INVESTORS BRIEFING 20 FEBRUARY

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Alberta Hodges
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1 INVESTORS BRIEFING 20 FEBRUARY 2018

2 AGENDA Group Results Events & Achievements Outlook

3 GROUP RESULTS

4 FINANCIAL HIGHLIGHTS H1-18 REVENUE : +11% 4,887 EBITDA* : +5% 818 H1-17 4, PAT* : +20% * before exceptional items

5 REVIEW OF SERVED MARKETS

FinTech H1-18 REVENUE 344 EBITDA* 98 H1-17 326 105 Sectors Corporate Services

6 FinTech H1-18 REVENUE 344 EBITDA* 98 H Sectors Corporate Services Financial Services Technology Services Insurance PAT* * before exceptional items

7 FINTECH POSITIVE CONTRIBUTION OF GLOBEFIN & SWAN MITIGATED PRE-OPS EXPENSES OF FINANCIAL SERVICES CORPORATE SERVICES FINANCIAL SERVICES TECHNOLOGY SERVICES INSURANCE Results includes the contribution of newly acquired management company, Globefin; Booked expenses relating to the launch of new services in the financial services space. Sale of higher value services positively impacted profit margins; Our investments in Swan maintained its performance. However, these were partly offset by a lower USD rate and an increase in finance costs pertaining to the new acquisition. Increase in operations on one specific account of AXA Customer Services. PAT H1-18 H H1-18 H H1-18 H H1-18 H1-17

Hospitality H1-18 REVENUE 1,674 EBITDA* 240 H1-17 1,350 176

8 Hospitality H1-18 REVENUE 1,674 EBITDA* 240 H1-17 1, Sectors Hotels Travel Leisure PAT* * before exceptional items

9 H1-18 H1-17 HOTELS REVENUE 1,154 EBITDA* 170 PAT* 65 1, * before exceptional items

10 HOTELS IMPROVEMENT OF 15% IN GOP FOR VERANDA RESORTS VLH (PAT H1-18: Rs 79m vs H1-17: Rs 153m) Veranda Heritage Corporate NMH Better results across all Veranda Resorts, except for Veranda Paul & Virginie which was closed for two months for renovation; Second quarter results showed a PAT growth of 61% to Rs 81m. 103 Heritage Awali & Le Telfair were closed for renovation for two months during the period; PAT for second quarter increased by 48% to Rs 106m. 61 Increase in Euro rate impacted on loan translation. This year s results includes an impairment of Rs 16m for the property operations in Marrakech whilst last year s results was affected by its September 2016 year-end adjustments. PAT H1-18 H1-17 H1-18 H1-17 H1-18 H H1-18 H

TRAVEL H1-18 REVENUE 266 EBITDA* 39 H1-17

11 TRAVEL H1-18 REVENUE 266 EBITDA* 39 H PAT* * before exceptional items

12 TRAVEL GOOD PERFORMANCE OF GROUND HANDLING ACTIVITIES Airlines & Systems Ground Handling Corporate Travel Leisure Improvement in local GSA were more than offset by the loss of contract in Madagascar. PAT Acquired a new client in Madagascar; Better renegotiated contract in USD for Mozambique operations. Activities continue to be impacted by strong competition and discounting by some airlines. Higher volume (PAX) for Croisières Australes; Reduced losses for Online Tour Operating activities; Mautourco and White Palm continued to perform well H1-18 H H1-18 H1-17 H1-18 H1-17 H1-18 H

13 H1-18 LEISURE REVENUE 254 EBITDA* 31 PAT* 15 * before exceptional items

14 LEISURE AN INTEGRATED LEISURE OFFERING REGROUPED UNDER ISLAND LIVING CORPORATE COSTS (Rs 3m) LODGING PAT Rs 7m FOOD SERVICE PAT Rs 9m LAND ADVENTURES PAT Rs 2m Voila Hotels MOKA Z Ocean Basket Savinia Bistrot Cap D abondance (Le Chamarel Restaurant) Coloured Earths Frederica CN CN CSBO

15 Logistics Sectors Logistics Solutions H1-18 REVENUE 1,933 EBITDA* 176 PAT* 83 H1-17 1, * before exceptional items

16 LOGISTICS RESULTS IMPACTED BY REDUCED CONTAINER AND TRANSPORT ACTIVITIES Port Services Sugar Packing Shipping Increase in activities at Freeport of Mauritius was more than offset by a reduction in container activities and a lower USD rate; Profitability impacted by lower volumes which was made up of larger packages with lower margins; Benefitted from an increase in number of vessel calls and surveys carried out. Freight Forwarding Overseas activities performed well with good results from Madagascar, Kenya and India operations; Local transport operations were impacted by reduced trips for cane transportation in Mauritius, and a slowdown in Kenya during the election period. Last year s results included reversal of bad debts of Rs 3m. Results includes the courier activities in Reunion acquired in May 2017; These were partly offset by lower courier volumes in Mauritius. PAT H1-18 H1-17 H1-18 H1-17 H1-18 H1-17 H1-18 H1-17

