FINAL RESULTS PRESENTATION

FINAL RESULTS PRESENTATION for the year ended 31 March 2017 Presented by Arnold Goldstone (Chief Executive Officer)

Agenda 01 THE YEAR IN PERSPECTIVE 02 DIVISIONAL REVIEW Capital Equipment Group Engineering Solutions Group Building Supply Group 03GROUP FINANCIAL OVERVIEW 04 PROSPECTS AND STRATEGY 05 APPENDIX 2

THE YEAR IN PERSPECTIVE 3

Highlights REVENUE 8% TO R11.5 BILLION OPERATING PROFIT BEFORE FOREIGN EXCHANGE MOVEMENTS 36% R1.16 BILLION EARNINGS PER SHARE 26% 499 CENTS CASH GENERATED BY OPERATIONS 130% R1.35 BILLION 4

Highlights (continued) PROFIT BEFORE TAX 58% R981 MILLION ATTRIBUTABLE EARNINGS 26% R533 MILLION NAV PER SHARE 5% 4 715 CENTS TNAV PER SHARE 8% 4 000 CENTS TOTAL DIVIDEND PER SHARE 18% 167 CENTS 5

The year in perspective Excellent results on the back of difficult trading conditions The markets in which Invicta operates: o Mining & construction: Still weak in Africa and South East Asia o Agriculture: Severely impacted by worst El Niño drought on record o Industrial & manufacturing: Deterioration in activity in South Africa Political upheaval in SA Q3 and Q4 recession in SA Relocation of BMG head office from Durban to Johannesburg (now complete) Sale of BSG Loss of New Holland Agricultural machinery agency Loss of 2 key executives Volatile ZAR Mettle of group tested came through with flying colours! 6

DIVISIONAL REVIEW 7

Divisional structure CAPITAL EQUIPMENT GROUP ENGINEERING SOLUTIONS GROUP BUILDING SUPPLY GROUP (Discontinued) Importer & distributor of agricultural equipment, construction equipment, forklifts and aftermarket replacement parts Northmec New Holland* CSE Doosan HPE ESP Criterion Kian Ann Group Leading distributor of engineering consumables and provider of engineering solutions BMG o o Hansen OST Mandirk o o SA Tool Sibuyile Autobax Hyflo Manufacturer, wholesaler and distributor of building supplies worldwide MacNeil o o Distribution Manufacturing Brands 4 Africa Tiletoria *Equipment sales discontinued. Aftermarket support continues (spare parts). 8

Revenue contribution by operating segment (excluding Head Office) R million 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 11,513 10,465 10,455 10,620 1,893 1,388 1,639 1,837 7,558 630 3,955 4,209 4,299 4,665 3,425 3,503 5,122 4,607 4,484 4,955 MAR 2013 MAR 2014 MAR 2015 MAR 2016 MAR 2017 Building Supply Group 16% (17%) 43% (43%) Capital Equipment Group Engineering Solutions Group 41% (40%) 2017 (2016) 9

Operating profit contribution by operating segment (excluding Head Office) R million 1 200 1 000 800 600 400 768 39 390 1,024 1,043 67 87 473 499 838 70 406 1,058 108 480 200 339 484 457 362 470 0 MAR 2013 MAR 2014 MAR 2015 MAR 2016 MAR 2017 Building Supply Group 10% (9%) 44% (43%) Capital Equipment Group Engineering Solutions Group 46% (48%) 2017 (2016) 10

Revenue contribution by region (includes discontinued operations) Asia 14% (9%) 5% (3%) Other Africa 7% (11%) 74% (77%) South Africa* 2017 (2016) *Target: 50% by 2020 11

Revenue contribution by sector (includes discontinued operations) Manufacturing & Industry Mining 12% (15%) 12% (14%) 27% (29%) Construction General Trading 24% (19%) 25% (23%) Agriculture & Forestry 2017 (2016) 12

