1. 2 agenda overview group results divisional results strategy conclusion

2

AGENDA

Overview

Group Results

Divisional Results

Strategy

Conclusion

3

Market leading positions

Strong platforms for future growth

Positioned in industries experiencing structural but cyclical growth

Significant annuity income streams

Entrepreneurial culture to drive next growth phase

IMPERIAL TODAY

Strengths Current Issues

Generally challenging trading conditions

Significant motor market slowdown expected to continue for longer

Eliminating non-core and large problem businesses

Weak return on capital in some areas

4

SALIENT FEATURES

7.4%7.3%Operating margin

R2.2 bnR2.3 bnOperating profit

10.2%10.5%EBITDA margin

R3.1 bnR3.3 bnEBITDA

(R500 m)Profit attributable to shareholders

(R1.6 bn)Discontinued operations

H1 FY 2008

R1.25 bn

R31.7 bn

550.6 cents

H1 FY 2008

H1 FY 2007

(15.0%)

3.7%

(19.4%)

% Change

Net profit

Revenue

Headline earnings per share

Continuing operations

5

DISCONTINUED OPERATIONS - AVIATION

Process followed Three transaction advisors

– US, Europe and SA Information Memorandum to

35 interested parties 7 shortlisted bidders ACL sold separately

Transaction progress ACL sale complete and settled at

€22.5 m, €18.7m loans repayable in May 08

Naturelink concluded, CP’s pending Safair and SLF non-binding MOU

signed in December Final contract negotiations

underway

Rm

848Total impairment

184Liability Indemnity

50Loan Impairment

105

112

165

295

Air Contractors – goodwill

SLF (mostly deferred tax and aircraft)

Parts

Aircraft

6

DISCONTINUED OPERATIONS - CVH (Tyco)

Management actions Termination of distribution agreements and continuation of dealer network – OEM’s assuming

distribution and assembly Aggressive reduction of inventories through the appointment of a dedicated liquidation team Careful planning of dealer network Assistance to OEM’s for smooth handover to optimise customer service

Reasons for losses Large orders to compensate for long lead times Over-generous buy-back and maintenance obligations

given to effect sales Product deficiencies

Rationale for closure Long order lead times and working capital cycle

‒ excessive stock holding‒ forex risk

Vehicle margins too low to compensate for the above Low market shares in DAF and Renault

690Total closure costs

50Debtors

90Closure costs

42Spare parts

200

128

180

Vehicle stock

Maintenance obligations

Buy-back agreements

Rm

7

Group Results

8

INCOME STATEMENT EXTRACTS

(34.1%)12783Associates

10(83)Lereko fair value adjustment

48.9%(358)(533)Interest, fair value adjustments and forex movements

Profit from continuing operations 1 250 1 470 (15.0%)

3.7%30 52631 670Revenue

H1 FY 2007H1 FY 2008R million % change

2 2492 300Operating profit 2.3%


106(1 583)Discontinued operations – trading income and fair value loss

1 429(500)Own shareholders’ attributable income

13.6%(147)(167)Minorities

Taxation 517 616 (16.1%)

9




Taxation 517 616 (16.1%)

3.7%30 52631 670Revenue









Margins held up despite market downturn

10

Profit from continuing operations 535.5 1 470 (15.0%)

106Discontinued operations – trading income and fair value loss







Taxation 517 616 (16.1%)

3.7%30 52631 670Revenue




1 250

(1 583)Up due to interest rate rise and

higher debt

11








Taxation 517 616 (16.1%)

3.7%30 52631 670Revenue





Due to Imperial share price movement

12





Taxation 517 616 (16.1%)

3.7%30 52631 670Revenue








13

BALANCE SHEET EXTRACTS

27.231.5

4.45.4Net working capital2.8Net assets held for sale

3.84.0Investments, loans and other non current assets1.21.4Vehicles for hire6.75.7Leasing assets2.63.1Transport fleet5.05.7Property, plant & equipment2.52.4Investments in associates and joint ventures1.01.0Intangibles

Rbn H1 FY 2007H1 FY 2008

2.32.5Financial and other liabilities1.51.6Insurance funds0.30.4Perpetual preference shares

10.614.7Net interest-bearing debt (net of cash)

