reviewed group results

Reviewed Group Resultsfor the year ended 31 March 2009

Agenda

Introduction

Factors effecting our performance

Financial review

Review of operations

Prospects

Business of Brait

Brait’s business is the structuring, raising and management of investment funds that are typically classified Alternative Assets. The current product-set includes private equity funds, mezzanine debt funds and a range of hedge funds solutions

Additionally, Brait deploys its capital in proprietary investment programmes in these product areas

These investments are made predominantly in South Africa and its region

Investors include leading global and South African institutions

Brait’s operations are organised in two segments – Private Capital and Public Markets

Introduction

Highlights

Earnings

• Profit from South African operations up by 42% to R241.9 million (2008: 41% decrease)

• Group profit from operations decreased by 21% to R237.3 million (2008: 31% decrease)

• Headline earnings from continuing operations decreased by 34% to R166.6 million (2008: 8% decrease)

• Attributable earnings decreased by 58% to R166.6 million (2008: 16% increase)

• Return on equity 13% (2008: 30%)

Introduction

Highlights (continued)

• NAV robust at 1 436.4 cents per share, increased by 0.3% (2008: 19% increase)

• Assets under Management (fee earning) decreased by 9% from R11.6 billion to R10.5 billion (2008: 20% increase)

• Cash generated of R415.1 million (2008: R117.4 million) compared to cash applied of R279.3 million (2008: R101 million)

• Strong cash position of R430.1 million (2008: R417.7 million)

• Annual dividend distribution increased by 19% to 178.90 cents per share (2008: 13% increase)

Introduction

Factors effecting our performance

Operating Environment • Market conditions

• Global recessionary conditions

• Economic uncertainty

Value Drivers

• Investment product performance

• Assets Under Management

• Private Equity Fund-to-Fund cycle

• New product development

• Deployment of capital in Proprietary Investing

Introduction

Financial Review

Key Performance Measures

Financial Review

Return on Equit

y

Attributabl

e Earnings

Assets

Under

Manage

ment

Investme

nt Product Performance

Net Asse

t Valu

e

Dividend

Return on Equity

Financial Review

Mar 05 Mar 06 Mar 07 Mar 08 Mar 090.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

31%

45%

41%

30%

13%

29% 30%29%

28%

23%

25%

ROE LT ROE Long Term target

Attributable Earnings

Financial Review

Mar 05 Mar 06 Mar 07 Mar 08 Mar 09

-60.0

-10.0

40.0

90.0

140.0

190.0

240.0

290.0

340.0

390.0

440.0

-60%

-45%

-30%

-15%

0%

15%

30%

45%

211.7

300.8

338.8

393.0

166.6

238.2267.9

301.4339.1

26% 26% 30%

-51%

Profit Target line (12.5% CAGR) Actual vs Target

R’m

Assets Under Management growth

Mar 05 Mar 06 Mar-07 Mar-08 Mar 090

2

4

6

8

10

12

14

2.1

6.1

9.4

11.6

10.5

2.53.0

3.64.4

ZAR Target growth (20% CAGR)

Rbn

Financial Review

Investment Product Performance

Financial Review

Private Capital Brait III & IV 4.5%

AEP 1 4.2%

Mezzanine Partners Fund 17.2%

Public Markets Brait Multi-Strategy Fund 29.2%

Brait Matrix (launched 1 October 2008) 21.3%

Brait Ruby Fund 20.9%

Lauriston Absolute Fund 0.5%

Brait Absolute SA Fund -3.6%

Net Asset Value

Financial Review

Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 -

400.0

800.0

1,200.0

1,600.0

2,000.0

2,400.0

2,800.0

3,200.0

0%

40%

80%

120%

160%

200%

240%

757.5

1,141.9

1,606.9

2,024.8

2,222.8

39.4

166.1

330.8

506.0

700.1

5%

59%

124%

182%

210%

NAV per year Cumulative Dividends paid Cumulative growth in NAV (base Mar 04)

R’m

Dividends per share (excluding special dividends)