25.8% 29.8% 30.9% 24.8% 17.5% 21.8% 19.4% 17.6% 20.6% 24.1% 27.3% 22.5% Return on Net Operating Assets (RONA) (based on average net operating assets) 35% 30% 25% 20% 15% 10% 5% 0% FY 2015 FY 2016 FY 2017 CEG ESG BSG IVT Group 13

DIVISIONAL REVIEW Capital Equipment Group

Review of 2017 Revenue 11% Operating profit before foreign exchange movements 30% Difficult trading conditions overcome by increased market share, better sales mix Activity in gold and coal mining is driving construction unit sales Reduced level of investment in infrastructure by both private and public sectors Strength of the South African Rand against the US Dollar contributing to more competitive prices Extreme drought in H1, but lots of rain in late H2 (La Niña had a significant impact on the business in the last four months of the financial year) Operating margin increased from 8.1% in 2016 to 9.5% in 2017 15

Final results summary 31 March 2017 6 000 5 000 4 000 3 000 2 000 1 000 0 REVENUE (R m) 4,607 600 4,955 4,484 500 457* 470 2,203 2,199 2,575 400 69 362 300 208 181 251 200 2,404 2,285 2,380 100 180 181 219 MAR 2015 MAR 2016 MAR 2017 0 OPERATING PROFIT BEFORE FOREIGN EXCHANGE MOVEMENTS (R m) MAR 2015 MAR 2016 MAR 2017 * Including R69 million once-off Kian Ann profit 2,500 2,250 2,000 1,750 1,500 1,250 1,000 NET OPERATING ASSETS (R m) 2,255 2,306 1,892 MAR 2015 MAR 2016 MAR 2017 OPERATING PROFIT MARGIN (R m) 9.9%** 9.5% 8.1% 12.6% 8.2% 9.7% 7.5% 7.9% 9.2% MAR 2015 MAR 2016 MAR 2017 **The margin is 8.4% if the once-off Kian Ann profit is excluded First Half Second Half Once-off 16

Market volumes Agriculture equipment volumes FY 2017 o Tractors 10% o Combines 4% o Sprayers 50% Construction equipment volumes o Segments serviced by Invicta 14% 17

18-Jan-10 11-Mar-10 4-May-10 25-Jun-10 18-Aug-10 11-Oct-10 2-Dec-10 25-Jan-11 18-Mar-11 11-May-11 4-Jul-11 25-Aug-11 18-Oct-11 9-Dec-11 6-Feb-12 29-Mar-12 24-May-12 17-Jul-12 7-Sep-12 31-Oct-12 26-Dec-12 19-Feb-13 12-Apr-13 5-Jun-13 29-Jul-13 19-Sep-13 12-Nov-13 6-Jan-14 27-Feb-14 22-Apr-14 13-Jun-14 6-Aug-14 29-Sep-14 20-Nov-14 14-Jan-15 11-Mar-15 4-May-15 25-Jun-15 18-Aug-15 9-Oct-15 2-Dec-15 5-Feb-16 30-Mar-16 23-May-16 14-Jul-16 06-Sep-16 28-Oct-16 21-Dec-16 13-Feb-17 06-Apr-17 30-May-17 Price in ZAR Yellow/White Maize prices/zar 5 500 Maize Safex Prices January 2010 to May 2017 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 Yellow Maize 1 000 White Maize 18

Sales analysis (includes New Holland) 31 March 2017 5% Manufacturing & Industry Construction 32% 63% Agriculture & Forestry 2017 19

New Assembly Plant Camperdown, Kwazulu Natal 140 000m² site 5 500m² building Occupation date 03 July 2017 20

DIVISIONAL REVIEW Engineering Solutions Group

Review of 2017 Revenue 9% Operating profit before foreign exchange movements 18% Encouraging results considering relocations of facilities (BMG World, regional service centres, financial head office) Focussed on tight cost management Simplify for success remained a high priority No acquisitions were made Strategic disposal of Wegezi Trading conditions: o Mining: o Agriculture: o Heavy industry: positive changes in mineral commodity prices eased spending in certain parts of the mining industry. Major project work remained stagnant. much needed rain resulted in an increase in maintenance spend. this continued to be a challenging market. 22

