Unaudited Interim Financial Report

For the six months ended 31 March 2013 (Republished)

Pro t Before Tax Basic Earnings Per Share Revenue Occupancy REVPAR ADR EBITDA Gearing

+2%
$26.60m

-5%
47%

-4%
$44

+6%
$93

+65%
$3.59m
7 Half Year Ended 31 March 2013 Unaudited 2,780,663 828,738 1,993,587 5,602,988 (2,076,868) 3,526,120 (2,388,563) 13,100 (2,375,463) 1,800,000 3,513,074 (1,247 ,262) (4,772,863) (707,051) 443,606 1,462,942 (33,514) 1,873,034 Half Year Ended 31 March 2012 Restated 2,336,220 1,023,252 (1,847 ,149) 1,512,323 (861,623) (71,957) 578,743 (3,502,185) 13,400 (229,792) (3,718,577) 3,422,406 8,798,558 (8,164,598) 4,056,366 916,532 4,657 ,480 (16,363) 5,557,649

-18%
$1.23m
SEGMENT ANALYSIS All figures in US$ Revenue Zimbabwe Nigeria
Earnings before interest, tax, depreciation and amortisation

-9%
0.11cents
Half Year Ended 31 March 2013 Unaudited 26,443,465 159,186 26,602,651 3,477 ,444 58,118 (6,887) 59,767 3,588,442 1,125,612 56,466 (6,887) 58,880 1,234,071 58,652,298 1,761,862 395,560 553,661 61,363,381 34,333,751 2,065,600 394,640 36,793,991 Half Year Ended 31 March 2012 Unaudited 26,059,327 133,528 26,192,855 2,196,317 (63,484) 36,316 2,169,149 (174,741) (63,484) 1,715,677 19,225 1,496,677 51,356,296 1,400,931 891,288 53,648,515 29,337 ,813 3,405,145 179,411 32,922,369

