|                                                |
|------------------------------------------------|
|                                                |  |  |
| Consolidated statements of financial position  |   |
|                                           |   |   |
|                                           |   |   |
| at March 31, 2017 and March 31, 2016 |   |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |
|                                        | Notes |   | March 31, 2017 |  |   | March 31, 2016 |  |
|                                        |   | R’000 |  |   | R’000 |  |
|                                        |   |   |   |   |   |
| ASSETS                                      |   |   |   |   |   |
| Non-current assets                          |   |   |   |   |   |
| Property, plant and equipment               | 6 |   | 294,120 |  |   | 235,584 |  |
| Intangible assets                           | 7 |   | 881,900 |  |   | 846,851 |  |
| Finance lease receivable                    | 8 |   | 22 |  |   | 167 |  |
| Deferred tax assets                         | 18 |   | 28,130 |  |   | 30,005 |  |
| Total non-current assets                    |   |   | 1,204,172 |  |   | 1,112,607 |  |
|                                        |   |   |   |   |   |
| Current assets                              |   |   |   |   |   |
| Inventory                                   | 9 |   | 26,449 |  |   | 64,489 |  |
| Trade and other receivables                 | 10 |   | 260,576 |  |   | 293,045 |  |
| Finance lease receivable                    | 8 |   | 140 |  |   | 984 |  |
| Taxation                                    | 28 |   | 26,302 |  |   | 8,886 |  |
| Restricted cash                             | 11 |   | 13,268 |  |   | 21,134 |  |
| Cash and cash equivalents                   | 12 |   | 375,782 |  |   | 877,136 |  |
| Total current assets                        |   |   | 702,517 |  |   | 1,265,674 |  |
| Total assets                                |   |   | 1,906,689 |  |   | 2,378,281 |  |
|                                        |   |   |   |   |   |
| EQUITY                                      |   |   |   |   |   |
| Stated capital                              | 13 |   | 854,345 |  |   | 1,320,955 |  |
| Other reserves                              | 14 |   | (4,370 | ) |   | 74,262 |  |
| Retained earnings                           |   |   | 594,514 |  |   | 526,082 |  |
| Equity attributable to owners of the parent |   |   | 1,444,489 |  |   | 1,921,299 |  |
| Non-controlling interest                    |   |   | (1,558 | ) |   | (1,491 | ) |
| Total equity                                |   |   | 1,442,931 |  |   | 1,919,808 |  |
|                                        |   |   |   |   |   |
| LIABILITIES                                 |   |   |   |   |   |
| Non-current liabilities                     |   |   |   |   |   |
| Deferred tax liabilities                    | 18 |   | 100,067 |  |   | 120,981 |  |
| Provisions                                  | 19 |   | 1,833 |  |   | 3,514 |  |
| Share-based payment liability               | 20 |   | — |  |   | — |  |
| Total non-current liabilities               |   |   | 101,900 |  |   | 124,495 |  |
|                                        |   |   |   |   |   |
| Current liabilities                         |   |   |   |   |   |
| Trade and other payables                    | 16 |   | 309,110 |  |   | 282,647 |  |
| Borrowings                                  | 15 |   | — |  |   | 1,103 |  |
| Taxation                                    |   |   | 4,521 |  |   | 2,795 |  |
| Provisions                                  | 19 |   | 28,778 |  |   | 31,059 |  |
| Bank overdraft                              | 12 |   | 19,449 |  |   | 16,374 |  |
| Total current liabilities                   |   |   | 361,858 |  |   | 333,978 |  |
| Total liabilities                           |   |   | 463,758 |  |   | 458,473 |  |
| Total equity and liabilities                |   |   | 1,906,689 |  |   | 2,378,281 |  |
|                                        |   |   |   |   |   |

----

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |
| Consolidated income statements                                                             |   |
|                                                                                       |   |   |
|                                                                                       |   |   |
| for the years ended March 31, 2017, March 31, 2016 and March 31, 2015  |   |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                | Notes |  |   | March 31, 2017 |  |   | March 31, 2016 |  |   | March 31, 2015 |  |
|                                |   | R’000 |  |   | R’000 |  |   | R’000 |  |
|                                |   |   |   |   |   |   |   |
| Revenue                             | 21 |  |   | 1,540,058 |  |   | 1,465,021 |  |   | 1,389,380 |  |
| Cost of sales                       |   |   | (498,785 | ) |   | (439,305 | ) |   | (449,663 | ) |
|                                |   |   |   |   |   |   |   |
| Gross profit                        |   |   | 1,041,273 |  |   | 1,025,716 |  |   | 939,717 |  |
| Other income/(expenses) — net | 22 |  |   | 426 |  |   | 1,244 |  |   | 3,795 |  |
| Operating expenses                  |   |   | (903,837 | ) |   | (887,876 | ) |   | (793,651 | ) |
| Sales and marketing                 |   |   | (181,601 | ) |   | (203,767 | ) |   | (171,948 | ) |
| Administration and other charges    |   |   | (722,236 | ) |   | (684,109 | ) |   | (621,703 | ) |
|                                |   |   |   |   |   |   |   |
| Operating profit                    | 23 |  |   | 137,862 |  |   | 139,084 |  |   | 149,861 |  |
| Finance income/(costs) — net  |   |   | 10,391 |  |   | 150,327 |  |   | 80,778 |  |
| Finance income                      | 24 |  |   | 16,068 |  |   | 152,164 |  |   | 82,905 |  |
| Finance costs                       | 25 |  |   | (5,677 | ) |   | (1,837 | ) |   | (2,127 | ) |
|                                |   |   |   |   |   |   |   |
| Profit before taxation              |   |   | 148,253 |  |   | 289,411 |  |   | 230,639 |  |
| Taxation                            | 28 |  |   | (26,812 | ) |   | (106,920 | ) |   | (81,623 | ) |
| Profit for the year                 |   |   | 121,441 |  |   | 182,491 |  |   | 149,016 |  |
|                                |   |   |   |   |   |   |   |
| Attributable to:                    |   |   |   |   |   |   |   |
| Owners of the parent                |   |   | 121,458 |  |   | 182,989 |  |   | 149,622 |  |
| Non-controlling interests           |   |   | (17 | ) |   | (498 | ) |   | (606 | ) |
|                                |   |   | 121,441 |  |   | 182,491 |  |   | 149,016 |  |
| Earnings per share                  |   |   |   |   |   |   |   |
| Basic (R)                           | 29 |  |   | 0.19 |  |   | 0.24 |  |   | 0.19 |  |
| Diluted (R)                         | 29 |  |   | 0.19 |  |   | 0.23 |  |   | 0.19 |  |
|                                |   |   |   |   |   |   |   |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |
| Consolidated statements of comprehensive income                                      |   |
|                                                                                 |   |   |
|                                                                                 |   |   |
| for the years ended March 31, 2017, March 31, 2016 and March 31, 2015 |   |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   |   | March 31, 2017 |  |   | March 31, 2016 |  |   | March 31, 2015 |  |
|                                                          | Notes |  |   | R’000 |  |   | R’000 |  |   | R’000 |  |
|                                                          |   |   |   |   |   |   |   |
| Profit for the year                                           |   |   | 121,441 |  |   | 182,491 |  |   | 149,016 |  |
| Other comprehensive income:                                   |   |   |   |   |   |   |   |
| Items that may be subsequently reclassified to profit or loss |   |   |   |   |   |   |
| Exchange differences on translating foreign operations        |   | (80,870 | ) |   | 90,665 |  |   | 27,953 |  |
| Attributable to owners of the parent                          | 14 |  |   | (80,820 | ) |   | 90,784 |  |   | 27,754 |  |
| Attributable to non-controlling interests                     |   |   | (50 | ) |   | (119 | ) |   | 199 |  |
| Taxation relating to components of other comprehensive income | 14, 18 |  |   | (59 | ) |   | (2,466 | ) |   | 3,010 |  |
| Other comprehensive (loss)/income for the year, net of tax    |   | (80,929 | ) |   | 88,199 |  |   | 30,963 |  |
| Total comprehensive income for the year                       |   |   | 40,512 |  |   | 270,690 |  |   | 179,979 |  |
|                                                          |   |   |   |   |   |   |   |
| Attributable to:                                              |   |   |   |   |   |   |   |
| Owners of the parent                                          |   |   | 40,579 |  |   | 271,307 |  |   | 180,386 |  |
| Non-controlling interests                                     |   |   | (67 | ) |   | (617 | ) |   | (407 | ) |
| Total comprehensive income for the year                       |   |   | 40,512 |  |   | 270,690 |  |   | 179,979 |  |
|                                                          |   |   |   |   |   |   |   |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |
| Consolidated statements of changes in equity                                         |   |
|                                                                                 |   |   |
|                                                                                 |   |   |
| for the years ended March 31, 2017, March 31, 2016 and March 31, 2015 |   |

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 |   |  | Attributable to owners of the parent |   |   |  |   |   |  |
|                                                 | Notes |  | StatedcapitalR’000 |  |   | OtherreservesR’000 |  | * | RetainedearningsR’000 |  |   | TotalR’000 |  |   | Non-controllinginterestR’000 |  |   | TotalequityR’000 |  |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at April 1, 2014                             | 1,429,250 |  |   | (58,335 | ) |   | 300,725 |  |   | 1,671,640 |  |   | (10 | ) |   | 1,671,630 |  |
| Total comprehensive income                           | — |  |   | 30,764 |  |   | 149,622 |  |   | 180,386 |  |   | (407 | ) |   | 179,979 |  |
| Profit for the year                                  |   | — |  |   | — |  |   | 149,622 |  |   | 149,622 |  |   | (606 | ) |   | 149,016 |  |
| Other comprehensive income                           | — |  |   | 30,764 |  |   | — |  |   | 30,764 |  |   | 199 |  |   | 30,963 |  |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Total transactions with owners                       | 7,743 |  |   | 5,677 |  |   | — |  |   | 13,420 |  |   | (457 | ) |   | 12,963 |  |
| Shares issued in relation to share options exercised |   | 7,743 |  |   | — |  |   | — |  |   | 7,743 |  |   | — |  |   | 7,743 |  |
| Share-based payment                                  |   | — |  |   | 5,220 |  |   | — |  |   | 5,220 |  |   | — |  |   | 5,220 |  |
| Transactions with non-controlling interest           |  |  | — |  |   | 457 |  |   | — |  |   | 457 |  |   | (457 | ) |   | — |  |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at March 31, 2015                       | 1,436,993 |  |   | (21,894 | ) |   | 450,347 |  |   | 1,865,446 |  |   | (874 | ) |   | 1,864,572 |  |
| Total comprehensive income                           | — |  |   | 88,318 |  |   | 182,989 |  |   | 271,307 |  |   | (617 | ) |   | 270,690 |  |
| Profit for the year                                  |   | — |  |   | — |  |   | 182,989 |  |   | 182,989 |  |   | (498 | ) |   | 182,491 |  |
| Other comprehensive income                           | — |  |   | 88,318 |  |   | — |  |   | 88,318 |  |   | (119 | ) |   | 88,199 |  |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Total transactions with owners                       | (116,038 | ) |   | 7,838 |  |   | (107,254 | ) |   | (215,454 | ) |   | — |  |   | (215,454 | ) |
| Shares issued in relation to share options exercised | 13 |  | 7,722 |  |   | — |  |   | — |  |   | 7,722 |  |   | — |  |   | 7,722 |  |
| Share-based payment                                  | 14 |  | — |  |   | 7,838 |  |   | — |  |   | 7,838 |  |   | — |  |   | 7,838 |  |
| Dividends declared                                   | 30 |  | — |  |   | — |  |   | (107,254 | ) |   | (107,254 | ) |   | — |  |   | (107,254 | ) |
| Share repurchase                                     | 13 |  | (123,760 | ) |   | — |  |   | — |  |   | (123,760 | ) |   | — |  |   | (123,760 | ) |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at March 31, 2016                  | 1,320,955 |  |   | 74,262 |  |   | 526,082 |  |   | 1,921,299 |  |   | (1,491 | ) |   | 1,919,808 |  |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |
| Consolidated statements of changes in equity                                         |   |
|                                                                                 |   |   |
|                                                                                 |   |   |
| for the years ended March 31, 2017, March 31, 2016 and March 31, 2015 |   |

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 |   |  | Attributable to owners of the parent |   |   |  |   |   |  |
|                                                 | Notes |  | StatedcapitalR’000 |  |   | OtherreservesR’000 |  | * | RetainedearningsR’000 |  |   | TotalR’000 |  |   | Non-controllinginterestR’000 |  |   | TotalequityR’000 |  |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Total comprehensive income                           | — |  |   | (80,879 | ) |   | 121,458 |  |   | 40,579 |  |   | (67 | ) |   | 40,512 |  |
| Profit for the year                                  |   | — |  |   | — |  |   | 121,458 |  |   | 121,458 |  |   | (17 | ) |   | 121,441 |  |
| Other comprehensive loss                             | — |  |   | (80,879 | ) |   | — |  |   | (80,879 | ) |   | (50 | ) |   | (80,929 | ) |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Total transactions with owners                       | (466,610 | ) |   | 2,247 |  |   | (53,026 | ) |   | (517,389 | ) |   | — |  |   | (517,389 | ) |
| Shares issued in relation to share options exercised | 13 |  | 7,072 |  |   | — |  |   | — |  |   | 7,072 |  |   | — |  |   | 7,072 |  |
| Share-based payment                                  | 14 |  | — |  |   | 2,247 |  |   | — |  |   | 2,247 |  |   | — |  |   | 2,247 |  |
| Dividends declared                                   | 30 |  | — |  |   | — |  |   | (53,026 | ) |   | (53,026 | ) |   | — |  |   | (53,026 | ) |
| Share repurchase                                     | 13 |  | (473,682 | ) |   | — |  |   | — |  |   | (473,682 | ) |   | — |  |   | (473,682 | ) |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at March 31, 2017                  | 854,345 |  |   | (4,370 | ) |   | 594,514 |  |   | 1,444,489 |  |   | (1,558 | ) |   | 1,442,931 |  |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |
| Consolidated statements of cash flows                                                |   |
|                                                                                 |   |   |
|                                                                                 |   |   |
| for the years ended March 31, 2017, March 31, 2016 and March 31, 2015 |   |
|                                                                                 |   |   |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    |   |   | March 31, 2017 |  |   | March 31, 2016 |  |   | March 31, 2015 |  |
|                                                                    | Notes |  |   | R’000 |  |   | R’000 |  |   | R’000 |  |
|                                                                    |   |   |   |   |   |   |   |
| Cash flows from operating activities                                    |   |   |   |   |   |   |   |
| Cash generated from operations                                          | 31.2 |  |   | 377,115 |  |   | 293,808 |  |   | 261,954 |  |
| Interest received                                                       |   |   | 14,737 |  |   | 7,936 |  |   | 8,926 |  |
| Interest paid                                                           |   |   | (5,680 | ) |   | (1,831 | ) |   | (2,057 | ) |
| Taxation paid                                                           |   |   | (62,601 | ) |   | (59,479 | ) |   | (51,179 | ) |
| Net cash generated from operating activities                            |   |   | 323,571 |  |   | 240,434 |  |   | 217,644 |  |
|                                                                    |   |   |   |   |   |   |   |
| Cash flows from investing activities                                    |   |   |   |   |   |   |   |
| Purchases of property, plant and equipment                              | 6 |  |   | (180,230 | ) |   | (155,584 | ) |   | (63,554 | ) |
| Proceeds on sale of property, plant and equipment and intangible assets |   |   | 369 |  |   | 633 |  |   | 605 |  |
| Purchases of intangible assets                                          | 7 |  |   | (115,293 | ) |   | (86,276 | ) |   | (65,748 | ) |
| Acquisition of business, net of cash acquired                           |   |   | — |  |   | (18,000 | ) |   | (40,000 | ) |
| Deferred consideration paid                                             | 15 |  |   | (1,103 | ) |   | (1,361 | ) |   | (1,241 | ) |
| Decrease in restricted cash                                             |   |   | 6,951 |  |   | 19,346 |  |   | — |  |
| Increase in restricted cash                                             |   |   | (3,588 | ) |   | (8,472 | ) |   | (19,907 | ) |
| Net cash used in investing activities                                   |   |   | (292,894 | ) |   | (249,714 | ) |   | (189,845 | ) |
|                                                                    |   |   |   |   |   |   |   |
| Cash flows from financing activities                                    |   |   |   |   |   |   |   |
| Proceeds from issuance of shares                                        | 13 |  |   | 7,072 |  |   | 7,722 |  |   | 7,743 |  |
| Share repurchase                                                        | 13 |  |   | (473,682 | ) |   | (123,760 | ) |   | — |  |
| Dividends paid to Company’s owners                                |   |   | (52,966 | ) |   | (107,150 | ) |   | — |  |
| Repayments of borrowings                                                |   |   | — |  |   | (41 | ) |   | — |  |
| Net cash (used in)/generated from financing activities                  |   | (519,576 | ) |   | (223,229 | ) |   | 7,743 |  |
| Net (decrease)/increase in cash and cash equivalents                    |   | (488,899 | ) |   | (232,509 | ) |   | 35,542 |  |
| Net cash and cash equivalents at the beginning of the year              |   | 860,762 |  |   | 927,415 |  |   | 802,639 |  |
| Exchange (losses)/gains on cash and cash equivalents                    |   |   | (15,530 | ) |   | 165,856 |  |   | 89,234 |  |
| Net cash and cash equivalents at the end of the year                    | 12 |  |   | 356,333 |  |   | 860,762 |  |   | 927,415 |  |
|                                                                    |   |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|     |                      |
|-----|----------------------|
| 2.1 | Basis of preparation |

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”); |

|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| • | IFRS Interpretations Committee (“IFRIC”) interpretations applicable to companies reporting under IFRS; |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | SAICA Financial Reporting guides as issued by the Accounting Practices Committee; |

