Annexure D

Reconciliation between Segment Revenue and Attributable Profit and IFRS Revenue and Attributable Profit
For the year ended 31 March

                     
    Wealth and Asset Management Broking and Structuring Stenham Advisory Total from operating reportable segments Group Segment reported information Non-reportable segment ¹ IFRS reported information
                     
    R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
                     
For year ended 31 March 2018                    
                     
Total revenue per segment statement of comprehensive income   1,208,786   740,410   518,522   -     2,467,718   74,712   2,542,430   -     2,542,430
Reconciling items:   (18,136)   75,429   -     -     57,293   (60,328)   (3,035)   12,597   9,562
Operating revenue  - internal   (23,342)   73,967   -     -     50,625   -     50,625   -     50,625
Investment income - internal   5,206   1,462   -     -     6,668   (60,328)   (53,660)   53,660   -  
Investment income of non-reportable segment - external   -     -     -     -     -     -     -     (41,063)   (41,063)
                     
Total revenue per statement of comprehensive income   1,190,650   815,839   518,522   -     2,525,011   14,384   2,539,395   12,597   2,551,992
                     
Profit attributable to equity holders of the company per segment statement of comprehensive income   274,629   88,549   110,824   37,680   511,682   22,803   534,485   -     534,485
Reconciling total revenue items   (18,136)   75,429   -     -     57,293   (60,328)   (3,035)   12,597   9,562
Operating expenses   (7,358)   -     -     -     (7,358)   -     (7,358)   (6,520)   (13,878)
Deferred profit participation ²   23,113   -     -     -     23,113   -     23,113   -     23,113
Share based payment charge ²   (49,171)   -     -     -     (49,171)   -     (49,171)   -     (49,171)
Interest expense - internal   -     2,164   -     -     2,164   -     2,164   -     2,164
Interest expense - external   (7,150)   -     -     -     (7,150)   -     (7,150)   -     (7,150)
Taxation   9,034   -     -     -     9,034   -     9,034   -     9,034
Non-controlling interest   5,017   -     -     -     5,017   -     5,017   -     5,017
                     
Profit attributable to equity holders of the company per statement of comprehensive income   229,978   166,142   110,824   37,680   544,624   (37,525)   507,099   6,077   513,176

1 Refers to the Group's consolidated proprietary hedge fund investments which do not meet the quantitative thresholds for determining reportable segments.

2 The 2013 deferred remuneration scheme 1 was initiated during the 2014 financial year. Management treats the scheme (which is settled in Peregrine Holdings Limited "PGR" shares) as an expense as profits are earned, but for IFRS purposes, it is a share-based payment arrangement, in which the grant date fair value is recognised over the five year vesting period to 31 March 2018. The 2015 deferred remuneration scheme 2 was initiated during the 2016 financial year, the terms of which provide the participants with the right to participate in an asset pool, partly comprising of PGR shares, which is settled through an attribution of profits over the service period.

Reconciliation between Segment Revenue and Attributable Profit and IFRS Revenue and Attributable Profit (continued)
For the year ended 31 March

                     
    Wealth and Asset Management¹ Broking and Structuring Stenham¹ Advisory Total from operating reportable segments Group Segment reported information Non-reportable segment ² IFRS reported information
                     
    R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
                     
For year ended 31 March 2017                    
                     
Total revenue per segment statement of comprehensive income   1,038,925   803,857   506,330   -     2,349,112   67,086   2,416,198   -     2,416,198
Reconciling items:   (46,197)   26,057   -     -     (20,140)   (88,151)   (108,291)   161,065   52,774
Operating revenue  - internal   (51,030)   26,921   -     -     (24,109)   -     (24,109)   -     (24,109)
Investment income - internal   4,833   (864)   -     -     3,969   (88,151)   (84,182)   84,182   -  
Investment income of non-reportable segment - external   -     -     -     -     -     -     -     76,883   76,883
                     
Total revenue per statement of comprehensive income   992,728   829,914   506,330   -     2,328,972   (21,065)   2,307,907   161,065   2,468,972
                     
Profit attributable to equity holders of the company per segment statement of comprehensive income   249,229   115,082   76,200   39,125   479,636   34,141   513,777   -     513,777
Reconciling total revenue items   (46,197)   26,057   -     -     (20,140)   (88,151)   (108,291)   161,065   52,774
Operating expenses   (6,782)   -     -     -     (6,782)   -     (6,782)   (35,673)   (42,455)
Deferred profit participation ³   (3,500)   -     -     -     (3,500)   -     (3,500)   -     (3,500)
Share based payment charge ³   (21,364)   -     -     -     (21,364)   -     (21,364)   -     (21,364)
Interest expense - internal   -     1,335   -     -     1,335   -     1,335   -     1,335
Interest expense - external   (6,867)   -     -     -     (6,867)   -     (6,867)   -     (6,867)
Taxation   7,105   -     -     -     7,105   (1,255)   5,850   (636)   5,214
Non-controlling interest   3,388   -     -     -     3,388   (452)   2,936   -     2,936
                     
Profit attributable to equity holders of the company per statement of comprehensive income   175,012   142,474   76,200   39,125   432,811   (55,717)   377,094   124,756   501,850

1 The capital item of R21 million disclosed on the statement of comprehensive income pertains partly to the Wealth and Asset Management operating reportable segment (R19 million) and partly to the Stenham operating reportable segment (R2 million).

2 Refers to the Group's consolidated proprietary hedge fund investments which do not meet the quantitative thresholds for determining reportable segments.

3 The 2013 deferred remuneration scheme 1 was initiated during the 2014 financial year. Management treats the scheme (which is settled in Peregrine Holdings Limited "PGR" shares) as an expense as profits are earned, but for IFRS purposes, it is a share-based payment arrangement, in which the grant date fair value is recognised over the five year vesting period to 31 March 2018. The 2015 deferred remuneration scheme 2 was initiated during the 2016 financial year, the terms of which provide the participants with the right to participate in an asset pool, partly comprising of PGR shares, which is settled through an attribution of profits over the service period.