17 Property Sectors Property Investments Property Development & Agribusiness H1-18 REVENUE 943 EBITDA* 333 PAT* 117 H * before exceptional items

18 PROPERTY INVESTMENTS H1-18 REVENUE 654 EBITDA* 360 H PAT* * before exceptional items

19 PROPERTY INVESTMENTS FULL OPERATION OF PHOENIX MALL AND IMPROVED RENTAL RATES Ascencia Full operation of Phoenix mall which was partlyopened last year for renovation works; Other Properties / Investments Last year s results included contribution from EnAtt and a reversal of deferred tax. Improved 5 year renewal rates at Bagatelle Lower finance costs on the back of renegotiated loans. PAT H1-18 H1-17 H1-18 H1-17

20 PROPERTY DEVELOPMENT & AGRIBUSINESS H1-18 REVENUE 289 EBITDA* (27) PAT* (71) H (50) * before exceptional items

21 PROPERTY DEVELOPMENT & AGRIBUSINESS LOWER SUGAR TONNAGE AND PRICE PAT Agriculture Reduced sugar tonnage and lower sugar price of Rs 14,000 per tons (Last year Rs 15,000); Negative movement in consumable assets. Property Revenue now comprises of rental income for assets leased to Cap D Abondance; Last year s results included two month closure of Le Restaurant Chamarel for renovation Real Estate Delays in construction milestones impacted profitability. H1-18 H1-17 H1-18 H1-17 H1-18 H

22 GROUP FINANCIALS

23 OPERATIONAL PAT IMPROVED BY 21% ON THE BACK OF BETTER PERFORMANCE FROM ASCENCIA, AND NEW LEISURE SECTOR In Rs m FINTECH HOSPITALITY HOTELS HOSPITALITY TRAVEL HOSPITALITY LEISURE LOGISTICS PROPERTY INVESTMENT PROPERTY PROPERTY DEV & AGRI CORPORATE SERVICES H H % VAR REVENUE 344 1, , ,887 4,403 11% EBITDA (27) (29) % Taxation Finance Costs Dept & Amort (7) (11) (15) 7 (26) (86) (2) (2) (8) (3) (3) (10) (20) (21) (52) (31) (135) (6) (4) (20) (20) - (68) (4) (60) (286) (201) (98) (269) (186) PAT before exceptional items (71) (101) % Exceptional Items PAT (70) (101) %

24 EVENTS & ACHIEVEMENTS

tournament that is a unique opportunity for Rogers Group team

25 ROGERS INVITATIONAL SECOND EDITION For the second consecutive year, Rogers hosted the Rogers Invitational, a one-day tournament that is a unique opportunity for Rogers Group team members and their guests to meet and bond over a friendly game of golf.

THIRD EDITION OF AFRASIA BANK MAURITIUS OPEN Co-sanctioned by the European Tour, Sunshine Tour, and Asian Tour, the AfrAsia Bank Mauritius Open took place between the 30th of November and

26 THIRD EDITION OF AFRASIA BANK MAURITIUS OPEN Co-sanctioned by the European Tour, Sunshine Tour, and Asian Tour, the AfrAsia Bank Mauritius Open took place between the 30th of November and 3rd of December 2017 at Heritage Golf Club. The competition welcomed 156 of the world s most seasoned professionals and put the spotlights on the Mauritian destination and the Bel Ombre region.

documentary film on Amedée Maingard s life.

27 DOCUMENTARY ON AMÉDÉE MAINGARD Rogers partnered with the film director Michel Vuillermet in a 60 min documentary film on Amedée Maingard s life. The film was screened in Bagatelle and La Croisette Cinéstar for 3 weeks.

Le Château, Heritage Nature Reserve and Heritage C Beach Club.

28 The Domaine de Bel Ombre is now known as «Heritage Bel Ombre» since the 5 th of October. The new brand structure under the Heritage mother brand: Heritage Villas Valriche, Heritage Le Château, Heritage Nature Reserve and Heritage C Beach Club. This adds to Heritage Le Telfair, Heritage Awali, Heritage The Villas and Heritage Golf Club. LAUNCH OF HERITAGE BEL OMBRE BRAND

29 LE CHÂTEAU ICON OF MAURITIUS Refurbishment of Le Château de Bel Ombre Iconic historical feature of Mauritius Restaurant Fine Dining Private Suite French Garden

30 REFURBISHMENTS REVEALED Veranda Paul & Virginie Reopened in September 2017 Heritage Le Telfair Reopened in September 2017 Heritage Le Château Reopened in September 2017

ROGERS CAPITAL ACQUIRES GLOBEFIN MANAGEMENT SERVICES In October 2017, Rogers Capital acquired Globefin Management Services, a mid-sized Offshore

31 ROGERS CAPITAL ACQUIRES GLOBEFIN MANAGEMENT SERVICES In October 2017, Rogers Capital acquired Globefin Management Services, a mid-sized Offshore Management Company. With a clientele that is complementary to that of Rogers Capital, Globefin brings in new markets and a new impetus to the financial activities.

the French Business Forum on the 23 rd of August 2017.

