DEM The Stock Exchange of Mauritius Ltd.

DEM 2011 1

The Stock Exchange of Mauritius Ltd is pleased to present the DEM Handbook 2011. This Handbook has been prepared with the collaboration of listed companies and has been compiled from the latest annual reports of each listed company. The information contained in the Handbook is designed as a general reference and does not, by itself, provide answers to all questions, which should be asked about shares and their prospects. The publication of the figures of listed companies contained in this Handbook has been done with reasonable care and diligence. However, the Stock Exchange of Mauritius Ltd makes no representations, gives no warranty and disclaims all liability in respect thereof and shall not be held liable for any damage, loss or cost incurred resulting from any error in the information or of any use of the said information. Appropriate independent advice should be obtained before making any investment decision.

Table of Contents ABC Motors Company Limited 4-5 Alma Investments Company Limited 6-7 The Anglo-Mauritius Assurance Society Limited 8-10 Ascencia Limited 11-12 Associated Commercial Company Ltd 13-14 The Black River Investments Company Limited 15-16 Bychemex Limited 17-18 Ciel Investment Ltd 19-21 Ciel Textile Ltd 22-24 Compagnie Immobilière Limitée 25-26 Constance Hotels Services Limited 27-28 Constance La Gaieté Company Limited 29-31 Compagnie des Villages de Vacances de L Isle de France Limitée COVIFRA 32-34 Deep River Investment Limited 35-36 Deep River-Beau Champ Limited 37-39 ENL Investment Limited 40-42 ENL Limited 43-45 Excelsior United Development Companies Limited 46-48 Flacq United Estates Limited 49-51 Forward Investment and Development Enterprises Limited 52-54 Forges Tardieu Limited 55-57 Hotelest Limited 58-60 Les Gaz Industriels Ltd 61-63 Les Moulins de la Concorde Limitée 64-66 Livestock Feed Limited 67-69 Margarine Industries Limited 70-71 Mauritius Cosmetics Limited 72-73 Mauritius Freeport Development Company Limited 74-75 Mauritius Secondary Industries Ltd 76-77 Medine Limited 78-80 The Medine Shares Holding Company Limited 81-82 Morning Light Co Ltd 83-84 Paper Converting Company Limited 85-86 Phoenix Investment Company Limited 87-89 Quality Beverages Limited 90-92 Robert Le Maire Limited 93-95 RHT Holding Ltd 96-98 SIT Land Holdings Ltd 99-101 Soap & Allied Industries Limited 102-104 Société de Développement Industriel et Agricole Limitée 105-106 Southern Cross Tourist Co. Ltd 107-108 The Medical & Surgical Centre Limited 109-111 Tropical Paradise Co. Ltd 112-113 United Bus Service Ltd 114-115 Union Flacq Ltd 116-118 The Union Sugar Estates Company Limited 119-120 United Investments Limited 121-123 Vital Water Bottling Co Ltd 124-125 DEM 2011 3

ABC Motors Company Limited SEM Code : ABC.I0000 Classification : Commerce Registered Office : ABC Centre, Military Road, Port Louis Board of Directors : AH-CHUEN Raymond - Chairman AH CHUEN Donald - Chief Executive Officer AH CHUEN Vincent AH-CHUEN Marc AH CHUEN Dean - Executive Director AH-CHUEN Brian LIM TENG CHONG James TIN KIONG FONG France Company Secretary : ABC Professional & Secretarial Services Ltd Principal Activities : Dealer in Motor Vehicles and Spare Parts Automotive Workshop Agency for Import and Export of Motor Vehicles and Accessories SUMMARY INFORMATION ABC Motors Co. Ltd is the exclusive distributor of Nissan Motor Co. Ltd and UD trucks vehicles in Mauritius, comprising passenger and commercial vehicles, pick-ups, trucks and buses. Since its establishment in 1985, ABC Motors Co Ltd has ranked among the top sales performers in the vehicles market and has received numerous awards on its sales performance, after sales service and parts facilities, winning the Nissan Gold Price Award and the Nissan Global Award on several occasions. For the year 2010, ABC Motors was again the No. 1 company as a Brand Leader in terms of market share of motor vehicles sold in Mauritius, a position it has achieved for the past 15 consecutive years! ABC Motors Co Ltd employs over 600 people and the shares of the company are traded on the DEM (Development Enterprise Market) of the Stock Exchange of Mauritius. It is also a member of the Mauritius Chamber of Commerce and Industry and is strongly supported by its principals in terms of staff training and development, with regular visits and workshops by their specialists from Japan and South Africa. The Company has a very active staff welfare committee and contributes generously in the charitable, health promotion, sports and other voluntary social welfare activities. 4 DEM 2011

