INTERIM REPORT FOR THE TWELVE MONTHS ENDED 31 MARCH 2002 (UNAUDITED)
 
   
   
   
  ANNEXURE B
  COMPOSITION OF NET ASSET VALUE PER SHARE (RAND)
 
   
     31 March 2002
    31 March 2001
   
Book value
Valuations
Book value
Valuations 
 
  Listed
3.60
5.83
2.40
3.67 
  Unlisted
2.55
12.37
2.42
12.75 
  R&V
10.14
10.14
6.74
7.15 
  Cash
1.74
1.74
1.91
1.91 
 
  Total
18.03
30.08
13.47
25.48 
 
  Market price
17.90
17.05 
 
  Note:
  Pending the valuations by an independent third party of investments as at 1 October 2001 for capital gains tax purposes, a process which is under way and will be completed by the year-end, the directors' valuations of investments have been retained as reflected in the interim report on 30 September 2001. At year-end evaluations will be based on independent valuations as calculated for capital gains tax purposes.