Results for the year ended AIRTIME 31 May 2015 AIRTIME

DISCLAIMER: The information contained in this document has not been verified independently. No representation or warranty express or implied is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Opinions and forward looking statements expressed represent those of the Company at the time. Undue reliance should not be placed on such statements and opinions because by nature, they are subjective to known and unknown risk 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.

Neither the Company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (based on negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation and do not undertake to publicly update or revise any of its opinions or forward looking statements whether to reflect new information or future events or circumstances otherwise.

This presentation does not constitute an offer or invitation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

www.bluelabeltelecoms.co.za Group • • • • • • • • Corporate actions: Corporate billion R1.64 to 22% increases Profit Gross HEPS billion R1.08 to 37% increases EBITDA 7.46% to 6.96% from improves margin Profit Gross billion R22 to 14% increases Revenue Cash resources R788 million R788 resources Cash Dividend declared of 31 cents per share, up 15% up 15% share, per 31 cents of declared Dividend - - cash proceeds from sale of sale from proceeds cash Multi resolution of final highlights for highlights increases increases 21% to 82.26 cents cents 82.26 to 21% the year - Links litigation Links ended 31 Ukash stake stake May 2015 – R95 million 31 ended year the for Results Audited May 2015 Dividend per shareDividend Contribution Profit Gross

cents Revenue R billions 10 15 20 25 0 5 2010 12 2011 14 2014 19.4 19.4 2012 23 Electricity 10% 90% Data Airtime,Starter Packs and 2013 25 2014 2015 27 22 2015 31 2 1

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 1 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 2 Financial and operational highlights and Financial • • • Revenue up 13% to R21.7 billion Revenue up13% billion to R21.7 Core net profit up R685 million Core22% net to profit billion R1.4 to 22% up profit Gross

Millions

Millions 1000 1500 2000 2500 3000 100 150 200 250 300 50 500 - - Brett LevyBrett Shareholder profile African South Direct Top Up Direct Prepaid Airtime Revenue Growth Revenue AirtimePrepaid – - PINless Airtime Growth PINless Airtime Joint CEO Distribution 2015 2015 2014 2014 4 3 Retail Mobile Credit Specialists (RMCS Specialists Credit Mobile Retail Prepaid • • • • • • • • • • Merged with The Mergedwith The in Entrenched Retail sectorcustomers utilise their pre Replicating model acrossmodel Replicating otherwell retail known chains Transfers to Money beextendedto offerings and service Product million R314 2014for on 7 April acquired 100% wef Informal/rural Informal/rural Formal/retail Formal/retail Distributing more products and services, especially data data especially services, and products more Distributing newConnecting ~700,000 per month SIMs ------‘chat 4 change’ ‘chat retail strategy unfolding at RMCS and Edgars Connect Edgars and RMCS at unfolding strategy retail POS supporting presence retail physical establishing low cost POS device and ‘ and device POS cost low benefit customised and based community expanding presence at utilities, and banks presence retailers utilities, expandingat long terminal terminal 1 June 1 June 2015 Airtime, Data - term distribution distribution term agreements with 2newchannels Edcon - - Postpaid 15% of revenue: revenue: of 15% 85% of revenue: of 85% Group Group and Starterpacks Company to form Blue Label Connect Connect Label Blue form to Company business in a box’ a in business - approved creditapproved facilities ) starter packs starter Airtime Contribution by Channel by Contribution Airtime Data Contribution by Channel by Contribution Data Geocoding Formal Retail Petroleum Formal Retail Petroleum 13% 41% 14% data opportunity 7% 14% 59% 18% 34% Corporate Sales Independent Corporate Sales Independent 6 5

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 3 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 4 • • • • • • Prepaid ElectricityPrepaid Edgars Connect • • • • • • Turnover accounted for on an agency basis basis on for an agency accounted Turnover billion) R8.8 (2014: in sales billion to R10.4 Equates in consumption spikes winter seasonal Note with increasing continues growth Exponential Commissions earned up 23% to R165 million up R165 to 23% earned Commissions of Impact but supplyconstrained pending, may be tempered Millions - - - - - R 1 000 R R 1 200 - 100 stores by calendar year end, 400 over next 24 next400 over months end, yearby calendar 100 stores opened 46 stores Main telephonyproducts andservices: In conjunction with Edgars Division of stand Connect Edgars Opened electrification of government housing developments housingof government electrification technologyof usage ofinstallations prepaidresidentialmeters revenue and arrears collection campaigns campaigns and revenue collection arrears contracts distributor of number Cash or R 200 R R 400 R 600 R 800 prepaid, prepaid, R - SIM CARDS Edcon June postpaid group pre- July , hybrid voice packages and data voice hybrid , - smart meters and meters smart August approvedcredit facilities Prepaid Electricity Electricity Prepaid September - alone stores HARDWARE Edcon October UniPIN Group November - Sales on behalf of utilities of behalf on Sales December January February VALUE ADDEDSERVICES Electricity by Contribution Channel Formal Retail Petroleum March 34% 17% April 23% 26% Corporate Sales Independent May 2016 2015 2014 8 7 Prepaid Prepaid ElectricityPrepaid • • • • • Millions Millions 1 000 1 200 - - - communities closed and developers Our proprietary technology: technology: proprietary Our distribution water prepaid for model electricity Replicating Market awareness campaigns awareness Market Contracted and trialling prepaid water e water prepaid andtrialling Contracted township suppliers, boards, water municipalities, from Interest 50 60 70 80 10 20 30 40 - 100 200 300 400 500 600 700 800 900 competitive advantage advantage competitive neutral aggregator aggregator neutral UniPIN 0 Water enabler – Revenue and Quantity (R millions) (R Quantity 6 Years'Prepaid Electricity UniPIN UniPIN Redemptions - tokens tokens Value (R thousands) (R Value - Revenue - 100 200 300 400 500 600 700 800

