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MASSON, VIVIAN(Born in 1956)Independent DirectorMONTOCCHIO, JEAN-PIERRE(Born in 1963)Chairman and Independent DirectorAPPOINTMENT10 September 2015RMAC – Member(from 10 December 2015)APPOINTMENTDirector: 25 March 2002Chairman: 9 November 2012CGC – ChairmanQUALIFICATIONSQUALIFICATIONS Masters in Economics (University ofParis-Assas). Diplôme d’Etudes ComptablesSupérieures (DECS, France). Notary Public in MauritiusPROFESSIONAL JOURNEY Started his career withPriceWaterhouse in Paris andthereafter worked in the Vanuatu andLyon branches. Joined Pfizer Medical TechnologyGroup as Finance Director in 1985. Worked as General Manager ofAlliance Spinners Ltd in Mauritius overthe four years to 1991. Was Managing Director of HowmedicaFrance, a company of the Pfizer MedicalTechnology Group. From 1998 to 2015, he was Presidentof Stryker Trauma & Extremities,a division of Stryker Corporationdeveloping, manufacturing andmarketing globally technologies forsurgical treatment of bone fracturesand deformity corrections.SKILLS Many years of operating withininternational businesses with culturaldiversity. Knowledge and experience ofacquisition and disposal of businessesin international markets. Many years of leadership in themedtech industry, creating successfulR&D innovation, world-classmanufacturing facilities and salesexecution excellence.CURRENT EXTERNAL COMMITMENTS Executive Adviser at StrykerCorporationPROFESSIONAL JOURNEY Participated in the National Committeeon Corporate Governance as amember of the Board of Directors’Sub-Committee.SKILLS Well versed in corporate governancematters. Broadly-based NED experience acrossthe private and public sectors. Significant experience in alliances,ventures and partnerships.CURRENT EXTERNALCOMMITMENTS Chairman of Promotion andDevelopment Ltd Chairman of Caudan Development Ltd Chairman of Fincorp Investment LtdCURRENT EXTERNALAPPOINTMENTS IN LISTEDCOMPANIES Caudan Development LtdENL Land LtdFincorp Investment LtdLes Moulins de la Concorde LtéeNew Mauritius Hotels LtdPromotion and Development LtdMCB Group LtdRADHAKESSOONCOLLENDAVELLOO, ARUNA(Born in 1970)Executive Director and Chief LegalExecutiveAPPOINTMENT18 October 2012QUALIFICATIONS BA (Hons) in Jurisprudence (BalliolCollege, Oxford University) Solicitor of England and Wales(NP) Attorney-at-law (Mauritius)PROFESSIONAL JOURNEY Two-year articleship with Sinclair,Roche and Temperley, a Solicitors’Firm in the city of London Joined Rogers as Project Analystin 2001 In July 2001, she was appointedGroup Company Secretary She was appointed Chief LegalExecutive in 2007SKILLS Transactional lawyer with over15 years’ experience in the Groupand well versed in mergers andacquisitions. Extensive experience of boardpractices, corporate governance,FSC and stock marketrequirements Growing people and inspiringteams successfullyCURRENT EXTERNALCOMMITMENTS Vice Chairman of the CentralDepository & Settlement Co. Ltd Member of the NationalCommittee on CorporateGovernance Fellow Member of the MauritiusInstitute of DirectorsCURRENT EXTERNALAPPOINTMENTS IN LISTEDCOMPANIES Mauritius Development TrustCompany LtdREY, ALAIN(Born in 1959)Independent DirectorAPPOINTMENT4 December 2012RMAC – ChairmanQUALIFICATIONS Member of the Institute ofChartered Accountants in Englandand Wales. Graduated in Economics from theLondon School of Economics andPolitical Science.PROFESSIONAL JOURNEY Worked at CitiBank N.A. (France). Was the Regional CorporateDirector of Barclays Bank Plc(Mauritius Branch). Has been the Senior VicePresident and Chief FinancialOfficer of Novel Denim HoldingsLtd, a Nasdaq-listed company. Has been the CEO of Compagniede Mont Choisy Ltée, a group ofcompanies involved in agriculturaland property developmentactivities.SKILLS Detailed knowledge of riskassessment and managementsystems. Broadly-based NED experienceacross the private and publicsectors. Strong strategic understandingand financial skills.CURRENT EXTERNALCOMMITMENTS Non-executive Chairman ofTerra Mauricia Ltd (as from11 July 2016)CURRENT EXTERNALAPPOINTMENTSIN LISTED COMPANIES Ciel Textile Ltd MCB Group Ltd Terra Mauricia LtdCURRENT EXTERNALAPPOINTMENTS IN LISTEDCOMPANIES NoneRogers - ANNUAL REPORT 201621

