(SA c/kg) 2, , , , , , , , , , * last two data points are preliminary

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1 Agri-Weekly Beef market trends (Graph 1) International: Weak economic news maintained pressure on the US beef market. US GDP contracted at a rate of 6.2% in the fourth quarter which is higher than market expectations. Beef import parity dropped 1.6% week on week on the back of lower imported cuts and a stronger Rand: US dollar exchange rate. Domestic: Beef prices maintained a firmer trend on the back of tight supplies on markets. Class A contract beef closed the week up 2% at R25.22/ kg and Class C at R19.94/ kg. Weaner calf prices rose to R14.23/ kg live weight, up 1.7% week on week and 14% year on year. This was largely due to reduced supplies as a result of the improved production conditions together with lower maize prices. (SA c/kg) 2, , , , , , , , , , Graph 1: Beef price trends Class A Class C NZ Cow import parity,d/bn Contract Weaner calf Beef prices are expected to maintain a firmer trend as demand peaks towards the Easter holidays. Weaner calves are still supported by an under supply situation as a result of good production conditions. Mutton market trends (Graph 2) International: New Zealand prices for lamb and mutton traded slightly softer for the week. Meanwhile, production conditions improved somewhat due to good rains in the producing areas. Supplies on world markets have decreased resulting in increased demand. Lamb and mutton import parity closed marginally higher on the back of higher prices of imported cuts. Domestic: Lamb and mutton prices closed slightly firmer at R33.33/ kg for Class A contract, up 3.3% week on week and almost 12% year on year. Class C prices rose 3% week on week and closed at R25.17/g. Feeder lamb prices were steady to firmer at R14.50/ kg live weight, up 0.5% week on week and 4% year on year. (SA c/kg) Domestic mutton and lamb prices are expected to soften slightly in the short term. Graph 2: Mutton price trends 4,720 4,280 3,840 3,400 2,960 2,520 2,080 1,640 1,200 Lamb Class C Contract lamb NZ Lamb parity ZN Mutton parity * Last two data points are preliminary

2 FNB Agri-Weekly Page 2 of 8 Pork market trends (Graph 3) International: US pork prices remained under pressure with the exception of hams appreciating 0.5% week on week. Import parity prices for imported portions dropped 5% week on week due to a stronger Rand: US dollar exchange rate. Domestic: Domestic pork and baconer prices improved slightly for the week. The weekly prices for porkers and baconers are now trading 26% and 17% higher year on year respectively. Meanwhile, feed commodities especially maize have been on a downward trend recently and this is will improve producers margins which were under pressure during the past year. Domestic prices are expected to ease slightly in the short term. (SA c/kg) Graph 3: Pork price trends 2,110 1,890 1,670 1,450 1,230 1, Porker Baconer Import parity Export parity Weekly Slaughter Trends Week ending - 20 February 2009 Beef Sheep Pork 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Week ,000 43,000 38,000 33,000 28,000 23,000 18,000 13,000 8,000 3, Week ,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6, Week Total slaughtered Change w/w YTD = = 143% = 65% = = -14% Total slaughtered Change w/w YTD = = -2% = -42% = = 15% Total slaughtered Change w/w YTD = = -25% = -31% = = -25% Poultry market trends (Graph 4) International: US broiler portions traded sideways across most product categories. The current US leg quarter prices were almost unchanged for the week. The current prices are 19% and 17% down on the 2008 and 2007 levels. Import parity however eased lower on the back of a stronger Rand: US dollar exchange rate. Domestic: The domestic market continued to trade firmer on the back of good month end demand. Imports are reportedly down contributing the current tight supply situation in the short to medium. In the product category, the weekly prices closed up 0.5% w/w for IQF, 3.3% w/w for medium fresh and 0.5% w/w for frozen whole birds. Considered year on year, this is almost 40%, 41% and 31% higher respectively. Graph 4: Poultry price trends (c/kg) 2,240 2,060 1,880 1,700 1,520 1,340 1, Frozen whole Fresh whole Imported Leg Quarter (US) IQF

