UNAUDITED STATEMENT TO SHAREHOLDERS FOR THE HALF YEAR ENDED 30 JUNE 2013

1. SALIENT FEATURES
Revenue up by 12% to USD 39million. Profit before tax (PBT) up by 149% to USD 3,6million. Operating profits down by 8% to USD 2,6million. Net cash generated from operations at USD 6.4million despite 11% depreciation of the Botswana Pula against the United States Dollar (USD). (c) Grand Reinsurance (100% effective interest) JUN JUN 2013 2012 USD000 USD000 Gross written premium 2,649 4,653 Net earned premium 1,945 3,259 Underwriting profit 19 75 (Loss)/profit before tax (6) 60 Ratios Reinsurance ratio 33% 18% Claims ratio 33% 51% Expense ratio 37% 47% Combined ratio 99% 98% The company had a 43% decline in gross written premiums mainly due to a deliberate move to reduce participation in underwriting farming business as a result of high claims encountered in 2012. The reinsurance ratio increased as a result of the mix of business which was skewed towards fire and engineering class which have high retrocession ratios. Consequently, underwriting result was breakeven. (d) Botswana Insurance Company (BIC) (62% effective interest) JUN JUN 2013 2012 USD000 USD000 Gross written premium 16,092 19,819 Net earned premium 7,842 9,036 Underwriting profit 1,289 1,517 Profit before tax 4,337 2,811 Ratios Reinsurance ratio 52% 56% Claims ratio 46% 45% Expense ratio 33% 38% Combined ratio 84% 83% - Underwriting profit dropped by 15% compared to the same period last year principally because of: The depreciation of the Botswana Pula (Pula) against the United States Dollar (USD) by an average rate of 11%, thereby negatively affecting the reported numbers for 2013. Increased competition which consequently put premium rates under pressure. However the profit before tax was boosted by improved investment returns on equity investments. (b) Cresta Marakanelo (35% effective interest)

2. OVERVIEW
The Group achieved a Profit Before Tax (PBT) of USD 3,6million compared to USD 1,4million in the same period last year. This result was achieved despite a 11% depreciation of the Botswana Pula against the United States Dollar and after taking into account: Investment income of USD 2.3million, up from USD 0.8million last year arising mainly from fair value gains on equities both in Zimbabwe and outside Zimbabwe. An increase in claims in the life assurance business. Reduced profits at Cresta Zimbabwe as a result of the refurbishments underway at Cresta Lodge (Harare) and Cresta Sprayview (Victoria Falls). A USD 2,2million share of loss from the two fertilizer associates (Sable and ZFC).

JUN JUN 2013 2012 USD000 USD000 Hotel revenues 15,121 13,024 Profit after tax 1,214 684 Ratios Occupancy 66% 56% Average room rate (ARR) USD 101 USD 107 RevPar USD 66 USD 60 TA Holdings profit share USD000 425 239 The company recorded a 16% increase in revenues, despite an 11% depreciation of the Botswana Pula against the United States Dollar and increased competition in Gaborone. This performance was as a result of improved RevPARs in out of town hotels and an increase in number of available rooms following the opening of Cresta Mahalapye in February 2013 and Cresta Jwaneng in June 2013. 4.3 AGRO CHEMICALS (a) Sable Chemicals (51% effective interest) TA share of loss after tax Ammonia produced (te) Imported ammonia (te) AN produced (te) JUN JUN 2013 2012 USD000 USD000 (1,746) (1,924) 12,666 6,636 1,324 2,556 25,852 20,071

3. PERFORMANCE BY SECTOR
3.1 GEOGRAPHICAL SECTOR (excluding Zimnat Life insurance policyholder funds) ZIMBABWE OUTSIDE ZIMBABWE GROUP JUN JUN JUN JUN JUN JUN 2013 2012 2013 2012 2013 2012 USD000 USD000 USD000 USD000 USD$000 USD000 Operating profit Investment income Unrealised fair value adjustments Finance costs Share of associates (loss)/profits (Loss)/profit before tax 345 562 193 (315) (1,379) (594) 770 722 (1) (469) (1,974) (952) 2,229 413 1,155 - 369 4,166 2,040 501 (443) - 286 2,384 2,574 975 1,348 (315) (1,010) 3,572 2,810 1,223 (444) (469) (1,688) 1,432

3.2 BUSINESS SECTOR (excluding Zimnat Life insurance policyholder funds)

Insurance Hotels Agrochemicals Other investments Net corporate costs (Loss)/profit before tax

