Transpaco s total comprehensive income grew 0,5% to R66,9 million (June 2012: R66,6 million).

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1 Group turnover up 7% Net asset value up 12% Final dividend per share 53,5 cents Introduction Transpaco maintained its consistent performance with good turnover growth and a slight increase in headline earnings per share despite challenging trading conditions. Turnover of R1,12 billion was attributable to a combination of volume growth and price increases. Aggressive marketing and sales strategies remain a prime imperative to maintain this momentum, especially given the difficult economic climate. Transpaco s performance was further strengthened by controlled operating costs, enhanced production and manufacturing efficiencies, and well-managed working capital which was supported by minimal net interest paid of R1,0 million (June 2012: R1,2 million). Notwithstanding the group s positive growth, margins remain under pressure from increased competition and higher input costs notably energy and plastic raw materials. Further, the transport and mining strikes during the year adversely affected certain Transpaco markets. Financial Results Turnover increased to R1,12 billion, up 6,7% (June 2012: R1,05 billion). The increase occurred in both the Plastic and Paper and Board divisions, enabling the group to maintain market share. Operating profit increased in the Paper and Board divisions, with a decline in the Plastic division resulting in group operating profit of R93,1 million (June 2012: R95,7 million). Transpaco s total comprehensive income grew 0,5% to R66,9 million (June 2012: R66,6 million). Headline earnings increased 2,0% to R66,7 million (2012: R65,3 million), translating into a 1,3% rise in headline earnings per share (HEPS). The weighted average number of shares in issue in calculating HEPS and EPS is compared to in the previous year.

2 Diluted HEPS increased 1,3% to 203,7 cents (June 2012: 201,1 cents). Cash generated from operations amounted to R100,1 million (June 2012: R101,9 million). Cash and cash equivalents at the end of the year were R83,7 million (June 2012: R70,6 Million), which reflected an increase of 18,6%. Transpaco s net interest-bearing debt-to-equity position remains cash positive. Interest cover improved to 90,5 times (June 2012: 67,6 times). Net asset value per share increased by 12,4% to 1 127cents (June 2012: cents). Prospects The economic landscape continues to present challenges, with tough trading conditions. Management will remain focused on sound business and financial fundamentals in an effort to achieve Transpaco s organic growth ambitions. Expansion opportunities including acquisitions continue to be pursued. Transformation We are pleased to report that our fourth independent accreditation process in respect of B-BBEE during the year reflected an improvement in our level of contribution. Transpaco is now a Level 4 value added contributor. We are proud that our customers can count 125% of their purchases from Transpaco as preferential procurement. Dividend The board has declared a final gross cash dividend out of income reserves of 53,5 cents per share. This resulted in total dividends of 90,0 cents per share for the year (June 2012: 80,0 cents per share), an increase of 12,5%. After applying the dividend withholding tax of 15% a net final dividend of 45,47500 cents per share will be paid to those shareholders who are not exempt from the dividends tax. The issued shares at the date of declaration is ordinary shares.

3 The salient dates for the dividend are as follows: Last date to trade shares cum dividend Friday, 13 September 2013 Shares trade ex-dividend Monday, 16 September 2013 Record date Friday, 20 September 2013 Payment date Monday, 23 September 2013 Share certificates may not be dematerialised or rematerialised between Monday, 16 September 2013 and Friday, 20 September 2013, both days inclusive. Basis of Preparation and Accounting Policies The reviewed condensed consolidated annual financial results have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), its interpretations adopted by the International Accounting Standards Board (IASB), the presentation and disclosure requirements set out in IAS 34 Interim Financial Reporting, the AC 500 standards as issued by the Accounting Practices Board or its successor, and comply with the Listings Requirements of JSE Limited and the South African Companies Act No 71 of The accounting policies are consistent in all material respects with those applied in the preparation of the group s annual financial statements for the year ended 30 June Review of Independent Auditors The group s auditors Ernst & Young Inc. have reviewed the condensed consolidated financial information for the year. Their unmodified review report is available for inspection at Transpaco s registered office. The review was performed in accordance with ISRE 2410: Review of Interim Financial Information Performed by the Independent Auditor of the Entity. Approval and Preparation These condensed consolidated financial results have been prepared under the direction and supervision of the Financial Director, L Weinberg CA(SA). On behalf of the board AJ Aaron PN Abelheim L Weinberg Non executive Chairman Chief Executive Financial Director

4 Directors AJ Aaron (Chairman)* **; PN Abelheim (Chief Executive); L Weinberg (Financial Director); HA Botha* **; SR Bouzaglou; SI Jacobson*; D Thomas*; SP van der Linde* ** *non-executive **independent Date 21 August 2013 Auditors Ernst & Young Inc. Transpaco Limited Registration number: 1951/000799/06 Share code: TPC; ISIN ZAE Income tax number: 9975/112/71/6 Company Secretary HJ van Niekerk Sponsor Investec Bank Limited Registered Office 331 6th Street Wynberg Sandton Transfer Secretaries Computershare Investor Services (Pty) Limited 70 Marshall Street Johannesburg Website

