This document provides an overview of Curro Holdings Limited, a private school education company in South Africa. Some key points: - Curro is the largest provider of affordable, quality private education in South Africa with 12 campuses across the country. - The company listed on the JSE to fund expansion plans and gain credibility with clients and debt financiers. - Projections show rapid growth in the number of schools and learners, with a goal of 40 schools and 45,000 learners generating R450 million in profit by 2020. - Financials show consistently strong growth and margins above 25% at schools operating for over 2 years, with the overall business profitable. New schools negatively impact short-

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JSE
SHOWCASE
SEPT 2011

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DISCLAIMER
Users are advised that to the extent that any
statement in this presentation constitutes a
profit forecast, same has not been reviewed nor
reported on by the company’s auditors.

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CURRO IS THE MARKET LEADER IN
THE PROVISION OF AFFORDABLE,
QUALITY PRIVATE SCHOOL
EDUCATION IN SOUTH AFRICA

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WHY DID WE LIST?
• Scalable business model
• Preparing for growth - Expansion and re-
gearing of balance sheet
• Credibility/sustainability
• Debt financiers
• Clients

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CURRO’S PROFILE
• 13 year operating history
• 12 Campuses across SA
• Durbanville, Langebaan, Pta (x3), Jhb
(3), Witbank, Polokwane, Hermanus, Mossel Bay.
• Growing company in a growing sector
• Non-cyclical business
• Shareholder of reference in PSG (63%)
• Operationally profitable

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SCHOOL EDUCATION IN SOUTH AFRICA
• Government schools are overcrowded
• Ex-model C schools are good, but increasingly
under pressure
• No new schools built in affluent areas
• Elite and expensive private schools
• Smaller Private schools with limited facilities and
expansion potential
• Curro

7. SCHOOL MARKET SIZE AND 7
POTENTIAL
South Africa Learners
South Africa 4% Private school learners
United Kingdom 5% (% Private school) Public Schools: 11 900 000
USA 11%
Global average 13%
Private Schools: 455 000
India 17%
Australia 30%
Netherlands 72%
0% 10% 20% 30% 40% 50% 60% 70% 80%
SA: Population of Age 0-19 (m)
Predominant private
2.7 school market
15.0
3.2 Other potential private
school market
LSM 9-10 LSM 7-8 Other

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THE CURRO MODEL
• English or Parallel medium/Dual medium
• Small Classes (<20 per class, max 25)
• Disciplined environment, Christian Ethos
• Balance between academic, sport & cultural activities
• Curro Centre for Educational Excellence (“CCEE”):
External benchmarking and quality assurance
• Emphasis on Computer Technology
• Personal developmental plan

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CURRO LEARNER NUMBERS
12,000
Number of schools and learners
Estimate
17
10,000 9,594
14
8,000
7,457
12
6,000
5,410
7
4,000
3,088
4
3
2,059
2,000 2 1,642
1
1,107
775 910
751
450 575
310 400
28 145
-
'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13

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CURRENT PROJECTS / FUTURE
VENTURES
Major developments at existing campuses
New campus at Nelspruit 2011
New building projects 2012
• Port Elizabeth
• Krugersdorp
• Heidelberg
Beyond 2012
• Cape Town (2 sites)
• KZN (2 Sites)
• Johannesburg (3 sites)
• Centurion
• Lepalale/Ellisras (Limpopo)

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INCOME STATEMENT
1H10 1H11 FY2010
R'000 R'000 R'000
Revenue 36 527 79 271 74 028
EBITDA 6 347 5 659 12 800
Depreciation and amortisation (1 177) (3 407) (3 014)
Earnings before interest and tax 5 170 2 252 9 786
Net interest expense (2 424) (13 226) (5 106)
Profit before taxation 2 746 (10 974) 4 680
Taxation (391) 3 278 553
Total comprehensive (loss) / profit
for the period 2 355 (7 696) 5 233
Earnings per share (basic and diluted) (cents) 2.9 (9.6) 6.5
• Rights issue - Interest will not repeat in 2nd half.

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EBITDA PERSPECTIVE
1H10 1H11 YOY 2yr
Change CAGR
R'000 R'000
EBITDA 6 347 5 659 (11%) 17%
Schools > 2years 8 125 9 575 18% 25%
Schools <2 years 907 (522)
Aurora - 4 237
Head office (2 684) (7 632) 184% 100%
EBITDA Margin 17.4% 7.1%
Schools > 2years 28.4% 28.7%
Schools <2 years 11.0% (2.3%)
Aurora 18.4%
• Fixed costs component of new schools has negatively
affected EBITDA
• Margins are proven for schools >2 years

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BALANCE SHEET
Audited Unaudited Unaudited
31 December 30 June 2011 30 June 2011
2010 Pro forma
ASSETS
Non-current assets 236 889 410 291 410 291
Current assets 6 422 12 304 104 055
Trade and other receivables 2 285 6 772 6 772
Cash and cash equivalents 4 137 5 532 97 283
Total assets 243 311 422 595 514 346
EQUITY AND LIABILITIES
Equity 57 686 49 842 372 242
Non-current liabilities 99 787 109 001 109 001
Current liabilities 85 838 263 752 37 103
Intercompany loan 54 440 226 649
Other financial liabilities 10 861 10 197 10 197
Trade and other payables 17 251 27 103 27 103
Bank overdrafts 3 223 - -
Total equity and liabilities 243 311 422 595 518 346
Net asset value per share (cents) 71.7 61.8 230.9

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SUMMARY – PRE LISTING STATEMENT
31 DECEMBER 2009 2010 2011 2012 2013
All amounts Rm Actual Actual Forecast Forecast Forecast
Audited Audited Unaudited Unaudited Unaudited
Number of schools 3 5 12 14 17
Number of learners 2 000 3 000 5 500 7 500 9 500
INCOME STATEMENT
Gross Income 49 76 162 222 300
EBITDA 9 13 16 37 59
PAT 2 5 1 14 16
Weighted average shares in issue 80 80 114 161 161.2
Headline Earnings Per Share 2.3 6.5 0.7 8.7 10.0

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PROSPECTS
• On track in terms of organic growth
• 2 to 4 schools per year
• Enrolment numbers are looking
promising for 2012
• Acquisitive growth – a number of targets

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BUSINESS OBJECTIVE
2020
40 SCHOOLS
45 000 LEARNERS
R450m PAT