3 FNB Agri-Weekly Page 3 of 8 Domestic prices are expected to ease slightly during midmonth but will strengthen in the build up towards Easter. Producer prices for selected livestock commodities Beef Mutton Pork Poultry Open market: Class A / Porker / Fresh whole birds(r/kg) Open market: Class C / Baconer / Frozen whole birds(r/kg) Contract: A2/A3* / Baconer/ IQF (*includes fifth quarter) (R/kg) Import parity price (R/kg) Weaner Calves / Feeder Lambs (R/kg) Wool and cotton market trends (Graph 5) Graph 5: Cotton & wool price (c/kg) International: Cotton prices continued to trade lower due to the spill over pressure from the other markets 1,560 8,850 Wool Cotton coupled with concerns over global recession. The 8,270 1,480 contraction of the US economy with latest GDP 7,690 1,400 numbers painting a grim picture going forward 7,110 added further pressure. Cotton prices shed 1.5% 6,530 1,320 week on week and were almost 34% down on last 5,950 1,240 year this time. Derived cotton lint prices finished the 5,370 week 3% lower due to lower international prices and 4,790 1,160 a stronger Rand. On the Australian wool market, 4,210 1,080 3,630 prices continued to soften with the weekly market 3,050 1,000 indicator (AWEX EMI) closing at AU$7.22/ kg (clean), down 0.4% week on week and 25% year on SA Wool Aus Wool Cotton A-Ind year. Domestic: The domestic wool market rebounded and posted modest gains on the back of good demand. This saw the average weekly market indicator (Cape Wools) up 3.3% compared to the previous sale, closing the week at R43.97/ kg clean wool. This is however down 9% and 21% compared to the current season's average and opening sale respectively. The Rand traded sideways and lend mild support. Although the market has recovered somewhat from the recent slump, global weakness remains a major threat to the wool market. The short to medium price outlook remains bearish. Fibre market prices SA prices (R/kg) Australian prices (R/kg) Australien futures Apr-2009 (AU$/kg) Australien futures Jun-2009 (AU$/kg) Wool market indicator (R/kg) μ long length wool (R/kg) μ long length wool (R/kg) μ long length wool (R/kg) SA derived Cotton (R/kg) New York A-Index (US$/kg) New York future Mar-09 (US$/kg) New York future Jul-09 (US$/kg) Cotton Prices (R/kg)

4 FNB Agri-Weekly Page 4 of 8 Yellow maize market (Graph 6) International: US yellow maize prices bottomed out and finished the week marginally higher. (R/ton) Graph 6: Yellow maize prices Prices maintained a slow upward trend which 4,250 started early in the week due to lack of producer 3,900 selling, weaker US dollar and strength in crude oil. 3,550 USDA put planted area and output projections at 3,200 35m hectares and 314m tons during its annual 2,850 Agriculture Outlook Forum. This did not have too 2,500 much impact on the market as it is still early days 2,150 before the crop is planted. Import parity closed 1,800 down 1% week on week. Domestic: Yellow maize prices remained under 1,450 1,100 pressure and declined due to favourable 750 production conditions. The weekly average yellow maize prices closed the week at R1,528/ ton (- R70), down 4.4% w/w and 16% year on year. 29-Feb-08 Import parity 4-Jul-08 7-Nov-08 Export parity 13-Mar-09 Domestic Meanwhile, total area under white maize was revised to 2.5m ha, down ha compared to the January estimate and ha less than the previous season. The expected commercial maize crop was pegged at 11.2m tons, almost 12% less than the previous season. Yellow maize was area was estimated ha, down 5% from the January report and 10.3% less than the previous season. Yellow maize production down 10% from last season to 4.7m tons. Yellow Maize futures on SAFEX: May'09 contract closed down 1.6% w/w (-R34/t); Jul'09 closed down 1% w/w (-R23/t); Sep'09 closed down 1.6% w/w (-R38/t); Dec'09 contract was marginally lower by 0.6% w/w (-R10/t). Domestic prices are expected to continue to remain under downward in the short term. Yellow Maize Futures Mar-09 May-09 Jul-09 Sep-09 Dec-09 CBOT ($/t) SAFEX (R/t) 1,503 1,516 1,522 1,561 1,640 CHICAGO CORN (R/t) - 1,454 1,504 1,556 - Calculated Yellow Maize Options prices (R/ton) RMB commodity desk (Tel: ) May-09 Jul-09 Sep-09 Ask Put Call Ask Put Call Ask Put Call 1, , , , , , , , ,

