BWO.L Regulatory News (BWO)

Barloworld Limited

 (Registration number 1918/000095/06)

JSE codes: BAW and BAWP

ISIN codes: ZAE000026639 and ZAE000026647

Audited results for the year ended 30 September 2011

Salient features

* Revenue up 22% to R49 823 million

* Operating profit up 51% to R2 289 million

* HEPS from continuing operations up 120% to 465 cents

* Strong cash generation from operations R3 104 million

* Net debt to equity declines to 36% from 47%

* Total dividend of 155 cents per share up 107%

Clive Thomson, CEO of Barloworld, said:

"Trading results were ahead of expectation and the group delivered a strong performance for the 2011 financial year. Good growth in the mining sector, together with some significant contract awards, led to significantly higher profits in Equipment southern Africa and Russia. Automotive and Logistics produced a pleasing performance in a competitive trading environment, while the Handling division showed a substantial turnaround from the prior year.

We expect to maintain the positive momentum into the new financial year. While commodity prices are off their highs, they are anticipated to remain favourable for mining investment and production. This will benefit trading in the first half of 2012, while growth in the second half will be slower due to the higher base. Overall we expect to make solid progress in the year ahead".

14 November 2011

Chairman and Chief Executive's report

OVERVIEW

The global demand for commodities, led by China, which started in the latter part of our 2010 financial year, continued strongly in the current year. While developed economies have shown little growth during the period, growth in emerging economies has been much stronger and resource intensive.

The group produced a very strong performance in the current year with operating profit of R2 289 million being 51% up. Headline earnings per share from continuing operations of 465 cents is 120% above the 212 cents earned in 2010. The total dividend for the year of 155 cents is 107% up on the prior year.

STRATEGIC DEVELOPMENTS

Progress was made on a number of important strategic transactions which position the group for future growth and reallocate capital to higher returning businesses.

We acquired the remaining 50% of our Russian Caterpillar dealership for US$52 million (R361 million) effective

1 October 2010 and the business has delivered well ahead of expectations.

The disposal of car rental Scandinavia was successfully concluded with the receipt of the final balance owing of R174 million by mid-December 2010.

The sale of the loss making Logistics African and Asian non-corporate trader businesses was completed on 28 February 2011. Following the transaction we took a decision effective 1 May to integrate our Automotive and Logistics divisions and this has progressed well.

The transaction between Caterpillar Inc. and Bucyrus International closed in July 2011. We have entered into preliminary discussions with Caterpillar with a view to the possible acquisition of Bucyrus distribution rights and assets in our existing dealership territories. We are still in the early stages of this process and are not in a position to estimate with any accuracy how this could affect our future cash flows and profitability.

OPERATIONAL REVIEW

Equipment

Southern Africa

The increased activity levels reported in the first half of the year and driven mainly by mining and contract mining demand, accelerated in the second half of the year on the back of strong commodity prices. Revenue for the year of R12.6 billion was 50% up on 2010.

Due to a number of significant contract awards, the current year represented a record for the sale of large mining equipment which in unit sales surpassed the previous high set in 2008.

South Africa remains the largest source of revenue in the region based on coal and iron ore mining. Mozambique has emerged as the second largest contributor to revenue following the deliveries to Vale and contract miners for the Moatize and Riversdale coal projects respectively. Zambia produced good revenue growth supported by strong global copper demand while revenue in Botswana more than doubled in response to improved diamond mining activity. Revenue in Angola which declined significantly in 2010 showed a solid increase in the current year following recent government attempts to stimulate the economy through infrastructure development.

The construction sector in South Africa remains subdued with some activity coming from public corporations such as Eskom and SANRAL as well as the mining sector.

The overall performance was boosted by good after sales revenues. This contributed to a pleasing improvement in the operating margin for the year to 9.8% which was strongly up on the prior year (8.7%).

Iberia

The sovereign debt crisis in the Eurozone and the fiscal austerity measures introduced in both Spain and Portugal to reduce their budget deficits have severely impacted these economies, in particular the investment in public works and construction.

The Spanish economy is currently in a state of limbo ahead of the upcoming general elections on 20 November and while the economy is not yet officially back in recession, domestic demand continues to decline. The equipment market in Spain has suffered a further decline in the current year and is estimated to have decreased by over 90% since 2007. Against this backdrop, Iberia revenue in Euro terms dropped by a further 6% in the current year.