Final results summary 31 March 2017 6 000 5 000 4 000 3 000 REVENUE (R m) 4,209 4,299 2,181 2,214 4,665 2,319 600 500 400 300 OPERATING PROFIT BEFORE FOREIGN EXCHANGE MOVEMENTS (R m) 499 290 406 212 480 239 2 000 1 000 2,028 2,085 2,346 200 100 209 194 241 0 MAR 2015 MAR 2016 MAR 2017 0 MAR 2015 MAR 2016 MAR 2017 NET OPERATING ASSETS (R m) OPERATING PROFIT MARGIN (R m) 2 000 1 900 11.9% 9.4% 10.3% 1 800 1 700 1 600 1 500 1,796 1,936 2,039 13.3% 10.3% 9.6% 10.3% 9.3% 10.3% 1 400 MAR 2015 MAR 2016 MAR 2017 MAR 2015 MAR 2016 MAR 2017 First Half Second Half 23

Review of 2017 Divisional performances: o o o o BMG: robust performance Autobax: excellent performance Mandirk: met expectations Hyflo: met expectations; project work lumpy, muted African operations: o o Good performance of African branches (weakened local currencies) Establishment of BMG Ghana in process Working capital: o o Stock in line with targeted levels Debtors book well managed; Debtors >R250,000 insured 24

Revenue analysis 31 March 2017 0.6% 35% (35%) 11.4% (11%) 65% (65%) 88.0% (89%) Consumables Engineering 2017 (2016) South Africa Africa Other Strategy of market differentiation by: o complementing product distribution with technical expertise African revenue growing as a % of ESG revenues Last year s acquisitions have mainly SA-based revenues 25

Sales by industry sector 31 March 2017 Construction Agriculture Projects / Consultants 4% Food & Beverage 5% 6% 4% 1% Parastatals 1% Oil & Gas 24% Mining Automotive & Transport 7% Cash Sales 8% 20% Industry 20% Other 2017 26

BMG World upgrade Droste Park, Jeppestown Additional land Acquired 10 467m 2 Engineering Assembly Building 9 330m 2 Parking Deck 6 000m 2 BMG Park Original 36 891m 2 Fluid Technology Building 9 208m 2 Additional Land rented for parking 6 000m 2 Additional Land Acquired 3 773m 2 Land acquired for CDC 9 206m 2 27

BMG World upgrade (continued) 28

DIVISIONAL REVIEW Building Supply Group (Discontinued)

Review of 2017 Revenue 3% Operating profit before foreign exchange movements 54% Marginal sales growth in a challenging market Substantial growth in operating profit due to increased gross margin (13% up on PY) and expenses up only 5% Increased penetration of Gauteng market Export sales grew from 23% (2016) to 26% (2017) of revenue MacNeil s new 20 000m 2 (R160m) distribution facility in Midrand: o Commenced construction in October 2016 o Expected completion in March/April 2018 o Enhance supply chain efficiency to support growth in Gauteng & Africa Sold to Steinbuild 31 March 2017 all conditions met; awaiting Competition Commission approval 30

2 000 1 500 1 000 500 REVENUE (R m) 1,639 802 Final results summary 31 March 2017 1,837 883 1,893 870 837 954 1 023 OPERATING PROFIT BEFORE FOREIGN EXCHANGE MOVEMENTS (R m) 100 80 60 40 20 87 39 70 24 108 63 48 46 45 0 MAR 2015 MAR 2016 MAR 2017 0 MAR 2015 MAR 2016 MAR 2017 NET OPERATING ASSETS (R m) OPERATING PROFIT MARGIN (R m) 500 400 300 200 100 328 392 401 5.3% 5.7% 4.9% 3.8% 7.2% 2.7% 5.7% 4.8% 4.4% - MAR 2015 MAR 2016 MAR 2017 MAR 2015 MAR 2016 MAR 2017 First Half Second Half 31

MacNeil Midrand property development 38 000m² site 20 000m² warehouse & offices Completion date Mar/Apr 2018 New leases signed DCLSA, B4A & MacNeil JHB 32

