INVESTORS BRIEFING 18 September

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1 INVESTORS BRIEFING 18 September 2017

2 AGENDA Grop Strctre & Leadership Grop Financial Highlights Served Market Review & Otlook Grop Reslts Valation & Ratios

3 GROUP STUCTURE & LEADERSHIP CORPORATE OFFICE Legal Arna Radhakeesoon Finance Damien Mamet Internal Adit & Risk Marketing & Hman Resorces Management Commnication Eric Cotry Karine Cré Manish Bndhn SERVED MARKETS FINTECH HOSPITALITY LOGISTICS PROPERTY SECTORS Kabir Rhee Hotels François Eynad Travel Alexandre Fayd Herbe Leisre Richard Stedman Vishal Nnkoo Property Investments Frederic Tyack Property (Soth West Torism Development & Rogers Ltd) Richard Koenig Agribsiness Michel Pilot

4 GROUP FINANCIAL HIGHLIGHTS

5 GROUP FINANCIAL HIGHLIGHTS REVENUE : +6% EBITDA* : +13% PAT* : +24% 8,663 (Rs m) 2,014 (Rs m) 975 (Rs m) 8,167 (Rs m) 1,782 (Rs m) 787 (Rs m) * before exceptional items

6 Retrn on Eqity* Debt / Eqity Dividend Yield NAV per share 3.3% 3.6% % 3.1% * before exceptional items

7 SERVED MARKET REVIEW & OUTLOOK

8 Sectors Corporate Services Financial Services Technology Services FINTECH - CORPORATE DEVELOPMENTS Rogers Capital acqired Rogers stakes held in EIS and AXA Cstomer Services; REVENUE (Rs m) Integration of Kross Border and Rivercort into Rogers Capital against the isse of shares to the minority shareholders; Disposal of 9% stake in Rogers Capital by Rogers to ENL Ltd thereby redcing Rogers stake to 50.59%. EBITDA* (Rs m) PAT* (Rs m) * before exceptional items

9 FINTECH DEVELOPMENT COSTS AT ROGERS CAPITAL CORPORATE SERVICES Reslts are encoraging for the Global Bsiness activities on the back of both acqisitions and organic growth. FINANCIAL SERVICES Or investments in Swan performed well; However, branding and development impacted on profitability. TECHNOLOGY SERVICES Lower contribtion for AXA Cstomer Services de to relocation costs and termination of contract; Redced demand for ICT prodcts and lower internet prices impacted on performance of the technology and telecom bsiness. PAT (Rs m)

10 FINTECH - OUTLOOK Corporate Services Development of representative strctres in India & France, and lanch of a China Desk; Increase depth of or service offer by frther developing new service lines; Technology Services Improve vale proposition by strctring bndled offerings to cstomers; Development of Smart City applications and connectivity soltions; Financial Services Frther developments are planned for 2018.

11 Sectors Hotels Travel Leisre HOSPITALITY CORPORATE DEVELOPMENTS Hotels Acqisition of a 51% effective stake in Tamarin Hotel; REVENUE 2,573 * before exceptional items 2,591 (Rs m) EBITDA* PAT* (Rs m) (Rs m) Travel Leisre Rogers acqired an additional 1.97% shares in VLH thereby increasing its stake to 76.18%; Rogers increased its shareholding in NMH from 19.26% to 22.76% by acqiring 3.5% in Average price paid for the 5.1% shareholding acqired over the last two years was Rs 23.66, i.e. 7.8m shares at Rs 231m in 2016 and 16.9m shares at Rs 358m in 2017; Rogers Aviation acqired an additional 25% stake in Croisières Astrales thereby increasing its holding to 100%. Rogers acqired 100% of ENL Lifestyle effective Jly 2017.