Corrective action to further realign the cost base with lower activity levels was necessary in both Spain and Portugal with restructure costs of €7.5 million (R71 million) incurred including €0.6 million to rationalise the short-term rental business. The rental fleet (in particular the non-Caterpillar allied component) has also been dramatically reduced, to ensure improved utilisation rates.

The management team has however produced some noteworthy successes. Importantly, our market share in Spain has been steadily rising on the back of the strength of our aftermarket support for customers and the durability of the Caterpillar machines.

While the firm order book at September 2011 of €250 million is significantly up, it includes two large package deals recently awarded and belies the general underlying market weakness. The power systems business in Iberia still shows life particularly in the electric power generation segment while the marine market has declined following cuts in government subsidiaries to the Spanish shipping industry.

Russia

The timing of the acquisition of the remaining 50% of the Russian operations proved opportune. Revenue for the year of US$374 million was 81% up on the prior year, being strongly driven by mining as well as a recovery in construction.

A pleasing aspect of the current year's performance was the continued increase in parts revenue. Current year revenue was 45% ahead of the prior year (which in turn showed a similar increase in 2010). The success in growing the machine population in Russia would now appear to be driving profitability as this young dealership shows signs of the more mature Caterpillar business model.

The power business which benefited from the introduction of new management generated a significant increase in revenue driven by sales into the electric power and mining segments.

The total operating profit after amortisation of intangibles of US$32.8 million for the year was almost three times that generated in 2010 while the operating margin of 8.8% was a pleasing achievement for a dealership in the early stages of its development.

Automotive and Logistics

The newly combined division which accounts for a sizeable part of total group revenue generated an 8% revenue increase in the current year.

Car rental

Avis Rent a Car increased revenue by 4% compared to 2010, a year which included the FIFA World Cup. Rental days increased by 2% however rental related revenue was down by 3% as competition for market share intensified. Operating profit for the business was below the prior year due to the abnormal used vehicle profits earned in 2010 ahead of the FIFA World Cup. The second half of this year generated a pleasing operating profit slightly ahead of the same period in the prior year.

Motor retail

Revenue in Motor Retail southern Africa increased by 14%, in line with industry growth for new passenger car sales. Operating profit improved as a result of increased new vehicle sales and improved finance and insurance profitability.

Motor Retail Australia generated an operating profit of R100 million which was 22% up on 2010, notwithstanding industry sales in Australia being 4% down. Our Volkswagen dealerships in particular generated a strong performance.

Fleet services

Avis Fleet Services increased revenue by 15% by growing the fleet under management by 27% and the finance fleet by 4%. However, interest margins in the current low interest rate environment remained under pressure.

Logistics

Logistics generated an operating profit of R27 million for the year compared to a profit of R10 million in 2010. The southern African business continued to be plagued by lower volumes in the building and construction industry, but saw some improvement in the mining, consumer goods and furniture segments. The international businesses generated some improvement in activity, but over-capacity in the airfreight market has resulted in a reduction in air rates, especially from Asia to Europe.

Handling

This has been a recovery year for the Handling businesses. Revenue for the year is well up on 2010 with the most notable growth in Belgium, The Netherlands as well as the SEM and agriculture businesses in southern Africa. Short-term hire revenue was 18% up on the prior year, with double digit increases achieved in all territories.

The division returned to profitability in the current year generating an operating profit of R72 million compared to a loss of R3 million in 2010. All territories except for the US and the nascent agriculture businesses in Mozambique and Siberia were profitable at the operating level. The South African agriculture business in particular generated strong growth in profitability boosted by a 35% increase in equipment sales.

FUNDING

The group once again produced a positive inflow of funds for the year of R946 million notwithstanding the payment of R361 million to acquire the 50% shareholding in the Russian equipment business and working capital demands in the wake of strong growth in our mining territories. Net debt of R4 489 million (2010: R5 049 million) is well below the prior year and the group's financial position is strong.

The remaining balance outstanding on corporate bond BAW1 of R1 270 million was repaid in July 2011 and long-term debt at year end comprise 76% of total debt. Cash and cash equivalents at 30 September 2011 were R2 754 million, R826 million higher than last year.

SUSTAINABLE DEVELOPMENT AND TRANSFORMATION

In line with our integrated approach to creating value, we continue to entrench sustainable development in our strategic planning and value creation activities.

Tragically there were two work related fatalities during the year and several actions have already been taken to improve safety processes and training.

