The Directors of TSL Limited are pleased to announce the Group's unaudited results for the six months ended 30 April 2015.

6 Months Ended Full Year Ended 6 Months Ended

30 April 2015 31 Oct 2014 30 April 2014

Unaudited Audited Unaudited

US$ US$ US$

GROUP CONDENSED STATEMENT OF

COMPREHENSIVE INCOME

Revenue 24,383,664 48,168,080 25,324,090

Profit from operations 3,741,271 7,346,955 5,534,022

Fair value adjustment on investment properties - (1,154,412) -

Share of (loss) /profits of associated companies (221,032) 166,115 443,265

Share of loss of joint venture company - 537,671 (85,824)

Net finance costs (1,141,597) (62,356) (890,825)

Profit before tax 2,378,642 6,833,973 5,000,638

Income tax charge (673,864) (1,858,196) (1,469,468)

Profit for the period 1,704,778 4,975,777 3,531,170

Other comprehensive loss:

Other comprehensive loss not to be reclassified

to profit or loss in subsequent periods:

Revaluation of property - 825,677 -

Deferred tax on revaluation of property - (212,612) -

Fair value loss on available for sale investment - (1,320,280) -

Deferred tax on loss on available for sale investment - 13,203 -

Share of joint venture comprehensive loss - (24,208) (12,550)

Total other comprehensive loss, net of tax - (718,220) (12,550)

Total comprehensive income 1,704,778 4,257,557 3,518,620

Attributable to:

Equity holders of the parent 1,566,089 4,169,940 3,372,866

Non-controlling interest 138,689 87,617 145,754

1,704,778 4,257,557 3,518,620

Number of shares in issue 357,102,445 357,102,445 357,102,445

Earnings per share (cents) 0.5 1.4 1.0

GROUP CONDENSED STATEMENT OF FINANCIAL POSITION

As at As at As at

30 April 2015 31 Oct 2014 30 April 2014

Unaudited Audited Unaudited

ASSETS US$ US$ US$

Non-current assets

Property, plant and equipment 27,816,181 28,107,647 24,372,672

Investment properties 34,018,102 34,018,102 37,164,640

Available for sale investment 5,620,604 5,620,604 -

Investment in joint venture - - 6,329,050

Investment in associates 1,319,198 1,540,230 1,952,381

Intangible assets 791,255 791,255 790,165

Deferred tax asset 462,355 462,355 462,355

70,027,695 70,540,193 71,071,263

Current assets

Inventories 8,065,280 7,409,731 7,841,419

Amounts due from Associate company (TSL Classic Leaf) 8,952,440 8,783,544 9,393,544

Trade and other receivables 10,705,240 9,157,328 10,489,110

Cash and bank balances 1,367,216 1,622,412 2,386,628

29,090,176 26,973,015 30,110,701

Total assets 99,117,871 97,513,208 101,181,964

EQUITY AND LIABILITIES

Equity

Issued share capital and premium 6,467,827 6,469,824 5,538,092

Non-distributable reserves 40,793,046 40,837,813 44,292,943

Retained earnings 19,560,373 19,422,694 18,512,639

Attributable to equity holders of parent 66,821,246 66,730,331 68,343,674

Non-controlling interest 2,555,933 2,417,244 1,997,800

Total equity 69,377,179 69,147,575 70,341,474

Non-current liabilities

Interest bearing loans and term borrowings 635,142 895,703 2,263,746

Deferred tax liabilities 7,456,707 7,834,069 7,729,750

8,091,849 8,729,772 9,993,496

Current Liabilities

Interest bearing loans and term borrowings. 12,988,235 13,198,541 11,898,618

Bank overdraft and acceptances 2,000,000 288,505 224,653

Provisions 605,021 624,315 706,606

Trade and other payables 5,742,020 5,359,222 7,072,590

Income tax payable 313,567 165,278 944,527

21,648,843 19,635,861 20,846,994

Total equity and liabilities 99,117,871 97,513,208 101,181,964

Current ratio 1.3 1.4 1.4

6 Months Ended Full Year Ended 6 Months Ended

30 April 2015 31 Oct 2014 30 April 2014

Unaudited Audited Unaudited

US$ US$ US$

SUPPLEMENTARY INFORMATION

Capital commitments - authorised but not contracted for 5,600,018 5,662,718 4,607,603

