ANNUAL RESULTS

For the year ended 31 August 2011

Disclaimers

This presentation contains forward looking statements. All statements, other than statements of historical fact, that address activities, events or developments that B & W Instrumentation and Electrical Limited (“B&W”) believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding future market performance and/or prospects, future revenue, future targets, future expansion and future plans and objectives of B&W) are forward-looking statements. Many factors could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, adverse changes or uncertainties in general economic conditions in the markets we serve, regulatory developments adverse to B&W, changes in B&W’s competitive position or changes in business strategy. B&W gives no assurance that events expressed or implied in the forward-looking statements in this presentation will actually occur and makes no undertaking to subsequently update or revise the forward-looking statements in this presentation to reflect events or circumstances after the presentation date.

Share code: BWI 2

COMPANY & INDUSTRY OVERVIEW

B&W Group

         One of the largest E&I contractors in South Africa 38 year track record Listed on AltX July 2007 Market capitalisation R135 million (9 November 2011) Turnover R683 million Current staff – 2 500 to 3 000 Level 5 BEE CIDB rating 9EB Exceptional safety record - numerous awards Share code: BWI 4

Pontins

       One of the largest specialist suppliers of earthing and lightning protection services In business for 41 years 40% of the South African market Revenue R32.9 million PAT R3.4 million Provides B&W with early market intelligence (earthing & lightning protection one of the first installations on site) Leverages B&W to access cross-border markets Share code: BWI 5

B&W Market Share

30% 4% 6% 22% 38% B&W 7 Major competitors 10 Minor competitors Foreign competitors Other

Expect to reduce to ± 20% during the consolidation phase in 2012 Share code: BWI 6

Footprint

Burkina Faso Sierra Leone Current Projects Potential Projects Targeted Projects Offices

B&W Instrumentation and Electrical Limited: * Head Office - Alberton * Trichardt – Secunda * Rustenburg B&W Electricidade Lda – Mozambique B&W Madagascar SaRl – Madagascar BWIE Instrumentation & Electrical Swaziland (Pty) Ltd – Swaziland Share code: BWI 7

Electrical & Instrumentation (E&I) Construction Industry

Ambatovy Project

R’000

June 2008 – Dec 2009 July 2009 – Sept 2011 134,000 Moatize Project Aug 2009 – Sept 2011 Feb 2009 – Aug 2010 142,000 236,000 Planned Construction 438,000 Order Received – Feb 2008 Order Received – Oct 2008 Actual Construction

Share code: BWI 8

Economic Environment

       Projects on hold reduced pipeline – particularly Mining Enquiry activity increasing but mainly studies Order intake slow Pressure on margins Payment terms less favourable than previously Tough economic conditions expected into 2013 - slow recovery Generally – tough trading conditions Share code: BWI 9

Strategy

Markets Operations Acquisitions

Grow existing market organically Diversify into commercial installations Increase presence in oil & gas Expand geographically

General Infrastructure (mainly in Africa)

Reduce dependence on Mining – next 2–3 years Control and optimise operating costs Increase operational efficiencies Off-site manufacturing Strengthen cash flow Consolidate during 2012 Commercial department Serve the same market/clients as B&W Enhance EPS Strengthen and/or expand on core competencies BEE partner Share code: BWI 10

FINANCIAL OVERVIEW

11

Group Achievements

Despite economic environment B&W:  Increased turnover by 13.7%      Targeting to return to cash positive by December 2011 Targeting a return to profitability during 2012 No long-term debt or capital raising assistance No shares issued Participated and completed one of the largest construction projects on the planet over the last 3 years Share code: BWI 12

Profit / (Loss) after Tax

0 -10 -20 60 50 40 30 20 10

2007 2008 2009 2010 2011

Actual NPAT Share code: BWI 13

Earnings / (Loss) Per Share

0 -5 -10 20 15 10 5 35 30 25

2007 2008 2009 2010 2011

-7.8

cents Actual Share code: BWI 14

Revenue & GP by Region

26% 51%

Revenue

49% RSA Africa 74%

GP Share code: BWI 15

Revenue

700 600 500 400 300 200 100 0 2007 2008 2009 Increased by 13.7% to R683 million 2010 2011 Actual revenue Share code: BWI 16

Cash Balance

Cash balance of -R34 million at year-end Cash balance of -R6 million at current (9 November 2011) Share code: BWI 17

Dividend

4 1 0 3 2 9 8 7 6 5

3.5

2007 Nil for the year

5 2

2008

5 2.5

2009

4.5

2.5

2010 2011 Final Interim Share code: BWI 18

LOOKING AHEAD

19

2011 & 2012

428 Order Book History 570 474 595

600 500 400

523 489 360 319

300 200

201 237

100 0 Feb 2007 Aug 2007 Feb 2008 Aug 2008 Feb 2009 Aug 2009 Feb 2010 Aug 2010 Feb 2011 Aug 2011  Order intake recovering slowly in line with consolidation  Turned orders away due to cash constraints  Order intake in line with current market conditions  New orders of R36 million since year-end to date Share code: BWI 20

