1. 2. 3. 4. 5.

WELCOME AND INTRODUCTION FINANCIAL RESULTS BUSINESS REVIEW DISCUSSION/ QUESTIONS REFRESHMENTS

Pearson Gowero Matts Valela Pearson Gowero All All

Completed all major capital programmes - $83m. Returnable Glass injection to the new calabash bottle. Introduced non-returnable glass across the entire beer portfolio. Successfully launched longer shelf-life Chibuku in PET. Localised Maheu production. Achieved an improved market supply position across all beverages. Achieved significant improvement in productivity and cost management . Negative impact of excise increase on lager beer.

1. FINANCIAL HIGHLIGHTS

2. FINANCIAL STATEMENTS

LAGER
SBS

Grew by 4%

Grew by 9%

CHIBUKU

Declined by 8%

MAHEU

Grew by 42%

LAGER
SBS

Up 8% to $352 million

Up 14% to $231 million

CHIBUKU

Up 15% to $118 million

MAHEU

Up 50% to $11 million

Revenue (Gross Sales $740,2m)

Up 14% to $631,3m

EBIT

Up 37% to $135,0m

Operating Margin %

Up from 20,48% to 24,73%

EBIDTA

Up 36% to $161,5m

ATTRIBUTABLE INCOME

Up 39% to $102,5m

EPS Final Dividend Total Dividend ($41,3m)

Up 36% to 8,49c Up 78% to 2,23c Up 63% to 3,40c

REVENUE - $m 700 600 500 400 300 200 100 0 F10 F11 F12 F13 281 408 555 631

EBIT - $m 160 140 120 100 80 60 40 20 0 F10 F11 F12 F13 39 68 98 135

OPERATING MARGIN %

30 25 20 15 10 5 0 F10 F11 F12 F13 15.3 19.53 20.48 24.73

EBITDA - $m
180 160 140 120 100 80 60 40 20 0 162 119 82 49

F10

F11

F12

F13

Category 1. BEVERAGES (HLS 000) 1.1 Clear Beer 1.2 Sorghum Beer 1.3 Sparkling Beverages 1.4 Maheu

Actual Volume 000hl 2 060 3 080 1 615 132

% Growth on Prior Year 4 (8) 9 42

Total Excluding Associates 2. Plastic Tonnages 3. Malt Tonnages

6 887 9 451 35 834

0 27 3

MARCH 2013 US$000s REVENUE Operating Income Net Finance expense Gain on Acquisition of Associates Associates Share of Profit PROFIT BEFORE TAX 631 276 134 989 (574) 2 458 136 873

MARCH 2012 US$000s 554 767 98 288 (2 650) 1 930 1 725 99 293

Taxation

(32 750)

(24 087)

TOTAL COMPREHENSIVE INCOME

104 123

75 206

2013 US$000s Profit for the year attributable to: Owners of the parent Non-controlling interests 102 472

2012 US$000s

73 747

1 651
104 123

1 459
75 206

MARCH 2013 From Operations Normal EPS Cents Fully Diluted EPS - Cents 8,42 Dividend per share Cents 8,49

MARCH 2012 6,22 6,03

3,40

2,08

ASSETS Non-current assets Property, plant and equipment Investments, loans and trademarks TOTAL NON-CURRENT ASSETS CURRENT ASSETS Inventories Trade and other receivables Cash and cash equivalents TOTAL CURRENT ASSETS

2013 US$000s

2012 US$000s

319 241 30 598 349 839 93 012 43 999 75 088 212 099 561 938

268 470 28 133 296 603 77 620 37 345 55 578 170 543 467 146

TOTAL ASSETS

EQUITY AND LIABILITIES Share Capital Share Premium Reserves Dividend Payable Non-controlling Interests Shareholders equity Long- term borrowings Deferred taxation CURRENT LIABILITIES Short-term borrowings Interest free liabilities TOTAL CURRENT LIABILITIES TOTAL EQUITY AND LIABILITES

2013 US$000s 12 230 24 049 276 921 27 270 6 780 347 250 60 000 30 740 90 740 18 605 105 343 123 948 561 938

2012 US$000s 11 927 19 553 217 559 14 901 5 129 269 069 60 000 27 247 87 247 21 381 89 449 110 830 467 146

2013 2012 US$000s US$000s Cash flow from operations Net cash invested Net funding 165 112 (83 336) (3 517) 121 391 (77 137) (26 878)