BALANCE SHEET (Rs) 30-Jun 2010 2009 2008 ASSETS Non-currents assets Property and equipment 86,133,018 95,777,709 103,076,836 Intangible assets 936,197 1,699,322 2,368,754 Investments in subsidiary - - - Investments in associates 132,355,288 114,509,084 107,320,460 Available-for-sale investments 34,802,901 23,892,390 13,211,426 Deferred tax asset 1,446,965 817,692 255,681 255,674,369 236,696,197 226,233,157 Current assets Stock 234,278,287 245,640,717 149,055,697 Trade and other receivables 225,008,548 218,957,081 210,983,408 Cash at bank and in hand 43,140,527 31,010,673 8,878,551 502,427,362 495,608,471 368,917,656 Total assets 758,101,731 732,304,668 595,150,813 EQUITY AND LIABILITIES Capital and Reserves Stated capital 61,756,800 61,756,800 61,756,800 Share premium 147,300 147,300 147,300 Retained earnings 266,986,558 235,046,184 213,698,635 Investment revaluation reserve 8,226,657 2,400,707 2,219,349 Equity attributable to equity holders of the parent 337,117,315 299,350,991 277,822,084 Non-Controlling Interests 7,635,367 7,563,013 7,504,428 Total Equity 344,752,682 306,914,004 285,326,512 LIABILITIES Non-current liabilities Loans 24,301,115 26,784,317 28,910,450 Obligation under finance lease 5,082,878 9,751,764 14,184,525 Retirement benefit obligation 14,602,735 13,290,110 10,604,545 43,986,728 49,826,191 53,699,520 Current liabilities Bank overdrafts 118,250,614 161,823,416 63,493,021 Trade and other payables 47,235,158 45,516,323 53,783,351 Bills payable 139,818,289 127,048,695 80,276,754 Amount due to subsidiary - - - Loans 52,223,783 27,166,831 41,589,550 Obligation under finance lease 4,668,499 5,589,541 5,446,478 Taxation 7,165,978 8,419,667 11,535,627 369,362,321 375,564,473 256,124,781 Total equity and liabilities 758,101,731 732,304,668 595,150,813 INCOME STATEMENT (Rs) 30-Jun 2010 2009 2008 Revenue 1,056,945,994 1,197,865,621 1,170,080,132 Profit from operations 53,662,718 64,327,911 106,989,902 Share of profits less losses of associates 12,846,204 7,188,624 8,419,099 Net finance costs 21,288,041 32,849,211 26,022,463 Profit before taxation 45,220,881 38,667,324 89,386,538 Taxation 4,848,141 4,917,122 12,460,320 Profit for the year 40,372,740 33,750,202 76,926,218 Equity holders of the parent 39,968,758 33,390,125 76,604,890 Minority interest 403,982 360,077 321,328 40,372,740 33,750,202 76,926,218 STATISTICS Number of ordinary shares used in calculation 6,175,680 6,175,680 6,175,680 Earnings per share (Rs) 6.47 5.41 12.40 Dividends per share (Rs) 1.30 1.30 1.95 Net asset value per share (Rs) 55.82 49.70 46.20 DEM 2011 5