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | Financial Pronouncements as issued by the Financial Reporting Standards Council (“FRSC”); |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | the requirements of the South African Companies Act, No. 71 of 2008; and |

|         |                                |
|---------|--------------------------------|
| • | the JSE Listings Requirements. |

|       |                                              |
|-------|----------------------------------------------|
| 2.1.1 | Changes in accounting policy and disclosures |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| 2.1.1.1 | New standards, amendments and interpretations adopted by the Group |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| 2.1.1.2 | New standards, amendments and interpretations not yet effective |

|                                                    |
|----------------------------------------------------|
|                                                    |  |
| Standards and amendments                           | Executive summary |
| IFRS 9 Financial Instruments                       | IFRS 9 addresses classification and measurement of financial assets and replaces the multiple classification and measurement models in IAS 39 Financial Instruments: Recognition and Measurement with a single model that has only two classification categories: amortized cost and fair value.The IASB also introduced a new impairment model and also aligned hedge accounting more closely with an entity’s risk management. The standard is effective for accounting periods beginning on or after January 1, 2018 and would therefore be applicable for the first time for the year ended March 31, 2019. Early adoption is permitted. The most relevant change to the Group is the requirement to use an expected loss model instead of the incurred loss model which is currently being used when assessing the recoverability of trade and other receivables. The possible impact is to accelerate the timing of impairment loss recognition. Management is yet to assess the likely financial impact and other ancillary impacts that may flow from the standard. |
| IFRS 15 Revenue from Contracts with Customers | IFRS 15 replaces IAS 18 Revenue and IAS 11 Construction Contracts. It is a single, comprehensive revenue recognition model for all contracts with customers and has the objective of achieving greater consistency in the recognition and presentation of revenue. In terms of the new standard, revenue is recognized based on the satisfaction of performance obligations, which occurs when control of goods or services transfers to a customer. The revenue standard is effective for annual periods beginning on or after January 1, 2018 and therefore would be applicable for the first time for the year ended March 31, 2019. The standard permits a modified retrospective approach for the adoption (in addition to the full retrospective approach).Under this approach entities will recognize transitional adjustments in retained earnings on the date of initial application (e.g. April 1, 2018), i.e. without restating the comparative period. They will only need to apply the new rules to contracts that are not completed as of the date of initial application. The Group has not yet selected which transition approach it will apply. The Group’s assessment of the impact of IFRS 15 is still in progress: Determining the number of distinct performance obligations in the different types of contracts in which the Group provides both hardware and the related asset management services is an area of significant judgement and could have a significant financial impact. Management has however determined that contracts in which legal title to the hardware does not transfer to the customer are not leases as defined in IFRS 16 Leases because the customer does not have the right to direct how and for what purpose the hardware is used. Accordingly, such contracts are within the scope of IFRS 15. |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                          |
|--------------------------|
|                          |  |
| Standards and amendments | Executive summary |
| IFRS 16 Leases           | IFRS 16 issued in January 2016, which replaces IAS 17 Leases, addresses the recognition, measurement, presentation and disclosure of leases.The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or, the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting remaining substantially unchanged from its predecessor, IAS 17.In order to facilitate transition, the standard permits lessees to choose a ‘simplified approach’ that includes certain reliefs related to the measurement of the right-of-use asset and the lease liability, rather than full retrospective application; furthermore, the ‘simplified approach’ does not require a restatement of comparatives. In addition, as a practical expedient, entities are not required to reassess whether a contract is, or contains, a lease at the date of initial application (that is, such contracts are ‘grandfathered’).IFRS 16 applies to annual reporting periods beginning on or after January 1, 2019 and therefore applies to the Group for the first time for the year ended March 31, 2020.The Group leases land and buildings, office equipment and vehicles which are currently treated as operating leases. IFRS 16 will require these to be capitalized and a lease liability recognized in the statement of financial position, unless the lease term is 12 months or less or the underlying asset has low value.Management is yet to perform detailed calculations of the likely impact on transition to IFRS 16. If management elects to transition to IFRS 16 on April 1, 2019 using the simplified method, then on transition, the present value of the future lease payments will need to be recognized as a lease liability and a right of use asset will need to be raised. As at March 31, 2017 there are future gross lease payments totaling R40.0 million (undiscounted) that will be paid in the next five years. |

|     |               |
|-----|---------------|
| 2.2 | Consolidation |

|     |              |
|-----|--------------|
| (a) | Subsidiaries |

|     |                       |
|-----|-----------------------|
| (b) | Business combinations |

|         |                                        |
|---------|----------------------------------------|
| • | fair values of the assets transferred; |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | liabilities incurred to the former owners of the acquired business; |

|         |                                       |
|---------|---------------------------------------|
| • | equity interests issued by the Group; |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | fair value of any asset or liability resulting from a contingent consideration arrangement; and |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | fair value of any pre-existing equity interest in the subsidiary. |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|         |                            |
|---------|----------------------------|
| • | consideration transferred; |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | amount of any non-controlling interest in the acquired entity; and |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | acquisition-date fair value of any previous equity interest in the acquired entity |

|     |                                                                            |
|-----|----------------------------------------------------------------------------|
| (c) | Changes in ownership interests in subsidiaries without a change of control |

|     |                          |
|-----|--------------------------|
| (d) | Disposal of subsidiaries |

|     |                   |
|-----|-------------------|
| 2.3 | Segment reporting |

|     |                              |
|-----|------------------------------|
| 2.4 | Foreign currency translation |

|     |                                      |
|-----|--------------------------------------|
| (a) | Functional and presentation currency |

|     |                           |
|-----|---------------------------|
| (b) | Transactions and balances |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|     |                 |
|-----|-----------------|
| (c) | Group companies |

|     |                                                                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i) | Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; |

|      |                                                                                                                                                                                                                                                                                                                                    |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii) | Income and expenses for each income statement presented are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); |

|       |                                                                                      |
|-------|--------------------------------------------------------------------------------------|
| (iii) | All resulting exchange differences are recognized in other comprehensive income; and |

|      |                                                                                                                                                                                          |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (iv) | Equity items are measured at historical cost at the time of recording, translated at the rate on the date of the recording and are not retranslated to closing rates at reporting dates. |

|     |                               |
|-----|-------------------------------|
| 2.5 | Property, plant and equipment |

|                                          |
|------------------------------------------|
|                                          |  |
| Property: Buildings                      | 50 years |
| Plant and equipment                      | 3 — 20 years |
| Motor vehicles                           | 5 — 7 years |
| Other: Furniture, fittings and equipment | 1 — 10 years |
| Computer and radio equipment             | 2 — 5 years |
| In-vehicle devices installed             | 1 — 5 years |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|     |                   |
|-----|-------------------|
| 2.6 | Intangible assets |

|     |          |
|-----|----------|
| (a) | Goodwill |

|     |                        |
|-----|------------------------|
| (b) | Patents and trademarks |

|     |                        |
|-----|------------------------|
| (c) | Customer relationships |

|     |                                                                          |
|-----|--------------------------------------------------------------------------|
| (d) | Computer software, technology, in-house software and product development |

|         |                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------|
| • | It is technically feasible to complete the software product so that it will be available-for-use; |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | Management intends to complete the software product and use it or sell it; |

|         |                                                          |
|---------|----------------------------------------------------------|
| • | There is an ability to use or sell the software product; |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | It can be demonstrated how the software will generate probable future economic benefits; |

|         |                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------|
| • | Adequate technical, financial and other resources to complete the development and use or sell the software product are available; and |

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | The expenditure attributable to the software product during its development can be reliably measured. |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|     |                                    |
|-----|------------------------------------|
| 2.7 | Impairment of non-financial assets |

|     |                  |
|-----|------------------|
| 2.8 | Financial assets |

|       |                |
|-------|----------------|
| 2.8.1 | Classification |

|       |                               |
|-------|-------------------------------|
| 2.8.2 | Recognition and derecognition |

|       |             |
|-------|-------------|
| 2.8.3 | Measurement |

|       |                                |
|-------|--------------------------------|
| 2.8.4 | Impairment of financial assets |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|     |            |
|-----|------------|
| 2.9 | Fair value |

|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; |

|         |                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and |

|         |                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------|
| • | Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). |

|      |                                  |
|------|----------------------------------|
| 2.10 | Offsetting financial instruments |

|      |             |
|------|-------------|
| 2.11 | Inventories |

|      |                   |
|------|-------------------|
| 2.12 | Trade receivables |

|      |                               |
|------|-------------------------------|
| 2.13 | Net cash and cash equivalents |

|      |                 |
|------|-----------------|
| 2.14 | Restricted cash |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|      |                |
|------|----------------|
| 2.15 | Stated capital |

|      |                          |
|------|--------------------------|
| 2.16 | Trade and other payables |

|      |            |
|------|------------|
| 2.17 | Borrowings |

|      |          |
|------|----------|
| 2.18 | Taxation |

|         |                                   |
|---------|-----------------------------------|
| 2.18.1. | Current and deferred income taxes |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|         |                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Deferred tax liabilities are recognized, except to the extent that the Group is able to control the timing of the reversal of the temporary differences, and it is probable that they will not reverse in the foreseeable future. |

|         |                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Deferred tax assets are recognized only to the extent that it is probable the temporary differences will reverse in the foreseeable future and there is sufficient taxable profit available against which the temporary differences can be utilized. |

|         |               |
|---------|---------------|
| 2.18.2. | Dividends tax |

|      |                   |
|------|-------------------|
| 2.19 | Employee benefits |

|     |                     |
|-----|---------------------|
| (a) | Short-term benefits |

|     |                           |
|-----|---------------------------|
| (b) | Defined contribution plan |

|     |                                           |
|-----|-------------------------------------------|
| (c) | Short-term incentives — bonus plans |

|     |                      |
|-----|----------------------|
| (d) | Termination benefits |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|      |                      |
|------|----------------------|
| 2.20 | Share-based payments |

|         |                                              |
|---------|----------------------------------------------|
| • | Including any market performance conditions; |

|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Excluding the impact of any service and non-market performance vesting conditions (for example, remaining an employee of the entity over a specified time period); and |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | Including the impact of any non-vesting conditions. |

|      |            |
|------|------------|
| 2.21 | Provisions |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|      |                     |
|------|---------------------|
| 2.22 | Revenue recognition |

|     |                      |
|-----|----------------------|
| (a) | Subscription revenue |

|     |                |
|-----|----------------|
| (b) | Hardware sales |

|     |                                    |
|-----|------------------------------------|
| (c) | Driver training and other services |

|     |                |
|-----|----------------|
| (d) | Rental revenue |

|     |                      |
|-----|----------------------|
| (e) | Installation revenue |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|      |                 |
|------|-----------------|
| 2.23 | Interest income |

|      |                 |
|------|-----------------|
| 2.24 | Dividend income |

|      |        |
|------|--------|
| 2.25 | Leases |

|         |                       |
|---------|-----------------------|
| 2.25.1. | The Group as a lessor |

|         |                       |
|---------|-----------------------|
| 2.25.2. | The Group as a lessee |

|      |                       |
|------|-----------------------|
| 2.26 | Dividend distribution |

|    |                           |
|----|---------------------------|
| 3. | Financial risk management |

|     |                        |
|-----|------------------------|
| 3.1 | Financial risk factors |

|     |             |
|-----|-------------|
| (a) | Market risk |

|     |                       |
|-----|-----------------------|
| (i) | Foreign exchange risk |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|      |                    |
|------|--------------------|
| (ii) | Interest rate risk |

|       |            |
|-------|------------|
| (iii) | Price risk |

|     |             |
|-----|-------------|
| (b) | Credit risk |

|     |                |
|-----|----------------|
| (c) | Liquidity risk |

|     |                         |
|-----|-------------------------|
| 3.2 | Capital risk management |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|    |                                              |
|----|----------------------------------------------|
| 4. | Critical accounting estimates and judgements |

|     |                 |
|-----|-----------------|
| (a) | Warranty claims |

|     |                       |
|-----|-----------------------|
| (b) | Maintenance provision |

|     |                                    |
|-----|------------------------------------|
| (c) | Current  and deferred income taxes |

|     |                      |
|-----|----------------------|
| (d) | Impairment estimates |

|     |                        |
|-----|------------------------|
| (e) | Customer relationships |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|     |                          |
|-----|--------------------------|
| (f) | Product development cost |

|     |                                               |
|-----|-----------------------------------------------|
| (g) | Provision for impairment of trade receivables |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                |   |   |   | Subscription revenueR'000 |  |   | Hardware and other revenueR'000 |  |   | TotalrevenueR’000 |  |   |  Adjusted EBITDAR’000 |  |   |
|                                |   |   |   |   |   |   |   |   |   |   |   |
| Regional Sales Offices              |   |   |   |   |   |   |   |   |   |   |   |
| Africa                              |   |   |   | 772,224 |  |   | 86,945 |  |   | 859,169 |  |   | 344,077 |  |   |
| Europe                              |   |   |   | 113,223 |  |   | 64,108 |  |   | 177,331 |  |   | 52,369 |  |   |
| Americas                            |   |   |   | 121,462 |  |   | 38,957 |  |   | 160,419 |  |   | 26,804 |  |   |
| Middle East and Australasia         |   |   |   | 199,474 |  |   | 104,976 |  |   | 304,450 |  |   | 91,149 |  |   |
| Brazil                              |   |   |   | 32,653 |  |   | 5,158 |  |   | 37,811 |  |   | 9,394 |  |   |
| Total Regional Sales Offices        |   |   |   | 1,239,036 |  |   | 300,144 |  |   | 1,539,180 |  |   | 523,793 |  |   |
| Central Services Organization       |   |   |   | 878 |  |   | — |  |   | 878 |  |   | (127,828 | ) |   |
| Total Segment Results               |   |   |   | 1,239,914 |  |   | 300,144 |  |   | 1,540,058 |  |   | 395,965 |  |   |
| Corporate and consolidation entries |   |   |   | — |  |   | — |  |   | — |  |   | (94,352 | ) |   |
| Total                               |   |   |   | 1,239,914 |  |   | 300,144 |  |   | 1,540,058 |  |   | 301,613 |  |   |
|                                |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                |   |   |   | Subscription revenueR'000 |  |   | Hardware and other revenueR'000 |  |   | TotalrevenueR’000 |  |   |  Adjusted EBITDAR’000 |  |
|                                |   |   |   |   |   |   |   |   |   |   |
| Regional Sales Offices              |   |   |   |   |   |   |   |   |   |   |
| Africa                              |   |   |   | 711,208 |  |   | 96,699 |  |   | 807,907 |  |   | 320,466 |  |
| Europe                              |   |   |   | 110,251 |  |   | 51,736 |  |   | 161,987 |  |   | 35,359 |  |
| Americas                            |   |   |   | 115,413 |  |   | 41,527 |  |   | 156,940 |  |   | 2,908 |  |
| Middle East and Australasia         |   |   |   | 202,163 |  |   | 111,764 |  |   | 313,927 |  |   | 107,279 |  |
| Brazil                              |   |   |   | 18,063 |  |   | 5,066 |  |   | 23,129 |  |   | 1,931 |  |
| Total Regional Sales Offices        |   |   |   | 1,157,098 |  |   | 306,792 |  |   | 1,463,890 |  |   | 467,943 |  |
| Central Services Organization       |   |   |   | 1,131 |  |   | — |  |   | 1,131 |  |   | (113,403 | ) |
| Total Segment Results               |   |   |   | 1,158,229 |  |   | 306,792 |  |   | 1,465,021 |  |   | 354,540 |  |
| Corporate and consolidation entries |   |   |   | — |  |   | — |  |   | — |  |   | (77,325 | ) |
| Total                               |   |   |   | 1,158,229 |  |   | 306,792 |  |   | 1,465,021 |  |   | 277,215 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   |   |   | Subscription revenueR'000 |  |   | Hardware and other revenueR'000 |  |   | TotalrevenueR’000 |  |   |  Adjusted EBITDAR’000 |  |
|                                |   |   |   |   |   |   |   |   |   |   |
| Regional Sales Offices              |   |   |   |   |   |   |   |   |   |   |
| Africa                              |   |   |   | 632,809 |  |   | 77,119 |  |   | 709,928 |  |   | 269,766 |  |
| Europe                              |   |   |   | 87,850 |  |   | 72,399 |  |   | 160,249 |  |   | 39,369 |  |
| Americas                            |   |   |   | 97,833 |  |   | 68,526 |  |   | 166,359 |  |   | 36,744 |  |
| Middle East and Australasia         |   |   |   | 166,243 |  |   | 162,284 |  |   | 328,527 |  |   | 108,823 |  |
| Brazil                              |   |   |   | 12,682 |  |   | 10,369 |  |   | 23,051 |  |   | (2,944 | ) |
| Total Regional Sales Offices        |   |   |   | 997,417 |  |   | 390,697 |  |   | 1,388,114 |  |   | 451,758 |  |
| Central Services Organization       |   |   |   | 918 |  |   | 348 |  |   | 1,266 |  |   | (106,680 | ) |
| Total Segment Results               |   |   |   | 998,335 |  |   | 391,045 |  |   | 1,389,380 |  |   | 345,078 |  |
| Corporate and consolidation entries |   |   |   | — |  |   | — |  |   | — |  |   | (62,084 | ) |
| Total                               |   |   |   | 998,335 |  |   | 391,045 |  |   | 1,389,380 |  |   | 282,994 |  |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |
|                                                                    |   | March 31, 2017 |  |   | March 31, 2016 |  |   | March 31, 2015 |  |
|                                                                    |   | R’000 |  |   | R’000 |  |   | R’000 |  |
|                                                                    |   |   |   |   |   |   |
| Reconciliation of Adjusted EBITDA to profit for the year                |   |   |   |   |   |   |
| Adjusted EBITDA                                                         |   | 301,613 |  |   | 277,215 |  |   | 282,994 |  |
| Add:                                                                    |   |   |   |   |   |   |
| Insurance reimbursement(1)                                              |   | — |  |   | — |  |   | 3,237 |  |
| Reversal of impairment(2)                                               |   | 791 |  |   | — |  |   | — |  |
| Decrease in restructuring cost provision                                |   | — |  |   | 333 |  |   | — |  |
| Less:                                                                   |   |   |   |   |   |   |
| Depreciation(3)                                                         |   | (98,508 | ) |   | (75,037 | ) |   | (61,099 | ) |
| Amortization(4)                                                         |   | (44,734 | ) |   | (47,586 | ) |   | (46,294 | ) |
| Impairment(5)                                                           |   | (3,166 | ) |   | (4,776 | ) |   | (1,646 | ) |
| Share-based compensation costs                                          |   | (3,311 | ) |   | (5,820 | ) |   | (7,578 | ) |
| Equity-settled share-based compensation costs                           |   | (2,247 | ) |   | (7,838 | ) |   | (5,220 | ) |
| Cash-settled share-based compensation costs(6)                          |   | (1,064 | ) |   | 2,018 |  |   | (2,358 | ) |
| Net loss on sale of property, plant and equipment and intangible assets |   | (262 | ) |   | (208 | ) |   | (456 | ) |
| Increase in restructuring cost provision(7)                             |   | (14,561 | ) |   | — |  |   | (11,267 | ) |
| Transaction costs arising from the acquisition of a business            |   | — |  |   | — |  |   | (93 | ) |
| Transaction costs arising from investigating strategic alternatives(8)  |   | — |  |   | (5,037 | ) |   | — |  |
| Net litigation costs(9)                                                 |   | — |  |   | — |  |   | (7,937 | ) |
| Operating profit                                                        |   | 137,862 |  |   | 139,084 |  |   | 149,861 |  |
| Add: Finance income/(costs) — net                                 |   | 10,391 |  |   | 150,327 |  |   | 80,778 |  |
| Less: Taxation                                                     |   | (26,812 | ) |   | (106,920 | ) |   | (81,623 | ) |
| Profit for the year                                                     |   | 121,441 |  |   | 182,491 |  |   | 149,016 |  |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|           |                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------|
| (1)  | Insurance reimbursement related to the helicopter asset impaired during the second quarter of the 2015 fiscal year. |

