UNAUDITEDHALF YEAR RESULTSFOR THE SIX MONTHS ENDING 31 DECEMBER 2017

2

LANDSCAPE

STRATEGIC INVESTMENTS FOOD INVESTMENTS

FOOD BRANDS MANUFACTURINGAND PROPERTIES

3

• Narrow the Gap betweentraded share price and iNAV

• Dividend active

• Efficient capital allocation

STRATEGY

OBJECTIVES

• Efficiencies

› Head office cost reduction

• Strong focus on capital allocation

• Continuous monitoring of our assetsin our portfolio

› Grand Tellumat Manufacturing

› Sold properties

ACTIONS

4

STRATEGY

• Narrow the Gap betweentraded share price and iNAV

• Dividend active

• Efficient capital allocation

Focus on existing Businesses

• Burger King

› Optimization of the operating model› Cost efficiencies› Innovative marketing initiatives› New Store roll-outs

• Dunkin’ Brands

› “Challenging brands”› Re-look at operating models & monitor

• Spur

› Strategic investment› Stable dividend yield

ACTIONSOBJECTIVES

5

CORPORATE ACTIVITY

• Sale of 33 Heerengracht Property:R225m subject to certain CPs

IN PROGRESS

• Sale of 1 Heerengracht successful transferred at R52,5m

• Sale of Sandon Drive for R11,5m

• Sale of 51% in Grand Tellumat for R15m

TRANSACTIONS

6

CompanyValuation

Me

100%equity value

(R’000s)

GPIHolding

%

GPIequity value

(R’000s)

Related Holding Co borrowings

(R’000s)

IntrinsicNAV

(R’000s)% of

portfolio

FOOD INVESTMENTS 1 542 771 (248 156) 1 294 615 43%

Burger King DCF 908 486 91,1% 827 631 - 827 631 28%

Dunkin’ Donuts NAV 30 417 100,0% 30 417 - 30 417 1%

Baskin-Robbins NAV 13 784 100,0% 13 784 - 13 784 0%

Spur Traded price 2 983 226 17,8% 514 281 (248 156) 266 125 9%

Mac Brothers DCF 107 983 100,0% 107 983 - 107 983 4%

Grand Foods Meat DCF 50 232 96,9% 48 675 - 48 675 2%

GAMING AND LEISURE 1 573 643 - 1 573 643 53%

SunWest International EV/EBITDA 5 929 033 15,1% 866 649 - 866 649 29%

Worcester Casino EV/EBITDA 231 127 15,1% 30 942 - 30 942 1%

Sun Slots EV/EBITDA 2 253 508 30,0% 676 052 - 676 052 23%

OTHER INVESTMENTS 185 000 (71 186) 113 814 4%

GPI Properties Various 185 000 100,0% 185 000 (71 186) 113 814 4%

Other Group companies’ cash and cash equivalents 211 696

Other Group companies’ net assets/(liabilities) (214 316)

INAV: ordinary shareholders (pre-head office costs) 2 979 452Number of issued ordinary shares (‘000s) excluding treasury shares 429 988

INAV per share (cents) 693

Head office costs (13%) (91)

Capital gains tax effect (11%) (74)INAV per share POST CGT and Head Office costs (cents) 528

INTRINSIC NAV SUMMARYAT 31 DECEMBER 2017

UNAUDITEDINTERIM RESULTSFOR THE SIX MONTHS ENDED 31 DECEMBER 2017

8

FINANCIAL HIGHLIGHTS

INCREASE INHEADLINE EARNINGS PER SHARE

281%

3.20 cents

INCREASE INREVENUE FROM OPERATIONS

14%

R576 million

INCREASE INPROFIT FROM OPERATIONS

135%

R69 million

INCREASE INBURGER KING PROFIT FROM OPERATIONS

546%

R20.7 million

9

GROUP STATEMENT OF COMPREHENSIVE INCOME FORTHE 6 MONTHS ENDED 31 DECEMBER 2017

Unaudited6 months

31 Dec 2017R’000s

Unaudited6 months

31 Dec 2016R’000s

MovementR’000s

Revenue 576 718 506 757 69 961

Cost of sales (302 504) (266 554) (35 950)

Gross profit 274 214 240 203 34 011

Operating costs (261 891) (262 246) 355

Profit/(loss) from operations 12 323 (22 043) 34 366

Profit from equity accounted investments 56 683 50 596 6 087

Fair value adjustments (including profits from disposals) - 64 697 (64 697)

EBITDA 69 007 93 250 (24 243)

Depreciation and amortisation (39 220) (35 982) (3 238)

