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Segmental Summary

                    31 May 2008              
    31 May 2008           Core   Core   31 May 2009   Core   31 May 2009  
    Actual (1)   Restructuring (2)   Cash effects (4)   adjustments (4)   pro forma (5)   Actual   adjustments (6)   Core  
    audited   unaudited   unaudited   unaudited   unaudited   audited   unaudited   unaudited  
    R’000   R’000   R’000   R’000   R’000   R’000   R’000   R’000  
  Revenue                                
  South African distribution* 11 961 560   233 245   –   –   12 194 815   14 199 031   –   14 199 031  
  International distribution* 383 405   116 863   –   –   500 268   724 163   –   724 163  
  Technology* 27 881   (31)   –   –   27 850   22 512   –   22 512  
  Value added services* 172 615   35 061   –   –   207 676   335 743   –   335 743  
  Corporate* –   –   –   –   –   –   –   –  
  Total 12 545 471   385 138   –   –   12 930 609   15 281 449   –   15 281 449  
  EBITDA                                
  South African distribution 339 352   6 893   –   80 000   426 245   624 346   –   624 346  
  International distribution 17 968   3 905   –   –   21 873   6 144   –   6 144  
  Technology (9 796)   (133)   –   –   (9 929)   (48 502)   –   (48 502)  
  Value added services 42 247   4 619   –   –   46 866   60 239   –   60 239  
  Corporate (61 604)   3 478   –   9 000   (49 126)   (89 160)   –   (89 160)  
  Total 328 167   18 762   –   89 000   435 929   568 067   –   568 067  
  Net profit for the period attributable to                                
     equity holders                                
  South African distribution 244 690   29 779   64 034   68 817   407 320   527 371   10 444   537 815  
  International distribution (14 262)   760   –   4 427   (9 060)   (16 609)   5 812   (10 947)  
  Technology (11 134)   (604)   –   399   (11 339)   (55 992)   742   (55 250)  
  Value added services 22 553   (7 979)   –   18 876   33 450   29 842   19 655   49 497  
  Corporate (60 956)   2 527   –   9 000   (49 429)   (93 915)   –   (93 915)  
  Total 180 891   24 498   64 034   101 519   360 942   390 547   36 653   427 200  
                                   
    31 May 2008   31 May 2009                          
    Actual   Actual                          
    audited   audited                          
    R’000   R’000                          
  Net operating assets/(liabilities)                                
  South African distribution 1 295 784   1 552 917                          
  International distribution 19 259   82 860                          
  Technology (739)   (20 503)                          
  Value added services 4 098   18 984                          
  Corporate (55 161)   (57 108)                          
  Total 1 263 241   1 577 150                          

*Although segment names have changed, the composition of the underlying segments have remained the same.

Notes:
1.
 Extracted from the audited group income statement of Blue Label Telecoms for the year ended 31 May 2008.
2. Represents the effects of the group restructure based on the assumption that minority acquisitions occurred on 1 June 2007.
  [See pro forma reconciliation for details of companies part of the restructure]
3.
 Represents the positive impact on finance income and expense assuming cash raised on listing was received on 1 June 2007.
4.
 Represents the adding back of the amortisation of intangible assets as a consequence of the purchase price allocations completed in terms of IFRS 3: Business Combinations, the costs incurred in terms of the Management Bonus Settlement Agreement and the termination of the Otter Mist Trading CC consulting agreement, as explained in the pre-listing statement.
5.
 Represents the core pro forma unaudited group income statement of Blue Label Telecoms on the assumption that the restructuring, listing and minority acquisitions were effective 1 June 2007.
6.
 Represents the adding back of the amortisation of intangible assets as a consequence of the purchase price allocations exercised in terms of IFRS 3: Business Combinations.
7.
 All adjustments are expected to have a continuing effect on Blue Label Telecoms.