ZIMBABWE OUTSIDE ZIMBABWE GROUP JUN JUN JUN JUN JUN JUN 2013 2012 2013 2012 2013 2012 USD000 USD000 USD000 USD000 USD000 USD000 1,374 1,695 4,362 2,834 5,736 4,529 (147) 89 589 503 442 592 (1,825) (2,482) - - (1,825) (2,482) 365 283 - (624) 365 (341) (1,147) (866) (232) (415) 4,951 2,713 3,572 1,432 (b) Zimnat Life Shareholder funds (100% effective interest) JUN JUN 2013 2012 USD000 USD000 Gross written premium 3,710 2,735 Net earned premium 3,331 2,473 Underwriting profit 274 650 Profit before tax 473 814 Ratios Reinsurance ratio 10% 11% Claims ratio 53% 40% Expense ratio 28% 48% Combined ratio 75% 88%

Although the company recorded an improvement in both ammonia and ammonia nitrate production compared to the same period last year, production for the current period under review was negatively impacted by: The scheduled tri-annual maintenance shutdown during May 2013. There was no production during this period. Low ammonia importation as a result of liquidity constraints being faced by the company. (b) ZFC (22% effective interest) TA share of loss after tax Fertilizer sales (te) JUN JUN 2013 2012 USD000 USD000 (495) (482) 38,340 30,735

- -

3.3 INVESTMENT INCOME (excluding Zimnat Life insurance policyholder funds) JUN JUN 2013 2012 USD000 USD000 Investment income Rental income 157 387 Interest received 392 595 Dividends received 282 415 Realised profits/(losses) on disposal of investments 144 (174) 975 1,223 Unrealised fair value adjustments Investment properties - Financial assets 1,348 1,348 4. INDIVIDUAL COMPANY PERFORMANCE 4.1 INSURANCE (a) Zimnat Lion (100% effective interest) Gross written premium Net earned premium Underwriting profit Profit before tax Ratios Reinsurance ratio Claims ratio Expense ratio Combined ratio JUN JUN 2013 2012 USD000 USD000 9,901 8,634 3,769 2,727 727 799 958 821 49% 37% 36% 81% 59% 32% 41% 73% 30 (474) (444)

(e) Lion Assurance Company (LAC, Uganda) (54% effective interest) JUN JUN 2013 2012 USD000 USD000 Gross written premium 4,282 4,324 Net earned premium 2,069 2,202 Underwriting profit 351 154 Profit before tax 581 392 Ratios Reinsurance ratio 32% 38% Claims ratio 27% 35% Expense ratio 51% 57% Combined ratio 83% 92%

The company is still experiencing challenges in recovering debts from its customers incurred in the previous seasons. This has consequently put pressure on working capital and has resulted in a rise in both finance charges and debtors impairments. 4.4 OTHER INVESTMENTS AON - TA share of profit after tax PG Industries Total JUN JUN 2013 2012 USD000 USD000 365 - 365 283 (624) (341)

Gross written premiums increased by 15% compared to the same period last year and net written went up by 42%. However the increase in claims ratio to 37%, from 32% last year, resulted in the company recording a 9% decline in underwriting profits. Claims increases were mainly in the motor class of business.

The company had a 36% increase in gross written premiums compared to the same period last year largely as a The company achieved a 127% increase in underwriting result of an increase in employee benefits business. Howprofits as a result of better retentions and improved claims ever a large increase in the claims ratio in quarter two of ratio. the period under review led to the decline in underwriting profits by 57%. 4.2 HOTELS Zimnat Life - (Combined including insurance policyholder (a) Cresta Zimbabwe (100% effective interest) funds) JUN JUN JUN JUN 2013 2012 2013 2012 USD000 USD000 USD000 USD000 Hotel revenues 6,035 5,833 Gross written premium 6,838 5,563 (Loss)/profit before tax (147) 89 Net earned premium 6,444 5,300 Ratios Underwriting profit 2,085 2,168 Occupancy 53% 60% Profit before tax 4,801 1,824 Average Room Rate (ARR) USD 89 USD 79 RevPar USD 47 USD 47 Appropriated as follows: Shareholder 473 814 The company had a 3% increase in revenue due to imPolicyholder 4,328 1,010 proved RevPARs (Revenue Per Available Rooms). However These results include policyholder fund performance. An actuarial valuation of the policyholder funds as at 30 June 2013 showed that the fund had a surplus of USD 1,3 million. the results for the period under review were negatively impacted by: USD 126,000 initial operating costs incurred at Cresta Sprayview, Victoria Falls. This hotel was acquired in December 2012. The hotel was closed as it was under refurbishment during the period under review. Reduced number of rooms available as a result of the on-going refurbishment work at the Cresta Lodge in Harare.

