Analysts’ Presentation19 May 2010

Your Panel

Farai RwodziChairman

Brendan BeaumontGroup Chief Executive Officer

Tsitsi Madziro for Onias MakambaGroup Financial Controller

Q & A guidelines:

All feedback is welcomedPlease use the microphone Please state your name and organisationA summary of the Q & A session will be available on our website www.meiklesinvestor.comRegister for news and other email alerts on our website

Agenda

Special issues2009 resultsOperational overviewsOutlook 2010

Forward looking statements

PLEASE NOTE:-This presentation may contain forward looking

statements, which statements are based on assumptions and current expectations, estimates and projections. The risks and uncertainties associated with these assumptions, estimates and opinions could cause actual results to differ materially from those anticipated.

Special issues

Special issues: communication

Corporate governanceCorporate governance appraisal process plannedMix of non-exec and executive directors to be addressed

Communication governanceDisclosure Committee of the Board to be established Investor relations strategy adopted at Board levelAppointment of an IR officer reporting to the BoardWebsite to be used as a key disclosure tool

Special issues: assets classified for sale

Kingdom Financial Holdings LimitedShareholders resolved on 22 June 2009 to de-merge15 Oct 2009 certain shareholders reached agreementKML and KFHL not party to agreementCondition precedents de-merger subsequently not metBoard made every effort to effect the de-mergerAgreement lapsed on 21 April 2010

Continued…

Special issues: assets classified for sale

Kingdom Financial Holdings Limited (cont.)Board has been tasked by shareholders to finding An amicable and suitable solution Further hiatus is unacceptable Board will report to shareholders on or before 31 May as to the way forward re KFHL

Special issues: assets classified for sale

Cape GraceCall and put option conditions precedent with Mentor Africa remain unfulfilledNo litigation pendingCurrently cash positive, profitableNew Board is considering its options

Litigation - other

Cool Bay & Mentor HoldingsBoard gave authority to withdraw litigation in August 2009Specification implemented in September 2009Investigators and RBZ finalised reports following an extensive review which lead to the de-specification of all companies and normalisation of shareholder and company relationshipsAll regulatory authorities in place

Continued……

Litigation – Cool Bay and Mentor cont.

Cool Bay & Mentor Holdings (cont..)Actions of litigation withdrawal are close to finalisationFollowing which full disclosures will be made of all regulatory approvals and in accordance with good disclosure practice and accounting policies

Special issues - other

Cotton PrintersVoluntary liquidation order granted 3 March 2010Final liquidation order given on 28 April 2010Liabilities will be met

Special issues – specification & suspensions

SpecificationTM Supermarkets specified for 8 months of 2009Meikles stores, hotels & Tanganda specified for 3.5 months & 1.5 months in ‘09 & ’10 respectively

SuspensionZSE listing suspension specified for 3.5 months & 1.5 months in ‘09 & ’10 respectivelyLSE suspension still applies

2009 resultsContinuing operations

Overview of 2009

Following macro-economic meltdown were significant periods of specification which: -

Disrupted managementDistracted focus and group synergies were lost Severely hindered financing

Absence of leadership Deterioration & strain in supplier relationshipsMarket share in supermarkets & stores declinedTM / Stores losses US$4m & US$3m respectively

Summary financial results

US$ ‘000Turnover * 148,838 Operating loss before tax 9,578 Comprehensive loss for the year 3,824

* Continuing

Shares in issue 245 374 791Comprehensive loss per share cents 1.61 Loss from continuing operations cents 1.24 Loss from discontinued operations cents 0.37

Operating loss: continuing

US$ (Thousands) 2009

TM Supermarkets (4,037)

Meikles Stores (3,062)

Hotels (959)

Tanganda 686

Corporate (2,205)

(9,578)

Loss before taxationUS$’000 2009

Operating profit / (loss) (9,578)Net finance income 271Fair value adj/exch gains 109Share of associate -

(9,197)Discontinued operations (908)Provision for funds / other 831(Loss)/profit before tax (9,274)

Cash flow statement - extracts

US$’000 2009

Operating cash flow (3,441)Increase in receivables / inventories (14,729)Increase in payables 18,085Cash generated from operations 86Investment into expansion assets -Investment into maintenance assets (1,418)Proceeds from interest bearing loans 10,379Repayment of interest bearing loans (2,764)Opening cash & bank 1,506Closing cash & bank 3,422

Operational review

Retail supermarketsOperating loss US$4.3m

Supermarkets: market position

Market status & competitive advantage25% owned by Pick n Pay SA (listed on the JSE)94,000m² retail & warehousing space53 branches – strong brandCapacity utilisation +/- 45%

Top operational issuesImplement technology: reduce shrinkage, improve WCCapital expenditure: refrigeration, POS, refurbishmentSkills and cost control Maximise relationship with Pick n Pay

Supermarkets: in 2010 & beyond

Critical mass is competitive advantageOverall growth is stagnant : low disposable incomesSignificant proportion of demand at end of yearFinancing requirements US$21m required:-

US$11m capital expenditureUS$10m working capital

Supermarket infrastructure:

2010 2009 2008 2007

Stores 52 53 57 57

Area retail m² 56,000 56,000 59,000 59,000

Area warehouse m² 38,000 38,000 38,000 38,000

Retail storesOperating loss US$3.0m

Stores: market position

Market status & strategyDepartment store concept being re-visitedModern credit systemsRefresh existing relationships

Top operational issuesRe-launch and growth of creditInventory management and brandingCapital expenditure: distribution assetsFocus on cost reduction