2012 & Beyond

B&W Pipeline - August 2011

14 12 4 2 10 8 6 0 2010 Interims 2011 Interims 2012

Year

2013 2014 2015 2016 2017 Power Infrastructure General Process Oil & Gas Mining Share code: BWI 21

Identified Projects August 2011 Active

R6.1 billion R6.7 billion R7.2 billion

Bankable

R3.7 billion R4.3 billion R6.9 billion 2011 2010 2009

Feasibility

R52.2 billion R54.3 billion R37.4 billion

Share code: BWI 22

Order Book – August 2011 Targeted Projects / Expected Orders

56%

Order Book

44% 64%

Targeted Projects / Expected Orders

36% RSA Africa

Share code: BWI 23

2012 & Beyond

     

Mining

   Currently still B&W’s target revenue driver Coal and iron ore mines remain growth areas Reduce B&W’s dependence on mining over next 2 – 3 years through diversification

Power Generation

   B&W will participate in support infrastructure to conventional power stations Two smaller power generation projects scheduled for construction in Northern Mozambique B&W targeting power distribution and substation projects in Africa

Oil & Gas

    Oil refineries in South Africa and Africa will go ahead GTL Plant – feasibility study in conjunction with a large coal mine in Waterberg region Ongoing Sasol upgrades Long-term opportunities in Namibia, Botswana and Mozambique

Commercial

  Market commercial installations for office blocks and substations in current core business Target medium sized complexes through Pontins & existing clients

Infrastructure

 Target all infrastructure work, predominantly in Mozambique

Supply Chain

 Currently in discussions with a client to supply E&I materials globally Share code: BWI 24

2012 & Beyond 2011

5% 8% 77% 15% 0% 7%

2012

3% 7% 68%

TARGETS

17% 4% 17% 3% 7%

2013

52% MINING PONTINS INDUSTRIAL PLANTS OIL & GAS COMMERCIAL INFRASTRUCTURE

Share code: BWI 25

Thank you for your interest

26

Condensed Consolidated statement of comprehensive income Revenue

Cost of sales

Gross profit

Other income Operating expenses

Operating profit

Investment revenue Finance costs

Profit before taxation

Taxation

Profit for the year Other comprehensive income

Foreign currency translation reserve

Total comprehensive income Audited year ended 31 August 2011 R’000 683 384

(661 500)

21 884

224 (45 714)

(23 606)

40 (3 619)

(27 185)

11 429

(15 756) 187 (15 569) Audited year ended 31 August 2010 R’000 601 283

(478 158)

123 125

1 040 (45 855)

78 310

3 567 (323)

81 554

(24 041)

57 513

318

57 831

Share code: BWI 27

Condensed Consolidated statement of financial position ASSETS Non-current assets

Property, plant and equipment Goodwill Intangible assets Investments in subsidiaries Deferred tax Retention debtors

Current assets

Inventories Loans to related parties Other financial asset Trade and other receivables Cash and cash equivalents

Total Assets Audited as at 31 August 2011 R’000 53 388

32 543 7 368 2 553 10 924 -

365 301

2 547 8 904 3 567 337 407 12 876

418 689 Audited as at 31 August 2010 R’000 63 477

36 939 7 368 3 404 15 766

400 914

3 502 3 700 3 484 319 146 71 082

464 391

Share code: BWI 28

Condensed Consolidated statement of financial position (cont.) EQUITY AND LIABILITIES Equity

Share Capital Foreign currency translation reserve Retained income Non-controlling interest

Non-current liabilities

Finance lease obligation Deferred tax

Current liabilities

Loans from related parties Loans from shareholders Financial liabilities Current tax payable Finance lease obligation Trade and other payables Provisions Bank overdraft

Total equity and liabilities Audited as at 31 August 2011 R’000 180 318

38 583 500 140 776 459

47

47

238 324

4 862 7 823 17 508 17 042 52 136 877 6 831 47 329

418 689 Audited as at 31 August 2010 R’000 205 084

38 583 315 165 970 216

11 813

131 11 682

247 494

1 634 49 217 6 841 158 181 079 8 565 -

464 391

Share code: BWI 29

Condensed Consolidated statement of cash flows

Net cash from operating activities Net cash from investing activities Net cash from financing activities

Total cash movement for the year

Cash at the beginning of the year

Total cash at end of the year Audited year ended 31 August 2011 R'000

(68 251) 3 812 (41 096)

(105 535)

71 082

(34 453) Audited year ended 31 August 2010 R'000

7 202 (32 264) (43 620)

(68 682)

139 764

71 082

Share code: BWI 30

Segmental Reporting 2011 Profit and loss

Contract revenue Contract costs

Gross profit

Other income

Operating profit

Investment income Finance costs Depreciation and amortisation Operating expenses Taxation

Loss after tax Assets and liabilities Total assets Total liabilities South Africa R’000 Foreign operations R’000

338 390 (332 600)

5 790

224

6 014

40 (3 619) (5 949) (19 182) 15 759

(6 937) 321 054 (215 617)

344 994 (328 900)

16 094 16 094

(1 081) (19 502) (4 330)

(8 819) 97 635 (22 754) Total R’000

683 384 (661 500)

21 884

224

22 108

40 (3 619) (7 030) (38 684) (11 429)

(15 756) 418 689 (238 371)

Share code: BWI 31