                                                                                                     XXX        page  1






XXX LIMITED
Xxxxxxxxxxx Offices           Tel: +00 (0) 1234 567890
Xxxxxxx Road                  Fax: +00 (0) 1234 567890
Xxxxxx                        E-mail: 
Xxxxxxxxxxxxxxxxxxx





MANAGEMENT ACCOUNTS - CONSOLIDATED (Corporate & Funds)



31 May 2006

                                                                                                     XXX        page  2


XXX Limited
BALANCE SHEET ON 31 May 2006 - CONSOLIDATED
                                                                         EUR                  US$                  ZAR 
                                                                         ---                  ---                  --- 
CAPITAL EMPLOYED
----------------
SHARE CAPITAL                                                       X,XXX.XX             X,XXX.XX            XX,XXX.XX 
SHARE PREMIUM                                                 XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX 
RETAINED INCOME/(-)ACCUMULATED LOSS                             X,XXX,XXX.XX-        X,XXX,XXX.XX-       XX,XXX,XXX.XX-
UNREALISED GAIN/(-)LOSS ON CURRENCY REVALUATION                XX,XXX,XXX.XX-       XX,XXX,XXX.XX-      XXX,XXX,XXX.XX-
UNREALISED GAIN/(-)LOSS ON FORWARD CONTRACTS                      XXX,XXX.XX-          XXX,XXX.XX-        X,XXX,XXX.XX-
UNREALISED GAIN/(-)LOSS ON INVESTMENT VALUATION                XX,XXX,XXX.XX        XX,XXX,XXX.XX       XXX,XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
SHAREHOLDERS' EQUITY                                          XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
                                                              XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX 
                                                           =================    =================    ================= 


EMPLOYMENT OF CAPITAL
---------------------
OFFICE FURNITURE                                                    X,XXX.XX             X,XXX.XX            XX,XXX.XX 
OFFICE EQUIPMENT                                                      XXX.XX             X,XXX.XX             X,XXX.XX 
COMPUTER HARDWARE                                                   X,XXX.XX            XX,XXX.XX            XX,XXX.XX 
INVESTMENTS                                                   XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX 

CURRENT ASSETS
   BANK ACCOUNT                                                    XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 
   NOTICE DEPOSIT                                                   X,XXX.XX             X,XXX.XX            XX,XXX.XX 
   DEALING ACCOUNT                                             XX,XXX,XXX.XX        XX,XXX,XXX.XX       XXX,XXX,XXX.XX 
   DEPOSITS                                                           XXX.XX               XXX.XX             X,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
                                                               XX,XXX,XXX.XX        XX,XXX,XXX.XX       XXX,XXX,XXX.XX 

CURRENT LIABILITIES
   INVESTEC ASSET MANAGEMENT                                      XXX,XXX.XX           XXX,XXX.XX         X,XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
                                                                  XXX,XXX.XX           XXX,XXX.XX         X,XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
NET CURRENT ASSETS/(-)LIABILITIES                              XX,XXX,XXX.XX        XX,XXX,XXX.XX       XXX,XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
                                                              XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX 
                                                           =================    =================    ================= 


Exchange rates: US$-Euro = X.XXXXXXX , -Euro = X.XXXXXXX
                                                                                                     XXX        page  X


XXX Limited
INCOME STATEMENT - CONSOLIDATED
FOR THE PERIOD ENDED 31 May 2006


                                                                         EUR                  US$                  ZAR 
                                                                         ---                  ---                  --- 

INCOME
------
Interest received                                                 XXX,XXX.XX           XXX,XXX.XX         X,XXX,XXX.XX 
Dividend received                                                 XXX,XXX.XX           XXX,XXX.XX         X,XXX,XXX.XX 
Profit/(-)loss:investment sold                                    XXX,XXX.XX           XXX,XXX.XX         X,XXX,XXX.XX 
Profit/(-)loss:FX transaction                                   X,XXX,XXX.XX-        X,XXX,XXX.XX-       XX,XXX,XXX.XX-
Profit/loss - FX forward contr                                  X,XXX,XXX.XX         X,XXX,XXX.XX        XX,XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
TOTAL INCOME                                                      XXX,XXX.XX-          XXX,XXX.XX-        X,XXX,XXX.XX-