Our Executive Team321109871.Karine CuréChief Marketing and Communication Executive2.Frédéric TyackChief Executive Officer – Ascencia3.Didier LenetteHead of Global Business4.Philippe Espitalier-NoëlChief Executive Officer5.Manish BundhunChief Human Resources Executive6.Damien MametChief Projects and Development Executive7.22ANNUAL REPORT 2016 - RogersKabir RuheeChief Executive Officer - Technology

4561112138.Alexandre Fayd’HerbeChief Executive Officer – Travel and Aviation9.14Richard KoenigChief Executive Officer – Real Estate and Agribusiness10. Ziyad BundhunChief Finance and Investment Executive11. Aruna Radhakeesoon CollendavellooChief Legal Executive12. Vishal NunkooChief Executive Officer – Logistics13. Riaz ChitamunHead of Internal Audit and Risk Management14. François EynaudChief Executive Officer – HotelsRogers - ANNUAL REPORT 201623

Profiles of Chief Executive OfficersEYNAUD, FRANÇOISFAYD’HERBE DE MAUDAVE, ALEXANDREChief Executive Officer – HotelsChief Executive Officer – Travel and AviationKOENIG, RICHARDNUNKOO, VISHALChief Executive Officer – Real Estate and AgribusinessChief Executive Officer – Logistics

EYNAUD, FRANÇOISFAYD’HERBE DE MAUDAVE, ALEXANDREChief Executive Officer – HotelsChief Executive Officer – Travel and AviationBorn in 1961, François holds a “Diplôme d’École de Commerce”. He started hiscareer with Sagem (France) as Export Director and was subsequently appointedsuccessively Country Manager of Sagem in the Caribbean Islands and in England.He returned to Mauritius in 1991 to join Ciel Textile as Marketing Directorand was promoted Executive Director of Tropic Knits in 2000. He took on theposition of Managing Director of Veranda Resorts in August 2008 and becameChief Executive Officer of Veranda Leisure & Hospitality in October 2010.Born in 1967, Alexandre holds a BCom (Hons) and is a qualified CharteredAccountant from the South African Institute of Chartered Accountants. Heworked in South Africa for a period of 7 years with Arthur Andersen prior tojoining Rogers Aviation in 2001 as General Manager – Finance & Administration.He was appointed Managing Director of Rogers Aviation in October 2006 andChief Executive Officer in October 2010.Other directorships in listed companies: NoneOther directorships in listed companies: NoneKOENIG, RICHARDNUNKOO, VISHALChief Executive Officer – Real Estate and AgribusinessChief Executive Officer – LogisticsBorn in 1964, Richard holds a BSc Electronic Engineering and an MBA. He startedhis career as Management Information Consultant with Andersen Consultingin South Africa and moved to Mauritius in 1993. He joined the ENL Group in1994 as a Corporate Executive and was subsequently appointed Chief ExecutiveOfficer of South West Tourism Development in July 2009.Born in 1969, Vishal holds an MSc in Engineering from the Odessa TechnologicalInstitute of Food Industry (ex-USSR) and a Master’s degree in BusinessAdministration from the University of Mauritius. He also followed ExecutiveTraining Programmes at the London Business School. He joined Rogers in 1993and has since worked as Project Manager, Deputy General Manager of RIDSMadagascar, General Manager of Enterprise Information Solutions Ltd andCorporate Manager – Strategic Planning. He was appointed Chief ExecutiveOfficer of Velogic Ltd in July 2011.Other directorships in listed companies: NoneOther directorships in listed companies: NoneRogers - ANNUAL REPORT 201625

Profiles of Chief Executive OfficersLENETTE, DIDIERRUHEE, ASHLEY COOMARHead of Global BusinessChief Executive Officer - TechnologyTYACK, FRÉDÉRICChief Executive Officer – Ascencia