+3%
40%

Message to Shareholders
REPUBLICATION OF THE 6 MONTHS ENDED 31 MARCH 2013 INTERIM FINANCIAL REPORT
Attention is brought to all the shareholders, that this report is a republication of the six months ended 31 March 2013 previously published on 26 June 2013. The republication has been necessitated following a review of the initial publication by the Zimbabwe Stock Exchange (ZSE) Review Committee who has requested that further details relating to prior period errors be included and in addition certain disclosures be expanded as part of the ongoing transitions for listed entities to enhance financial reporting publication. More details have been provided in the body of this message, as well as in note 2 of the interim financial statements. OVERVIEW The performance for the period was pleasing, as results demonstrated a consistent growth in key performance indicators. EBITDA grew by 65% to $3.59 million from $2.17 million achieved in same period last year. This was largely underpinned by an improvement in Average Daily Rate (ADR) and cost efficiencies realised in the period under review. Consequently, cash generation from operations improved to $3.53 million up from $0.58 million achieved in the prior period. The growth in performance was however diluted by a high increase in financial charges in this period, resulting in a net profit of $1.23 million down from $1.50 million realised in the prior period. The first phase of the refurbishment program has started to yield positive results, with the ADR for the refurbished hotels increasing by an average of 11%. The refurbished Holiday Inn Bulawayo was commissioned to the market during the period under review. Crowne Plaza Monomotapa and Holiday Inn Harare are expected to be complete by end of July 2013. Refurbishment of the Groups three Victoria Falls properties has started and will be substantially complete in time for the UNWTO conference scheduled for August 2013. BUSINESS ENVIRONMENT World travel is expected to continue growing in 2013 averaging 3-4%. Growth will predominantly be driven by Asian Pacific and African markets. However, inbound travel from our major source markets has been strong compared to last year with foreign arrivals surging by 13.75%, dominated by the Americas who registered the highest increase of 42%. Domestic travel was constricted due to the adverse liquidity situation that has persisted in the economy and reduced room availability due to our on-going refurbishment program. Resultantly, domestic room nights into our hotels declined by 12.2% compared to the prior period. The reduction resulted in an almost flat growth in revenues from same period, prior year. FINANCIAL REVIEW Revenue grew by 2% to $26.6 million in comparison to same period last year. The marginal growth was attributable to a 6% growth in ADR, at the back of a reduction in total room nights by 6% from same period last year. The drop in occupancy resulted in a 5% slump in RevPAR to $44 from $46 achieved same period last year. However, business is expected to rebound from the domestic market as we enter our peak period. The recovery of room capacity is imminent, as we are nearing completion of our refurbishment program for Crowne Plaza Monomotapa and Holiday Inn Harare. Cost of sales and Administrative expenses were down 5% and 3% respectively, driving a 65% growth in EBITDA to $3.59 million (13% margin) from $2.17 million (8% margin) achieved same period last year. Interest expense increased by 84% from same period last year to close at $1.55 million following an increase in short-term loans and the average cost of borrowing. The Group posted a profit before tax of $1.23 million from a profit of $1.50 million in the prior period. Excluding prior year other income and other expenses which were non-recurring, profit before tax grew by 303% from $0.3 million to $1.23 million. Net debt closed at $16.13 million, a 4% increase as a result of capital expenditure on refurbishment. As a result, gearing slightly increased to 40% from 39% reported in September 2012. SIGNIFICANT ACCOUNTING MATTERS Prior period errors The company adjusted for two errors during the six months ended 31 March 2013. The first error pertains to items of Freehold Properties (staff houses) and Leasehold Properties (time shares cottages) which were omitted from the valuation performed in 2009 upon dollarisation. The restated amount of these assets is $6,711,452 split as $4,654,309 for Freehold Properties and $2,057 ,143 for Leasehold properties. A revaluation of the assets was carried out on 28 February and 15 April 2013, and results have been restated back to 2011 as it was impractical to restate to 2009 (see further discussion in the notes to the interim financial report). The second error relates to the incorrect accounting for equity accounted earnings from associate (Dawn Properties Limited). Up to 30 September 2012, the Group would eliminate a portion of rentals paid to Dawn Properties proportionately to its shareholding from the associates profit after tax. This method is a departure from IAS 28, Investment in Associates , and would have resulted in a perpetual loss to the Group as Dawns Revenue is predominantly rentals from African Sun. This error has been corrected retrospectively to 2009 as it was practical to do so. The correction of the error resulted in an aggregate increase in assets (investment in associate) of $1,416,161 (see note 3 of the interim financial report) OUTLOOK The various initiatives reported on previously, which are targeted at reducing both the cost and level of debt have advanced significantly, with a conclusion expected before close of the financial year in September 2013. The UNWTO conference, in August 2013, will provide the tourism sector with a unique marketing platform, which will enhance the visibility of the destination going forward. The resurgence of our national airline is also expected to increase volumes into our Bulawayo and Victoria Falls hotels, through domestic conference based business. The Group is expecting to achieve a full year EBITDA margin of at least 12% and revenue growth of at approximately 8% in the financial year 2013. DIRECTORATE There were no changes to the Directorate during the period under review. DIVIDEND DECLARATION In view of the need to conserve cash for the operations and the on-going refurbishment, the Board has resolved not to declare an interim dividend for the six months ended 31 March 2013. APPRECIATION I would like to commend management, staff and my fellow directors for their continued commitment throughout the period. We look forward to an improved performance in the second half, riding on the cost reduction initiatives implemented and our successful refurbishment. B L Nkomo Chairman

