Investor Presentaiton

Headwinds continue to build in South Africa SA real GDP growth (%) SA headline CPI (%) 3.0 3.2 2.4 2.5 1.4 1.3 0.7 1.2 1.5 0.3 (6.3) 4.9 6.1 6.3 5.6 5.7 2.0 5.3 5.0 4.6 4.6 4.6 4.2 4.1 3.3 10 11 12 13 14 15 16 17 18 19 SA end of period repo rate (%) 20 21 6.9 22 22 10 11 12 13 14 15 16 17 18 19 20 21 22 7.0 7.0 6.8 6.8 6.5 6.3 5.8 5.5 5.5 5.0 5.0 3.5 3.8 Loadshedding GWh (k) 11.7 0.2 0.6 1.7 2.5 10 11 12 13 14 15 16 17 18 19 20 21 22 2018 2019 2020 2021 2022 Source: Stats SA, SARB, Eskom, Bureau for Economic Research, Absa Research 4 |

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