Tiletoria Malibongwe Drive property development Completion date Feb 2018 13 000m² site 33

Revenue analysis 31 March 2017 BSG Revenue Contribution by Sector BSG Revenue Contribution by Region (35%) 2% 15% 24% 85% 74% Construction Manufacturing South Africa Africa Other 34

GROUP FINANCIAL OVERVIEW 35

Revenue 14000 12000 10000 10,465 10,460 10,636 883 11,525 870 8000 7,558 5 336 5 190 4 410 4 905 6000 4000 4 044 954 1 023 2000 3 514 5 129 5 270 4 389 4 727 0 MAR 2013 MAR 2014 MAR 2015 MAR 2016 MAR 2017 First Half Continuing First Half Discontinued Second Half Continuing Second Half Discontinued 36

Operating profit 1 400 OPERATING PROFIT BEFORE FOREIGN EXCHANGE MOVEMENTS (R m) OPERATING MARGIN (%) 1 200 1 000 800 600 400 884 179 390 1,043 550 1,014 69 518 853 34 24 372 46 1,159 63 611 45 9.3%** 9.6% 10.0% 10.3% 9.0%** 10.0% 10.1% 7.2% 8.0%** 2.8% 12.5% 8.4% 4.8% 4.4% 200 315 493 427 377 440 9.0% 9.6% 8.1% 8.6% 9.3% 0 MAR 2013 MAR 2014 MAR 2015 MAR 2016 MAR 2017 MAR 2013 MAR 2014 MAR 2015 MAR 2016 MAR 2017 **Excluding once-off items Once-off Second Half Discontinued Second Half Continuing First Half Discontinued First Half Continuing 37

EBITDA % 14% 977 1,483 12% 10% 652 12% 13% 1,125 1,144 11% 11% 1,103 13% 10% 8% 6% 4% 2% 0% 2012 2013 2014 2015 2016* 2017* EBITDA (R m) *Based on continuing operations 38

R million Attributable Earnings 800 700 600 500 743 710 691 158 66 69 64 22 70 28 42 496 31 612 82 400 74 300 535 580 510 533 200 393 100 0-2 -3-100 MAR 2013 MAR 2014 MAR 2015 MAR 2016 MAR 2017 Ordinary s/h Minority s/h Pref s/h Once-off 39

Cents Earnings per share 1 000 955 900 800 218 788 78m weighted average nr of ordinary shares 742 700 88 Rights issue 600 500 425 430 361 107m weighted average nr of ordinary shares 499 400 396 29 246 300 160 200 100 312 358 293 207 253 0 MAR 2013 MAR 2014 MAR 2015 MAR 2016 MAR 2017 1st Half 2nd Half Once-off 40

Headline earnings 31 March 2017 31 March 2016 R'000 Audited Restated % Change Attributable Earnings 533,304 424,219 26 Adjustments Headline EPS adjustments on discontinued operations (578) (366) Impairment of intangible assets 12,935 Gain from bargain purchase price recognised (235) Impairment of PPE 3,517 (2,663) Loss/(profit) on disposal of investments 5,286 (35) Profit on disposal of other assets (231) Net profit on disposal of PPE (11,355) (62,043) Impairment of loans 3,089 Total adjustments before taxation and NCI (507) (52,172) Taxation 1,456 16,974 NCI 307 142 Total adjustments 1,256 (35,056) Headline Earnings 534,560 389,163 37 41

Cents per share Dividend per share 350 300 250 200 150 100 50 - Feb 2015: Special dividend of 2 024 cps was paid 196 18% 167 142 112 95 75 84 67 72 2015 2016 2017 Interim Final Salient dates for the 2017 Final Dividend Last day to trade to be eligible for the dividend Tuesday 1 August 2017 Shares commence trading ex the dividend Wednesday 2 August 2017 Record date in respect of dividend Friday 4 August 2017 Dividend payments Monday 7 August 2017 42

