGMENTAL ANALYSIS

Revenue Gross Margin

EBITDA

81%

1%

18%

84%

4%

12%

62%

4%

34%

Westcon

Mason

Logical

OUTLOOK

> Recovery underway but remains fragile

> Improving indicators but sustainability questionable

> Equity markets predicting technology rebound

WESTCON GROUP RESULTS FOR THE 6 MONTHS ENDED

31 AUGUST 2003

Alan Marc Smith

CONSOLIDATED RESULTS Highlights

Operating Results:

> Stable revenues – 9% revenue growth over comparable period; 2.3%

organic growth

> Continued gross margin pressure from largest vendor

> Planned SG&A reductions realized. Further re-organization and

consolidation planned in US and Europe. Westcon I SG&A expenses down

2.7% on a normalized basis over comparable period

> Capital expenditures down $4.0 million over comparable period

> U.S. economy still uncertain

> Interest rates remain low

Financial Position and Cash Flow:

> Working capital improvements continue to generate positive cash flows

and reduce indebtedness.

> Cash flow generation has slowed. Will be difficult to repeat prior period

performances

> Record August cash balance

CONSOLIDATED RESULTS Highlights

Financial Position and Cash Flow (cont):

> DSO and inventory turnover consistent; DPO increases

> $175M US syndicated working capital facility completed

> Westcon UK refinancing completed

> Syndicated Pan European refinancing in process

> Consolidated net debt maintained below zero (net cash position)

Westcon II Subsidiaries:

> Gross margin improvement; reduction in operating loss

> Continued SG&A reductions realized

> Subsidiaries properly capitalized with “push down” of loans

> No further cash support provided to subsidiaries.

> Norway, Sweden, Denmark, Netherlands, and France financings completed

FINANCIAL OVERVIEWHistorical Six Month Period Sales – US GAAP(Includes Datatec intercompany revenue)

$556

$716

$1,042 $1,024

$781 $767 $798$756

$931

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

Mar-Aug Sep-Feb Mar-Aug Sep-Feb Mar-Aug Sep-Feb Mar-Aug Sep-Feb Mar-Aug

2000 2001 2002 2003 2004

$807 $842$880

Represents Westcon II (Landis) Sales

FINANCIAL OVERVIEW

Cisco 53.8% 52.5% 50.9% 53.3%

Nortel 11.8% 12.4% 10.9% 10.6%

Avaya 12.7% 12.0% 11.1% 10.3%

Security 9.3% 10.2% 11.4% 11.1%

IP Devices 12.4% 12.9% 15.7% 14.7%

Total 100.0% 100.0% 100.0% 100.0%

6 months 6 months 6 months 6 months ended ended ended endedVendor 2/02 8/02 2/03 8/03

(% of total revenue)

Consolidated Sales by Vendor %’s

Americas 62% 61% 58% 57%

Europe 31% 32% 37% 37%

Asia Pacific 7% 7% 5% 6%

Total 100% 100% 100% 100%

(% of total revenue)

FINANCIAL OVERVIEWConsolidated Sales by Geography

6 months 6 months 6 months 6 months ended ended ended endedRegion 2/02 8/02 2/03 8/03

Westcon I 922 932 879 836

Westcon II - 536 429 265

Consolidated 922 1,468 1,308 1,101

Revenueper Employee ($000’s)

Westcon I $821 $837 $873 $955

Westcon II - 48 177 309

FINANCIAL OVERVIEWHeadcount Analysis

2/28/02 8/31/02 2/28/03 8/31/03

(a) Represents 3.5 months of activity.