12.512.3Shareholders’ funds27.231.5

82%119%Net gearing

14


27.231.5



Rbn H1 FY 2007H1 FY 2008




82%119%Net gearing

Investment indealership properties

15

H1 FY 2007H1 FY 2008


27.231.5



Rbn H1 FY 2007H1 FY 2008




82%119%Net gearing

Reduced by reclassification toassets held for sale

16


27.231.5



Rbn H1 FY 2007H1 FY 2008




82%119%Net gearing

Aviation, CVH and Tourvest to beconverted to cash

17


27.231.5



Rbn H1 FY 2007H1 FY 2008




82%119%Net gearing

18

CASH FLOW

(1 832)(1 809)Expansion capex and acquisitions

(2 874)(3 041)Cash flow from investing activities

(1 429)(3 976)New funding raised (net of cash)

(542)(683)Payments to shareholders

(397)(280)Investments & loans

(645)(952)Replacement capex

1 987(252)Cash flow from operating activities

(1 225)(1 212)Interest and tax

(230)(2 459)Net working capital movements

3 4423 419Cash generated by operations

H1 FY 2007H1 FY 2008Six months to December

19

CASH FLOW












Terex/New HollandDealership inventories

Logistics debtors

20

CASH FLOW












Includes R1.4 bn of revenue producing assets

21

CASH FLOW












• No interim dividend recommended• Intention to resume dividend policy at year end• R1.2 bn IPL2 Bond settled mainly from internal sources,

balance from bank facilities• Extensive liquidity facilities available

22

CASH FLOW












23

Divisional Results

24

DIVISIONS

Dealerships30.4%

Distributors25.4%

Logistics - South and Southern Africa

14.1%

Logistics - Europe

11.9%

Leasing and CapitalEquipment

10.1%

Car Rental4.2%

Insurance4.0%

-16.7

-10.8

-3.0

21.0

12.0

24.2

55.2

Car Rental

Logistics - Europe

Distributors

Leasing and Capital Equipment

Logistics – South and Southern Africa

Dealerships

Insurance

Revenue Growth by Division (%)Revenue by Division

Dealerships9.9%

Distributors19.9%

Logistics - South and Southern Africa 16.4%

Logistics - Europe8.3%


28.2%

Car Rental8.3%

Insurance9.0%

Logistics - Europe

-46.0

-27.5

-16.8

83.0

14.0

12.0

53.0

Distributors

Car Rental


Logistics – South and Southern Africa

Dealerships

Insurance

Operating Profit Growth by Division (%)Operating Profit by Division

25

LOGISTICS – South and Southern Africa

Operating profit

Operating margin% of group∆ %R’m

Revenue

Increased margin despite 31% higher fuel price which increased revenue by R91 million without an increase in operating profit

FMCG (primarily non-durables) distribution business contributes 38% to revenue

– Steady performance for the half year– Possible moderation from second half, overall growth still positive

Urgent attention was given to isolated problem areas and working capital position

Steady increase in penetration into higher value added services Large blue chip customer base

368 7.9%14 16.0 8.0%

4618 200712 14.6 2008

26

Petrochemical16%

FMCG38%

Household Goods2%

4PL Companies3%

Packaging5%

Mining & Minerals5%

Technology2%

Agriculture2%

Forestry & Paper5%

Construction9%

Chemical7%

Automotive6%

IMPERIAL LOGISTICS INDUSTRY PRESENCE

27

LOGISTICS – Europe

Good performance of German economy, particularly steel and auto Excellent half year – extra month contributed R15 m to attributable profit All divisions - inland waterways, bulk and container terminals and Panopa

Logistics – performed well Three new acquisitions: Laabs and Food Tankers (liquid bulk transport in

Europe) and Rijnaarde, inland waterway chartering in the Netherlands started positively

Exciting new developments planned– 25,000 m² spare parts centre in Herten– expansion of the terminal facilities in Cologne– doubling of container space in Düsseldorf and Duisburg– two new container terminals in the Lower Rhine region– expansion of inland waterway fleet

Operating profit

Operating margin% of group∆ %R’m

Revenue

187 3.2%83 8.1 4.8%

3898 200721 12.3 2008

28

LEASING AND CAPITAL EQUIPMENT

Capital equipment business the main contributor All major contracts performing well Attractive new large contracts won Strong demand and high utilization in plant hire Terex and New Holland distributorships gained momentum The passenger and commercial vehicles in rest of Africa performed well,

although partially from de-fleeting New opportunities being pursued in Botswana, Nigeria, Rwanda and

