Investors Presentation10 & 11 May 2005

FOR THE SIX MONTHS ENDED 31 MARCH 2005

FACT SHEET FOR SIX MONTH PERIOD

Current market capitalisation R6,9 billion Revenue R3,3 billionEBITDA R460 millionEBITDA as % of turnover 14%Interim dividend 52 cents per share Share price: 9 May 3724

Weighted average number of shares used to calculate earnings per share 173 million

HIGHLIGHTS FOR THE 6 MONTH PERIOD

• Impact of compulsory share buyback– 9%

• Electrical group slowly taking form– ATC & African Cables business combined– BEE partner finalised– New products launched

• Improved ROE from 50,5% to 62,9%

FINANCIALS

SOLID FINANCIAL PERFORMANCE

• HEPS up 31% – 181.2 cents (HY04: 138.7 cents)

• Turnover increased by 9%– R3,3 billion

• Operating profit increased by 28% – R433 million

• Headline earnings improved to R313 million• Interim dividend of 52 cents per share

– 30% up

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Interim Final Linear (Interim)

DIVIDENDS (cents per share)

INCOME STATEMENT

HY05 HY04 % Rm Rm change

Revenue 3,276.0 3,011.9 9 EBITDA 459.9 390.4 18 Operating profit 433.0 339.5 28 Net interest and dividend income 16.5 28.5 (42)Profit before taxation 449.5 388.3 16 Profit after taxation 293.4 246.8 19 Share of associate companies' profits 29.6 33.1 (11)Earnings attributable to RLO shareholders 313.2 256.0 22 HEPS (cents) 181.2 138.7 31 Taxation rate (% ) 34.7 35.6

R million 31 March 2005 31 March 2004Non-current assets

Property, plant and equipment 193 201 Goodwill 253 313 Investments 110 70 Finco accounts receivable 761 236 Deferred taxation assets 47 33

1,364 853 Current assets

Inventory & contracts in progress 518 443 Accounts receivable 962 791 Cash and cash equivalents (net) 319 689

1,799 1,923 Total assets 3,163 2,776

Shareholders' funds 1,155 1,377 Non-current liabilities 47 60 Current liabilities 1,961 1,339 Total equity and liabilities 3,163 2,776

BALANCE SHEET

R million 2005 2004EBITDA 460 390 (Increase)/decrease in net working capital (312) 1,065

Finco receivables (232) 984 Other working capital (80) 81

Cash generated from operations 148 1,455 Net interest and dividends received (incl associates) 57 29 Taxation paid (244) (199)Dividends paid (incl outside shareholders) (218) (192)CASH GENERATED BY OPERATIONS (257) 1,093 Capital expenditure (23) 7 Acquisitions and other investments (3) (47)Other (net) 10 11 Actual net cash flow (273) 1,064 Movement in Finco borrowings 311 (1,044)Net cash flow adjusted for Finco borrowings 38 20

GROUP CASH FLOW INFORMATION

EBITDA %

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PROFITABILITY RATIO’S

Operating margin (%)

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Return on equity (%)

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PROFITABILITY RATIO’S

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SEGMENTAL ANALYSIS

HY05 % HY04 % Rm Rm

Electrical Engineering 877 22 667 18 31 ElectronicsOffice systems 419 11 502 13 (17)Consumer products and services 1,847 46 1,664 45 11 Telecommunications 704 18 704 19 -Reutech 133 3 179 5 (26)Total Electronics 3,103 78 3,049 82 2 Total operations 3,980 100 3,716 100 7 Less: Reunert's attributable portion of associate companies' revenue (704) (704)

Revenue as reported 3,276 3,012 9

% changeREVENUE

SEGMENTAL ANALYSIS

HY05 % HY04 %Rm Rm

Electrical Engineering 171 35 114 27 49 ElectronicsOffice systems 111 23 86 20 29 Consumer products and services 156 32 150 36 4 Telecommunications 52 11 56 13 (7)Reutech (4) (1) 16 4 (125)Total Electronics 315 65 308 73 2 Total operations 486 100 422 100 15 Less: Reunert's attributable portion of associate companies' net operating profit (53) (57)Operating profit before goodwill 433 365 19

