INTRINSIC NET ASSET VALUE

AT 31 MARCH 2007

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      Stock         
    Shares  exchange      31 March  31 March 
    held  closing    Exchange  2007  2006 
  Notes million  £ million  £ million rate  R million  R million 
Tobacco interest              
R&R Holdings       3 641.0  14.3449  52 229  34 065 
– BAT ordinary shares 1 214.3  1 589  3 405.2       
– Cash and dividends receivable       236.1       
– Other net assets       (0.3)      
               
Financial services              
FirstRand   481.1  2 460      11 836   9 623 
RMB Holdings   280.9  3 599      10 111  7 990 
               
Industrial interests              
Medi-Clinic Corporation   171.1  2 510      4 295  3 531 
Unilever Bestfoods Robertsons           3 020  1 984 
Distell Group   58.7  5 205      3 054  2 112 
Nampak   78.1  2 221      1 735  1 308 
Total South Africa           2 226   1 889 
Rainbow Chicken   173.6  1 600      2 778  1 642 
Tsb Sugar           1 980  1 260 
Air Products South Africa           910  801 
Dorbyl   14.1  1 300      211  191 
Wispeco           421  441 
Kagiso Trust Investments           1 312  710 
Caxton   7.8  1 670      130  117 
               
Mining interests              
Implats   26.7  22 801      6 085  3 886 
Trans Hex Group   30.2  1 450      438  363 
Gencor   38.0  –      –  8 
               
Other              
Sundry investments and loans           220  117 
Deferred taxation asset/(liability)           (738) (417)
Other net assets/(liabilities)           506  (100)
               
Cash at the centre              
– Local 2         1 220  4 066 
– Offshore 2     218.7  14.3449  3 137  1 729 
Intrinsic net asset value           107 116  77 316 
Potential CGT liability 3         (2 714) (1 699)
Intrinsic net asset value after tax           104 402  75 617 
Issued shares after deduction of shares repurchased and the shares
  in The Remgro Share Trust (million)           472.4  479.8 
               
Intrinsic value per share           R221.00  R157.59 
               
Notes              
1. This represents Remgro’s effective interest of 10.4% in BAT Plc.
2. Cash at the centre excludes cash held by subsidiaries and associated companies that are separately valued above.
3. The potential capital gains tax (CGT) liability, which is unaudited, is calculated on the specific identification method using the most favourable calculation for investments acquired before
1 October 2001 and also taking into account the corporate relief provisions. Deferred CGT on investments available-for-sale (Implats and Caxton) is included in “Other” above.
4. Unlisted investments are shown at directors’ valuation. Listed investments, with the exclusion of Rainbow Chicken, are shown at stock exchange prices. Rainbow Chicken is shown at R16.00, the price applicable for the alternative offer to Rainbow Chicken shareholders since 6 June 2007.