Swaziland Good growth from SA leasing - units growing by 13% y-o-y

27.653.0635Operating profit

Operating margin

19.4

2007

19.2

2008

% of group∆ %R’m

3314 10.555.2Revenue

29

CAR RENTAL

8.112.0186Operating profit

Operating margin

15.1

2007

13.7

2008


1362 4.324.2Revenue

Operating margins in car rental business maintained Rental days 11% up, pre-tax profit 5% up due to higher

interest cost Division’s results exclude Tourvest Major brand repositioning after long term renewal of Europcar franchise Exclusive in and outbound referral agreements with National and Alamo New business from government, construction and energy, and

low cost airlines Good revenue growth but lower margins in Auto Pedigree Springbok Atlas sales 16% up, working closely with 2010 LOC New markets developed in China, Taiwan, Portugal, Spain and

Middle East

30

DISTRIBUTORS

19.5(27.5)448Operating profit

Operating margin

6.6

2007

5.4

2008


8318 26.3(10.8)Revenue

(AMH, UK and SA parts businesses, NAC and Australian dealerships)

Difficult trading in AMH due to interest rates and NCA

Appropriate measures were taken to streamline the

business to ensure future acceptable returns whilst exploring

opportunities for growth

NAC performed well as previous problem areas in the contracts and

maintenance divisions have been rectified - good aircraft sales and

order book

Reconsidering the future of UK parts activities

31

DEALERSHIPS


Operating margin

2.6

2007

2.2

2008


9958 31.4(3.0)Revenue

Pressure on the affordability of new and used vehicles Weak market to be seen against three prior years of

extraordinary growth in vehicle sales Investment in new facilities continued as we are confident that the

market will turn and parts and service operations will continue to grow

Margins on used vehicles now starting to improve Well represented in commercial vehicles where demand remains high Satisfactory performance from UK DAF dealerships

32

Decline in premium income‒ NCA (monthly instead of annual or term policies)‒ downturn in the motor market

Regent Insurance premiums steady but Regent Life 47% down Number of policies written now almost back to pre NCA level,

however lapses rose Underwriting results remained strong - combined underwriting

result 62% higher at R139 million Investment income down on weak equity markets Year-on-year difference in investment income had a major impact

on group profitability

INSURANCE



1317 4.2(16.7)Revenue

(Regent Insurance, Regent Life and Imperial Re)

33

PRIMARY ASSOCIATES

3825Discontinued operations

(1)(87)Renault

H1 FY 2007H1 FY 2008

43

127

24Other

104Imperial Bank

34

Strategy

35

Rationalise portfolio to create a more coherent group of businesses

Bolster group’s financial strength through disposals and unbundling

Focus on capital discipline and returns

‒ balance growth and return targets

‒ drive returns through focusing on increased utilization of existing assets/investments