|     |                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------|
| (2) | The reversal of impairment of R0.8 million relates to in-vehicle devices in the Brazil segment. |

|           |                                                                                                                                                                   |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | Includes amortization of intangible assets (including capitalized in-house development costs and intangible assets identified as part of a business combination). |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5)  | In fiscal 2017, asset impairments relate to the impairment of capitalized product development costs of R2.6 million in the Africa segment and R0.5 million in the CSO segment. In 2016 includes R2.9 million impairment of in-house software and R1.9 million related to in-vehicle devices. In 2015, asset impairments included R0.5 million impairment of computer equipment and furniture and fittings which is related to the restructuring described in note 19, R0.6 million related to the helicopter asset and R0.5 million impairment of capitalized product development costs. |

|           |                                                             |
|-----------|-------------------------------------------------------------|
| (6)  | Cash-settled share-based payments are described in note 20. |

|           |                                                                         |
|-----------|-------------------------------------------------------------------------|
| (7)  | Restructuring costs incurred in 2017 and 2015 are described in note 19. |

|           |                                                                                                                |
|-----------|----------------------------------------------------------------------------------------------------------------|
| (8)  | Transaction costs incurred in 2016 arising from investigating strategic alternatives are described in note 23. |

|           |                                                                                                       |
|-----------|-------------------------------------------------------------------------------------------------------|
| (9)  | Net costs relating to litigation and the related insurance proceeds in 2015 are described in note 23. |

----

|                                          |
|------------------------------------------|
|                                          |  |  |
| Notes to the annual financial statements |   |
|                                     |   |   |
|                                     |   |   |
| for the year ended March 31, 2017        |   |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   | PropertyR’000 |  |   | Plant,equipment,vehiclesand otherR’000 |  |   | Computerand radio equipmentR’000 |  |   | In-vehicledevicesuninstalledR’000 |  |   | In-vehicledevicesinstalledR’000 |  |   | Total ownedR’000 |  |
|                                           |   |   |   |   |   |   |   |   |
| At April 1, 2015                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost                                           |   | 22,269 |  |   | 46,127 |  |   | 60,976 |  |   | 16,643 |  |   | 141,110 |  |   | 287,125 |  |
| Accumulated depreciation and impairments       |   | (3,871 | ) |   | (28,855 | ) |   | (42,117 | ) |   | — |  |   | (76,438 | ) |   | (151,281 | ) |
| Net book amount                                |   | 18,398 |  |   | 17,272 |  |   | 18,859 |  |   | 16,643 |  |   | 64,672 |  |   | 135,844 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Year ended March 31, 2016                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening net book amount                        |   | 18,398 |  |   | 17,272 |  |   | 18,859 |  |   | 16,643 |  |   | 64,672 |  |   | 135,844 |  |
| Additions                                      |   | 19 |  |   | 7,176 |  |   | 5,004 |  |   | 155,188 |  |   | — |  |   | 167,387 |  |
| Transfers                                      |   | — |  |   | — |  |   | — |  |   | (113,121 | ) |   | 113,121 |  |   | — |  |
| Impairment (notes 5, 23, 29, 31.2)             |   | — |  |   | — |  |   | (20 | ) |   | (321 | ) |   | (1,564 | ) |   | (1,905 | ) |
| Disposals*                                     |   | — |  |   | (661 | ) |   | (58 | ) |   | — |  |   | (122 | ) |   | (841 | ) |
| Depreciation charge (notes 5, 23, 31.2)        |   | (453 | ) |   | (7,086 | ) |   | (10,531 | ) |   | — |  |   | (56,967 | ) |   | (75,037 | ) |
| Currency translation differences               |   | — |  |   | 1,014 |  |   | 720 |  |   | 3,213 |  |   | 5,189 |  |   | 10,136 |  |
| Closing net book amount                        |   | 17,964 |  |   | 17,715 |  |   | 13,974 |  |   | 61,602 |  |   | 124,329 |  |   | 235,584 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| At March 31, 2016                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost                                           |   | 22,288 |  |   | 51,474 |  |   | 65,160 |  |   | 61,989 |  |   | 216,862 |  |   | 417,773 |  |
| Accumulated depreciation and impairments       |   | (4,324 | ) |   | (33,759 | ) |   | (51,186 | ) |   | (387 | ) |   | (92,533 | ) |   | (182,189 | ) |
| Net book amount                                |   | 17,964 |  |   | 17,715 |  |   | 13,974 |  |   | 61,602 |  |   | 124,329 |  |   | 235,584 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Year ended March 31, 2017                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening net book amount                        |   | 17,964 |  |   | 17,715 |  |   | 13,974 |  |   | 61,602 |  |   | 124,329 |  |   | 235,584 |  |
| Additions                                      |   | — |  |   | 4,712 |  |   | 6,698 |  |   | 158,600 |  |   | — |  |   | 170,010 |  |
| Transfers                                      |   | — |  |   | — |  |   | — |  |   | (161,532 | ) |   | 161,532 |  |   | — |  |
| Reversal of impairment (notes 5, 23, 29, 31.2) |   | — |  |   | — |  |   | — |  |   | — |  |   | 791 |  |   | 791 |  |
| Disposals**                                    |   | — |  |   | (181 | ) |   | (80 | ) |   | — |  |   | (370 | ) |   | (631 | ) |
| Depreciation charge (notes 5, 23, 31.2)        |   | (453 | ) |   | (6,759 | ) |   | (7,785 | ) |   | — |  |   | (83,511 | ) |   | (98,508 | ) |
| Currency translation differences               |   | — |  |   | (616 | ) |   | (487 | ) |   | (3,200 | ) |   | (8,823 | ) |   | (13,126 | ) |
| Closing net book amount                        |   | 17,511 |  |   | 14,871 |  |   | 12,320 |  |   | 55,470 |  |   | 193,948 |  |   | 294,120 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                          |
|------------------------------------------|
|                                          |  |  |
| Notes to the annual financial statements |   |
|                                     |   |   |
|                                     |   |   |
| for the year ended March 31, 2017        |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   | PropertyR’000 |  |   | Plant,equipment,vehiclesand otherR’000 |  |   | Computerand radio equipmentR’000 |  |   | In-vehicledevicesuninstalledR’000 |  |   | In-vehicledevicesinstalledR’000 |  |   | Total ownedR’000 |  |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Year ended March 31, 2017           |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost                                     |   | 22,288 |  |   | 48,186 |  |   | 58,048 |  |   | 55,470 |  |   | 333,057 |  |   | 517,049 |  |
| Accumulated depreciation and impairments |   | (4,777 | ) |   | (33,315 | ) |   | (45,728 | ) |   | — |  |   | (139,109 | ) |   | (222,929 | ) |
| Net book amount                          |   | 17,511 |  |   | 14,871 |  |   | 12,320 |  |   | 55,470 |  |   | 193,948 |  |   | 294,120 |  |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   | GoodwillR’000 |  |   | Patents andtrademarksR’000 |  |   | CustomerrelationshipsR’000 |  |   | ProductdevelopmentcostsR’000 |  |   | Computer software, technology, in-house software  andotherR’000 |  |   | TotalR’000 |  |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| At April 1, 2015                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost                                     |   | 621,426 |  |   | 2,990 |  |   | 69,445 |  |   | 149,967 |  |   | 86,854 |  |   | 930,682 |  |
| Accumulated amortization and impairments |   | — |  |   | (608 | ) |   | (31,260 | ) |   | (57,439 | ) |   | (62,857 | ) |   | (152,164 | ) |
| Net book amount                          |   | 621,426 |  |   | 2,382 |  |   | 38,185 |  |   | 92,528 |  |   | 23,997 |  |   | 778,518 |  |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Year ended March 31, 2016           |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening net book amount                  |   | 621,426 |  |   | 2,382 |  |   | 38,185 |  |   | 92,528 |  |   | 23,997 |  |   | 778,518 |  |
| Additions                                |   | — |  |   | 46 |  |   | — |  |   | 58,869 |  |   | 26,432 |  |   | 85,347 |  |
| Transfers                                |   | — |  |   | — |  |   | — |  |   | 3,597 |  |   | (3,597 | ) |   | — |  |
| Disposals*                               |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  | 3 |  | — |  |
| Amortization charge (notes 23 and 31.2)  |   | — |  |   | (805 | ) |   | (8,337 | ) |   | (25,110 | ) |   | (13,334 | ) |   | (47,586 | ) |
| Impairment loss (notes 5, 23, 29, 31.2)  |   | — |  |   | — |  |   | — |  |   | — |  |   | (2,871 | ) |   | (2,871 | ) |
| Currency translation differences         |   | 32,903 |  |   | — |  |   | 137 |  |   | 77 |  |   | 326 |  |   | 33,443 |  |
| Closing net book amount                  |   | 654,329 |  |   | 1,623 |  |   | 29,985 |  |   | 129,961 |  |   | 30,953 |  |   | 846,851 |  |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| At March 31, 2016                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost                                     |   | 654,329 |  |   | 3,036 |  |   | 40,165 |  |   | 206,836 |  |   | 93,801 |  |   | 998,167 |  |
| Accumulated amortization and impairments |   | — |  |   | (1,413 | ) |   | (10,180 | ) |   | (76,875 | ) |   | (62,848 | ) |   | (151,316 | ) |
| Net book amount                          |   | 654,329 |  |   | 1,623 |  |   | 29,985 |  |   | 129,961 |  |   | 30,953 |  |   | 846,851 |  |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Year ended March 31, 2017           |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening net book amount                  |   | 654,329 |  |   | 1,623 |  |   | 29,985 |  |   | 129,961 |  |   | 30,953 |  |   | 846,851 |  |
| Additions                                |   | — |  |   | 119 |  |   | — |  |   | 78,020 |  |   | 41,269 |  |   | 119,408 |  |
| Disposals**                              |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Amortization charge (notes 23 and 31.2)  |   | — |  |   | (816 | ) |   | (6,762 | ) |   | (28,847 | ) |   | (8,309 | ) |   | (44,734 | ) |
| Impairment loss (notes 5, 23, 29, 31.2)  |   | — |  |   | — |  |   | — |  |   | (3,166 | ) |   | — |  |   | (3,166 | ) |
| Currency translation differences         |   | (35,419 | ) |   | — |  |   | — |  |   | (179 | ) |   | (861 | ) |   | (36,459 | ) |
| Closing net book amount                  |   | 618,910 |  |   | 926 |  |   | 23,223 |  |   | 175,789 |  |   | 63,052 |  |   | 881,900 |  |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| At March 31, 2017                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost                                     |   | 618,910 |  |   | 3,155 |  |   | 40,165 |  |   | 265,637 |  |   | 130,131 |  |   | 1,057,998 |  |
| Accumulated amortization and impairments |   | — |  |   | (2,229 | ) |   | (16,942 | ) |   | (89,848 | ) |   | (67,079 | ) |   | (176,098 | ) |
| Net book amount                          |   | 618,910 |  |   | 926 |  |   | 23,223 |  |   | 175,789 |  |   | 63,052 |  |   | 881,900 |  |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |
|                          |   | March 31,  2016R’000 |  |   | Foreign currency translation differencesR'000 |  |   | March 31,  2017R’000 |  |
|                          |   |   |   |   |   |   |
| Central Services Organization |   | 103,119 |  |   | — |  |   | 103,119 |  |
| Europe                        |   | 139,402 |  |   | (29,792 | ) |   | 109,610 |  |
| Middle East and Australasia   |   | 58,758 |  |   | (5,627 | ) |   | 53,131 |  |
| Africa                        |   | 353,050 |  |   | — |  |   | 353,050 |  |
| Total                         |   | 654,329 |  |   | (35,419 | ) |   | 618,910 |  |
|                          |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |
| 2017                                                                           |   | Central Services Organization |  |   | Africa |  |   | Europe |  |   | MiddleEast andAustralasia |  |
|                                                                           |   |   |   |   |   |   |   |   |
| Discount rate                                                                  |   |   |   |   |   |   |   |   |
| – pre-tax discount rate applied to the cash flow projections (%)         |   | 17.6 |  |   | 18.6 |  |   | 9.8 |  |   | 16.0 |  |
| Growth rate                                                                    |   |   |   |   |   |   |   |   |
| – growth rate used to extrapolate cash flow beyond the budget period (%) |   | 5.5 |  |   | 5.5 |  |   | 2.3 |  |   | 2.5 |  |
|                                                                           |   |   |   |   |   |   |   |   |

