1. What we do

1. Our Shareholders

1. Financial highlights December 2013

1. Outlook to 2014 and 2015

1. Conclusion

In this presentation

Key Dates: AGM and Trading Update: 26 June 2014

3

Rebranding from Murray & Roberts to Masimba

Masimba is a leading contracting and industrial group providingInnovative engineering and infrastructure client solutions. Masimba was listed on the Zimbabwe Stock Exchange in 1974

Masimba Construction is the dominant player in Civil engineering and Building construction works, having completed significant projects in Zimbabwe and the region.

Our manufacturing unit, Proplastics produces and distributes a wide range of plastic piping systems for different markets, supplying the local and regional markets. Key markets includeAgriculture, water and sanitation, mining, telecommunicationsAnd building construction

2. Our Business

Market Estimate  Construction InfrastructureMaterials

Civils and Housing ✔ ✔

Water & Sanitation ✔ ✔

Telecommunications ✔ ✗

Mining ✔ ✔

Power & Energy ✔ ✗

Roads & Transport ✔ ✗

Agriculture ✔ ✔

Our Core competence is Construction and Infrastructure materials

6

Masimba Construction at Work : Roads & Earthworks

7

RoadsMasimba Construction at Work : Roads & Earthworks

8Commissioned 22 Dec 2013

Masimba Construction at Work : Buildings

Water : Tokwe Mukosi Dam Tunnels

9

Masimba Construction at Work : Water Infrastructure

10

.

Masimba Construction at Work : Civil Engineering in underground Mines

11

HousingMasimba Construction at Work : Low Cost Housing

12

.

Proplastics Piping Systems: Major Water pipelines

Rank Shareholder % Total

1 Zumbani Capital 46.58

2 Old Mutual Life Assurance Company 13.22

3 Stanbic Nominees 7.10

4 Fed Nominees 5.82

5 Standard Chartered Nominees 2.50

6 Moray Investments Holdings Limited 1.81

7 Turner, Roy 1.39

8 Equivest Nominees 1.32

9 National Social Security Authority 1.15

10 Stanbic Nominees (Private) Limited 0.95

81.84

Total Issued Share shares: 220,493,732

2. Our Shareholders at December 2013

3. Financial Highlights: 18 months to December 2013

18months31 Dec 2013

AuditedUS$

12months30 Jun 2012

AuditedUS$

Revenue 62,314,449 43,961,311

EBITDA 3,941,011 3,126,166

EBITDA/Turnover 6.3% 7.1%

Basic/(loss) Earnings per share(US cents)

(0.03) 0.23

18 Months 12 monthsDec 2013 June 2012

Turnover 62,314,449 43,018,590

Construction 39,974,312 64% 26,896,765 63%Manufacturing 22,340,137 36% 16,121,825 37%Gross profit 10,739,893 6,618,184 Overheads (9,410,002) (6,157,692)PBIT 972,891 1,822,792 PBT 451,592 1,646,934 (Loss)/PAT (60,412 1,300,417 Ratios Gross profit % 17.2% 15.4%Overheads % 15.1% 14.3%PBIT % 1.6% 4.2%PBT % 0.7% 3.8%PAT % (0.1%) 3.0%

63%

37%

June 2012Contracting Manufacturing

64%

36%

December 2013Contracting Manufacturing

More pronounced slow down on contracting owing to effects of slowdown at unfunded projects

3,777 

2,170 

3,463 

9,410 

 ‐

 1,000

 2,000

 3,000

 4,000

 5,000

 6,000

 7,000

 8,000

 9,000

 10,000

July 12‐Dec 12 Jan 13‐Jun 13 July 13‐Dec 13 Total

Group 2013

2,528 

3,630 

6,158 

 ‐

 1,000

 2,000

 3,000

 4,000

 5,000

 6,000

 7,000

July 11‐Dec 11 Jan 12‐Jun 12 Total

Group 2012

Overheads will continue to be sized to the environment that we face. Target reduction in 2014 is 30%

Shows 2013 slow down progressively

17,674 

11,365  10,935 

39,974 

 ‐ 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 28,000 30,000 32,000 34,000 36,000 38,000 40,000

Jul12‐Dec12 Jan13‐Jun13 Jul13‐Dec13 Total

Contracting 2013

13,558  13,339 

26,897 

 ‐ 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 28,000 30,000 32,000 34,000 36,000 38,000 40,000

