Welcome to the Analysts Presentation of Results for the year ended 30 June 2010

Presentation Outline
1. Overview
2. Summarized Divisional Performance 3. Group Financials 4. Future Prospects

Overview
In H1, the Group continued to build on the gains made in Q4 of the previous year following liberalisation of the economy in February 2009. In H2, despite macro-economic activity slowing, along with various factors affecting operating margins, the Group continued to grow its business and profitability.

Overview

(cont)

In line with the Groups focus on its core business of pigs and processed pork products, the Groups breeding cattle herd was disposed of in H1. Using its own and borrowed funds at favourable interest rates and repayment terms, the Group
a) Took advantage of lower stockfeed prices in H1 b) Has embarked on upgrading some of its equipment and processing technologies in the Coventry Road factory

SUMMARIZED DIVISIONAL PERFOMANCE

Triple C Pigs
Weekly average supply of 1 100 pigs from Grasmere and Villa Franca under Triple C control. There was a 16% improvement in average slaughter weights during the year. Utilisation levels at the units is currently 100%.

Triple C Pigs (cont)

The protein ban resulted in delays in our genetics renewal during that period. This has had a negative effect on born alive numbers which will be resolved by Q2.

Slaughter & Processing

Total pig intake (which includes pigs from third party producers) increased by 1% over prior year. 15% increase in weight terms. With the exception of the protein import ban period, we can source adequate additional raw material regionally if and when required. Colcom also provides third party growers with a service slaughter facility.

Slaughter and Processing

(cont)

Plant utilisation increased from an overall 30% in prior year to: Slaughter 63% Deboning 64% Processing 68% This in particular led to greater throughput into the processing factory, which in turn meant improved profitability through greater absorption of fixed overheads.

Slaughter and Processing

(cont)

During the year an investment of $500 000 was made in IT Manufacturing Systems to improve on stock and yield control. Benefits of this will be felt in the new financial year.

Sales & Distribution

Year on year volumes increased by 72% (albeit from a low base). Price adjustments over the year were very minimal, driven by wage and utility increases. Colcom continued its aggressive focus on market share, with an associated ongoing emphasis on maintenance of quality and hygiene standards.

Sales & Distribution (cont) H2 09 Volumes H2 09 ASP H1 10 Volumes H1 10 ASP H2 10 Volumes H2 10 ASP 2,577t $3,26/kg 3,787t -47% increase $3,84/kg 3,406t 10% decrease $4,08/kg

Sales & Distribution (cont)

These stats show the traditional seasonal trading patterns with peaks happening during Heroes and Christmas holidays It also shows migration to higher value products albeit at lower volumes

Other Businesses
Beef (JV 50,5%)
At AMP Division, volumes increased by 222% over prior year. Contributed $317k to Groups pre-tax profit There was a slight increase in the proportion of processed products from 29% to 32% Focus this year will be increase value addition products

Other Businesses

(cont)

Beef (JV 50,5%) (cont)

The Meat Shop and Drink Slik was opened in Sam Levys Village, Borrowdale.

drink slik

Pies
Division renamed Colcom Convenience Foods Recorded overall volume growth of 158% Traditional Colcom pies volumes increased by 116% whilst ready-to-bake pies volumes were 532% Traditional pies reached 100% of its capacity in Q2 and new equipment was installed in Q3. Ready-to-bake pie line introduced in Q3 which has also increased capacity

Pies (cont)
Traditional Pies H2 09 Volumes H1 10 Volumes H2 10 Volumes Ready-to-bake Pies
H2 09 Volumes H1 10 Volumes H2 10 Volumes

669t 861t 29% increase 891t 3% increase

233,000 units 1,094,000 units 369% increase 1,982,000 units 81% increase

Colcom Canning (JV 50,1%)

Profitability at this Division remained marginal Although volumes achieved doubled compared to prior year these were mainly in baked beans with low margins. Volumes of other cans subdued due to competition from imports and cost of imported plate. Also, the ability of wholesalers to stock canned products in meaningful quantities is impeded by their own working capital constraints.

Grain Business
Blumo Trading a Joint Venture, set up to purchase maize and soya for the Group Purchased 15,300t maize and 2,700t soya during the year 70% of this was consumed in the Group but a portion was also sold to third parties

Danmeats
Factory remains mothballed Freezer facility used as storage for the Group

Properties New SBU

Formed to ensure profitable return from the Group properties Managed by a third party Pretax yield on properties of 9%

Freddy Hirsch (Associate)

Performed exceptionally well Natural casings volumes increased by 266% Ingredients volumes increased by 182% Contributed $300 000 pretax profit.

GROUP FINANCIALS

Prior Year Adjustment restated deferred tax on fixed assets and biological assets and the impact was adjusted for in NDR brought forward net adjustment of $2.5m between NDR and deferred tax provision Qualification of comparative Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows - due to prior year qualification.