EXPENDITURE
-----------
Professional fees                                                     XXX.XX               XXX.XX             X,XXX.XX 
Printing & stationery                                                 XXX.XX               XXX.XX             X,XXX.XX 
Postage & courier                                                     XXX.XX               XXX.XX               XXX.XX 
Custodial Fee                                                      XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 
Depreciation                                                          XXX.XX               XXX.XX             X,XXX.XX 
Electricity & heating                                                 XXX.XX               XXX.XX             X,XXX.XX 
Investec Asset Management fee                                     XXX,XXX.XX           XXX,XXX.XX         X,XXX,XXX.XX 
Refreshments & entertainment                                           XX.XX                XX.XX               XXX.XX 
Rental - premises                                                   X,XXX.XX             X,XXX.XX            XX,XXX.XX 
Telephone & fax                                                       XXX.XX               XXX.XX             X,XXX.XX 
Travelling & accommodation                                            XXX.XX               XXX.XX             X,XXX.XX 
Subscriptions                                                          XX.XX                XX.XX               XXX.XX 
Salaries                                                           XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 
Directors' remuneration                                            XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
TOTAL EXPENSES                                                    XXX,XXX.XX           XXX,XXX.XX         X,XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
NET PROFIT/(-)LOSS FOR THE PERIOD                                 XXX,XXX.XX-        X,XXX,XXX.XX-        X,XXX,XXX.XX-
RETAINED INCOME - BEGINNING OF YEAR                             X,XXX,XXX.XX-        X,XXX,XXX.XX-       XX,XXX,XXX.XX-
                                                           -----------------    -----------------    ----------------- 
RETAINED INCOME/(-)ACCUMULATED LOSS - END OF PERIOD             X,XXX,XXX.XX-        X,XXX,XXX.XX-       XX,XXX,XXX.XX-
                                                           =================    =================    ================= 
                                                                                                     XXX        page  X


XXX Limited
ANALYSIS OF INVESTMENTS ON 31 May 2006 - CONSOLIDATED
                                                                EUR                  US$                  ZAR   RATIO 
                                                                ---                  ---                  ---   ----- 
DEALING ACCOUNT
---------------
Cost                                                  XX,XXX,XXX.XX        XX,XXX,XXX.XX       XXX,XXX,XXX.XX  XXX.XX %
Unrealised gain/(-)loss on FX revaluation              X,XXX,XXX.XX-        X,XXX,XXX.XX-       XX,XXX,XXX.XX-   X.XX %
                                                  -----------------    -----------------    -----------------  ------ 
Cost adjusted for FX revaluation                      XX,XXX,XXX.XX        XX,XXX,XXX.XX       XXX,XXX,XXX.XX   XX.XX  
                                                  -----------------    -----------------    -----------------  ------ 
CORE INVESTMENTS
----------------
Cost                                                 XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX  XXX.XX %
Unrealised gain/(-)loss on FX revaluation             XX,XXX,XXX.XX-       XX,XXX,XXX.XX-      XXX,XXX,XXX.XX-   X.XX %
                                                  -----------------    -----------------    -----------------  ------ 
Cost adjusted for FX revaluation                     XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX   XX.XX %
Market value gain/(-)loss adjustment                  XX,XXX,XXX.XX        XX,XXX,XXX.XX       XXX,XXX,XXX.XX    X.XX %
                                                  -----------------    -----------------    -----------------  ------ 
Market value                                         XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX  XXX.XX %
                                                  -----------------    -----------------    -----------------  ------ 
ACCRUED INTEREST
----------------
Cost                                                     XXX,XXX.XX           XXX,XXX.XX         X,XXX,XXX.XX  XXX.XX %
Unrealised gain/(-)loss on FX revaluation                 XX,XXX.XX-           XX,XXX.XX-          XXX,XXX.XX-   X.XX %
                                                  -----------------    -----------------    -----------------  ------ 
Cost adjusted for FX revaluation                         XXX,XXX.XX           XXX,XXX.XX         X,XXX,XXX.XX   XX.XX %
Interest earned since purchase                            XX,XXX.XX-           XX,XXX.XX-          XXX,XXX.XX-   X.XX %
                                                  -----------------    -----------------    -----------------  ------ 
Market value                                             XXX,XXX.XX           XXX,XXX.XX         X,XXX,XXX.XX   XX.XX %
                                                  -----------------    -----------------    -----------------  ------ 
FORWARD CONTRACTS
-----------------
Market value gain/(-)loss adjustment                     XXX,XXX.XX-          XXX,XXX.XX-        X,XXX,XXX.XX- XXX.XX %
                                                  -----------------    -----------------    -----------------  ------ 
SUMMARY
-------
Core investment                                      XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX   XX.XX %
Accrued interest                                         XXX,XXX.XX           XXX,XXX.XX         X,XXX,XXX.XX    X.XX %
Forward contracts                                        XXX,XXX.XX-          XXX,XXX.XX-        X,XXX,XXX.XX-   X.XX %
                                                  -----------------    -----------------    -----------------  ------ 
TOTAL INVESTMENTS                                    XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX   XX.XX %
Dealing account                                       XX,XXX,XXX.XX        XX,XXX,XXX.XX       XXX,XXX,XXX.XX   XX.XX %
                                                  -----------------    -----------------    -----------------  ------ 
FUNDS UNDER MANAGEMENT                               XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX  XXX.XX  
                                                  =================    =================    =================  ====== 
                                                                                                     XXX        page  X






