UNAUDITED ABRIDGED GROUP RESULTS

for the half year ended 30 September 2013

Head Office: 1st Floor, SAZ Building, Northend Close, Northridge Park, Borrowdale, Harare. Box BW537, Borrowdale, Harare, Tel: +263-4-852795, 853054-6, 853059, Fax: 263-4-850705, E-mail: aico@aicoafrica.com, Website: www.aicoafrica.com

COMMENTARY ECONOMIC OVERVIEW Nationwide liquidity constraints continue to hamper economic activity. The ballooning non-performing bank loans are not only evidence of this but also an indicator of mounting operational challenges in commerce and industry. Similarly, the economy is showing signs of stagnation, punctuated by looming company closures and high unemployment both of which are dampening the countrys economic outlook. OPERATIONS Cotton Seed cotton crop intake fell to 34 500 tonnes driven by a very low national crop size. Market share fell to 24% from 42% last year. On-going funding initiatives will be critical in revitalizing the fortunes of this business. Inputs support initiatives and disbursements for this years cropping season are currently underway. The regulatory environment has been strengthened by the institution of a minimum inputs support threshold of US$1 million by any single licenced ginner. We believe this augurs well for the industry as it will result in more financial support, improved inputs regime for the cotton farmers and therefore improved on farm yields. Seed The first half of the year has witnessed encouraging maize seed sales with sales volumes increasing by 17% over prior year and winter cereal sales increasing by 34% over last year. Full year earnings are forecast to be ahead of last year. FMCG Performance in the FMCG business continues to be restricted by working capital constraints. There is however notable improvements in operating efficiencies and, everything being equal, we expect this business to show improved full year performance over last year. Sales volumes for the first half were 57% higher than last year. GROUP FINANCIAL PERFORMANCE Sales volumes of 36,094 were 23% below last year. Consequently, Group revenue of US$50.9 million declined by 6% relative to prior year. Group operating loss of US$17.1 million is 6% lower than last year, while loss after tax improved marginally by 1% to US$ 27.1 million. Capital expenditure amounted to US$4.2 million, the bulk of which was spent in Seed Co Limited. OUTLOOK The conclusion of the group restructuring and fundraising project will bring forth three independent businesses and the simultaneous unbundling of AICO Africa Limited. With the fundraising proceeds earmarked predominantly for The Cotton Company of Zimbabwe Limited, we anticipate recovery and a rebounding of this business going forward. Seed Co Limited is expected to continue on its growth path though Olivine Holdings (Private) Limited will still need to be capitalized. DIRECTORATE There were no changes in the Directorate in the period under review. By Order of the Board

ABRIDGED GROUP INCOME STATEMENTS

for the six months ended 30 September 2013 30 Sept 2013 US$'000 Revenue (Loss)/profit from operations Investment income Other gains Finance costs Loss before taxation Income tax expense Loss after tax from continuing operations Loss from discontinued operations Loss for the period Loss attributable to: Equity holders of the parent Non-controlling Interest 50,913 (17,095) 93 774 (11,944) (28,172) 1,104 (27,068) (27,068) 30 Sept 2012 US$'000 53,977 (18,119) 215 (966) (11,996) (30,866) 3,521 (27,345) (27,345) 31 Mar 2013 US$'000 263,922 24,183 552 120 (25,392) (537) (1,538) (2,075) (16) (2,091)

ABRIDGED GROUP STATEMENTS OF FINANCIAL POSITION

as at 30 September 2013 30 Sept 2013 US$'000 ASSETS Non-current assets Property, plant and equipment Investment property Other financial assets Other intangibles Other receivables Total non-current assets Current assets Assets classified as held for sale Other current assets Total current assets Total assets EQUITY AND LIABILITIES Capital and reserves Shareholders' funds Non-controlling interest Total equity Non-current liabilities Borrowings Deferred tax liabilities Finance lease liabilities Total non-current liabilities Current liabilities Liabilities classified as held for sale Other current liabilities 30 Sept 2012 US$'000 31 Mar 2013 US$'000

99,286 333 1,554 18 957 102,148

104,334 332 21 104,687

103,321 332 1,157 20 997 105,827

3,125 186,296 189,421 291,569

1,513 226,301 227,814 332,501

1,454 181,003 182,457 288,284

(20,684) (6,384) (27,068)

(22,802) (4,543) (27,345) 534,126 (4.27) (4.10)

(6,711) 4,620 (2,091) 534,126 (1.26) (1.21)

51,558 32,708 84,266

58,715 34,561 93,276

73,308 39,944 113,252

Weighted number of shares in issue Basic loss per share (US cents) Diluted loss per share (US cents)

534,126 (3.87) (3.72)

13,040 13,201 83 26,324

12,402 14,643 27,045

11,805 14,144 314 26,263

ABRIDGED GROUP STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 September 2013 30 Sept 2013 US$'000 Loss for the period Other comprehensive income Revaluation of property, plant and equipment Impairment charge against revaluation reserve Foreign currency translation differences for operations Income tax on other comprehensive income Other comprehensive income for the period Total comprehensive loss for the period Total comprehensive loss attributable to: Equity holders of the parent Non-controlling Interest (27,068) 30 Sept 2012 US$'000 (27,345) 31 Mar 2013 US$'000 (2,091)

