Unaudited Abridged Financial Results for the six months ended 31 December 2013

COMMENTARY Financial & Operational The Colcom Holdings Limited Group achieved a growth in turnover of 13% over the prior period. Despite Colcom Foods showing a 10% decline in revenue, the Associated Meat Packers (AMP) subsidiary achieved a 103% growth in revenue over the comparative prior year period. In terms of volumes, the group achieved an overall growth of 17% over the prior period, with Colcom Foods showing a 33% decline and AMP achieving a 115% growth over the prior period. The decline in Colcom Foods was primarily a result of the rationalisation of product lines, with the closure of the frozen pies division contributing most significantly to volume decline. Within the pork category, processed products reflected a 5% decline whilst fresh pork achieved a growth of 28% over prior years volumes. At PBT level, the Group achieved an 89% growth over the prior period, with AMP showing solid growth of 138% and Colcom Foods showing a 53% growth, this after a USD559,000 unfavourable swing in fair value adjustments of biological assets at the Groups Triple C farms (due to the decline in the producer price of pork) and a 49% decline in equity accounted earnings from Freddy Hirsch. It should be noted that in the prior year, provisions of approximately USD1,3 million had been effected by 31 December 2012. Adjusting for this, Colcom Holdings would have reflected 2% growth in PBT over the prior year. The Groups profitability is partly attributable to improved purchasing practices and stricter controls over operating costs. The principal accounting policies of the Group are consistent with those applied in the previous year and conform to International Financial Reporting Standards. The lack of correlation between the growth in revenue and sustainable earnings is primarily as a result of margin pressure on product, with the market unable to accommodate price increases which would normally result from the increased cost of raw materials. Depressed market conditions during the second quarter resulted in a glut of all protein products in the market and the expected crash in prices whilst processors dealt with the oversupplied position. Colcom Holdings is in a strong cash position at the period end, primarily due to the reduction of the Companys strategic reserve of stock feed. The Group is in the process of replenishing the stock feed reserves at the farm to the required levels. AMP opened two Texas retail outlets (Marondera and Julius Nyerere Way, Harare) during the period under review, with 3 more sites expected to be opened before the end of the financial year. The growth of this unit requires AMP to expand their processing facility in the near term. Future prospects The tough trading conditions experienced in the last quarter are expected to extend into the foreseeable future. Pig producers, including the companys own Triple C Farms, currently face viability challenges given the depressed producer prices that processors are able to offer, weighing against the massive increase in the cost of maize, now all imported due to completely inadequate local production, and subject to the fluctuations of world prices plus transport costs. The commissioning date of USD1,4m of factory equipment previously reported on has been extended to March 2014 due to delays in the delivery thereof. This installed capacity is expected to reliably deliver the consistent high quality that Colcom strives for. The first round of preliminary investigations into modernising the facility has been conducted and the next stage of overall design and viability of the project is being planned for. The company will continue to develop facilities and improve on operational procedures to create the efficiencies required to be competitive and in readiness for the demand expected when market conditions improve. Dividend The Board has declared an interim dividend of 0.4 US cents per share. The interim dividend will be payable on or about 4 April 2014 to shareholders registered in the books of the Company at noon on 21 March 2014. The transfer books and register of members will be closed from noon on 21 March 2014 to 23 March 2014. Directorate At the Annual General Meeting held on 15 November 2013, Mrs P. Chapendama and Mr J.P. Schonken retired by rotation, and being eligible, were re-elected as directors of the company. Mr B. Fairlie, Mr C. Tumazos and Mr J. Koumides, appointed to the Board after the previous AGM, were required by the companys Articles to vacate their seats, and being eligible were re-elected as directors of the company. Mr R.E. Davenport retired as Chairman and Non-Executive Director of the Board on 15 November 2013 and was honoured for over 40 years of service to the Colcom Board. Mr J. Koumides was appointed Chairman in his stead. After serving as a non-executive director for 3 years Mr C. Davenport resigned from the Board on 27 November 2013. We thank him for his efforts and wish him all the best in his future endeavours.

