Total Equity and Liabilities

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1 IFCA TECHNOLOGIES LIMITED Incorporated in the Republic of South Africa) (Registration number 2006/030759/06) Share code: IFC ISIN: ZAE ( IFCA Tech or the company ) Revenue up 21.1% Net profit before taxation up 87.0% Net profit after taxation up 53.6% EPS and HEPS up 52.4% NTAV per share up 165.1% AUDITED RESULTS FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2006 The audited results set out below represent the first results of IFCA Tech since its incorporation on 09 October 2006, whereafter it acquired 100% of the shares in and claims against IFCA sware (Proprietary) Limited, which is the operating subsidiary of the IFCA Tech group for the period under review. Accordingly, the information of IFCA sware as detailed in the company s prospectus dated 29 November 2006 has been included for purposes of comparison. Balance Sheet Figures in Rand Assets Non-Current Assets IFCA Tech 31 Dec 2006 IFCA sware 28 Feb Property, plant and equipment Intangible assets Current Assets Loans to directors, managers and employees Current tax receivable Trade and other receivables Cash and cash equivalents Non-Current asset held for sale Total Assets Equity and Liabilities Equity Share capital Retained income Liabilities Non-Current Liabilities Other financial liabilities Deferred tax Current Liabilities Other financial liabilities Current tax payable Operating lease liability Trade and other payables Deferred income Total Liabilities Total Equity and Liabilities Net asset value per share (cents per share) Net tangible asset value per share (cents per share) Number of shares in issue at period end

2 Income statements Figures in Rand IFCA Tech 10 months ended 31 Dec 2006 IFCA sware 12 months ended 28 Feb 2006 Revenue Cost of sales ( ) ( ) Gross profit Other income Operating expenses ( ) ( ) Operating profit Investment revenue Finance costs ( ) ( ) Profit before taxation Taxation ( ) ( ) Profit for the period Adjustments for headline earnings: - Profit on disposal of asset (461) -- - Impairment of loans Headline earnings per the period Earnings per share (cents per share) Headline earnings per share (cents per share) Weighted average number of shares in issue Statement of Changes in Equity Figures in Rand Share capital Share premium Total share capital Retained income Total equity Balance at 28 February Issue of shares Profit for the period Balance at 31 December Abridged Cash Flow Statement Figures in Rand 31 Dec 2006 Cash flows from operating activities Cash flows from investing activities ( ) Cash flows from financing activities Total cash movement for the period Cash at the beginning of the period Total cash at end of the period COMMENTARY The board of directors presents the company s results for the 10 month period ended 31 December 2006, reflecting the first results since the company s listing on 08 December The directors are pleased to report that the profit forecast as set out in the company s prospectus and as published on SENS on 08 December 2006, has been exceeded for the period ended 31 December 2006, further details of which are set out below. These financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ) and have been audited by RAiN Incorporated, whose unqualified audit report is available for inspection at the registered office of the company.

