TSL Limited Group Abridged Audited Results

For the year ended 31 October 2013

OPERATING PROFIT
43% to $7.1M before fair value adjustment.

REVENUE
27% to $40,6 M

TRADE AND OTHER RECEIVABLES

186% on account of tobacco grower scheme.

EARNINGS PER SHARE (Cents)

21% from 1.47 to 1.78

GEARING
Increased to 21% of shareholders funds

HEADLINE EARNINGS PER SHARE (Cents)

UP 41% from 1.10 to 1.55

The Directors of TSL Limited are pleased to announce the Group's abridged audited results for the year ended 31 October 2013.
GROUP CONDENSED STATEMENT OF COMPREHENSIVE INCOME Restated Full Year Ended Full Year Ended 31 October 2013 31 October 2012 Audited Audited US$ US$ Revenue Profit from operations Fair value adjustment of investment property Share of profits of associated company Impairment of investment in joint venture Share of profits of Joint venture company Finance costs Profit before tax Income tax charge Profit for the period Other comprehensive income Deferred tax adjustment Revaluation of property Deferred tax on revaluation of property Share of joint venture comprehensive income Total other comprehensive income net of tax Total comprehensive income Attributable to: Equity holders of the parent Non-controlling interest 40,565,715 7,094,756 3,343,786 778,164 (2,517,886) 817,886 (277,375) 9,239,331 (2,436,725) 6,802,606 31,957,857 4,975,570 547,453 801,222 282,866 (138,405) 6,468,706 (948,480) 5,520,226 Current Liabilities Interest bearing loans and borrowings Bank overdraft and acceptances Provisions Trade and other payables Taxation Total Equity and Liabilities Current ratio SUPPLEMENTARY INFORMATION Capital commitments-authorised but not contracted for Depreciation, amortisation and impairment on property, plant and equipment and Intangible assets GROUP CONDENSED STATEMENT OF CASH FLOWS CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations Net movements in working capital Operating cash flow Dividend received Dividends paid Net interest paid Income tax paid Net cash (used in)/generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment Proceeds on disposal of property, plant and equipment Increase in short term investments Net cash used in investing activities CASH EFFECTS OF FINANCING ACTIVITIES Proceeds from issue of share capital Increase in short term loans and liabilities Increase in long term loans Net cash generated from financing activities Net (decrease)/ increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 9,486,140 (12,803,580) (3,317,440) 516,000 (2,386,663) (277,375) (1,630,814) (7,096,292) (8,409,621) 366,619 (485,039) (8,528,041) 5,120,511 (3,144,551) 1,975,960 577,500 (138,405) (1,574,970) 840,085 (2,642,630) 914,729 (1,727,901) Restated As at As at 31 October 2013 31 October 2013 Audited Audited US$ US$ Non-current liabilities Interest bearing loans and borrowings Deferred tax 1,217,018 7,729,750 8,946,768 10,506,570 3,980,786 1,009,596 8,054,757 459,850 24,011,559 99,254,425 1.2 6,298,352 6,298,352 1,449,619 865,863 5,179,295 157,986 7,652,763 73,203,560 2.0

3,555,182 (927,351) 2,627,831 9,430,437

(1,189,513) 407,473 (104,924) (287,748) (1,174,712) 4,345,514

7,881,559 1,823,687

3,307,764 1,621,580

8,801,272 629,165 9,430,437 347,596,849 1.78 1.55

3,924,862 420,652 4,345,514 347,596,849 1.47 1.10

Number of shares in issue Earnings per share (cents) Headline earnings per share (cents) Taxation for the year comprises: Income tax expense Withholding tax expense Capital gains tax expense Deferred tax relating to origination and reversal of temporary differences Income tax expense as per income statement

1,918,819 8,669 5,190 504,047 2,436,725

1,615,037 25,380 7,951 (699,888) 948,480

GROUP CONDENSED STATEMENT OF FINANCIAL POSITION Restated As at As at 31 October 2013 31 October 2012 Audited Audited US$ US$ 29,296,168 31,508,248 6,427,424 1,614,116 462,355 790,165 70,098,476 21,721,315 26,473,413 8,127,424 1,010,409 462,355 57,794,916

9,056,958 1,217,018 10,273,976 (5,350,357) 3,274,025 (2,076,332)

62,600 892,627 955,227 67,411 3,206,614 3,274,025

ASSETS Non-current assets Property, plant and equipment Investment property Investments in joint venture company Investments in associate companies Deferred tax asset Intangible asset