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |
| 2016                                                                           |   | Central Services Organization |   | Africa |   | Europe |   | MiddleEast andAustralasia |
|                                                                           |   |   |   |   |   |   |   |   |
| Discount rate                                                                  |   |   |   |   |   |   |   |   |
| – pre-tax discount rate applied to the cash flow projections (%)         |   | 19.8 |   | 18.4 |   | 8.2 |   | 13.4 |
| Growth rate                                                                    |   |   |   |   |   |   |   |   |
| – growth rate used to extrapolate cash flow beyond the budget period (%) |   | 5.3 |   | 5.3 |   | 2.0 |   | 3.7 |
|                                                                           |   |   |   |   |   |   |   |   |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |
|                                           |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                           |   |   |   |   |
| Total finance lease receivable                 |   | 162 |  |   | 1,151 |  |
| Short-term portion receivable within 12 months |   | 140 |  |   | 984 |  |
| Long-term portion receivable after 12 months   |   | 22 |  |   | 167 |  |
|                                           |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |
|                                                          |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                                          |   |   |   |   |
| Gross finance lease receivable –minimum lease payments: |   |   |   |   |
| Not later than one year                                       |   | 145 |  |   | 1,015 |  |
| Later than one year but not later than five years             |   | 22 |  |   | 173 |  |
|                                                          |   | 167 |  |   | 1,188 |  |
| Unearned finance income                                       |   | (5 | ) |   | (37 | ) |
| Net investment in finance leases                              |   | 162 |  |   | 1,151 |  |
|                                                          |   |   |   |   |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |
|                                              |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                              |   |   |   |   |
| Not later than one year                           |   | 140 |  |   | 984 |  |
| Later than one year but not later than five years |   | 22 |  |   | 167 |  |
| Net investment in finance leases                  |   | 162 |  |   | 1,151 |  |
|                                              |   |   |   |   |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |
|                             |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                             |   |   |   |   |
| Inventory – finished goods |   | 26,449 |  |   | 64,489 |  |
|                             |   |   |   |   |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |
|                                                |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                                |   |   |   |   |
| Trade receivables                                   |   | 220,402 |  |   | 259,269 |  |
| Less: Provision for impairment of trade receivables |   | (8,783 | ) |   | (12,438 | ) |
| Trade receivables — net                       |   | 211,619 |  |   | 246,831 |  |
| Pre-payments                                        |   | 24,772 |  |   | 21,344 |  |
| Sundry debtors                                      |   | 24,185 |  |   | 24,870 |  |
|                                                |   | 260,576 |  |   | 293,045 |  |
|                                                |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |
|                          |   | GrossR’000 |  |   | Provision forimpairmentR’000 |  |   | NetR'000 |  |
|                          |   |   |   |   |   |   |
| 2017                          |   |   |   |   |   |   |
| Not past due                  |   | 129,121 |  |   | (920 | ) |   | 128,201 |  |
| Past due by 1 to 30 days      |   | 54,340 |  |   | (1,350 | ) |   | 52,990 |  |
| Past due by 31 to 60 days     |   | 20,999 |  |   | (1,854 | ) |   | 19,145 |  |
| Past due by more than 60 days |   | 15,942 |  |   | (4,659 | ) |   | 11,283 |  |
| Total                         |   | 220,402 |  |   | (8,783 | ) |   | 211,619 |  |
|                          |   |   |   |   |   |   |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |
|                          |   | GrossR’000 |  |   | Provision forimpairmentR’000 |  |   | NetR'000 |  |
|                          |   |   |   |   |   |   |
| 2016                          |   |   |   |   |   |   |
| Not past due                  |   | 117,946 |  |   | (238 | ) |   | 117,708 |  |
| Past due by 1 to 30 days      |   | 70,167 |  |   | (223 | ) |   | 69,944 |  |
| Past due by 31 to 60 days     |   | 17,425 |  |   | (207 | ) |   | 17,218 |  |
| Past due by more than 60 days |   | 53,731 |  |   | (11,770 | ) |   | 41,961 |  |
| Total                         |   | 259,269 |  |   | (12,438 | ) |   | 246,831 |  |
|                          |   |   |   |   |   |   |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |
|                        |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                        |   |   |   |   |
| South African Rand          |   | 80,037 |  |   | 102,802 |  |
| Australian Dollar           |   | 21,754 |  |   | 19,232 |  |
| Brazilian Real              |   | 15,684 |  |   | 8,870 |  |
| Euro                        |   | 24,411 |  |   | 30,122 |  |
| Great Britain Pound         |   | 18,535 |  |   | 21,207 |  |
| United Arab Emirates Dirham |   | 3,354 |  |   | 10,122 |  |
| United States Dollar        |   | 94,441 |  |   | 97,297 |  |
| Other                       |   | 2,360 |  |   | 3,393 |  |
|                        |   | 260,576 |  |   | 293,045 |  |
|                        |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |
|                                                                                |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                                                                |   |   |   |   |
| Opening balance                                                                     |   | (12,438 | ) |   | (13,255 | ) |
| Increase in provision for impairment (note 31.2)                                    |   | (17,713 | ) |   | (14,735 | ) |
| Receivables written off during the year as irrecoverable                            |   | 16,429 |  |   | 16,554 |  |
| Foreign currency translation differences                                            |   | 376 |  |   | (1,002 | ) |
| Closing balance                                                                     |   | (13,346 | ) |   | (12,438 | ) |
|                                                                                |   |   |   |   |
| The Group’s provision for impairment of trade and other receivables includes: |   |   |   |   |
| Trade receivables                                                                   |   | (8,783 | ) |   | (12,438 | ) |
| Sundry debtors                                                                      |   | (4,563 | ) |   | — |  |
| Closing balance                                                                     |   | (13,346 | ) |   | (12,438 | ) |
|                                                                                |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                                                                                                                                              |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                              |  |  |  |  |  |  |
|                                                                                                                                                                                         |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                                                                                                                                                                         |   |   |   |   |
| Cash securing guarantee issued in terms of the Mobile Telephone Networks Proprietary Limited incentive agreement (denominated in South African Rand)                                         |   | 1,000 |  |   | 1,000 |  |
| Cash securing guarantees issued in respect of lease agreements entered into (denominated in South African Rand)                                                                              |   | 393 |  |   | 393 |  |
| Cash securing guarantees issued in respect of products sold by MiX Telematics Europe Limited (denominated in Euro)                                                                           |   | 1,422 |  |   | 2,180 |  |
| Cash securing guarantees issued in respect of MiX Telematics Middle East FZE relating to employee visas in the UAE (denominated in UAE Dirham)                                               |   | 4,192 |  |   | 4,542 |  |
| Cash held for purposes of distribution to MiX Telematics Enterprise BEE Trust and MiX Telematics Fleet Support Trust beneficiaries (denominated in South African Rand)                       |   | 5,118 |  |   | 5,886 |  |
| Guarantees issued in respect of corporate credit card agreements entered into in North America (denominated in US Dollar)                                                                    |   | — |  |   | 742 |  |
| Cash securing guarantees issued in respect of lease agreements entered into by MiX Telematics Australasia (denominated in Australian Dollar)                                                 |   | 1,143 |  |   | 1,236 |  |
| Cash held by MiX Telematics International subject to exchange control restrictions in Nigeria (denominated in Nigerian Naira)                                                                |   | — |  |   | 2,788 |  |
| Cash held by MiX Telematics Limited to be paid to a participant of the TeliMatrix Group Executive Incentive Scheme in respect of share options exercised (denominated in South African Rand) |   | — |  |   | 2,367 |  |
|                                                                                                                                                                                         |   | 13,268 |  |   | 21,134 |  |
|                                                                                                                                                                                         |   |   |   |   |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |
|                           |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                      |   |   |   |   |   |   |
| Cash and cash equivalents |   | 375,782 |  |   | 877,136 |  |   | 945,381 |  |
| Bank overdraft (note 15)  |   | (19,449 | ) |   | (16,374 | ) |   | (17,966 | ) |
|                      |   | 356,333 |  |   | 860,762 |  |   | 927,415 |  |
|                      |   |   |   |   |   |   |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |
|                      |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                      |   |   |   |   |   |   |
| Cash and cash equivalents |   |   |   |   |   |   |
| AAA                       |   | — |  |   | — |  |   | 3,482 |  |
| AA                        |   | 197,873 |  |   | 743,600 |  |   | 738,743 |  |
| A                         |   | 78,605 |  |   | 48,757 |  |   | 92,841 |  |
| BBB                       |   | 99,304 |  |   | 84,779 |  |   | 110,315 |  |
|                      |   | 375,782 |  |   | 877,136 |  |   | 945,381 |  |
|                      |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |
|                 |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                 |   |   |   |   |   |   |
| South African Rand   |   | 100,721 |  |   | 87,675 |  |   | 140,618 |  |
| Australian Dollar    |   | 19,574 |  |   | 25,451 |  |   | 17,328 |  |
| Brazilian Real       |   | 2,987 |  |   | 3,625 |  |   | 3,495 |  |
| Euro                 |   | 4,649 |  |   | (55 | ) |   | 9,774 |  |
| Great Britain Pound  |   | 48,540 |  |   | 45,017 |  |   | 37,017 |  |
| United States Dollar |   | 178,768 |  |   | 698,166 |  |   | 718,096 |  |
| Other                |   | 1,094 |  |   | 883 |  |   | 1,087 |  |
|                 |   | 356,333 |  |   | 860,762 |  |   | 927,415 |  |
|                 |   |   |   |   |   |   |

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |
|                                                                                       |   | Number ofshares000s |  |   | StatedcapitalR’000 |  |
|                                                                                       |   |   |   |   |
|                                                                                       |   |   |   |   |
| At April 1, 2015                                                                           |   | 792,838 |  |   | 1,436,993 |  |
| Shares issued in relation to share options exercised                                       |   | 6,300 |  |   | 7,722 |  |
| Treasury shares held by MiX Telematics Investments Proprietary Limited ("MiX Investments") |   | (40,000 | ) |   | (123,760 | ) |
| Balance at March 31, 2016                                                                  |   | 759,138 |  |   | 1,320,955 |  |
| Shares issued in relation to share options exercised                                       |   | 5,125 |  |   | 7,072 |  |
| Share repurchase from Imperial Corporate Services Proprietary Limited                      |   | (200,828 | ) |   | (473,682 | ) |
|                                                                                       |   |   |   |   |
| Balance at March 31, 2017                                                                  |   | 563,435 |  |   | 854,345 |  |
|                                                                                       |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |
| Figures are in thousands unless otherwise stated                                        |   | South African Rand |  |
|                                                                                    |   |   |
| Aggregate repurchase consideration                                                      |   | 473,955 |  |
| Impact of discounting related to the fiscal 2017 share repurchase transaction (note 25) |   | (3,222 | ) |
| Transaction costs capitalized                                                           |   | 2,949 |  |
| Total share repurchase costs                                                            |   | 473,682 |  |
|                                                                                    |   |   |

|         |                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Group could repurchase its shares from time to time in its discretion through open-market transactions and block trades, based on ongoing assessments of the capital needs of the Group, the market price of its securities and general market conditions. |

|         |                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | This share repurchase program could be discontinued at any time by the Board of Directors, and the Group had no obligation to repurchase any amount of its securities under the program.  |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | The repurchase program was funded out of existing cash resources |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |
|                                                                    | Number of awards |  |
|                                                                    |   |
| Reconciliation of number of awards available for issue under the LTIP   |   |
| Maximum number of awards that may be issued during the life of the LTIP | 120,000,000 |  |
| Issued in fiscal 2015                                                   | (2,900,000 | ) |
| Number of awards available for issue as at March 31, 2015               | 117,100,000 |  |
| Issued in fiscal 2016                                                   | (11,835,000 | ) |
| Number of awards available for issue as at March 31, 2016               | 105,265,000 |  |
| Issued in fiscal 2017                                                   | (13,950,000 | ) |
| Number of awards available for issue as at March 31, 2017               | 91,315,000 |  |
|                                                                    |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   | Weightedaverageexercise price2017cents per share |  |   | Number  ofoptions2017000s |  |   | Weightedaverageexercise price2016cents per share |  |   | Number  ofoptions2016000s |  |
|                                     |   |   |   |   |   |   |   |   |
| Outstanding at the beginning of the year |   | 235 |  |   | 28,913 |  |   | 217 |  |   | 36,588 |  |
| Exercised                                |   | 138 |  |   | (5,125 | ) |   | 123 |  |   | (6,300 | ) |
| Forfeited                                |   | 312 |  |   | (5,875 | ) |   | 257 |  |   | (1,375 | ) |
| Expired                                  |   | 112 |  |   | (3,300 | ) |   | — |  |   | — |  |
| Outstanding at the end of the year       |   | 266 |  |   | 14,613 |  |   | 235 |  |   | 28,913 |  |
| Exercisable at the end of the year       |   | 217 |  |   | 8,825 |  |   | 184 |  |   | 11,250 |  |
|                                     |   |   |   |   |   |   |   |   |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |
|                      |   |   |   |   |   |   |   | March 31,  2017000's |  |   | March 31,  2016000's |  |
|                      |   |   |   |   |   |   |   |   |   |   |
| Annual shareholder return |   | Grant date |   | Expiry date |   | Exercise price |   |   |   |   |
| 5%                        |   | June 4, 2010 |   | June 4, 2016 |   | 112 cents |   | — |  |   | 1,975 |  |
| 5%                        |   | September 13, 2011 |   | September 13, 2017 |   | 130 cents |   | 263 |  |   | 300 |  |
| 10%                       |   | January 3, 2012 |   | January 3, 2018 |   | 154 cents |   | 2,750 |  |   | 3,250 |  |
| 10%                       |   | November 7, 2012 |   | November 7, 2018 |   | 246 cents |   | 8,100 |  |   | 10,850 |  |
| 10%                       |   | September 10, 2014 |   | September 10, 2020 |   | 411 cents |   | 3,500 |  |   | 6,500 |  |
| Target share price        |   |   |   |   |   |   |   |   |
| R5                        |   | June 4, 2010 |   | June 4, 2016 |   | 112 cents |   | — |  |   | 5,025 |  |
| R5                        |   | September 13, 2011 |   | September 13, 2017 |   | 130 cents |   | — |  |   | 1,013 |  |
|                      |   |   |   |   |   |   |   | 14,613 |  |   | 28,913 |  |
|                      |   |   |   |   |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   | Weightedaverageaward price2017cents per share |  |   | Number ofoptions2017000s |  |   | Weightedaverageaward price2016cents per share |  |   | Number ofoptions2016000s |  |
|                                     |   |   |   |   |   |   |   |   |
| Outstanding at the beginning of the year |   | 311 |  |   | 14,435 |  |   | 305 |  |   | 2,900 |  |
| Granted on August 31, 2015               |   | — |  |   | — |  |   | 313 |  |   | 11,835 |  |
| Granted on May 30, 2016                  |   | 294 |  |   | 9,950 |  |   | — |  |   | — |  |
| Granted on November 24, 2016             |   | 328 |  |   | 4,000 |  |   | — |  |   | — |  |
| Forfeited                                |   | 303 |  |   | (7,575 | ) |   | 313 |  |   | (300 | ) |
| Outstanding at the end of the year       |   | 309 |  |   | 20,810 |  |   | 311 |  |   | 14,435 |  |
| Exercisable at the end of the year       |   | 305 |  |   | 725 |  |   |   |   | — |  |
|                                     |   |   |   |   |   |   |   |   |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      |   |   |   |   |   |   |   | March 31,  2017000's |  |   | March 31,  2016000's |  |
|                      |   |   |   |   |   |   |   |   |   |   |
| Annual shareholder return |   | Grant date |   | Expiry date |   | Award price |  |   |   |   |   |
| 10%                       |   | December 16, 2014 |   | December 16, 2020 |   | 305 |  |   | 725 |  |   | 2,900 |  |
| 10%                       |   | August 31, 2015 |   | August 31, 2021 |   | 313 |  |   | 9,160 |  |   | 11,535 |  |
| 10%                       |   | May 30, 2016 |   | May 30, 2022 |   | 294 |  |   | 6,925 |  |   | — |  |
| 10%                       |   | November 24, 2016 |   | November 24, 2022 |   | 328 |  |   | 4,000 |  |   | — |  |
|                      |   |   |   |   |   |   |   | 20,810 |  |   | 14,435 |  |
|                      |   |   |   |   |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |
|                                            |   | Totalshareholderreturn |   | Totalshareholderreturn |   |
|                                            |   |   |   |   |   |
| Grant date                                      |   | November 24, 2016 |   | May 30, 2016 |   |
| Fair value (cents per share)                    |   | 131.5 |   | 111.9 |   |
| Award price (cents per share)                   |   | 328 |   | 294 |   |
| JSE share price on grant date (cents per share) |   | 328 |   | 289 |   |
| Expiry date                                     |   | November 24, 2022 |   | May 30, 2022 |   |
| Performance conditions                          |   |   |   |   |   |
| – Total shareholder return of (%)         |   | 10.0 |   | 10.0 |   |
| Remaining contractual life at March 31, 2017    |   | 5.65 |   | 5.17 |   |
|                                            |   |   |   |   |   |
| Valuation assumptions and drivers          |   |   |   |   |   |
| Volatility (%)                                  |   | 41.8 |   | 40.3 |   |
| Anticipated forfeiture rate (%)                 |   | 5.0 |   | 5.0 |   |
| Anticipated dividend yield (%)                  |   | 2.98 |   | 3.57 |   |
| Annual risk-free interest rate (%)              |   | 8.20 |   | 8.74 |   |
|                                            |   |   |   |   |   |

|                                                 |
|-------------------------------------------------|
|                                                 |  |
|                                            | Totalshareholderreturn |
|                                            |   |
| Grant date                                      | August 31, 2015 |
| Fair value (cents per share)                    | 108.1 |
| Award price (cents per share)                   | 313.0 |
| JSE share price on grant date (cents per share) | 319.0 |
| Expiry date                                     | August 31, 2021 |
| Performance conditions                          |   |
| – Total shareholder return of (%)         | 10.0 |
| Remaining contractual life at March 31, 2017    | 4.42 |
|                                            |   |
| Valuation assumptions and drivers          |   |
| Volatility (%)                                  | 31.7 |
| Anticipated forfeiture rate (%)                 | 5.0 |
| Anticipated dividend yield (%)                  | 3.0 |
| Annual risk-free interest rate (%)              | 7.95 |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | January 3,2012000s |  |   | November 7,2012000s |  |   | September 10, 2014000s |  |   | Total000s |  |
| S Joselowitz(1)                                 |   | — |  |   | 2,500 |  |   | — |  |   | 2,500 |  |
| C Tasker(1)                                     |   | 2,000 |  |   | 2,000 |  |   | 1,500 |  |   | 5,500 |  |
| G Pretorius                                     |   | 750 |  |   | 1,500 |  |   | 1,000 |  |   | 3,250 |  |
| C Lewis                                         |   | — |  |   | 1,500 |  |   | 1,000 |  |   | 2,500 |  |
|                                            |   | 2,750 |  |   | 7,500 |  |   | 3,500 |  |   | 13,750 |  |
| Option strike price (cents per share)           |   | 154 |  |   | 246 |  |   | 411 |  |   |   |
| JSE share price on grant date (cents per share) |   | 160 |  |   | 300 |  |   | 411 |  |   |   |
| Expiry date                                     |   | January 3, 2018 |  |   | November 7, 2018 |  |   | September 10, 2020 |  |   |   |
| Performance conditions                          |   |   |   |   |   |   |   |   |
| Share price of (Rand)                           |   | n/a |  |   | n/a |  |   | n/a |  |   |   |
| Minimum shareholder return of                   |   | 10 | % |   | 10 | % |   | 10 | % |   |   |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | August 31,2015000s |  |   | May 30,2016000s |  |   | November 24,2016000s |  |   | Total000s |  |
| S Joselowitz(1)                                 |   | 1,000 |  |   | 1,000 |  |   | — |  |   | 2,000 |  |
| C Tasker(1)                                     |   | 750 |  |   | 750 |  |   | 875 |  |   | 2,375 |  |
| P Dell(2)                                       |   | 200 |  |   | 200 |  |   | 875 |  |   | 1,275 |  |
| G Pretorius                                     |   | 500 |  |   | 500 |  |   | 875 |  |   | 1,875 |  |
| C Lewis                                         |   | 500 |  |   | 500 |  |   | 875 |  |   | 1,875 |  |
|                                            |   | 2,950 |  |   | 2,950 |  |   | 3,500 |  |   | 9,400 |  |
|                                            |   |   |   |   |   |   |   |   |
| JSE share price on grant date (cents per share) |   | 319 |  |   | 289 |  |   | 328 |  |   |   |
| Expiry date                                     |   | August 31, 2021 |  |   | May 30, 2022 |  |   | November 24, 2022 |  |   |   |
| Performance conditions                          |   |   |   |   |   |   |   |   |
| Share price of (Rand)                           |   | n/a |  |   | n/a |  |   | n/a |  |   |   |
| Minimum shareholder return of                   |   | 10 | % |   | 10 | % |   | 10 | % |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          |   | Date ofexercise |   | Optionsexercised |  |   | Grant date |   | Strike price(cents pershare) |  |   | Performancecondition  (R share price or % minimum shareholder return) |  |   | Exercise dateshare price(cents pershare) |  |
|          |   |   |   |   |   |   |   |   |   |   |   |   |
| M Pydigadu(1) |   | May 30, 2016 |   | 600,000 |  |   | June 4, 2010 |   | 112 |  |   | 10 | % |   | 289 |  |
| M Pydigadu(1) |   | November 07, 2016 |   | 750,000 |  |   | November 07, 2012 |   | 246 |  |   | 10 | % |   | 323 |  |
| S Joselowitz  |   | June 03, 2016 |   | 1,500,000 |  |   | June 4, 2010 |   | 112 |  |   | 10 | % |   | 301 |  |
| B Horan(2)    |   | June 07, 2016 |   | 250,000 |  |   | January 3, 2012 |   | 154 |  |   | 10 | % |   | 300 |  |