3 BACKGROUND, INCORPORATION AND NATURE OF BUSINESS IFCA Technologies Limited was registered and incorporated as a public company in the Republic of South Africa on 03 October IFCA Tech was incorporated to act as the investment holding company for IFCA sware (Proprietary) Limited ( IFCA sware ), being the main operating company of the IFCA group for the 10 months ended 31 December 2006 and IFCA hware (Proprietary) Limited ( IFCA hware ), a shelf company, which company was dormant and conducted no business from incorporation until 31 December 2006, but which company will conduct the Computerised Business Equipment solutions enterprise from 01 January 2007 onwards. The company listed on the Alternative Exchange of the JSE Limited on 08 December INDUSTRY AND BUSINESS OVERVIEW IFCA sware first commenced business in August 1999 as MBS Software (Pty) Limited and was founded by Andy Moolman, Brian Schultz and Chris Boshoff, who remain as directors on the board of IFCA sware. IFCA sware was originally formed for the sole purpose of marketing and supporting the IFCA MSC Berhad ( IFCA MSC ) Malaysian Group s suite of software products in Africa under license. The business paid 50% of its software revenue to IFCA MSC in Malaysia in terms of its license agreement and the business grew primarily through the use of Malaysian consultants at a very high cost to the South African business. In September 2004, the IFCA Group in Malaysia vended in the Intellectual Property to the suite of software products for the African continent and in return, took up a 49.07% equity interest in IFCA sware through its Malaysian listed company, IFCA MSC. The company then changed its name to IFCA MBS Software (Pty) Limited. BK Wong was relocated from Malaysia to take up the position of Managing Director in January 2005 and the name of the company was changed to IFCA sware on 09 October 2006 in order to house the group s software solutions going forward. All of the founding shareholders remain actively involved in the operations of the company as executive directors of IFCA sware. IFCA sware is an enterprise-wide integrated business solutions provider providing industry specific software solutions for four business segments, namely: Property Development and Management (known as Property+); Project Management, Engineering and Construction (known as Contract+); Hospitality (known as Resorts+, D Hotel and D Club); and Finance & Leasing (Loans+). IFCA sware's solutions encompass the functionalities and features of products that have been nurtured and matured for almost 20 years by the IFCA group worldwide, from meeting the business needs of more than customers and registered users spread across four continents. IFCA sware s customers include Transnet Housing, The Country Club Johannesburg, Blair Atholl, Riviera on Vaal Hotel & Country Club, Arivia.kom, Kopanong Hotel and Conference Centre, Eagle International Group Holding (Eagle Canyon), Atlantic Beach Golf Club in Cape Town, The Botswana Housing Corporation, National Housing Enterprise (Namibia) and the Swaziland National Housing Corporation. The marketing and distribution of Computerised Business Equipment solutions only commenced during the period under review as a division of IFCA sware. As from 01 January 2007, these operations will be conducted through IFCA hware. The two products being marketed by IFCA hware are the mimio Xi and the TOTalizer. The mimio Xi is a portable interactive whiteboard system that captures and records writing off a whiteboard and, when in use with a PC and projector, converts an ordinary whiteboard into a touch screen interactive whiteboard. The TOTalizer utilises both hardware and software and is a revolutionary stock taking system that can electronically measure the quantity of items in any container in a pre-set unit of measure by simply placing the item on the TOTalizer, such as liquor bottles in a bar or a bottle or box of pills in a pharmacy. The TOTalizer then uploads the electronic count directly to the TOTalizer s proprietary software and onwards to any other third party s inventory software system. The TOTalizer comes in several models for measuring the lightest of items such as pills to items as heavy as those packed in pallets and kegs.

4 FINANCIAL OVERVIEW The results for the 10 months ended 31 December 2006 reflect an improvement from the projections included in the company s profit forecast as detailed in the company s prospectus dated 29 November Profit attributable to ordinary shareholders is R compared with R as per the prospectus. Earnings and headline earnings per share for the 10 month period ended 31 December 2006 is 4.04 cents per share compared to 3.57 cents per share as contained in the company s prospectus, representing an improvement of 13.1%. The earnings per share information has been calculated on the assumption that the shares issued for the acquisition of IFCA sware, the main operating company prior to the listing, were in issue for the full period commencing 01 March Thus the weighted average shares in issue for the 10 month period ended 31 December 2006 is Income statement review The directors have presented commentary on the income statement results in comparison to the prior year results of IFCA sware as effectively the results are directly comparable. It should be noted that the current period results are for a 10 month period compared to a 12 month period in the prior year. No provision for annualising the results has been made for the current period. Turnover grew 21.1% over the prior period as a result of both increased annuity flows and through increased business levels with both existing and new customers. Similarly cost of sales increased in line with turnover by 20.6%. Operating expenses declined by 10.2% due to the training of local professionals and less reliance on more expensive overseas consultants. This is further evidenced by the percentage of operating costs to turnover, which was 34.0% for the current period as opposed to 45.8% in the prior year. The combined effect of the above has resulted in operating and net profit before taxation for the 10 months ended 31 December 2006 exceeding the prior full year s operating and net profit before taxation by 86.3% and 87.0% respectively. This has partly been off-set on the profit after taxation line as a result of a substantially higher taxation charge to the income statement, which is primarily caused by higher profitability and the tax allowance of the Intellectual Property acquired, consequently having a lesser impact on the taxation charge. Accordingly, net profit for the 10 month period has exceeded the prior year by 53.6%. Balance sheet review The balance sheet commentary has been addressed to the movement between the prior year results of IFCA sware as at 28 February 2006 for IFCA sware, as this is considered to be meaningful to shareholders. Intangible assets increased due to the policy of capitalising development costs and then amortising these costs over 5 years. This policy is consistent with that of the controlling shareholder, which is listed in Malaysia. Trade and other receivables increased due to large contracts being implemented towards the end of the reporting period. The increased in deferred revenue is also primarily attributed to a large contact implemented, of which more than 50% has been deferred to the following year. Cash and cash equivalents increased substantially due to the proceeds of the offer on listing of the company, a portion of which has been applied to reduce interest bearing debt at year end, until such time as funding is required for expansion purposes as disclosed in the company s prospectus. The non-current asset held for sale represents the cost of the property currently occupied by IFCA Tech, which has been sold subsequent to year end. Share capital increased as a result of the R5 million raised on listing of the company, which was partly off set by a write-off against share premium of issue costs. As mentioned earlier, this has led to a decrease in non-current liabilities as well as creditors. Cash Flow Statement review Cash generated by operations increased as a result of the offer in terms of the prospectus dated 29 November 2006, which proceeds have been applied, in the interim, to the reduction of borrowings.