Salient Features
Revenue Operating profit Profit before tax Basic earnings per share (cents) Headline earnings per share (cents)

USD 33 981 575 3 759 857 2 982 262 1.20 1.19 13% 108% 89% 68% 64%

Abridged Group Statement of Cash Flows

For

the six months ended 31 December 2013

6 Months Ended 31 Dec 2013 Unaudited USD 5 397 934 85 908 (432 351) 5 051 491 (1 044 881)

6 Months Ended 31 Dec 2012 Unaudited USD 889 806 (33 620) (704 646) 151 540 (2 218 339)

Cash generated from operating activities Net interest received/(paid) Tax paid Total cash available from operations Investing activities

Net cash inflow/(outflow) before financing activities 4 006 610 (2 066 799) Financing activities (40 715) 860 625 Net increase/(decrease) in cash and cash equivalents 3 965 895 (1 206 174) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 4 898 984 8 864 879 4 222 570 3 016 396

Abridged Group Statement of Changes in Equity

For the six months ended 31 December 2013

Attributable to owners of the parent Non- Distributable Share capital Reserves USD USD Distributable Reserves USD Non-Controlling Total Interests USD USD Total USD

Balance at 30 June 2013 Transactions with owners in their capacity as owners Profit for the period Dividends paid Balance at 31 December 2013

