The Audit Committee has been constituted in accordance with applicable legislation and regulations. The committee consists of three Independent Non-Executive and one Non-Executive Director as required by the Group Governance principles. Four Audit Committee meetings were held during the year at which the members fulfilled their functions as prescribed by the Companies Act of South Africa. A detailed report on the activities of the committee is contained in the Corporate governance section of the annual report.

In terms of the JSE Listings Requirements, the committee is required to consider the appropriateness of the expertise and experience of the Financial Director of the Company. In respect of this requirement and for the year under review and the following year, the committee is satisfied that P Bezuidenhout, the Financial Director, possesses the appropriate expertise and experience to fulfil his responsibilities in this position.

SG Morris
Chairman
Audit Committee

Johannesburg
26 January 2011