LENETTE, DIDIERRUHEE, ASHLEY COOMARHead of Global BusinessChief Executive Officer - TechnologyBorn in 1976, Didier holds a Bachelor of Commerce (Economics and Finance)from the University of Western Sydney (Australia) and a Master in InternationalTaxation from the University of New South Wales (Australia). He is also aFellow of the Institute of Chartered Accountants in England and Wales and aMember of the Mauritius Institute of Directors. Didier is a Chartered Accountantand Tax Professional with a strong background in audit, risk, compliance andinternational taxation. He has acquired extensive experience both in Mauritiusand internationally in senior roles with PwC (Mauritius, Australia) and Ernst &Young (UK, Australia) among others, including his leadership position as SeniorTax Specialist with Arrow Energy (a Shell Petrochemicals Oil & Gas Venture)in Brisbane, Australia. Didier joined Rogers as Head of Internal Audit and RiskManagement in 2014 and is currently Head of Global Business.Born in 1977, Ashley Coomar holds a first degree in Mathematics and Physicsfrom the Faculté des Sciences de Luminy, Marseilles and an M.Eng in AutomaticControl, Electronics and Computer Engineering with specialisation in Real TimeComputing and Systems from the Institut National des Sciences Appliquées,Toulouse. He also completed Executive Education Programmes at the LondonBusiness School and at INSEAD. He worked from 2000 to 2004 for CapgeminiTelecom, Media and Entertainment - Central and Southern Europe as aTechnology Consultant in Paris. In 2005, he joined DCDM Consulting, a companymanaged by Accenture, as a manager in their business consulting service line.Other directorships in listed companies: NoneHe joined Rogers in 2007 and held the position of Chief Information and PlanningExecutive of Cim Group since 2008. He was also appointed Managing Directorof Enterprise Information Solutions Ltd in 2009. He is the Chief ExecutiveOfficer of the Rogers Technology sector since 2012 and was concurrentlyappointed Managing Director of AXA Customer Services Ltd, a joint venturecompany of AXA Assistance and Rogers. He was selected by the Institut Choiseulfor International Politics and Geoeconomics as one of the 200 young AfricanEconomic Leaders of tomorrow for two consecutive years.Other directorships in listed companies: NoneTYACK, FRÉDÉRICChief Executive Officer – AscenciaBorn in 1969, Frédéric is member of the Institute of Chartered Accountants inEngland and Wales and holds a BSc (Hons) degree in Accounting and Financefrom the London School of Economics. He worked with the Rogers Groupfrom 1997 to 2004 as Managing Director of the Logistic sub-cluster. Hejoined Plastinax Austral Ltd in 2004 as General Manager before moving to ENLProperty Ltd in 2008. He was appointed in 2011 as Managing Director of EnAtt,the Asset and Property Management Company of ENL Group. He is currently adirector of ENL Property Ltd and the Chief Executive Officer of Ascencia sinceJuly 2015.Other directorship in listed companies: Ascencia LtdRogers - ANNUAL REPORT 201627

Profiles of Function ExecutivesBUNDHUN, MANISHCHITAMUN, RIAZChief Human Resources ExecutiveHead of Internal Audit and Risk ManagementCURÉ, KARINEMAMET, DAMIENChief Marketing and Communication ExecutiveChief Projects and Development Executive