GROUP CONDENSED SEGMENT RESULTS

Logistics operations 13,961,490 975,497 1,473,862 Agro Inputs 7,549,299 176,799 (196,943) Tobacco operations 11,542,634 217,978 3,993,083 Properties 4,498,859 342,889 5,387,852 Services Total 3,013,433 40,565,715 110,525 1,823,688 (219,312) 10,438,542 778,164 778,164 817,886 817,886 13,934,001 89,960,365 (5,711,948) 8,525,233

Revenue-external customers Depreciation and amortisation Segment profit/ (loss) Share of profit of associates Share of profit of Joint Venture Operating assets Operating liabilities

9,890,723 3,355,938

7,628,553 7,065,806

7,761,859 461,083

50,745,229 3,354,354

Current assets Inventories Amounts due from Associate company (TSL Classic) Trade and other receivables Cash and bank balances

7,608,445 12,796,953 6,846,097 1,904,454 29,155,949 99,254,425

4,915,332 6,856,340 3,274,025 15,045,697 362,947 73,203,560

GROUP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2013
Total attributable to equity holders of parent

Issued share capital and premium

Nondistributable reserves

Retained earnings

Noncontrolling interest

Total Equity

Assets held for sale Total assets EQUITY AND LIABILITIES Equity Issued share capital and premium Non-distributable reserves Retained earnings Attributable to equity holders of parent Non-controlling interest Total equity

3,558,036 41,556,034 16,288,162 61,402,232 4,893,866 66,296,098

3,558,036 39,820,532 11,191,628 54,570,196 4,682,249 59,252,445

Balance at 31 October 2011 Profit for the period Transfer from asset revaluation reserves (note b) Other comprehensive income Total comprehensive income Share based payment transactions Balance at 31 October 2012 Net Profit for the period Transfer from asset revaluation reserves (note c) Other comprehensive income Dividends Balance at 31 October 2013

3,495,436 41,302,304 -

5,784,994 50,582,734 5,099,574 5,099,574

4,261,597 54,844,331 420,652 5,520,226 - (1,174,712) 420,652 4,345,514 62,600 4,682,249 59,252,445 629,165 6,802,605

(307,060) 307,060 - (1,174,712) - (1,174,712) - (1,481,772) 5,406,634 3,924,862 62,600 62,600 3,558,036 39,820,532 11,191,628 54,570,196 6,173,440 6,173,440

(892,329) 892,329 2,627,831 2,627,831 - (1,969,235) (1,969,235) 3,558,036 41,556,034 16,288,162 61,402,232

2,627,831 (417,548) (2,386,783) 4,893,866 66,296,098

NOTES TO THE FINANCIAL STATEMENTS FOR THE FULL YEAR ENDED 31 OCTOBER 2013
1. Basis of preparation The consolidated condensed financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), the requirements of the Companies Act (Chapter 24.03) and the Zimbabwe Stock Exchange. 2. Presentation and functional currency The Group's presentation and functional currency is the United States Dollar (US$). 3. Accounting policies The accounting policies are consistent with those used in preparing the 31 October 2012 financial statements. 4. Audit statement These financial statements for the year ended 31 October 2013 were audited by Ernst & Young Chartered Accountants (Zimbabwe). An unmodified audit opinion was issued on the financial statements. PERFORMANCE OVERVIEW The economy is estimated to have grown by 3.4% in 2013 as measured by the country's GDP , which is below the 5% forecast for the year. Despite a decline in overall agricultural production of 1.3% during the year, tobacco output grew by 15% from 144.5 million to 166.5 million kilograms. This development has had a positive impact on our tobacco related businesses. Group performance has continued to be strong with revenue growth of 27%. Profit from operations was 43% up on the previous year as the impact of new initiatives and the sustainable operating cost base yield results. The Group's cash position closed the year below the previous year's, reflecting the increase in working capital requirements. SECTOR PERFORMANCE LOGISTICS OPERATIONS Bak Logistics (Private) Limited Bak logistics recorded a flat revenue performance compared to the previous year while the profit level declined. This was mainly a result of the services price restructuring exercise undertaken in the first half of 2013 which has now been completed. A strong recovery was achieved in the second half of the year as focus was shifted to improving efficiencies on delivery and competitive pricing. As a result, revenues and profits for the second half were up 9% and 75% respectively compared to the first half of the year. This momentum is expected to continue in 2014 and beyond. Car Rental Services (Private) Limited (Avis) The operating environment in this sector has been depressed, characterized by a decline in demand for car rentals and an increase in the activities of unregulated players. Avis continues to be profitable despite the drop in revenues. The Company's fleet expansion/replacement program will continue to be implemented in line with market developments as the Group positions this business for the future. TOBACCO OPERATIONS Tobacco Sales Floor Limited The Company has retained its position as the leading auction floor in the country as measured by the volumes of tobacco handled. Revenues were up 38%, boosted by the increased national crop size, whilst market share of auction tobacco went up to 40% from 34% in the previous year. Solid growth in both volumes and profitability are projected in 2014. Propak Hessian (Private) Limited The Company recorded another good performance with revenue increasing by 24% on the back of a bigger national crop and the signing on of new corporate clients as the business continues to regain lost market share. Management continues to focus on improving product availability, service delivery and securing new corporate clients. TSL Classic Leaf (Private) Limited The results of the tobacco grower scheme in its maiden year were pleasing. The business recorded a modest profit and recovered 96% of the inputs to farmers. The targeted production of 2.5 million kilograms was achieved and an additional 1.6 million kilograms was purchased on the auction floor, giving the joint venture a volume of 4.1 million kilograms that was processed for export. We expect that the sustainable operating base created should see this business become a significant contributor to the Group. AGRO INPUTS Agricura (Private) Limited Revenue at Agricura increased by 27% on the back of the signing on of new customers and the securing of new registrations. A satisfactory operating profit was recorded for the year, following the reorganization and streamlining of cost structures. Directors: C Nyereyegona ( Chairman), A S Mandiwanza (Deputy Chairman), W Matsaira* (Chief Executive Officer), K Naik, P Shah, P Mujaya*, B Ndebele, N Chiromo, H Rudland, R Costa.
* Executive Directors