XXX LIMITED
Xxxxxxxxxxx Offices        Tel: +XX (X) XXXX XXXXXX
Xxxxxxx Road               Fax: +XX (X) XXXX XXXXXX
Xxxxxx                     E-mail: 
Xxxxxxxxxxxxxxxxxxx




MANAGEMENT ACCOUNTS - XXX CORPORATE only



31 May 2006

                                                                                                     XXX        page  X


XXX Limited
BALANCE SHEET ON 31 May 2006 - XXX CORPORATE
                                                                         EUR                  US$                  ZAR 
                                                                         ---                  ---                  --- 
CAPITAL EMPLOYED
----------------
SHARE CAPITAL                                                       X,XXX.XX             X,XXX.XX            XX,XXX.XX 
SHARE PREMIUM                                                 XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX 
RETAINED INCOME/(-)ACCUMULATED LOSS                             X,XXX,XXX.XX-        X,XXX,XXX.XX-       XX,XXX,XXX.XX-
UNREALISED GAIN/(-)LOSS ON CURRENCY REVALUATION                     X,XXX.XX-           XX,XXX.XX-           XX,XXX.XX-
                                                           -----------------    -----------------    ----------------- 
SHAREHOLDERS' EQUITY                                          XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
                                                              XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX 
                                                           =================    =================    ================= 


EMPLOYMENT OF CAPITAL
---------------------
OFFICE FURNITURE                                                    X,XXX.XX             X,XXX.XX            XX,XXX.XX 
OFFICE EQUIPMENT                                                      XXX.XX             X,XXX.XX             X,XXX.XX 
COMPUTER HARDWARE                                                   X,XXX.XX            XX,XXX.XX            XX,XXX.XX 
INVESTMENTS - FUNDS                                           XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX 

CURRENT ASSETS
   BANK ACCOUNT                                                    XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 
   NOTICE DEPOSIT                                                   X,XXX.XX             X,XXX.XX            XX,XXX.XX 
   DEPOSITS                                                           XXX.XX               XXX.XX             X,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
                                                                   XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 

CURRENT LIABILITIES
   INTER COMPANY/FUNDS ACCOUNT                                     XX,XXX.XX-           XX,XXX.XX-          XXX,XXX.XX-
                                                           -----------------    -----------------    ----------------- 
                                                                   XX,XXX.XX-           XX,XXX.XX-          XXX,XXX.XX-
                                                           -----------------    -----------------    ----------------- 
NET CURRENT ASSETS/(-)LIABILITIES                                  XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
                                                              XXX,XXX,XXX.XX       XXX,XXX,XXX.XX     X,XXX,XXX,XXX.XX 
                                                           =================    =================    ================= 


Exchange rates: US$-Euro = X.XXXXXXX , -Euro = X.XXXXXXX
                                                                                                     XXX        page  X


XXX Limited
INCOME STATEMENT - XXX CORPORATE
FOR THE PERIOD ENDED 31 May 2006


                                                                         EUR                  US$                  ZAR 
                                                                         ---                  ---                  --- 

INCOME
------

Interest received                                                     XXX.XX               XXX.XX             X,XXX.XX 
Fee contribution from funds                                        XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
TOTAL INCOME                                                       XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 


EXPENDITURE
-----------

Professional fees                                                     XXX.XX               XXX.XX             X,XXX.XX 
Printing & stationery                                                 XXX.XX               XXX.XX             X,XXX.XX 
Postage & courier                                                     XXX.XX               XXX.XX               XXX.XX 
Depreciation                                                          XXX.XX               XXX.XX             X,XXX.XX 
Electricity & heating                                                 XXX.XX               XXX.XX             X,XXX.XX 
Refreshments & entertainment                                           XX.XX                XX.XX               XXX.XX 
Rental - premises                                                   X,XXX.XX             X,XXX.XX            XX,XXX.XX 
Telephone & fax                                                       XXX.XX               XXX.XX             X,XXX.XX 
Travelling & accommodation                                            XXX.XX               XXX.XX             X,XXX.XX 
Subscriptions                                                          XX.XX                XX.XX               XXX.XX 
Salaries                                                           XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 
Directors' remuneration                                            XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
TOTAL EXPENSES                                                     XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 
                                                           -----------------    -----------------    ----------------- 
NET PROFIT/(-)LOSS FOR THE PERIOD                                  XX,XXX.XX            XX,XXX.XX           XXX,XXX.XX 
RETAINED INCOME - BEGINNING OF YEAR                             X,XXX,XXX.XX-        X,XXX,XXX.XX-       XX,XXX,XXX.XX-
                                                           -----------------    -----------------    ----------------- 
RETAINED INCOME/(-)ACCUMULATED LOSS - END OF PERIOD             X,XXX,XXX.XX-        X,XXX,XXX.XX-       XX,XXX,XXX.XX-
                                                           =================    =================    ================= 