|         |
|---------|
|         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|    |   | Date ofexercise |   | Optionsexercised |  |   | Grant date |   | Strike price(cents pershare) |  |   | Performancecondition  (R share price or % minimum shareholder return) |  |   | Exercise dateshare price(cents pershare) |  |
|    |   |   |   |   |   |   |   |   |   |   |   |   |
| R Botha |   | June 1, 2016 |   | 1,375,000 |  |   | June 4, 2010 |   | 112 |  |   | 10 | % |   | 308 |  |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | June 4,2010000s |  |   | June 4,2010000s |  |   | January 3,2012000s |  |   | November 7,2012000s |  |   | September 10, 2014000s |  |   | Total000s |  |
| S Joselowitz(1)                                 |   | — |  |   | 3,000 |  |   | — |  |   | 2,500 |  |   | — |  |   | 5,500 |  |
| M Pydigadu(1)                                   |   | 600 |  |   | 500 |  |   | — |  |   | 1,000 |  |   | 1,500 |  |   | 3,600 |  |
| C Tasker(1)                                     |   | — |  |   | — |  |   | 2,000 |  |   | 2,000 |  |   | 1,500 |  |   | 5,500 |  |
| B Horan                                         |   | — |  |   | — |  |   | 500 |  |   | 1,500 |  |   | 1,000 |  |   | 3,000 |  |
| G Pretorius                                     |   | — |  |   | — |  |   | 750 |  |   | 1,500 |  |   | 1,000 |  |   | 3,250 |  |
| C Lewis                                         |   | — |  |   | — |  |   | — |  |   | 1,500 |  |   | 1,000 |  |   | 2,500 |  |
|                                            |   | 600 |  |   | 3,500 |  |   | 3,250 |  |   | 10,000 |  |   | 6,000 |  |   | 23,350 |  |
| Option strike price (cents per share)           |   | 112 |  |   | 112 |  |   | 154 |  |   | 246 |  |   | 411 |  |   |   |
| JSE share price on grant date (cents per share) |   | 104 |  |   | 104 |  |   | 160 |  |   | 300 |  |   | 411 |  |   |   |
| Expiry date                                     |   | June 4, 2016 |  |   | June 4, 2016 |  |   | January 3, 2018 |  |   | November 7, 2018 |  |   | September 10, 2020 |  |   |   |
| Performance conditions                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Share price of (Rand)                           |   | n/a |  |   | 5 |  |   | n/a |  |   | n/a |  |   | n/a |  |   |   |
| Minimum shareholder return of                   |   | 5 | % |   | n/a |  |   | 10 | % |   | 10 | % |   | 10 | % |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |
|                                            |   | August 31,2015000s |  |   | Total000s |  |
| S Joselowitz(1)                                 |   | 1,000 |  |   | 1,000 |  |
| M Pydigadu(1)                                   |   | 750 |  |   | 750 |  |
| C Tasker(1)                                     |   | 750 |  |   | 750 |  |
| B Horan                                         |   | 750 |  |   | 750 |  |
| G Pretorius                                     |   | 500 |  |   | 500 |  |
| C Lewis                                         |   | 500 |  |   | 500 |  |
|                                            |   | 4,250 |  |   | 4,250 |  |
|                                            |   |   |   |   |
| JSE share price on grant date (cents per share) |   | 319 |  |   |   |
| Expiry date                                     |   | August 31, 2021 |  |   |   |
| Performance conditions                          |   |   |   |   |
| Share price of (Rand)                           |   | n/a |  |   |   |
| Minimum shareholder return of                   |   | 10 | % |   |   |

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|            |   | Date ofexercise |   | Optionsexercised |  |   | Grant date |   | Strike price(cents pershare) |  |   | Performancecondition  (R share price or % minimum shareholder return) |  |   | Exercise dateshare price(cents pershare) |  |
|            |   |   |   |   |   |   |   |   |   |   |   |   |
| S Joselowitz(1) |   | March 5, 2016 |   | 1,500,000 |  |   | June 4, 2010 |   | 112 |  |   | 5 | % |   | 220 |  |
| M Pydigadu(1)   |   | February 23, 2016 |   | 500,000 |  |   | June 4, 2010 |   | 112 |  |   | 5 | % |   | 230 |  |
| C Tasker(1)     |   | March 9, 2016 |   | 1,500,000 |  |   | June 4, 2010 |   | 112 |  |   | 5 | % |   | 225 |  |
| B Horan         |   | December 9, 2015 |   | 250,000 |  |   | January 3, 2012 |   | 154 |  |   | 10 | % |   | 288 |  |
|            |   | December 9, 2015 |   | 125,000 |  |   | June 4, 2010 |   | 112 |  |   | 5 | % |   | 288 |  |
| G Pretorius     |   | March 8, 2016 |   | 125,000 |  |   | June 4, 2010 |   | 112 |  |   | 5 | % |   | 210 |  |
| C Lewis         |   | March 1, 2016 |   | 125,000 |  |   | June 4, 2010 |   | 112 |  |   | 5 | % |   | 224 |  |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |
|                                            |   | June 4,2010000s |  |   | June 4,2010000s |  |   | Total000s |  |
| R Botha                                         |   | 1,375 |  |   | — |  |   | 1,375 |  |
| H Scott                                         |   | — |  |   | 500 |  |   | 500 |  |
|                                            |   | 1,375 |  |   | 500 |  |   | 1,875 |  |
| Option strike price (cents per share)           |   | 112 |  |   | 112 |  |   |   |
| JSE share price on grant date (cents per share) |   | 104 |  |   | 104 |  |   |   |
| Expiry date                                     |   | June 4, 2016 |  |   | June 4, 2016 |  |   |   |
| Performance conditions                          |   |   |   |   |   |   |
| Share price of (Rand)                           |   | n/a |  |   | 5 |  |   |   |
| Minimum shareholder return of                   |   | 5 | % |   | n/a |  |   |   |

|         |
|---------|
|         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|    |   | Date ofexercise |   | Optionsexercised |  |   | Grant date |   | Strike price(cents pershare) |  |   | Performancecondition  (R share price or % minimum shareholder return) |  |   | Exercise dateshare price(cents pershare) |  |
|    |   |   |   |   |   |   |   |   |   |   |   |   |
| H Scott |   | September 15, 2015 |   | 375,000 |  |   | June 4, 2010 |   | 112 |  |   | 5 | % |   | 310 |  |
| T Buzer |   | November 10, 2015 |   | 375,000 |  |   | June 4, 2010 |   | 112 |  |   | 5 | % |   | 313 |  |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |
|                                                   |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                                   |   |   |   |   |
| Opening balance                                        |   | 74,262 |  |   | (21,894 | ) |
| Foreign currency translation*                          |   | (80,879 | ) |   | 88,318 |  |
| – Movement for the year – Gross            |   | (80,820 | ) |   | 90,784 |  |
| – Tax effect of movement                         |   | (59 | ) |   | (2,466 | ) |
| Share-based payments (notes 23 and 31.2)               |   | 2,247 |  |   | 7,838 |  |
| Closing balance                                        |   | (4,370 | ) |   | 74,262 |  |
|                                                   |   |   |   |   |
| Foreign currency translation*                          |   | 102,802 |  |   | 183,681 |  |
| Reserve on transaction with non-controlling interest** |   | (137,438 | ) |   | (137,438 | ) |
| Share-based payments                                   |   | 30,266 |  |   | 28,019 |  |
| Closing balance                                        |   | (4,370 | ) |   | 74,262 |  |
|                                                   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |
|                                                |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                           |   |   |   |   |
| Unsecured loan: Deferred consideration payable |   | — |  |   | 1,103 |  |
|                                           |   | — |  |   | 1,103 |  |
| Short-term portion payable within 12 months    |   | — |  |   | (1,103 | ) |
| Long-term portion payable after 12 months      |   | — |  |   | — |  |
|                                           |   |   |   |   |
| Movement for the year                          |   |   |   |   |
| Opening balance                                |   | 1,103 |  |   | 2,503 |  |
| Net payments made                              |   | (1,153 | ) |   | (1,402 | ) |
| Capitalized interest                           |   | 50 |  |   | 2 |  |
| Closing balance                                |   | — |  |   | 1,103 |  |
|                                           |   |   |   |   |

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |
|                                                    |   | Interest rate |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                                    |   |   |   |   |   |   |
| Undrawn borrowing facilities at floating rates include: |   |   |   |   |   |   |
| — Standard Bank Limited:                     |   |   |   |   |   |   |
| Overdraft                                               |   | Prime less 1.2% |   | 50,551 |  |   | 53,626 |  |
| Vehicle and asset finance                               |   | Prime less 1.2% |   | 8,500 |  |   | 8,500 |  |
| — Nedbank Limited overdraft                  |   | Prime less 2% |   | 10,000 |  |   | 10,000 |  |
|                                                    |   |   |   | 69,051 |  |   | 72,126 |  |
|                                                    |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | an unrestricted cession of book debts by the following entities: |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |
|                        |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                        |   |   |   |   |
| Trade payables              |   | 79,892 |  |   | 70,231 |  |
| Accruals                    |   | 152,323 |  |   | 131,492 |  |
| Revenue received in advance |   | 62,990 |  |   | 64,446 |  |
| Value added taxes           |   | 6,624 |  |   | 8,918 |  |
| Other                       |   | 7,281 |  |   | 7,560 |  |
|                        |   | 309,110 |  |   | 282,647 |  |
|                        |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |
|                                                                       |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                                                       |   |   |   |   |
| Deferred tax liabilities                                                   |   |   |   |   |
| Capital allowances for tax purposes                                        |   | 33,616 |  |   | 27,603 |  |
| Intangible assets                                                          |   | 49,807 |  |   | 39,088 |  |
| Pre-payments                                                               |   | 2,815 |  |   | 1,970 |  |
| Deferred foreign currency gains                                            |   | 61,616 |  |   | 87,878 |  |
| Other                                                                      |   | 1,106 |  |   | 1,268 |  |
| Gross deferred tax liabilities                                             |   | 148,960 |  |   | 157,807 |  |
| Set-off of deferred tax balances                                           |   | (48,893 | ) |   | (36,826 | ) |
| Net deferred tax liabilities                                               |   | 100,067 |  |   | 120,981 |  |
| Deferred tax assets                                                        |   |   |   |   |
| Revenue received in advance                                                |   | 14,304 |  |   | 13,166 |  |
| Capital allowances for tax purposes                                        |   | 22,107 |  |   | 25,609 |  |
| Provisions, accruals and lease straight-lining                             |   | 28,731 |  |   | 25,617 |  |
| Assessable losses                                                          |   | 10,736 |  |   | 1,043 |  |
| Deferred foreign currency losses                                           |   | — |  |   | 487 |  |
| Other                                                                      |   | 1,145 |  |   | 909 |  |
| Gross deferred tax assets                                                  |   | 77,023 |  |   | 66,831 |  |
| Set-off of deferred tax balances                                           |   | (48,893 | ) |   | (36,826 | ) |
| Net deferred tax assets                                                    |   | 28,130 |  |   | 30,005 |  |
| Net deferred tax liability                                                 |   | (71,937 | ) |   | (90,976 | ) |
|                                                                       |   |   |   |   |
| The gross movement in net deferred tax assets/(liabilities) is as follows: |   |   |   |   |
| Beginning of the year                                                      |   | (90,976 | ) |   | (39,818 | ) |
| Foreign currency translations                                              |   | (878 | ) |   | 683 |  |
| Charge to equity (note 14)                                                 |   | (59 | ) |   | (2,466 | ) |
| Income statement charge (note 28)                                          |   | 19,976 |  |   | (49,375 | ) |
| End of the year                                                            |   | (71,937 | ) |   | (90,976 | ) |
|                                                                       |   |   |   |   |

|         |                              |
|---------|------------------------------|
| • | South Africa 28% (2016: 28%) |

|         |                           |
|---------|---------------------------|
| • | Australia 30% (2016: 30%) |

|         |                        |
|---------|------------------------|
| • | Brazil 34% (2016: 34%) |

|         |                         |
|---------|-------------------------|
| • | Romania 16% (2016: 16%) |

|         |                          |
|---------|--------------------------|
| • | Thailand 20% (2016: 20%) |

|         |                        |
|---------|------------------------|
| • | Uganda 30% (2016: 30%) |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|         |                                    |
|---------|------------------------------------|
| • | United Arab Emirates 0% (2016: 0%) |

|         |                                |
|---------|--------------------------------|
| • | United Kingdom 19% (2016: 20%) |

|         |                                          |
|---------|------------------------------------------|
| • | United States of America 34% (2016: 34%) |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   | March 31,  2016 |  |   | Charged/ (credited) to the income statement (note 28) |  |   | Charged/ (credited) directly to equity (note 14) |  |   | Foreign currencytranslationdifferences |  |   | March 31,  2017 |  |
|                                           |   | R’000 |  |   | R’000 |  |   | R’000 |  |   | R’000 |  |   | R’000 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |
| Deferred tax liabilities                       |   |   |   |   |   |   |   |   |   |   |
| Capital allowances for tax purposes            |   | 27,603 |  |   | 6,013 |  |   | — |  |   | — |  |   | 33,616 |  |
| Intangible assets                              |   | 39,088 |  |   | 10,721 |  |   | — |  |   | (2 | ) |   | 49,807 |  |
| Pre-payments                                   |   | 1,970 |  |   | 845 |  |   | — |  |   | — |  |   | 2,815 |  |
| Deferred foreign currency gains                |   | 87,878 |  |   | (25,834 | ) |   | (428 | ) |   | — |  |   | 61,616 |  |
| Other                                          |   | 1,268 |  |   | (163 | ) |   | — |  |   | 1 |  |   | 1,106 |  |
|                                           |   | 157,807 |  |   | (8,418 | ) |   | (428 | ) |   | (1 | ) |   | 148,960 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |
| Deferred tax assets                            |   |   |   |   |   |   |   |   |   |   |
| Revenue received in advance                    |   | (13,166 | ) |   | (1,138 | ) |   | — |  |   | — |  |   | (14,304 | ) |
| Capital allowances for tax purposes            |   | (25,609 | ) |   | 3,478 |  |   | — |  |   | 24 |  |   | (22,107 | ) |
| Provisions, accruals and lease straight-lining |   | (25,617 | ) |   | (3,495 | ) |   | — |  |   | 381 |  |   | (28,731 | ) |
| Assessable losses                              |   | (1,043 | ) |   | (10,178 | ) |   | — |  |   | 485 |  |   | (10,736 | ) |
| Deferred foreign currency losses               |   | (487 | ) |   | — |  |   | 487 |  |   | — |  |   | — |  |
| Other                                          |   | (909 | ) |   | (225 | ) |   | — |  |   | (11 | ) |   | (1,145 | ) |
|                                           |   | (66,831 | ) |   | (11,558 | ) |   | 487 |  |   | 879 |  |   | (77,023 | ) |
|                                           |   |   |   |   |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   | March 31,  2015 |  |   | Charged/ (credited) to the income statement (note 28) |  |   | Charged/ (credited) directly to equity (note 14) |  |   | Foreign currencytranslationdifferences |  |   | March 31,  2016 |  |
|                                           |   | R’000 |  |   | R’000 |  |   | R’000 |  |   | R’000 |  |   | R’000 |  |
| Deferred tax liabilities                       |   |   |   |   |   |   |   |   |   |   |
| Capital allowances for tax purposes            |   | 14,527 |  |   | 13,076 |  |   | — |  |   | — |  |   | 27,603 |  |
| Intangible assets                              |   | 32,227 |  |   | 6,858 |  |   | — |  |   | 3 |  |   | 39,088 |  |
| Pre-payments                                   |   | 958 |  |   | 1,012 |  |   | — |  |   | — |  |   | 1,970 |  |
| Deferred foreign currency gains                |   | 38,426 |  |   | 49,442 |  |   | 10 |  |   | — |  |   | 87,878 |  |
| Other                                          |   | 4,826 |  |   | (3,558 | ) |   | — |  |   | — |  |   | 1,268 |  |
|                                           |   | 90,964 |  |   | 66,830 |  |   | 10 |  |   | 3 |  |   | 157,807 |  |
| Deferred tax assets                            |   |   |   |   |   |   |   |   |   |   |
| Revenue received in advance                    |   | (11,171 | ) |   | (1,995 | ) |   | — |  |   | — |  |   | (13,166 | ) |
| Capital allowances for tax purposes            |   | (14,071 | ) |   | (11,531 | ) |   | — |  |   | (7 | ) |   | (25,609 | ) |
| Provisions, accruals and lease straight-lining |   | (18,921 | ) |   | (5,985 | ) |   | — |  |   | (711 | ) |   | (25,617 | ) |
| Assessable losses                              |   | (955 | ) |   | (88 | ) |   | — |  |   | — |  |   | (1,043 | ) |
| Deferred foreign currency losses               |   | (2,943 | ) |   | — |  |   | 2,456 |  |   | — |  |   | (487 | ) |
| Other                                          |   | (3,085 | ) |   | 2,144 |  |   | — |  |   | 32 |  |   | (909 | ) |
|                                           |   | (51,146 | ) |   | (17,455 | ) |   | 2,456 |  |   | (686 | ) |   | (66,831 | ) |
|                                           |   |   |   |   |   |   |   |   |   |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |
|                                     |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                     |   |   |   |   |
| Product warranties                       |   |   |   |   |
| Beginning of the year                    |   | 16,564 |  |   | 13,500 |  |
| Income statement charge                  |   | 1,797 |  |   | 7,188 |  |
| Utilized                                 |   | (5,476 | ) |   | (5,536 | ) |
| Foreign currency translation differences |   | (1,347 | ) |   | 1,412 |  |
| End of the year                          |   | 11,538 |  |   | 16,564 |  |
| Non-current portion                      |   | — |  |   | — |  |
| Current portion                          |   | 11,538 |  |   | 16,564 |  |
|                                     |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |
|                                     |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                     |   |   |   |   |
| Maintenance provision                    |   |   |   |   |
| Beginning of the year                    |   | 4,413 |  |   | 7,695 |  |
| Income statement charge                  |   | 15,182 |  |   | 11,804 |  |
| Utilized                                 |   | (15,944 | ) |   | (15,431 | ) |
| Foreign currency translation differences |   | (140 | ) |   | 345 |  |
| End of the year                          |   | 3,511 |  |   | 4,413 |  |
| Non-current portion                      |   | (409 | ) |   | (1,702 | ) |
| Current portion                          |   | 3,102 |  |   | 2,711 |  |
|                                     |   |   |   |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |
|                                     |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                     |   |   |   |   |
| Decommissioning provision                |   |   |   |   |
| Beginning of the year                    |   | 1,812 |  |   | 1,525 |  |
| Foreign currency translation differences |   | (388 | ) |   | 287 |  |
| End of the year                          |   | 1,424 |  |   | 1,812 |  |
| Non-current portion                      |   | (1,424 | ) |   | (1,812 | ) |
| Current portion                          |   | — |  |   | — |  |
|                                     |   |   |   |   |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |
|                                         |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                         |   |   |   |   |
| Restructuring provision                      |   |   |   |   |
| Beginning of the year                        |   | 523 |  |   | 4,525 |  |
| Income statement charge/(reversal) (note 23) |   | 14,561 |  |   | (333 | ) |
| Utilized                                     |   | (2,834 | ) |   | (3,702 | ) |
| Foreign currency translation differences     |   | (785 | ) |   | 33 |  |
| End of the year                              |   | 11,465 |  |   | 523 |  |
| Non-current portion                          |   | — |  |   | — |  |
| Current portion                              |   | 11,465 |  |   | 523 |  |
|                                         |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                     |   |   |   |   |
| Other provisions                         |   |   |   |   |
| Beginning of the year                    |   | 11,261 |  |   | — |  |
| Income statement charge                  |   | 281 |  |   | 11,072 |  |
| Utilized                                 |   | (8,600 | ) |   | — |  |
| Foreign currency translation differences |   | (269 | ) |   | 189 |  |
| End of the year                          |   | 2,673 |  |   | 11,261 |  |
| Non-current portion                      |   | — |  |   | — |  |
| Current portion                          |   | 2,673 |  | — |  | 11,261 |  |
|                                     |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |
|                      |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                      |   |   |   |   |
| Total provisions          |   |   |   |   |
| Product warranties        |   | 11,538 |  |   | 16,564 |  |
| Maintenance provision     |   | 3,511 |  |   | 4,413 |  |
| Decommissioning provision |   | 1,424 |  |   | 1,812 |  |
| Restructuring provision   |   | 11,465 |  |   | 523 |  |
| Other provisions          |   | 2,673 |  |   | 11,261 |  |
| Total provision           |   | 30,611 |  |   | 34,573 |  |
| Non-current portion       |   | (1,833 | ) |   | (3,514 | ) |
| Current provision         |   | 28,778 |  |   | 31,059 |  |
|                      |   |   |   |   |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |
|                                                              |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                                              |   |   |   |   |
| Movement in share-based payment liability for the year            |   |   |   |   |
| Opening balance                                                   |   | — |  |   | 1,950 |  |
| Share-based payment expense recognized/(reversed) during the year |   | 1,064 |  |   | (2,018 | ) |
| Payment made in settlement of the share-based payment liability   |   | (1,064 | ) |   | — |  |
| Foreign currency translation differences                          |   | — |  |   | 68 |  |
| Closing balance                                                   |   | — |  |   | — |  |
|                                                              |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |
|                                                                           |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                                                           |   |   |   |   |
| Discount rate                                                                  |   |   |   |   |
| – pre-tax discount rate applied to the cash flow projections (%)         |   | 21.0 |  |   | 26.5 |  |
| Growth rate                                                                    |   |   |   |   |
| – growth rate used to extrapolate cash flow beyond the budget period (%) |   | 4.5 |  |   | 5.0 |  |
|                                                                           |   |   |   |   |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |
|                 |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                 |   |   |   |   |   |   |
| Subscription revenue |   | 1,239,914 |  |   | 1,158,229 |  |   | 998,335 |  |
| Hardware sales       |   | 222,315 |  |   | 221,306 |  |   | 298,680 |  |
| Other                |   | 77,829 |  |   | 85,486 |  |   | 92,365 |  |
|                 |   | 1,540,058 |  |   | 1,465,021 |  |   | 1,389,380 |  |
|                 |   |   |   |   |   |   |