R million Cash flow movement - 2017 2,000 1,800 1,600 1,400 1,250 98 (143) (245) (190) (356)* * Capex of R452m less proceeds on sale of PPE R96m ** Acquisitions of R142m less disposals of R9m 1,200 1,000 800 600 556 (133)** (65) (25) (46) 701 145 846 400 200-43

PROSPECTS AND STRATEGY 44

Prospects Signs of improvement in South East Asia at start of new year Recession in SA likely to continue Benefits of relocations, restructurings and expansions to start coming through Focus of the Group will remain on: o margin management and cost control o working capital optimisation o cash generation Proceeds from sale of BSG likely to flow in next month or two R1bn + available for acquisitions. Stay focused on industrial consumables and capital equipment Local and international investments Regulatory approval obtained for secondary listing (only if it makes sense to do so to raise hard currency) 45

Strategy 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 46

Q & A Thank you for your attendance and participation www.invictaholdings.co.za For any further Investor Relations questions please contact: Arnold Goldstone (CEO) arnoldg@invictaholdings.co.za Craig Barnard (CFO) craigb@invictaholdings.co.za Marlize Keyter (Keyter Rech Investor Solutions) mkeyter@kris.co.za 087 351 3810 47

APPENDIX 48

Statement of Profit or Loss and other Comprehensive Income 31 March 2017 31 March 2016 R'million Audited Restated % Change Continuing operations Revenue 9,632 8,799 9 Operating profit before foreign exchange movements 1,051 783 34 Net foreign exchange cost (41) (102) (60) Operating profit 1,010 681 48 Interest paid (889) (797) 12 Dividends received from financial investments 303 328 (8) Share of profits of associates 4 5 (20) Interest received 469 347 35 Profit before taxation from continuing operations 897 564 59 Income tax expense (322) (92) 250 Profit for the year from continuing operations 575 472 22 Discontinued operations Profit for the year from discontinued operations 37 24 54 Profit for the year 612 496 23 FY 2016 has been restated because Share Appreciation Rights have been changed from equity-settled to cash-settled. 49

Statement of Profit or Loss and other Comprehensive Income 31 March 2017 31 March 2016 R'million Audited Restated % Change Profit attributable to: Owners of the company 533 424 26 Non-controlling interest (3) (2) 50 Preference shareholders 82 74 11 612 496 23 Basic EPS from continuing operations (cents) 465 374 24 Basic earnings and normalised EPS (cents) 499 396 26 Headline EPS from continuing operations (cents) 466 341 37 Normalised HEPS (cents) 500 380 32 Weighted average shares in issue ( 000) 106,953 107,013 (0.06) 50

Statement of Financial Position 31 March 2017 31 March 2016 R'million Audited Restated % Change ASSETS Non-current assets Property, plant and equipment 1,641 1,495 10 Financial investments 1,982 1,790 11 Goodwill 615 663 (7) Other intangible assets 161 169 (5) Financial assets 64 103 (38) Finance lease receivables 46 28 64 Long-term receivables 3,374 2,945 15 Investment in associates 103 18 472 Deferred taxation 181 187 (3) Non-current assets 8,167 7,398 10 51

Statement of Financial Position 31 March 2017 31 March 2016 R'million Audited Restated % Change Current assets 8,098 7,496 8 Inventories 3,663 4,093 (11) Trade and other receivables 1,542 1,971 (22) Current portion of finance lease receivables 41 37 11 Current portion of financial investments 709 569 25 Current portion of long-term receivables 2 5 (60) Taxation prepaid 16 27 (41) Bank and cash balances 1,052 782 35 7,025 7,484 (6) Assets classified as held for sale (includes BSG) 1,073 12 8,842 TOTAL ASSETS 16,265 14,894 9 52

Statement of Financial Position 31 March 2017 31 March 2016 R'million Audited Restated % Change EQUITY Equity attributable to the equity holders 5,116 4,857 5 Non-controlling interest 152 183 (17) SHAREHOLDERS' EQUITY 5,268 5,040 5 Shares in issue ( 000) 108,495 108,495 - Net asset value per share (cents) 4,715 4,486 5 Net tangible asset value per share (cents) 4,000 3,719 8 53