467 180,513 180,979

472 211,708 212,180 332,501

467 148,302 148,769 288,284

Total equity and liabilities

291,569

ABRIDGED GROUP STATEMENT OF CASH FLOWS

for the six months ended 30 September 2013 30 Sept 2013 US$'000 Cash flow from operating activities Operating cash flow before reinvesting in working capital Movement in working capital Net finance costs Net taxation paid Net cash (utilised in)/generated from operations Net cash outflow from investing activities Net cash inflow/(outflow) from financing activities Effect of exchange rate fluctuations on cash held Increase/(decrease) in cash and cash equivalents 30 Sept 2012 US$'000 31 Mar 2013 US$'000

(828) (1,380)

(432)

1,208 (7,268)

(18)

(311)

(14,655) 5,923 (11,054) (2,792) (22,578) (1,743) 9,789 (5,266)

(15,580) (24,853) (12,325) (3,637) (56,395) (3,862) 32,695 -

31,277 17,860 (24,090) (5,433) 19,614 (11,282) (5,420) -

(2,226)

(432)

(6,371)

(29,294)

(27,777)

(8,462)

P Mananike Company Secretary 26 November 2013

(22,058) (7,236) (29,294)

(28,704) 927 (27,777)

(9,389) 927 (8,462)

19,799

(27,562)

2,912

GROUP STATEMENTS OF CHANGES IN EQUITY

for the six months ended 30 September 2013 Attributable to equity holders of the parent Share Capital US$'000 Balance at 31 March 2012 Changes in equity for 2013 Share based payment transactions Acquisition of interest(s) in foreign subsidiary/asociate/joint venture Disposal of interest(s) in local subsidiary/asociate/joint venture Dividend paid and received within the group Dividend paid Total comprehensive income for the year (net of tax) Balance at 31 March 2013 Changes in equity for 2014 Share based payment transactions Total comprehensive income for the year (net of tax) Balance at 30 September 2013 5,341 308 (1,374) 20,123 (20,684) 26,093 308 (22,058) 51,558 (7,236) 32,708 308 (29,294) 84,266 5,341 97 (45) (2,454) (2,923) 21,190 (50) 1,598 (6,466) 46,777 97 (95) (2,454) 1,598 (9,389) 73,308 86 95 (822) (1,585) 927 39,944 183 (3,276) 1,598 (1,585) (8,462) 113,252 5,341 Capital Reserves US$'000 26,515 Revenue Reserves US$'000 51,695 US$'000 83,551 Total Noncontrolling Interest US$'000 41,243 US$'000 124,794 Total Equity

Directors: B.L. Nkomo; P.St L Devenish*; B. Mudzimuirema*; I. Chagonda; C. Chitiyo; L. Preston; A. Nhau; J.P. Rooney. *Executive
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UNAUDITED ABRIDGED GROUP RESULTS

for the half year ended 30 September 2013
NOTES TO THE FINANCIAL STATEMENTS
BUSINESS SEGMENT
Cotton business FMCG business Seed business Other Group Eliminations Total Discontinued operations Contiuing operations

Head Office: 1st Floor, SAZ Building, Northend Close, Northridge Park, Borrowdale, Harare. Box BW537, Borrowdale, Harare, Tel: +263-4-852795, 853054-6, 853059, Fax: 263-4-850705, E-mail: aico@aicoafrica.com, Website: www.aicoafrica.com

GROUP PRIMARY SEGMENT REPORT

Six months to 30 September 2013 Continuing operations Revenue Loss from operations Investment income Other gains Finance Costs Loss before taxation Other information Segment assets Segment liabilities Segment net assets Capital expenditure Depreciation 20,936 (9,177) 24 602 (7,684) (16,235) 12,782 (684) 6 3 (637) (1,312) 17,195 (10,133) 62 169 (3,881) (13,783) (748) 259 (489) 3,647 50,913 (17,095) 50,913 (17,095) 93 774 (11,944) (28,172)