% change

OPERATING PROFIT BEFORE GOODWILL AMORTISATION

Revenue

Reutech3%

Electrical22%

Office systems

11%

Telecom18%

Consumer46%

Operating profit

Office systems

23%

Telecom11%

Reutech-1%

Electrical35%

Consumer 32%

% Contribution

GROUP OPERATIONS

CBI

• Residential sector buoyant• Depressed sales

– Mining– Exports– Mainly due to stronger rand

• Launched wiring accessories in February– Rapid market share gains

• Heinemann Australia– Acquired July 2004– Ahead of budget– Launching Mitsubishi product range

• New plant in Lesotho– Operational

ATC

• Trading profitably• Acquisition of African Cables business completed• Powerhouse Utilities

– 25,1% shareholding

• Life after Telkom– Nearly 60% of orders received are non-Telkom– 21% exports

• Diversifying customer base– Process/Petro Chemical market – Data communications market– Mining

AFRICAN CABLES (division of ATC)

• Order intake continues to grow• Powerhouse Utilities 25,1% empowerment partner• Capacity constraints addressed

– R6 million invested to date– Rod conversion plant: R16 million – 3 additional machines: R16 million– Should be on stream January 2006

• Cafca in Zimbabwe– Supplying copper rod & Bells cable– Productivity issues to be addressed

• Exports– Needs attention– Current capacity constraints

NASHUA

• Nashua Kopano– Black owned franchise merged with Nashua Direct business – BEE shareholding 26%

• Strong growth in volumes of multi functional machines– Printer sales: increased 2½ times previous year– Colour printer sales twice that of previous year– Increased total document volume

March: 314 million prints

• Launching Nashua Broadband– 1 June– Based on same recipe as Nashua Mobile– Service Provider for telecomms operators Sentech, Telkom & others

NASHUA FINANCE

• Successfully rebuilt the finance book after sale in 12/03– R761 million

• Swaps taken • Book

– 20% linked rates. 80% fixed rates– 18 000 contracts on own book– Average period 31/2 - 4 years

NASHUA MOBILE

• Buoyant consumer demand continued• Customer base has grown by 28 000 since year-end

– 361 000 contract subscribers Sept 04– 389 000 contract subscribers March 05

• Real average revenue per user– R534 (Handset business R457 + LCR R1 623) – FY04: R538

• Revenue– 70% handset business– 30% specialised services

• Stronger focus on blue-chip individuals• Distribution model

– Increase touch points• Expect number portability to be introduced March 2006

REUNERT CONSUMER & COMMERCIAL

• Distributor of consumer electronics and business systems• Multiple brands

– Panasonic, Futronic, Nintendo– New brand: Akai

• Consumer product prices continued to decline• Higher volumes sold• Market position greatly improved

REUTECH

• Order book is a serious concern• Difficult trading conditions

– Denel situation– Suspension of Armscor senior personnel– International markets wary of SA

SIEMENS TELECOMMUNICATIONS

• Strong order book• Exchange rate has a negative impact on absolute profits• STC • Fixed line business

– Telkom upgrade of switches to soft switch status continues

• Mobile business– Vodacom 3G roll-out nearing completion (initial phases)– Cell C considering 3G

PROSPECTS

With the exception of Reutech, the group’s operations are expected to enjoy buoyant market conditions.

Reunert should continue to deliver real headline earnings growth.

CHANGES TO BOARD

• DE Cooper– Resign as chairman

• MJ Shaw– Incoming chairman

• KS Fuller– Non-executive director– Chairman of audit committee

Contact details

Carina de Klerk

invest@reunert.co.za

Tel +27 11 517 9000