Our medium-term focus is on improving energy and emission efficiency as well as more efficient water consumption. In 2009 we set an aspirational target of a 12% non-renewable energy and greenhouse gas emissions efficiency improvement by end 2014 off a 2009 baseline year. We have made good progress towards these goals with a 3% reduction in energy consumption and a 6% year-on-year reduction in GHG emissions.

Empowerment and Transformation is one of our key strategic focus areas and measureable annual targets have been put in place. In the annual assessment by Empowerdex and Financial Mail of South Africa's Top Empowerment Companies, Barloworld currently leads the general industrial sector. In this regard, each of our South African business units has improved its BBBEE score over 2010 and all of our South African businesses have now achieved a Level 2 rating with the exception of one that retained their Level 3 rating. Barloworld Limited received an overall Level 2 rating from Empowerdex which improved from Level 3 last year.

GOVERNANCE

We continue to embed the principles of King III into our governance practices. In light of this, while the overall board composition remains unchanged, a number of appointments have been made to bolster the various board committees.

OUTLOOK

The outlook will be affected by the ability of policy makers to find a solution to the Eurozone debt crisis and restoring financial stability in that region. It also requires the governments of developed economies managing and controlling their ballooning public debt levels.

Equipment southern Africa goes into the new financial year with a firm order book of R5.2 billion mainly in mining and contract mining. While commodity prices have declined in recent months we have not seen any slowdown in mining activity as prices remain at levels favourable for mining investment and production. The major challenge facing us will be securing the equipment in the wake of increasing Caterpillar lead times due to rising demand for mining equipment globally.

We are not forecasting any recovery in the Iberian machine industry in the year ahead but activity will be assisted by the commencement of deliveries in 2012 of the large package deals in our closing order book. Nonetheless we are planning to take further action to align workforce levels with the current depressed state of the market. The overhead structure of the business has already been substantially reduced but requires further streamlining to position the business to return to acceptable levels of profitability once the market recovers.

In Russia the firm order book is slightly down on the prior year but activity levels remain strong. While we are expecting continued growth in 2012 it will be at a slower rate than the current year.

Avis Rent a Car is expected to maintain the current momentum, despite the competitive trading environment. The business will continue to focus on improving rates, maintaining high fleet utilisation and maximising used vehicle profits on ex-fleet vehicles.

The South African car market will continue to grow in 2012 albeit at a slower pace as the disposable income of households remains under strain. The weakening Rand is likely to create some pressure on manufacturers to increase prices following the relative price stability in 2011. Our Australian business is expected to maintain its good performance.

Avis Fleet Services will see further growth in the fleet under maintenance as well as the finance fleet. There are currently a number of large tenders awaiting adjudication which could materially impact revenues.

Logistics is expected to benefit from the divisional integration and the internal focus on improving volumes and margins across all businesses.

Activity in the handling business in Europe and the US will be driven by economic growth in these regions. Recent economic data out of the US is mixed. The agriculture business in southern Africa should continue to benefit from strong food prices and we will continue to grow this business in other southern African countries as well as Russia.

We expect to be able to maintain the positive momentum into the new financial year. This will benefit trading in the first half of 2012, while growth in the second half will be slower due to the higher base. Overall we expect to make solid progress in the year ahead.

DB Ntsebeza CB Thomson

Chairman Chief Executive Officer

Group financial review

Revenue for the year increased by 22% to R49.8 billion. Improved trading conditions in the mining sector resulted in a 50% increase in revenue earned in Equipment southern Africa. The consolidation of the Russian equipment business following the acquisition of the remaining 50% in October 2010, contributed revenue of R2.5 billion.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 20% to R3 993 million while operating profit rose by 51% to R2 289 million. Operating profit of R1 435 million for the second half of 2011 was R581 million (68%) up on the profit earned in the first half.

Operating profit in Equipment southern Africa increased by 69% to R1 228 million. The Russian equipment business delivered an excellent result, contributing R226 million to the group's operating profit in the first year of consolidation. The Automotive and Logistics division performed well in a competitive trading environment, holding operating profit steady at R911 million for the year. The Handling division recorded a pleasing turnaround while trading conditions in Equipment Iberia remained difficult. Redundancy and restructuring charges of R71 million were incurred this year (2010: R59 million), principally in Spain. The increase in the company's share price since September 2010 resulted in an increased charge of R33 million in respect of the provision required for cash-settled Share Appreciation Rights previously awarded to employees.

The total negative fair value adjustments on financial instruments of R65 million (2010: R89 million) mainly comprised the cost of forward points in foreign exchange contracts.