1 590 409 - - - 1 590 409

8 972 075 - - - 8 972 075

15 260 719 - 1 908 301 - 17 169 020

25 823 203 - 1 908 301 - 27 731 504

909 176 9 185 285 163 (49 900) 1 153 624

26 732 379 9 185 2 193 464 (49,900) 28 885 128

By order of the Board J Koumides Chairman 17 February 2014

Supplementary Information

For the six months ended 31 December 2013

6 Months Ended 6 Months Ended 31 Dec 2013 31 Dec 2012 Unaudited Unaudited USD USD

1 Corporate Information The Company is incorporated and domiciled in Zimbabwe. 2 Operating Segments Intersegment Pork Beef Other adjustments Total USD USD USD USD USD Revenue Revenue 33 981 575 29 966 340 31 December 2013 22 654 404 12 378 784 - (1 051 613) 33 981 575 31 December 2012 24 900 500 6 055 795 32 320 (1 022 275) 29 966 340 Operating profit before depreciation 3 759 857 1 808 522 Depreciation (799 339) (767 221) Operating profit before depreciation 31 December 2013 2 970 535 839 542 (120) (50 100) 3 759 857 Operating profit before interest and fair value adjustments 2 960 518 1 041 301 31 December 2012 1 686 069 356 972 (140 900) (93 619) 1 808 522 Fair value adjustments (145 139) 413 559 Depreciation 31 December 2013 702 547 96 792 - - 799 339 Profit before interest and tax 2 815 379 1 454 861 31 December 2012 719 536 47 685 - - 767 221 Net interest received/(paid) 85 908 (33 620) Equity accounted earnings 80 976 159 938 Equity accounted earnings 31 December 2013 80 976 - - - 80 976 Profit before tax 2 982 263 1 581 178 31 December 2012 159 938 - - - 159 938 Tax (788 799) (407 287) Profit before tax 31 December 2013 2 301 616 730 867 (120) (50 100) 2 982 263 Profit for the period 2 193 464 1 173 891 31 December 2012 1 508 543 307 154 (140 900) (93 619) 1 581 178 Other comprehensive income - Segment assets 31 December 2013 37 039 725 3 671 805 309 155 (441 260) 40 579 425 Total comprehensive income for the period 2 193 464 1 173 891 30 June 2013 34 310 231 3 268 066 309 275 (629 266) 37 258 306 Total comprehensive income for the period attributable to: Segment liabilities Equity holders of the parent 1 908 301 1 132 569 31 December 2013 12 731 324 1 893 088 (2326 100) (604 015) 11 694 297 30 June 2013 9 211 751 1 938 079 170 145 (794 048) 10 525 927 Non-controlling interests 285 163 41 322 2 193 464 1 173 891 Capital expenditure 31 December 2013 667 564 490 538 - - 1 158 102 Earnings per share 31 December 2012 1 898 179 554 808 - - 2 452 987 Basic earnings per share (cents) 1.20 0.71 Headline earnings per share (cents) 1.19 0.73 6 Months Ended 6 Months Ended 31 Dec 2013 31 Dec 2012 Unaudited Unaudited At At USD USD 31 Dec 2013 30 Jun 2013 3 Depreciation 799 339 767 221 Unaudited Audited USD USD 4 Capital expenditure for the period 1 158 102 2 452 987 ASSETS Non-current assets 5 Future lease commitments Property, plant and equipment 15 789 600 15 497 662 Payable within one year 222 027 167 964 Deferred tax assets - 36 077 Payable two to five years 859 724 621 420 Investment in associate 1 138 732 1 118 383 Payable after five years 584 582 238 700 1 666 333 1 028 084 Investments 183 546 183 546 Other non-current financial assets 324 473 324 473 6 Commitments for capital expenditure Biological assets 1 168 080 1 258 838 Contracts and orders placed 1 570 450 18 604 431 18 418 979 Authorised by directors but not contracted 768 886 1 292 549 Current assets 2 339 336 1 292 549 Biological assets 1 540 994 1 626 843 Inventories 5 814 824 7 241 504 The capital expenditure is to be financed out of the Groups own resources and existing borrowing facilities. Accounts receivable 5 754 297 5 071 996 Cash and cash equivalents 8 864 879 4 898 984 7 Earnings per share 21 974 994 18 839 327 Basic earnings basis Total assets 40 579 425 37 258 306 The calculation is based on the profit attributable to equity holders of the parent and weighted average number of ordinary shares in issue for the period. EQUITY AND LIABILITIES Capital and reserves Headline earnings basis Ordinary share capital 1 590 409 1 590 409 Headline earnings comprise of basic earnings attributable to equity holders of the parent adjusted for profits, losses Non-distributable reserves 8 972 075 8 972 075 and items of a capital nature that do not form part of the ordinary activities of the Group, net of their related tax effects and share of non-controlling interests as applicable. Distributable reserves 17 169 020 15 260 719

Abridged Group Statement of Profit or Loss and Other Comprehensive Income For the six months ended 31 December 2013

Abridged Group Statement of Financial Position As at 31 December 2013

27 731 504 25 823 203 Reconciliation of basic earnings to headline earnings Non-controlling interests 1 153 624 909 176 Profit for the year attributable to equity holders of the parent 1 908 301 1 132 569 Total shareholders equity 28 885 128 26 732 379 Adjustment for capital items: Loss on disposal of property, plant and equipment (10 547) 28 086 Non- current Liabilities Headline earnings attributable to ordinary shareholders 1 897 754 1 160 655 Deferred tax liabilities 3 126 334 2 917 213 Number of shares Number of ordinary shares in issue 159 040 884 159 040 884 Current Liabilities Weighted average number of ordinary shares in issue 159 040 884 159 040 884 Interest-bearing borrowings 1 440 000 1 440 000 Accounts payable 6 265 224 5 360 493 Basic earnings per share (cents) 1.20 0.71 Provisions 679 381 736 113 Headline earnings per share (cents) 1.19 0.73 Current tax liability 183 358 72 108 8 567 963 7 608 714 8 Events after the reporting date There have been no significant events after reporting date at the time of issuing this press release. Total liabilities 11 694 297 10 525 927 Total equity and liabilities 40 579 425 37 258 306
9 Contingent liabilities The Group had no contingent liabilities at 31 December 2013.

DIRECTORS: J. Koumides (Chairman), P. Chapendama, B. Fairlie, T. T. Kumalo*, D. E. Long, J. P. Schonken, C. Tumazos*

(*Executive).