(a)

FINANCIAL OVERVIEW

Sales $748 $795 $831 $860

Gross Profit 71 71 73 76Gross Profit % 9.6% 9.0% 8.8% 8.9%

SG&A 44 52 59 58SG&A % 5.9% 6.5% 7.1% 6.8%

EBITDA 27 20 14 18EBITDA % 3.6% 2.5% 1.7% 2.1%

Dep & Amort 10 10 25 11D&A % 1.3% 1.2% 3.0% 1.3%

Interest Exp, Net 8 2 1 1Int Exp % 1.0% 0.2% 0.2% 0.1%

Pre-tax Income (Loss) 10 8 (12) 6Pre-tax % 1.3% 1.0% (1.5)% 0.7%

Consolidated Results of Operations – SA GAAP

(US $, in millions) 6 months 6 months 6 months 6 months ended ended ended ended 2/02 8/02 2/03 8/03

Note: Excludes Datatec Intercompany transactions

FINANCIAL OVERVIEW

Sales $748 $795 $831 $860

Gross Profit 73 72 77 76Gross Profit % 9.8% 9.0% 9.2% 8.9%

SG&A 44 52 59 56SG&A % 5.9% 6.5% 7.1% 6.5%

EBITDA 29 20 18 20EBITDA % 3.8% 2.5% 2.1% 2.4%

Dep & Amort 10 10 10 11D&A % 1.3% 1.2% 1.2% 1.3%

Interest Exp, Net 8 2 1 1Int Exp % 1.0% 0.2% 0.2% 0.1%

Pre-tax Income 11 8 6 8Pre-tax % 1.5% 1.1% 0.8% 1.0%

Consolidated Results of Operations – Normalized

(US $, in millions) 6 months 6 months 6 months 6 months ended ended ended ended

2/02 8/02 2/03 8/03

Note: Excludes Datatec Intercompany transactions

FINANCIAL OVERVIEW

> Excludes Lucent inventory reserves of $5.6M, $250K and $3.8M for the six

months ended 2/02, 8/02 and 2/03, respectively (COGS)

> Excludes $3.9 million UK duty tax refund for the six months ended 2/02

> Excludes Comstor division goodwill write-down of $15 million for the six

months ended 2/03 (SG&A)

> Excludes US and European restructuring costs of $2.5M for the six months

ended 8/03. (COGS & SG&A)

Normalized Items

FINANCIAL OVERVIEWConsolidated Balance Sheets - Working Capital – US GAAP

(US $, in millions) As of As of As of As of

2/28/02 8/31/02 2/28/03 8/31/03

Accounts Receivable $251 $270 $236 $255

DSO (days) 54 60 51 54

Inventory $179 $183 $171 $175

Inventory Turns 8.5x 8.2x 9.0x 9.0x

Accounts Payable $207 $285 $278 $303

DPO (days) 50 70 66 70

Current Ratio 1.5 1.5 1.5 1.5

Note: DSO, DPO, and inventory turns calculated using trailing twelve month amounts.

FINANCIAL OVERVIEW

Cash $97 $111 $141 $133

Working Capital Debt 127 86 72 63

Acquisition Debt 10 - - -

Net (Debt) / Cash (63) (1) 34 36

Equity 344 358 261 268

Debt to Capitalization 0.32 0.24 0.29 0.27

Liabilities to TNW 1.68 1.78 1.61 1.68

Consolidated Balance Sheets – Capitalization – US GAAP

(US $, in millions As of As of As of As of

2/28/02 8/31/02 2/28/03 8/31/03

Note: 2/28/03 and 8/31/03 balance sheets include impact of Comstor division goodwill write-down.

FINANCIAL OVERVIEW

Operations: Cash Earnings $17 $13 $4 $13

Working Capital 85 59 40 (7)Total 103 72 44 6

Investing:Fixed Assets (5) (7) (5) (3)Acquisitions (3) (10) (6) (1)

Financing:WC Line (80) (48) (41) (2)Acquisition Line (15) (10) - -(To) from Datatec - 3 8 -

Consolidated Cash Flows – US GAAP

Cash generated by (used in)

(US $, in millions) 6 months 6 months 6 months 6 months ended ended ended ended 2/02 8/02 2/03 8/03

Note: Chart assumes no change in cash

FINANCIAL OVERVIEW Net Debt Trend - Feb 2000 to Current

-$100,000,000

-$50,000,000

$0

$50,000,000

$100,000,000

$150,000,000

$200,000,000

$250,000,000

$300,000,000

$350,000,000

Net Debt

WESTCON I NORMALIZED RESULTS Comparison to Comparable Prior Year Period

> Revenues:

- Organic revenues up 2.3% compared to comparable prior year period

- Growth in IP devices sales volume ($196M vs.$177M)

> Gross Margin down from 8.8% to 8.3%

- Cisco revenue increases as a percentage of total revenue (54.1% vs.