Financial Highlights
Turnover: Pretax Return on turnover PBT EPS US Cents Dividend: Interim Final Total
Pretax Return on restated opening s/holders equity:

$42 million (up 112%)

14% $5,862,913 2,79 0,45 cents 0,80 cents 1,25 cents

35%

Group Income Statement

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2010 30 June 2010 Audited USD CONTINUING OPERATIONS Turnover Operating profit before depreciation and amortisation Depreciation and amortisation Fair value adjustments Monetary adjustment Operating profit before interest and tax Net interest Equity accounted earnings Profit before tax Taxation Profit for the year from continuing operations Loss after tax for the year from discontinued operations Profit for the year Basic earnings per share (cents) 41,882,636 6,263,310 (938,811) 222,234 5,546,733 16,052 300,128 5,862,913 (1,133,251) 4,729,662 4,729,662 2.79

30 June 2009 Audited USD

15,627,117

(832,504) (681,750) 768,263 2,416,572

1,670,581 (1,910) 46,007

1,714,678 799,276

2,513,954 (1,705,436) 808,518 0.59

Sectoral Contribution
Turnover

% Contrib

PBT

% Contrib

Pre-tax

Margin

Pork business Beef - AMP Grain

Properties Total

32,502,417 4,344,264 5,035,955

41,882,636

78% 10% 12%

0% 100%

4,878,070 317,869 200,223

466,751 5,862,913

83% 5% 3%
9% 100%

15% 7% 4%
100% 14%

Comments Income Statement

Turnover increase of 112% was mainly due to volume growth price adjustments were minimal Overheads staff and other overheads consumed 33% of turnover Fair Value Gains of $222,234 arose from improvements in slaughter weights from 70kg to 81kg Net interest received of $16,052 arose from investment of excess cash on the local market Net margin of 14% was achieved

Comments Income Statement (cont)

Effective tax rate achieved was 19.3% - benefit from fixed standard values on livestock and tax rate reduction from 30,9% to 25,75% (on deferred tax) Dividend: Interim paid 0,45c Final 0,80c Total 1,25c Slight deviation from 3 times policy in order to return to shareholders part of their previous investment in breeding herd.

Abridged Balance Sheet

AUDITED 2010 ASSETS Non-current assets Current assets Total Assets EQUITY AND LIABILITIES Shareholders equity Deferred taxation Long term borrowings Current liabilities Total Equity & Liabilities Current Assets Include: Cash resources Current liabilities include: Short term borrowings 1,216,562 602,525 4,762,552 1,292,452 20,554,036 2,869,787 1,124,840 5,382,553 29,931,216 16,525,608 3,040,957 5,486,065 25,052,630 USD 13,709,773 16,221,443 29,931,216 AUDITED 2009 USD 12,631,150 12,421,480 25,052,630

Abridged Cash Flow

AUDITED 2010 AUDITED 2009

Net cash flow from operating activities

Net cash used in investing activities Net cash from financing activities Net increase in cash and cash equivalents cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

3,063,436
(630,979) 1,037,643 3,470,100 1,292,452 4,762,552

88,267
(65,037) 569,523 592,753 699,699 1,292,452

Balance Sheet / Cashflow Comments

Capex for the year amounted to $1,7m, of which $600 000 was maintenance capex and $1,1m being expansion. Expansion projects include new pie equipment, Borrowdale Meat Shop and Manufacturing IT system among others. These projects will begin to contribute to profitability in the new financial year. Biological assets consist of the pig herd at Triple C and a small herd of cattle. These form the core of the Groups businesses.

Balance Sheet/Cashflow Comments

(cont)

Debtors book of $4,1m is net of doubtful debts provision $460 000. Borrowings of $2,3m comprise of $1,5m long term loan received just before year end. Loan tenor 4 years and interest rate of 11%. Loan earmarked for improvements to the Coventry Road factory. Balance was short term loan at 6% which has since been paid off. Net cash inflow from operating activities amounted to $3m this represents 65% of PAT indicating that the profits made are bankable.

Summary of Forecast vs Actual

Forecast Turnover Pretax Return Cash/Credit ratio 39 million 12% 60/40 Actual Achieved 42 million 14% 38/62

Capacity utilization
New Products

75 80%
Additional 12

Average of 70%
Additional 9

FUTURE PROSPECTS

Although macro economic activity has slowed, Management is confident of the Groups ability to maintain its growth momentum. This will be achieved by:
Continuing focus on operational efficiencies The use of new technology to streamline production and cut costs particularly with the Groups newly installed IT systems Use of the Groups dominance in processed food manufacturing and distribution to increase the range of quality and margin of products and services

Future Prospects (cont)

Forecasting a minimum of 15% increase in pre-tax profit in 2011 Two months ending August 2010 indicate that we are on track to achieve this Capex for next year is budgeted at $2.2m mainly to re-equip the ageing equipment in the factory Several strategic initiatives in the pipeline

Thank you for joining us today