12 HOTELS REVENUE (VLH) EBITDA* PAT* 2,012 (Rs m) 268 (Rs m) 37 (Rs m) NMH -147 (Rs m) NMH -147 (Rs m) 2,040 (Rs m) 311 (Rs m) 120 (Rs m) NMH -57 (Rs m) NMH -57 (Rs m) * before exceptional items

13 HOTELS IMPROVEMENT IN GNS FOR VERANDA & HERITAGE VLH Veranda Heritage Corporate NMH Better reslts from Veranda Pointe ax Biches. PAT (Rs m) Heritage Awali & Le Telfair were impacted by the lower GBP; Both hotels were closed as from May 2017 for renovation and beach rehabilitation works. Gains realised on forward deals; Lower finance costs on accont of repayment of debt. Reslts were impacted by NMH September 2016 year-end adjstments

14 TRAVEL REVENUE EBITDA* PAT* 561 (Rs m) 53 (Rs m) 19 (Rs m) 551 (Rs m) 47 (Rs m) 16 (Rs m) * before exceptional items

15 TRAVEL 2017 HAS BEEN A TRANSITION YEAR Airlines & Systems Grond Handling Corporate Travel Leisre Sccessfl trnarond of operations in Soth Africa and new airline representations in Mozambiqe. PAT (Rs m) Stable operations in Maritis; New client in Madagascar. Reslts in Maritis and Mayotte impacted by provisions; Gross margins contine to be challenged by strong competition. Boat activities were impacted by the breakdown of one catamaran, and last year s reslts inclded exceptional revene from the sale of boats; Reslts from (Matorco & WP) improved, following non-recrring write-off last year; Bild p costs for or On-line TO

16 HOSPITALITY OUTLOOK Hotels Reopening of Heritage( Le Telfair Golf & Spa Resort & Awali) and Veranda Pal & Virginie Hotel & Spa in September 2017; Completion of beach erosion containment works as well as renovation of Le Chatea de Bel Ombre by September 2017; Renovation and extension works at Tamarin Hotel as from Febrary 2018; Debt restrctring with EUR debt replacing MUR debt to frther redce finance costs; Works on a second 18-hole signatre golf corse de for Travel Consolidation of cargo handling activities; Bild p a strong network of travel agencies in the Indian Ocean; Lanch of new bsiness model and brand for or online tor operating Islandian.

17 AN INTEGRATED LEISURE SECTOR INCORPORATING ISLAND LIVING WITH CSBO & CN LEISURE ACTIVITIES LEISURE SECTOR CEO: Richard Stedman LODGING FOOD SERVICE LAND ADVENTURES HOTELS B&B LODGES CAFE QSR SPECIALTY CHAMAREL FREDERICA Voila Hotels Frederica MOKA Z Ocean Basket Savinia Bistrot Cap D abondance ( Le Chamarel Restarant) Colored Earths Frederica CSBO CN CN CSBO

18 Sectors Logistics Soltions REVENUE 3,491 3,125 (Rs m) LOGISTICS - CORPORATE DEVELOPMENTS Obtained the representation of UPS for six contries in the Indian Ocean region; Acqired 100% stake of IBL Corier bsiness in Renion. EBITDA* (Rs m) PAT* (Rs m) * before exceptional items

19 LOGISTICS FULL YEAR CONTRIBUTION OF KENYAN ACTIVITIES Port Services Sgar Packing Shipping Increased occpancy and faster trnaronds for the warehosing activity; Improvement in the transportation bsiness from cost redction initiatives. PAT (Rs m) Redction in the GBP crrency and lower volmes ordered impacted on the revene of Skpak. Operations have been hit by lower margins as a reslt of increasing charter costs. Freight Forwarding Fll-year consolidation of Kenyan activities; Trnarond of Mozambiqe operations; Better volmes in Madagascar, India & Renion

20 LOGISTICS- OUTLOOK Completing the performance improvement initiatives of the local transport and France bsinesses; Expanding the service offering in Kenya; Developing the corier bsiness in the region.

21 Sectors Property Investments Property Development & Agribsiness PROPERTY- CORPORATE DEVELOPMENTS Property Investments REVENUE 1,975 1,845 (Rs m) Reopening of Phoenix Mall in November 2016; Joint Ventre development of So Flo by Ascencia; EBITDA* 1, (Rs m) Ascencia Rebranding exercise completed and lanched on 1 Jly PAT* exceptional items (Rs m) Property Development & Agribsiness Renovation of Le Chamarel Restarant; Renovation of Le Chatea de Bel Ombre.

