AS AT 30 SEPTEMBER 2014 FOR THE HALF YEAR ENDED 30 SEPTEMBER 2014

FOR THE HALF YEAR ENDED 30 SEPTEMBER 2014

Unaudited Audited year2014 2014Sept MarchUS$ US$

Operating activities(Loss)/ profit before tax

Non-cash adjustment to reconcile (loss)/ profit before tax to net cashflows

Working capital adjustmentsNet cash flows used in operating activities

Investing activitiesProceeds from sale of property, plant and equipmentPurchase of property, plant and equipmentPurchase of other non-current financial assetsIncrease in biological assetsInterest receivedNet cash flows used in investing activities

Financing activitiesProceeds from issue share capital Short term loan received/ (paid)Long term loan receivedFinance lease liabilities repaidInterest paidNet cash flows (used)/ generated from financing activities

Net (decrease)/ increase in cash and cash equivalentsEffects of exchange rate changesCash and cash equivalents at beginning of yearCash and cash equivalents at end of year

Unaudited2013SeptUS$

(7,788,242)

4,191,064

(7,254,032)(10,851,210)

177,216(4,305,613)

(757,857)-

78,677(4,807,577)

-151,838

2,824,046(1,217,486)(2,150,925)

(392,527)

15,557,897

5,160,889

15,539,466

387,143(8,972,676)

(739,372)(356,628)

171,994(9,509,539)

13,080,535(32,595)

(669,201)(7,948,152)

7,243,852

13,273,77920,100

(40,969,543)(27,675,664)

2,813,265

(5,179,320)

(13,782,910)

6,166,684

(9,409,404)(17,025,630)

237,718(3,982,207)

(396,257)-

62,275(4,078,471)

-154,209

2,988,000(960,034)

(3,881,021)(1,698,846)

(22,802,947)(3,660,135)

(40,969,543)(67,432,625)

2014

US$ASSETS

Property,plant and equipment 47,126,710Investment property 342,200

Other non-current assets 1,653,495

Other current assets 13,600,893

Total assets 170,311,869

EQUITY AND LIABILITIES

Equity Share capital 206,298 Non-distributable reserves 12,296,451Retained earnings 89,356,965Equity attributtable to equity holders of the parent 101,859,714

Non-controlling interest (76,676)Total equity 101,783,038

LiabilitiesDeferred tax liability 8,586,951

4,164,979

Current liabilities 24,074,623

Total liabilities 68,528,831

Total equity and liabilities 170,311,869

2014

US$

45,974,483343,327

1,206,312

10,076,544

177,895,213

206,298 15,914,00682,010,43198,130,735

(180,064)97,950,671

8,315,6414,013,530

15,736,499

79,944,542

177,895,213

Inventories 32,567,92943,691,548Trade receivables 75,020,64234,791,105

Bank borrowings - non-currentBank borrowings - current 31,702,278 43,874,547

Unaudited Audited year

(16,051,312)(404,958)

(27,675,664)(44,131,934)

Attributable to owners of the parent

Share Non-distributable Retained Non-controlling Totalcapital reserves earnings Total interest equity

US$ US$ US$ US$ US$ US$

As at 31 March 2013 194,373 5,963,885 77,283,760 83,632,295 (90,995) 83,541,300 Profit for the year - - 11,795,957 11,795,956 37,474 11,833,431 Other comprehensive income - (6,725,611) - (6,725,611) (23,155) (6,748,766)Total comprehensive income - (6,725,611) 11,795,957 5,070,345 14,319 5,084,665 Issue of share capital 10,273 12,764,262 - 12,774,535 - 12,774,535Share options exercised 1,652 316,348 - 318,000 - 318,000 Realisation of revaluation reserve on disposal - (40,827) 40,827 - - - Realisation of revaluation reserve through use - (236,421) 236,421 - - - Share based payments - 64,538 - 64,538 - 64,538 As at 31 March 2014 206,298 12,106,174 89,356,965 101,859,714 (76,676) 101,783,038 Loss for the period - - (7,526,777) (7,526,777) (103,388) (7,630,166)Other comprehensive income - 3,797,799 - 3,797,799 - 3,797,799Total comprehensive income - 3,797,799 (7,526,777) (3,728,978) (103,388) (3,832,367)