Financial Review

Mar 05 Mar-06 Mar-07 Mar 08 Mar-090

40

80

120

160

200

89.89

119.32

133.34

150.344323444835

178.899613066278

Cen

ts

Abridged group income statement for the year ended 31 March

Financial Review

Supplementary US$ information

Reviewed Audited

2008 2009 2009 2008

US$m US$m Rm Rm

38.3 37.7 Revenue 334.1 272.6

34.5 18.6 Other income 164.4 245.9

72.8 56.3 Total revenue and other income 498.5 518.5

(31.0) (30.8) Operating expenses (272.8) (220.8)0.6 1.3 Income from associates 11.6 4.4

42.4 26.8 Profit from operations 237.3 302.1

(7.5) (6.7) Finance costs (59.2) (53.8)

22.8 4.4 Capital items 39.1 162.9 57.7 24.5 Profit before taxation 217.2 411.2 (4.7) (5.7) Taxation (50.6) (33.3)

53.0 18.8 Profit from continuing operations 166.6 377.9

2.1 - Profit from discontinued operations - 15.1

55.1 18.8 Profit attributable to equity holders 166.6 393.0

Geographic analysis of income from continuing operations

Financial Review

GEOGRAPHICAL ANALYSIS 31-Mar-09 31-Mar-08

Segment income from continuing operations Rm Rm

Revenue 334.1 272.6

- International 44.0 56.3

- South Africa 290.1 216.3

Other income 164.4 245.9

- International (19.3) 111.6

- South Africa 183.70 134.3

Total segment income from continuing operations 498.5 518.5

Net1 and Pangea reduced international profits. Solid performance from South African operations and underlying investee companies.

Net Contributions

Financial Review

31-Mar-09 31-Mar-08

Rm Rm

Segment result from continuing operations 237.3 302.1

- International (4.6) 131.6

- South Africa

241.9 170.5

Net contributions from international operations negative due to global equities market. Net1’s actual operating results showed 20% growth.

Brait’s effective investment in underlying portfolio companies

Financial Review

Other 10%

Pan African Resource 1%Kelly Group

3%

Pangea Di-amond

Fields 3%

Medu 9% Pepkor 17% DGB 10%

Consol 8%Primedia 8%

Net 1 16%Natures

Choice 1%AEP 2%Sponsored Funds 5%Mezz 3%

Unallocated Participation

4%

March 08: R1,459m

Other 9%Medu 9%

Pepkor 21%DGB 12%

Consol 8%

Primedia 6%

Net 1 10%

Pangea Diamond Fields 2%

Private Equity Fund of Funds

1%Sponsored Funds

6%

Mezz 3%Premier Foods Limited 3%Capital Africa Steel, 2%

Toehold 1%Kelly 4%Wilderness 3%

March 09: R1,668m

Group Income Statement

Financial ReviewBrait Group Income Statement Year ended 31-Mar-09 31-Mar-08 Variance %

Notes Rm Rm RmFund management income 1 283.2 216.5 66.7 31%

Fund management expenses: 2 (231.9) (207.9) (24.0) 12%

Profit from fund management operations 51.3 8.6 42.7 498%

Investment income 3 226.9 318.8 (91.9) -29%

Investment expenses 4 (40.9) (10.2) (30.7) 301%

Profit from investment operations 186.0 308.6 (122.6) -40%

Group Profit from Operations 237.3 317.2 (79.9) -25%

Finance costs 5 (59.2) (53.8) (5.4) 10%Capital Items 6 39.1 162.9 (123.8) -76%

Profit before taxation 217.2 426.3 (209.1) -49%

Taxation 7 (50.6) (33.3) (17.3) 52%

Profit for the year/attributable to equity holders 166.6 393.0 (226.4) -58%

Fund Management Income (Note 1):

Financial Review

31-Mar-09 31-Mar-08 Variance % Rm Rm Rm

Management fees 166.2

185.7

(19.5) -11%

Fee income 112.9

23.6

89.3 379%

Interest received

4.1

9.9

(5.8) -58%

Total fund management income

283.2

219.2 64.0 29%

Performance fees from CMT boosted fee income

Negatively impacted by loss of net R2.5 billion AUM from Brait Absolute.

