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XXX.XX XX.XXX.XXX.XXX.XX X.XXX.XXX.XXX.XXX.XX XX.XXX.XX ----------------- ----------------- ----------------- XX.XXX.XXX.XXX.XXX.XXXXX.XX XXX.XX INVESTMENTS XXX.XX XXX.XXX.XXX.XXXX.XX DEALING ACCOUNT XX.XX XXX.XXX.XXX.XX XX.XX X.XXX.XX XXX.XXX.XXX.XXX.XX XX.XXX.XXXXX.XXXX.XXX.XXX.XXX.XX X.XXUNREALISED GAIN/(-)LOSS ON INVESTMENT VALUATION XX.XXX.XX XX.XX XXX.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XX X.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XX COMPUTER HARDWARE XX.XX ================= ================= XXX.XXUNREALISED GAIN/(-)LOSS ON CURRENCY REVALUATION XX.XX RETAINED INCOME/(-)ACCUMULATED LOSS X.XX ----------------- --------------------------------SHAREHOLDERS' EQUITY XXX.XXX.XXX.XXX.XX XXX.XXX.XXX.XX X.XXX.XX XXX.XX X.XX NOTICE DEPOSIT X.XXX.XXX.XX X.XX X.XXX.XX .XXX.XXX.XX XX.XXX.CONSOLIDATED EUR US$ ZAR --- ----CAPITAL EMPLOYED ---------------SHARE CAPITAL X.XXX.XX XXX.XXX.XX OFFICE EQUIPMENT X.XXX.XXX.XX XX.XXX.XXX.XX DEPOSITS XXX.XX X.XXUNREALISED GAIN/(-)LOSS ON FORWARD CONTRACTS XXX.XX ================= EMPLOYMENT OF CAPITAL --------------------OFFICE FURNITURE X.XXXX.XXX.XXX.XX X.XXX.XXX.XX SHARE PREMIUM XXX.XX X.XXX.XXX.XXX.XXX.XXX.XX XXX.XXX.XXX.XX ----------------- ----------------- ----------------- XXX.XXX.XX CURRENT ASSETS BANK ACCOUNT XX.XXX.XXX.XXX.TWM page 2 TWM Limited BALANCE SHEET ON 31 May 2003 .XXX.

XXX.XXX.XXX.XX ------------------------------------------------NET CURRENT ASSETS/(-)LIABILITIES XX.XXX.CURRENT LIABILITIES INVESTEC ASSET MANAGEMENT XXX.XXX.XXX.XXX. ZARand-Euro = X.XXX.XXX.XXX.XX ----------------- ----------------- ----------------- XXX.XX XXX.XXX.XX X.XXX.XX X.XXX.XXX.XXX.XXX.XX ----------------- ----------------- ----------------- XXX.XXX.XX ================= Exchange rates: US$-Euro = X.XX XXX.XXX.XXX.XX XX.XX ================= ================= XXX.XXX.XXXXXXX .XXXXXXX .XX X.XXX.XX XXX.

XXX.XX X.XX XX.XX Refreshments & entertainment XX.XXX.XXX.XXX.XX XXX.XXX.XX X.XX Telephone & fax XXX.XX XXX.XX XX.XX Salaries XX.XX X.XX Electricity & heating XXX.XXX.XXX.XXX.XXX.XX XXX.TWM page X TWM Limited INCOME STATEMENT .XX XXX.XXX.XX Depreciation XXX.XXX.XXX.XX X.XXX.XX Travelling & accommodation XXX.XX XXX.XXX.XX XXX.XXX.XX X.XX Investec Asset Management fee XXX.XXX.XXX.XXXX.XXX.XX- ----------------XXX.XX XX.XXX.XX Profit/(-)loss:investment sold XXX.XXX.XX XX.XXX.XXX.XX- EXPENDITURE ----------Professional fees XXX.XXX.XXX.XX ----------------- ----------------TOTAL INCOME XXX.XX XXX.XX .XXX.XXX.XXX.XX X.XX X.CONSOLIDATED FOR THE PERIOD ENDED XX May XXXX EUR US$ ZAR --- --- --INCOME -----Interest received XXX.XX Directors' remuneration XXX.XX X.XX X.XXX.XXX.XXX.XX X.FX forward contr X.XXX.XXX.XX XX.XX XXX.XX XXX.XXX.XXX.XX X.XXX.XXX.XX X.XXX.XX Printing & stationery XXX.XX Rental .XX XX.XX Postage & courier XXX.XXX.XXX.XXX.XX XXX.XX Dividend received XXX.XX XX.XXX.XXX.XXX.XXX.XXX.XXX.XX XXX.XX Subscriptions XX.XX Custodial Fee XX.XX Profit/(-)loss:FX transaction X.XX XXX.XX XXX.XXX.XX XXX.XXX.XXX.XX XXX.premises X.XXX.XXProfit/loss .