Realisation of revaluation reserve through use - (180,244) 180,244 - - - As at 30 September 2014 206,298 15,723,729 82,010,431 98,130,735 (180,064) 97,950,671

Held-to-maturity investments -21,718,673

Partnership for growth

Assets classified as held for sale -20,093,221

Liabilities directly associated with assets classified as held for sale -8,004,325

Changes of onwershipReserve

190,277------

-190,277

---

-190,277

Sept March

US$

FOR THE HALF YEAR ENDED 30 SEPTEMBER 2014

FOR THE HALF YEAR ENDED 30 SEPTEMBER 2014

Highlights

Earnings • Maize volumes increased by 6% • Gross margins up 11% to 50% • Winter cereal sales subdued. • Half year loss after tax improved by 40% to $7,6m.

Research and Development • Four maize hybrids varieties were released during the period. • Joint projects between Seed Co and Limagrain progressing well.

Capitalisation • Disposal of majority stake in the cotton seed business progressing. • The new seed processing factory in Malawi complete and now fully operational.

Financial ResultsRevenue:The Group recorded a revenue of $16m for the period to September as compared to $17m in the same period prior year. The period was characterized by subdued sales of winter cereals which were 25% lower than prior year. Maize seed sales were 6% higher than prior year and are expected to increase in November with the onset of the rain season in most of our markets.

MarginsMargins at 50% improved as compared to prior year of 39% due to a combination of minimal stock write offs and price increases in most of the Group’s markets.

OverheadsOverheads at $12,4m were 17% lower than prior year of $15m. The prior year included a $3m impairment of deposit receivable from a Zimbabwean financial institution currently under curatorship.

Finance ChargesFinance charges improved by 46%, owing to concerted efforts to reduce all US$ borrowing to below 9%, intensified debt collection, as well as the positive effects of new cash injection from Limagrain towards the end of last year.

Loss After taxThe Group after tax loss of $7,6m was 40% lower than prior year.

Statement of financial position

Non-Current AssetsThe balance sheet has grown by 4% to $177,9m. The non-current assets have grown from $49,12m last year to $69.24m due to the completion of a factory in Malawi and the issuance of $23.9m long term treasury bills by the Zimbabwe Government as settlement for long outstanding accounts receivables.

Current AssetsThe current assets at $88,6 million were 27% lower than prior year.

Accounts receivableAccounts receivable reduced by 53% to $34.8m due to debt collections of $24,7m and transfer of $23.9m (including $2.1m worth of treasury bills given to Quton seed company disclosed under assets held for sale) due from Zimbabwe Government from debtors to investments.

In Malawi, the new Government is still to clear the balance of almost $1,6m on the last season DFID subsidy programme. The Cotton Association of Malawi has started paying for the amounts due from last season after ginners started clearing their arears with the association.

In Tanzania the Cotton Development Fund owes Quton Tanzania $3,3m dollars and the payments have been coming in very slowly.

InventoriesInventories have increased by 34% to $43,7m due to seed intake from contract growers.

BorrowingsBorrowings have increased by 33% to $48m due to financing of current seed deliveries from contract growers.

Seed SupplyThe seed deliveries are almost complete and the Group is expecting to have adequate stocks to meet demand in all its markets.

Research and DevelopmentJoint collaboration work between CIMMYT, Limagrain and Seed Co on developing MLND resistant products is progressing well.

The State of the art Technology Laboratory at Rattary Arnold Research Station for stepping up doubled Haploid line generation and initiating of electrophoretic fingerprinting has been completed. Breeder exchanges and reciprocal regional testing of products between Limagrain and Seed Co is already showing some positive results and the Group is expecting to benefit from the R&D technical expertise of Limagrain .There were 4 maize product releases during the period.

OutlookThe Group is expecting growth in earnings from:• Improved margins in almost all markets from minimal stock write downs and price increases.• Reduced finance charges due to improved debt collections as well as reduction in the cost and volume of debt. • New seed packaging that has been substantially improved and is expected to excite customers and increase demands in all markets.• Business development work in West Africa continue to be intensified with new product releases there showing significant difference in performance.• Limagrain second tranche of capital injection is expected in December 2014.

DIRECTORATEMr. Gilles Longour was appointed as an alternate director to Mr. J.C. Juilliard while Mr. Michel Debrand was appointed director with effect from 7 November 2014.