Depreciation on property, plant and equipment 1,081,461 2,126,840 1,048,160

GROUP CONDENSED STATEMENT OF CASH FLOWS 6 Months Ended Full Year Ended 6Months Ended

Six months ended 30 April 2015 30 April 2015 31 Oct 2014 30 April 2014

Unaudited Audited Unaudited

US$ US$ US$

OPERATING ACTIVITIES

Cash generated from operations 4,391,295 10,786,862 6,437,692

Net movements in working capital (1,989,559) 1,530,355 (2,631,955)

Operating cash flow 2,401,736 12,317,217 3,805,737

Dividend received - 240,000 105,000

Dividends paid (1,428,410) (1,443,629) (1,453,299)

Net finance costs paid (1,141,597) (1,635,640) (890,825)

Income tax paid (525,575) (2,247,859) (1,153,817)

Net cash (used) /generated from operating activities (693,846) 7,230,089 412,796

INVESTING ACTIVITIES

Purchase of property, plant and equipment (905,890) (3,606,245) (2,460,602)

Proceeds on disposal of property, plant and equipment 150,676 113,189 13,972

Acquisition of subsidiary, net of cash acquired - (785,000) -

Net cash used in investing activities (755,214) (4,278,056) (2,446,630)

FINANCING ACTIVITIES

Movements in long-term investments - - 2,642,220

Repurchase of shares (46,764) - -

(Decrease)/increase in short-term loans and borrowings (210,306) 2,691,971 2,495,198

(Decrease)/increase in long-term loans and borrowings (260,561) (321,315) 1,134,723

Acquisition of non-controlling interest - (1,912,450) -

Net cash (used)/ generated from financing activities (517,631) 458,206 6,272,141

Net (decrease)/ increase in cash and cash equivalents (1,966,691) 3,410,239 4,238,307

Cash and cash equivalents at the beginning of the period 1,333,907 (2,076,332) (2,076,332)

Cash and cash equivalents at the end of the period (632,784) 1,333,907 2,161,975

Represented by:

Cash and bank balances 1,367,216 1,622,412 2,386,628

Bank overdraft and acceptances (2,000,000) (288,505) (224,653)

(632,784) 1,333,907 2,161,975

GROUP STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 APRIL 2015

Total Non- attributable

Issued share distribu- to equity Non-

capital table Retained holders controlling Total

and premium reserves earnings of parent interest equity

Balance at 1 November 2013 3,558,036 41,556,033 16,288,163 61,402,232 4,893,866 66,296,098

Issue of share capital 2,911,788 - - 2,911,788 - 2,911,788

Profit for the period - - 4,888,160 4,888,160 87,617 4,975,777

Other comprehensive income - (718,220) - (718,220) - (718,220)

Total comprehensive income - (718,220) 4,888,160 4,169,940 87,617 4,257,557

Transactions with owners in their

capacity as owners - - (609,550) (609,550) (2,264,689) (2,874,239)

Dividends - - (1,144,079) (1,144,079) (299,550) (1,443,629)

Balance at 31 October 2014 6,469,824 40,837,813 19,422,694 66,730,331 2,417,244 69,147,575

Repurchase of shares (1,997) (44,767) - (46,764) - (46,764)

Profit for the period - 1,566,089 1,566,089 138,689 1,704,778

Total comprehensive income - - 1,566,089 1,566,089 138,689 1,704,778

Dividends - (1,428,410) (1,428,410) (1,428,410)

Balance at 30 April 2015 6,467,827 40,793,046 19,560,373 66,821,246 2,555,933 69,377,179

NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 APRIL 2015

1. BASIS OF PREPARATION

The abridged consolidated financial results have been prepared in accordance with International Financial

Reporting Standards (IFRS), the requirements of the Companies Act [Chapter 24.03] and the Zimbabwe Stock

Exchange.