BUNDHUN, MANISHCHITAMUN, RIAZ1Chief Human Resources ExecutiveHead of Internal Audit and Risk ManagementBorn in 1979, Manish holds a Master’s degree in Business Administrationand a BSc (Hons) Management. He started his career in the field of HumanResources and has had a varied exposure in the telecommunications, ICT andaviation industries. He joined the Group’s Logistics sector in January 2006 asDivision Manager – Human Resources and was subsequently appointed ChiefHuman Resources Executive of Rogers in September 2008. He holds a CertifiedMasters in NLP (Neurolinguistic Programming) and in Neuro-Semantics andis a certified Agility Coach and Trainer. Manish is also a Co-active Coach fromthe Coach Training Institute (CTI). He acts as an Executive Coach and deliversexecutive leadership and team coaching workshops. He also practises as adjunctprofessor in Human Resources Management and Organisation Development atpostgraduate level.Born in 1978, Riaz is a fellow member of the Association of Chartered CertifiedAccountants (ACCA) and a member of the Institute of Certified ForensicAccountants. He started his career with BDO De Chazal du Mée in 1999 beforemoving to Africa in 2004. He worked as Finance and Administration Managerover a period of ten years both in East and West Africa. In 2014, he joinedAXA Customer Services Limited as Chief Finance Officer and was appointedHead of Internal Audit and Risk Management of Rogers in May 2016.Other directorships in listed companies: NoneOther directorships in listed companies: NoneCURÉ, KARINE2MAMET, DAMIENChief Marketing and Communication ExecutiveChief Projects and Development ExecutiveBorn in 1978, Karine holds an Executive Master (MSc) in Marketing (Hons)from the University of Paris-Dauphine (France) and a BSc. She started hercareer in the field of communication in Paris and has worked in Mauritiusin the tourism, leisure and hotel sectors. Karine joined the Group’s Hotelssector in February 2008 as Marketing and Communication Manager and wassubsequently appointed Corporate Manager at Rogers in October 2015 andChief Marketing and Communication Executive in July 2016.Born in 1977, Damien is a member of the Institute of Chartered Accountants inEngland and Wales (ICAEW). He started his career with Ernst & Young in Londonin 1999 and moved to BDO De Chazal du Mée in Mauritius in 2003. He tookon the position of Manager of Corporate Finance with PricewaterhouseCoopersin 2006. He joined Rogers in 2009 as Managing Director of Foresite FundManagement and was appointed Chief Projects & Development Executive ofRogers in October 2014.Other directorships in listed companies: NoneOther directorships in listed companies: Ascencia Ltd1. Richard Le Boutet held the position of Head of Audit and Risk Management up to31 March 2016. Riaz Chitamun took over the function of Head of Internal Audit and RiskManagement as from 1 May 2016.2. Kaushall Ramlackhan held the position of Chief Communication Executiveup to 31 December 2015. Karine Curé took over the function of Chief Marketing andCommunication Executive as from 1 July 2016.Rogers - ANNUAL REPORT 201629

Energy drives agility.

Board of Directors’ ReportDear Shareholders,It gives us great pleasure to present you with our Annual Report forthe financial year ended 30 June 2016. This year was characterisedby a continuation of our efforts to consolidate the foundation forperformance and profitable growth.30 June 2016 stood at Rs 37.60, representing an improvement fromRs 37.00 last year. The dividend per share was Rs 0.88 against Rs 0.84in the 2015 financial year, equating to a dividend yield of 3.1% basedon the share price of Rs 28.00 as at 30 June 2016.In the year under review, the global economy continued to experiencemoderate growth. While aggregate demand improved in advancedeconomies, developing and emerging economies continued toexperience the impact of reduced revenue from lower commodityprices. The referendum vote in June 2016 in favour of the withdrawal ofthe United Kingdom from the European Union has caused a deteriorationin market sentiment, which was reflected by the plummeting by 11% ofGBP against USD over the last week of the same month.There have been significant developments in the Financial Servicessector during the financial year with the merging of Consilex intoKross Border, whose capabilities and expertise were further consolidatedthrough the acquisition of another Management Company, RiverCourt Administrators Ltd in June 2016. Our Technology sector hasalso recently implemented the HP Helion platform to provide clientswith made-to-measure private cloud infrastructure services throughCloud 24.The domestic market, for its part, recorded economic growth of 3.5%in 2015, mainly driven by financial services and tourism. The hospitalitysector namely has benefited from an 11% increase in tourist arrivalsover the year. However, the construction sector continued to slowdown and the local currency depreciated by 2% against EUR and USDover the financial year while appreciating by 13% against GBP dueto the impact of the Brexit vote. Earlier this calendar year, the GlobalBusiness sector has also dealt a blow with the renegotiation of theIndia-Mauritius tax treaty.On the Hotels front, PAT of VLH more than doubled to Rs 177millionover the year. The key growth drivers were an increase in touristarrivals, improved air access, better occupancy rates and betterpositioning of our brands. Overall PAT for the Hotels sector washowever pulled down due to a negative contribution of our associate,New Mauritius Hotels Ltd.Over the year, a 14% improvement in Group revenue stemmed from allsectors, except Real Estate and Agribusiness. The increase in revenuewas primarily driven by the first time inclusion of full-year results fromrecently acquired Global Business companies and the consolidation of anow controlling stake in Bagaprop Limited.Profit after Tax (PAT) excluding exceptional items amounted toRs 787 million against Rs 973 million in 2015. This reduction is mainlydue to an exceptional gain from the sale of land and significant fairvalue gains booked in FY2015. However, PAT for the year excludingthe contribution from the Real Estate and Agribusiness sector shows arespectable 7% increase.Earnings per share excluding exceptional items went down to Rs 1.35against Rs 1.86 in 2015. The Group’s Net Asset Value as at32ANNUAL REPORT 2016 - RogersPursuing its regional expansion strategy, the Logistics sector haspartnered with The Kibo Fund to secure a controlling stake in twocompanies in Kenya with operations in customs clearance and transportrespectively. Their combined business represent a turnover ofUSD 8.5 million and a workforce of 200 people.In the Property sector, Ascencia has consolidated its portfolio throughraising its shareholding in Bagatelle Mall of Mauritius to 85% andacquiring 100% share capital of The Gardens of Bagatelle. Theseoperations were funded from the proceeds of a successful fundraisingof more than Rs1 billion on the market. In addition, our fully-ownedsubsidiary, Foresite Property Holding Ltd has acquired a 25% stake inMall of Mauritius at Bagatelle Ltd.On the outlook side, the overall situation of the world economy remainschallenging for the calendar year 2016 with the International MonetaryFund notching down its growth forecast by 0.1% to 3.1%, the slowest

