New initiatives 
are under way in each of the operations, with the focus on maximising revenue while ensuring that cost bases are 
appropriate and operating efficiencies are maximised.

Bytes Systems Integration produced improved results but continues to operate at very low margins, while Bytes
Universal Systems had a slow first half, falling short of its potential. These two businesses are in the process of being
combined under a new managing director.

Altech Netstar
Altech Netstar had a strong performance, reporting a 12% increase in revenue and 6% improvement in EBITDA against
the prior corresponding period. Consumer gross connections grew by 32%, while fleet management's gross connections
grew by 9%. Altech Netstar saw some benefit from its recently acquired Australian business EZY2C as it further diversifies 
its income streams in line with Altron's strategy to increase off-shore earnings. The business is accelerating its focus 
into telematics and fleet management using the intellectual property from the Pinpoint acquisition.

Arrow Altech Distribution
Arrow Altech Distribution's revenue was down 6% impacted by the stronger rand, with EBITDA decreasing by 12.5%.
In challenging economic conditions, the business maintained its leading component distributor position in this market,
holding onto the significant gains made in the prior year. The business continues to strategically align itself with its
international partner, Arrow Electronics Inc, in introducing new initiatives to diversify revenue streams.

Discontinued operations

Altech Multimedia
Altech UEC delivered a good performance, increasing revenue by 6% and generating R47 million of EBITDA compared
to the R17 million in the prior period. This improved performance is a reflection of reasonable manufacturing volumes,
a more stable foreign exchange environment, and the benefits of some of the restructuring of previous periods.

Altech Autopage
The final close-out of the disposal for Altech Autopage is progressing well, with the collection of the debtors' books
continuing in line with expectations.

Meaningful progress has been made with regard to the disposal of the remaining Powertech businesses. Powertech
Batteries was disposed of effective from 1 July 2017, whilst Powertech System Integrators was sold effective 1 August
2017. Powertech Quadpro, Powertech Switchgear and Swanib Cables were sold after the balance sheet date. We are
awaiting Competition Commission approval for the Crabtree disposal, while Powertech Transformers remains in the
Powertech stable at this time. The results for the period have been influenced by a further restructuring exercise at
Powertech Transformers as well as the closure of the Powertech head office.

Messrs MC Berzack, JRD Modise and SN Susman retired from the Altron board as non-executive directors and from
the relevant committees with effect from 31 May 2017. Messrs BW Dawson and SW van Graan were appointed as
non-executive directors of Altron with effect from 1 June 2017. Mr Dawson has been appointed to the Altron Investment
Committee, while Mr Van Graan serves on the Altron Audit Committee, Risk Management Committee, Social and Ethics
Committee and Investment Committee.

Our new board has brought expertise and relevant experience to our various deliberations and are playing an active
part in supporting the executive team.

The focus of the remainder of the current financial year is to position the group to deliver on its growth targets going
forward by completing the process of focusing the group squarely into the ICT sector and completing the restructuring
and realignment exercises.

Conditions remain challenging in the South African economy but we remain confident that our continuing operations
will generate growth over the prior period. Our recent investments into international markets are aligned with the
strategic intention to geographically diversify earnings, with a focus on businesses with a high element of annuity
income, and these should make a contribution to the second half of the year.

The closing out of the disposal of the remaining non-core assets remains a priority in order to release further capital
to strengthen the balance sheet and enable further investment in the core ICT assets.

Much has been achieved in the first half of the financial year and the board is confident that the group is well positioned
to complete its initiatives for the current financial year.

On behalf of the board

Mike Leeming

Mteto Nyati
Chief Executive

Alex Smith
Chief Financial Officer

26 October 2017

Board of directors
Mr MJ Leeming, Mr AC Ball, Mr BW Dawson, Mr GG Gelink, Dr PM Maduna, Ms DNM Mokhobo, Mr S Sithole(#), 
Mr SW van Graan, Dr WP Venter, Mr RE Venter

Mr M Nyati (Chief Executive), Mr AMR Smith(##)
(#)Zimbabwean, (##)British

Altron Management Services Proprietary Limited - Mr WK Groenewald (Group Company Secretary)

Investec Bank

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