Investor Presentaiton

Santova's Business Model Example of impact of Working Capital on Cash generated from operations Contractual relationship Billings Revenue Trade receivables Debtor days SANTOVA Group R'000 Agency basis 4 341 750 413 826 Comparative Company R'000 Santova Principal basis * * Where customs Duties & VAT are not funded on behalf of clients 413 826 413 826 581 421 55 441 48.9 48.9 Comparative effect on Trade Receivables is substantially lower 82 416 82 416 Equivalent profit generated Profit before tax Example: Impact on working capital through 5% negative movement in Trade Receivables 29 071 Percentage reduction in cash generated from operations -35% 2 772 -3%

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