RMB MORGAN STANLEY OFF-PISTE PRESENTATION

September 2016

Group profile

Capital Equipment Group (CEG)

Engineering Solutions Group (ESG)

Building Supply Group (BSG)

• Invicta is an investment holding company, managing

assets of R15 billion at 31 March 2016

• A leading player in the sub-Saharan region in industrial

equip & parts, capital equip & parts, building supplies

• A significant player in SE Asia in equipment and

automotive parts

Shareholding at 31 March 2016

Wiese family 38%

Sherrell family11%

Goldstone family4%

Samuels family3%

Exec Directors 2%

Management & Staff 1%

Treasury 1%

Public 40%

Invicta’s history

New Holland

Tiletoria, OST

Doosan SA, Goldquest

Criterion

ESP

OMSA, Mandirk, MacNeil, Kian Ann

Brands 4 Africa, Hyundai Power Equipment

SA Tool

Sibuyile, Hansen, Hyflo

BMG

- 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000

2001

2007

2008

2009

2010

2012

2013

2014

2015

2016

Market capitalisation as at 31 March (R’million)

Group structure

Invicta

Holdings

Invicta

PropertiesInvicta SA

Invicta Offshore

Holdings

Invicta

Treasury

Invicta

Finance

BBBEE &

Staff Trusts

CEG ESGInvicta Asian

HoldingsBSG

Kian Ann

KCHI

HHI (Indo)

API (Indo)

AT (Thai)

BMG

Mandirk

Autobax

Wegezi

OST

SA Tool

Hansen

Hyflo

Sibuyile

Northmec

N Holland

CSE

Doosan

HPE

ESP

Criterion

MacNeil

Tiletoria

B4A

75%25% 100% 100% 100%100%

100%100%60%100%100%

Invicta African

Holdings

BMG Moz

BMG Zam

BMG Tanz

Nova Vida

MRO

Non

- SASA

SA

Capital Equipment Group (SA)

Northmec (Agric Machinery)

New Holland (Agric Machinery)

CSE (Earthmoving Machinery)

Doosan (Earthmoving Machinery)

HPE (Hyundai Earthmoving)

Criterion (Forklifts)

ESP (Parts)

> 200 outlets across SA

Sales analysis31 March 2016

44% (42%)

18% (21%)

4% (4%)

34% (33%)

Agriculture Equip & Parts Construction Equip & Parts Logistics Aftermarket parts

2016 (2015)

NorthmecNew

HollandCSE Doosan HPE ESP Criterion

CEO

Tony Sinclair

Managing

Director

Johan

van der Merwe

Managing

Director

Peter

Askew

Managing

Director

Brenton

Kemp

Managing

Director

Chris

Whitehead

Managing

Director

Brenton

Kemp

Managing

Director

Andrew

Grobler

Managing

Director

Alex

Ackron

Management structure

Capital Equipment (SE Asia)

Kian Ann Engineering

One of the world's largest independent

distributors of equipment spare parts

HQ in Singapore

Subsidiaries in Indonesia, China, Canada

Associates in UK, Myanmar, India

Kian Chue Hwa Industries

One of Asia’s largest independent distributors of

heavy truck spare parts

Subsidiaries in Indonesia, Thailand

57%

20%

12%

6% 3% 2%

SE Asia Other Asia EU/Russia/ME ANZ Americas Africa

2016

Sales analysis31 March 2016

KCHI HHI API AT

Managing Director

Loy Soo Chew

SW NAT

Management structure

• BMG (Bearing Man Group)• Engineering components & technical services

• 168 branches

• Bearings, Seals, PT, Tools, Fasteners

• Drives, Motors, Belting, Field Services

• Filtration, Hydraulics, Lubrication, Pneumatics, Technical Resources

• OMSA – integrated into BMG

• Hansen – being integrated into BMG

• Mandirk Group (incl SA Tool & Sibuyile)

• Tools & equipment

• 22 branches

• Autobax

• Automotive

• Hyflo

• Hydraulics, Pneumatics, Projects

Engineering Solutions Group

Revenue analysis31 March 2016

Strategy of market differentiation by:

• complementing product distribution

with technical expertise

• enhanced through the acquisitions

of Hansen and Hyflo in the year

• African revenue growing as a % of

BMG revenues

• Recent acquisitions have mainly SA-

based revenues

Consumables65%

Engineering35%

South Africa89%

Africa 11%

BMG

(Bearing Man Group)Mandirk Group Autobax Hyflo

Managing Director

Gavin Pelser

Managing Director

Gavin Hall

Managing Director

John Black

Managing Director

Emil Berning

Management structure

Building Supplies Group

Tiletoria

MacNeil Distributors

Brands 4 Africa

15 outlets in SA

MacNeil Tiletoria B4A

Managing Director

Terry Uys

Managing Director

Patrick Thonissen

Managing Director

Antony Wannell

CEO

Neil Malherbe

Management structure

Year to March 2016 at a glance

Revenue EBITDA

R10,636m R1,013m

Operating Profit Attributable earnings

R846m R419m

Earnings per share Cash generated by operations

391 cents R594m

NAV per share Total dividend per share

4 486 cents 142 cents

2%11%

17% 28%

47%

28%

39%

9%

Year to March 2016 at a glance

The markets in which Invicta operates saw difficult trading conditions:

Mining & construction: Dramatically weaker in Africa and South East Asia

Agriculture: Severely impacted by worst El Niño drought on record

Industrial & manufacturing: Deterioration in activity in South Africa

Group restructure completed – simplified and streamlined

Overhead costs well maintained

Working capital well managed despite adverse currency impact

Continued investment in the businesses:

Capex R319m (further capital commitments: R182m)

Acquisitions R114m (R80m plus potential earn-out R34m)

2 563 3 514

5 129 5 270 5 325

3 036

4 044

5 336 5 190 5 311

-

2 000

4 000

6 000

8 000

10 000

12 000

MAR 2012 MAR 2013 MAR 2014 MAR 2015 MAR 2016

R’m

illion

1st Half 2nd Half

5 599

7 558

10 465 10 460 10 636

Revenue

5-yr CAGR = 19%

2 549 3 503

5 122 4 607 4 484

2 742

3 425

3 955 4 209 4 299

308

630

1 388 1 639 1 837

-

2 000

4 000

6 000

8 000

10 000

12 000

MAR2012

MAR2013

MAR2014

MAR2015

MAR2016

R’million

Revenue contribution by segment(excluding Group segment)

43% (44%)

40% (40%)

17% (16%)

CEG ESG BSG

2016 (2015)

5 599

7 558

10 465 10 455 10 620

Revenue contribution by region

77% (76%)

11% (12%)

9% (9%)

3% (3%)

South Africa Africa Asia Other

2016 (2015)

Revenue contribution by sector

29%

23%15%

14%

19%

Construction Agriculture & Forestry Manufacturing & Industry Mining General Trading

2016

Operating profit

* Excluding once-off items

261 315

493 427 422

340

390

550

518

390

179

69

34

-

200

400

600

800

1 000

1 200

MAR2012

MAR2013

MAR2014

MAR2015

MAR2016

Operating profit (R’m)

1st Half 2nd Half Once-off

601

884

1 0431 014

846

10.2% 9.0% 9.6% 8.1% 7.9%

11.2%

9.6% 10.3%10.0%

7.4%

MAR2012

MAR2013

MAR2014

MAR2015

MAR2016

Operating margin (%)

1st Half 2nd Half

10.7%

9.3%*

10.0%

9.0%*

7.6%*

5-yr CAGR = 11%

Operating profit contribution

by segment (excluding Group segment)

2016 (2015)

43% (44%)

48% (48%)

9% (8%)

CEG ESG BSG

247 339

484 457 362

371

390

473 499

406

14

39

67 87

75

-

200

400

600

800

1 000

1 200

MAR2012

MAR2013

MAR2014

MAR2015

MAR2016

R’million

632

768

1 0241 043

843

Earnings

492 535

580 510

388

23

28

64

42

17

22

66

70

74

158 69

31

-

100

200

300

400

500

600

700

800

MAR 2012 MAR 2013 MAR 2014 MAR 2015 MAR 2016

R’m

illion

Ordinary s/h Minority s/h Pref s/h Once-off

515

743710

691

510

Earnings per share

269 312

358 293

207

378

425

430

361

155

218

88

29

-

100

200

300

400

500

600

700

800

900

1 000

MAR 2012 MAR 2013 MAR 2014 MAR 2015 MAR 2016

Cents

1st Half 2nd Half Once-off

647

955

788742

391

Return on Net Operating Assets

(RONA)

32.3%

25.8%

17.5%

32.9%

29.8%

21.8%

32.4%

30.6%

20.8%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

MAR 2014 MAR 2015 MAR 2016

CEG ESG BSG

Additional land

being Acquired19 000m2

Engineering

Assembly

Building9 330m2

Parking Deck6 000m2

BMG Park

Original36 891m2

New CDC

9 206m2

Fluid

Technology

Building9 208m2

BMG World

BMG WorldCentral Distribution Centre

BMG WorldCentral Distribution Centre

Executive team and head office support

Executive Deputy Chairman Arnold Goldstone

Group CEO Charles Walters

Group CFO Craig Barnard

CEO – CEG SA Tony Sinclair

Head Office BMG World (Johannesburg

11 people

The Invicta team

Invicta’s strategy is to…

Generate healthy cash from existing businesses

Build on the strength of the current businesses

Focus on customer service, value-added distribution and supply

chain efficiencies

Diversify the Group’s revenue stream geographically

Acquire businesses that are a strategic fit for the Group

Maintain RONA >20% for each of the underlying businesses

Prospects

Improved results in the main areas of the business

GP margin pressure offset by cost and working capital efficiency

Trading conditions expected to remain challenging

South Africa; and

South East Asia

Benefits of relocations, restructurings to start coming through in 2017

Focus of the Group will remain on:

margin management and cost control

working capital optimisation and cash generation

Economic cycle will present acquisition opportunities at reasonable

valuations

Well positioned for the upturn

A leading player in the sub-Saharan region

A strong position in Asia

Experienced management team

Strong supplier networks

Represent world leading brands

Unrivalled distribution networks

Cash generative, fixed asset light

Conservative operational Net Debt:Equity

Good Tangible Net Asset Value underpin

International ambitions

Excellent track record: Sunday Times Top 100 performer – 21 consecutive yrs (record) until 2015

Why invest in Invicta?

Q&A

Thank you for the opportunity!

www.invictaholdings.co.za

Charles Walters (CEO)

charlesw@invictaholdings.co.za

(011) 620-7300

For any Investor Relations queries please contact:

Marlize Keyter (Keyter Rech Investor Solutions)

at mkeyter@kris.co.za or on 087 351 3810