AON managed to recover from a tough first quarter of the year when its trading licence was suspended. The companys trading licence was renewed by the Insurance and Pensions Commission (IPEC) in April 2013. 5. STATEMENT OF FINANCIAL POSITION The shareholders equity as at 30 June 2013 was USD 56million down from USD 57 million as at 31 December 2012. The decrease was largely due to the translation losses emanating from the 11% depreciation of the Botswana Pula against the United States Dollar. Property, plant and equipment increased to USD 28million as a result of capitalisation of refurbishment costs at Cresta Zimbabwe. 6. STATEMENT OF CASHFLOWS The net cash generated from operations remained constant at USD 6,4million compared to the same period last year. Net cash utilised in investing activities amounted to USD 4million. The funds were used to: purchase portfolio investments; and refurbish Cresta Lodge in Harare and Cresta Sprayview in Victoria Falls. 7. BORROWINGS The Group borrowings increased by 23% to USD 7,9million as at 30 June 2013 due to drawdowns made to finance the refurbishment of hotels at Cresta Zimbabwe.

DIRECTORS: S S MUTASA (NON-EXECUTIVE CHAIRMAN) - G SAINSBURY* (CE0) - J VEZEY - F DANIELS - R N GORDON - B P NYAJEKA* - Z RANDEREE (*Executive)

The Jupiter Drawing Room (Harare)

UNAUDITED STATEMENT TO SHAREHOLDERS FOR THE HALF YEAR ENDED 30 JUNE 2013
8. (A) (i) OUTLOOK Zimbabwe Insurance Despite the current liquidity challenges, underwriting profits for the full year at all Group Insurance businesses are expected to be ahead of prior year. There will continue to be a robust review of all cost structures to ensure that expense ratios reduce to regional norms. Growth in investment income will be linked to returns prevailing in the investment market in Zimbabwe as a whole. The Competition and Tariff Commission has recently approved the acquisition of Aon Zimbabwe by Masawara PLC, which will see the rebranding of the company to Minerva in early quarter 4. 9.2 ABRIDGED GROUP STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2013

(ii) Hotels The refurbishment of Cresta Lodge is expected to be complete towards the end of the financial year. This will continue to reduce available rooms for sale, which will consequently constrain revenues in the ensuing half year. Cresta Sprayview opened for business on the 31 July 2013. This unit should now begin to positively contribute to group revenues. (iii) Agro-Chemicals Sable Chemicals The company will continue to engage with Government and ZESA to secure a viable electricity tariff for continued operations. Negotiations of facilities to fund imported ammonia supply are at an advanced stage. These imports will augment local production thereby increasing production of nitrogen fertilisers and ensuring greater economies of scale. ZFC The company continues to streamline its operations to adapt to the current economic environment, and is forecasting to return to profitability by the end of the financial year.

JUN JUN 2013 2012 USD000 USD000 Profit for the period 2,763 995 Other comprehensive loss (3,084) (21) Exchange losses on translating foreign opperations (3,083) (73) Net (loss)/gain on available-for-sale financial assets (1) 82 Income tax relating to other comprehensive income - (30) Other comprehensive (loss)/income attributable to: Equity holders of the parent (2,030) 13 Non-controlling interest (1,053) (34) Other comprehensive loss for the year (3,084) (21) Total comprehensive (loss)/income for the year (321) 974 Equity holders of the parent (743) 153 Non-controlling interest 422 821 Total comprehensive (loss)/income attributable to: (321) 974 9.3 ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2013