TSL Trading This is a new agro retail business which began operating in August 2013. Given the increasing importance of local trade, we expect this unit to become an important contributor to the Group in the coming year and beyond. REAL ESTATE TSL Properties Limited The Company has continued to efficiently and aggressively utilize all available space to maximize returns. Third party tenancy is now at 25% and is targeted to increase to 50% in 2014 as the Group begins to sign up non-group property management contracts. Significant repairs and maintenance works undertaken during the financial year have seen the property portfolio increase in value with a fair value gain of $ 3.3 million being recorded on investment properties. ASSOCIATED COMPANIES Cut Rag Processors (Private) Limited The relocation of the Company's cigarette manufacturing department disrupted production. The effects of this were felt in the first half of the year and the Company's contribution to Group profits was resultantly below the previous year. Hunyani Holdings Limited Volumes and revenue were up 9% and 5% respectively compared to the previous year. Share of profits from Hunyani was in line with expectations. Chemco Holdings Limited After a slow start, the delisting of Chemco Holdings Limited has now started and is expected to be completed by April 2014. Premier Forklift In the fourth quarter of 2013, the Group acquired the operating assets of Guftainer (Private) Limited trading as Premier Forklift to operate as a division of Bak Logistics. The unit's results were included in the Group's trading performance from the month of October 2013. DIRECTORATE Messrs Raphael Costa and Hamish Rudland were appointed to the board on 1 September 2013. OUTLOOK The tobacco industry is projecting a larger national crop of 190m kilograms for the current season, up 14 % on the previous year. This outcome will positively impact both our tobaccorelated and logistics businesses. The acquisition of Premier Forklift should improve the quality and range of handling services offered to clients and introduce new revenue streams. The expansion of our real estate capacity continues, with 9 000 square metres of new warehousing units to be commissioned during the first half of 2014. After a very satisfactory result in its first full year of operation, TSL Classic Leaf is projecting a contracted tobacco crop of 4 million kilograms, up 60% on 2013. This will be complimented by an additional 1 million kilograms to be purchased on the auction floors to give a green leaf volume of 5 million kilograms which will be processed for export. The hessian and auctioning companies continue with discussions to gain new contract clients particularly in the corporate sector. The trading business (TSL Trading), which commenced business in 2013, should begin to register meaningful growth in 2014. The Group will continue to look for opportunities to acquire businesses that enhance the defined core business while ensuring that the momentum on organic growth is maintained. DIVIDEND At their meeting held on 27 January 2014, the directors declared a final dividend of 0.3 cents per share, to bring the total dividend for the year ended 31 October 2013 to 0.5 cents per share. The dividend will be paid on or about the 14th of March 2014 and the Company's share register will be closed for the period 17th to 21st February 2014.

27 January 2014 By order of the Board Tobacco Sales Administration Services (Private) Limited Secretaries