September

2010

Presentation to the JSE / PSG

1

Outlook

2

Agenda

Introduction

Results to 28 February 2010

Introduction

3

What does Protech do?

Introduction

Site clearance Demolitions Fast-track bulk

earthworks Basement excavation Canal/river

rehabilitation Earthworks for

commercial, industrial and retail developments

Crushing and screening

Road construction Community

infrastructure services Dams and attenuation

ponds Airports and airfields Harbour and

reclamation works

Mine infrastructure development

Earthworks Topsoil and

overburden removal Rehabilitation Slime dams Dump reclamation Materials handling Contract mining

Plant hire and logistics Geotechnical laboratory and survey servicesImpact compaction Readymix concrete and pumping services

Protech is a bulk earthworks and civil engineering group that offers fast-track contracting. Its business offering includes:

Bulk earthworks Roads and civil works

Mining

4

What gives Protech the edge?

Introduction

Reputation as fastest in sector― Guaranteed to be onsite in 24-48 hrs― 100% track record for finishing in time or before time― Proactively manage adversities to improve completion dates

Expertise & experience (21 yrs)

Fast trackspecialists

Proven quality assurance

Compete on reputation,

not price

Margins underpinned by:1.Cherry-picking work2.Plant renewal policy

Above average margins

A focused producer of efficiency

Quality client base

Blue chip client base: bad debts < 1% of revenue

Introduction

5

Protech Offices in Botswana, Zambia, Zimbabwe, Namibia and Tanzania

6

Rm

PBT remainswell above F2008 levels following the peak of the

construction cycle in F2009

5-year Performance: Profit Before Tax

Note: PBT used as a measure as it includes all historic acquisition funding costs

Introduction

Outlook

7

Results to 28 February 2010

Results to 28 February 2010

Introduction

Agenda

Revenue R748,8m

Operating profit R118,6m

Operating margin 15.8% vs 22.2%

EPS* 20,9cps

Maiden dividend declared 5x covered 4,0cps

Market capitalisation** R275,5m

P:E ratio** 3.7 times

Results to 28 Feb 2010

Results to 28 February 2010

* HEPS of 20,2cps declined by 22% as it excludes profit on sale of plant & equipment (i.t.o. plant replacement policy)** As at 31 August 2010

8

18%Pleasing in light of results from most other construction sector players

24%

7%

6 p.p.

18%

Results to 28 February 2010

9

30%

20%

50%

Affected by 3 main factors

Results to 28 Feb 2010

Plant policyFleet age & quality

‒ Plant max. 2 years old‒ Demo-quality by end of term‒ Protects against state of the

equipment market Balance sheet protection – no

impairments‒R3m profit on sale of equipment Competitive advantage: Fleet averages

1 year old vs 6 yr industry avg

High efficiencies secure above-average margins Reputation as

– Providers of innovative solutions for clients

– Ultra-efficient fast-track specialists Won contracts worth R1,5bn without

pricing stupidlyStill have margin headroom

Ability to quickly shift sectorsSector flexibility combats market conditions Successful shift into coal mining sector

Quality earningsBlue-chip clientele & well-entrenched risk policy Bad debts only 0,08% of revenue

10

Results to 28 February 2010

Results to 28 Feb 2010Earnings decline limited through unique

business model

11

Results to 28 February 2010

Results to 28 Feb 2010

Strong cash flow

Capital intensive business, therefore traditionally high gearing

― Net gearing reduced to 57%

― Net interest cover of 7,6x vs. minimum target of 5x–6x

― However, gearing will increase in line with capex requirements for specific contracts won

― There is sufficient equity in plant & equipment to cover the debt (carrying value of PPE: R374m vs debt of R265m)

Statement of financial position

12

Outlook

Outlook

Results to 28 February 2010

Introduction

Agenda

Revenue*

Operating Profit*

F2010R769,3m

F2009R708,7m

Geotechnical

Contracting

Readymix

Divisional contributions to revenue & operating profit

F2010R117,6m

F2009R150,6m

Readymix = R5,4m loss in F2010

13

Outlook

* Before eliminations

Outlook: Contracting 14

Outlook

1st

2nd

3rd

Non mining work has dried up; unlikely to show much improvement in H1 F2011

Spend unlikely to increase meaningfully until government, provincial and municipal management structures, processes & capacity improve

― Will continue to be selective in choosing contracts

Sector preferences based on margins

Protech’s short term pipeline = 90% of work is on the mines Immediate focus remains coal – sustained activity due to global energy

demand Will broaden when other mining capex increases Owned fleet will grow to service 3-yr R340m blue-chip mining contract

Private sector

Mining sector

Public sector

Current work in progress (short term)

Work in Progress at May 2010 (Rm) 2009 (Rm)

Total contracts awarded 1 500 982

Already executed 360 526

Total WIP still-to-be-executed(91% is new projects secured since Nov 2009)

1 140 456

15

Outlook

Starting F2011 with 99% of F2010 Group revenue already secured

Outlook: Contracting (contd)

16

Outlook

R1,43bn realistic Pipeline as at May 2010 runs to 2012 (medium term)

Categories of workTotal

Rm

Realistic expectatio

n Rm

Current Work in Progress - Still to be executed 1 140 1 140

Category 1 - Recommended by professional team

170 ±130

Category 2 - Shortlisted (imminent)*

320 ±160

Category 3 - Un-adjudicated bids 900 -#

Realistic total - Current WIP + Category 1 + Category 2

±1 430

* Note: Of the R300m imminent work list at interim results, R263m (88%) was secured # Not included in pipelineSee appendix for breakdown of the pipeline and work in progress

Outlook: Contracting (contd)

Outlook: Geotechnical 17

Outlook

Improves credibility with existing clients

Servicing of a wider selection of external clients in future

Increased turnover on existing cost base

* SANAS: South African National Accreditation Systems

State of the art laboratories & SANAS* accreditation:

Protech culture now entrenchedSuccessful shift out of Residential Pro-active management ensures that payments from RDP Housing

remain strictly under control

SectorCurrent Revenue

contr.Supply to

F2011 expected conditions

Residential 27%

(95% at acquisition)

Townhouse & estate developers Picking up

Industrial & commercial

43%

Shopping centres; light industrial/engineering parks; commercial retail & office parks

Flat

Public infrastructure

13%

Roads, bridges, storm water drains, reservoirs & hospitals

Flat

RDP Housing 7% Building contractorsUnreliable payment

Mining infrastructure

10%Infrastructure contractors

Picking up

Volumes likely to increase from late F2011

Outlook: Readymix18

Outlook

Outlook

Outlook: Group19

H1 F2012

Improved market conditions

H1 F2010

H2 F2010

Includes initial effects of market downturn

Brunt of the downturn

Excessive rainfall

Pre-contract costs (largely once-off) on mining work

H1 F2011 H2 F2011 Benefits of

shorter term contracts won in H1 at higher margins

Slight improvement expected in Private Residential building sector

Longer duration of mining contracts means H2 F2010 margins will impact 12 months +

However, full benefit of mining contracts realised as pre-contract mine costs already sunk

Strong pipeline allows us to be more selective on the new margins we accept on new shorter duration work

Forward looking statementsCertain statements in this release that are neither reported financial results nor other historical information are forward looking statements including but not limited to predictions of or indications of future earnings.

Undue reliance should not be placed on such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and company plans and objectives to differ materially from those expressed or implied in the forward looking statements.

The information in this presentation has not been reviewed or reported on by Protech’s auditors.

20

Group outlook

Questions & answers

21