Notes to the annual financial statements

FOR THE YEAR ENDED 31 MARCH 2009

« Note 31 Note 33 »
   
32. CAPITAL MANAGEMENT
  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 cash dividends amounting
to R902 million (2008: R2 471 million) were declared and the investment in BAT amounting to R55.2 billion was unbundled by way
of an interim dividend in specie. The Group also repurchased its own shares to the value of R666 million (2008: R28 million).

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