Shares in Issue as at 31 March 2012 Share Options Exercised Share buyback

1 192 105 715

35 257 100 (4 480 980)

Shares in Issue at 31 March 2013

1 222 881 835

70% 60% 50% 40% 30% 20% 10% 0%

63%

37%

14% 0% Volume Revenue Ebit Dividend

Target to improve Total Shareholder Return as measured by: - Revenue Growth - Margins - Cash

1. Volume Review by Beverage category 2. Beverage Mix 3. Supply Chain/Enterprise Development 4. Associates 5. Capacity 6. The Future

HLS 000

2500 2000 1500 1000 500 0 F09 F10 F11 F12 F13 538 1 148 1 981 1 608 2 060

HLS 000 2000 1500 1 175 1000 500 0 F09 F10 F11 F12 F13 308 770 1 480 1 615

HLS 000

4000 3500 3000 2500 2000 1500 1000 500 0

3 114

3 354 2 908

3 080

1 673

F09

F10

F11

F12

F13

HLS 000

140 120 100 80 60 40 20 -

132 89 93

F11

F12

F13

10000 8000 6000 4 550 4000 2000 0 F09 F10 F11 F12 1 815 5 796 7 196

9 451

F13

Mash Central Mat North 5% 2% Mat South Manicaland 2% 5% Mash East 7% Masvingo 8% Mash West 9% Bulawayo 10% Midlands 10%

Harare 42%

Mat South Mat North 3% Mash East 2% 4%

Mash Central 4% Mash West 9% Masvingo 9%

Harare 46%

Midlands 11% Bulawayo 12%

Mat South 2% Bulawayo 3% Harare 21%

Mat North 5%

Manicaland 5% Mash Central 7%

Mash East 9% Mash West 17% Masvingo 15% Midlands 16%

Volume performance reflects slowing GDP growth rate. Soft drinks growth driven by increased investment in PET and glass. Sorghum volume affected by input cost induced pricing and poor agricultural performance in 2012. The Midlands and Mashonaland East showing faster growth than other provinces mining generating incomes. Localisation of Maheu production drove volume performance. Clear beer affected by excise and retail price increase from December.

F12

F13

22% 49%

29%

24% 46% Lager Sorghum SB's

30%

Lager Sorghum SB's

F12

F13

37% 63% 60%

40%

Lager Sorghum

Lager Sorghum

2000
15.6%

18.4%

1500 1000 500 0 F12 F13

81.6% Premium Main Stream

84.4%

1800 1600 1400 1200 1000 800 600 400 200 0

31.1% 28.4%
Convenience pack RGB

68.9% 71.6%

F12

F13

Revenue and margin driven by premiumisation in lager beer and soft drinks and price correction in Chibuku Maintained balance between mainstream and premium category to avoid cannibalisation. Maintained focus on economy segment with Eagle and Chibuku.

Focus on local sourcing Price/Quality Barley Improved yields Maize maximise local purchases by brewery Other Inputs stable supply

CHALLENGES Utilities water and electricity

SZL (49%) Profitability trending up. Minute maid production successfully localised and product acceptability encouraging. Bottom end of the nonjuice products competitive.

AFDIS (30%) Operating to plan. Product availability and innovation improving. Recapitalisation programme underway.

BEVERAGE

INSTALLED CAPACITY

Lager Beer Sparkling Beverages Sorghum Beer

2,4m hls 2,4m hls 5m hls

Capex will be in containers, Chibuku Super and targeted at productivity improvement.

We remain a multi beverage business dominating the beer, sparkling beverages and sorghum beer categories. We extend into adjacent territories directly (Maheu) or through strategic investments (Schweppes Still and Afdis - Spirits)

1.

Consumer disposable Incomes remain under pressure. Volume performance will reflect this, and growth although a focus area, will be a challenge in the first half of the year. 2. Keeping our beverages affordable. 3. Meeting the aspirations of our premium consumers. 4. Bringing new offerings to the market via a carefully managed innovation pipeline. 5. Nurturing strong core brands. 6. Targeted and improved market execution. 7. Regional PCC Benchmarks highlight opportunity on beer, soft drinks and Non Alcoholic Beverages (NABs). 8. Opportunity in process and cost management. 9. Ready to take advantage of any positive economic rebound. 10. Earnings growth to be ahead of GDP and inflation driven by - mix - productivity

THANK YOU