Thousands 10 9

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 5 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 6 Financial and other Value Adding ServicesValue other and Financial byTicketing • • • • • • • • • • • • Ticket sales’ volumes up 26% up volumes sales’ Ticket Major contracts due for retendering and renewal Striving for market differentiation, gaining brand recognition, and recognition, brand gaining differentiation, market for Striving ‘… ‘…sellinga ticket to an experience’ growing market share: market growing Additional distribution partners : partners distribution Additional - - - Money transfer solution to be launched be to solution transfer Money acquiring card debit and credit accepting devices POS Neutral aggregator and cash payment clearing house clearing payment cash and aggregator Neutral Bill payments payments Bill byand MNOs wallet Mobile banks offered Convenience and financial inclusion un for - - - - 2 s convenience of various ticketing types types ticketing various of convenience solution ticketing complete Nasrec Ticketpro Stadium Bay Mandela Nelson eventology pecialists pecialists ticketing in bulk through advanced technology nd largest ticketing engine in SA in engine ticketing largest – Rand Show, Lifestyle Show Lifestyle Show,Rand Dome >44 events p.a. events >44 Dome t icketpro by by - transaction growth 33% growthtransaction ticketpro ’ - & under & - banked banked 12 11 Shareholder profile Africa South in difference a making Firstly, • • • • • • • • • • • • CSI spend mainly on Boys & Girls Clubs Girls & Boys on mainly spend CSI courses development and mentoring education, Upskilling, skills empowerment and entrepreneurial Fostering base merchant with relationships solid Building and merchants ~30,000 employment Informal lifestyles uplifting and Enriching Reaching un Reaching people the to product Take New solutions Airtime, starter packs, electricity, and services and products innovative Distributing technology proprietary Sophisticated Beneficial Shareholders Rest of World2.5% 4.5% UK USA 8% 85% Africa South - and under and - ticketing ticketing water prepaid and banked, -banked, rural wellas communities as footsoldiers • • Market capitalisation R6 billion (at R9) R9) (at billion R6 capitalisation Market 2015 May 31 at As Free Free Float Below Threshold 3% Non-publicholders 37% FloatFree 60% 14 13

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 7 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 8 • • • • Oxigen Government driving economic development and development economic driving Government financial inclusion inclusion financial Escalating multiples Escalating group peer in deals M&A Recent Expanding e Services India India Services - commerce and m and commerce – Macro Environment Macro - commerce Mark Mark • • • Prospects International Mobile, Solutions and Technology and Solutions Mobile, 0 1 2 3 4 Levy Levy $ 150 Nov-14 $ 1.2b Mn – WHITE TEXT WHITE Joint CEO BLUE TEXT Distribution $ 635 Jan-15 $ 2b Mn Capital Capital Valuations $ 600 Jul-15 $ 3.7 b $ 3.7 Mn Raised 16 15 • • • • • • • O O ------Order of AwardMerit Business CorrespondentBusiness Banking Airtime recharge up with share 21%, Revenue up15%, profit Gross and Certifications 27001 9001& ISO Received of profit at R2.6 million million R2.6 at profit of Service Centres Service government Common Access >60,000 through presence of points merchant 130,000 per month 50 million transactions xigen India Services xigen Payment Payment Now Well positioned in market in positioned Well Cash Strategic align with expandingto Growth footprint and recharge Data (TV) DTH Includes card including including - out out Services Services Bank licence award pending award licence Bank partnerships with >60 major banks major >60 with partnerships pilot for RBI successfully completed successfully RBI for pilot Ratnaker India India - - Airtime rechargeAirtimeBanking and Operations Bank 10 15 20 25 30 35 10 15 20 25 30 35 40 45 - - 5 5 29 33 29 34 BusinessCorrespondent ($m) Banking 100 120 140 160 180 20 40 60 80 - Business Correspondent & Travel Oxigen includingTransfers, MoneyOnline Bill Bill (TV) DTH and Recharge 26 34 Airtime Recharge & TV ($m) TV Recharge & Airtime 93 Payment 27 TotalBanking, Value ($m) 35 98 Wallet Wallet Wallet &Service Aggregation others Product mix by % revenue % by mix Product 20 97 30 109 23 37 105 18 34 121 23 Banking 100 35 127 23 35 125 Oxigen 24 40 130 28 141 36 29% 44% 21% 1% 5% 32 153 35 18 17