2. PRESENTATION AND FUNCTIONAL CURRENCY

The Group's presentation and functional currency is the United States Dollar (US$).

3. ACCOUNTING POLICIES

The accounting policies are consistent with those used in preparing the 31 October 2014 Group financial

statements.

TSL Limited Group's unaudited results TSL Limited Group's unaudited results TSL Limited Group's unaudited results For the six months ended 30 April 2015For the six months ended 30 April 2015For the six months ended 30 April 2015

Late start to the tobacco season trading negatively impacts first half revenue, profit and cash flows for tobacco related business.

Delay in disposal of prior year tobacco stocks affects associate’s contribution.

Grower scheme on track to meet production targets and repayment programme.

Property company continues to perform solidly.

SALIENT FEATURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 APRIL 2015

Directors: A S Mandiwanza (Chairman), W Matsaira (Chief Executive Officer), K Naik, P Shah, B Ndebele, H Rudland, R Costa, N Swanepoel, P Mutembwa (Mrs), P Mujaya, D Odoteye.

4. TAXATION The major components of income tax expense for the half years ended 30 April 2015 and 2014 are shown below. 6 Months Ended Full Year Ended 6 Months Ended 30 April 2015 31 Oct 2014 30 April 2014 Unaudited Audited Unaudited US$ US$ US$

Current income tax charge 669,416 1,932,833 1,466,028 Withholding tax on interest income and directors fees 4,448 4,625 3,440 Capital gains tax - 15,827 - Deferred tax relating to origination and reversal of temporary differences - (95,089) - Income tax expense/(credit) in profit or loss 673,864 1,858,196 1,469,468 5. BORROWINGS The terms and conditions of the borrowings are as below. As at As at As at 30 April 2015 31 Oct 2014 31 Oct 2014 Unaudited Audited Audited US$ US$ US$

Authorised in terms of Articles of Association 104,065,769 103,721,363 103,721,363 Interest bearing loans and borrowings Interest rate% Maturity 30 April 2015 31 Oct 2014 30 April 2014 US$ US$ US$

Current Interest bearingloans and borrowings: Bank borrowings 5%-16% 2015 12,945,842 13,039,566 11,618,575 Obligations underfinance leases 15% 2016 42,393 158,975 280,043 12,988,235 13,198,541 11,898,618 Bank overdraft 12% On demand 2,000,000 288,505 224,653 Non-current Interest bearingloans and borrowings: Bank borrowings 5%-16% 2016 544,506 805,067 2,173,110 Borrowings from joint venturer 5%-25% On demand 90,636 90,636 90,636 635,142 895,703 2,263,746 Total borrowings 13,623,377 14,094,244 14,162,364 Actual borrowings as a percentageof authorised borrowings 13% 14% 14% Secured loans "There is a negative pledge of assets in respect of overdrafts and bank borrowings. The Group has pledged part of its freehold property with a carrying amount of $43 738 101 (31 October 2014 : $$43 738 101) in order to fulfil the collateral requirements for the borrowings in place. The counterparties have an obligation to return the securities to the Group. There are no other significant terms and conditions associated with the use of collateral." 6. GROUP CONDENSED SEGMENT RESULTS