Group Statement of Cashflows

All figures in US$ Cash flows from operating activities Profit before interest and tax Depreciation and other non cash items Changes in working capital Cash generated from operations Finance costs paid Income tax paid Net cash generated from operating activities Cash flows from investing activities Additions to property, equipment and motor vehicles Disposals of property, equipment and motor vehicles Increase in loans and other investments Net cash used in investing activities Cash flows from financing activities Proceeds from long-term borrowings Proceeds from short-term borrowings Repayment of long-term borrowings Repayment of short-term borrowings Cash (used) / generated from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the period Exchange loss on cash and cash equivalents Cash and cash equivalents at end of the period Note

11

Zimbabwe South Africa Ghana Nigeria

12 12 12

Profit before tax Zimbabwe South Africa Ghana Nigeria Total Assets Zimbabwe South Africa Ghana Nigeria Total liabilities Zimbabwe South Africa Nigeria

13

Group Statement of Changes in Shareholders Equity

Foreign NonShare All figures in US$ Balance at 30 September 2011 Correction of prior period errors (note 2) Restated balances at 30 September 2011 Comprehensive income Profit for the year (restated) Other comprehensive income Currency translation differences Share of associate's other comprehensive income Transactions with owners Treasury shares adjustment Balance at 30 September 2012 Comprehensive income Profit for the year Other comprehensive income / (loss) Currency translation differences Balance at 31 March 2013 8,239,409 24,056,421 6,520,784 (328,493) (1,275,075) 430,871 (13,403,020) (328,493) 24,569,390 914,432 914,432 8,239,409 355,256 24,056,421 6,520,784 (946,582) 430,871 (719,933) (14,317,452) (364,677) 23,983,451 669,986 24,063 669,986 24,063 2,987 ,015 2,987,015 8,239,409 23,701,165 capital 8,239,409 Share distributable premium 23,701,165 reserve 1,327 ,001 5,193,783 6,520,784 (1,616,568) 406,808 currency translation reserve (1,616,568) reserve 406,808 losses (16,909,494) 324,960 (16,584,534) Total Revaluation Accumulated shareholders' equity 15,148,321 5,518,743 20,667,064

The profit before tax from Ghana in 2012 includes a once off payment received of US$1,636,943 million in lieu of the Ghana management contract exit (see 2012 annual report). Included in the Zimbabwe segment assets is an investment in associate (Dawn Properties Limited) of US$19,082,327 (2012: US$12,772,447). There are no differences from the last annual financial statements in the basis of segmentation or in the basis of measurement of segment profit or loss. 8 EQUITY ACCOUNTED EARNINGS Equity accounted earnings are based on estimated results of the Group's associate, Dawn Properties Limited (Dawn). Final full year Dawn results will be released and published at the same time as the Group's half year report. The share of associate's full year results will be corrected or amended in the Group's full year results for the year ended 30 September 2013, if need be. 9 TAXATION EXPENSE Current Withholding Tax Deferred income tax Charge for the period 10 BASIC AND HEADLINE EARNINGS PER SHARES Profit attributable to owners of the company Headline earnings Number of shares in issue Weighted average number of shares in issue Basic earnings per share: cents Headline earnings per share: cents 914,432 914,432 823,940,874 823,940,874 0.11 0.11 1,001,109 1,001,109 823,940,874 823,940,874 0.12 0.12 (319,639) (319,639) (71,957) (459,469) (531,426)

As at 31 March 2013, there were no conditions outstanding which may lead to dilution of the current issued shares. Consequently, the diluted earnings per share and the diluted headline earnings per share is the same as the basic earnings per share and headline earnings per share respectively. 11 FINANCE COSTS PAID For the purposes of the statement of cashflows, finance costs paid were computed as follows; Finance costs per income statement Accrued finance costs from prior year paid Finance costs paid and capitalised Finance costs paid as per statement of cashflows 12 INVESTING ACTIVITIES Assets additions and disposals Additions Normal replacements Refurbishment Disposals Cost, reconciled as; -accumulated depreciation -cash received -loss on disposal charged to the income statement 1,546,673 167 ,670 362,525 2,076,868 839,543 22,080 861,623