Net finance costs decreased by R32 million to R693 million due to lower short-term borrowing rates and reduced average debt.

Exceptional gains of R62 million mainly comprise the impact of writing up the existing 50% interest in the Russian business in terms of IFRS 3 Business Combinations (R64 million), profits on disposals of properties (R214 million), reduced by goodwill impairments of R211 million.

Taxation, before Secondary Tax on Companies (STC), increased by 179% to R566 million. The effective taxation rate (excluding STC, prior year taxation and taxation on exceptional items) was 34.2% (2010: 33.8%). The tax rate was adversely impacted by the decision not to increase the deferred tax asset in Iberia.

Income from associates rose by R55 million to R71 million mainly owing to a substantially increased contribution from the Democratic Republic of Congo equipment joint venture.

The non-controlling interest in the current year's earnings includes R15 million representing the dividends paid to the holders of 14 485 013 ordinary shares in terms of the BEE transaction concluded in 2008. These shares are not included in issued shares for purposes of calculating headline earnings per share (HEPS).

HEPS from continuing operations increased by 120% to 465 cents (2010: 212 cents).

Cash flow and debt

The continued focus on cashflow resulted in a net inflow for the year of R946 million (2010: R2 286 million). Working capital increased by a modest R27 million following the reduction of R1 069 million in 2010. Notwithstanding the substantial growth achieved in the southern African equipment business, working capital decreased by R100 million in the year due to increased payables.

The final balance of R174 million owing from the disposal of the Scandinavian car rental business last year was received in December 2010 and the remaining 50% shareholding in the Russian equipment business was acquired for R361 million (US$52 million).

Net interest bearing debt at 30 September 2011 was reduced by R560 million to R4 489 million (2010: R5 049 million).

Strong collections from customers, including contractual deposits on equipment sales, in the closing days of the financial year and reduced short-term funding commitments resulted in cash and cash equivalents increasing by R826 million to R2 754 million (2010: R1 928 million).

Further progress was made in our initiative to address the group's funding maturity profile and to reduce the company's reliance on short-term funding. Long-term debt raised during the year included three corporate bonds totalling R1 234 million (BAW9 to 11). The funds raised were utilised to repay the remaining balance outstanding in respect of corporate bond BAW1 (R1 270 million) which matured in July 2011. The long-term maturity profile at 30 September 2011 was 76% (2010: 61%).

Debt profile

In South Africa, short-term debt due for redemption in 2012 includes commercial paper (CP) totalling R800 million. The CP market has remained liquid during the current year and we expect to maintain our participation in this market. The company has unutilised borrowing facilities with domestic banks totalling R3 866 million at 30 September 2011. The offshore facilities include a syndicated loan (undrawn at September 2011) of £80 million (R1 002 million) and other unutilised bank lines totalling the equivalent of R1 569 million. We are well advanced to replace the £80 million syndicated loan with bilateral banking facilities of £100 million, with maturity profiles of between four and five years.

Debt in the three segments utilised in the group for gearing purposes are as follows:

Total assets employed by the group increased by R5 242 million to R30 932 million. The increase was driven by the weaker Rand (R1 625 million) and increased inventories and trade receivables (R3 423 million), up 33% on the back of higher revenue.

Going forward

Net debt of R4 489 million at 30 September 2011 is at the lowest level in the past decade, placing the company in a good position to pursue growth opportunities in its territories.

Some increase in debt is expected in 2012 from higher activity levels, particularly in Equipment southern Africa and Russia. A great deal of focus has been placed on improving financial returns in the group. In the current year our key Return on Equity ratio has substantially improved from 3.2% last year to 8.6%. This is an important step towards achieving our cost of equity target.

DG Wilson

Finance Director

Operational reviews

Barloworld Equipment southern Africa produced record results driven mainly by mining and contract mining. Both machine sales and the aftersales business improved dramatically on the back of strong commodity prices and significant contract awards, generating a 50% increase in revenue and a 69% improvement in operating profit over 2010.

Activity levels improved in all regions, with parts and service achieving a record high as aftersales demand grew to support the large and growing installed Caterpillar machine population. Angola returned to profitability after two difficult years and exceptional results were recorded in Zambia and Mozambique due to sizeable projects in copper and coal mining respectively.

Deliveries of large mining and support fleets to Moatize and Benga coal mines in Mozambique for Vale and Riversdale respectively are progressing on schedule and a new facility is planned in Tete to support these mining customers. The delivery of Caterpillar machines and Atlas Copco drills to Majwe Mining, the mining services contractor for the Cut 8 Phase 2 expansion project at Debswana's Jwaneng diamond mine in Botswana, has commenced.