XXX.XXX.XX ------------------------------------------------NET PROFIT/(-)LOSS FOR THE PERIOD X.XXX.XX X.XX ----------------- ----------------XXX.XXRETAINED INCOME .XX.XXX.XX================= ================= ================= .XXX.XXX.XXX.XXX.XX XXX.XX----------------- --------------------------------RETAINED INCOME/(-)ACCUMULATED LOSS .XXXX.XX- X.XXX.XXX.XXX.XXX.XXX.BEGINNING OF YEAR X.XXXX.XXX.XXX.XXX.XXX.XX- XXX.XXX.XXX.XXX.END OF PERIOD X.XXX.XXX.XXX.XXX.XXX.XX ----------------TOTAL EXPENSES XXX.

XXX.XX % -----------------------.XXX.XXX.XX- XX.XX % Market value gain/(-)loss adjustment X.XXX.XXX.XX- X ----------------- --------- XXX.XXX.XX ----------------- --------- XX.XX XX XX.XX XXX.XX ----------------- --------- XXX.XX X.XX XX.XX X.XX ----------------- --------- XXX.XXX.XX % Unrealised gain/(-)loss on FX revaluation X.XX XXX.XXX.XX X.XX XXX.XX XXX.XXX.XXX.XX X.-----ACCRUED INTEREST ---------------Cost X.XXX.XXX.XX XXX.XXX.XX XX ----------------- --------- .XX % -----------------------.----DEALING ACCOUNT --------------Cost X.XX -----------------------.XXX.XXX.XXX.XX XXX.XXX.-----Market value X.XX % -----------------------.XXX.XXXXX.XXX.XXX.XX % -----------------------.XXX.XXX.XX X.XXX.XX ----------------- --------- XXX.XXX.XX % Interest earned since purchase X.XXX.XX.XX- XX.XXX.XX.-----Cost adjusted for FX revaluation X.X.XX X.XXX.-----Cost adjusted for FX revaluation X.XX X.XX % -----------------------.XXX.CONSOLIDATED EUR US$ ZAR RATIO --- ----.XX XXX.XXX.XX X.XX % -----------------------.XXX.XXX.XXX.XX XXX.XXX.XXX.X.XX XX.X.-----CORE INVESTMENTS ---------------Cost X.TWM page X TWM Limited ANALYSIS OF INVESTMENTS ON XX May XXXX .XXXXX.XX XXX.XX XX XX.XXX.XX % Unrealised gain/(-)loss on FX revaluation X.-----FORWARD CONTRACTS ----------------- XX.XXX.XX X.XXX.XXX.XX % -----------------------.XXX.XXX.-----Cost adjusted for FX revaluation X.XXX.XX XXX.XX.XXXXX.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XX XX.XX XX.XX XX.XXX.XX XX.XX ----------------- --------- XXX.XXXX.XXX.XX % Unrealised gain/(-)loss on FX revaluation X.XXX.XXX.XXX.-----Market value X.XXX.XXX.XXX.XXX.XX- X ----------------- --------- XXX.XXX.X.XXX.XX XX.XX.XX XX.XXX.XXX.

XXX.XXX.XX ----------------- --------- XXX.XXX.XXX.XXX.XX XX.XXX.XX XXX.XX X.XXX.XX % -----------------------.XX XXX.XX XX XXX.XXX.XX XX.XXX.XX % -----------------------.XXX.XX- XX ----------------- --------- XXX.XX XXX.XX XX.XX XXX.XX XXX.XXX.XX X.XX.XXX.XXX.XX XX.XXX.XX- XX ----------------- --------- XXX.XXX.-----SUMMARY ------Core investment X.XX X.XX ======== ================= ====== XXX.XX % Accrued interest X.XX X.-----TOTAL INVESTMENTS X.XXX.XXX.XXX.XXX.XXX.XX XX.XXX.XXX.XXX.XX % -----------------------.X.XX % Dealing account X.-----FUNDS UNDER MANAGEMENT X.XXX.XX X.XXX.XXX.XXX.XX.XXX.XX XXX.XXX.XXX.XX ================= ========= .XXX.XXX.XXX.XXX.XXX.XXX.Market value gain/(-)loss adjustment X.XXX.XX % Forward contracts X.XXX.

TWM TWM LIMITED Ballastrang Offices Douglas Road Santon Isle of Man IMX XEU page X Tel: +XX (X) XXXX XXXXXX Fax: +XX (X) XXXX XXXXXX E-mail: TWMltd@manx.TWM CORPORATE only XX May XXXX .net MANAGEMENT ACCOUNTS .