52.6%)

- Cisco margins decline

- Less vendor sponsored margin enhancement programs

- Price wars continue

- Higher IP device product sales somewhat offset margin degradation.

(13.4% of total revenue opposed to 12.6% for the comparable period)

WESTCON I NORMALIZED RESULTS Comparison to Comparable Prior Year Period

> Selling expenses decline by $2.1 million or 11.8%

- Lower communication costs

- Increased vendor co-op funding in Westcon division.

> General and administrative expenses increase by $845K or 3.0%

- Increased bad debt expense in Comstor division

- Increased insurance costs.

> Reduction in outstanding debt and interest rates significantly lower interest

expense

FINANCIAL OVERVIEW

Sales $748 $770 $755 $778

Gross Profit 71 69 66 67Gross Profit % 9.6% 8.9% 8.7% 8.6%

SG&A 44 45 48 57SG&A % 5.9% 5.9% 6.3% 7.3%

EBITDA 27 23 18 10EBITDA % 3.6% 3.0% 2.4% 1.3%

Dep & Amort 10 9 25 11D&A % 1.3% 1.2% 3.3% 1.4%

Interest Exp, Net 8 1 0 2Int Exp % 1.0% 0.2% 0.1% 0.2%

Pre-tax Income (Loss) 10 13 (8) (2)Pre-tax % 1.3% 1.7% -0.9% -0.3%

Westcon I Results of Operations – SA GAAP

(US $, in millions) 6 months 6 months 6 months 6 months

ended ended ended ended2/02 8/02 2/03 8/03

FINANCIAL OVERVIEW

Sales $748 $770 $755 $778

Gross Profit 73 69 70 67Gross Profit % 9.8% 8.9% 9.2% 8.6%

SG&A 44 45 48 46SG&A % 5.9% 5.9% 6.3% 6.0%

EBITDA 29 24 22 21EBITDA % 3.8% 3.1% 2.9% 2.7%

Dep & Amort 10 9 10 11D&A % 1.3% 1.2% 1.3% 1.4%

Interest Exp, Net 8 1 0 0Int Exp % 1.0% 0.2% 0.1% 0.1%

Pre-tax Income 11 13 12 10Pre-tax % 1.5% 1.7% 1.5% 1.3%

Westcon I Results of Operations – Normalized

(US $, in millions) 6 months 6 months 6 months 6 months

ended ended ended ended

2/02 8/02 2/03 8/03

FINANCIAL OVERVIEW

> Excludes Lucent inventory reserves of $5.6M, $250K and $3.8M for the six

months ended 2/02, 8/02 and 2/03, respectively (COGS).

> Excludes $3.9 million UK duty tax refund for the six months ended 2/02.

> Excludes Comstor division goodwill write-down of $15 million for the six

months ended 2/03 (Dep & Amort).

> Excludes US restructuring costs of $311K for the six months ended 8/03.

(SG&A)

> Excludes impact of capitalization of intercompany debt between Westcon II

subsidiaries and Westcon Group for six months ended 8/03 - $10.2 million

($8.1M operating costs, $2.1M interest expense)

> Excludes reversal of $2.1M in accrued management fees between Westcon

II subsidiaries and Westcon I (Operating costs)

Westcon I Normalized Items

WESTCON II NORMALIZED RESULTS Comparison to Previous Six Month Period

> Revenues:

- Revenue grew $6.0 million or 7.9% over the six months ended 2/28/03.

- Revenue growth driven by increased Cisco and 3Com sales

> Gross Margin increases from 9.2% to 11.4%

- Increased vendor rebates

- Cisco MBO achievement

- Lower warehouse expense and professional services staffing vs. prior six

month period

> Headcount reductions drive SG&A expense down by $1.5 million or 13.0%

compared to six months ended 2/28/03.