Barloworld Equipment continued to enjoy firm market leadership in mining machines and improved market share in most earthmoving machine families despite a decline in construction activity.

The new Barloworld Remanufacturing Centre (BRC) in Boksburg, our biggest investment ever in a single project, will double our component rebuilding capability when it opens in mid-2012. Together with our Technical Academy, it will also provide opportunities to develop sustainable skills and capacity to support our customers well into the future.

The on-going Eurozone sovereign debt issues, which escalated over the European summer, continued to weigh heavily on economic sentiment and market activity in the Iberian region. The Spanish and Portuguese governments continue to reduce their budget deficits through a combination of higher taxes and austerity measures with the public works and construction segments showing on-going contraction.

Management focused on customer satisfaction, market penetration and coverage, cost control and working capital and asset management in order to limit the impact of the continued industry contraction. Actions included staff reductions, the closure of unprofitable facilities, and a reduction of the rental fleet. We were awarded the orders for some significant machine and power systems deals with local clients to support their operations both regionally and internationally which has resulted in a substantially improved firm order book at year end. Deliveries will commence in 2012 with the majority delivering in the 2013 financial year.

The Russian business produced the best result in its 12 year history with over US$374 million in revenues and US$32.8 million in operating profit, providing immediate tangible return on Barloworld's acquisition of the remaining 50%.

Our flagship component rebuild centre opened in Novosibirsk in July 2011. Construction of new facilities started in Irkutsk and Magadan, with Krasnoyarsk and Neryungry to follow.

The mining sector was one of the primary drivers of the Russian revenue performance, supported by a major turnaround in the construction segment and significant opportunities in the power systems business. Strong growth in aftermarket revenues resulted from the significant increase in our installed machine population in the past few years.

The division produced a pleasing result in a competitive trading environment. An overall operating margin of 3.5% was achieved. The division generated strong positive operating cash flow, continued to invest into rental and leasing fleets, and remained net cash positive for the year.

Avis Rent a Car southern Africa continued to face difficult trading conditions. While the business maintained high fleet utilisation and marginally improved rental day volumes, it was negatively impacted by lower rental related revenue per day in an aggressive trading environment. In the prior year, the business benefited from extraordinary used vehicle profits, which have now normalised. Notwithstanding this, the business delivered higher profits in the second six months compared to the same period in the prior year, which included the full impact of the 2010 FIFA World Cup.

The southern African motor retail operations delivered a good result in a mixed market. This was supported by increased new vehicle sales and a strong finance and insurance contribution, but trading in the aftersales environment was marginally lower than the prior year. The Australian operations reported a record result by focusing on margins and an improved aftersales contribution.

Our fleet services business produced a stable result in the current low interest rate environment. Prudent financed fleet growth was complemented by strong growth in the fleet under maintenance.

The logistics business experienced a better second six months than anticipated, driven primarily by an improvement in the international business units. Increased volumes in southern Africa supported the result. The loss-making African and Asian non-corporate trader businesses were exited effective 28 February 2011.

Associates also include our Phakisaworld and Sizwe BEE joint ventures which performed in line with expectations.

The division returned to profitability with all businesses showing improvement over last year. The market for new forklift trucks grew strongly across all our territories and end-September orders on hand were up by over a third over last year-end, with particularly pleasing growth in Agriculture. Used sales were hampered by a shortage of stock, but overall margins continued to show growth. Short-term rental utilisation continued to steadily improve and additional investment was made into the rental fleets.

The UK and Belgium operations both moved back into profit and the US operation reported a significantly reduced loss. Profits declined in the Netherlands due to some once off costs. Market shares improved in the Netherlands, Belgium and Agriculture.

Profits in the South African operations rose as did markets, but cost pressures impacted margins. Agricultural sentiment improved and the increased availability of low cost tractors in the second half bolstered sales and market share. The new agricultural operations in Mozambique and Siberia both incurred start-up costs in line with expectations and future prospects remain bright. The SEM activity in South Africa again showed strong growth and the products line was introduced to Siberia and Mozambique by year end.

The division continued to exercise tight control over the asset base, and improved year-end working capital days from 50 to 41. The investment in short-term rental assets was balanced by a number of asset disposals.

The global project to upgrade and install best practice business systems and processes has gone live in the US, UK and Belgium, with South Africa following just after year-end. This will underwrite improved service to our customers and higher profits due to improved efficiency and effectiveness.

