Independent auditors’ report

To the members of The Bidvest Group Limited

We have audited the financial statements and the Group financial statements of The Bidvest Group Limited, which comprise the balance sheets as at June 30 2009, the income statements, the statement of recognised income and expenses and cash flow statements for the year then ended, and the notes to the annual financial statements, which include a summary of significant accounting policies and other explanatory notes and the directors’ report, as set out in the consolidated segmental analysis, global footprint and directors report.

Directors’ responsibility for the financial statements
The company’s directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and in the manner required by the Companies Act of South Africa. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion
In our opinion, these financial statements present fairly, in all material respects, the financial position of the Company and of the Group as at June 30 2009, and their financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards, and in the manner required by the Companies Act of South Africa.

Deloitte & Touche

Deloitte & Touche
Registered Auditors

Per Trevor J Brown
Partner
August 29 2009

Buildings 1 and 2
Deloitte Place
The Woodlands
Woodmead, Sandton
Docex 10 Johannesburg

National executive: GG Gelink (Chief Executive) AE Swiegers (Chief Operating Offi cer) GM Pinnock (Audit)
DL Kennedy (Tax and Legal and Financial Advisory) L Geeringh (Consulting) L Bam (Corporate Finance) CR Beukman (Finance)
TJ Brown (Clients and Markets) NT Mtoba (Chairman of the Board) CR Qually (Deputy Chairman of the Board)

A full list of Partners and Directors is available on request.