INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2003 (UNAUDITED)
   
   
   
   
 
  ANNEXURE B        
  COMPOSITION OF NET ASSET VALUE PER SHARE (RAND)
           
   
31 December 2002
30 September 2001
30 June 2002
 
   
Book 
value 
Valuations
Book 
value 
Valuations
Book 
value 
Valuations 
 
  Listed (1)
1.83
1.69
2.73
3.81
3.72
5.27 
  Unlisted (2)
4.07
11.35
2.16
 12.24 2.47 9.89 
  R&V
9.10
9.10
8.20
 8.03 10.28 10.28 
  Cash
2.72
 2.72 2.23 2.23 1.67 1.67 
 
  Total 17.72 24.86 15.32 26.31 18.14 27.11 
 
  Market price 17.61 17.30 17.50 
 
  (1) Market value.          
  (2) Directors' valuation.          
             
     
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