Group Supplementary Information

1 BASIS OF PREPARATION The interim financial report for the six months ended 31 March 2013 has been prepared in accordance with IAS 34 "Interim Financial Reporting", the Companies Act (Chapter 24:3) and the Zimbabwe Stock Exchange Listing Requirements. 2 ACCOUNTING POLICIES The accounting policies and methods of computation applied in the preparation of these reviewed condensed consolidated results for the period under review, which are based on reasonable judgements and estimates, are in accordance with International Financial Reporting Standards (IFRS) and are consistent with those applied in the preparation of the Group's annual financial statements for the year ended 30 September 2013. 3 PRIOR PERIOD ERROR Property, equipment and motor vehicles The Group omitted in error the valuation of staff houses (freehold property) and time shares cottages (leasehold property) upon the adoption of the multi-currency system in 2009. The valuation of these assets was done on 28 February 2013 and 15 April 2013 respectively. The staff houses which are located away from the hotels, include 142 houses in the Victoria Falls area and 9 houses in Kariba. The time shares cottages include 11 blocks in Kariba and 24 blocks in Nyanga. The staff housesare occupied by staff members from our 3 hotels in The Victoria Falls area and one in Kariba. There are no rentals associated with the occupation of these houses. Maintenance is generally conducted by the staff occupying each house . The revenue associated with the timeshares was received prior to dollarisation as most of the timeshare weeks were sold in 1999 for 20 years at inception. The remaining lives of the booked weeks range between 3-5 years. Maintenance of the time share facilities is the responsibility of the timeshare owners association on a day to day basis and not the hotel. The comparative figures have been appropriately restated from 2011 even though the error occurred in 2009 as there is inadequate information currently available to support a valuation in 2009. Given this position, the Directors are of the opinion that, the use of information before 2011 may be misleading as it would not be reflective of the market conditions prevailingat the time. The effect of the correction of the error on the results for September 2012 is as follows: Year Ended 30 September 2012 Audited (278,508) 71,716 (206,792) Half Y ear Ended 31 March 2012 Unaudited (139,254) 35,858 (103,396) Y ear Ended 30 September 2011 Audited (742,689) 191,242 (551,447)

546,767 1,841,796 2,388,563 67 ,007 32,947 13,100 20,960

394,493 3,107 ,692 3,502,185 22,651 7 ,998 13,400 1,253

24 June 2013

Assets additions under normal replacements relate to standard hotel assets replacements/additions and are financed from free cash flows. Assets additions under refurbishment relate mainly to the refurbishment of our three main city hotels, that is Crowne Plaza Monomotapa, Holiday Inn Harare and Holiday Inn Bulawayo. Financing of the refurbishment program was through a US$10 million 5 year loan from Afreximbank (see more details in 2012 annual report). Disposal of assets has been mainly auctioning of replaced items of furniture, fittings and equipment under the on-going refurbishment. Decrease / (increase) in loans and other investments (229,792)

Group Statement of Comprehensive Income

All figures in US$ Revenue Cost of sales Gross profit Other income Administrative Expenses Other expenses Operating profit/ (loss) Financing costs - net Share of profit from associate Profit before taxation Income tax charge Profit for the period Other comprehensive loss net of tax: Foreign currency translation reserve Total other comprehensive loss TOTAL COMPREHENSIVE INCOME FOR THE PERIOD Profit attributable to: Owners of company Total comprehensive income attributable to: Owners of company Earnings per share: cents Basic earnings basis Headline earnings basis EBITDA RECONCILIATION Profit before taxation Add Back Other income Depreciation Financing costs Other expenses Share of profit from associate Earnings before interest, depreciation and amortisation 10 10 Note 7 Half Year Ended 31 Mar 2013 Unaudited 26,602,651 (7 ,606,415) 18,996,236 (16,660,329) 2,335,907 (1,546,592) 444,756 1,234,071 (319,639) 914,432 (328,493) (328,493) 585,939 914,432 585,939 0.11 0.11 1,234,071 1,252,535 1,546,592 (444,756) 3,588,442 Half Year Ended 31 Mar 2012 Restated 26,192,855 (8,024,598) 18,168,257 1,715,677 (17 ,095,645) (525,354) 2,262,935 (839,543) 73,285 1,496,677 (495,568) 1,001,109 (216,103) (216,103) 785,006 1,001,109 785,006 0.12 0.12 1,496,677 (1,715,677) 1,096,537 839,543 525,354 (73,285) 2,169,149