5 STATEMENT OF COMPREHENSIVE INCOME Reviewed Audited 12 months % 12 months R'000 June 2013 Change June 2012 CONTINUING OPERATIONS Revenue Turnover , Cost of sales ( ) ( ) Profit before operating costs and depreciation , Operating costs ( ) ( ) Depreciation (31 618) (27 486) Operating profit (7,4) Finance income Finance costs (3 085) (4 032) Profit before taxation (7,3) Taxation (25 246) (29 019) Profit for the year from continuing operations (4,9) Loss for the year from discontinued operations (3 756) Profit for the year Other comprehensive income Total comprehensive income , Weighted average number of shares in issue ( 000) Diluted weighted average number of shares in issue ( 000) Continuing operations Earnings per share (cents) 208,9 (5,6) 221,3 Diluted earnings per share (cents) 204,4 (5,6) 216,5 Headline earnings per share (cents) 208,2 (4,8) 218,7 Diluted headline earnings per share (cents) 203,7 (4,8) 214,0 Continuing and discontinued operations Earnings per share (cents) 208,9 (0,2) 209,4 Diluted earnings per share (cents) 204,4 (0,2) 204,9 Headline earnings per share (cents) 208,2 1,3 205,6 Diluted headline earnings per share (cents) 203,7 1,3 201,1 Dividend per share (cents)* 90,0 12,5 80,0 Reconciliation of headline earnings (R 000) Continuing operations Basic earnings Profit on disposal of property, plant and equipment (208) (797) Headline earnings (4,1) Continuing and discontinued operations Basic earnings Profit on disposal of property, plant and equipment (208) (1 230) Headline earnings , *Includes interim dividend of 36,5 cents (June 2012: 31 cents) and a dividend declared after the period of 53,5 cents (June 2012: 49 cents).

6 STATEMENT OF CASH FLOWS Reviewed Audited 12 months 12 months R'000 June 2013 June 2012 Cash flow from operating activities Cash generated from operations Dividends paid (27 521) (23 452) Finance costs from continuing operations (3 085) (4 032) Finance costs from discontinued operations (452) Finance income from continuing operations Finance income from discontinued operations 271 Taxation paid (23 768) (26 784) Net cash inflow from operating activities Cash flow from investing activities Proceeds on disposal of property, plant and equipment Expansion and replacement of property, plant and equipment (40 007) (67 007) Decrease in unlisted investments 17 Decrease/(increase) in long-term receivables (2 951) Increase in short-term receivables (198) (2 110) Net cash outflow from investing activities (37 460) (58 710) Cash flow from financing activities Movement in treasury shares Increase/(decrease) in interest-bearing borrowings (926) Decrease in current portion of interest-bearing borrowings (4 947) (2 247) Net cash inflow/(outflow) from financing activities (1 475) Net movement in cash for the year (9 941) Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year

7 STATEMENT OF FINANCIAL POSITION Reviewed Audited 12 months 12 months R'000 June 2013 June 2012 ASSETS Non-current assets Property, plant and equipment Intangibles Goodwill Long-term receivables Deferred taxation Current assets Inventories Trade and other receivables Short-term receivables Taxation receivable Cash and cash equivalents Non-current asset classified as held-for-sale TOTAL ASSETS EQUITY AND LIABILITIES Capital and reserves Issued share capital Share premium Other reserves Distributable reserve Non-current liabilities Interest-bearing borrowings Deferred taxation Current liabilities Trade payables and accruals Provisions Current portion of interest-bearing borrowings Taxation payable TOTAL EQUITY AND LIABILITIES Number of shares in issue ( 000) Number of shares (net of treasury shares) Net movement in treasury shares Ranking number of shares Salient features Net asset value per share (cents) Operating margin % 8,3% 9,1% Net interest-bearing debt:equity ratio % Net cash positive Net cash positive Net interest cover (x) 90,5 67,7

8 SEGMENTAL ANALYSIS Paper Properties and and Total Plastic board group continuing Discontinued Total R'000 products products services operations operations group Turnover Turnover to customers Less turnover to internal customers Turnover Turnover to customers Less turnover to internal customers Operating profit Operating profit /(loss) (4 858) Profit before tax Profit/(loss) before tax (5 039) Capital expenditure Capital expenditure Assets Assets Liabilities Liabilities

9 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share Share Other Distributable R'000 Capital Premium Reserves Reserve Total Balance at 30 June Profit for the year Other comprehensive income Total comprehensive income Share-based payments Dividend paid (23 452) (23 452) Movement in treasury shares Balance at 30 June Profit for the year Other comprehensive income Total comprehensive income Share-based payments Dividend paid (27 521) (27 521) Movement in treasury shares Balance at 30 June DISCONTINUED OPERATIONS Reviewed Audited 12 months 12 months R'000 June 2013 June 2012 Turnover Expenses (14 834) Operating loss (4 858) Finance income 271 Finance costs (452) Loss before tax from discontinued operations (5 039) Taxation Loss after tax from discontinued operations (3 756) Loss per share (cents) from discontinued operations (11,9) Diluted loss per share (cents) from discontinued operations (11,6) Headline loss per share (cents) from discontinued operations (13,1) Diluted headline loss per share (cents) from discontinued operations (12,9) Cash flows from discontinued operations Net cash flows from operating activities (7 193) Net cash flows from investing activities Net cash flows from financing activities Net cash flows (1 888) CAPITAL COMMITMENTS Reviewed Audited 12 months 12 months R'000 June 2013 June 2012 Capital expenditure authorised and contracted Property, plant and equipment