Fund Management Income

Financial ReviewPri-vate Cap-ital ; 121.2232

; 43%

Public

Markets

; 157.896200000001

; 56%

Treasury Capital; 4.1309; 1%

Mar-09

Private Capital ;

100.2; 46%

Public Markets;

89.4; 41%

Treasury Capital;

29.6; 14%

Mar-08

Fund Management Expenses (Note 2):

Financial Review31-Mar-09 31-Mar-08 Variance %

Rm Rm Rm

Fund Management Expenses:

Advertising, marketing costs & foundation costs

(9.9)

(8.9)

(1.1) 12%

Audit fees & other professional fees (17.6)

(19.1)

1.5 -8%

Communication and computer costs (12.9)

(7.4)

(5.5) 75%

Depreciation

(2.0)

(1.6)

(.4) 24%

Listing and related costs

(3.4)

(3.0)

(.4) 12%

Rent, travel and insurance costs (16.5)

(15.3)

(1.2) 8%

Salaries and related costs

(163.1)

(146.5)

(16.5) 11%

Other costs

(6.5)

(8.7)

2.2 -25%

Total Fund Management Expenses:

(231.9)

(210.6)

(21.3) 10%

Total increase of R21.3 million (10%) is in line with inflation. Communication and computer costs increased due to risk and operations management system in hedge fund business

Investment Income (Note 3):

Financial Review

31-Mar-09 31-Mar-08 Variance %

Rm Rm Rm

Investment appreciation : unrealised 162.2

88.6

73.6 83%

: realised

2.4

154.5

(152.1) -98%

Dividend Income

9.4

19.0

(9.6) -51%

Income from associate

11.6

4.4

7.2 164%

Interest received

41.3

52.4

(11.1) -21%

Investment income

226.9

318.9

(92.0) -29%

Investment Income

Financial Review

Pri-vate Capi-tal ;

105.4; 46%

Public Markets; 26.3; 12%

Treasury Capi-tal;

95.2; 42%

Mar-09

Private Capital ; 288.4; 90%

Public Markets; 8.3; 3%

Treasury Capital; 22.2; 7%

Mar-08

Investment Expenses (Note 4):

Financial Review

31-Mar-09 31-Mar-08 Variance %

Rm Rm Rm

Fund related expenses (27.6)

(14.7)

(12.9) 88%

Loan impairments and other expenses (13.3)

4.5

(17.8) -396%

Total investing activities expenses (40.9) (10.2) (30.7) 301%

Brait’s share of Brait IV Debt Facility Trust ‘s interest paid

Relates to loan impairment provision on investee companies.

Finance Costs (Note 5)

Financial Review

31 March2009

Rm

31 March2008

RmVariance

Rm%

change

Dividends on preference shares¹ 54.2 48.9 5.3 11%

Interest on shareholder’s loan² 0.5 2.5 (2.0) (80)%

Interest on bank overdraft 4.5 2.4 2.1 88%

Total 59.2 53.8 5.4 10%

Overall increase in line with movement in Prime rate of interest as Preference Shares dividend is 78% of Prime.

Capital Items (note 6)Capital items comprise:

Financial Review

2009Rm

2008Rm

Gain on realisation of investment in subsidiary

Realisation of Brait’s interest in Bayport, effective 1 April 2007. - 124.2

Net currency hedge loss

Profit on restructure of the Group’s hedging instruments

(79.5)169.8

43.5

-

Fair value adjustment of financial liability (16.3) (12.7)

Fair value adjustment of financial asset (34.9) 7.9

Total capital items 39.1 162.9

Cash Proceed of R299m reduced by R88 cost for new hedge per cash flow.

Write-down of 32.3% in Sitogo due to lower profit forecasts for 2009 and 2010.

Taxation (note 7)

Financial Review

31-Mar-09 31-Mar-08 Variance % Rm Rm Rm

Deferred tax provision (31.6)

(28.4)

(3.2) 11%

Current tax expense (15.4)

(2.9)

(12.5) 430%

Prior year over provision (.1)

-

(.1) -

Secondary tax on companies (STC) (3.5)

(2.0)

(1.5) 75%

Taxation (50.6)

(33.3)

(17.3) 52%

Group effective up from 8% to 23% due to current tax paying position and international losses with no deferred tax credit.