The increase in loans and other investments of nil (2012: US$229,792) in the statement of cashflows relates to vehicle loans which were advanced to staff during the year. The loans are payable over 5 years. The carrying amount of the loans approximate their fair values as balances as at 30 September 2012, adjusted for any repayments have been used. As at 30 September 2012, the staff receivables were accounted for based on cash flows discounted using the Group's average cost of borrowing of 16%. 13 CASH AND CASH EQUIVALENTS For the purposes of the statement of cashflows, cash and cash equivalents comprise the following; Half Year Ended 31 March 2013 Unaudited 3,258,736 (659,240) (726,462) 1,873,034 Half Year Ended 31 March 2012 Unaudited 5,557 ,649 5,557 ,649 Year Ended 30 September 2012 Audited 4,607 ,088 (2,395,757) (748,389) 1,462,942

15 11 7 9

All figures in US$ Increase in depreciation Decrease in deferred tax expense Decrease in profit ASSETS Increase in property, equipment and motor vehicles brought about by; -restatement of the Group's freehold property (staff houses) -restatement of the Group's leasehold property (timeshare cottages) Equity and liabilities (Decrease) or increase in equity - annual depreciation / non-distributable reserves (Decrease) or increase in liabilities - deferred tax liability Total equity and liabilities Investment in Associate

All figures in US$ Cash and bank balances Bank overdraft Restricted cash Cash and cash equivalents at the end of the period

6,711,452 4,654,309 2,057 ,143 14

The restricted cash amount of US$726,462 has been deducted from cash and bank balances to determine cash and cash equivalents as the use of the cash is restrictive in nature and is not available within a 90 day period. The cash is held in an offshore account by Afreximbank as part of the security to the US$10 million refurbishment loan. The amounts is 8% of the outstanding loan. Cash from this restricted account is available only to the extent that the balance is more than 8% of the loan outstanding. RELATED PARTY TRANSACTIONS (i) Lease rentals paid to Dawn Properties Limited (Dawn) 1,082,701 1,222,224

(278 508) (71 716) (206 792)

(139 254) (35 858) (103 396)

5,193,783 1,517 ,669 6,711,452

African Sun Limited owns 28.54% (2012: 16.54%) of the shares in Dawn. Dawn has been accounted for as an associate based on shareholding and other qualitative factors (see 2012 annual report). As such, the transactions between the two companies have been treated as related party transactions. Lease rentals relate to the leases of 8 hotels rented from Dawn. All leases with Dawn are at normal commercial terms and conditions. (ii) Balances arising from transactions with related parties Payables - rentals 265,224 170,270

The adjustment relates to incorrect computation of profit from associate. Where previously the Group would eliminate a portion of the rentals paid to Dawn Properties Limited (Dawn), proportionately to its shareholding from the associate's profit, it has been corrected and no such deduction will be done going forward. Given that, a significant portion of Dawn's Revenue is from African Sun's rentals, the Group's share of associate was going to continuously reflect a loss by adopting this method. The method was also a departure from what is prescribed in IAS 28,"Investment in Associates" which states that, share of results of an associate is the proportionate share of the investee's profit or loss to the investor's shareholding in the investee. The error has been corrected retrospectively from 2009, as it is practical to do so, and comparative figures have been appropriately restated. The effect of the correction of error on the results of 2012 is as follows: Year Ended 30 September 2012 Audited 539,754 539,754 539,754 539,754 Y ear Ended 30 September 2011 Audited 402,171 402,171 402,171 402,171 Half Year Ended 31 March 2013 Unaudited Y ear Ended 30 September 2010 Audited 296,552 296,552 296,552 296,552 Half Year Ended 31 March 2012 Unaudited Y ear Ended 30 September 2009 Audited 177 ,684 177 ,684 177 ,684 177 ,684 Year Ended 30 September 2012 Audited