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |  |
|                                                                                |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                                                |   |   |   |   |   |   |
| Insurance reimbursement (notes 5 and 29)                                            |   | — |  |   | — |  |   | 3,237 |  |
| Loss on disposal of property, plant and equipment and intangible assets (note 31.2) |   | (262 | ) |   | (208 | ) |   | (456 | ) |
| Other                                                                               |   | 688 |  |   | 1,452 |  |   | 1,014 |  |
|                                                                                |   | 426 |  |   | 1,244 |  |   | 3,795 |  |
|                                                                                |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |
|                                                                                    |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                                                    |   |   |   |   |   |   |
| Operating profit is stated after accounting for the following charges:                  |   |   |   |   |   |   |
| Amortization (notes 7 and 31.2)                                                         |   | 44,734 |  |   | 47,586 |  |   | 46,294 |  |
| Depreciation (notes 6 and 31.2)                                                         |   | 98,508 |  |   | 75,037 |  |   | 61,099 |  |
| Impairment of intangible assets (notes 7 and 31.2)                                      |   | 3,166 |  |   | 2,871 |  |   | 456 |  |
| (Reversal of impairment)/impairment of property, plant and equipment (notes 6 and 31.2) |   | (791 | ) |   | 1,905 |  |   | 1,190 |  |
| Operating lease charges — premises and equipment                                  |   | 24,690 |  |   | 23,536 |  |   | 20,664 |  |
| Restructuring costs (note 19)                                                           |   | 14,561 |  |   | (333 | ) |   | 11,267 |  |
| Write-down of inventory to net realizable value (notes 9 and 31.2)                      |   | 9,967 |  |   | 5,317 |  |   | 3,164 |  |
| Research expenditure                                                                    |   | 2,398 |  |   | 1,540 |  |   | 1,310 |  |
| Net litigation costs                                                                    |   | — |  |   | — |  |   | 7,937 |  |
| Transaction costs arising from investigating strategic alternatives                     |   | — |  |   | 5,037 |  |   | — |  |
| Transaction costs arising from the acquisition of a business                            |   | — |  |   | — |  |   | 93 |  |
| Professional fees                                                                       |   | 22,358 |  |   | 24,940 |  |   | 25,199 |  |
| Staff costs                                                                             |   | 587,474 |  |   | 573,165 |  |   | 507,634 |  |
| – Salaries, wages and other costs                                                 |   | 554,793 |  |   | 540,227 |  |   | 480,075 |  |
| – Pension costs (note 17)                                                         |   | 29,370 |  |   | 27,118 |  |   | 19,981 |  |
| – Equity-settled share-based payments (notes 14 and 31.2)                         |   | 2,247 |  |   | 7,838 |  |   | 5,220 |  |
| – Cash-settled share-based payments (note 20)                                     |   | 1,064 |  |   | (2,018 | ) |   | 2,358 |  |
|                                                                                    |   |   |   |   |   |   |
| Number of employees at the end of the year                                              |   | 1,056 |  |   | 1,089 |  |   | 1,056 |  |
|                                                                                    |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |
|                                          |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                          |   |   |   |   |   |   |
| Current accounts and short-term bank deposits |   | 14,052 |  |   | 7,292 |  |   | 8,594 |  |
| Finance lease receivable income               |   | 20 |  |   | 267 |  |   | 611 |  |
| Other                                         |   | 520 |  |   | 567 |  |   | 175 |  |
|                                          |   | 14,592 |  |   | 8,126 |  |   | 9,380 |  |
|                                          |   |   |   |   |   |   |
| Net foreign exchange gains                    |   | 1,476 |  |   | 144,038 |  |   | 73,525 |  |
|                                          |   |   |   |   |   |   |
|                                          |   | 16,068 |  |   | 152,164 |  |   | 82,905 |  |
|                                          |   |   |   |   |   |   |

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |
|                                                                                    |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                                                    |   |   |   |   |   |   |
| Overdraft                                                                               |   | (2,259 | ) |   | (1,490 | ) |   | (1,746 | ) |
| Impact of discounting related to the fiscal 2017 share repurchase transaction (note 13) |   | (3,222 | ) |   | — |  |   | — |  |
| Other long-term loans                                                                   |   | (50 | ) |   | (186 | ) |   | (345 | ) |
| Other                                                                                   |   | (146 | ) |   | (161 | ) |   | (36 | ) |
|                                                                                    |   |   |   |   |   |   |
|                                                                                    |   | (5,677 | ) |   | (1,837 | ) |   | (2,127 | ) |
|                                                                                    |   |   |   |   |   |   |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |
|                         |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                         |   |   |   |   |   |   |
| Auditors’ remuneration |   | 8,821 |  |   | 7,426 |  |   | 7,843 |  |
|                         |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Group                   |   | Directors’feesR’000 |  |   | Salary andallowancesR’000 |  |   | OtherbenefitsR’000 |  |   | RetirementfundR’000 |  |   | Performancebonuses(1)R’000 |  |   | 12 monthsR’000 |  |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |
| 2017                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-executive directors |   |   |   |   |   |   |   |   |   |   |   |   |
| R Bruyns                |   | 794 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 794 |  |
| C Ewing                 |   | 570 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 570 |  |
| R Frew(2)               |   | 566 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 566 |  |
| E Banda                 |   | 470 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 470 |  |
| A Welton                |   | 650 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 650 |  |
| M Lamberti(2), (3)      |   | 115 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 115 |  |
| I Jacobs(4)             |   | 277 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 277 |  |
| G Nakos(5)              |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                    |   | 3,442 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 3,442 |  |
| Value added tax(2)      |   | 95 |  |   |   |   |   |   |   |   |   |   | 95 |  |
| Executive committee(6)  |   |   |   |   |   |   |   |   |   |   |   |   |
| S Joselowitz(7)         |   | — |  |   | 7,219 |  |   | — |  |   | — |  |   | 3,404 |  |   | 10,623 |  |
| M Pydigadu(8)           |   | — |  |   | 2,101 |  |   | 98 |  |   | 80 |  |   | 1,206 |  |   | 3,485 |  |
| C Tasker(7)             |   | — |  |   | 3,612 |  |   | 178 |  |   | 256 |  |   | 1,511 |  |   | 5,557 |  |
| B Horan(9)              |   | — |  |   | 1,215 |  |   | 63 |  |   | 47 |  |   | 1,456 |  |   | 2,781 |  |
| P Dell(10)              |   | — |  |   | 275 |  |   | 14 |  |   | 11 |  |   | — |  |   | 300 |  |
| G Pretorius             |   | — |  |   | 2,096 |  |   | 129 |  |   | 335 |  |   | 1,147 |  |   | 3,707 |  |
| C Lewis                 |   | — |  |   | 2,328 |  |   | — |  |   | 144 |  |   | 1,099 |  |   | 3,571 |  |
|                    |   | 3,537 |  |   | 18,846 |  |   | 482 |  |   | 873 |  |   | 9,823 |  |   | 33,561 |  |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |
| 2016                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-executive directors |   |   |   |   |   |   |   |   |   |   |   |   |
| R Bruyns                |   | 910 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 910 |  |
| C Ewing                 |   | 538 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 538 |  |
| R Frew(2)               |   | 387 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 387 |  |
| E Banda                 |   | 442 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 442 |  |
| A Welton                |   | 604 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 604 |  |
| M Lamberti(2), (3)      |   | 286 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 286 |  |
| M Akoojee(11)           |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| G Nakos(5)              |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                    |   | 3,167 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 3,167 |  |
| Value added tax(2)      |   | 94 |  |   |  |  |   |  |  |   |  |  |   |  |  |   | 94 |  |
| Executive committee(6)  |   |   |   |   |   |   |   |   |   |   |   |   |
| S Joselowitz(7)         |   | — |  |   | 7,006 |  |   | — |  |   | — |  |   | 3,806 |  |   | 10,812 |  |
| R Botha(12)             |   | — |  |   | 390 |  |   | 1,979 |  | (13)  | 15 |  |   | 728 |  |   | 3,112 |  |
| M Pydigadu(8)           |   | — |  |   | 2,304 |  |   | 109 |  |   | 87 |  |   | 1,299 |  |   | 3,799 |  |
| H Scott(12)             |   | — |  |   | 586 |  |   | 100 |  | (14)  | — |  |   | 1,054 |  |   | 1,740 |  |
| C Tasker(7)             |   | — |  |   | 3,288 |  |   | 45 |  |   | 264 |  |   | 1,691 |  |   | 5,288 |  |
| B Horan(9)              |   | — |  |   | 2,292 |  |   | 118 |  |   | 90 |  |   | 1,365 |  |   | 3,865 |  |
| G Pretorius             |   | — |  |   | 1,906 |  |   | 118 |  |   | 308 |  |   | 1,120 |  |   | 3,452 |  |
| C Lewis                 |   | — |  |   | 2,026 |  |   | 52 |  |   | 180 |  |   | 1,446 |  |   | 3,704 |  |
|                    |   | 3,261 |  |   | 19,798 |  |   | 2,521 |  |   | 944 |  |   | 12,509 |  |   | 39,033 |  |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Group                   |   | Directors’feesR’000 |  |   | Salary andallowancesR’000 |  |   | OtherbenefitsR’000 |  |   | RetirementfundR’000 |  |   | Performancebonuses(1)R’000 |  |   | 12 monthsR’000 |  |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |
| 2015                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-executive directors |   |   |   |   |   |   |   |   |   |   |   |   |
| R Bruyns                |   | 858 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 858 |  |
| H Brody(2), (15)        |   | 161 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 161 |  |
| C Ewing(2)              |   | 500 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 500 |  |
| R Frew(2)               |   | 365 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 365 |  |
| E Banda(2)              |   | 410 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 410 |  |
| F Roji(2), (16)         |   | 29 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 29 |  |
| A Welton                |   | 550 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 550 |  |
| M Lamberti(2), (3)      |   | 99 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 99 |  |
| M Akoojee(11)           |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                    |   | 2,972 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 2,972 |  |
| Value added tax(2)      |   | 86 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 86 |  |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Executive committee(6)  |   |   |   |   |   |   |   |   |   |   |   |   |
| S Joselowitz(7)         |   | — |  |   | 5,532 |  |   | — |  |   | — |  |   | 2,573 |  |   | 8,105 |  |
| R Botha(12)             |   | — |  |   | 2,328 |  |   | 10 |  |   | 89 |  |   | 643 |  |   | 3,070 |  |
| M Pydigadu(8)           |   | — |  |   | 2,117 |  |   | 110 |  |   | 83 |  |   | 1,082 |  |   | 3,392 |  |
| H Scott(12)             |   | — |  |   | 2,821 |  |   | — |  |   | — |  |   | 1,411 |  |   | 4,232 |  |
| C Tasker(7)             |   | — |  |   | 3,155 |  |   | 44 |  |   | 255 |  |   | 1,416 |  |   | 4,870 |  |
| B Horan(9)              |   | — |  |   | 2,004 |  |   | 117 |  |   | 79 |  |   | 1,330 |  |   | 3,530 |  |
| G Pretorius             |   | — |  |   | 1,910 |  |   | 114 |  |   | 182 |  |   | 1,360 |  |   | 3,566 |  |
| C Lewis                 |   | — |  |   | 1,909 |  |   | 46 |  |   | 174 |  |   | 917 |  |   | 3,046 |  |
|                    |   | 3,058 |  |   | 21,776 |  |   | 441 |  |   | 862 |  |   | 10,732 |  |   | 36,869 |  |

|           |                                                                              |
|-----------|------------------------------------------------------------------------------|
| (1)  | Performance bonuses are based on actual amounts paid during the fiscal year. |

|           |                                                                                                                             |
|-----------|-----------------------------------------------------------------------------------------------------------------------------|
| (2)  | Value added tax (“VAT”) included as part of certain invoices received. Directors’ fees shown exclude VAT. |

|           |                                                                                                                      |
|-----------|----------------------------------------------------------------------------------------------------------------------|
| (3)  | Appointed to the Board with effect from November 19, 2014, resigned from the Board with effect from August 18, 2016. |

|           |                                                       |
|-----------|-------------------------------------------------------|
| (4)  | Appointed to the Board with effect from June 1, 2016. |

|           |                                                                                                                                                                                    |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5)  | Appointed as alternate director to Mark Lamberti with effect from November 4, 2015. Subsequently resigned as alternate director to Mark Lamberti with effect from August 18, 2016. |

|           |                                                                                         |
|-----------|-----------------------------------------------------------------------------------------|
| (6)  | All prescribed officers of the Company are included as part of the executive committee. |

|           |                                                                             |
|-----------|-----------------------------------------------------------------------------|
| (7)  | Executive director as at March 31, 2017, March 31, 2016 and March 31, 2015. |

|           |                                                            |
|-----------|------------------------------------------------------------|
| (8)  | Resigned from the Board with effect from February 9, 2017. |

|           |                                               |
|-----------|-----------------------------------------------|
| (9)  | Resigned with effect from September 30, 2016. |

|            |                                                                                                                         |
|------------|-------------------------------------------------------------------------------------------------------------------------|
| (10)  | Appointed as Group executive committee member from February 1, 2017 and to the Board with effect from February 9, 2017. |

|            |                                                                                                                                                                                           |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11)  | Appointed as alternate director to Mark Lamberti with effect from November 19, 2014. Subsequently resigned as alternate director to Mark Lamberti with effect from November 4, 2015. |

|            |                                                                                                                                                                                                                                                                                          |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12)  | Resigned from the Board with effect from August 9, 2013 but remained as Group executive committee member. Subsequently retired from the Group executive committee on May 31, 2015. Refer to note 13 for further details of share options held and exercised by these retired executives. |

|            |                                                                                                                                 |
|------------|---------------------------------------------------------------------------------------------------------------------------------|
| (13)  | Other benefits paid to R Botha include notice pay, severance pay and gratuity payments made as compensation for loss of office. |

