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The South African economy continues to underperform compared to most of the world economies. Unprecedented industrial action has markedly reduced the GDP growth outlook for 2014.

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This report aims to provide shareholders with a better understanding of the methodology behind the calculation of the intrinsic net asset value, especially relating to the valuation of our unlisted investments.

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Due to Remgro being an investment holding company, traditional measurements of performance, like sales or gross profit, are not meaningful criteria for evaluating the Group’s performance.

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