The payables are to Dawn Properties Limited and they are arose in the normal course of business. The rentals are due one month after billing. The payables bear no interest. 15 EXPENSES BY NATURE All figures in US$ Cost of sales Depreciation, usage and amortisation Operating lease costs Repairs and maintenance Other expenses Total cost of sales and administrative expenses There was no write down or write back of inventory. 16 PROVISIONS The provision balance is made up of the following: Balance at 30 September 2012 556,978 450,000 411,095 1,418,073 Current Provision 312,562 312,562 Utilised Provision (160,891) (160,891) Reversed Provision (450,000) (450,000) Balance at 30 March 2013 708,649 411,095 1,119,744 Half Year Ended 31 March 2013 Unaudited 7 ,606,415 1,252,535 2,747 ,965 1,228,265 11,431,564 24,266,744 Half Year Ended 31 March 2012 Unaudited 8,024,598 1,096,537 2,639,670 1,175,621 12,183,817 25,120,243

Group Statement of Financial Position

All figures in US$ Assets Non-current assets Property, equipment and motor vehicles Biological assets Investment in associate Other receivables Current assets Inventories Trade and other receivables Loans Available-for-sale financial assets Cash and bank balances Assets of a disposal group classified as held for sale Total assets Equity and liabilities Equity attributable to owners of the company Share capital Share premium Non-distributable reserves Foreign currency translation reserve Revaluation reserve Accumulated losses Total equity Liabilities Non-current liabilities Borrowings Deferred income tax liability Current liabilities Trade and other payables Provisions and other liabilities Borrowing Liabilities of a disposal group classified as held for sale Total liabilities Total equity and liabilities Note As at 31 Mar 2013 Unaudited As at 31 Mar 2012 Restated As at 30 Sept 2012 Restated As at 30 Sept 2011 Restated 28,664,077 274,678 19,082,326 596,455 48,617,537 1,495,629 7 ,991,479 3,258,736 12,745,844 12,745,844 61,363,381 25,392,893 234,937 12,772,447 765,304 39,165,581 1,464,181 7 ,327 ,484 123,620 10,000 5,557 ,649 14,482,934 14,482,934 53,648,515 26,650,207 274,678 18,637 ,570 238,665 45,801,120 1,472,627 8,436,132 4,607 ,088 14,515,847 14,515,847 60,316,967 23,042,850 234,937 13,060,408 535,512 36,873,707 1,324,690 7 ,342,790 1,130,504 10,000 4,657 ,480 14,465,464 1,847 ,871 16,313,335 53,187,042

All figures in US$ Increase in profit from associate Increase in profit ASSETS Increase in investment in associate Equity and liabilities Increase in equity 4 BORROWINGS All figures in US$

All figures in US$ Leave pay Liquidated damages Legal costs

NON-CURRENT: Foreign CURRENT: Foreign loans Bank overdrafts Local loans Total current TOTAL BORROWINGS

6,996,119 2,500,000 659,240 9,230,850 12,390,090 19,286,209

6,836,540 1,500,000 8,798,558 10,298,558 17,135,098

6,443,381 2,500,000 2,395,757 8,754,125 13,649,882 20,093,263

Leave pay This amount is the Group's liability to pay employees for their annual leave days. Current provision is expensed in profit or loss under 'administrative expenses'. Liquidated damages Negotiations with InterContinental Hotel Group (IHG) have been successful (refer to 2012 annual report) and the provision therefore reversed. 17 CAPITAL COMMITMENTS Authorised by Directors and contracted for Authorised by Directors, but not contracted for 1,052,181 6,115,173 7 ,167 ,354 2,399,998 3,183,026 5,583,024