|            |                                                                                 |
|------------|---------------------------------------------------------------------------------|
| (14)  | Other benefits paid to H Scott comprise gratuity payments made upon retirement. |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |
|                                 |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                 |   |   |   |   |   |   |
| Major components of taxation expense |   |   |   |   |   |   |
| Normal taxation                      |   | (46,788 | ) |   | (57,545 | ) |   | (51,519 | ) |
| – Current                      |   | (43,434 | ) |   | (53,626 | ) |   | (50,946 | ) |
| – Over-provision prior years   |   | 589 |  |   | 175 |  |   | 17 |  |
| – Foreign tax paid             |   | (3,711 | ) |   | (3,768 | ) |   | — |  |
| – Withholding tax         |   | (232 | ) |   | (326 | ) |   | (590 | ) |
| Deferred taxation (note 18)          |   | 19,976 |  |   | (49,375 | ) |   | (30,104 | ) |
| – Current year                 |   | 20,748 |  |   | (49,365 | ) |   | (27,980 | ) |
| – Under-provision prior years  |   | (772 | ) |   | (10 | ) |   | (2,124 | ) |
|                                 |   |   |   |   |   |   |
|                                 |   | (26,812 | ) |   | (106,920 | ) |   | (81,623 | ) |
|                                 |   |   |   |   |   |   |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |
|                                                   |   | Before taxR’000 |  |   | Tax impactR’000 |  |   | After taxR’000 |  |
|                                                   |   |   |   |   |   |   |
| 2017                                                   |   |   |   |   |   |   |
| Exchange differences on translating foreign operations |   | (80,870 | ) |   | (59 | ) |   | (80,929 | ) |
|                                                   |   | (80,870 | ) |   | (59 | ) |   | (80,929 | ) |
|                                                   |   |   |   |   |   |   |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |
|                                                   |   | Before taxR’000 |  |   | Tax impactR’000 |  |   | After taxR’000 |  |
|                                                   |   |   |   |   |   |   |
| 2016                                                   |   |   |   |   |   |   |
| Exchange differences on translating foreign operations |   | 90,665 |  |   | (2,466 | ) |   | 88,199 |  |
|                                                   |   | 90,665 |  |   | (2,466 | ) |   | 88,199 |  |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |
|                                                   |   | Before taxR’000 |  |   | Tax impactR’000 |  |   | After taxR’000 |  |
|                                                   |   |   |   |   |   |   |
| 2015                                                   |   |   |   |   |   |   |
| Exchange differences on translating foreign operations |   | 27,953 |  |   | 3,010 |  |   | 30,963 |  |
|                                                   |   | 27,953 |  |   | 3,010 |  |   | 30,963 |  |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |
|                                                               |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
| Profit before taxation                                             |   | 148,253 |  |   | 289,411 |  |   | 230,639 |  |
| Tax at the applicable tax rate of 28%                              |   | 41,511 |  |   | 81,035 |  |   | 64,579 |  |
| Tax effect of:                                                     |   | (14,699 | ) |   | 25,885 |  |   | 17,044 |  |
| – Income not subject to tax                                  |   | — |  |   | (398 | ) |   | (313 | ) |
| – Expenses not deductible for tax purposes(1)                |   | 7,409 |  |   | 6,869 |  |   | 5,851 |  |
| – (Non-deductible)/non-taxable foreign exchange movements(2) | ` | (15,884 | ) |   | 9,376 |  |   | 3,042 |  |
| – Withholding tax                                            |   | 232 |  |   | 326 |  |   | 590 |  |
| – Utilization of prior year assessed losses                  |   | (1,461 | ) |   | — |  |   | — |  |
| – Foreign tax paid(3)                                        |   | 3,711 |  |   | 3,768 |  |   | — |  |
| – Tax rate differential                                      |   | 1,281 |  |   | (6,551 | ) |   | (5,225 | ) |
| – Deferred tax not recognized on assessed losses             |   | 4,049 |  |   | 12,833 |  |   | 10,281 |  |
| – Deferred tax asset previously not recognized               |   | (5,342 | ) |   | (531 | ) |   | — |  |
| – Under/(over)-provision prior years                         |   | 183 |  |   | (165 | ) |   | 2,107 |  |
| – Tax incentives in addition to incurred cost(4)             |   | (10,387 | ) |   | — |  |   | — |  |
| – Imputation of controlled foreign company income            |   | 1,453 |  |   | 358 |  |   | 489 |  |
| – Other                                                      |   | 57 |  |   | — |  |   | 222 |  |
|                                                               |   | 26,812 |  |   | 106,920 |  |   | 81,623 |  |
|                                                               |   |   |   |   |   |   |

|           |                                                                                                                       |
|-----------|-----------------------------------------------------------------------------------------------------------------------|
| (1)  | These non-deductible expenses consist primarily of items of a capital nature and costs attributable to exempt income. |

|           |                                                                                                                              |
|-----------|------------------------------------------------------------------------------------------------------------------------------|
| (2)  | The (non-taxable)/non-deductible foreign exchange movements arise as a result of the Group’s internal loan structures. |

|           |                                                                                                                                                                      |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | The foreign tax paid relates primarily to withholding taxes on revenue earned in jurisdictions where the Group does not have a legal entity.     |

|           |                                                                               |
|-----------|-------------------------------------------------------------------------------|
| (4)  | The tax incentives relate mainly to the section 11D allowance detailed below. |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |
|                                                       |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                       |   |   |   |   |   |   |
| Profit attributable to owners of the parent                |   | 121,458 |  |   | 182,989 |  |   | 149,622 |  |
| Weighted average number of ordinary shares in issue (000s) |   | 629,626 |  |   | 775,139 |  |   | 789,316 |  |
| Basic earnings per share (R)                               |   | 0.19 |  |   | 0.24 |  |   | 0.19 |  |
|                                                       |   |   |   |   |   |   |

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |
|                                                               |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                               |   |   |   |   |   |   |
| Diluted profit attributable to owners of the parent                |   | 121,458 |  |   | 182,989 |  |   | 149,622 |  |
|                                                               |   |   |   |   |   |   |
| Weighted average number of ordinary shares in issue (000s)         |   | 629,626 |  |   | 775,139 |  |   | 789,316 |  |
| Adjusted for: potentially dilutive effect of share options         |   | 2,193 |  |   | 8,275 |  |   | 15,069 |  |
| Diluted weighted average number of ordinary shares in issue (000s) |   | 631,819 |  |   | 783,414 |  |   | 804,385 |  |
| Diluted earnings per share (R)                                     |   | 0.19 |  |   | 0.23 |  |   | 0.19 |  |
|                                                               |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |
|                                                   |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                   |   |   |   |   |   |   |
| Reconciliation of adjusted earnings                    |   |   |   |   |   |   |
| Profit attributable to owners of the parent            |   | 121,458 |  |   | 182,989 |  |   | 149,622 |  |
| Net foreign exchange gains                             |   | (1,476 | ) |   | (144,038 | ) |   | (73,525 | ) |
| Income tax effect on the above component               |   | (15,307 | ) |   | 48,647 |  |   | 25,873 |  |
| Adjusted earnings attributable to owners of the parent |   | 104,675 |  |   | 87,598 |  |   | 101,970 |  |
|                                                   |   |   |   |   |   |   |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |
|                                                       |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                       |   |   |   |   |   |   |
| Adjusted earnings attributable to owners of the parent     |   | 104,675 |  |   | 87,598 |  |   | 101,970 |  |
| Weighted average number of ordinary shares in issue (000s) |   | 629,626 |  |   | 775,139 |  |   | 789,316 |  |
| Basic adjusted earnings per share (R)                      |   | 0.17 |  |   | 0.11 |  |   | 0.13 |  |
|                                                       |   |   |   |   |   |   |

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |
|                                                                        |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                                        |   |   |   |   |   |   |
| Diluted adjusted earnings attributable to owners of the parent              |   | 104,675 |  |   | 87,598 |  |   | 101,970 |  |
| Diluted adjusted weighted average number of ordinary shares in issue (000s) |   | 631,819 |  |   | 783,414 |  |   | 804,385 |  |
| Diluted adjusted earnings per share (R)                                     |   | 0.17 |  |   | 0.11 |  |   | 0.13 |  |
|                                                                        |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |  |  |  |
|                                                                                       |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                                                       |   |   |   |   |   |   |
| Reconciliation of headline earnings                                                        |   |   |   |   |   |   |
| Profit attributable to owners of the parent                                                |   | 121,458 |  |   | 182,989 |  |   | 149,622 |  |
| Loss on disposal of property, plant and equipment and intangible assets (note 31.2)        |   | 262 |  |   | 208 |  |   | 456 |  |
| Impairment of intangible assets (notes 5, 7 and 31.2)                                      |   | 3,166 |  |   | 2,871 |  |   | 456 |  |
| (Reversal of impairment)/impairment of property, plant and equipment (notes 5, 6 and 31.2) |   | (791 | ) |   | 1,905 |  |   | 1,190 |  |
| Insurance proceeds on impairment of helicopter asset (note 22)                        |   | — |  |   | — |  |   | (3,237 | ) |
| Non-controlling interest effects of adjustments                                            |   | 8 |  |   | (244 | ) |   | — |  |
| Income tax effect on the above components                                                  |   | (661 | ) |   | 2 |  |   | 324 |  |
| Headline earnings attributable to owners of the parent                                     |   | 123,442 |  |   | 187,731 |  |   | 148,811 |  |
|                                                                                       |   |   |   |   |   |   |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |
|                                                       |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                       |   |   |   |   |   |   |
| Headline earnings attributable to owners of the parent     |   | 123,442 |  |   | 187,731 |  |   | 148,811 |  |
| Weighted average number of ordinary shares in issue (000s) |   | 629,626 |  |   | 775,139 |  |   | 789,316 |  |
| Basic headline earnings per share (R)                      |   | 0.20 |  |   | 0.24 |  |   | 0.19 |  |
|                                                       |   |   |   |   |   |   |

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |
|                                                               |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                               |   |   |   |   |   |   |
| Diluted headline earnings attributable to owners of the parent     |   | 123,442 |  |   | 187,731 |  |   | 148,811 |  |
| Diluted weighted average number of ordinary shares in issue (000s) |   | 631,819 |  |   | 783,414 |  |   | 804,385 |  |
| Diluted headline earnings per share (R)                            |   | 0.20 |  |   | 0.24 |  |   | 0.18 |  |
|                                                               |   |   |   |   |   |   |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |
|               |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|               |   |   |   |   |   |   |
| Dividends declared |   | 53,026 |  |   | 107,254 |  |   | — |  |
|               |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|         |                                                                                                                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In respect of the fourth quarter of the 2016 fiscal year, a dividend of R15.2 million was declared on May 24, 2016 and paid on June 20, 2016. Using shares in issue of 761,337,500 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 cents per share. |

|         |                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In respect of the first quarter of fiscal year 2017 which ended on June 30, 2016 a dividend of R15.3 million was declared on August 4, 2016 and paid on August 29, 2016. Using shares in issue of 763,087,500 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 cents per share. |

|         |                                                                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In respect of the second quarter of fiscal year 2017 which ended on September 30, 2016 a dividend of R11.3 million was declared on November 3, 2016 and paid on November 28, 2016. Using shares in issue of 563,434,240 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 cents per share. |

|         |                                                                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In respect of the third quarter of fiscal year 2017 which ended on December 31, 2016 a dividend of R11.2 million was declared on February 2, 2017 and paid on February 27, 2017. Using shares in issue of 563,434,240 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 cents per share. |

|         |                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In respect of the 2015 fiscal year, a dividend of R61.5 million was declared on August 25, 2015 and paid on September 21, 2015. Using shares in issue of 768,601,150 (excluding 24,573,850 treasury shares), this equated to a dividend of 8 cents per share. |

|         |                                                                                                                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In respect of the first quarter of fiscal year 2016 which ended on June 30, 2015, a dividend of R15.4 million was declared on August 25, 2015 and paid on September 21, 2015. Using shares in issue of 768,601,150 (excluding 24,573,850 treasury shares), this equated to a dividend of 2 cents per share. |

|         |                                                                                                                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In respect of the second quarter of fiscal year 2016 which ended on September 30, 2015, a dividend of R15.3 million was declared on November 5, 2015 and paid on November 30, 2015. Using shares in issue of 764,140,181 (excluding 30,334,819 treasury shares), this equated to a dividend of 2 cents per share. |

|         |                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In respect of the third quarter of fiscal year 2016 which ended on December 31, 2015, a dividend of R15.1 million was declared on February 4, 2016 and paid on February 29, 2016. Using shares in issue of 755,137,500 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 cents per share. |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |
|                                                                                          |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                                                          |   |   |   |   |   |   |
| Profit before income taxation                                                                 |   | 148,253 |  |   | 289,411 |  |   | 230,639 |  |
| Adjustments                                                                                   |   | 197,023 |  |   | 33,779 |  |   | 88,742 |  |
| – Loss on disposal of property, plant and equipment and intangible assets (note 22)     |   | 262 |  |   | 208 |  |   | 456 |  |
| – Depreciation (notes 6 and 23)                                                         |   | 98,508 |  |   | 75,037 |  |   | 61,099 |  |
| – Amortization (notes 7 and 23)                                                         |   | 44,734 |  |   | 47,586 |  |   | 46,294 |  |
| – Impairment of intangible assets (notes 7 and 23)                                      |   | 3,166 |  |   | 2,871 |  |   | 456 |  |
| – (Reversal of impairment)/impairment of property, plant and equipment (notes 6 and 23) |   | (791 | ) |   | 1,905 |  |   | 1,190 |  |
| – Finance income (note 24)                                                              |   | (14,592 | ) |   | (8,126 | ) |   | (9,380 | ) |
| – Finance costs (note 25)                                                               |   | 5,677 |  |   | 1,837 |  |   | 2,127 |  |
| – Equity-settled share-based payments (notes 14 and 23)                                 |   | 2,247 |  |   | 7,838 |  |   | 5,220 |  |
| – Cash-settled share-based payments (notes 20 and 23)                                   |   | — |  |   | (2,018 | ) |   | 2,358 |  |
| – Foreign exchange gains (note 24)                                                      |   | (1,476 | ) |   | (144,038 | ) |   | (81,449 | ) |
| – Impairment of receivables (note 10)                                                   |   | 17,713 |  |   | 14,735 |  |   | 16,282 |  |
| – Write-down of inventory to net realizable value (notes 9 and 23)            |   | 9,967 |  |   | 5,317 |  |   | 3,164 |  |
| – Increase in provisions                                                                |   | 31,821 |  |   | 29,731 |  |   | 40,904 |  |
| – Lease straight-line adjustment                                                        |   | (213 | ) |   | (174 | ) |   | 21 |  |
| – Finance lease fair value adjustment                                                   |   | — |  |   | 1,070 |  |   | — |  |
| Cash generated from operations before working capital changes                                 |   | 345,276 |  |   | 323,190 |  |   | 319,381 |  |
|                                                                                          |   |   |   |   |   |   |
| Changes in working capital                                                                    |   | 31,839 |  |   | (29,382 | ) |   | (57,427 | ) |
| – Decrease/(increase) in inventories                                                    |   | 28,073 |  |   | (30,872 | ) |   | (1,969 | ) |
| – Decrease/(increase) in trade and other receivables                                    |   | 17,404 |  |   | (46,297 | ) |   | (43,231 | ) |
| – Decrease in finance lease receivable                                                  |   | 1,009 |  |   | 4,655 |  |   | 7,331 |  |
| – Increase/(decrease) in trade and other payables                                       |   | 21,993 |  |   | 46,712 |  |   | (1,575 | ) |
| – Decrease in provisions                                                                |   | (32,854 | ) |   | (24,669 | ) |   | (35,582 | ) |
| – Foreign currency translation differences on working capital                           |   | (3,786 | ) |   | 21,089 |  |   | 17,599 |  |
|                                                                                          |   |   |   |   |   |   |
| Cash generated from operations                                                                |   | 377,115 |  |   | 293,808 |  |   | 261,954 |  |
|                                                                                          |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          |   | March 31, 2017 |   | March 31, 2016 |
|          |   | Direct000s |  |   | Indirect000s |  |   | Associate000s |  |   | Direct000s |  |   | Indirect000s |  |   | Associate000s |  |
|          |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-executive |   |   |   |   |   |   |   |   |   |   |   |   |
| R Bruyns      |   | — |  |   | 3,697 |  |   | — |  |   | — |  |   | 3,697 |  |   | — |  |
| C Ewing       |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| R Frew        |   | — |  |   | 63,848 |  |   | 70,261 |  |   | — |  |   | 63,848 |  |   | 70,261 |  |
| A Welton      |   | — |  |   | — |  |   | 235 |  |   | — |  |   | — |  |   | 235 |  |
| E Banda       |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| M Lamberti(1) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| M Akoojee(2)  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| G Nakos(3)    |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| I Jacobs(4)   |   | 191 |  |   | — |  |   | 14,281 |  |   | — |  |   | — |  |   | — |  |
|          |   |   |   |   |   |   |   |   |   |   |   |   |
| Executive     |   |   |   |   |   |   |   |   |   |   |   |   |
| S Joselowitz  |   | 26,342 |  |   | — |  |   | — |  |   | 25,792 |  |   | — |  |   | — |  |
| M Pydigadu(5) |   | — |  |   | — |  |   | — |  |   | 250 |  |   | — |  |   | — |  |
| C Tasker(6)   |   | 900 |  |   | — |  |   | 2,428 |  |   | — |  |   | 3,328 |  |   | — |  |
| P Dell(7)     |   | 1 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| G Pretorius   |   | 35 |  |   | — |  |   | — |  |   | 35 |  |   | — |  |   | — |  |
| B Horan(8)    |   | — |  |   | — |  |   | — |  |   | 397 |  |   | — |  |   | 78 |  |
| C Lewis       |   | 1,525 |  |   | — |  |   | — |  |   | 1,525 |  |   | — |  |   | — |  |
|          |   | 28,994 |  |   | 67,545 |  |   | 87,205 |  |   | 27,999 |  |   | 70,873 |  |   | 70,574 |  |
|          |   |   |   |   |   |   |   |   |   |   |   |   |

|           |                                                                                                                                   |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Appointed to the Board with effect from November 19, 2014. Subsequently resigned from the board with effect from August 18, 2016. |