JUN DEC 2013 2012 EQUITY AND LIABILITIES USD000 USD000 Assets (B) Outside Zimbabwe Property, plant and equipment 28,079 26,279 (i) Insurance Intangible assets 1,796 1,917 Premium rate pressure is expected to continue in Botswana, which will constrain growth in underwriting profits. Investments in associates 25,215 27,581 Further growth in investment income will be largely dependent on the performance of regional capital markets. Investment properties 14,683 14,302 Further growth in underwriting performance at LAC Uganda is expected in the second half of the financial year. Financial assets 36,017 30,612 Deferred income tax assets 783 3 (ii) Hotels Inventories 134 264 Room rate pressure is likely to persist in Gaborone. However strong performance by the rest of the groups hotel Reinsurance receivables 18,189 18,012 portfolio is expected to produce solid growth in profits at this company. Deferred acquisition expenses 2,965 3,262 Insurance receivables 13,116 11,263 9. ABRIDGED FINANCIAL STATEMENTS Accounts receivable 7,418 6,256 9.1 Abridged group income statement for the period ended 30 June 2013 Current income tax asset 547 617 Bank and cash 15,934 13,528 JUN JUN Total assets 164,875 153,897 2013 2012 REVENUE USD000 USD000 Equities and liabilities Net earned premium 21,852 22,430 Capital and reserves Investment income 1,898 1,153 Issued share capital 1,919 1,919 Fair value adjustments 2,942 (882) Non-distributable reserve 23,545 22,861 Hotel revenues 7,336 6,597 Other components of equity 25,255 27,286 Fees, commission and other income 4,920 5,326 Treasury shares (18) (18) Total revenues 38,948 34,624 Retained earnings 5,561 4,958 Equity attributable to shareholders of the parent 56,262 57,005 Expenses Non-controlling interests 12,540 12,298 Net claims (8,740) (9,294) Total equity 68,802 69,303 Change in investment contract liabilities (life fund) (4,320) (1,007) Hotel cost of sales (2,165) (2,152) Liabilities Expenses for acquisition of insurance contracts (4,740) (5,951) Borrowings 7,869 6,380 Operating and administrative expenses (14,087) (12,628) Deferred income tax liability 4,857 4,008 Total expenses (34,052) (31,032) Life assurance policyholder liabilities 24,867 21,300 General insurance liabilities 47,760 43,454 Profit before interest and tax 4,896 3,592 Deferred revenue 1,438 1,603 Accounts payable 9,281 7,848 Finance costs (314) (469) Total liabilities 96,073 84,593 Share of associated companies profits and losses (1,010) (1,689) Profit before tax 3,572 1,435 Total equity and liabilities 164,875 153,897 Taxation (809) (439) Profit for the period 2,763 995 9.4 ABRIDGED GROUP STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2013 Profit for the period attributable to: JUN JUN Equity holders of parent company 1,287 140 2013 2012 Non-controlling interests 1,476 855 USD000 USD000 2,763 995 Cash generated from operations 7,948 8,087 Basic earnings per share (US cents) 0.78 0.09 Net finance charge (314) (469) Diluted earnings per share (US cents) 0.67 0.07 Income tax paid (1,230) (1,177) Net cash flow from operating activities 6,404 6,442 Average number of ordinary shares 164,845,910 164,845,910 Net cash paid from investing activities (4,001) (215) Average number of preference shares 27,005,771 27,005,771 Net cash received from financing activities 994 950 Net increase in cash balances 3,396 7,177 Cash and cash equivalents at the beginning 13,528 11,281 Effects of foreign currency translation (990) (201) Cash and cash equivalents at end of period 15,934 18,257

DIRECTORS: S S MUTASA (NON-EXECUTIVE CHAIRMAN) - G SAINSBURY* (CE0) - J VEZEY - F DANIELS - R N GORDON - B P NYAJEKA* - Z RANDEREE (*Executive)

The Jupiter Drawing Room (Harare)

UNAUDITED STATEMENT TO SHAREHOLDERS FOR THE HALF YEAR ENDED 30 JUNE 2013

9.5 ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2013
Non- Available-for- Foreign currency Ordinary Non- Issued share distributable sale financial translation Revaluation Treasury Retained shareholders controlling Total capital reserve assets reserve surplus shares earnings equity interest equity USD000 USD000 USD000 USD000 USD000 USD000 USD000 USD000 USD000 USD000 Opening balance 1 January 2012 1,919 22,581 (28) (2,643) 28,579 (18) 3,735 51,198 11,447 62,645 Profit for the period - - - - - - 140 140 855 995 Other comprehensive income - - 43 (31) - - - 12 (34) (22) Total comprehensive income - - 43 (31) - - 140 152 821 973 Transfer of reserves - 610 - - - - (610) - - - Recycling of revaluation on disposal of property - (248) - - (184) - 432 - - - Dividends paid during the period - - - - - - - - (204) (204) Balance as at 30 June 2013 1,919 22,943 15 (2,674) 28,395 (18) 3,697 51,350 12,064 63,414 Opening balance 1 January 2013 1,919 22,861 17 (3,469) 30,738 (18) 4,958 57,005 12,298 69,303 Profit for the period - - - - - - 1,287 1,287 1,476 2,763 Other comprehensive income - - 8 (2,039) - - - (2,030) (1,053) (3,084) Total comprehensive income - - 8 (2,039) - - 1,287 (743) 422 (321) Transfer of reserves - 684 - - - - (684) - - - Dividends paid during the period - - - - - - - - (181) (181) Balance as at 30 June 2013 1,919 23,545 25 (5,508) 30,738 (18) 5,561 56,262 12,540 68,802