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 9 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 10 • • • • • • • • • • • • • • Blue Label Mexico Mexico Blue Label O – multi Remittance Dailymoney transfer deposits increasing Awareness campaigning campaigning Awareness uptake Accelerating Oxigen Roll seasonal December Note Revenue up Oxigen POS connectivity with connectivity POS ontrack back get to months 9 from benefiting 2014 Sep Since market of Share reforms Structural - (Source: Reserve India) of Reserve Bank (Source: Increasingwallet adoption mobile xigen ~$100 ~$100 60,000 60,000 - out project project out - carrier status wallet ranked as a leading service provider servicea ranked leading aswallet wallet awarded ‘Best ‘Best awardedwallet million per month, annualising $1.2 billion billion $1.2 annualising per month, million Services Services active POS devices POS active market estimated at at estimated market 23%, with share share with 23%, continues and revenue India India - leading to now hosting 5 million wallets 5 million now hosting in Wifi - a competitive market market a competitive Wallet P effects repaid Issuer’byNPCI’ improves sales sales improves 100 billion p.a. (World (World p.a. billion $100 over increasing competition increasing of loss reflects dominance reflects / on / - steadily: line transfers/ remittances transfers/line at R89 at JUN p.a. million JUL AUG Bank) Bank) $1000 $1500000 $2000 $2500000 $3000 $3500000 $500000 SEP 60 70 80 10 20 30 40 50 $- - OCT Multicarrier Daily Domestic Daily Domestic Gross Profit Gross 29 (BC Banking and NOV 2014 Feb 31 share Revenue share Market DEC 34 2014 Aug Oxigen 43 JAN Money Transfer 45 74% 68% Telcel 2015 Feb FEB Wallet 55 Oxigen 46 MAR 2015 May ($ 59 11% 20% Movistar m) Wallet) APR 62 2015 Deposits Deposits Jun 66 MAY 72 15% 12% AT&T JUN 73 20 19 • • Blue Label Mexico Mexico Blue Label Mexico Blue Label - - - - - Thousands Airtime top Churn reducing 60 62 64 50 52 54 56 58 efforts efforts record sales sales 2015 in record June multi since 38% up sales client retention improving improving retention client reducing loss client 56.66 Jun. '14 55.49 Jul. '14 of sales beginning show sales force to of 54.62 Aug. '14 - up sales growing Active 54.65 Sep. '14 56.86 Oct. '14 Devices - – Multicarrier 57.93 Airtime Nov. Active devices and and devices Active '14 58.86 Dec. '14 - carrying carrying 58.23 Jan. '15 57.64 Feb. '15 57.74 Mar. '15 in 57.70 Sep 2014 Sep Apr. '15 58.80 May. '15 T ransactions 59.84 Jun. '15 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Millions Pesos

Jun. Millions '14 3.4% Jun. Jun. '14 '14 Jul. '14 3.6% Bill Bill Jul. '14 Jul. '14 Aug. '14 No. of of No. 3.4% Aug. Aug. Payments '14 '14 1.0% Sep. '14 3.0% Sep. Sep. '14 '14 Transactions Top Oct. '14 Oct. Oct. '14 '14 - Nov. 2.3% Churn Nov. '14 up up Nov. and and Multicarrier '14 '14 Dec. sales 1.6% Dec. Dec. '14 '14 '14 Card 1.8% Jan. Jan. Jan. '15 '15 '15 (Top Up, Payments 2.7% Feb. Feb. Feb. '15 '15 '15 1.8% Mar. Mar. Mar. '15 '15 '15 2.5% Apr. Apr. Apr. '15 '15 '15 ) May. 1.9% May. May. '15 '15 '15 1.6% Jun. Jun. '15 Jun. '15 '15 22 21

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 11 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 12 • • Blue Label Mexico Mexico Blue Label Mexico Blue Label • • • Bill Payments • • • Increasing number of transactions transactions of number Increasing top number Total per increasing for merchants for Average transaction per terminal terminal up 10% per transaction Average all POS Launching 35% of customer nowtransacting base customer of 35% trend growth Consistent Growth in productivityPOS improving merchant per day per merchant - ARPUs in 2015 2015 in ARPUs 16.3 million million 16.3 - up transactions up transactions - - - Airtime Airtime in – - one store solution solution one store 9.07 9.07 Cont. Payments and Bill Cont.

