The annual financial statements have been prepared by management and conform with South African Statements of Generally Accepted Accounting Practice on a basis consistent with the previous year.

The financial statements which presents the results and financial position of the Company and its subsidiaries are the responsibility of the directors.

In fulfilling its responsibility, the Board of directors have approved the accounting policies applied and established that reasonable and sound judgements and estimates have been made by management when preparing the financial statements.

Adequate accounting records and an effective system of internal controls have been maintained to ensure the integrity of the underlying information.

A well-established control environment, which incorporates risk management and internal control procedures exists to provide reasonable, but not absolute, assurance that assets are safeguarded and the risk facing the business is being adequately managed.

The Board of directors have reviewed the business of the Group together with budget and cash flows for the year to 31 March 2006 as well as the current financial position and have no reason to believe that the Group will not be a going concern for the foreseeable future. The going concern basis has therefore been adopted in preparing the financial statements.

PricewaterhouseCoopers Inc. as external auditors have audited the financial statements and their unqualified report appears in this report.

The financial statements of the Group and the Company for the year ended 31 March 2005, which appear under the financials section of this report, has been approved by the Board of directors and signed on their behalf by:

DM NUREK Chairman

AJ SMART Chief Executive Officer

Cape Town
16 May 2005