Alma Investments Company Limited SEM Code : ALMA.I0000 Classification : Investment Registered Office : 11 th Floor, Medine Mews, 4 Chaussée Street, Port Louis Board of Directors : René Leclézio - Chairman Pierre Doger de Spéville Rajkumar Gujadhur Arnaud Leclézio Company Secretary : Patricia Goder Senior Executive : Daniel Giraud - Group Chief Executive Principal Activities : Investment holding SUMMARY INFORMATION Alma Investments Company Limited was incorporated in 1964. Its main activity consists of the holding of investments. Its key investment is namely the holding of 50.10% of the issued share capital of The Black River Investments Company Limited which owns 26.27%, 27.41% and 26.27% of the issued share capital of Medine Limited, Excelsior United Development Companies Limited and Société de Dévelopment Industriel et Agricole Limitée respectively. 6 DEM 2011

BALANCE SHEET (Rs) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Investments in subsidiary - - - - Investments in associates 2,872,694,996 2,890,725,735 2,867,492,129 2,851,052,178 Investment in securities 282,589,721 236,974,572 322,231,869 268,309,414 3,155,284,717 3,127,700,307 3,189,723,998 3,119,361,592 Current assets Trade and other receivables 4,606,359 17,954,305 5,445,227 19,106,564 Cash at bank 2,959,880 3,933,953 1,624,241 4,769,339 7,566,239 21,888,258 7,069,468 23,875,903 Total assets 3,162,850,956 3,149,588,565 3,196,793,466 3,143,237,495 EQUITY AND LIABILITIES Capital and Reserves Share Capital 73,312,960 73,312,960 73,312,960 73,312,960 Share premium 5,156,480 5,156,480 5,156,480 5,156,480 Fair value and other reserves 1,391,231,710 1,352,069,087 1,455,528,199 1,388,702,209 Retained earnings 242,989,123 251,559,445 217,987,933 217,409,360 Equity holders interests 1,712,690,273 1,682,097,972 1,751,985,572 1,684,581,009 Minority interests 1,448,262,441 1,452,082,152 1,443,318,181 1,440,439,021 Total equity 3,160,952,714 3,134,180,124 3,195,303,753 3,125,020,030 LIABILITIES Current liabilities Trade and other payables 1,898,242 1,436,052 1,470,749 1,480,063 Current tax liabilities - 9,183 18,964 37,220 Dividends to minority shareholders - 6,998,475-8,269,192 Dividends - 6,964,731-8,430,990 Total liabilities 1,898,242 15,408,441 1,489,713 18,217,465 TOTAL EQUITY AND LIABILITY 3,162,850,956 3,149,588,565 3,196,793,466 3,143,237,495 INCOME STATEMENT (Rs) 30-Jun 2010 2009 2008 2007 Dividend income 10,127,923 9,729,760 8,926,430 6,921,633 Share of result in associates 6,675,447 101,603,096 32,129,169 240,948,731 Other income 35,022 62,710 584,081 234,127 16,838,392 111,395,566 41,639,680 248,104,491 Administrative expenses (4,113,349) (2,419,773) (1,846,724) (1,492,884) 12,725,043 108,975,793 39,792,956 246,611,607 Finance costs (24,339) (18,286) - (8,548) Profit before taxation 12,700,704 108,957,507 39,792,956 246,603,059 Income tax - (9,183) (18,964) (37,220) Profit for the year 12,700,704 108,948,324 39,773,992 246,565,839 Attributable to: Equity holders of the company 10,060,046 58,305,652 23,751,687 126,005,049 Minority interests 2,640,658 50,642,672 16,022,305 120,560,790 Profit for the year 12,700,704 108,948,324 39,773,992 246,565,839 STATISTICS Number of ordinary shares used in calculation 7,331,296 7,331,296 7,331,296 7,331,296 Earnings per share (Rs) 1.37 7.95 3.24 17.19 Dividends per share (Rs) 3.75 4.70 3.50 3.75 Net asset value per share (Rs) 233.61 229.44 238.97 229.78 DEM 2011 7