FINANCIAL OVERVIEW

Sales $75.8 $81.8

Gross Profit 7.0 9.3Gross Profit % 9.2% 11.4%

SG&A 11.8 10.3SG&A % 15.6% 12.6%

EBITDA (6.6) (1.7)EBITDA % (8.6%) (2.1%)

Dep & Amort 0.3 0.2D&A % 0.3% 0.3%

Interest Exp, Net 1.0 0.9Int Exp % 1.4% 1.1%

Pre-tax Income (5.3) (1.6)Pre-tax % (6.9%) (1.9%)

Westcon II Results of Operations – Normalized Results

(US $, in millions) 6 months 6 monthsended ended

2/03 8/03

Note: Six months ended 8/31/03 exclude exceptional costs of 2,142,803 and impact of intercompany debt capitalization and reversal of accrued management fees.

FINANCIAL OVERVIEW

Sales $1.0 $24.7 $34.4 $41.5 $40.0 $42.0

Gross Profit 0.1 2.8 3.4 3.6 4.4 4.9Gross Profit % 6.7% 11.3% 10.0% 8.6% 11.0%

11.7%

SG&A 1.2 5.3 5.6 6.3 5.6 4.7SG&A % 125.4% 21.6% 16.3% 15.1 14.1%

11.2%

EBITDA (1.1) (2.7) (2.7) (3.8) (1.7) (0.1)EBITDA % (119.2%) (10.8%) (8.0%) (9.2%) (4.2%)

(0.1%)

Dep & Amort 0.1 0.5 0.1 0.2 0.1 0.1D&A % 5.9% 2.1% 0.2% (0.5%) 0.2%

0.3%

Interest Exp, Net 0 0.3 0.5 0.6 0.6 0.3Int Exp % 0.0% 1.1% 1.4% 1.3% 1.4%

0.8%

Pre-tax Income (1.2) (3.4) (2.9) (2.3) (1.8) 0.3Pre-tax % (125.1%) (13.7%) (7.0%) (5.6%) (4.6%)

0.6%

Westcon II Quarterly Results of Operations - Normalized

(US $, in millions) FY 03 FY 03 FY 03 FY 03 FY 04 FY 04Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. 1 Qtr. 2

Notes: Q1 and Q2 of FY04 exclude exceptional costs of 900,009 and 1,242,794, respectively.Q2 FY04 normalized to exclude impact of intercompany debt capitalization and reversal of accrued management fees.

STRATEGIC DIRECTION

Hardware FocusTechnology Driven Markets

Software FocusROI Driven Markets

• Routing

• Switching

• Telco

• Transmission Equipment

• Mobility

• Unified Messaging

• CRM

• Network Management

PRODUCT LINE STRATEGY

Strategic product solutions leveraging our leading vendors’ strength and assisting our customers to be more successful in the marketplace by focusing on:

Convergence Solutions- Secure market position in anticipated of emerging growth- Forge relationships with key emerging vendors

Security- Capitalize on growth and strength of this market- Retain and further develop expertise in this area of increasing

complexity

IP Devices- Add to network infrastructure solution set- Gain additional profitability from main networking sales- Enhance competitiveness in specific sales situations

FUTURE OUTLOOK

> Trends show networking and communications market still in an overall

“neutral” state with no defined trend on margins

- Vendors make quota 1 quarter and fall behind the next and vice versa

- WG market share gains 1 quarter are given back the next due to price wars

- LAN/WAN market still declining

- Large PBX market “soft”

- Hybrid/Key systems market very price sensitive and being attacked by “non-

traditional” competitors – Panasonic, Hitachi, Siemens

- VOIP – growing at a nice rate – projected to be 12% of revenues in FY04, up

from 6%

- Security – still a strong market. Nokia and Checkpoint, suffering from price

attacks and market share losses – Symantec, Netscreen, Watchguard,

Network Associates, etc.

- IP Devices –revenues from this portfolio now up to 25.8% of sales (including

security). Margin is still strong, but off 2-3% from peak.