5 FNB Agri-Weekly Page 5 of 8 White maize market trends (Graph 7) International: US white maize prices eased (R/ton) Graph 7: White maize prices marginally lower for the week. Prices were down 0.5% week on week and 24% year on year. Import parity (Randfontein) continued to drift lower 3,820 3,360 on the back lower international prices and stronger 2,900 Rand. White maize import parity prices closed 2,440 down 2% week on week and 9% year on year. Domestic: White maize prices continued to weaken due to improved crop outlook and lower international prices. The average weekly spot prices for white maize closed the week at R1,629/ ton, down 5.4% (-R92/t) week on week and 6% year on year. Latest area estimate for white maize 1,980 1,520 1, Feb-08 Import parity 4-Jul-08 7-Nov-08 Export parity 13-Mar-09 Domestic came in at 1.5m ha, down 6% and 13.8% * last two data points are compared to the previous estimate and last season respectively. Total output for white maize was pegged at 6.5m tons, down 12.7% from the previous season. White maize futures: May'09 contract closed down 1.9% w/w; July'09 closed down 1.8% w/w; Sep'09 was down 1.8% w/w; Dec'09 closed down 3% w/w. For the week ahead, it is expected that prices will remain under pressure and decline. White Maize Futures Mar-09 May-09 Jul-09 Sep-09 Dec-09 SAFEX (R/t) WM1 1,607 1,590 1,554 1,590 1,634 Calculated White Maize Options prices (R/ton) RMB commodity desk (Tel: ) May-09 Jul-09 Sep-09 Ask Put Call Ask Put Call Ask Put Call 1, , , , , , , , , Wheat market trends (Graph 8) Graph 8: Wheat price trends International: The US wheat prices bottomed out (R/ton) and moved marginally higher for the week. 5,300 Concerns over dryness in some areas lend further support. USDA estimate put area under wheat at 23.5m hectares which is slightly lower than the 4,500 3, m last year. Meanwhile, the International Grains Council expects the 2009/10 world wheat output to drop 6% to 649m tons. Wheat import parity 2,900 2,100 (Randfontein) fell 0.5% week on week and 39% year 1,300 on year. Domestic: Domestic wheat prices eased modestly lower on the back of a stronger Rand: US dollar exchange rate. The average weekly wheat prices Feb-08 Import parity 4-Jul-08 7-Nov-08 Export parity 13-Mar-09 Domestic were down 6.5% week on week and closed the week at R2,622/ ton. This is down on last year by almost 29%. Weekly Safex wheat futures: Wheat for May'09 delivery closed down 7% w/w, (-R199/t); July 09 contract closed down 6% w/w, (-R186/t).

6 FNB Agri-Weekly Page 6 of 8 It is expected that prices will continue to soften with limited upward potential in the short term. Wheat Futures Mar-09 May-09 Jul-09 Sep-09 Dec-09 KCBT ($/t) SAFEX (R/t) 2,559 2,627 2,689 2,700 2,620 Calculated Wheat Option prices (R/ton) RMB commodity desk (Tel: ) May-09 Jul-09 Sep-09 Ask Put Call Ask Put Call Ask Put Call 2, , , , , , , , , Oilseed market trends (Graph 9) International: US Soybean market continued to trade Graph 9: Derived Oilseed prices (R/ton) lower. Prices were down 4.3% week on week and 39% year on year. Soy products ended mixed, with soymeal closing down 1.8% week on week, while soyoil emerged modestly higher. Meanwhile news of possible trade disruptions in Argentina provided some support. Derived soybean and sunflower prices closed slightly lower on the back of lower international prices and a stronger Rand. Domestic: The oilseed market posted modest losses on the back of lower international prices and good supply outlook. Both sunflower and soybean prices 7,420 6,880 6,340 5,800 5,260 4,720 4,180 3,640 3,100 finished the week lower at R3,409/ tons and R3,354/ Derived Soya Derived Sunflower Sunflower-spot Soya-spot tons. This is down 1.4% and 8.4% week on week and almost 30% and 25% lower compared to last year this time. Weekly Sunflower futures: May'09 sunflower contract closed down 3.3% w/w (R105/t); July'09 sunflower closed down 3.3% w/w (-R110/t). Weekly Soybean futures: May'09 soybean contract closed down 7.8% w/w (-R258/t); July'09 soybean was down 7.7% w/w (-R262/t). Area under sunflower has been revised downwards by 5.5% from last season to ha according to latest CEC estimate. The expected crop was pegged at tons, up 3.3% compared to last season. For soybeans, output is now estimated at tons, up 30.8% above last season. Area under soybean jumped 30.7% from last season to ha. Prices are expected to remain under pressure and weaken due to a good crop prospects.