32 FIRST EDITION OF ROGERS CAPITAL FRENCH BUSINESS FORUM The Rogers Capital French Desk organised the first edition of the French Business Forum on the 23 rd of August It focused on Macron s France: the opportunities for Mauritius.

Mall, Phoenix Mall, Riche Terre Mall, Kendra and Les Allées.

33 ASCENCIA LAUNCHES ITS 6TH MALL IN FLOREAL Launched on Wednesday 29th of November th mall of Rogers subsidiary founded in 2008, after Bagatelle Mall, Phoenix Mall, Riche Terre Mall, Kendra and Les Allées. A different shopping area, focusing on green spaces and natural light at the heart of modern architecture.

34 ISLANDIAN, A TRAVEL AGENCY WITH AN INDIAN OCEAN FOCUS Launched in October 2017, Islandian, the new Rogers Group online travel agency, offers tailored journeys focusing on the Indian Ocean islands. It caters for flights and hotels, as well as a whole panel of experiences, like golf or kite surf.

Founded in 1992, Eco-School is the world-wide school program on environment and sustainable development.

35 ECO-SCHOOLS: 9 INSTITUTIONS RECEIVE A GREEN FLAG Nine institutions participating in the Eco-School programme received a Green Flag, rewarding those who have complied to a series of environmental and pedagogical criteria. Founded in 1992, Eco-School is the world-wide school program on environment and sustainable development. Operating under the Foundation for environmental Education (FEE), it touches more than schools in 6 different countries. It s focus is on Climate change, Energy & water and Biodiversity & ocean.

LAUNCH OF ST CATHERINE PROGRAMME DE DEVELOPMENT COMMUNAUTAIRE INTÉGRÉ co-sponsored by ENL, Eclosia and Rogers The Plateforme Communautaire de Cité Ste- Catherine launched its integrated community

36 LAUNCH OF ST CATHERINE PROGRAMME DE DEVELOPMENT COMMUNAUTAIRE INTÉGRÉ co-sponsored by ENL, Eclosia and Rogers The Plateforme Communautaire de Cité Ste- Catherine launched its integrated community development program on the 25th of September This project called Zenerasion Nou Kapav aims at strengthening the development of the inhabitants and helping the 252 families of this community become autonomous.

20 FAMILIES CURRENTLY SUPPORTED BY LOVEBRIDGE IN BEL OMBRE The Lovebridge team ensures the

37 National organisation, under the aegis of Business Mauritius, that strives to fight extreme poverty using a methodology based on long-term solidarity and inclusive empowerment. 20 FAMILIES CURRENTLY SUPPORTED BY LOVEBRIDGE IN BEL OMBRE The Lovebridge team ensures the implementation and the monitoring of the projects following six pillars, namely: Education, Health, Employment, Housing, Nutrition, Attitude

a second survey was needed to evaluate social progress and future needs.

38 SOCIAL IMPACT ASSESSMENT & SOCIAL NEEDS ANALYSIS OF BEL OMBRE VILLAGES 10 years after the first social needs assessment was done within the villages of Baie du Cap, St Martin, Bel Ombre and Riviere des Galets for the promoters of Villas Valriche IRS project, a second survey was needed to evaluate social progress and future needs. In a nutshell, although some social uplifting has taken place among parts of the population, the villagers still suffer largely form unemployment and lack of opportunities for social mobility.

BIS LAMER MOBILE MARINE EDUCATION UNIT A classroom

training displays and other interactive tools.

visited (Public/ Private /Primary/ Secondary) 7,989

39 BIS LAMER MOBILE MARINE EDUCATION UNIT A classroom on wheel equipped with laboratory equipment, training displays and other interactive tools. 18,956 Students 26,945 Persons touched 145 Schools visited (Public/ Private /Primary/ Secondary) 7,989 Adults 57 Open days / Community / Malls / Beaches / Campaigns

Rogers Foundation supports the publication of «Nature, Art et Science» This book portrays the reproduction of rare watercolour paintings from the 19th century

Each drawing of an endemic or exotic plant species from Mascarenes region is meticulously reproduced with all scientific knowledge related to its 162 boards

40 Rogers Foundation supports the publication of «Nature, Art et Science» This book portrays the reproduction of rare watercolour paintings from the 19th century by the female artist and botanist Malcy de Chazal-Moon. Each drawing of an endemic or exotic plant species from Mascarenes region is meticulously reproduced with all scientific knowledge related to its 162 boards have been assembled in this book published by Nelly and David Ardill, two passionate historians and naturalists. Rogers has seen in the support of this artwork the continuation of its engagement in the protection of the environment, in particular in the Bel Ombre region.