Finance income 2 605 24 227 (21 622)

Finance expense (20 525) (30 045) 9 520

Profit before tax 11 866 51 450 (39 584)

Tax (626) (23 922) 23 296

Profit for the year 11 241 27 528 (16 287)

10

Burger King

Mac Brothers

GF Meat Plant

GPI Properties

Dunkin’ Donuts

Baskin-Robbins

Dividends

Other

EXTRACTS: REVENUE

502 012506 757

576 718

2015 (A) 2016 (A) 2017 (A)

Revenue: R’000s

31 Dec 2017R’000s

31 Dec 2016R’000s

Burger King 368 607 317 637Mac Brothers 108 344 113 389GF Meat Plant 59 783 49 002GPI Properties 5 853 5 658Dunkin’ Donuts 15 659 11 244Baskin-Robbins 6 889 886Dividends 11 569 7 919Other 14 1 022TOTAL 576 718 506 757

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EXTRACTS: PROFIT FROM OPERATIONS

Unaudited6 months

31 Dec 2017R’000s

Unaudited6 months

31 Dec 2016R’000s

VarR’000s

Var%

FOOD 21 721 1 573 20 148 1 281%

Burger King 20 756 3 211 17 546 546%

Dunkin’ Donuts (8 350) (11 599) 3 250 (28%)

Baskin Robbins (5 012) (6 697) 1 685 (25%)

Spur 11 533 7 874 3 658 46%

Mac Brothers 4 947 8 731 (3 784) (43%)

Grand Food Meat Plant (2 153) 53 (2 206) (4 125%)

Grand Bakery (2 899) - (2 899) -

CENTRAL COST AND PROPERTIES (6 499) (20 803) 14 303 (69%)

NON-CORE - (2 813) - -

PROFIT FROM OPERATIONS 12 323 (22 043) 34 367 156%

12

SunWest

Sun Slots

Worcester Casino

GTM

EXTRACTS: EQUITY ACCOUNTED EARNINGS

68 709

50 596

56 683

31 December 2015

31 December 2016

31 December 2017

Equity accounted earnings: R000’s

31 Dec 2017R’000s

31 Dec 2016 R’000s

SunWest 35 142 37 443

Sun Slots 19 897 16 825

Worcester Casino 1 644 978

GTM - (4 649)

TOTAL 56 683 50 596

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HEADLINE EARNINGS BY INVESTMENT

Unaudited6 months

31 Dec 2017

R’000s

Unaudited6 months

31 Dec 2016

R’000sVar

R’000sVar

%

FOOD (28 801) (25 284) (3 517) 14%

Burger King (5 720) (8 375) 2 655 (32%)

Dunkin Donuts (10 891) (8 723) (2 167) 25%

Baskin Robbins (6 665) (5 007) (1 658) 33%

Spur 557 (2 992) 3 548 119%

Mac Brothers 887 2 267 (1 380) (61%)

Grand Food Meat Plant (3 906) (2 454) (1 452) 59%

GAMING AND LEISURE 64 271 55 269 9 002 16%

SunWest 42 656 37 443 5 214 14%

GPI Slots 19 971 16 849 3 122 19%

Worcester Casino 1 644 978 666 68%

OTHER (21 722) (18 536) (3 186) 17%

Corporate Costs(excl net finance income) (25 467) (30 953) 5 486 (18%)

Net corporate finance income 279 13 233 (12 954) (98%)

GPI Properties 3 466 (816) 4 282 525%

NON-CORE - (7 707) 7 707 (100%)

Grand Sport - (3 058) 3 058 (100%)

Grand Tellumat - (4 649) 4 649 (100%)

PROFIT FROM OPERATIONS 13 748 3 742 10 006 267%

2.05

0.85

3.20

31 December 2015 31 December 2016 31 December 2017

HEPS: cents

Burger King Burger King31 December

201731 December

2016Profit from operations 20 756 3 211 Fair value adjustments - (10 118)Depreciation (29 673) (29 475)Net finance expense (1 014) ( 491)Profit before tax (9 931) (36 874)Taxation 2 902 16 369 Net loss for the period (7 028) (20 506)Minority adjustment 1 308 4 057 Basic earnings (5 720) (16 448)Impairment of assets - 8 073 Headline earnings (5 720) (8 375)

14

DEBT : EQUITY AS AT 31 DECEMBER 2017

37.0%

16.5%

29.3%

R603 14331 December 2015

Cash: R81 325

R361 58231 December 2016

Cash: R354 039

R853 37231 December 2017

Cash: R219 498

Debt : Equity % and debt: R000’s

QUESTIONS?

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