Millions Millions 15.0 16.0 17.0 11.0 12.0 13.0 14.0 7.00 7.50 8.00 8.50 9.00 9.50 Jun. Jun. 13.2 7.75 '14 '14 7.86 Jul. Jul. '14 '14 Aug. Aug. 7.77 Number '14 '14 Jun. '14 Jun. '14 Sep. Sep. Total Top Total 7.82 '14 Jul. '14 '14 Total Total Jul. '14 Aug. transactions Oct. '14 7.96 Oct. Aug. '14 '14 '14 Transactions Multicarrier Sep. '14 Nov. Sep. Nov. 8.22 - '14 '14 '14 up up Oct. '14 Oct. Transactions Dec. '14 Dec. 8.74 '14 '14 Nov. '14 Nov. / '14 ARPU merchant Jan. '15 Jan. 8.33 '15 Dec. (Bill (Bill '14 Dec. '14 Feb. '15 Feb. 8.48 Jan. '15 '15 Payments Jan. '15 Mar. / Feb. '15 Mar. day 8.57 '15 '15 Feb. '15 Mar. Apr. '15 '15 Apr. 8.78 Mar. '15 '15 ) Apr. May. '15 '15 Apr. May. 8.90 '15 '15 May. '15 May. Jun. 16.3 '15 '15 Jun. 9.07 '15 Jun. '15 Jun. '15 24 23 • • • • • • Blue Label Mexico Mexico Blue Label Mexico Blue Label to to Increasing volumes and values post year post and values volumes Increasing per day up154% to Transactions Transactions up 100% to per merchant Transactions and VISA with Partnership Steady growth in transactions transactions in growth Steady Sales up 171% 171% up Sales 10 20 30 40 50 60 70 0 707,000 707,000 34 Number of Transactions of MerchantNumber per May North 44 - a record a record Mayin 2015 – – June Card AcquiringCont. Card Acquiring 46 Regional AnalysisRegional (No Central Banamex – 59 up 133% up 133% 22,802 (May)22,802 July 64 (May) 62 . Transactions Sales and $ (Jan end Urban 10 000 15 000 20 000 25 000 5 000 0 8 964 8 May Lowlands Number of Transactions of day Number per 12 762 12 Transactions – June 2015 June 15 028 15 )) 20 159 20 South July 23 217 23 26 25

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 13 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 14 • • • • • • • • • • • up Average ticket up value ticket Average up Average Average of Number Blue Label Mexico Mexico Blue Label Mexico Blue Label Average transactions per merchant Food vouchers now Food vouchers Agreement $5 billion Gainingfoothold in Flexibility Necessarynature of food drives growth financial and non financial months merchants groceries Sales up Sales up Transactions 110,000 and cardholders ~7m Reaching - - 26 ~7,000 ~7,000 transactions per merchant merchant per transactions 64% in previous 6 months 6 months previous in 64% as as for employees to buy food and buyto food employeesfor Red Red with a salary perk a salary all 5 major distributors 78% in previous 6 previous in 78% - Qiubo financial POS market estimated at at estimated market accepted byaccepted – - Digital Digital Food VouchersFood Cont. Digital merchants merchants - $80 Food VouchersFood transacting transacting Food VoucherSales VoucherFood Transactions Average Tickets Merchants Transacting 28 27 • • • • • Mobile Segment Segment Mobile Mexico Blue Label ------Viamedia Cellfind Corenet profitR28.6 Sim CardsSim phones International Money RemittancesInternational Money ------topping commercials commercials competitively competitively positive approved validated market model agreements WASP Award from Vodacom Vodacom from Award WASP bulk SMS market increasingly competitive increasinglymarket SMS bulk processing~200 SMSs million per month leveraging internalsynergies 1 75% acquired 2014 September WASP WASP Award from Vodacom Vodacom from Award WASP trends traffic andSA International positive services providesubscription – includes a defined annuity income stream stream income annuity defined a includes - awareness awareness up – SMS phones SMS LBS and for mobile response from clients from response content, data and information for mobile mobile for information and data content, and agreed by regulator with most major networks major most with piloted in USA in piloted priced in the market pricedin the million: – campaigning SIM Cards and International Money RemittancesInternational Moneyand Cards SIM - – 2015 2015 annuity incomes on SA & International International SA& Local (SA) Traffic Trends Traffic International 30 29