7 FNB Agri-Weekly Page 7 of 8 Oilseeds Futures Mar-09 May-09 Jul-09 Sep-09 Dec-09 CBOT Soybeans (US $/t) CBOT Soya oil (US c/lb) CBOT Soya cake meal (US $/t) SAFEX Sunflower seed (R/t) 3,370 3,090 3, SAFEX Soybean seed (R/t) 3,230 3,062 3,138 3,258 - Calculated Sunflower Options prices (R/ton) : RMB commodity desk (Tel: ) May-09 Jul-09 Sep-09 Ask Put Call Ask Put Call Ask Put Call 3, , , , , , Vegetable market trends (Graph 10) Potatoes Potatoes maintained a downward trend seen over the last few weeks due to abundant supplies across most markets with the exception of Cape Town. Prices were down across all markets with the weekly average closing down 14.2% week on week at R2,560/ ton. This is however 47% higher than last year. The weekly volumes traded came in at tons, up 4.8% compared to last week and 91% higher when considered year on year. Prices are expected to remain under pressure in week ahead. Cabbage Cabbage prices rebounded and finished the week 4.3% above last week and were up 184% year on (R/ton) year. The weekly average closed at R2,508/ ton. Volumes traded dropped by 7.1% week on week and closed at tons, which is however 65% higher year on year. It is expected that prices will remain flat in the week ahead. Carrots Carrot prices moved sharply higher for the week. Prices were up across most markets with the exception of Bloemfontein. The average weekly carrot prices closed the week up 11.1% week on week at R4,573/ ton, which is 134% above last year this time. Weekly volumes of carrots traded were pegged at tons, down 4.4% week on week but 85% higher year on year. Prices are however expected to ease slightly lower in the week ahead. Onions Onion prices remained a bit firmer on the back of good uptake on markets. The average weekly onion prices closed the week marginally higher at R2,285/ ton, up 0.4% week on week and 27% year on year. Total volumes traded increased by 10.4% to tons, up 92% year on year. Onion price are expected to move sideways will limited upward potential. 8,150 7,250 6,350 5,450 4,550 3,650 2,750 1, Graph 10: Fresh Produce Markets - Vegetable prices Tomatoes Potatoes Onions Carrots Cabbage

8 FNB Agri-Weekly Page 8 of 8 Tomatoes In the case of tomatoes, prices continued their down trend as a result of a sharp increase in volumes across most markets with the exception of Cape Town. Prices dropped by a whopping 22.3% week on week and closed at R3,294/ ton and were down 14% year on year. This is the sixth consecutive week of price decline since mid-january. Volumes traded were pegged at 4050 tons, up 16.3% week on week and 111% year on year. This trend is expected to continue in the short term given favourable production conditions in the producing areas. Vegetable prices: Fresh Produce Markets. (Average Pretoria, Bloemfontein, Johannesburg, Cape Town and Durban) Week ending Average Total Price (R/t) w/w y/y Volume (t) w/w y/y Tomato 3, % -14% % 111% Potato 2, % 47% % 91% Onion 2, % 27% % 92% Carrot 4, % 134% % 85% Cabbage 2, % 184% % 65% Disclaimer: Although everything has been done to ensure the accuracy of the information, the Bank takes no responsibility for actions or losses that might occur due to the usage of this information.