|           |                                                                                                                                                                                         |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Appointed as alternate director to Mark Lamberti with effect from November 19, 2014. Subsequently resigned as an alternate director to Mark Lamberti with effect from November 4, 2015. |

|           |                                                                                                                                                                                       |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Appointed as alternate director to Mark Lamberti with effect from November 4, 2015. Subsequently resigned as an alternate director to Mark Lamberti with effect from August 18, 2016. |

|           |                                                       |
|-----------|-------------------------------------------------------|
| (4)  | Appointed to the Board with effect from June 1, 2016. |

|           |                                                            |
|-----------|------------------------------------------------------------|
| (5)  | Resigned from the board with effect from February 9, 2017. |

|           |                                                                                                                                                                                                                    |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6)  | As at March 31, 2016, 489,834 of the shares indirectly owned were held in MiX Telematics Limited’s brokerage account, as the shares issued in relation to options exercised had not as yet been transferred. |

|           |                                                                                                                         |
|-----------|-------------------------------------------------------------------------------------------------------------------------|
| (7)  | Appointed as Group executive committee member from February 1, 2017 and to the Board with effect from February 9, 2017. |

|           |                                                                                  |
|-----------|----------------------------------------------------------------------------------|
| (8)  | Resigned from the Group executive committee with effect from September 30, 2016. |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                  |
|------------------|
|                  |  |  |  |  |
| Name of director |    | Related party |    | Nature of relationship with the Group |
|             |   |   |   |   |
| R Frew           |    | TPF Investments Proprietary Limited |    | Lease agreement: Midrand office |
| R Frew           |    | Masalini Capital Proprietary Limited |    | Provides directors’ services |
| M Lamberti(1)    |   | Imperial Group Limited(2) |    | Shareholder and distribution outlet through motor dealer channel and provides director and certain technology consulting services |
| G Nakos(3)       |   | Imperial Group Limited(2) |    | Shareholder and distribution outlet through motor dealer channel and provides director and certain technology consulting services |

|           |                                                                        |
|-----------|------------------------------------------------------------------------|
| (1)  | Resigned from the board of directors with effect from August 18, 2016. |

|           |                                                                                                                                           |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Related party until August 1, 2016. See "Fiscal 2017 specific share repurchase from related party" in note 13 for additional information. |

|           |                                                                                                                                                                                    |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Appointed as alternate director to Mark Lamberti with effect from November 3, 2015. Subsequently resigned as alternate director to Mark Lamberti with effect from August 18, 2016. |

|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |  |  |  |  |  |  |  |  |  |
|                                                                                      |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                                                                                      |   |   |   |   |   |   |
| Sales of goods and services                                                               |   | 22,263 |  |   | 78,564 |  |   | 70,721 |  |
| – Imperial Group Limited*                                                           |   | 22,263 |  |   | 78,564 |  |   | 70,721 |  |
| Purchases of goods and services                                                           |   | 11,206 |  |   | 35,595 |  |   | 30,263 |  |
| – Masalini Capital Proprietary Limited                                              |   | — |  |   | — |  |   | 10 |  |
| – Thynk Capital Proprietary Limited**                                               |   | — |  |   | — |  |   | 14 |  |
| – TPF Investments Proprietary Limited***                                            |   | 5,277 |  |   | 7,148 |  |   | 6,123 |  |
| – Imperial Group Limited*                                                           |   | 5,929 |  |   | 28,447 |  |   | 24,116 |  |
| Corporate and social investment                                                           |   | — |  |   | 257 |  |   | 179 |  |
| – Heartbeat centre for community development****                                    |   | — |  |   | 257 |  |   | 179 |  |
| Year-end balance of receivables (included in trade and other receivables – note 10) |   | — |  |   | 11,144 |  |   | 7,417 |  |
| – Imperial Group Limited*                                                           |   | — |  |   | 11,144 |  |   | 7,417 |  |
| Year-end balance of payables (included in trade and other payables – note 16)       |   | — |  |   | 3,209 |  |   | 102 |  |
| – TPF Investments Proprietary Limited***                                            |   | — |  |   | — |  |   | 40 |  |
| – Imperial Group Limited*                                                           |   | — |  |   | 842 |  |   | 62 |  |
| – C Tasker*****                                                                     |   | — |  |   | 2,367 |  |   | — |  |
|                                                                                      |   |   |   |   |   |   |

|   |                                                                                                                        |
|---|------------------------------------------------------------------------------------------------------------------------|
| * | Related party until August 1, 2016. See "Fiscal 2017 specific share repurchase" in note 13 for additional information. |

|    |                                                                                                     |
|----|-----------------------------------------------------------------------------------------------------|
| ** | Thynk Capital Proprietary Limited was a related party in fiscal 2015 due to being related to R Frew |

|     |                                                             |
|-----|-------------------------------------------------------------|
| *** | Previously known as Thynk Property Fund Proprietary Limited |

|      |                                                                                                                              |
|------|------------------------------------------------------------------------------------------------------------------------------|
| **** | Related party transactions up to May 31, 2015, when R Botha retired from the Group executive committee, have been disclosed. |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |
|                          |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                          |   |   |   |   |   |   |
| Property, plant and equipment |   | — |  |   | — |  |   | 241 |  |
| Intangible assets             |   | 58,036 |  |   | 63,670 |  |   | 31,739 |  |
|                          |   | 58,036 |  |   | 63,670 |  |   | 31,980 |  |
|                          |   |   |   |   |   |   |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |
|                          |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|                          |   |   |   |   |   |   |
| Property, plant and equipment |   | 50,074 |  |   | 22,471 |  |   | 14,621 |  |
| Intangible assets             |   | 24,726 |  |   | 33,234 |  |   | 17,574 |  |
|                          |   | 74,800 |  |   | 55,705 |  |   | 32,195 |  |
|                          |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |
|               |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|               |   |   |   |   |   |   |
| Land and buildings |   |   |   |   |   |   |
| Within one year    |   | 15,201 |  |   | 19,896 |  |   | 14,820 |  |
| One to five years  |   | 20,354 |  |   | 9,767 |  |   | 13,042 |  |
|               |   | 35,555 |  |   | 29,663 |  |   | 27,862 |  |
|               |   |   |   |   |   |   |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |
|              |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |   | March 31,  2015 R’000 |  |
|              |   |   |   |   |   |   |
| Office equipment  |   |   |   |   |   |   |
| Within one year   |   | 853 |  |   | 874 |  |   | 677 |  |
| One to five years |   | 495 |  |   | 1,032 |  |   | 1,375 |  |
|              |   | 1,348 |  |   | 1,906 |  |   | 2,052 |  |
|              |   |   |   |   |   |   |
| Vehicles          |   |   |   |   |   |   |
| Within one year   |   | 1,507 |  |   | 836 |  |   | 1,211 |  |
| One to five years |   | 1,626 |  |   | 167 |  |   | 843 |  |
|              |   | 3,133 |  |   | 1,003 |  |   | 2,054 |  |
|              |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |
|                        |   |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                        |   |   |   |   |   |
| USD denominated instruments | Increase of 10 basis points |   | 143 |  |   | 600 |  |
|                        | Decrease of 10 basis points |   | (143 | ) |   | (600 | ) |
|                        |   |   |   |   |   |
| ZAR denominated instruments | Increase of 100 basis points |   | 1,000 |  |   | 960 |  |
|                        | Decrease of 100 basis points |   | (1,000 | ) |   | (960 | ) |
|                        |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |
|                                      |   |   |   | Increase/(decrease) in profitbefore taxation |   |
|                                      |   | Change inexchangerate% |   | Result ofweakening infunctionalcurrencyR’000 |  |   | Result ofstrengtheningin functionalcurrencyR’000 |  |   |
|                                      |   |   |   |   |   |   |   |
| 2017                                      |   |   |   |   |   |   |   |
| Denominated currency: Functional currency |   |   |   |   |   |   |   |
| EUR:GBP                                   |   | 5 |   | 152 |  |   | (152 | ) |   |
| USD:GBP                                   |   | 5 |   | (19 | ) |   | 19 |  |   |
| USD:ZAR                                   |   | 5 |   | 8,028 |  |   | (8,028 | ) |   |
| EUR:ZAR                                   |   | 5 |   | 422 |  |   | (422 | ) |   |
| GBP:ZAR                                   |   | 5 |   | (25 | ) |   | 25 |  |   |
| ZAR:USD                                   |   | 5 |   | (41 | ) |   | 41 |  |   |
| EUR:USD                                   |   | 5 |   | 29 |  |   | (29 | ) |   |
| USD:AUD                                   |   | 5 |   | (73 | ) |   | 73 |  |   |
| EUR:AUD                                   |   | 5 |   | (3 | ) |   | 3 |  |   |
| AUD:ZAR                                   |   | 5 |   | 320 |  |   | (320 | ) |   |
| ZAR:GBP                                   |   | 5 |   | (9 | ) |   | 9 |  |   |
| ZAR:AUD                                   |   | 5 |   | (43 | ) |   | 43 |  |   |
| USD:BRL                                   |   | 5 |   | (124 | ) |   | 124 |  |   |
| ZAR:BRL                                   |   | 5 |   | (2 | ) |   | 2 |  |   |
| NGN:ZAR                                   |   | 5 |   | 228 |  |   | (228 | ) |   |
|                                      |   |   |   |   |   |   |   |
|                                      |   |   |   |   |   |   |   |
| 2016                                      |   |   |   |   |   |   |   |
| Denominated currency: Functional currency |   |   |   |   |   |   |   |
| EUR:GBP                                   |   | 5 |   | 918 |  |   | (918 | ) |   |
| USD:GBP                                   |   | 5 |   | (8 | ) |   | 8 |  |   |
| USD:ZAR                                   |   | 5 |   | 28,204 |  |   | (28,204 | ) |   |
| EUR:ZAR                                   |   | 5 |   | (71 | ) |   | 71 |  |   |
| ZAR:USD                                   |   | 5 |   | (3 | ) |   | 3 |  |   |
| EUR:USD                                   |   | 5 |   | (84 | ) |   | 84 |  |   |
| USD:AUD                                   |   | 5 |   | 131 |  |   | (131 | ) |   |
| EUR:AUD                                   |   | 5 |   | (4 | ) |   | 4 |  |   |
| AUD:ZAR                                   |   | 5 |   | 179 |  |   | (179 | ) |   |
| ZAR:GBP                                   |   | 5 |   | (60 | ) |   | 60 |  |   |
| ZAR:AUD                                   |   | 5 |   | (42 | ) |   | 42 |  |   |
| USD:BRL                                   |   | 5 |   | (35 | ) |   | 35 |  |   |
| ZAR:BRL                                   |   | 5 |   | 37 |  |   | (37 | ) |   |
| USD:EUR                                   |   | 5 |   | (667 | ) |   | 667 |  |   |
| NGN:ZAR                                   |   | 5 |   | 223 |  |   | (223 | ) |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |
|                                                   |   | March 31,  2017R’000 |  |   | March 31,  2016R’000 |  |
|                                                   |   |   |   |   |
| Cash and cash equivalents, net of overdrafts (note 12) |   | 356,333 |  |   | 860,762 |  |
|                                                   |   |   |   |   |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        |   | Payable within 1month or ondemandR’000 |  |   | Between 1month and 1yearR’000 |  |   | Between 1year and 2yearsR’000 |  |   | Between 2years and 5yearsR’000 |  |   | More than 5yearsR’000 |  |
|                        |   |   |   |   |   |   |   |   |   |   |
| March 31, 2017              |   |   |   |   |   |   |   |   |   |   |
| Trade payables              |   | 42,720 |  |   | 37,172 |  |   | — |  |   | — |  |   | — |  |
| Accruals and other payables |   | 92,353 |  |   | 47,610 |  |   | — |  |   | — |  |   | — |  |
| Bank overdraft              |   | 19,449 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total                       |   | 154,522 |  |   | 84,782 |  |   | — |  |   | — |  |   | — |  |
|                        |   |   |   |   |   |   |   |   |   |   |
| March 31, 2016              |   |   |   |   |   |   |   |   |   |   |
| Borrowings                  |   | 130 |  |   | 1,022 |  |   | — |  |   | — |  |   | — |  |
| Trade payables              |   | 29,245 |  |   | 40,986 |  |   | — |  |   | — |  |   | — |  |
| Accruals and other payables |   | 39,679 |  |   | 77,451 |  |   | — |  |   | — |  |   | — |  |
| Bank overdraft              |   | 16,374 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total                       |   | 85,428 |  |   | 119,459 |  |   | — |  |   | — |  |   | — |  |

|         |
|---------|
|         |  |  |  |  |  |  |  |  |  |  |  |
|    |   |   |   | March 31,  2017 |  |   | March 31,  2016 |  |   | March 31,  2015 |  |
|    |   |   |   |   |   |   |   |   |
| ZAR:USD |   | – closing |   | 13.41 |  |   | 14.83 |  |   | 12.09 |  |
|    |   | – average |   | 14.06 |  |   | 13.78 |  |   | 11.06 |  |
| ZAR:GBP |   | – closing |   | 16.75 |  |   | 21.31 |  |   | 17.94 |  |
|    |   | – average |   | 18.42 |  |   | 20.63 |  |   | 17.82 |  |
|    |   |   |   |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |
| Name                                                                                          |   | Principal activity |   | Place ofincorporation |   | Legal % ownership |
| March 31, 2017%                                                                     |  |   | March 31, 2016% |  |
|                                                                                          |   |   |   |   |   |   |   |   |
| Direct                                                                                        |   |   |   |   |   |   |   |   |
| MiX Telematics Investments Proprietary Limited                                                |   | Treasury company |   | RSA |   | 100 |  |   | 100 |  |
| MiX Telematics Africa Proprietary Limited                                                     |   | Asset tracking and fleet management products and services |   | RSA |   | 100 |  |   | 100 |  |
| MiX Telematics International Proprietary Limited                                              |   | Fleet management products and services and research and development |   | RSA |   | 100 |  |   | 100 |  |
| MiX Telematics Europe Limited                                                                 |   | Fleet management products and services |   | UK |   | 100 |  |   | 100 |  |
| MiX Telematics North America Incorporated                                                     |   | Fleet management products and services |   | USA |   | 100 |  |   | 100 |  |
| MiX Telematics Australasia Proprietary Limited(1)                                             |   | Fleet management products and services |   | Australia |   | — |  |   | 100 |  |
| MiX Telematics Serviços De Telemetria E Rastreamento De Veículos Do Brazil Limitada |   | Fleet management products and services |   | Brazil |   | 95 |  |   | 95 |  |
|                                                                                          |   |   |   |   |   |   |   |   |
| Indirect                                                                                      |   |   |   |   |   |   |   |   |
| MiX Telematics Technology Holdings Proprietary Limited                                        |   | Dormant |   | RSA |   | 100 |  |   | 100 |  |
| MiX Telematics Europe GmbH(2)                                                                 |   | Deregistered |   | Germany |   | — |  |   | 100 |  |
| MiX Telematics Middle East FZE                                                                |   | Fleet management products and services |   | UAE |   | 100 |  |   | 100 |  |
| MiX Telematics Enterprise SA Proprietary Limited (3)                                     |   | Fleet management products and services |   | RSA |   | 85.1 |  |   | 85.1 |  |
| MiX Telematics Fleet Support Services Proprietary Limited(4)                                  |   | Fleet management products and services |   | RSA |   | 100 |  |   | 49 |  |
| MiX Telematics East Africa Limited                                                            |   | Fleet management products and services |   | Uganda |   | 99.9 |  |   | 99.9 |  |
| MiX Telematics Romania SRL(5)                                                                 |   | Fleet management services |   | Romania |   | 99 |  |   | 99 |  |
| MiX Telematics (Thailand) Limited(6)                                                          |   | Fleet management products and services |   | Thailand |   | 100 |  |   | — |  |
| MiX Telematics Australasia Proprietary Limited(1)                                             |   | Fleet management products and services |   | Australia |   | 100 |  |   | — |  |
|                                                                                          |   |   |   |   |   |   |   |   |

|           |                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | During July 2016, MiX Telematics Investments (Proprietary) Limited acquired 100% of the issued share capital in MiX Telematics Australasia (Proprietary) Limited, a fellow subsidiary, from MiX Telematics Limited for a total cash consideration of R483.3 million. As a result, MiX Telematics Australasia (Proprietary) Limited became an indirect subsidiary of MiX Telematics Limited. |

|           |                                                                                                                                   |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------|
| (2)  | As of April 11, 2016, MiX Telematics Europe GmbH, a subsidiary of MiX Telematics Europe Limited, was liquidated and deregistered. |

|           |                                                                                                                                                                                                                                                                                                                                                                  |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | The remaining shareholding in this company is owned by a structured entity, the MiX Telematics Enterprise Trust (which holds a 14.9% interest in MiX Telematics Enterprise SA Proprietary Limited), which has been fully consolidated. Control of the structured entity was assessed when IFRS 10 Consolidated Financial Statements was adopted with effect from |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |
| Notes to the consolidated financial statements |   |
|                                           |   |   |
|                                           |   |   |
| for the year ended March 31, 2017              |   |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  |  On June 30, 2016, the MiX Telematics Fleet Support Trust sold its 51% interest in MiX Telematics Fleet Support Services Proprietary Limited to MiX Telematics Africa Proprietary Limited. The trust has been fully consolidated. Control of the structured entity was assessed when IFRS 10 Consolidated Financial Statements was adopted with effect from April 1, 2013 and there was no change to the historical accounting treatment applied by the Group. This trust was set up in prior years to invest in the specified Group company and to hold such investment for the benefit of certain MiX employees as beneficiaries. The trust is in the process of being wound up. |

|           |                                                                                                                                                                                                                                      |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5)  | During the 2015 fiscal year, MiX Telematics Middle East FZE incorporated MiX Telematics Romania SRL and obtained a 99% interest therein. The 1% non-controlling interest has been waived by its holder for the benefit of the Group. |

|           |                                                                                                                           |
|-----------|---------------------------------------------------------------------------------------------------------------------------|
| (6)  | During the 2016 fiscal year, MiX Telematics (Thailand) Limited was incorporated and subsequently controlled by the Group. |