For the six months ended 30 April 2015 Logistics Agro Tobacco Consoli- Operations Inputs Operations Properties Services dated Revenue -external customers 8,974,547 6,813,923 4,147,998 2,900,303 1,546,893 24,383,664 Depreciation and amortisation 551,019 102,427 128,142 207,167 92,706 1,081,461 Segment profit /(loss) 277,795 655,455 1,156,064 1,850,065 (198,108) 3,741,271 Share of profit of associates - - - - (221,032) (221,032)Operating assets 11,103,503 9,127,997 9,363,834 51,740,413 9,588,712 90,924,459 Operating liabilities 1,318,350 1,180,008 2,303,039 577,532 968,112 6,347,041 Other disclosures: Investment in associates 1,319,198 1,319,198 Capital expenditure 383,753 114,966 210,721 181,420 15,030 905,890 For the year ended 31 October 2014 Logistics Agro Tobacco Consoli- Operations Inputs Operations Properties Services dated Revenue -external customers 19,152,326 6,916,369 13,801,780 4,908,715 3,388,890 48,168,080 Depreciation and amortisation 1,148,786 190,003 245,863 400,257 141,931 2,126,840 Segment profit /(loss) 1,941,059 (212,342) 3,251,489 2,452,845 (86,096) 7,346,955 Share of profit of associates - - - - 166,115 166,115 Share of profit of joint venture - - - - 537,671 537,671 Operating assets 10,876,757 9,122,845 7,444,936 51,701,533 9,952,693 89,098,764 Operating liabilities 1,380,873 1,419,610 2,031,780 483,359 667,915 5,983,537 Other disclosures: Investment in associates - - - - 1,540,230 1,540,230 Capital expenditure 1,662,586 10,552 410,565 1,416,242 106,300 3,606,245 For the six months ended 30 April 2014 Logistics Agro Tobacco Consoli- Operations Inputs Operations Properties Services dated Revenue -external customers 8,877,576 3,529,559 9,257,797 2,329,213 1,329,945 25,324,090 Depreciation and amortisation 570,847 94,423 120,618 201,951 60,321 1,048,160 Segment profit /(loss) 945,047 (99,134) 3,677,042 1,273,893 (262,826) 5,534,022 Share of profit of associates - - - - 443,265 443,265 Share of profit of joint venture - - - - (85,824) (85,824)Operating assets 9,965,702 8,083,899 11,983,267 51,589,190 10,025,955 91,648,013 Operating liabilities 1,636,885 1,938,819 2,212,391 572,067 1,419,034 7,779,196 Other disclosures: Investment in associates - - - - 1,952,381 1,952,381 Investment in joint venture - - - - 6,329,050 6,329,050 Capital expenditure 827,519 7,117 184,814 1,416,155 24,997 2,460,602

7. REVIEW OF THE ECONOMIC ENVIRONMENT The slowdown of the economy has persisted into 2015 with widely publicized reports on company failures, low consumer demand despite falling prices, liquidity constraints, low capacity utilisation and rising levels of informal business activity. The erratic rainfall season has negatively impacted national tobacco production which is forecast to be materially lower than the 216 million kgs achieved in 2014. The tobacco selling season officially commenced three weeks later than in previous years and the trading season experienced a slow start due to lower deliveries and price concerns. As a result, serious tobacco trading only commenced in earnest six weeks later than in previous years.