July11‐Dec11 Jan12‐Jun12 Total

Construction 2012

Progression shows some level of buoyancy

8,864 

6,059 7,417 

22,340 

 ‐

 2,000

 4,000

 6,000

 8,000

 10,000

 12,000

 14,000

 16,000

 18,000

 20,000

 22,000

 24,000

Jul12‐Dec12 Jan13‐Jun13 Jul13‐Dec13 Total

Manufacturing 2013

8,462 7,660 

16,122 

 ‐

 2,000

 4,000

 6,000

 8,000

 10,000

 12,000

 14,000

 16,000

 18,000

 20,000

 22,000

 24,000

July11‐Dec11 Jan12‐Jun12 Total

Manufacturing 2012

As at 31 December 2013

As at 30June 2012

US$ US$ASSETS

Non-current assets 17,369,798 18,973,622

Current assets 17,604,434 17,310,160

Bank balances and cash 2,476,137 1,986,789

Total assets 37,450,369 38,270,571

EQUITY & LIABILITIES

Capital and reserves 20,594,178 19,269,855

Interest bearing borrowings 3,649,999 3,112,186

Other liabilities 13,206,192 15,888,530

Total equity and liabilities 37,450,369 38,270,571

Strong balance sheet Comfortable level of borrowings Some period end cash utilized to pay off maturing loans $600,000

Other liabilities  growth shows risk sharing with subcontractors on slow paying projects 

Government exposure $5.7m Ongoing efforts to recover

18monthsDec 2013

US$

12 monthsJun 2012

US$

Cash generated by continuing operations 986,285 3,973,397

Interest paid (521,299) (175,858)

Income tax paid (316,402) (224,067)

Dividend received 520 7,724

Investing activities (171,687) (4,224,521)

Financing activities 511,932 1,512,186

Net increase in cash and cashequivalents 489,348 868,861

Business units were cash positive at operating level

Minimum capex  $1.344 m in a difficult environment

Property disposals proceeds: $850 k Driven more by poor returns than cash flow management

Paid loans on time and accessed new funds at low rates.

4. Outlook to 2014 and 2015

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Construction 2013 versus 2014 Order Book

 ‐ 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000 50,000,000

Turnover 2013

Order Book 2014

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Key Issues

Low Investor Confidence Inadequate funding public sector projects Private sector = confidence stress

Diminishing funded projects of scale Sub optimization of resources Economic decline has adversely affected our subcontractors and many suppliers

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Proplastics Volumes: estimated to grow by 20%

 ‐ 100 200 300 400 500 600 700

July

Aug

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Septem

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Octob

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Nov

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Dec

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Janu

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Februa

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March

April

May

June July

Aug

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Septem

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Octob

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Nov

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18 months to 31 December 2011

18 months to 31 December 2013

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Proplastics : Key Issues

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Platform Prospects: Construction

• Masimba strategic positioning on Mining infrastructure is strong and will continue to strengthen this on the back of imminent key government policy reviews

• Capacity: strong local and regional partnerships to exploit the huge infrastructure opportunities: Energy, Transport, Water

(and also PPP)

• Yes the local market is highly fragmented and competitive and yet our key objective is to be the contractor of choice. Masimba is the benchmark in the market.

• Buildings: Commercial. Retail and low cost housing

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Platform Prospects : Proplastics

Our target is to grow the volumes and efficiencies at Proplastics and at the same time ensuring new products arising from continued innovation rises to 15%

Irrigation business has shown steady recovery in the last three years and this year’s good Agriculture season will will spur expansion in this sector

The commissioning of the new HDPE plant in August 2014 will buttress Proplastics strong positioning in Agriculture and mining markets in Zimbabwe and the region

We have seen evidence of the acceleration on improving urban water supply in 2014 and mainly funded by NGO’s and public sector partners

In Proplastics wee see a world class and formidable regional piping systems business in two years. We have worked hard in the region and are determined to see a fair share of these markets

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Platform Prospects : Proplastics

The commissioning of the new HDPE plant will buttress Proplastics strong positioning in Agriculture and mining markets in Zimbabwe and the region

In Proplastics wee see a world class and formidable regional piping systems business in two years. We have worked hard in the region and are determined to get a fair share of these markets

We will expand into other key infrastructure materials business in 2014

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Platform Prospects : New Frontiers

The residential property development will be rolled out in 2014 on the back of our land bank . Designs and regulatory issues have been completed. $2 million

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We expect major policy changes to happen in 2014 and significant infrastructure projects covering mining , roads, energy and water to kick off in 2015. Growth at Proplastics in 2014 will be buoyed by local and regional urban water supply and supported by exports to the region. Construction will is 2014 focusing on 3 C’s

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