Update on Equity Swap with YAGM

15 April 2014

AfriAg plc

("AfriAg" or the "Company")

Variation to terms of existing Equity Swap Agreement between AfriAg and YAGM

AfriAg plc (AIM: AFRI) announces that, on 9 April 2014, the Company agreed with YA Global Master SPV, Ltd ("YAGM") to vary certain terms of the existing £600,000 Placing and Equity Swap Agreement, details of which were originally announced by the Company on 12 September 2013.

As announced on 12 September 2013 YAGM subscribed for a total of 29,126,213 new ordinary shares in the Company (the "Placing Shares") at a price of 2.06p per share (the "Placing Price") for a gross £600,000 in aggregate. The Company and YAGM also entered into an equity swap agreement (the "Equity Swap Agreement") over 29,126,213 of the Placing Shares (the "Swap Shares"). Of the £600,000 received by AfriAg, £300,000 was paid by AfriAg to YAGM under the Equity Swap Agreement. In return for this £300,000 payment, twelve monthly settlement payments are to be made by YAGM to the Company (or by the Company to YAGM) based on the prevailing market price (as defined in the Equity Swap Agreement) of the Company's ordinary shares in any month and a "benchmark price" that is 10% above the Placing Price. Therefore the funds received by the Company in respect of the Swap Shares is dependent on the future share price performance of the Company's ordinary shares.

The Company advises that the Equity Swap Agreement element of the above arrangements has been deferred and the monthly settlement payments will now commence on 1 June 2014 and run for a 12 month period through to 31 May 2015. The first monthly settlement payment under the Equity Swap Agreement will now be made on 30 June 2014.

No other variations have been made to the arrangements with YAGM that were previously announced on 12 September 2013.

For further information please contact:

AfriAg plc: +44 (0) 20 7440 0640

David Lenigas

Donald Strang

Nominated Adviser and Broker:

Allenby Capital Limited +44 (0) 20 3328 5656

Nick Athanas

Nick Harriss

Michael McNeilly

Public Relations:

Square1 Consulting +44 (0) 20 7929 5599

David Bick