The Anglo-Mauritius Assurance Society Limited SEM Code : ANGM.I0000 Classification : Banks, Insurance & Other Finance Registered Office : Swan Group Centre, Intendance Street, Port Louis Board of Directors Executive : M.E. Cyril MAYER, B. Com. - CA (SA) - Chairperson Jean Pierre DALAIS - M.B.A - (USA) Pierre DOGER DE SPEVILLE George John DUMBELL - A.C.I.B. (UK) Henri HAREL, A.C.I.S. M.F.I. Jean Hugues MAIGROT - G.O.S.K. Independent Non-Executive : Pierre DINAN - G.O.S.K. - B.Sc. Economics (LSE) - FCA (England) Peroomal Gopallen MOOROOGEN - F.C.C.A. - M.B.A. (Wales) Victor SEEYAVE - M.B.A. (USA) - B.A. Economics (UK) Executive : Louis RIVALLAND - B.Sc. (Hons.) (SA) - F.I.A.(UK) - F.A.S. (SA) - Group Chief Executive Company Secretary : Swan Group Corporate Services Limited per Jean Paul Chasteau de Balyon Principal Activities : Life assurance, pensions, actuarial and investment business. SUMMARY INFORMATION The Anglo-Mauritius Assurance Society Limited, one of the market leaders in the life assurance, pensions, actuarial and investment business in Mauritius, has developed over the years a full range of insurance products and services to serve the needs of corporate and individual clients either directly or through its sales representatives network. Swan Insurance Company Limited is the major shareholder of The Anglo-Mauritius Assurance Society Limited. Assets under the management of The Anglo-Mauritius amounted to Rs. 21.2 billion and the Life Assurance Fund reached Rs. 20.9 billion at 31st December 2010. The Company manages both locally and internationally an investment portfolio which consists, inter alia, of equities at market value of Rs. 10.0 billion and debenture stocks at market value of Rs. 60 million at 31st December 2010. Investments are made in key sectors of activity namely tourism, real estate, sugar, trade and financial services in Mauritius and in the region. The Company caters for the insurance requirements of its clients in the region. The Company participates actively in the socio-economic development of the country by granting loans for the construction or purchase of residential and business properties. Residential loans granted to policyholders amounted to Rs. 2.0 billion and loans on business properties totalled Rs. 521 million at 31st December 2010. Benefits paid to policyholders, beneficiaries and annuitants amounted to Rs. 1.1 billion at 31st December 2010. Market capitalisation of the Company on the Mauritian Stock Exchange at 31st December 2010 was Rs. 1,337 million. 8 DEM 2011

BALANCE SHEET (Rs 000) 31-Dec 2010 2009 2008 2007 2006 ASSETS Non-currents assets Property and equipment 131,633 128,382 150,460 155,753 163,139 Investment property 448,298 416,286 402,726 400,117 393,832 Intangible assets 66,127 43,865 24,738 25,085 25,101 Investments in subsidiary companies - - - - - Investments in associated company 58,317 63,748 35,323 54,171 Financial assets 12,873,202 12,184,890 8,746,049 10,513,461 7,318,198 Loans and receivables 2,465,976 2,149,335 2,252,940 2,264,670 2,318,957 Statutory Deposit - - - - 8,000 16,043,553 14,986,506 11,612,236 13,413,257 10,227,227 53 Current assets Trade and other receivables 193,453 193,255 149,751 140,814 123,059 Financial assets 2,910,975 1,877,950 2,020,756 1,565,981 2,113,295 Loans and receivables 290,094 259,998 277,872 240,708 208,104 Short term deposits 1,656,293 1,444,910 1,848,701 2,403,888 1,854,180 Cash in hand and at bank 122,072 80,608 140,802 34,304 88,540 5,172,887 3,856,721 4,437,882 4,385,695 4,387,178 Total assets 21,216,440 18,843,227 16,050,118 17,798,952 14,614,405 EQUITY AND LIABILITIES Capital and reserves (attributable to equity holders of the parent company) Share Capital 25,000 25,000 25,000 25,000 25,000 Proprietors Fund 8,256 60,702 103,206 295 34,219 Equity holders interest 33,256 85,702 128,206 25,295 59,219 Minority interest 24,661 22,523 16,466 11,014 177 Total Equity 57,917 108,225 144,672 36,309 59,396 Technical Provisions Life insurance fund 20,888,758 18,507,136 15,701,377 17,607,922 14,384,606 Gross outstanding claims 18,747 13,982 21,286 18,098-20,907,505 18,521,118 15,722,663 17,626,020 14,384,606 Non-current liabilities Borrowings Deferred tax liabilities 137 189 240 1,317 1,472 Retirement benefit obligations 87,368 76,240 68,981 63,178 89,196 87,505 76,429 69,221 64,495 90,668 Current liabilities Borrowings Trade and other payables 158,491 128,891 105,413 65,490 73,242 Current tax liabilities 5,022 8,564 8,149 6,638 6,493 163,513 137,455 113,562 72,128 79,735 TOTAL EQUITY AND LIABILITIES 21,216,440 18,843,227 16,050,118 17,798,952 14,614,405 DEM 2011 9

