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Content Highlights Accounting policies Letter to shareholders Income statements Board and governance structure Balance sheets Group overview Cash flow statements Building and developing people Notes to the cash flow statements Corporate governance Statement of changes in equity Value added statement Notes to the annual financial statements Segmental analysis Principal subsidiaries Five-year financial review Share ownership analysis Summary of statistics Shareholders' diary Definitions Corporate administration and information Directors' responsibility Notice of annual general meeting Report of the independent auditors Currency conversion table Secretaries' certification Proxy form Statutory information

VALUE ADDED STATEMENT 2003 2002 % change 2003 R m % R m % over 2002 Revenue 6 103,9 5 062,9 21 Paid to suppliers for materials and services 4 469,2 3 846,3 16 Value added 1 634,7 1 216,6 34 Income from investments and associates 12,7 130,1 (90) TOTAL WEALTH CREATED 1 647,4 100 1 346,7 100 22 DISTRIBUTED AS FOLLOWS: EMPLOYEES Remuneration and service benefits 590,7 473,1 Add: PAYE collected on behalf of government 108,1 90,2 Gross remuneration and service benefits 698,8 42 563,3 42 24 PROVIDERS OF CAPITAL Dividends to Reunert shareholders 226,2 14 181,4 14 25 Dividends to outside shareholders in subsidiaries 32,2 2 19,6 1 64 Interest paid on borrowings 50,1 3 22,7 2 121 308,5 19 223,7 17 38 PAYMENTS TO GOVERNMENT Taxation on profits 224,4 177,3 RSC levies 11,1 8,9 VAT, customs duties and other taxes 258,7 126,1 494,2 30 312,3 23 58 RETAINED IN THE GROUP TO DEVELOP FUTURE GROWTH Depreciation 58,4 4 46,2 3 26 Accumulated profit 87,5 5 201,2 15 (57) 145,9 9 247,4 18 (41) TOTAL WEALTH DISTRIBUTED 1 647,4 100 1 346,7 100 22