Audit and risk committee report

The audit and risk committee has pleasure in submitting this report, as required in terms of the Companies Act of South Africa ("Companies Act"). The audit and risk committee consists of three non-executive directors who act independently as described in section 94 of the Companies Act. During the period under review, two meetings were held and the committee members attended both the meetings. At the meetings, the members fulfilled all their functions as prescribed by the Companies Act. A detailed list of the functions of the audit and risk committee is contained in the corporate governance report. The audit and risk committee has satisfied itself that the auditors are independent of the company and are thereby able to conduct their audit functions without any undue influence from the company.

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JW Dreyer
Chairman of the audit and risk committee
14 September 2011

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