Annexure B

PRINCIPAL INVESTMENTS AT 31 MARCH 2009

     
NAAM VAN MAATSKAPPY Listed           Unlisted       
  2009 2008  2009 2008
    Effective   Effective    Effective   Effective
Incorporated in South Africa Shares interest Shares interest  Shares interest Shares interest
unless otherwise stated held % held %  held % held %
Tobacco interests                
R&R Holdings SA – Luxembourg Δ                 
– ordinary shares         – – 316 000 33.3
– debentures         – – 682 291 38.7
– participating securities (2005)         – – 19 281 686 100.0
– participating securities (2006)         – – 1 33.3
– held by R&R Holdings SA:                
– BAT Plc – UK (2008: 30%) #    –   10.6         
                 
Financial services                
RMB Holdings Limited (2)  302 279 403 25.0 302 279 403 25.0         
– held by RMB Holdings Limited:                
– FirstRand Limited (33%)   8.1   8.2         
FirstRand Limited (2)  481 142 375 9.2 481 142 375 9.3         
                 
Industrial interests                
Air Products South Africa (Pty) Limited (1)          4 500 000 50.0 4 500 000 50.0 
Dorbyl Limited (1)  14 058 346 41.4 14 058 346 41.4         
Kagiso Trust Investments (Pty) Limited *(2)          10 344 42.5 10 344 41.8
Medi-Clinic Corporation Limited (1)  257 346 286 45.9 257 346 286 45.9         
Nampak Limited (1)  78 096 694 13.3 78 096 694 13.3         
PGSI Limited – BVI *(3)          11 387 737 29.1 11 153 362 28.5
Unilever South Africa Holdings                  
   (Pty) Limited (4)          5 348 135 25.8 5 348 135 25.8
Total South Africa (Pty) Limited *(2)          12 872 450 33.2 12 872 450 33.2
Remgro-KWV Investments Limited (2)          50 50.0 50 50.0
– held by Remgro-KWV                  
   Investments Limited:                  
– Distell Group Limited (58%)     29.2   29.4         
                   
Mining interests                  
Impala Platinum Holdings Limited **  26 687 288 4.4 26 687 288 4.4         
Trans Hex Group Limited (1)  30 215 000 28.5 30 215 000 28.5         
                   
Other interests                  
Business Partners Limited *(1)          37 135 149 21.5 36 204 249 21.1
Xiocom Wireless, Inc. – USA (5)          22 500 000 44.4 11 250 000 44.4
                   

Financial period accounted for:
(1) Twelve months to 31 March 2009
(2) Twelve months to 31 December 2008
(3) Twelve months to 31 December 2008 (2008: for five months from date of purchase to 31 December 2007)
(4) Twelve months to 31 March 2009 (2008: for six months from restructuring of interest in Unilever to 31 March 2008)
(5) Twelve months to 31 March 2009 (2008: for eight months from date of purchase to 31 March 2008)

* Effective interest, on a fully diluted basis:
 

– Total South Africa (Pty) Limited 24.9% (2008: 24.9%)
– Kagiso Trust Investments (Pty) Limited 37.7% (2008: 37.1%)
– Business Partners Limited 20.8% (2008: 20.2%)
– PGSI Limited 25.0% (2008: 24.5%)
** Not an associated company
# The investment in BAT was unbundled to shareholders on 3 November 2008. As a result the indirect investment in BAT was only equity accounted for the seven months to 31 October 2008.
Δ R&R Holdings SA became a wholly owned subsidiary company on 1 November 2008 as part of the preliminary steps to the unbundling of the investment in BAT. Accordingly, R&R Holdings SA was equity accounted for the seven months to 31 October 2008 and consolidated for the five months to 31 March 2009. Refer Annexure A.

BVI – British Virgin Islands
UK – United Kingdom
USA – United States of America

Details of investments which are not material to the evaluation of the business of the Group, are not shown.