Dividend Policy

The Board maintains and is committed to the view that dividend distributions are an important part of longer-term shareowners wealth creation

Dividend Policy:• Pay annual dividends equaling 12.5% of opening NAV• Arrived at to be 50% of targeted ROE of 25%• Provided that solvency is not impaired and the ability to finance its business plan is maintained

Reasons for Policy:• provide more consistent annual dividend distributions• to link the distribution to NAV which is a more stable measure of long-term value generations

• Key measures for Brait are Investment product performance, NAV and Cash as earnings tend to be cyclical

Financial Review

Allocation of Capital

Financial Review

417.7

367.6

1,170.9

90.3198.0

139.2

Mar 08: Rm = 2383.6

Treasury Cash and Capital Other Private Equity FundsQuoted investments Unquoted investments Public Market Funds

430.0

181.0

1,132.6

107.3

413.7 145.5

Mar-09 Rm = 2,410.0

Treasury Cash and Capital Other Private Equity Funds Quoted investmentsUnquoted investments Public Market Funds

Cash flow from operating and investing activities

Financial Review

Dividends receivedR9.4m(2%)

In-terest re-ceived

R43.7m(10%)

Work-ing capitalR10.4m(3%)

Realisation of currency hedge

R299.4m(72%)

Operating itemsR52.2m(13%)

Cash Generated R415.1m

Fi-nanc

e cost

s; 59200000

; 21%

Taxation;

17100000; 6%

Investing activities; 113500000; 41%

Premium on

cur-renc

y hedge

88.132%

Cash Applied R277.9m

Review of OperationsPrivate Capital

Private Capital

Review of Operations

Funds Proprietary Investing

SponsoredFunds

MezzanineDebt Fund-of-Funds

Management of Private Equity

Funds

Deployment of balance sheet

capital of R50m or less per transaction

Sponsorship of Niched

Investment Firms

JV between OMIGSA,

Management and Brait in

management of Mezzanine Debt

Management of Private Equity Fund-of-Funds

• Brait III• Brait IV

• Medu Capital• Molash

Capital

• MP I• MP II

• AEP I

Private Capital

Highlights

• Strong operational performance from all large investment exposures especially Pepkor, Net 1,Consol and DGB. Average EBITDA growth > 20%

• Solid investment performance in Brait III and IV

• Finalisation of two substantial portfolio investments

• Mezzanine Partners I achieved full investment, and 1st investment in Mezzanine Partners II

• AEP I became fully committed


Return on Capital Employed

Review of Operations - Private Capital

Mar 04 Mar 05 Mar 06 Mar 07 Mar 08 Mar 090%

10%

20%

30%

40%

50%

60%

70%

22.9%

59.4%

42.1%

30.9%

20.4%

4.9%

24%

38%

33%29%

24%

18%

25%

ROE LT ROE Long Term target

Profit from Operations


Mar 04 Mar 05 Mar 06 Mar 07 Mar 08 Mar 09

-70

-20

30

80

130

180

230

280

-70%

-20%

30%

80%

130%

180%

230%

280%

81.6

242.5 250.2 248.5 240.7

75.9 91.8

103.3116.2

130.7 147.0

164%

142%

114%

84%

-48%

Net profit BT Target line (12.5% CAGR) Actual vs Target

Assets under Management


Mar 05 Mar 06 Mar-07 Mar-08 Mar 090

1

2

3

4

5

6

7

8

2.1

3.4

5.8

6.46.7

2.5

3.0

3.6

4.3

ZAR Target growth (20% CAGR)

Rbn

Fair value of fund portfolio investments (converted at year-end exchange rates)


Mar 04 Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 -

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Brait II Brait III Brait IV Braitec Mezz Sponsored Funds Private Equity Fund of Funds

1,572

3,550

4,187 4,035

7,439

8,566

Capital Invested


Mar 08 Mar 09-200.0

0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

1400.0

1600.0

1800.0

924.7 1,122.1

534.5

533.0

-20.3 -26.9

Working capital Proprietary investments Direct investment in Funds and capital participation