LOGICAL GROUP RESULTS FOR THE SIX MONTHS ENDED

31 AUGUST 2003

Jens Montanana

HIGHLIGHTS

> Challenging trading environment

- Demand still subdued (US and UK)

- Some evidence of a start of an upturn – product led

> 14% growth in revenues

- Product sales up

- Project based services down

- Annuity services up

> Australasia operations performing well

> Sold loss-making French operation

> EBITDA positive, sequential and comparative improvement over last year

> Operating costs and working capital well managed

FINANCIAL PERFORMANCE

>Revenue and EBITDA improved

$000 ContinuingContinuing Discontinued Total Continuing Discontinued Total Variance

Revenue 186,919 1,082 188,001 164,676 3,779 168,455 14%

Gross profit 41,456 372 41,828 40,185 (47) 40,138 3%As % of revenue 22.2% 34.4% 22.2% 24.4% (1.2%) 23.8%

Operating expenses 38,811 488 39,299 37,892 2,033 39,925 2%As % of revenue 20.8% 45.1% 20.9% 23.0% 53.8% 23.7%

EBITDA 2,645 (116) 2,529 2,292 (2,079) 213 15%As % of revenue 1.4% (10.7%) 1.3% 1.4% (55.0%) 0.1%

Operating profit/(loss) (812) (137) (949) (1,244) (2,436) (3,680) 35%As % of revenue (0.4%) (12.7%) (0.5%) (0.8%) (64.5%) (2.2%)

Exceptional items 0 635 635 0 2,343 2,343 n/a

6 months to August 2003 6 months to September 2002

FINANCIAL PERFORMANCE Revenue ($M - continuing operations)

>Strong revenue growth in US and Australasia

0

20

40

60

80

100

$M

Europe North America South America Australasia

September 2002

August 2003

FINANCIAL PERFORMANCE Gross Margin % (continuing operations)

>Gross Margin % down to 22.2% (24.4% FY 2003)

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Europe North America South America Australasia Total

August 2003

September 2002

FINANCIAL PERFORMANCE Operating Costs ($M - continuing operations)

>Operating costs only marginally higherUp 2.4%

0

10

20

30

40

$M

Europe North America South America Australasia Group/Journals Total

September 2002

August 2003

FINANCIAL PERFORMANCE Headcount (continuing operations)

>Total headcount reduced by 5% to 1,039 heads

0

50

100

150

200

250

300

350

Heads

Europe North America South America Australasia Group

September 2002

August 2003

FINANCIAL PERFORMANCE EBITDA ($000 - continuing operations)

>All operations EBITDA positive

0

500

1,000

1,500

2,000

$000

UK Germany USA South America Australasia

September 2002

August 2003

FINANCIAL PERFORMANCE August 2003 - Regional Contributions

Revenue Split The USA continues to contribute majority of Logical’s revenues

EBITDA SplitAustralasia contributed strongly to Group profitability

South America5%

Australasia53%

UK2%

Germany2%

USA38%

UK18%

Germany1%

USA53%

Australasia26%

South America2%

FINANCIAL PERFORMANCE Revenue Streams

>Technology product accounted for 71% of total revenue

August 2003 September 2002

Product71%

Prof. Services

12%

Maintenance11%

Managed Services

6%

Product69%

Prof. Services16%

Maintenance

10%

Managed Services5%

Networking Products

46%

Systems and Storage

51%

Other3%

FINANCIAL PERFORMANCE Key Product Vendors (Revenue %)

>HP and Cisco remain our dominant vendors but diversification improving

Cisco – 74%HP – 66%

FINANCIAL PERFORMANCE Working Capital

>Tight Working Capital Management has continued

Net Cash Improvement from September 2002 to August 2003: $1.119M

WORKING CAPITAL MANAGEMENT ($000) August 2003 February 2003 September 2002

Inventory 16,250 21,273 19,598

Average Stock Days (excluding spares stock) 22 26 33

Accounts Receivable 46,902 49,526 50,973

DSO Days 47 47 49

Accounts Payable (40,376) (41,048) (38,234)

DPO Days 71 76 73

Net Cash 18,026 16,166 16,907

BRANDING AND NAME CHANGE

> Desire to create a more distinct and differentiated brand name

> Logical name was creating brand confusion

> Multiple uses of “Logical” in various environments

New positioning: LOGICAL + Integration Solutions = LOGICALIS

PROSPECTS

> Visibility remains limited

> Still experiencing swings in performance from month to month

> New executive management team in UK/Europe

> Operations very focused on building product and services revenues

> Re-branding provides opportunity to communicate with customers

> Outlook driven by macro economic environment

QUESTIONS?