March 2015

2 BUSINESS COMPOSITION Rm turnover 2014 % Animal Feed ,8 Layers ,5 Broilers ,4 Africa1524,3 Quantum Foods

3 NOVA FEEDS Malmesbury 52% Malmesbury 52% George 14% George 14% Pretoria 34% Pretoria 34% 42% sales to external market CAGR for external sales volumes for period is 6.7% Leading supplier of diary feed in Western Cape Ability to “pass though” raw material price changes Superior technical input with custom mixes are key success factors

4 NULAID EGGS GP Parents Hatchery BREEDING COMMERCIAL Rearing Laying SALES Pack Station Ungraded Liquid Egg Integrated business from grand parent level to pack stations Quantum Foods sell the equivalent of over 1 billion eggs per annum 90% of eggs sold are produced by own farms One of only three suppliers of pullets Geographical spread of farms Nulaid brand commands a premium Day old pullet sales Point of lay sales Transfer

5 BROILER BUSINESS GP Parents Hatchery BREEDING COMMERCIAL Rearing Sales to Others Own Abattoir Significant re-engineering to stop losses Exit Eastern Cape market Closure of two abattoirs Live bird supply agreement in Western Cape Western Cape business essentially a livestock farming business Gauteng business remain fully integrated broilers per week Western Cape broilers per week Gauteng Retail & Wholesale Transfer

6 AFRICA OUTSIDE SOUTH AFRICA Significant contributor to profits during 2013 and 2014 ZAMBIA Broiler and layer breeding Commercial egg farm in Copperbelt Feed mixing plant UGANDA Broiler and layer breeding Feed mixing plant

7 SUCCESS FACTORS Commodity prices Maize (refer to slide 11) Soybean meal ZAR/US$ Exchange rate (refer to slide 12) Egg prices Egg cycle of supply and demand(refer to slide 13) Feed prices Broiler meat prices Trade regime Domestic supply and demand Feed prices Economic factors

8 OPERATIONAL FACTORS Feed Conversion Ratio ( FCR ) both layers and broilers Eggs per hen housed Lowest cost of production throughout value chains Disease status of national flocks

9 FINANCIAL DRIVERS AND SENSITIVITIES 2015 Change inCurrent Level Impact per annum Operating profit Rm Maize price of R100/tonR Soybean meal price of R100/tonR58003 Egg selling price of 10c per dozR10.29 ..8 Broiler meat selling price of 10c per kgR18.49 ..2 FCR change in broilers (one gram)1.65 kg.2,8 FCR change in layers (one gram)1.65 kg2,3 One additional egg per hen housed290 eggs2  SAPA November 2014 report Breed targets

10 STRATEGY 1.Western Cape de-risking of boiler business 2.Review Hartebees abattoir 3.Improve Customer and Product mix in Egg business 4.Increase Africa geographic footprint Reducing cyclicality 1 1.Improvement of farm operations Broiler FCR close to optimum Layer FCR and eggs per hen housed can improve by at least 2.5% 2.Cost efficiency in pack stations 3.Consolidated supply chain efforts 4.Utilize import opportunities for maize 5.Pack station project KZN 1.Organic growth in feed business 2.Acquisitive growth in feed business 3.“Off balance sheet” growth in egg business 4.Growth in current Africa operations 5.Grow the layer livestock business Improve margins Grow selected markets 2 3

11 ECONOMIC FACTORS: MAIZE

12 ECONOMIC FACTORS: EXCHANGE RATE

13 Source: SAPA

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