1,628.3

1,438.9

R’m

Sectoral Analysis


Manufacturing21%

Other18%

Mineral Resource

Explo-ration7%

Entertainment, leisure, tourism

2%

Black Economic Empowerment9%

Services20%

Informa-tion

technol-ogy16%

Media8%

March 08: R1,459m

Services23%

Black Eco-nomic Em-powerment

9%Information Technology

10%

Entertainment, leisure, tourism

3%

Manufacturing25%

Food4%

Media6%

Mineral Re-source Explo-

ration4%

Other17%

March 09: R1,668m

Brait effective investment in underlying portfolio


Other 10%

Pan African Resource 1%

Kelly Group 3%

Pangea Di-amond

Fields 3%

Medu 9%

Pepkor 17% DGB 10%

Consol 8%

Primedia 8%

Net 1 16%Natures

Choice 1%AEP 2%

Sponsored Funds 5%Mezz 3%Unallocated Participation

4%

March 08: R1,459m

Other 9%Medu 9%

Pepkor 21%DGB 12%

Consol 8%

Primedia 6%

Net 1 10%

Pangea Diamond Fields 2%

Private Equity Fund of Funds

1%

Sponsored Funds 6%

Mezz 3%Premier Foods Limited 3%Capital Africa Steel, 2%

Toehold 1%Kelly 4%Wilderness 3%

March 09: R1,668m

ssithole

This graph needs to be the same as the one under Finance Review

Funds


Business Model Value Drivers

Investors

3rd party capital invested

Brait capital invested

Team capital invested

Manager

Managed:

• Over 10 years• Illiquid• Discretionary

Economic effect on Brait:

• Up to 2% management fee p.a.• Potential 10% capital participation• >30% IRR on invested capital

Diversified across various industriesin corporate SA

Investees

Over 5 years Over 3 years-20.0%

0.0%

20.0%

40.0%

60.0% 44.2%

24.9%

IRR - Brait III

IRR (Rand)

Investment Performance

Fund-of-Fund Cycle

Brait IV more than 82% invested

Market Conditions

• Improved buying environment• More challenging capital raising

YE 2005 YE 2006 YE 2007 YE 2008 YE 20090

1,0002,0003,0004,0005,0006,0007,000

2,074

3,434

5,7596,223 6,187

Fee earning funds under management - 31 March 2009

Rm

Proprietary Investing



•Deployment of balance sheet capital of

R50m or less per transaction.

•Economics derived from investment gains.

Over 5 years Over 3 years0.0%

10.0%

20.0%

30.0%

40.0%

50.0%39.5%

30.6%

IRR - Brait's investment in proprietary investments

IRR (Rand)

Investment Returns

Deployment Rate

Market Conditions

• Last investment made 3 years ago, but improved prospects

• Improved buying environment• Increased competition

Sponsored Funds



•Sponsorship of niched investment managers,

in return for interests in Manco and funds


AUM

Relationships

• Strong performance from Medu Capital (Medu I IRR – 60%+)

• Weak performance from Molash R34m write-down

• Molash I closed at R170m

• Reduced plan for new relationships

Mezzanine Debt



• Joint Venture between OMIGSA, Management and

Brait in Mezzanine Partners.

• Economics derived from share in Manco and

funds.


AUM

Market Conditions

• On-track for JIBAR + 9% target (currently tracking 23% IRR)

• MP I fully invested. MP II achieves a first closing of R400m

• Benefits significantly from sub-prime fallout and tightening credit conditions.

Fund-of-Funds



•Investment Management of unlisted fund-of-funds.

•Invests in Brait sponsored and third party funds.

•Economics derived from management fees and performance fees.

Funds Under Management


Market Conditions

• Final close achieved at R630m

• Rapid deployment of commitments.

• Investment performance too early to determine, but prospective promising

• Market conditions challenging

Strategic Initiatives

Launch Brait V

Drive value in existing portfolio

Invest remainder of Brait IV

Invest R50m p.a. in each of Proprietary Investing and Sponsored Funds


Review of OperationsPublic Markets

Brief overview of the Brait Public Markets Model

Review of Operations - Public Markets

3rd party capital

invested

Brait capital invested

Team capital invested

Management of Funds:• Open ended• Monthly liquidity• Discretionary

Economic effect on Brait:• Management Fee: up to

2% p.a.• Performance Fee:

between 10% & 30% of out performance

• Investment gains on capital invested

Diversified across asset classes according to investment strategy:• Listed Equities• Bond and Credit Markets• Exchange Traded & OTC

Derivatives• Hedge Funds

Investors Manager Investments

Public Markets

Highlights

• Revenue and profit from operations have significantly increased

• Strong investment performance from CMT products - Brait Multi-Strategy, Brait Matrix Fund & Brait Ruby Fund

