INTERIM REPORT FOR THE TWELVE MONTHS ENDED 31 MARCH 2002 (UNAUDITED)
   
   
   
   
  DIRECTORATE
 
  Messrs GT Ferreira and John Newbury were appointed as non-executive directors on 28 November 2001.
   
  SECRETARY
   
  On 28 November 2001, Mrs M Lubbe was appointed as Company Secretary in place of Mr JC Engelbrecht who has retired.
     
  STRATE
 
  The Company's shares were transferred to the new STRATE system of electronic settlement on
12 November 2001.


Shareholders who have not yet dematerialised their shares are advised to do so immediately, or at least before the closure of the Dispossessed Members Fund. It is not the intention of STRATE to continue with this fund after September 2002.
     
  DIVIDENDS  
 
  No dividend is proposed for the twelve months ended 31 March 2002.
     
     
     
  Signed on behalf of the Board of Directors.
     
     
  Johann Rupert Josua Malherbe
  Chairman Chief Executive Officer / Deputy Chairman
     
  Stellenbosch  
  30 May 2002