VISION MISSION VALUES

VISION MISSION VALUES

IBL AT A GLANCE

Alteo (27.64%) Note: The diagram above lists the most important companies in each IBL sectors UBP (33.14%) Manser Saxon (85%) CMH (100%) Scomat (100%) ServEquip (100%) DieselActiv (100%) IBL Biotechnology (90%) CNOI (60%) BrandActiv HealthActiv Winner s (100%) Escape (100%) Intergraph (100%) Proximed (50%) Blychem (100%) AfrAsia (31.12%) DTOS (100%) ABAX (47%) Mauritian Eagle Insurance (60%) Mauritian Eagle Leasing (95%) City Brokers (50%) Confido Holding (33.3%) - EllGeo (Re) (100%) LCF Securities (25%) The Bee Equity Partners (34.95%) Alentaris (75.21%) IBL Link (100%) - The ConcreAte Agency (80%) - i-spy 360 (45%) - Universal Media (34%) Lux Island Resorts (39.33%) IBL Life (100%) - CIDP (75%) - QuantiLAB Holding (50%) Logidis (100%) Somatrans (75%) Ground2Air (100%) Arcadia Travel (100%) Seafood Hub (85%) - Froid des Mascareignes - Marine Biotechnology Products - Cervonic - Mer des Mascareignes - Princes Tuna (Mauritius) Nutrifish (24.01%) Aquatic Proteins (70%) Fresh Cuts (100%) Phoenix Beverages (21.66%) Volailles & Traditions (50%) La Tropicale Mauricienne (100%)

Consolidated Results for 6 months ended 31 December 2016

Business sector performance 31 December 2016

Alteo profits up due resulting from increased production and sales in Tanzania and Kenya and improved sugar prices. IBL Ltd s interest in Alteo Business Commentary H1 2016/17 IBL Ltd reports Alteo under equity accounting as it is a JV with Ciel Group Share of associates & joint ventures Alteo PAT increased by 121%, EBITDA up 85%, contributed by: (1) Tanzania and Kenya: Good performance expected to be sustained Higher yield (sucrose levels) Firmer sales price (2) Mauritius: Higher overall output thanks to sucrose levels despite lower cane tonnage Energy operations benefited from a higher offtake during the semester, and a better bagasse quality resulting into efficiency gains Results include near completion of Amalthea; offset by closure of Anahita Golf & Spa for Refurbishment

CNOI and Contracting produced strong results; UBP stable Turnover Business Commentary H1 2016/17 Profits from Operations CNOI on-going shipbuilding contracts in progress; good pipeline over next 1-2 years Contracting: good performance in Mauritius; and encouraging pipeline of work in both Mauritius and Dubai UBP profit relatively stable

BrandActiv, HealthActiv and Intergraph up; Winners stable. Turnover Business Commentary BrandActiv turnover increased by Rs 270m reaching Rs 1.7 billion - New brand representation acquired last year (Mondelez) HealthActiv acquired new contracts for supply of medical equipment H1 2016/17 Intergraph turnover & operating profit up by Rs 68m & Rs 30m resp. Profits from Operations Winner s turnover and profits overall relatively stable; has been affected by new competition in certain regions of the island, namely Flacq. New supermarket in Candos expected to open in next few weeks

Stable turnover and increased profitability + Turnover Business Commentary H1 2016/17 Stable turnover of subsidiaries DTOS, Mauritian Eagle Insurance (MEI) and Leasing (MELCO) Higher subsidiary profits through: Lower claims for MEI vs last year Lower provisions in MELCO vs last year The Bee - one-off gains on disposal of investments in Reunion Voyages Share of profits from associates down due to one off in Afrasia last year. Growth in underlying business however Profits from Operations Share of associates & joint ventures

Turnover and profit stable vs last year; Some changes expected post Brexit & Trump but if currencies stay where they are, expect Q3 profit to be similar to Q2 Turnover Business Commentary Turnover for 3 months ended 31 Dec 2016 Rs1.65bn up from prior quarter Rs 0.89 bn: Peak year end season and closure of hotel in Maldives for renovation in July/August H1 2016/17 Arrivals in Mauritius +12%, from: EU +14%, of which Germany +34% Asia +11% (50k pax) China down 10%, India +15% (21k pax) Profits from Operations Maldives arrivals up +13%; China share 22%, but booking (7%) down; ADR +9% Occupancy rate 83% same as prior year RevPAR +2% despite GBP deval. FX GBP rate had slight impact on UK arrivals; In Dec 2016, bond holders holding 983k bonds exercised their right to convert to shares

Fewer contracts of CIDP dips revenue and profits + Turnover Business Commentary Less contracts received by CIDP; timing difference however, expect run rate to pick up Associates IBL Link and IBL Life - promising half year performance H1 2016/17 Profits from Operations Share of associates & joint ventures

Stable results overall Turnover Business Commentary H1 2016/17 Profits from Operations Business provides significant support to IBL Group companies; represents c.25% of turnover Drop in turnover mainly due to disposal of Pelamis in Oct 16 Loss in revenue and profit due to sale of Pelamis reversed by good growth in warehousing, freight, courier and aviation sectors All three component business: Logistics, Aviation and Shipping showing sustained growth momentum despite competition

Both PBL & PTM drive good cluster performance Turnover Business Commentary PBL drives cluster performance Revenue and Profit from operations increase due to 1 st time consol of Edena H1 2016/17 PTM (associate IBL owning 40.64%) experienced better trading conditions (product mix & pricing) yielding c.eur 1m higher profit overall Profits from Operations Share of associates & joint ventures

New Segment being developed to optimize property portfolio Profits from Operations Business Commentary No specific comment except that H1 was busy from an integration perspective IBL House renovation final phase under way on 4 th floor H1 2016/17

Consolidated Group results 31 December 2016

Growth in Revenue by 7% Profit before tax up 23% Turnover Business Commentary IBL Ltd Group Results H1 2016/17 Encouraging first half of the Financial Year 2016/17 Underlying results (i.e. PBT excluding exceptional items) 22% As summarized, largest growth contributing sectors are: Agro, Building & Engineering and Commercial Profits before tax Profits from Operations

Balance Sheet growth by 3% overall & lower gearing Total Assets Business Commentary IBL Ltd Group Balance Sheet 2016/17 Increase in total assets includes the impact of increases our stake in AfrAsia & Edena Total Equity Group Gearing

Share price has increased by 40% since amalgamation IBL Ltd Share price movement Note: 1. Pre-amalgamation price adjusted for amalgamation share exchange ratio of 4.8277 2. Price on 20 Feb 2017 at 0915am

Questions & Answers 31 December 2016

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