DIVIDENDDue to the seasonal nature of the business, no interim dividends have been declared.

By Order of the Board

J. MatorofaSECRETARY

Registered Office Transfer SecretariesShamwari Road Corpserve (Pvt) LtdStapleford 4th Floor Intermarket Centre Corner First Street/Nkwame Nkrumah Avenue, Harare Directors: J.P. Rooney (Chairman), M. Nzwere (Group Chief Executive), B. Carette, Dr D Garwe, P. Gowero, J.C. Juilliard, C. Kabaghe, D E B Long, J. Matorofa (Group Finance Director), M.S. Ndoro, Dr C.B.M Utete.

1. Corporate Information-Seed Co Limited is a company which is incorporated and domiciled in Zimbabwe and listed on the Zimbabwe Stock Exchange. It is a holding company for a group of companies domiciled in Botswana, Kenya, Malawi, Tanzania, Zambia and Zimbabwe, whose principal activities are the processing of agricultural seed on a commercial basis.-These financial statements are presented in the United States dollars being the currency of the primary economic environ-ment in which the Group operates. 2. Accounting Policies The principal accounting policies of the Group have been consistently followed in all material respects. 3. Basis of Preparation - The basis of preparation of these abridged interim financial statements is International Financial Reporting Standards.

4. Capital Expenditure - Capital expenditure for the period was US$4,305,613 (Sept 2013:US$3,982,207). 5. Commitments for Capital Expenditure - Authorised by directors but not contracted was US$4,949,290 (March 2014:US$5,368,709) - The capital expenditure will be financed out of the group's own resources and existing facilities. 6. Depreciation - Depreciation for the period was US$1,759,218 (Sept 2013:US$1,619,751)

7.Finance lease commitments-Finance lease commitments amounted to nil at 30 September 2014 ($548,285: 31 March 2014)

8.Contigent Liabilities-There were no contigent liabilities as at 30 September 2014.

9.Discontinued Operations-Following the conclusion of negotiations with an equity partner in the cotton seed business where the Group will dispose a 60% stake, the performance to date of all the cotton seed businesses have been disclosed as discontinued operations and all the assets and liabilities classified as held for sale.

Audited yearended

March-14US$

Revenue 16,042,795

Cost of sales (7,979,152)Gross profit 8,063,643

Other income 88,480

Operating expenses (12,440,000)Operating (loss)/ profit (4,287,877)

Finance income 68,398

Finance costs (2,015,557)

(Loss)/ profit before taxation (6,235,036)

Income tax (expense)/ credit (68,451)

(Loss)/ profit from continuing operations (6,303,487)

Atributable to:Equity holders of the parent (7,526,778)Non-controlling interest (103,388)(Loss)/ profit attributable to shareholders (7,630,166)

Earnings per share

Earnings per share -basic, for profit for the year atributable to equity holders of the parent -Cents (3.76) (4.54) 6.49

Diluted earnings per share for profit for the year atributable to equity holders of the parent -cents (3.76) (4.54) 6.30

Audited yearended

March-14US$

(Loss)/profit for the period (7,630,166)

Other comprehensive income

Net exchange difference on translation of foreign operations 3,797,799

Total comprehensive (loss)/income for the period, net of tax (3,832,367)Atributable to:

Equity holders of the parent (3,728,979) Non-controlling interest (103,388)

(3,832,367)

UnauditedHalf year

Sept-14US$

UnauditedHalf year

Sept-13US$

17,076,998

(10,379,084)6,697,914

204,384

(14,980,360)(8,078,062)

32,368

(3,723,367)

(11,769,061)

542,731

(11,226,630)

(12,749,583)(52,879)

(12,802,462)

106,534,790

(56,804,925)49,729,865

2,487,741

(33,877,598)18,340,008

4,457,221

(7,239,099)

15,558,130

(3,358,497)

12,199,633

11,795,95737,474

11,833,431

UnauditedHalf year

Sept-14US$

UnauditedHalf year

Sept-13US$

(12,802,462)

(1,684,091)

(14,486,553)

(14,433,674)(52,879)

(14,486,553)

11,833,431

(6,748,766)

5,084,665

5,070,34614,319

5,084,665

Discontinued operations

Loss for the period from discontinued operations (1,326,679) (1,576,132) (366,202)

(7,630,166)(Loss)/ profit for the period (12,802,462) 11,833,431