22 PROPERTY INVESTMENTS REVENUE EBITDA* PAT* 1,239 (Rs m) 1,328 (Rs m) 988 (Rs m) 1,164 (Rs m) 952 (Rs m) 594 (Rs m) * before exceptional items

23 PROPERTY INVESTMENTS IMPROVED RENEWAL RATES Ascencia Better renewal rates with an average increase of 8%, and lower vacancy rate of 1.8% (2016: 5.2%); Other Properties / Investments Last year s reslts inclded one-off losses incrred by So Flo. Fll year operation of the Home and Leisre wing. PAT (Rs m)

24 PROPERTY DEVELOPMENT & AGRIBUSINESS REVENUE EBITDA* PAT* 736 (Rs m) (63) (Rs m) (131) (Rs m) 681 (Rs m) (42) (Rs m) (85) (Rs m) * before exceptional items

25 PROPERTY DEVELOPMENT & AGRIBUSINESS TURNAROUND OF AGRIBUSINESS UNDERWAY Real Estate Sbded Villa sales and delays in constrction milestones impacted profitability. PAT (Rs m) Agricltre Increase in revene for Café de Chamarel and Torist Hnting; Redction of trnover for Landscaping activities. Leisre Increase in contribtion from Frederica Natre Reserve, and good increase in the nmber of visitors of Seven Colored Earth; However PAT was impacted by write-off of the remaining Net Book Vale of Le Restarant Chamarel prior to its renovation. Investments The investments from or associate, Biocltre noted a redction in contribtion de to exceptional sales last year, and losses posted by the US sbsidiary

26 PROPERTY - CORPORATE OUTLOOK Property Investments Opening of So Flo Botiqe Mall in November 2017; Constrction of Photovoltaic farms in Phoenix & Bagatelle Malls; New retail property project in the Soth; Listing of Ascencia on the first market of the SEM. Property Development & Agribsiness Trnarond measres in the agribsiness operations; Start the constrction of the phase 1 of a coffee hb; Start the constrction of the second golf corse; Second phase of property development in Bel Ombre; Lanch a common brand for or operations in Bel Ombre.

27 GROUP RESULTS

28 AN INCREASE OF 6% IN GROUP REVENUE FY 2017 FY 2016 VAR FINTECH Corporate Services Financial Services Technology Services % -62% - HOSPITALITY Hotels Travel 2, , % LOGISTICS 3,491 3,125 12% PROPERTY Property Investments Property Development & Agribsiness 1, , % 8% CORPORATE OFFICE % GROUP ELIMINATION 8,930 (267) 8,427 (260) 6% GROUP REVENUE 8,663 8,167 6%

29 AN IMPROVEMENT OF 13% IN EBITDA In Rs m FINTECH HOSPITALITY HOTELS HOSPITALITY TRAVEL LOGISTICS PROPERTY INVESTMENT PROPERTY PROPERTY DEV & AGRI CORPORATE SERVICES FY 2017 FY 2016 REVENUE 650 2, ,491 1, ,663 8,167 PAT ,052 (122) (194) 1, Exceptional Items (3) PAT Before exceptional Items (131) (191) Taxation Finance Costs Dept & Amort (12) EBITDA ,328 (63) (57) 2,014 1,782 * Net of Grop Elimination

30 OPERATIONAL PAT IMPROVED BY 24% FY 2017 FY 2016 VAR FINTECH Corporate Services Financial Services Technology Services % -29% -89% HOSPITALITY Hotels Travel % 19% LOGISTICS % PROPERTY Property Investments Property Development & Agribsiness 988 (131) 594 (85) 66% 54% CORPORATE OFFICE Corporate Treasry 1,166 (68) (123) 903 (32) (84) 29% -6% OPERATIONAL PAT Exceptional Items % TOTAL PAT 1, %