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 15 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 16 • • • • • • • • Technology update significant issues aggregation neutral support Solutions Segment Solutions Skills focus Skills Postilion Banking transactions route directlyto/from Internal tests Internal tests and reveal external assessments no adverse No Proprietary AEON, AMS and Postilion platforms Stableplatforms as transactionvolumes increase ------Core Blue distributed/month ~80 million bulk printed vouchers vouchers printed bulk million ~80 dayper transactions online million ~4 peaking p.a. transactions billion ~5 growthand acquisitive organic accessing deep and rich data bases bases data deep andrich accessing (vs approach aggregation newreaching heights founding member of of member founding qualifying million 2.2 to doubled generation lead pa 563million to up 17% volumes SMS unique leads unique net profit profit net Solutions Data Label impacts from from impacts R24 million Direct loadshedding ‘spray & pray’)& ‘spray Marketing Association – data intelligence & analytical services analytical& intelligence data - ~61m unique~61m • Unique Cell 61 mil Numbers leads, with1million cell numbers cell 6 7 contact details contact 8 • linked to full to linked 2013 ID numbers numbers ID 31 mil 9 10 11 12 1 AEON 1 1 1 2 0 0 0 8 9 9 9 9 9 0 2 4 8 0 2 4 6 8 0 0 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 � � � � � � � � � 4 past 12 months 12 past • Contacted in in Contacted “ 1.8 Contact” Right Party Party Right 5 EVMS 2014 6 mil 7 9 U 3 2 8 0 n 1 7 i 8 4 q – 3 4 u � e 9 � L e 10 a d EFT s 11 � S u 12 p p l Linked ID to 1.7 mil 1.7 i ed addresses addresses 1 • E 2 - 1 0 2015 Mail Mail 2 2 0 4 Total 1 3 1 5 5 0 � 4 5 31 32 Prospects • • • • • • • - - Oxigen Food Food Digital of Distribution business profitability drive business to - stand Connect Edgars Establishing Money transfer solution to enhance financial service offerings in South Africa Africa South in offerings service financial enhance to solution transfer Money steadily share market by services solution and control access partners, distribution Increasing to tablets and handsets mobile Adding growth deliver to tokens water prepaid of Sales - micro newproprietary of rollout and pending, licence Bank Payment Services Services India revenue streams set to increase: to set streams revenue India grows Vouchers and Vouchers ATMs alone stores retailing products telephony retailing stores alone SA SIM SIM Distribution’s product bouquet product Distribution’s Cards at Blue Label Mexico positions the positions MexicoBlue Label at Cards Dean Financial Overview Suntup Suntup – , as as , Ticketpro FD 33 34

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 17 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 18 Income Statement Income Highlights Net profit attributable to equity holders of parent Share from losses of joint ventures Minority interest taxNet profit after financeNet (expense)/income EBIT Depreciation, EBITDA Overheads incomeOther profit Gross Revenue Share of profits from associates margins GP Taxation Net profit before taxation to to 21% of per share earnings headline Increase R22 billion to 14% of revenue Increase 82.26 cents82.26 amortisation in in and impairmentand charges 89.71 cents89.71 to 29% of share per earnings Increase R1.64 billion R1.64 to 22% of profit gross Increase in core in 22,044,222 1,080,165 1,644,340 (664,147) (265,497) FY 2015 (91,835) (94,019) (60,118) 577,617 986,146 660,531 926,028 (3,576) 12,497 99,972 7.46% R’000 6.96% to to 6.96% from margins profit gross Increase R Capital and R3.9 billion R3.9 eserves 19,401,666 1,349,534 (588,233) (206,442) FY 2014 (65,321) (65,137) (10,626) 7.46% 505,788 450,230 722,856 787,993 712,230 in 26,692 6.96% R’000 8,448 1,315 2,642,556 (26,514) (28,882) (49,492) (75,914) (59,055) 154,743 127,387 263,290 292,172 294,806 213,798 Growth (4,891) 73,280 0.50% R’000 4,049 R1.08 billion R1.08 to 37% EBITDA of Increase (cover of 2.62 times) 2.62 of (cover per to 15% of declared dividend Increase 31 cents share Growth (372%) (466%) (41%) (44%) (13%) (29%) 275% in in 36% 48% 14% 37% 22% 31% 30% 28% % 36 35 Associates Distribution AfricanSouth • • Share profits/(losses) of from associates * As reportedAs in * • • Gross profit% Gross excluding IFRS Gross profit% Gross profit Gross Revenue EBITDA Margins EBITDA Overheads equated to 17%. equated to revenue in Effective growth revenue. group in accounted for commission is earned PINless revenue Commissions earned on electricity increased by 23% R165m to (2014: R133m). Gross - - India India Ukash - India Ukash Other ------R2.6 million profit profit million R2.6 by increased profit Gross Money transfers currently transacting at transacting currently transfers Money Turnaround profitability focustransfers in onmoneyto strategyshift to due to BLT concluded BLT agreementan in November 2014 to dispose interest of its in Revenue increased by increased Revenue * top up revenue increased from R1.7 billion to R2.7 billion. Only the Only billion. R2.7 to billion R1.7 from increased revenue up top – R10.4bn (2014: R8.8bn) R10.4bn its its local currency includes includes 15%* 15%* Total group Total 22,044,222 1,644,340 1,080,165 21%* (664,147) amortisation FY 2015 7.32% 4.90% 7.46% R’000 of intangible assets of intangible assets of USD3.3 USD3.3 SA Distribution 21,657,891 1,444,730 1,038,252 (413,107) million per day per million FY 2015 6.54% 6.67% 4.79% R’000 FY FY (2,126) R1.5 R1.5 12,004 12,497 R’000 2,619 (May2014: USD2.3 SA Distribution 2015 million 19,103,652 1,180,376 (361 (361 FY 2014 821,310 5.97% 6.18% 4.30% R’000 Ukash 883) FY FY (2,382) (2,382) (3,259) 14,089 R’000 8,448 2014 million per day) per million SA Distribution 2,554,239 (51,224) Growth 264,354 216,942 Growth (2,085) R’000 R’000 4,049 5,878 256 Growth Growth (15 (14%) 180% 11% 48% 13% 22% 26% %) % % 38 37

