Notes to the Annual Financial Statements

	Group		Company
	2005	2004	2005	2004
	R000	R000	R000	R000
		Restated		Restated
7.1 Investment property
Opening carrying amount as previously stated	19,491	27,156	–	1,500
Revaluation surplus	3,586	2,211	–	–
Revaluation deficit	–	(2,876)	–	–
Disposals	(10,792)	(7,000)	–	(1,500)
Exchange rate movement	(1,339)	–	–	–
	10,946	19,491	–	–
Land and bulidings have been bought for investment purposes. Any income arising from investment properties is primarily the fair value gain expected as a result of market appreciation in the value of properties. The latest valuation was conducted at 31 December 2005. The majority of investment properties are located in Johannesburg and Gaborone.
7.2 Investment in subsidiaries
	Group		Company
	2005	2004	2005	2004
	R000	R000	R000	R000
		Restated		Restated
Unquoted	–	–	71,826	71,826
Unsecured loans	–	–	4,087	16,750
Current accounts	–	–	1,194	1,958
	–	–	77,107	90,534
7.3 Investment in associates
Unquoted	3,317	10,000	–	–
Directors’ valuation	3,317	10,000	–	–
The unquoted investment is a 50% share in Natal Lands Limited, held through British African Properties Limited. The property owned by this company was sold during the year and a cash dividend paid from the proceeds resulting in the reduction in the Directors’ valuation. The carrying value of the investment represents the Directors’ valuation.
7.4 Available-for-sale financial assets
Ordinary shares
Quoted	464,352	488,581	458,865	485,857
Unquoted	36,168	36,534	36,168	36,464
	500,520	525,115	495,033	522,321
Preference shares
Quoted	1,804	1,165	51,804	1,165
Unquoted	51,877	1,925	–	–
	53,681	3,090	51,804	1,165
Government and other approved securities	3,014	5,445	–	–
Municipal annuities and other fixed interest securities	–	36	–	36
	557,215	533,686	546,837	523,522
7.5 Financial assets at fair value through income
Government and other approved securities	429,658	322,910	429,658	322,910

The Group’s most significant quoted equity investments and Government and other approved securities as at 31 December 2005 are set out below and comprise, in aggregate, 21% of total assets.

		Market
Government and other		Value
approved securities	%	R000
Maturing within five years of balance
sheet date	50.07	216,621
Maturing in more than five years and
less than ten years from balance sheet
date	45.21	195,623
Maturing in ten years or more from
balance sheet date	4.72	20,428
	100.00	432,672

The majority of the portfolio consists of RSA stock with terms to maturity ranging from one to 20 years and coupon rates of between 7.25% and 13.5%.

		Market
	% of Equity	Value
Quoted ordinary shares	Portfolio	R000
Absa Group Limited	5.49	30,600
AECI Limited	2.67	14,897
African Oxygen Limited	1.75	9,754
African Rainbow Minerals Limited	1.22	6,800
Anglo American Corporation Limited	5.14	28,644
Anglo American Platinum Corporation Limited	2.32	12,925
Anglovaal Industries Limited	2.92	16,290
Aveng Limited	1.33	7,400
Barloworld Limited	2.39	13,330
Bidvest Group Limited	1.96	10,923
Edgars Stores Limited	1.00	5,581
FirstRand Limited	2.29	12,738
Hudaco Industries Limited	3.48	19,411
Impala Platinum Holdings Limited	2.71	15,111
Investec Limited	0.69	3,841
Investec Plc	1.18	6,565
Liberty Holdings Limited	2.38	13,246
MTN Group Limited	1.62	9,019
Mutual and Federal Insurance Company Limited	1.91	10,625
Nampak Limited	1.76	9,802
Nedbank Group Limited	2.83	15,779
Net 1 UEPS Technology Incorporated	3.33	18,530
Rembrandt Group Limited	1.66	9,250
Reunert Limited	1.74	9,720
Richemont Securities Limited	1.75	9,726
SAB Miller Plc	4.56	24,485
Sanlam Limited	1.68	9,361
Sasol Limited	2.59	14,415
Standard Bank Group Limited	3.86	21,500
Tiger Brands Limited	3.16	17,600
	73.37	407,868

The Group’s most significant quoted equity investments and Government and other approved securities as at 31 December 2004 are set out below and comprise, in aggregate, 22% of total assets.

		Market
Government and other		Value
approved securities	%	R000
Maturing within five years of balance
sheet date	28.51	93,628
Maturing in more than five years and
less than ten years from balance sheet
date	69.96	229,715
Maturing in ten years or more from
balance sheet date	1.53	5,012
	100.00	328,355

The majority of the portfolio consists of RSA stock with terms to maturity ranging from one to 20 years and coupon rates of between 8.00% and 13.5%.

		Market
	% of Equity	Value
Quoted ordinary shares	Portfolio	R000
Absa Group Limited	5.86	30,396
AECI Limited	2.48	12,870
African Oxygen Limited	1.69	8,768
African Rainbow Minerals Limited	1.02	5,300
Anglo American Plc	5.15	26,700
Anglo American Platinum Corporation Limited	2.20	11,385
Anglovaal Industries Limited	3.99	20,700
Aveng Limited	2.31	12,000
Barloworld Limited	4.10	21,260
Bidvest Group Limited	2.84	14,724
Edgars Stores Limited	2.20	11,397
FirstRand Limited	3.22	16,688
Hudaco Industries Limited	3.15	16,350
Impala Platinum Holdings Limited	2.96	15,367
Investec Limited	1.05	5,430
Investec Plc	1.57	8,163
Liberty Holdings Limited	3.37	17,483
MTN Group Limited	2.66	13,767
Mutual and Federal Insurance Company Limited	2.36	12,250
Nampak Limited	2.03	10,543
Nedcor Limited	3.84	19,896
Net 1 UEPS Technology Incorporated	4.28	22,178
Rembrandt Group Limited	2.27	11,795
Reunert Limited	2.60	13,500
SABMiller Plc	5.64	29,250
Sanlam Limited	2.67	13,828
Sasol Limited	3.50	18,150
Standard Bank Group Limited	5.86	30,404
Tiger Brands Limited	3.74	19,380
	90.61	469,922

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