XXX.XXX.XXX.XXX.XX OFFICE EQUIPMENT X.XXX.XXX.XXX.XX XX.XXX.XXX.XX ----------------- ----------------- ----------------- XXX.XXX.XXX.XX CURRENT ASSETS BANK ACCOUNT XX.XXX.XX SHARE PREMIUM XXX.XX----------------- --------------------------------SHAREHOLDERS' EQUITY XXX.XXX.XXXX.XX XXX.XX X.XXX.XXX.XXX.XX X.XXX.XXXX.XXX.XXX.XX DEPOSITS XXX.XXX.XX ----------------- ----------------- ----------------- XX.XXX.XXX.XXX.XXX.XX XX.XX XXX.XXX.XXX.XXX.XX XX.XX XX.FUNDS XXX.XXX.XXX.XX X.XX X.XXX.XX----------------- ----------------- ----------------- .XXUNREALISED GAIN/(-)LOSS ON CURRENCY REVALUATION XX.XX X.XX XX.XX ================= EMPLOYMENT OF CAPITAL --------------------OFFICE FURNITURE X.XX INVESTMENTS .XX XXX.XX ================= ================= XXX.XXX.TWM CORPORATE EUR US$ ZAR --- ----CAPITAL EMPLOYED ---------------SHARE CAPITAL X.XXX.XXX.XX XX.XX NOTICE DEPOSIT X.XX X.XXX.XX- X.XXX.XXX.XXX.XXX.XXX.XX XXX.XXX.XX X.XXX.XX XXX.XXX.XXX.XXX.XX XXX.XXX.XXX.XXX.XXX.XX CURRENT LIABILITIES INTER COMPANY/FUNDS ACCOUNT XX.XXX.XXX.XXX.XX X.XX X.XX X.XXX.XXX.XX- XX.TWM page X TWM Limited BALANCE SHEET ON XX May XXXX .XXXXX.XX XXX.XX COMPUTER HARDWARE XX.XXX.XXX.XXX.XX RETAINED INCOME/(-)ACCUMULATED LOSS X.XXX.XXX.XXX.XXX.XXX.XXX.

XX ----------------- ----------------- ----------------- XXX.XX XX.XXXX.XXX.XXX.XXX.XXX.XXX.XX----------------- --------------------------------NET CURRENT ASSETS/(-)LIABILITIES XX.XXXXXXX .XX X.XX XXX.XX.XX- XXX.XXXXXXX .XX ================= Exchange rates: US$-Euro = X.XXX.XXX.XX ================= ================= XXX.XXX.XXX.XXX.XXX.XXX.XXX. ZARand-Euro = X.

XXX.XX X.XX X.XXX.XX Electricity & heating XXX.XX XX.XXX.XXX.XX ----------------- .XXX.TWM CORPORATE FOR THE PERIOD ENDED XX May XXXX EUR US$ ZAR --- --- --INCOME -----Interest received XXX.XXX.XX XX.XX XXX.XXX.XX Postage & courier XXX.XXX.XX XXX.XX XXX.XX ----------------- ----------------TOTAL EXPENSES XX.XXX.XXX.XX XXX.XX Directors' remuneration XX.XX XXX.XX XXX.XXX.XX XXX.XXX.XX XXX.XX XXX.XX XXX.premises X.XXX.XXX.XX X.XX X.XX Telephone & fax XXX.XX XX.XX Salaries XX.XX EXPENDITURE ----------Professional fees XXX.XXX.XXX.XX Refreshments & entertainment XX.XX Depreciation XXX.XX X.XX Travelling & accommodation XXX.XXX.XX Subscriptions XX.XXX.XXX.XX X.XXX.XX XX.XX ----------------- ----------------- ----------------- XX.XXX.XX ----------------XX.XX XX.XX Rental .XX XXX.XX XXX.XX XXX.XX ----------------- ----------------TOTAL INCOME XX.XX XXX.XXX.XXX.XX XXX.XX X.XX Fee contribution from funds XX.XX X.TWM page X TWM Limited INCOME STATEMENT .XX XXX.XXX.XX XX.XX Printing & stationery XXX.XXX.

XXX.XXX.XXX.BEGINNING OF YEAR X.XXX.XX================= ================= ================= .XX- X.XX X.XXX.XXX.XXX.NET PROFIT/(-)LOSS FOR THE PERIOD XX.XX RETAINED INCOME .XXX.XX----------------- --------------------------------RETAINED INCOME/(-)ACCUMULATED LOSS .XXXX.END OF PERIOD X.XXX.XX- XX.XXX.XXX.XXX.XXX.XXXX.XXX.XXX.XX XXX.