growth rate since the financial crisis. The Brexit vote is also expected tofurther impact the global outlook.Growth in the domestic economy is expected to be around 3.8% in2016 and 4.2% in 2017. The recent national budget has set the basefor further development of Mauritius as an International Financial Centrethrough incentives to further promote and create substance as a GlobalBusiness jurisdiction. This could help offset potential setbacks fromthe renegotiation of the India-Mauritius tax treaty. The setting up ofan international derivatives and commodities exchange is also underconsideration. The prospects for the tourism sector are very optimisticwith arrivals forecasted to grow by around 8% in 2016.Our Group is now positioned as an International Services andInvestment Company focusing on serving four main markets, which areFinTech, Hospitality, Logistics and Property. A new image campaign hasalso been launched recently with Energy as the main theme. All of thisbodes well for the future.We would like to pay tribute to Gilles Kaba, Velogic’s ex-RegionalManager – Europe, who passed away during the financial year. Hewill be remembered for his long and effective contribution to thedevelopment of our Logistics business in France and beyond.We thank our shareholders for their continued trust and support,and we extend our thanks to our Chief Executive Officer,Philippe Espitalier-Noël, his management team and the entireRogers personnel for their energy, hard work and dedication.Sincerely yours,The Board of DirectorsRogers - ANNUAL REPORT 201633

34ANNUAL REPORT 2016 - Rogers

Interview with the CEOPhilippe Espitalier-NoëlThe CEO of Rogers reviewsthe financial year that has goneby and outlines the Group’sperformance, strategy and keypriorities going forward.The international scene was largely dominated bythe decision of the United Kingdom to leave theEuropean Union. Although the full picture of the postBrexit landscape is yet to emerge, we are alreadyexperiencing the impact of a weakening GBP in ourhotels and sugar packing activities.In spite of the macroeconomic context, the overallperformance of the Group has been in line withexpectations. Revenue has improved by 14% toHow would you reflect on the yearthat just passed?Rs 8,167 million during the past year and profit levelsDuring the financial year 2015-2016, we continued toexcluding the contribution from our listed associatessee modest and uneven growth in the global economy.and the Real Estate and Agribusiness sector, improvedAt a national level, the hospitality sector at largeby 30%. Additionally, the performance of our associatehas benefited from the spillover effects of growthinvestment, New Mauritius Hotels Ltd (NMH) wasin tourist arrivals. However, the renegotiation andimpacted by one-off charges and reorganisation costssigning of a protocol amending the 33-year-old India-incurred over the period ended 30 June 2016. TheMauritius tax treaty will have a non-negligible impactoperational results of the hotel group remain sol

Joined the Mauritius office of the International Trust Services Group, Mutual Trust in 1995. Founded the Mauritius office of the International Audit and Consulting Group, Mazars in 2002. Joined the Corporate Banking Division of the Mauritius Commercial Bank in 2005. Was appointed Managing Director of MCB Capital Partners Ltd,