BEL OMBRE LAGOON MANAGEMENT PLAN The implementation of a lagoon management plan that includes : Respect the best practises for anchorage An official speed limit Stop water ski in the shallow lagoon

41 BEL OMBRE LAGOON MANAGEMENT PLAN The implementation of a lagoon management plan that includes : Respect the best practises for anchorage An official speed limit Stop water ski in the shallow lagoon Snorkelling and motorised boat activities should be conducted at high tide Implement snorkelling trails Have a lagoon directory in the hotel rooms Sensitisation and training for boat operators and staff

Education the tourists on the lagoon life and do s and don'ts of enjoying its ecosystems: 1.

42 BEL OMBRE LAGOON DIRECTORY Heritage Resorts has partnered with REEF Conservation to produce lagoon directories that are placed in each room. Education the tourists on the lagoon life and do s and don'ts of enjoying its ecosystems: 1. Coastal and marine habitats 2. Discover Bel Ombre lagoon Mangrove, corals, rocky shores, seagrass & open seas 1. Safety and first aid. Venomous organisms, water safety, do s & don ts.

The Campaign aimed at encouraging Rogers Group employees to be part of an environment-related project in view of the

43 WE SWING FOR OUR COAST Launched by World Blind Golf Champion Jeremy Poincenot We Swing For Our Coast campaign was launched on the 13th of September 2017 by World Golf Blind Champion Jeremy Poincenot. The Campaign aimed at encouraging Rogers Group employees to be part of an environment-related project in view of the AfrAsia Bank Mauritius Open In a spectacular clean up with 60 volunteers and the GIPM s assistance, kg of trash was retrieved from the foot of the Cascade Chamarel.

44 OUTLOOK

45 Outlook FinTech Widen service offerings and market share increase in the Financial Services sector; Hospitality Hotels - VLH Carry out renovation works at Veranda Tamarin; Performance ratios will be much better; Results are budgeted to be lower on account of renovations made during the year; Hotels - NMH Expecting a similar operational performance as last year; Travel Leverage from the launch of the new online travel platform, Islandian;

Outlook Leisure Uplifting of services for CSBO & Case Noyale; Refurbishment of Ocean Basket Bagatelle; Extension of offering in the Food Service segment; Management of La Balise Marina

46 Outlook Leisure Uplifting of services for CSBO & Case Noyale; Refurbishment of Ocean Basket Bagatelle; Extension of offering in the Food Service segment; Management of La Balise Marina Restaurant; Logistics Extending operations in Kenya; Property Ascencia is working on the extension of Bagatelle and construction of new property project in the South; New initiatives to improve sales in VBO.

47 VALUATION & RATIOS

48 A 10% GROWTH IN NAV AND A COMFORTABLE INTEREST COVER OF 2 TIMES END OF PERIOD UNIT DEC-17 JUN-17 DEC-16 NAV SHARE PRICE* DISCOUNT DEBT TO EQUITY INTEREST COVER Rs Rs % Ratio Ratio % % % * Latest share price

49 BASED ON A MARKET CAP. OF RS 8.5BN, THE UNQUOTED INVESTMENTS ARE VALUED AT ONLY RS 1.4BN No of Shares* 19-FEB-18 VALUE Value per RCL Share No. Rs Rs m Rs A. RCL 252,045, , Swan General New Mauritius Hotels Ordinary New Mauritius Hotels - Preference Air Mauritius Ascencia Class A 2,386, ,217,548 29,870,707 13,833, ,755, , , B. TOTAL VALUE OF QUOTED INVESTMENTS 7, RCL excl. QUOTED INVESTMENTS (A-B) 1, * No of shares held for Quoted Investments

50 ROGERS SHARE PRICE REACHED A HIGH OF RS IN JAN % 120 Rs 29 Rs % 50% Rs % 40% 80 35% 30% % 25% 17% 20% 15% 20 10% 5% 0 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 0% Discount to NAV (Right Axis) RCL Share Price Semdex

51 THANK YOU

INVESTORS BRIEFING 19 SEPTEMBER

INVESTORS BRIEFING 19 SEPTEMBER 2018 Agenda Financials Human Capital Communication, CSR & Sustainability Outlook & Valuation Financial highlights Group revenue improved by 9% 10% * * 1.58 1.32 0.56 0.52