Finance requirementCapex US$8m: refurbishment / distribution: WC US$13m

Stores: infrastructure

MeiklesStores

Clicks Barbours Greatermans

Stores:-2009 5 13 2 1

28,300m² of retail trading area

HotelsOperating loss US$0.96mVictoria Falls HotelMeikles Hotel

Meikles Hotels

Market positionLeading Hotels of The World past 14 years+80% foreign clientele5 star hotels - iconic brands – iconic locations

Top operational issuesRefurbishment Occupancy & ADR optimisation and cost reduction

Finance required: US$8m US$7m capex (Vic Falls US$2m and Meikles US$7m)

US$1m working capital ( Meikles US$1m)

Hotels

Meikles Victoria Falls CommentAvailable room-nights’10 1st quarter‘09 1st quarter‘09’08

27,54027,540

111,690116,022

14,49014,49058,76558,765

2010 ARN expected to be consistent with that of 2009

Occupancies %’10 1st quarter’09 1st quarter‘09’08

32212731

41172338

2010 occupancies expected to be consistent with 1st

quarter results

Sales mix % foreign’10 1st quarter‘09 1st quarter‘09’08

74757554

94959494

No material change expected in occupancies for 2010

Hotels

Meikles Victoria Falls CommentADR’10 1st quarter‘09 1st quarter‘09’08

130126129

88

123181166153

ADR increases in 2010. VF ADR expected to remain depressed in remainder of 2010

RevPar’10 1st quarter‘09 1st quarter‘09’08

42273528

50303858

Further increases in 2010 RevParexpected from 1st

quarter results

Hotels: Cape Grace

Cape GraceAvailable room-nights’10 1st quarter‘09 1st quarter‘09’08

10,89010,89044,16544,286

Occupancies %’10 1st quarter’09 1st quarter‘09’08

71765870

Sales mix % foreign’10 1st quarter‘09 1st quarter‘09

929392

Hotels: Cape Grace

Rand IndicativeUS$

ADR’10 1st quarter‘09 1st quarter‘09’08

3,5523,7383,4503,291

469377413398

RevPar’10 1st quarter‘09 1st quarter‘09’08

2,5102,8292,0132,315

331286241280

TangandaOperating profit US$0.68m

Tanganda: market position

Market status & competitive advantageTanganda’s 6 brands account for 65 - 70% of local marketConsistent supplier to loyal customer base60% export (SA and UK) 40% localBeverage division a success

Top operational issuesImproving quality: incentivisation, multiplier effectControl of costs: through mechanisationImproving power efficienciesNew products, packaging & improved water supply

Tanganda: in 2010 & beyond

Good rains have increased yield significantlyReasonable growth in tea prices subject to qualityStrong demand for exportsGood growth in beverages: waterCapex US$1.7m: authorised & securedLabour availability no longer a constraint200 ha. available for new growth in long term

Tanganda - historical

SalesTons

ProductionTons

YieldKg/Ha

PricesUS$ / ton

BeverageTonnes

’09 6,139 ’09 7,000 ’09 3,019 ’09 1,088 ’09 2,049

’08 5,630 ’08 5,124 ’08 2,178 ’08 777 ’08 1,367

’07 7,206 ’07 7,840 ’07 3,526 ’07 772 ’07 2,616

2010 indicators above are expected to be significantly higher than 2009 Mitigating this performance are costs (associated with dollarisation) which are significantly out of line with international and regional peers

2010 outlook & strategy

Strategic focus

Board focused on operational issuesHands on managementGroup synergies being re-established e.g. treasuryCost control is a key focusRecapitalisation / financing on the agenda in short and long termFocus is on stores and supermarkets Return to profitability by end 2010

Funding initiatives:requirements

US$ ‘000 Required

TM 21.0

Stores 21.0

Hotels 8.0

Tanganda 1.7

Corporate 2.0

Total 53.7

Existing finance facilities being restructured & replaced

The Board is reviewing all long term financing

options for the creation of long term shareholder

Funding initiatives: allocations

Capital expenditure : “catch up” on prior year deficits WC for inventory and repay expensive short term debt

US$ million Capitalexpenditure

Working capital

TM 11.0 10.0

Stores 8.0 13.0

Hotels 7.0 1.0

Tanganda 1.7 -

Corporate 2.0 -

29.7 24.0

Property portfolio

Zimbabwe property portfolio:insights

Freehold value as at 31 Dec 2009

US$m Mix at 31 Dec 2009

US$m

Harare 42,000 CBD 47,598

Bulawayo 5,925 Suburbs 8,750

Mutare 3,210 56,348

Masvingo 2,295

Gweru 1,940 Commercial 54,790

Marondera 600 Residential 1,558

Vic Falls 253 56,348

Chipinge 80

Chiredzi 45

56,348

Trading update As at end April / May

Trading update:

As at end April 2010

TM Operating break even - satisfactory progress

Stores Loss making - significant challenges – trend is toward reducing losses

Meikles Profitable – refurbishment of public areas planned

Vic Falls Profitable - ADR low

Cape Grace Profitable - occupancies lower than expected

Tanganda Good operational results - high cost base remain a challenge

KFHL Marginal profitability

Trading update: debt

Borrowings to end April

Interest bearing debt at 15 May US$17mHas been used to finance working capitalAdditional fund raising initiatives may replace this borrowing

Question time

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manner

Investor Relations Officer

Brendan Beaumont+263 4 252068

Andy Lane-Mitchell+ 263 11 207880