LIFE INSURANCE FUND (Rs 000) 31-Dec 2010 2009 2008 2007 2006 Gross Premiums 1,674,938 1,475,053 1,545,647 1,470,620 1,337,548 Ceded to Reinsurers (83,778) (74,010) (74,862) (77,893) (51,146) Net insurance premiums 1,591,160 1,401,043 1,470,785 1,392,727 1,286,402 Consideration for annuities 235,757 202,656 225,942 255,557 193,958 Fee income on insurance and investment contracts 147,782 116,878 98,044 63,398 51,808 Investment income 933,056 1,186,852 1,050,895 970,031 720,711 Other income 170,023 52,277 172,088 384,101 195,127 Gain on exchange 311 538 185,374-222,218 Other operating income - rent 18,857 20,859 26,815 21,390 18,200 Share of results of associated company 6,472 7,677 4,982 24,667-3,103,418 2,988,780 3,234,925 3,111,871 2,688,424 Gross death and disablement insurance claims 90,748 89,398 72,821 71,752 Recoverable from reinsurers (14,587) (24,495) (11,073) (14,255) Net death and disablement insurance claims 76,161 64,903 61,748 57,497 52,140 Maturity claims 804,962 840,148 693,105 617,302 566,372 Surrenders 284,511 194,051 509,906 377,915 206,773 Annuities 231,417 217,474 187,410 165,880 137,175 Commissions payable to agents and brokers 85,536 106,332 50,310 44,993 50,163 Fees payable 87,288 57,973 62,401 50,327 39,890 Depreciation of property and equipment 9,851 9,139 8,511 10,922 11,778 Depreciation of investment property 8,206 7,400 6,949 6,589 6,331 Amortisation of intangible assets 9,011 6,507 647 1,006 1,216 Computer development expenses 3,140 3,202 3,862 3,930 2,538 Bad debts 1,934 2,005 2,276 2,457 3,594 Marketing and administrative expenses 166,319 162,798 130,508 125,828 114,607 Loss on exchange 22,888 38,738-226,322-1,791,224 1,710,670 1,717,633 1,690,968 1,192,577 Surplus for the year before taxation 1,312,194 1,278,110 1,517,292 1,420,903 1,495,847 Taxation (319) (10,600) (4,737) (3,058) (19,340) Surplus for the year 1,311,875 1,267,510 1,512,555 1,417,845 1,476,507 Surplus transferred as follows: - Life assurance fund 1,308,516 1,261,453 1,375,645 1,407,007 1,476,434 - Proprietors fund (1,242) - 133,682 - - - Minority interest 4,601 6,057 3,228 10,837 73 STATISTICS Number of ordinary shares used in calculation 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 Earnings per share (Rs) 19.65 21.62 23.51 14.00 15.19 Dividends per share (Rs) 22.80 20.80 18.00 15.40 15.40 10 DEM 2011

Ascencia Limited SEM Code : ASCE.I0000 Classification : INVESTMENT Registered Office : No. 5, President John Kennedy Street, Port Louis Board of Directors : Philippe ESPITALIER-NOËL (Chairman) Cheong Shaow Woo AH CHING Ziyad BUNDHUN Jacques DE NAVACELLE Vaughan HEBERDEN Sanjiv MIHDIDIN Andre TAIT Company Secretary : Tioumitra MAHARAHAJE Principal Activities : Property Investment SUMMARY INFORMATION Ascencia is a listed company on the Development and Enterprise Market since 23 December 2008. The principal activity of the Company is to invest in real estate properties, both freehold and leasehold as well as in property developments. The Company s investment strategy is developed and adjusted on an ongoing basis so as to seize opportunities and optimise potential returns from a wide selection of property sectors and geographic regions, with the aim of delivering dividend income as well as long term capital growth. Its policy is to distribute 75% of its profits available for distribution as dividends. Ascencia can be regarded as a low risk investment and is benchmarked against bond and gilt-edged securities. DEM 2011 11