XX XXX.XX XX.XXX.XXX.XXX.XXX.XXX.TWM CORPORATE X.XX XX.XXX.SINGLE PREMIUM POLICIES X.XXX.XX GLOBAL CASH X.XXX.XXX.XXX.XX X.XXX.XXX.XX % -----------------------.XX % X.XX X.TWM page X TWM Limited ANALYSIS OF INVESTMENTS ON XX May XXXX .XX SINGLE PREMIUM X.XX % SINGLE PREMIUM X.XXX.XXX.XX SINGLE PREMIUM X.XX X.XX % X.XXX.XXX.XXX.XX XXX.XX SINGLE PREMIUM X.XX XX.XX % -----------------------.XX XX.XXX.XX XXX.XX XX.XX XXX.XXX.XX XX.XXX.XXX.XXX.-----TOTAL INITIAL INVESTMENT IN FUNDS X.XXX.-----SUNTOTAL .XX XX.XXX. CASH & EQUITIES X.XXX.XXX.BONDS.XX % XX.XX X.XXX.XX ================= ========= ================= ====== INVESTMENTS IN FUNDS -------------------GLOBAL BONDS X.XXX.XX GLOBAL EQUITIES X.-----SUBTOTAL .XXX.XX X.XX X.XX ================= ========= XX.XXX.XXX.XX XXX.XX X.XX X.XXX.XXX.XX CORPORATE#X XX.XX ----------------- --------- XX.XX % ======== X.XXX.XX SINGLE PREMIUM X.XX % -----------------------.XX XXX.XX X.XXX.XX % X.XXX.XXX.XXX.XX X.XX X.XX X.XXX.XXX.XXX.XX XX.XX INDIVIDUAL#X XX.XXX.XXX.XX ----------------- --------- XXX.XX X.XX X.XXX.XX X.XX % X.XX X.XXX.XXX.XXX.XX XXX.XXX.XX INDIVIDUAL#X XX.XX INDIVIDUAL#X XX.XXX.XXX.XXX.XXX.XX % X.XX CORPORATE#X XX.XXX.XX X.XXX.XXX.XX SINGLE PREMIUM X.XXX.XX X.XXX.XXX.XX CORPORATE#X XX.XXX.XX ----------------- --------- XXX.XXX.TWM CORPORATE EUR US$ ZAR RATIO --- ----- ----CORPORATE INVESTMENTS --------------------- ---------------------------------------.XXX.XX % ======== --------- ================= ====== .-----TOTAL .XX % XX.XXX.

GLOBAL BONDS XX May XXXX .TWM page X TWM LIMITED MANAGEMENT ACCOUNTS .

XXX.XX XXX.XX ================= EMPLOYMENT OF CAPITAL --------------------INVESTMENTS XX.XX ----------------- ----------------FUND EQUITY XX.XXX.XXX.XXX.XX ----------------XX.XX XXX.XXX.XX ----------------- ----------------- ----------------- XXX.XXX.XXX.XXX.XXUNREALISED GAIN/(-)LOSS ON CURRENCY REVALUATION X.XXX.XX ------------------------------------------------NET CURRENT ASSETS/(-)LIABILITIES XX.XX XXX.XXX.XXX.XXX.XX XXX.XXX.XXX.XX XX.XXX.XX XXX.XXX.XXX.XXX.XX X.XXX.XX XX.XXX.XXUNREALISED GAIN/(-)LOSS ON FORWARD CONTRACTS XXX.XXX.TWM page X TWM Limited BALANCE SHEET ON XX May XXXX .XXX.XXX.XXX.XXX.XXX.XX X.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XX X.XXX.XXXXX.XXX.XXX.XXX.XXX.XXX.XXUNREALISED GAIN/(-)LOSS ON INVESTMENT VALUATION X.XX XX.XX XXX.XXX.XX XXX.GLOBAL BONDS EUR US$ ZAR --- ----CAPITAL EMPLOYED ---------------INITIAL INVESTMENT IN THE FUND XX.XXX.XXX.XX INTER COMPANY/FUNDS ACCOUNT XXX.XX CURRENT ASSETS FUND DEALING ACCOUNT XX.XX RETAINED INCOME/(-)ACCUMULATED LOSS X.XXX.XXX.XXX.XXX.XXX.XXX.XXXX.XXX.XXX.XX XXX.XXX.XXX.XXX.XXX.XXX.XX ================= ================= XX.XXX.XXX.XXX.XX .XXX.XXX.XX X.XXX.XX CURRENT LIABILITIES INVESTEC ASSET MANAGEMENT XXX.XXX.XX ----------------- ----------------- ----------------- XX.XX XX.XXX.XXX.XXX.XXX.XXX.XXX.XXX.XX ----------------- ----------------- ----------------- XX.XX XXX.XXX.XXXX.XX XX.XXX.XXX.XXX.XXX.XXX.XX XXX.XXX.XXX.XXX.XX X.XXX.

XXX.--------------------------------- ----------------- XX.XX ================= ================= XX.XXX.XXX.XXX.XX ================= Exchange rates: US$-Euro = X.XXXXXXX .XXXXXXX . ZARand-Euro = X.XXX.XX XXX.XXX.

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