5 DIVIDENDS In line with information contained in the prospectus, the directors have decided not to declare a dividend. SEGMENTAL REPORTING The company has presented segmental information for the revenue relating to the Software Solutions and Computerised Business Equipment divisions as follows: Revenue R Software Solutions Computerised Business Equipment Total The Computerised Business Equipment division has been transferred to IFCA hware as from 01 January AUTHORISED AND ISSUED SHARE CAPITAL The company was incorporated during the year with an authorised and issued share capital of shares and 70 shares respectively, at R0.001 each. ACQUISITIONS AND ISSUE OF SHARES FOR CASH Details of the shares issued during the period under review are set out below: Details Number of Shares Date Issue Price Acquisition of IFCA sware October Private placement on listing December SUBSEQUENT EVENTS Subsequent to the year end and as indicated in the prospectus dated 29 November 2006, IFCA Tech, through its 100% subsidiary BJS (Proprietary) ( BJS ), disposed of a property known as Erf 1935 Houghton Estates for a sale consideration of R following its acquisition of Erf 235 Woodmead Extension 1 for a purchase consideration of R No commission is payable on the disposal and a profit after taxation of R is expected on the disposal of the property. The company acquired larger premises to accommodate an increased staff complement and will relocate its operations during March DIRECTOR CHANGES IFCA Tech was a shelf company prior to its acquisition of IFCA sware on 09 October 2006, following which the following directors were appointed. Director Date appointed Dr Cynthia Thandiwe Ndlovu (Chair) 03 October 2006 Mr Boon Kee Wong (Chief Executive Officer) 03 October 2006 Christiaan Hendrik Boshoff (Financial Director) 03 October 2006 Kean Cheun Yong* 03 October 2006 Kian Keong Yong* 03 October 2006 Michael Roderick Gahagan* 03 October 2006 * non-executive Malaysian British COMPANY SECRETARY Arcay Client Support (Proprietary) Limited was appointed as company secretary with effect from date of incorporation of the company. AUDITORS RAiN Inc acted as the company s auditors for the period under review from date of incorporation and will continue in office in accordance with section 270(2) of the Companies Act, 1973, as amended.

6 LITIGATION There is no litigation pending against the company. FUTURE PROSPECTS The directors of the company believe that the company has excellent prospects based on the following: the current position of annuity income covering operating expenses; the intended roll out of branches in the Cape and Kwa-Zulu Natal regions, the expansion of product ranges into the existing client base; excellent reference clients; the launch of the Computerised Business Equipment business, which is complementary to the Software Solutions of the company; the competitive position in terms of pricing following the injection of the Intellectual Property into the business and removal of requirement to pay royalties overseas; the ongoing reduction of consulting fees paid to international IFCA consultants; the training and upliftment of local employees; and the positive cash flows of the company. The directors consider that the business prospects are sound based on the above factors as well as the existing client base, levels of annuity income and prospects in the pipeline, which are growing as a result of the superior integrated product offering of the company. By order of the Board Dr CT Ndlovu Chairperson 21 February 2007 Johannesburg BK Wong Chief Executive Officer Registered Office Arcay House, Number 3 Anerley Road, Parktown, Johannesburg, 2193 PO Box 62397, Marshalltown, Johannesburg, 2107 Directors Dr CT Ndlovu *(Chairman), BK Wong (CEO), CH Boshoff, MR Gahagan*, KC Yong *, KK Yong * * Non-executive Designated Advisor Arcay Moela Sponsors (Proprietary) Limited Transfer Office Link Market Services (Proprietary) Limited