Dividend Declaration

18 February 2014

Masawara PLC

("Masawara", "the Company")

Dividend Declaration

The Directors of Masawara are pleased to announce the payment of a special dividend of 3.25 US cents per ordinary share, representing a total of USD4 million. The dividend will be paid on 5 March 2014 to shareholders on the register on 28 February 2014. The ex-dividend date is 26 February 2014.

The dividend shall be paid in United States dollars.

- ENDS -

Contact details

Masawara PLC:

Oliver Lutz/Pride Masamba +263 4 751805 (of Masawara Zimbabwe (Private) Limited, the Company's Investment Advisor in Zimbabwe)

Cenkos Securities plc (Nominated adviser and broker):

Nicholas Wells/Max Hartley +44 20 7397 8900