1. Presentation The financial statements are presented in United States dollars, which is the Group's functional currency. The financial information presented in United States dollars has been rounded off to the nearest thousand. 2. Accounting policies Accounting policies have been applied consistently with those used in the Group financial statements of AICO Africa Limited for the year ended 31 March 2013. 3. Basis of preparation The basis of preparation of these financial statements is International Financial Reporting Standards (IFRS). 4. Statement of compliance The financial statements have been prepared in conformity with International Financial Reporting Standards. 5. Impairment of subsidiary and joint venture Following poor performance by The Cotton Company of Zimbabwe Limited and Olivine Holdings (Private) Limited, after the balance sheet date, the Directors of the company have impaired the investments in these units by US$24,621,613.43 and US$5,660,000.00 respectively to reflect the dimunition in the carrying amounts of the investments. The Cotton Company of Zimbabwe Limited operations have been negatively affected by lower seed cotton intake volumes, whereas lack of adequate working capital continues to hamper performance and recovery in Olivine Holdings (Private) Limited. 6. Results of discontinued operations In compliance with the requirements of International Financial Reporting Standards 5 (IFRS 5) Non-Current Assets Held for Sale and Discontinued Operation, the assets and liabilities of the discontinuing operations amounting to US$1.4 million and US$0.5 million have been included in Group Statement of Financial Position as assets classified as held for sale', and as 'liabilities classified as held for sale' respectively. The discontinued operations did not operate during the year. The analysis of assets and liabilities of the discontinued operations is shown below.
30 Sept 2013 US$'000 Property, plant and equipment Current assets Total assets Deferred Tax Current liabilities Total liabilities Net assets Revenue Loss from operations Loss for the year 1,372 15 1,387 439 28 467 920 30 Sept 2012 US$'000 1,372 14 1,386 444 28 472 914 31 Mar 2013 US$'000 1,372 15 1,387 439 28 467 920 (20) (16)

(258) 93 774 258 (11,944) 3,647 (28,172)

105,662 (100,392) 5,270 163 1,626

24,432 (16,305) 8,127 36 562

166,529 (96,981) 69,548 3,982 1,620

106,498 (6,861) 99,638 32

(111,552) 291,569 13,236 (207,303) (98,316) 84,266 3,982 8,163 3,840

(1,387) 467 (920) -

290,182 (206,836) 83,346 8,163 3,840

BUSINESS SEGMENT
Cotton business FMCG business Seed business Other Group Eliminations Total Discontinued operations Contiuing operations

Six months to 30 September 2012 Continuing operations Revenue (Loss)/profit from operations Investment income Other gains/(losses) Finance Costs (Loss)/profit before taxation Other information Segment assets Segment liabilities Segment net assets Capital expenditure Depreciation 31,669 11,487 13,256 (2,435) 53,977 53,977

(9,286) 1,172 2 (8,804) (16,916)

(244) 30 (974) (1,188)

(7,484) 80 (958) (2,557) (10,919)

17,198 393 (10) (1,121) 16,460

(18,303) (1,460) 1,460

(18,119) 215 (966) (11,996)

(18,119) 215 (966) (11,996) (30,866)

(18,303) (30,866)

154,981 (140,213) 14,768 425 1,693

27,663 (17,588) 10,075 152 567

154,798 143,369 (148,310) 332,501 (86,060) (7,910) 12,546 (239,225) 68,738 135,459 (135,764) 93,276 3,286 1,362 53 51 3,916 3,673

(1,386) 472 (914) -

331,115 (238,753) 92,362 3,916 3,673

BUSINESS SEGMENT
Cotton business FMCG business Seed business Other Group Eliminations Total Discontinued operations Contiuing operations

8. Supplementary Information 8.1 Loss from operations is stated after the following impairment losses Impairment Losses by Operating Segment Operating Segment Cotton 30 Sept 2013 US$'000 828 14 842 828 14 Seed 30 Sept 2013 US$'000 890 890 890 FMCG 30 Sept 2013 US$'000 Other 30 Sept 2013 US$'000 24,622 5,660 30,282 30,282 Total 30 Sept 2013 US$'000 1,718 14 24,622 5,660 32,014 828 31,186

Twelve months to 31 March 2013 Continuing operations Revenue Profit/(loss) from operations Investment income Other gains/(losses) Finance Costs (Loss)/profit before taxation Other information Segment assets Segment liabilities Segment net assets Capital expenditure Depreciation 138,009 24,362 110,642 (9,091) 263,922 263,922

7,828 1,379 18 (16,832) (7,607)

(984) 61 (66) (1,873) (2,862)

19,283 217 381 (7,418) 12,463

16,760 814 (215) (1,176) 16,183

(18,724) (1,919) 1,907 (18,736)

24,163 552 118 (25,392) (559)

20 2 22

24,183 552 120 (25,392) (537)

Property, plant and equipment Trade and other receivables Investment in subsidiary Investment in joint venture Total Charged to equity Charged to profit and loss

109,051 (86,580) 22,471 824 3,532

24,380 (13,952) 10,428 403 1,083

157,449 126,402 (128,998) 288,284 (76,486) (7,825) 9,811 (175,032) 80,963 118,577 (119,187) 113,252 9,651 3,605 53 156 10,931 8,376

(1,387) 286,897 467 (174,565) (920) 112,332 10,931 8,376

30 Sept 2013 US$'000 8.2 Depreciation 8.3 Capital expenditure 8.4 Commitments for capital expenditure Contracted for Approved by the Directors but not yet contracted for TOTAL 9. Review of the interim financial statements The interim financial statements have not been reviewed. 368 12,453 12,821 3,838 4,181

30 Sept 2012 US$'000 3,673 3,916

31 Mar 2013 US$'000 8,376 10,931

368 1,661 2,029

16,875 16,875

Directors: B.L. Nkomo; P.St L Devenish*; B. Mudzimuirema*; I. Chagonda; C. Chitiyo; L. Preston; A. Nhau; J.P. Rooney. *Executive
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