10. NOTES TO THE ABRIDGED FINANCIAL STATEMENTS 10.1 Basis of preparation The abridged financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and the International Financial Reporting Interpretations Committee (IFRIC) interpretations as issued by the International Accounting Standards Board (IASB). The principal accounting policies applied in the preparation of these abridged financial statements have been consistently applied to all the years presented, unless otherwise stated. The underlying financial statements to these results were approved by the TA Holdings Board on the 27th of August 2013. The abridged financial statements are presented in United States Dollars (USD), which is the Groups functional and presentation currency. The numbers have been rounded to the nearest USD 1,000. 10.2 Prior year restatement In order to comply with the requirements of IAS 27 Consolidated and Separate Financial Statements and IFRS 4 - Insurance Contracts, the Group has consolidated life assurance policyholder assets, liabilities, income and expenses on a line by line basis. Accordingly, the comparative financial information has been restated; however there is no effect on total assets, total liabilities and profit for the year. This change in accounting policy was adopted for the financial year ended 31 December 2012, previously life assurance policyholder total assets and total liabilities were shown as separate line items on the statement of financial position and income and expenses were netted off in the income statement. 10.3 Capital expenditure and commitments Contingent liabilities Depreciation Capital commitments Capital expenditure JUN JUN 2013 2012 USD000 USD000 50 50 467 643 3,000 6,353 2,759 1,615

11.2 Abridged group statement of financial position as at 30 june 2013 (excluding policyholder funds) JUN 2013 EQUITY AND LIABILITIES USD000 Assets Property, plant and equipment 24,079 Intangible assets 1,796 Investments in associates 25,215 Investment properties 9,743 Financial assets 16,868 Deferred tax assets 783 Inventories 134 Reinsurance receivables 18,189 Deferred acquisition expenses 2,965 Insurance receivables 13,116 Accounts receivable 7,146 Taxation 559 Bank and cash 15,601 Policyholder assets 28,693 Total assets 164,887 Equities and liabilities Capital and reserves Issued share capital 1,919 Non-distributable reserve 23,545 Other components of equity 25,255 Treasury shares (18) Retained earnings 5,561 Equity attributable to shareholders of the parent 56,262 Non-controlling interests 12,540 Total equity 68,802 Liabilities Borrowings 7,869 Deferred tax liability 4,857 Insurance contract liabilities 39,258 Deferred revenue 1,438 Insurance payables 4,771 Accounts payable 9,198 Taxation - Policyholder liabilities 28,693 Total liabilities 96,086 Total equity and liabilities 164,887 DEC 2012 USD000 22,279 1,917 27,581 9,362 15,713 3 264 18,012 3,262 11,263 5,489 701 13,509 24,626 153,980

1,919 22,861 27,286 (18) 4,958 57,005 12,298 69,303 6,380 4,008 38,275 1,603 1,575 7,848 84 24,904 84,677 153,981

11. SUPPLEMENTARY FINANCIAL INFORMATION (excluding policyholder funds) In order to give a clearer picture of the performance and assets of the Group, supplementary financial information has been provided which shows separately, assets and liabilities of life assurance policyholder funds and the performance of shareholder funds excluding the life assurance policyholder funds. 11.1 Abridged group income statement for the period ended 30 June 2013 (excluding policyholder funds) JUN JUN 2013 2012 REVENUE USD000 USD000 Net earned premium 18,739 19,603 Investment income 975 1,223 Fair value adjustments 1,348 (444) Hotel revenues 7,336 6,597 Fees, commission and other income 4,911 5,326 Total revenues 33,309 32,305

12. DIVIDEND No interim dividend was declared (2012-nil). Expenses Net claims (7,951) (8,448) Hotel cost of sales (2,165) (2,152) Expenses for acquisition of insurance contracts (4,738) (5,944) Operating and administrative expenses (13,567) (12,172) Total expenses (28,421) (28,716) By order of the Board TA Management Services Profit before interest and tax 4,888 3,589 Secretaries 27 August 2013 Finance costs (314) (469) Share of associated companies profits (1,010) (1,689) Profit before tax 3,564 1,431 Taxation (801) (436) Profit for the period 2,763 995 Profit for the period attributable to: Equity holders of parent company 1,287 140 Non-controlling interests 1,476 855 2,763 995

17th Floor Joina City Julius Nyerere Way Harare, Zimbabwe Tel: +263 4 777348-62 Fax: +263 4 777318 Email: admin@ta.co.zw

DIRECTORS: S S MUTASA (NON-EXECUTIVE CHAIRMAN) - G SAINSBURY* (CE0) - J VEZEY - F DANIELS - R N GORDON - B P NYAJEKA* - Z RANDEREE (*Executive)

The Jupiter Drawing Room (Harare)