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 19 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 20 Income Statement Income Ventures Joint - • - Share losses of from joint ventures Headline earnings per share (cents) earningsCore share (cents) per Earnings per share (cents) EarningsHeadline Headline Earningsadjustments Net Headline EarningsHeadline profit net Core intangibleadjustmentCore Net profit attributable to equity holders of parent Blue Label MexicoLabel Blue Blue Label Mexico Other profit attributable to equity holders of parent - - Increase in losses due to: due losses Increase in 23% by increased Revenue • • customer support as well as system fortification system as well support as customer Margin Margin Increases in overheads necessitated by the the by necessitated overheads in Increases compression need for enhanced post sales sales post enhanced for need FY 2015 FY 2015 (88,508) (91,835) (30,566) 577,617 577,617 547,051 596,578 (3,327) 18,961 R’000 R’000 82.26 89.71 86.86 FY 2014 (60,844) (65,321) FY 2014 450,899 450,230 460,602 450,230 (4,477) (4,477) 10,372 R’000 R’000 67.98 69.44 67.88 659 (27,664) (26,514) (31,225) 127,387 135,976 127,387 Growth Growth 96,162 R’000 R’000 1,150 8,589 Growth 4,738% 21% 29% 28% 83% 28% 21% 30% 28% % 40 39 Balance Sheet Balance Sheet • • • • • Cash flows from investing activities Interest received Total equity and liabilities Current liabilities • Cash cash and equivalents the at of end the year Translation difference Cash and cash equivalents at the beginning of the year Increase/(Decrease)in cash and cash equivalents activities financing from flows Cash Cash flows from operating activities Taxation paid Interest paid Cash by generated operations as at 31 May Summarised liabilities current Other and payables other Trade Non earnings Retained Cash andcash equivalents assets current Other andTrade other receivables Inventories assets Current non Other Property, plant and equipmentProperty, Non Summarised Other reserves Other share premium and shares capital, Share treasury and reserves Capital assets Total Investment associates and Investment in joint ventures assetsIntangible andgoodwill Treasury shares acquired Proceeds receiveddisposal on of acquisitionoutflow Viamedia on Cashof Further investment LabelBlue Mexicoin Capex Dividendpayment to shareholders and minorities -current liabilities - current assets - current assets – R178m Group Statement of Financial asat of Financial Group Position 31Statement May Group Statement Cash of – R19 million R19 Ukash – R95 million R95 – R157 million R157 R50 million R50 Flows – R187 million (2,648,465) 1,184,131 (328,751) (205,276) (245,495) (401,532) 2,831,000 2,622,558 7,026,820 2,911,166 2,712,165 1,433,104 4,986,606 2,040,214 3,943,888 3,917,981 7,026,820 1,254,893 (67,811) 788,411 132,495 429,806 197,673 130,065 788,411 106,684 548,572 15,995 R’000 52,926 80,166 5,812 2015 R’000 2015 (2,644,528) 1,184,131 1,129,008 (467,220) (196,892) (223,538) 2,818,898 2,818,898 2,222,685 6,502,887 6,502,887 2,886,498 2,181,973 2,181,973 1,306,206 4,704,580 1,798,307 1,184,131 1,184,131 3,945,832 3,945,832 3,523,989 6,502,887 1,005,934 (22,751) 907,332 243,220 941,282 598,109 24,613 R’000 67,600 92,400 97,064 32,270 32,270 97,200 R’000 2014 (371) 2014 • • • • • • Debtors Debtors Inventory Ukash R94mdisposal interest of in Mexico. R50m investment in Blue Label and goodwill growthNet intangible in assets acquisition Viamediaof Creditors payments collections – 26 days – mainlydue to – – 46 53 days days 42 41