BALANCE SHEET (Rs 000) 30-Sep 2010 2009 2008 ASSETS Non-current assets Investment properties 1,634,159 1,401,800 1,319,815 Current assets 31,349 46,670 36,612 Total assets 1,665,508 1,448,470 1,356,427 EQUITY AND LIABILITIES Equity and reserves Share capital 822,009 751,578 431,357 Retained earnings 158,736 63,436 9,598 Total equity and reserves 980,745 815,014 440,955 Non current liabilities 579,627 412,000 400,000 Current liabilities 105,136 221,456 515,472 Total equity and liabilities 1,665,508 1,448,470 1,356,427 INCOME STATEMENT (Rs 000) 30-Sep 2010 2009 2008 Revenue Rental income 160,075 156,718 37,553 Other income 1,344 4,758 1,841 161,419 161,476 39,394 Expenses Operating expenses (31,163) (26,770) (2,690) Administrative expenses (15,895) (11,802) (3,459) Finance costs (47,285) (60,963) (23,647) (94,343) (99,535) (29,796) Fair value gain / (loss) 79,976 84,679 - Profit before tax 147,052 146,620 9,598 Taxation (2,547) (16,652) - Profit after tax 144,505 129,968 9,598 STATISTICS Number of ordinary shares used in calculation (000 s) 815 746 431 Earnings per share (Rs) 194 216 22 Dividends per share (Rs) 66 77 - Net asset value per share (Rs) 1,204 1,093 1,017 12 DEM 2011

Associated Commercial Company Ltd SEM Code : ACC.10000 Classification : Commerce Registered Office : 14, Leoville l Homme Street, Port Louis Board of Directors : Swaleh Ramjane - FCIS MCIT Chairman Abdool Aleem Bundhoo - Vice Chairman M.Yacoob Ramtoola - FCA M Shadman Elias Haji Adam - FCCA Massood Ayoob Ramtoola Company Secretary : M. Yacoob Ramtoola Principal Activities : Dealer in mechanical spare parts / tyres Sale of Heavy vehicles SUMMARY INFORMATION Associated Commercial Co Ltd established in 1964, specializes in the sale of spare parts, new tyres and vehicles. It is the authorized distributor of Tata Motors, Eicher Motors, Vikrant, JK, Toyo Japan and Dunlop S.Africa tyres. DEM 2011 13