Given current order books and the favourable trends in short-term rental activity, the outlook for the first half of 2012 is positive.

Corporate comprises the activities of the corporate offices, including the treasuries, in South Africa and the United Kingdom. In Europe the net operating liabilities have increased due to actuarial losses in the UK pension fund largely arising from lower than expected asset returns, which have been charged to the statement of comprehensive income.

DIVIDEND DECLARATION

Dividend declaration for the year ended 30 September 2011

Dividend number 166

Notice is hereby given that the following dividend has been declared in respect of the year ended 30 September 2011

Number 166 (final dividend) of 105 cents per ordinary share.

In compliance with the requirements of Strate and the JSE Limited, the following dates are applicable.

Dividend declared Monday, 14 November 2011

Last day to trade cum dividend Friday, 06 January 2012

Shares trade ex dividend Monday, 09 January 2012

Record date Friday, 13 January 2012

Payment date Monday, 16 January 2012

Share certificates may not be dematerialised or rematerialised between Monday, 09 January 2012 and Friday, 13 January 2012, both days inclusive.

On behalf of the board

B Ngwenya

Secretary

Consolidated income statement

for the year ended 30 September

Consolidated statement of comprehensive income

for the year ended 30 September

Consolidated statement of financial position

at 30 September

Condensed consolidated statement of changes in equity

for the year ended 30 September

Consolidated statement of cash flows

for the year ended 30 September

Condensed notes to the consolidated financial statements

for the year ended 30 September

Salient features

for the year ended 30 September

Operating segments (audited)

for the year ended 30 September

Operating segments (audited)

for the year ended 30 September (continued)

About Barloworld

Barloworld is a distributor of leading international brands providing integrated rental, fleet management, product support and logistics solutions. The core divisions of the group comprise Equipment (earthmoving and power systems), Automotive and Logistics (car rental, motor retail, fleet services, used vehicles and disposal solutions, logistics management and supply chain optimisation) and Handling (materials handling and agriculture). We offer flexible, value adding, integrated business solutions to our customers backed by leading global brands. The brands we represent on behalf of our principals include Caterpillar, Hyster, Avis, Audi, BMW, Ford, General Motors, Mercedes-Benz, Toyota, Volkswagen and others.

Barloworld has a proven track record of long-term relationships with global principals and customers. We have an ability to develop and grow businesses in multiple geographies including challenging territories with high growth prospects. One of our core competencies is an ability to leverage systems and best practices across our chosen business segments. As an organisation we are committed to sustainable development and playing a leading role in empowerment and transformation. The company was founded in 1902 and currently has operations in 26 countries around the world with approximately 60% of our eighteen thousand employees in South Africa.

Corporate information

Registered office and business address

Barloworld Limited, 180 Katherine Street

PO Box 782248, Sandton, 2146, South Africa

Tel +27 11 445 1000

Email invest@barloworld.com

Transfer secretaries - South Africa

Link Market Services South Africa (Proprietary) Limited

(Registration number 2000/007239/07)

13th Floor, Rennie House

19 Ameshoff Street, Braamfontein, Johannesburg 2001

(PO Box 4844, Johannesburg)

Tel +27 11 630 0000

Registrars - United Kingdom

Equiniti Limited, Aspect House

Spencer Road, Lancing, West Sussex, BN99 6DA, England

Tel +44 190 383 3381

Transfer secretaries - Namibia

Transfer Secretaries (Proprietary) Limited

(Registration number 93/713)

Shop 8, Kaiser Krone Centre, Post Street Mall

Windhoek, Namibia

(PO Box 2401, Windhoek, Namibia)

Tel +264 61 227 647

Directors

Non-executive: DB Ntsebeza (Chairman), SAM Baqwa, AGK Hamilton*, SS Mkhabela, MJN Njeke, SS Ntsaluba,

TH Nyasulu, G Rodriguez de Castro de los Rios†, SB Pfeiffer•

Executive: CB Thomson (Chief Executive), PJ Blackbeard, PJ Bulterman, M Laubscher, OI Shongwe, DG Wilson

*British †Spanish •American

Enquiries: Barloworld Limited: Jacey de Gidts

Tel +27 11 445 1000

E-mail invest@barloworld.com

College Hill: Jacques de Bie, Tel +27 11 447 3030

E-mail Jacques.deBie@collegehill.co.za

For background information visit www.barloworld.com

www.barloworld.com