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 21 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 22 Dividend Dividend of Dividend Cover per per share share of 2.62 times 3 declared 1 cents August 2015 Supplementary Information 44 43 • • Supplementary Supplementary Growthdriversfor SA include Distribution landscape MNO Evolving ------• • • • • • • • distribution on behalf of networks, utilities managing managing versaand vice banks becoming telco’s consistently increasing GrossProfit and margin GP increasing consistently launches product newand acquisitions phonessmart ofinexpensive availability compression margin cost ofcardsSIM increasing airtime sales for data consumption bymobile interest phone makers intensified to 5G4Gupgrading of cost sharing,infrastructure consolidation, MTRson determination pricing competitive pressurescost OPPORTUNITY springboards and Mexico Growthinin operations India robustcash flows model generatesBusiness interest earned commodity, annuityand 3 pillars:onbasedIncome ticketing,financial services delivery, electricity,water, in dataSA: demand Growing services and productsAdd Airtimebuildsrailroad tracks payment method Prepaidis alternative an Prepaidprovides certainty the last mile - regional - - Macro Macro Strategy of theof distribution : environment creating • • • • • • • • • DELIVERY proprietary technology platform Robust, scalable, agnostic and introducingproductsand services Buildingnetworkdistributionand expansions Measuredandscaled approachto Unleveraged balancesheet informal sectors inSustainable formal (retail) and Disciplinedand minimalcapex services switch financialfor Postilion distribution channel ‘theManagelast mile’ in the consumer bases AEON Growingproductlines and value channel in SA influencing SAinfluencing in : our growth drivers growth our -

Billions % R 1000 R 1200 R 1400 R 1600 R 1800 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% R 200 R 400 R 600 R 800 R • • • • • • • • R 0 VALUE ADDING cost penetration low with growingfast marketsLarge, mergersand acquisitions yielding,share buy Entrepreneurial at services minimalextra Additional products and strategic partnerships Equity, andcontractual > Surpluscash: Dividend discounts Bulk buying/earlysettlement growth Organic 6.05% R R 2011 2011 150, 1.12 GroupGross Profit Gross Profit% 000 POPs in SA inPOPs 000 6.45% R 2012 2012 1.21 6.70% R R 2013 2013 1.27 spirit - back, back, 6.96% R R 2014 2014 1.35 7.46% R 2015 2015 1.64 46 45

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 23 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 24 0.5 1.5 Supplementary Supplementary 20 12 16 0 1 2 3 4 5 0 4 8 0 1 BLUE TEXT $ 210 Oct-14 Jul-14 $ 1b $ 7b $ 1 Activi Activi $60 Mn $ Sep-14 South Africa South Junction (60%) 0.40 0.40 Blue Label Blue Label The Post Paid Post The The Prepaid Prepaid The Distribution Mn Transaction Transaction Blue Label Company Company Ticketpro Company Company Cigicell Services Ventury RMCS b Deployment Deployment Ola Cabs Ola Flipkart $ 400 Apr-15 $ 700 $ 3.5 b b $ 3.5 Dec-14 Quikr $ 11b (74%) Mn – - Mn Capital Capital Oxigen Group Operating structureGroup Operating $150 Mar-15 $ 1 b $ 1 $ 4.60 b $ 4.60 Jul-15 $ 550 $ Mn May-15 Raised $ 16b 500 Mn Mn Services India India Services Blue Label Mexico Mexico Label Blue African Prepaid Prepaid African Services India India Services International Services (90%)Services 0.1 0.2 0.3 0.4 0.5 0.1 0.2 0.3 0.4 0.5 Blue Label Blue Label 0 1 2 3 4 5 Investments Investments Gold Label 0 0 (55.83%) Mpower (21.6%) (46.64%) Oxigen $ 133 Feb-14 $ 0.5b Mn $ 33 $60 Aug-14 Aug-14 $ .28 b $ .28 $ .35 b $ .35 Mn Mn – Snapdeal Freecharge Foodpanda Macro Environment Macro $ May-14 105 $ 1b as Mn WHITE TEXT WHITE at 31 May $ 80 $110 Mn $ .45 b $ .45 Mar-15 Jan-15 $ .44b Oct-14 Mn $ 627 Via Media (75%) Media Via Blue LabelBlue One $ 5b Blue Label Blue Label Mauritius (50%) Mauritius Simigenix Panacea Panacea Mobile Cellfind Supa 2015 Pesa 0 1 2 3 4 0.1 0.2 0.3 0.4 0.5 Valuations 0.5 1.5 0 0 1 $ 150 Nov-14 $ 1.2b Mn $ 25 Sep-14 $ .17 b $ .17 $60 Nov-14 $ .66 b $ .66 100% unless otherwise stated Mn Mn Paytm Mobikwik Zomato $ 635 Jan-15 $ 2b Blue Label Blue Label Solutions Mn Solutions (81%) Data Label Blue Datacel Datacel CNS Call Call CNS Velociti Centre FIDS (25%)FIDS Datacision .$ .40 b .40 .$ $ 25 Apr-15 Apr-15 $ 1 b $ $50 (50%) $ Mn Jul-15 $ 3.7 b $ 3.7 Mn 600 Mn 48 47 Supplementary Supplementary • • • • • • • Listed as BLU on JSE in in on 2007 BLU JSE as Listed CSI spend R5.2 million and training & development R3.9 million million R3.9 & development and training million R5.2 spend CSI paid in 2010 dividend Maiden September Products and services include model Business byunderpinned long 2,179 2001 in Founded ------R6.2 billion current market capitalisation (at R9.20/share) (at capitalisation market current billion R6.2 airtime, starter packs anddatapacks starter airtime, financial andfinancial value addingservices ticketing ADRs launched in 2013 in launched ADRs electricityand water free float ..~60% withdiverseinstitutionalshareholder base employees – – Groupwide Technical Overview Technical Label factsheetBlue - term distribution contractsterm distribution (FY15) 50 49