• Improved performance from Brait Absolute, especially in the last half of the year, showing the ability to preserve capital; but still below target

• Launch of Brait Matrix Fixed Income Fund with R170m on 1 October 2008

• Assets under management have decreased

• Strengthening of the Multi-Management investment team


Multi Management



• Use Brait capital to seed products

• Provide institutional investors with risk managed

hedge fund solutions

• Range of fund-of-hedge fund products

• Accessing scarce sources of alpha

• Constructed to deliver targeted return

• Revenue generated from management and

performance fees



Market Conditions

• Performance drives capital flows

• Behind target but there has been an improvement over the last quarter – 3/16 in latest AF Fund of Hedge Funds Survey

• R3.1bn at 31 March 2009• 28% decrease from 31 March

2008

• Significant declines, volatility and uncertainty – good for funds of hedge funds

Multi Management


Brait Absolute South Africa Fund•Generate Cash plus 4% p.a. over rolling three year periods•Limit volatility to less than 10% p.a.•Compound capital across all market conditions

Investment PhilosophySkilful diversification across multiple asset classes, strategies, stylesIdentify talented managers

Managers must be complimentaryLow correlations, offer downside protectionGood returns relative to risk

Ensure appropriate risk management infrastructure

-5%

0%

5%

10%

15%

70

100

130

160

190

Monthly Returns

Brait Absolute SA

ALBI

Mon

thly

Ret

urns

Cum

ulat

ive

Ret

urns

`

Mar-04Sep-04

Mar-05Sep-05

Mar-06Sep-06

Mar-07Sep-07

Mar-08Sep-08

Mar-09

100

150

200

250

300

350

Brait Absolute

Cash

All Bond Index

All Share Index

Capital Management



• Integrated team of six experienced investment

professionals, who:

• collaborate to manage multi strategy

product

• operate independently to manage single

strategy funds, specific to their expertise

• leverage a common operational platform

• Revenue generated from management and

performance fees and investment returns


• Strong investment performance esp from fixed interest disciplines


• R1.4bn at 31 March 2009• No change from 31 March 2008

Market Conditions

Premium Fees • Management: 1% p.a.• Performance: 10 – 30% of

outperformance

• Significant declines and volatility

Return on Capital Employed


0 0 0 0 00.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

6% 7%

33%

19%

69%

6%

15%16%

27%25%

ROCE LT ROE Long Term target

Profit from Operations


Mar 05 Mar 06 Mar 07 Mar 08 Mar 090.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

100.00

0%

100%

200%

300%

400%

500%

600%

700%

7.30 8.30

43.30

27.10

86.60

8.21 9.24 10.39 11.69

1%

369%

161%

641%

Profit Target line (12.5% CAGR) Actual vs Target

Assets Under Management


Mar 05 Mar 06 Mar 07 Mar 08 Mar 090

1

2

3

4

5

6

0.3

2.7

3.9

5.3

3.3

0.4 0.4 0.5 0.6

AUM Target growth

Rbn

Funds


Fund Name AUM 31 Mar 09R’millions

Investment Strategy Target Return Open for investment

Brait Absolute SA Fund

3,115 Multi Strategy Fund of Hedge Fund

Cash + 4% Yes

Brait Multi Strategy Fund

885 Multi Strategy Fund Cash + 8% Yes

Brait Cobalt Fund 290 Long/Short Equity Fund

Cash + 6% Yes

Brait Matrix Fixed Income Fund

137 Fixed Income Fund Cash + 8% Yes

Brait Ruby Fund 21 Equity Short Biased Fund

Cash + 6% Yes

Strategic Initiatives

Enhance investment performance

Retain assets in Brait Absolute

Raise assets behind performing products

Expand product range selectively

Expand investor universe


Prospects

Challenge & Opportunity

Brait remains confident of its strategy and market position yet cautions that meeting of targets next year is unlikely.

Tougher to find returns

Reduced fair values of assets

Tougher to raise capital

Prospects

Investors seeking structured and hedge fund solutions

Availability of private equity investments at attractive valuations

reviewed group results

Documents

continuing operations

group profit

profit attributable

south african operations

discontinued operations

management of investment

private equity funds

management private equity