Notes to the annual financial statements

The Company manages its shareholders’ equity, i.e. its issued capital (including share premium), reserves and treasury shares,
as capital. The Group’s objective when managing capital is to safeguard its ability to continue as a going concern in order to provide returns to shareholders in the form of dividends and capital appreciation.

In order to maintain or adjust the capital structure the Group may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue shares or repurchase shares from shareholders. For the year under review dividends amounting to
R2 471 million (2007: R2 102 million) were declared and shares to the value of R37 million (2007: RNil) were issued. The Group
also repurchased its own shares to the value of R28 million (2007: R1 106 million).

Refer to the statements of changes in equity for further details regarding the Group’s capital.