31 VALUATION & RATIOS

32 A 9% GROWTH IN NAV AND A COMFORTABLE INTEREST COVER OF 3 TIMES END OF PERIOD UNIT JUN-17 MAR -17 DEC-16 SEPT-16 JUN-16 NAV SHARE PRICE DISCOUNT DEBT TO EQUITY INTEREST COVER Rs Rs % Ratio Ratio % % % % %

33 VALUATION OF QUOTED INVESTMENTS No of Shares* 15 SEPT -17 VALUE Vale per RCL Share No. Rs Rs m Rs A. RCL 252,045, , Swan General New Maritis Hotels Ordinary New Maritis Hotels - Preference Air Maritis Ascencia Class A 2,386, ,217,548 29,870,707 13,833, ,755, , , B. TOTAL VALUE OF QUOTED INVESTMENTS 6, RCL excl. QUOTED INVESTMENTS (A-B) 1, * No of shares held for Qoted Investments

34 ROGERS CURRENTLY TRADES AT RS % % Rs 28.0 Rs % 50% 40% % 24% 30% 20% 20 10% 0 Jl-16 Ag-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17Mar-17 Apr-17 May-17 Jn-17 Jl-17 Ag-17 Sep-17 Discont to NAV (Right Axis) RCL Share Price Semdex 0%

35 EVENTS & ACHIEVEMENTS

36 CELEBRATING LEADERSHIP ROGERS LEADERS AWARD Achievements of special men and women who drive the Grop s bsinesses. Individal and teams were rewarded for their efforts, initiative and performance. Gest of honor : Dr Mell Gill Expert in personal development and certified and licensed Nero-Lingistic Programming Master Trainer

37 ROGERS EARNS MENTION IN THE UNGC INTERNATIONAL YEARBOOK Rogers sstainability initiatives are once again featred in the recently released Global Compact International Yearbook Spotlights corporate sstainability throgh entreprenerial commitments and case stdies Highlights the way corporate strategy aligns with the Sstainable Development Goals ( SDGs)

38 PRODUCT OFFERING ENHANCEMENT AT DOMAINE DE BEL OMBRE Extensive renovation of Heritage Le Telfair Golf & Spa Resort Major refrbishment of Le Chatea de Bel Ombre Landscaping work linking Heritage Le Telfair and Le Chatea de Bel Ombre

39 HERITAGE RESORTS AWARDED GREEN KEY ECO-LABEL Heritage Awali Golf & Spa Resort and Heritage Le Telfair Golf & Spa Resort achieve the Green Key Award In Janary 2017 Part of over 2,500 sites across the globe with this certification Leading standard of excellence in the field of environmental responsibility and sstainable operations within the torism indstry.

40 RESTORING THE BEL OMBRE COASTLINE & LAGOON Beach Rehabilitation model implemented in Bel Ombre nder the gidance of a marine biologist (May - September 2017) Breakwaters have been placed in strategic locations along the beach to slow down the crrent and this allow the sand to natrally replenish the coastline. Artificial proto-reefs placed on the sheltered sides of the breakwaters also spport lagoon life within protected zones.

41 CONTINUED SOCIAL & ENVIRONMENTAL COMMITMENT Bis Lamer Bringing edcation abot marine and environmental isses closer to people Lanching of Tikolo comic book Free distribtion of books to children to provide them with an introdction to the ecosystems and bio diversity of Bel Ombre Beach erosion mitigation project Spport to the victims of cyclone Enawo which hit Madagascar in March 2017.

42 THE AFRASIA BANK MAURITIUS OPEN BACK AT HERITAGE GOLF CLUB 30 November - 03 December Afrasia Bank Maritis Open will be a premier event in the international golf calendar on the lsh greens of Heritage Golf Clb 158 Players over 30 different contries will take part in the tri-sanctioned golf tornament

43 WE SWING FOR OUR COAST CAMPAIGN Lanched in September 2017 by the World Blind Golf Champion, Jeremy Poincenot to bring together coastal protection and golf. Pblic will be invited to make golf swings with each of them symbolically representing a certain amont of trash that will be collected dring the clean-p activities.

44 THANK YOU