CHANGE IN ACCOUNTING ESTIMATE –

An adjustment to an asset or a liability as a result of new information or developments.

– CONSTRUCTIVE OBLIGATION –

An obligation that derives from an established pattern of past practice, published policies or a suffi ciently specifi c current statement such that it created a valid expectation on the part of other parties that the obligation will be met.

– CONSOLIDATED FINANCIAL STATEMENTS –

The fi nancial statements of a group presented as those of a single economic entity.

– CONTINGENT ASSET –

A possible asset that arises from past events and whose existence will be confi rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

– CONTINGENT LIABILITY–

A possible obligation that arises from past events and whose existence will be confi rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognised because it is not probable that an outfl ow of resources embodying economic benefi ts will be required to settle the obligation or the amount of the obligation cannot be measured with suffi cient reliability.

Financial Review

– CONTROL –

The power to govern the fi nancial and operating policies of an entity so as to obtain benefi ts from its activities.

– COSTS TO SELL –

The incremental costs directly attributable to the disposal of an asset (or disposal group), excluding fi nance costs and income taxation expense.

– DATE OF TRANSACTION –

The date on which the transaction fi rst qualifi es for recognition in accordance with International Financial Reporting Standards.

– DEPRECIATION (OR AMORTISATION) –

The systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset less its residual value.

– DERECOGNITION –

The removal of a previously recognised asset or liability from the balance sheet.

– DERIVATIVE –

A fi nancial instrument whose value changes in response to an underlying contract, requires no initial or minimal net investment in relation to other types of contracts that would be expected to have a similar response to changes in market factors and is settled at a future date.

– DEVELOPMENT –

The application of research fi ndings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before starting commercial production or use.

– DISCONTINUED OPERATION –

A component that has either been disposed of or is classifi ed as held for sale and represents a separate major line of business or geographical operational area or a subsidiary acquired exclusively with a view to resale.

– DISCOUNT RATE –

The rate used for purposes of determining discounted cash fl ows defi ned as the yield on relevant South African Government bonds that have maturity dates approximating the term of the related cash fl ows. The pre-taxation interest rate refl ects the current market

assessment of the time value of money. In determining the cash fl ows, the risks specifi c to the asset or liability are taken into account in determining those cash fl ows and are not included in determining the discount rate.

– EFFECTIVE INTEREST RATE –

The derived rate that discounts the expected future cash fl ows to the current carrying amount of the fi nancial asset or fi nancial liability.

–EQUITY INSTRUMENT –

A contract that evidences a residual interest in the total assets after deducting the total liabilities.

–EQUITY METHOD –

A method in which the investment is initially recognised at cost and adjusted thereafter for the post acquisition change in the share of net assets of the investee. Profi t or loss includes the share of the investee’s profi t or loss.

– EMPLOYEE BENEFITS –

All forms of consideration given in exchange for services rendered by employees.

– EXPENSES –

The decreases in economic benefi ts in the form of outfl ows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants.

– FAIR VALUE –

The amount for which an asset could be exchanged between knowledgeable and willing parties in an arm’s length transaction.

– FAIR VALUE HEDGE –

A hedge of exposure to changes in fair value of a recognised asset, liability or fi rm commitment.

– FINANCE LEASE –

A lease that transfers substantially all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred.

– FINANCIAL ASSET –

Cash or cash equivalents, a right to receive cash, an equity instrument or a right to exchange fi nancial instruments under favourable conditions.

– FINANCIAL LIABILITY –

A contractual obligation to pay cash or transfer other benefi ts or an obligation to exchange a fi nancial instrument under unfavourable conditions.

– FINANCIAL INSTRUMENT –

A contract that gives rise to a fi nancial asset of one entity and a fi nancial liability or equity instrument of another entity.

– FINANCIAL ASSET OR LIABILITY AT FAIR VALUE THROUGH