Investor Presentation 20 June 2007

Organisational Structure
Board of Directors
Agriculture Director Tanganda Estates Corporate Commercial Director Finance Director Group Human Resources Manager Beverage Division General Manager

Coffee Estates New Year's Gift Chinyika Petrunella

Tea Estates Ratelshoek, Avontuur Jersey, Helvetia Zona

Packaging Plant Mutare

Marketing and Distribution Mutare, Harare Gweru Bulawayo

Tingamira EPZ Avontuur Helvetia Outgrowers

Operating Environment
Macro-economics Exchange rate lagging, notwithstanding late move Inflation of over 4000% and rising Interest rate volatility

Estates Dry winter/late start to rains Labour Beverage Cash strapped consumers Packaging material issues Complementary products Financial Working capital management

Highlights (Historical)

Beverage Division volumes up 34% revenue up 7,000% Tea production down 22% at 5005 tonnes (2006: 6377 tonnes) Turnover up 9 118% to $59 billion Export revenue up 11 567% to $42 billion Operating Profit up 14 300% to $72 billion Earnings per share up 15 746% to $515 (2006: $3.25) Cash negative $8 billion

Where the profit came from

Annual inflation 3714% Average inflation 2210%
Operating Costs up

Agriculture
Beverage Corporate

3000%
6300% 2500% 11 567% 5614% Total : 9118% Total : 4000%

Turnover up
Exports Local

Cost of Sales
Positive
Opening Stock Production Costs $ 412m

$14.1bn

Closing Stock

$27.8bn

COST OF SALES

($13.2bn)

Turnover in 2006 & 2007

October 2006
Bev.
Agric 36% Agric Bev. 64% 65% 35%

April 2007

Operating Profit in 2006 & 2007

October 2006
Bev.

April 2007

Agric
43%

30%

Bev.
57% Agric 70%

Working Capital Management

$ Billion Stocks Finished product April 2007 April 2006 Change Inc.%

Domestic
Export Stores

$ 11.521
$ 16.301 $ 10.696 $ 38.518

$
$ $

0.151
0.202 0.150

$ 11.370
$ 16.099 $ 10.546 $ 38.015

7 544%
7 965% 7 031% 7 560%

$ 0.503

Debtors
Domestic Export Other $ 12.614 $ 32.237 $ 5.124 $ $ $ 0.120 0.150 0.028 $ 12.494 $ 32.086 $ 5.096 10 459% 21 351% 17 949%

$ 49.975

0.298

$ 49.677

16 663%

Creditors

$ 8.229

$ 0.095

($ 8.135) $78.902

8 601%

Total increase in working capital

Operations Agricultural Division

Manage the plucking effort Maximise quality Mechanical Harvesters improvements Mechanisation

Costs

Operations Beverage Division

Margin maintenance
Packaging materials management

New Products Tinga Mira water

Cash collection

Costs

Black Tea Prices

160 140 120 100 80 60 40 20 0
No v-0 No v-0 Oc t-0 6 4 5

Tanganda Mombasa

Outlook
Short-term

Very early frost Additional investment in mechanical harvesters Investment in tractors, irrigation equipment, operational vehicles, generators Further development of out-growers New products in Beverage Division Hyper inflation Devaluation

Outlook
Medium-term

Trend production of 12,000 tonnes of tea Macadamias small crop 2008 Out-growers Expansion of own tea New products in Beverage iced tea Add value to our core product - tea

Thank you for coming!

Refreshments There are members of management present, so please feel free to ask them about progress to date.