Statement of Financial Position 31 March 2017 31 March 2016 R'million Audited Restated % Change Non-current liabilities Long-term borrowings 6,793 6,064 12 Financial liabilities 64 100 (36) Deferred taxation 35 29 21 Non-current liabilities 6,892 6,193 11 54

Statement of Financial Position 31 March 2017 31 March 2016 R'million Audited Restated % Change Current liabilities 4,105 3,661 12 Trade and other payables 1,939 2,210 (12) Provisions 198 197 1 Share appreciation rights liability 6 9 (33) Taxation liabilities 170 32 431 Shareholders for dividends 50 48 4 Current portion of long-term borrowings 864 939 (8) Current portion of financial liabilities Bank overdrafts 206 226 (9) 3,433 3,661 (6) Liabilities associated with assets held for sale (includes BSG) 672 TOTAL LIABILITIES 10,997 9,854 12 TOTAL EQUITY AND LIABILITIES 16,265 14,894 9 55

Group structure BBEE & Staff Trusts Invicta Holdings SA Non - SA 25% 75% 100% 100% 100% 100% Invicta SA ESG Invicta Properties CEG Invicta Treasury BSG (Discontinued) Invicta Finance Invicta African Holdings Invicta Offshore Holdings 100% 100% 60% 100% 100% Invicta Asian Holdings BMG Mandirk Autobax OST SA Tool Hansen Hyflo Sibuyile Northmec New Holland* CSE Doosan HPE ESP Criterion MacNeil Tiletoria B4A Mozambique Zambia Tanzania Kian Ann & subsidiaries in South East Asia *Equipment sales discontinued. Aftermarket support continues (spare parts) 56

Capital Equipment (SA)) Northmec (Agricultural Machinery) New Holland* (Agricultural Machinery) CSE (Earthmoving Machinery) Doosan (Earthmoving Machinery) HPE (Hyundai Earthmoving) Criterion (Forklifts) ESP (Parts) 201 dedicated outlets *Equipment sales discontinued. Aftermarket support continues (spare parts) 57

Capital Equipment (Kian Ann Group) Kian Ann Engineering One of the world's largest independent distributors of heavy machinery and diesel engine parts HQ in Singapore Subsidiaries in Singapore, Indonesia, China, Canada, United Kingdom and Myanmar Joint venture in India Associate in China Kian Chue Hwa Industries One of Asia s largest independent distributors of commercial and industrial vehicle parts HQ in Singapore Subsidiaries in Indonesia, Thailand and Malaysia Associate in Myanmar 58

Engineering Solutions Engineering Solutions BMG (Bearing Man Group) o o o o o Engineering components & technical services 135 branches Bearings, Seals, PT, Tools, Fasteners Drives, Motors, Belting, Field Services Filtration, Hydraulics, Lubrication, Pneumatics Hansen Mandirk Group (incl SA Tool) o o Autobax o o OST Hyflo Tools & equipment 19 branches & subsidiaries Automotive 3 branch network 59

Building Supply Group (Discontinued) Tiletoria MacNeil Distributors Brands 4 Africa 15 outlets in SA 60

Group profit drivers Mining and industrial activity (ESG) Agricultural activity (Northmec and aftermarket parts) Construction activity (CSE, Doosan SA & HPE) Warehousing (Criterion Equipment) Building and renovations (BSG) (Discontinued) Global replacement spares market (Kian Ann) 61

Executive Management Team Dr Christo Wiese (Non-Executive Chairman) BOARD OF DIRECTORS ENTITY CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER Invicta Holdings ARNOLD GOLDSTONE CRAIG BARNARD Capital Equipment Group TONY SINCLAIR GEOFF BALSHAW Engineering Solutions Group GAVIN PELSER BENNIE GROENEWALD Building Supply Group (Discontinued) NEIL MALHERBE KEVIN DIAB 62

Shareholding as at 31 March 2017 2% Samuels Family Goldstone Family Sherrell Family 7% 4% 1% Exec Directors 1% Treasury Directors Total % 53% Public % 47% 47% 38% Wiese Family Public 63