000hls 1800 1600 1400 1200 1000 800 600 400 200 0 F09 932

Accelerating Volume Growth

1670 1318 1142
22.5% 15% 27%

Highlight Strongest First Quarter Volumes Since Dollarization

F10

F11

F12

QUARTERLY TOTAL BEVERAGE VOLUME TRENDS F09-F12

000hls 1800 1600 1400 1200 1000 800 600 400
511 380
Dollarization

Twin Peaks Phenomenon Emerging 1623

1670
1383

F12 Qtr 1 Growth Stats

Elections 1264 1142 932 696

1387 1239

1459 1318

+20,6% to last Qtr to March

+27% to Pr. Yr

200
0 F09 QTR1 F10 QTR2 F11 QTR3 QTR4 F12
+2,8% to Qtr 3 F11

% Growth in Qtr 1

Lager Beer

Sorghum Beer

Sparkling Beverages

Maheu

Plastic Packaging

Vs. Pr. Yr.

28%

17%

45%

182%

30%

Vs. Budget

16%

11%

6%

22%

17%

Comments: Volumes Performance running ahead of Expectations across the board. Strong broad underlying demand Strong Sorghum Beer Turnaround Capacity Constraints held back Sparkling Volumes

REVENUE GROWTH QTR 1 F12

$M

160 140 120 100 80 60 40 20 0 QTR 1 F11 101 42%

144

APRIL

$50M +36%

MAY
JUNE

$47M +44%
$47M +43%

QTR 1 F12

EBIT $17,7 M 44% vs. Prior Year 26% vs. Budget

EBIT MARGIN 17,14% vs.

16,74% - same qtr last year

EBITDA $22,7 M 45% vs. Prior Year 26% vs. Budget EARNINGS PER SHARE UP 47% VS. Prior Year

ACTUAL Volumes (hls) Lager Beer Sorghum Beer Soft Drinks Maheu Total Beverages Sales EBIT EBIT Margin Attributable Earnings EBITDA

GROWTH ON PR. YR +28% +17% +45% +182% +27% +42% +44% 16,74% +45% +45%

460 000 852 000 333 000 25 000 1 670 000 $144m $17,7m 17,14% $12,8m $22,7m

1. Afdis is in close period so I will not comment save to say that they are in recovery mode. 2. Schweppes Zimbabwe Limited volumes for the 6 months to June are 18% ahead of prior year. Volumes were constrained by juice shortages.

1. Recapitalization Installation of new 42 000 bottles per hour Sparkling Beverages line (US$13m) at Graniteside Plant. Expected to commence production next month just ahead of Heroes Holidays. New $4m Maheu plant under construction at Aspindale. Expected to be in full production by end of September. New Beer Packaging Line Planned for Southerton Plant by July/August 2012 - ahead of Summer peak demand.

2.

New Product Launches Launch of the new packaging for clear beer in 3 weeks time .

3. Supply Chain Update Strong drive underway to localize suppliers. Collaborating with suppliers to achieve this provided import parity benchmarks are met with regard to Price Quality and Reliability of supply. This revives local industry and pre-empts future supply bottlenecks. Barley supplies are secure contracted for over 5 000 hectares this season. Utilities a big issue but we are investing to achieve dedicated Zesa supplies at key production facilities.

Despite the unusually cold weather volumes were strong except for Soft Drinks which are the most sensitive to the cold spell
Beverage Category Growth on Prior Year

Lager Beer
Sorghum Beer Sparkling Beverages Maheu Total Beverages

+35%
+13% +37% +273% +23%

1. Volumes Volume Growth to be sustained and to be ahead of budget.

2. Earnings Growth Projection This will be well ahead of the 16% growth we factored into budget.

3. Dividend We plan to pay an interim dividend at half year

THANK YOU