Lonrho Reports Strong First Quarter

3 May 2012

Lonrho Plc

("Lonrho")

Interim Management Statement

Lonrho reports a strong first quarter with 75.0% increase in revenues and 2.8% increase in like for like gross margins

Lonrho Plc, the Group aligned with the emerging growth of Africa, announces its results for the first quarter of 2012 and material transactions to 3 May 2012.

Financial Highlights for the three months to 31 March 2012:

·; Revenue in the quarter was £58.9 million, a 75.0% increase from the same quarter in the prior year (2011: £33.5 million).

·; Growth has been experienced across the Company's operating divisions and gross margin across the Group has risen by 2.8% on an adjusted like-for-like basis.

·; Net assets at 31 March 2012 stood at £180.5 million. At 31 December 2011 the comparative figure was £155.7 million and at 31 March 2011 was £126.4 million.

·; Cash balances held at 31 March 2012 totalled £22.1 million, compared to £12.7 million at 31 December 2011.

·; Net debt fell to £85.1 million at 31 March 2012 compared with £102.8 million at 31 December 2011.

The start of the new financial year has seen the Group continue to see real growth in revenue and profitability of the Group businesses:

·; During the quarter Lonrho entered an agreement to purchase LonAgro Tanzania. The acquisition has added a third territory to the Lonrho - John Deere partnership in Africa, supplementing the existing relationships in Mozambique and Angola. Further, Lonrho during the period signed an MOU with John Deere for the opening of a dealership in South Sudan, which will become operational during Q2 2012.

·; Lonrho Hotels, during the quarter, announced the award of a ten year management agreement for the 450-room Grand Hotel Kinshasa in the capital of the DRC.

·; In March 2012, Kwikbuild won contracts for the supply and construction of 116 new schools for remote parts of the Eastern Cape of South Africa. The contract includes the delivery of 398 classrooms, eight laboratories and ancillary facilities to the Eastern Cape Province's Department of Public Works over a four month period, with invoicing to commence in Q2.

·; Luba Freeport has seen a continuation of the strong performance generated in the final quarter of 2011. Supply vessel calls at the port in Q1 2012 increased 16% on the first quarter of 2011, leading to a 23% increase in revenues.

·; Lonrho, in April announced, under its exclusive franchise agreement for Africa with Sir Stelios Haji-Ioannou's easyGroup, the first easyHotel.com to be developed at the historic former Stuttafords Department Store building in the Johannesburg Central Business District in South Africa. The hotel is scheduled to be open before the end of 2012.

·; Oceanfresh has entered into a partnership to supply Costco Wholesale's premium 'Kirkland Signature' brand with sustainably sourced wild caught Hake Loins. The first shipments have been delivered and the product will soon become available throughout Costco Wholesale stores in the United States, with planned further roll-outs to Canada and Mexico in 2012 and other Costco territories at a later stage.

·; The Agri-logistics business has seen strong growth in the quarter. Lonrho Logistics has won new contracts which have allowed the Group to increase load capacity, efficiency and volumes, helping to drive synergistic margin benefits across the agribusiness division.

·; During the quarter, a second aircraft has arrived and become operational at Fly540 Angola. This aircraft has allowed new routes to be opened as well as increasing capacity to current destinations. A third aircraft has recently arrived in the country and will become operational in May 2012.

·; During the quarter, Lonrho completed an equity raise for £26.9 million. The Company received valid acceptances in respect of 22,534,994 New Ordinary Shares from Qualifying Shareholders, representing approximately 20.8 per cent of the New Ordinary Shares offered under the Open Offer. A total of 269,498,795 shares were issued at an issue price of 10 pence per New Ordinary Share.

The first quarter has delivered strong results, especially for the Agribusiness and Transportation divisions. The platforms that Lonrho have invested in are well positioned to continue to expand as the African economy grows, stimulating ever increasing consumer demand. Trading since the end of the quarter has been in line with management expectations.

David Lenigas, Lonrho's Executive Chairman, commented:

"2012 has begun very well with revenues improving 75.0% on last year and margins increasing to 24.7%. Lonrho's core businesses remain focused on servicing the growth of the emerging African market and in contrast to much of the World, the Continent's economy is booming. As a result of our strategic alignment with the growth of Africa, Lonrho continues to see strong demand across each of its business divisions".

Lonrho will be hosting a conference call for analysts to discuss the Group's Q1 IMS trading update with David Lenigas, Geoffrey White and David Armstrong on Thursday 3nd May 2012 at 9:30am. For details on the call please contact FTI Consulting on the details below. The presentation for the conference call is available to download from the Company's website www.lonrho.com/investors/company_reports/investor_presentations and will be available for a short period of time thereafter.

*includes acquisitions (pre-acquisition comparables based on un-audited management accounts), excludes start-up businesses trading for less than 12 months and is adjusted to constant currency

ENDS