8,239,409 24,056,421 6,520,784 (1,275,075) 430,871 (13,403,020) 24,569,390

8,239,409 23,006,435 6,520,784 (1,832,671) 406,808 (15,614,619) 20,726,146

8,239,409 24,056,421 6,520,784 (946,582) 430,871 (14,317 ,452) 23,983,451

8,239,409 23,701,165 6,520,784 (1,616,568) 406,808 (16,584,534) 20,667,064 5

Despite the persistent liquidity challenges in the market, the Group is well placed to grow revenue through on-going hotel refurbishments and new management and lease contracts in West Africa. The Group has sufficient assets on the statement of financial position that can be converted to cash, subject to regulatory approval, to pay off current borrowings. No loan terms and covenants were breached during period AVAILABLE-FOR-SALE FINANCIAL ASSETS At 1 October Written off during the year At 31 March 10,000 (10,000) 18

Capital expenditure relates to acquisition of property and equipment. The greater part of capital expenditure will be financed from long-term financing ranging between 3 and 5 years and partly from free cash flows. EVENTS AFTER REPORTING DATE There were no events after the reporting date requiring additional or separate disclosure.

6,996,119 4,422,925 11,419,044 11,865,113 1,119,744 12,390,090 25,374,947 25,374,947 36,793,991 61,363,381

6,836,540 4,247 ,319 11,083,859 9,515,171 2,024,781 10,298,558 21,838,510 21,838,510 32,922,369 53,648,515

6,443,381 4,103,286 10,546,667 10,718,894 1,418,073 13,649,882 25,786,849 25,786,849 36,333,516 60,316,967

4,914,134 3,823,708 8,737,842 10,941,593 3,676,484 8,164,598 22,782,675 999,461 23,782,136 32,519,978 53,187,042

Directors:

B.L. Nkomo (Chairman), S.A. Munyeza (Group Chief Executive)*, D. W. Birch, E.A. Fundira, V.W. Lapham, A. Makamure, N. Mangwiro (Group Finance Director)*, N.G. Maphosa, N.R. Ramikosi. *Executive Directors

The US$10,000 was written off to other expenses during the year ended 30 September 2012 in a set-off transaction with Everway Nominees. Everway Nominees were used by the parent company, African Sun Limited to manage the treasury shares portfolio. The management costs on date of set-off had accumulated to US$10,000 (see 2012 annual report). 6 SEASONALITY OF THE BUSINESS The first half of our financial year is relatively slower than the second half. This has been the trend for the past 3 years, with the first half contributing between 45% and 48% of the full year Revenue. The second half dominates because it is the beginning of our international arrivals peak season as well as an increase in corporate and conferencing business. The Directors are of the opinion that the cycle or trend discussed will continue and believe that, the Revenue for the second half (six months ending 30 September 2013) will be higher than that achieved during the six months under review.

Group Company Secretary: E.T. Shangwa Registered Office: 17th Floor, Office No. 1708, Crowne Plaza Monomotapa, 54 Park Lane, P .O. Box CY 1211 Causeway, Harare, Zimbabwe. Transfer Secretary: Corpserve (Private) Limited, 4th Floor, Intermarket Centre, Cnr Kwame Nkrumah Avenue/ First Street, P .O. Box 2208, Harare, Zimbabwe. Auditors: PricewaterhouseCoopers, Building No.4, Arundel Office Park, Norfolk Road, Mount Plveasant, P .O. Box 453, Harare, Zimbabwe.

For investor information visit us on our website:

www.africansuninvestor.com / www.africansunhotels.com

Homeville, Benin City

AFRICAN SUN LIMITED 1129