The combined effect of these external factors on all our tobacco related businesses was significantly negative. 8. PERFORMANCE OVERVIEW The Group’s revenues at $24.4 million are 4% below prior year levels. New initiatives in the agro trading businesses have positively contributed to revenue in the six months. Group profit before tax excluding associates at $ 2.6 million was down 44% on prior year. Key factors impacting Group revenues and profitability were the late start to the tobacco selling season and a general decline in levels of liquidity in the market. Associate companies meanwhile, have been negatively impacted by a combination of weak demand and challenges in the cigarette manufacturing industry. TOBACCO OPERATIONS Tobacco Sales Floor Limited Volumes sold at the Floors at the reporting date were 39% lower than last year due to the delayed start to the selling season and softer prices at the onset. TSF has retained its market share at around 50%. We remain focused on service efficiency and cost containment while the efforts started last year to introduce new services to growers have begun to yield positive results. Revenue from contract auctioning has meanwhile remained strong and is growing and the effect of this will be to minimize the impact of a reduced national crop. Propak Hessian (Private) Limited An erratic rainfall season and the late start to the tobacco selling season have contributed to the decline in revenues. Profits have however remained satisfactory, being marginally below the same period last year as a result of more aggressive cost containment and efficient product sourcing. Business secured from new corporate clients is expected to drive performance in the second half. The distribution of substandard hessian by informal traders remains a concern and is being addressed with assistance from the Regulatory Authority. TSL Classic Leaf (Private) Limited A delay in the disposal of prior year tobacco stocks has resulted in a negative contribution to Group results. Buyers have however since been secured. The company is on track to produce the targeted 3.8 mkg and tobacco volumes are expected to remain at prior year levels. Debt recovery from growers remains satisfactory. LOGISTICS OPERATIONS Bak Logistics (Private) Limited Revenue for the first half was marginally up on prior year due to increased volumes in general cargo business. The distribution business has been negatively impacted by low consumer demand in the FMCG sector. There has also been a noticeable increase in competition particularly on the transport side of the business. Progress has been made in securing new customers for the ports business and this should impact the second half results. The Group has acquired a complementary logistics business which should contribute significantly to the performance of the logistics cluster in the medium term. Premier Forklift Whilst efforts to expand the company’s customer base beyond tobacco progress, the first half performance was similarly impacted by the delayed start to the tobacco season. Second half performance is expected to be strong on the back of a compressed tobacco processing season. Car Rental Services (Private) Limited (Avis) The company remains marginally profitable in a difficult operating environment. The performance of this business remains dependent on a rebound in the tourism sector and the economy as a whole. REAL ESTATE TSL Properties Limited The company achieved a solid first half performance. Revenues were up on the back of ongoing long-term contracts and the contribution of the new warehouses which were fully let. Third party tenancy remains unchanged at 27%. The phased refurbishment programme to protect the company’s property values and meet specific tenant requirements remains on track. TRADING OPERATIONS Agricura (Private) LimitedRevenue was significantly up on the back of supply to the public sector. The company’s pricing has become more competitive due to more efficient product sourcing. The strong performance is expected to carry into the second half. TSL Trading (Private) LimitedThe company has reversed the significant losses recorded over the same period last year reflecting the impact of the rationalization measures that were put into effect at the start of the season. ASSOCIATED COMPANIES Cut Rag Processors (Private) LimitedThe market challenges facing the cigarette manufacturing industry have persisted resulting in the company just breaking even. The prospects for the business are linked to an improvement in the trading environment. Meanwhile, every effort will be made to build new markets while ensuring that costs are contained. 9. DIRECTORATEMr. D Odoteye was appointed as an executive director to the board on 11 March 2015.

10. OUTLOOK Following the delay in the start to the 2015 tobacco trading season, revenues from the tobacco related businesses are expected to be higher in the second half of the financial year. This is notwithstanding that there is a projected smaller national crop. The Group has successfully produced its first crop of maize and soya bean, marking the beginning of our broader plans to diversify agricultural operations beyond tobacco. Plans are underway to add other cereals and related value-add activities to the expanded agro operations. In logistics, our recent efforts to acquire new business in ports, general cargo and tobacco should contribute to a stronger second half. The acquisition of a complementary logistics business should begin to unlock synergies in the medium term to improve the quality of our service and introduce new customers - local and foreign.

The real estate cluster will remain focused on optimal utilisation of existing space and increasing third party tenancy. A maintenance programme is in place to protect the value of the existing property portfolio. Meanwhile, feasibility work on the development of our Vostermans Complex will be stepped up. The momentum created in the trading businesses in the first half is expected to carry into the second half. In response to the changing environment, the Group will continue to seek innovative ways of delivering sustainable value. 11. DIVIDEND

Due to the seasonal nature of the business, the Board has decided not to declare a dividend for the six months ended 30 April 2015. 10 June 2015 By Order of the Board Tobacco Sales Administration Services (Private) LimitedSecretaries