‒ focus on capital allocation and return optimization at business unit level

Pursue asset-light opportunities that are adjacent to current businesses

OVER-RIDING STRATEGIC IMPERATIVES

36

Rationale for completed and soon to be realised divestments

– Underperformance• CVH• Aviation

– Capital intensive businesses• Leasing and capital equipment• Aviation

– Strategic fit• Tourvest

Low growth / weak profitability

Consumed disproportionate amount of capital

Subscale and complex with limited synergies

STRATEGIC STEPS

37

STRATEGY: WHAT’S THE MARKET OPPORTUNITY?Corporate/Industrial

* Based on December 2007 interim results excluding head office and eliminations

CAPITALOPERATING PROFIT

LOGISTICS

Customer Requirement• Materials and products –

management, planning, storage and delivery

Imperial’s Solution• End-to-end across the

logistics chainKey Drivers

• Market increase in industrial and construction activity

• Step-change in scale of consumer/retail market

• Secular shift towards outsourcing and supply chain management

CAPITALOPERATING PROFIT

CAR RENTALAND TOURISM

Customer Mobility Requirement• People – facilitate vehicle useage

and transport of touristsImperial’s Mobility Solution

• Large, branded and accessible vehicle rental and coach network

Key Drivers• Relatively underdeveloped public

transport infrastructure• Continued growth in international

inbounds (incl WC 2010)• Rapid emergence of domestic

business travel/leisure market

R5 88634%

R575m34%

MOTOR AND FINANCIAL SERVICES

Customer Requirement• People – facilitate vehicle

ownership and financial securityImperial’s Solution

• Broad range of vehicles integrated with value for money financial products

Key Drivers• Relatively underdeveloped

public transport infrastructure• Higher levels of economic

participation/activity and credit extension

• Growing “ownership bias” given status and safety implications

• Further benefits from integrated retail and financial services

CAPITALOPERATING PROFIT*

R9 598m55%

R873m 54%

R1 965m11%

R186m12%

Consumer

38

Inboundtransportation

Warehousing Distribution

TRADITIONAL SERVICE OFFERING

Inboundtransportation

Freight forwarding& clearing

ProcurementProduction

planningPackaging &

MerchandisingInventory

management Warehousing Distribution

System integration

ENVISAGED SERVICE OFFERING

Potential areas of asset-light opportunity

LOGISTICS STRATEGY

39

Focus on familiar businesses (motor and European logistics) with adequate returns instead of turnaround opportunities

Imperial Logistics International has

– highly sought-after bulk and container terminals

– important inter-modal transport solutions

– an inland waterway transport business of considerable scale, and

– a highly sophisticated 4PL business

Steadily building on UK dealership base Returning Australian dealership group to profitability

INTERNATIONAL STRATEGY

40

LEASING AND FLEET MANAGEMENT (EQSTRA) - UNBUNDLING

Refine business focus of Imperial and reduce exposure to capital intensive businesses

Create a new listed entity with a sharp focus on capital intensive leasing and infrastructure related activities

Capitalise on fixed investment spending and the demand for commodities

Attract higher leverage than Imperial as a whole Unlock balance sheet capacity and growth potential

for Imperial and Eqstra

41

EQSTRA UNBUNDLING

Status Timing Funding of Eqstra Expected gearing levels Future of Imperial Capital Treasury functions Board

42

ILLUSTRATIVE PRO FORMA BALANCE SHEET AFTER UNBUNDLING

4.1(1.3)-

3.7(0.3)1.50.10.3(5.4)3.1-5.4(0.3)2.4-1.0-

2007 afterthe unbundling

pro forma

2007UnbundlingAdjustments

2.0(0.5)1.6-0.4-

10.0(4.7)

10.3(2.0)

24.3(7.2)

24.3(7. 2)Net working capitalNet assets held for saleInvestments, loans and other non current assetsVehicles for hireLeasing assetsTransport fleetProperty, plant & equipmentInvestments in associates and joint venturesIntangibles

Rbn

Financial and other liabilitiesInsurance fundsPerpetual preference shares

Net interest-bearing debt (net of cash)

Shareholders’ funds

5.42.8

4.01.45.73.15.72.41.0

2007 beforeUnbundling

2.51.60.4

14.7

12.3

31.5

31.5

2.8

43

Pro forma debt position after restructuring

Debt/equity

Reduction due to unbundling

Estimated proceeds from disposals

Net debt

EquityDebtR bn

ILLUSTRATIVE DEBT (PRO FORMA)

120%

0.6

61%

(2.0)

14.7

* Majority to be received within 24 months. Balance over 5 years

6.6

(4.7)

12.3

10.9

(3.4)*

44

Conclusion

45

STRATEGY SUMMARY

Strategy

‒ focus on balancing growth and return/efficiency targets

‒ increase returns through asset-light activities in adjacent business sectors

Underlying drivers of current initiatives:

‒ fix, sell or close underperforming businesses

‒ achieve healthy, sustainable returns

‒ focus on simple, logical business groupings

46

Difficult trading conditions will continue in the short to medium term

Logistics and Eqstra to continue performing well with some moderation

Car rental will carry once-off costs of rebranding

Balance sheet capacity freed up

Opportunities for growth will be pursued selectively

Imperial exposed to strongly growing sectors

OUTLOOK

47

QUESTIONS

49

Appendix

50

SCALE OF OPERATIONS

- Earth moving equipment

- New

- Used

Vehicles sold

- Trucks

- Forklifts

- Passenger and light commercials

Owned fleets

% Change

(0.2)

4.5

(0.2)

(18.3)

11.2

26.4

H1 FY 2008

41 447

10 910

34 507

50 141

6 196

1 555

41 521

10 441

34 592

61 404

5 573

1 230

H1 FY 2007

Invested in future expansion (6.3)R2.09 bn R2.23 bn

1. 2 agenda overview group results divisional results strategy conclusion

Documents

fair value loss

fair value adjustments

revenue h1 fy 2007h1

lereko fair value adjustment

sale slide

cents h1 fy

operating margin profit

operating profit2