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Shareholder analysis (Source: JP Morgan)

1. Analysis of registered shareholders and Company schemes

Registered shareholder spread

In accordance with the JSE Listings Requirements, the following table confirms that the spread of registered shareholders as detailed in the annual report and accounts at 24 December 2008 was:

    Number   % of total   Number   % of  
  Shareholder spread of holders   shareholders   of shares   issued capital  
                   
  1—1 000 shares 2 596   58,32   1 021 711   0,86  
  1 001—10 000 shares 1 264   28,40   4 320 385   3,64  
  10 001—100 000 shares 423   9,50   13 993 094   11,77  
  100 001—1 000 000 shares 149   3,35   41 130 143   34,61  
  1 000 001 shares and above 19   0,43   58 381 653   49,12  
  Total 4 451   100,00   118 846 986   100,00  

Public and non-public shareholdings

Within the shareholder base, we are able to confirm the split between public shareholdings and directors/Company-related schemes as being:

    Number   % of total   Number   % of  
  Shareholder type of holders   shareholders   of shares   issued capital  
                   
  Non-public shareholders 5   0,13   11 937 122   10,04  
  – Treasury shares 1   0,04   11 884 699   10,00  
  – Directors 4   0,09   52 423   0,04  
  Public shareholders 4 446   99,87   106 909 864   89,96  
  Total 4 451   100,00   118 846 986   100,00  

2. Substantial investment management and beneficial interests above 3 per cent

Through regular analysis of STRATE registered holdings, and pursuant to the provisions of Section 140a of the Companies Act, the following shareholders held directly and indirectly equal to or in excess of 3 per cent of the issued share capital at 24 December 2008:

    Total      
  Investment manager shareholding   %  
           
  RMB Asset Management 18 008 973   15,15  
  Coronation Fund Managers 14 716 940   12,38  
  Public Investment Corporation (PIC) 11 486 520   9,66  
  Allan Gray Investment Council 9 640 620   8,11  
  Frater Asset Management 7 239 240   6,09  
  Old Mutual Investment Group SA 6 162 449   5,19  
  Polaris Capital (Pty) Limited 4 499 060   3,79  
  Total 71 753 802   60,37  


Investment management shareholding positions above 3 per cent with 12-month change


    Total      
  Beneficial shareholdings shareholding   %  
           
  PIC 16 367 320   13,77  
  Old Mutual Life Assurance Company Limited 4 848 119   4,08  
  Coronation Special Opportunities Portfolio 4 784 800   4,03  
  Total 26 000 239   21,88  


Beneficial shareholding positions above 3 per cent with 12-month change


    Total          
  Investment manager shareholding   %   Previous %  
               
  Investment managers now holding below 3 per cent            
  PREVIOUSLY DISCLOSED HOLDINGS            
  Sanlam Investment Management 2 627 457   2,21   5,17  
  STANLIB Asset Management 2 484 223   2,09   4,32  
  Investec Asset Management 1 494 436   1,26   7,80  
  Total 6 606 116   5,56   17,29  
               
  Beneficial owners now holding below 3 per cent            
  BENEFICIAL OWNER            
  Momentum Life Assurance 2 755 475   2,32   3,64  
  Total 2 755 475   2,32   3,64  

3. Geographic split of shareholders

    Total      
  Region shareholding   Previous %  
           
  GEOGRAPHIC SPLIT OF INVESTMENT MANAGERS AND COMPANY-RELATED HOLDINGS        
  South Africa 110 319 376   92,82  
  United States of America 2 759 493   2,32  
  United Kingdom 1 160 051   0,98  
  Rest of Europe 876 931   0,74  
  Rest of the world 1 3 731 135   3,14  
  Total 118 846 996   100,00  
           
  GEOGRAPHIC SPLIT OF BENEFICIAL SHAREHOLDERS        
  South Africa 111 490 497   93,81  
  United States of America 2 729 741   2,30  
  United Kingdom 1 046 797   0,88  
  Rest of Europe 1 406 683   1,18  
  Rest of the world 1 2 173 268   1,83  
  Total 118 846 986   100,00  

1   Represents all shareholdings except those in the above regions.

4. Shareholder categories

An analysis of beneficial shareholdings, supported by the Section 140a enquiry process, confirmed the following beneficial shareholder types:

    Total   % of  
  Category shareholding   issued capital  
           
  Pension funds 43 575 583   36,67  
  Unit trusts/mutual funds 31 306 570   26,34  
  Other managed funds 12 347 450   10,39  
  Corporate holding 11 884 699   10,00  
  Insurance companies 10 723 488   9,02  
  Private investors 4 420 065   3,72  
  Foreign government 1 027 352   0,86  
  Custodians 226 921   0,19  
  University 121 556   0,10  
  Investment trust 55 000   0,05  
  Remainder 3 158 302   2,66  
  Total 118 846 986   100,00  


Beneficial shareholders split by category – includes categories above 2 per cent only (%)

5. Analysis of investment styles

Analysis into institutional attributes broadly indicates the following split of investment approach within the shareholder base:

Analysis of investment styles – includes categories above 1 per cent only (%)