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 25 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 26 • • • • • • • • Supplementary Supplementary • • • • • • • • • • - held in USA in held Blue Label TelecomsLabel Blue Blackhawk Network Blackhawk Network Cyberplat InComm Euronet listed PayPoint listed 1 NET - - - Nasdaq listed These are some of our greatest assets, achieved through long through achieved assets, of our greatest are some These Reputablelocalpartners is key to businessmodel Time: as customers prioritise systems’integration for their own needs/objectivesand/or products Trust andof over relationships 14 years in business Mexico Expandingdistributionchannel: >150,000 POP’s in SA, ~130,000 POP’s in India, and >60,000 in Lock contracts Long term integration hinder can contracts and customer supplier negotiating in Lag times scalable, no fees to others) and Postilion (banking and financial services grade) services andfinancial (banking and Postilion to no fees others) scalable, Technology platforms and(customer,servicesmunicipality, utility,retailer) forecourt,bank, suppliers, which fortifyour foundations Same Same can barriers us hinder newentering markets JSE listed Nasdaq listed Russian base time time – Nasdaq Listed Nasdaq – - out periods for processing new and developing existingtechnologies.Roll Worldwide Worldwide Nasdaq Nasdaq – – privately privately LSE LSE - – Peer group Barriersentry to • • • • • • • – Cigicell Syntell & Landis Itron Easypay Contour Conlog TelecomsLabel – to ensure there is no cheaper pricing in in market the pricing is no cheaper there ensure to AEON (proprietary, agnostic, neutral aggregator, plug ‘n play, proven, proven, ‘n plug play, aggregator, neutral agnostic, (proprietary, AEON / Blue / Blue Gyr • • • • • • • Nuticket Itickets PicknPay Webticket Computicket Concerts Big Shoprite Computicket Label Quicket Ticketpro Telecoms / Blue / Blue / / / - termcontracts with customers and • • • ------• • • • • • • • India Oxigen m Money Airtel Paypoint Suvidhaa Itzcash Mobikwik Paypal Pay U Money Citrus Citrus Paytm Oxigen - pesa Pay Services Services Wallet / Wallet - out of devices takes outtakes of devices • • • • • • • • • • • • • * Descending HSBC Grupo Elektra Pemex OXXO Bank branches Bank ATMs Mexico Famsa Telecom Red 7 Banamex BBVA - Eleven Qiubo WalMart Telegrafos / Blue / Blue * in size in Label Label 52 51 NOTES Supplementary • • • • Notes: • • • • • • • • Government Employee Pension Fund Pension Employee Government Dimensional FundAdvisors Advisors Global Peaks Grandeur 36ONE Peregrine Peregrine Deutsche Bank Investment Sanlam Levy MB Allan Nedbank Group Group Nedbank Levy S M Investments Shotput • • ADR programme offered through through offered programme ADR Shareholders of >2 of issued capital account for ~81% of total issued share capitalshare issuedof total ~81% for accountcapital >2 of issuedof Shareholders Gray Asset Management Asset – – – and clients and clients 12.4% 11.3% 2.2 % – - – 2.4% 2.8% Top shareholders Top as at 31Mayshareholders 2015 Management – – 14.8% 23.5% – – 2.1% 2.1% 2.2% – – 2.2% 3.1% BNY BNY – 2% M ellon 53

BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 27 BLUE LABEL RESULTS FOR THE YEAR ENDED 31 MAY 2015 28 NOTES