BALANCE SHEET (Rs) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property,plant and equipment 9,256,864 9,659,642 8,745,496 9,480,051 Investments in securities 48,746,481 38,630,851 43,520,231 41,785,539 Investments in associates 51,657,913 39,543,323 37,999,169 28,619,674 109,661,258 87,833,816 90,264,896 79,885,264 Current assets Stocks and goods in transit 99,454,858 77,730,849 69,084,596 62,725,036 Trade and other receivables 32,434,277 21,490,690 15,107,943 72,726,343 Cash at bank and in hand 998,731 652,083 280,828 131,539 132,887,866 99,873,622 84,473,367 135,582,918 Total assets 242,549,124 187,707,438 174,738,263 215,468,182 EQUITY AND LIABILITIES Capital and Reserves Stated capital 20,514,196 20,514,196 20,514,196 20,514,196 Investment in revaluation reserve 61,825,049 46,395,483 56,041,143 47,229,347 Profit and loss account 81,829,835 59,676,727 42,888,348 35,155,641 Shareholders interest 164,169,080 126,586,406 119,443,687 102,899,184 Non-current liabilities Retirement benefit obligations 3,834,035 3,219,035 2,838,035 3,898,000 Obligations under finance lease 997,441 741,144 - - Deferred tax liabilities 250,684 348,558 409,222 571,571 5,082,160 4,308,737 3,247,257 4,469,571 Current liabilities Bank overdraft (secured) 3,191,296 5,286,913 18,596,136 25,269,415 Loan 20,500,000 31,500,000 20,500,000 32,468,900 Obligations under finance lease 288,851 160,738 - - Trade and other payables 47,312,758 18,038,252 11,728,094 49,175,288 Taxation 2,004,979 1,826,392 1,223,089 1,185,824 73,297,884 56,812,295 52,047,319 108,099,427 Total equity and liabilities 242,549,124 187,707,438 174,738,263 215,468,182 14 DEM 2011 INCOME STATEMENT (Rs) 30-Jun 2010 2009 2008 2007 Turnover Normal 214,100,336 177,068,310 124,102,923 111,087,565 Tender - - - 135,506,000 214,100,336 177,068,310 124,102,923 246,593,565 Profit from operations 21,759,728 15,586,890 10,237,167 6,781,349 Other income 2,854,473 3,671,279 2,352,690 2,403,365 24,614,201 19,258,169 12,589,857 9,184,714 Share of associates results 8,973,917 6,317,136 2,283,266 2,928,976 Finance costs (2,763,090) (3,856,919) (3,168,105) (3,320,287) Profit before taxation 30,825,028 21,718,386 11,705,018 8,793,403 Taxation (5,243,034) (1,786,861) (1,114,906) (1,006,793) Profit after taxation 25,581,994 (19,931,525) 10,590,112 7,786,610 STATISTICS Number of ordinary shares used in calculation 1,142,962 1,142,962 1,142,962 1,142,962 Earnings per share (Rs) 22.38 17.44 9.27 6.81 Dividends per share (Rs) 3.00 2.75 2.50 2.25 Net asset value per share (Rs) 143.63 110.75 104.50 90.03

The Black River Investments Company Limited SEM Code : BRI.I0000 Classification : Investment Registered Office : 11 th Floor, Medine Mews, 4 Chaussée Street, Port Louis Board of Directors : René Leclézio - Chairman Pierre Doger de Spéville Rajkumar Gujadhur Arnaud Leclézio Company Secretary : Patricia Goder Senior Executive : Daniel Giraud - Chief Executive Principal Activities : Investment holding SUMMARY INFORMATION The Black River Investments Company Limited was incorporated in 1947 and is a subsidiary of Alma Investments Company Limited. Its main activity consists of the holding of investments. Its key investments are namely the holding of 26.27%, 27.41% and 26.27% of the share capital of Medine Limited, Excelsior United Development Companies Limited and Société de Développement Industriel et Agricole Limitée respectively. DEM 2011 15

BALANCE SHEET (Rs) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Investments in associates 2,869,960,456 2,887,940,414 2,864,737,507 2,848,273,786 Investments in securities 33,285,800 21,948,983 27,664,995 35,607,074 2,903,246,256 2,909,889,397 2,892,402,502 2,883,880,860 Current assets Trade and other receivables 49,608 14,037,260 94,048 16,932,969 Cash at bank 152,817 696,359 512,257 371,654 202,425 14,733,619 606,305 17,304,623 Total assets 2,903,448,681 2,924,623,016 2,893,008,807 2,901,185,483 EQUITY AND LIABILITIES Capital and Reserves Share capital 55,500,000 5,500,000 5,500,000 5,500,000 Share premium 63,950,000 63,950,000 63,950,000 63,950,000 Fair value and other reserves 2,222,419,051 2,210,835,998 2,258,563,543 2,246,218,539 Retained earnings 610,206,711 629,443,824 564,144,213 568,093,265 Equity holders interests 2,952,075,762 2,909,729,822 2,892,157,756 2,883,761,804 Current liabilities Other payables 1,372,919 867,504 850,371 856,743 Current tax liabilities - 690 680 11,936 Proposed dividends - 14,025,000-16,555,000 1,372,919 14,893,194 851,051 17,423,679 Total equity and liabilities 2,953,448,681 2,924,623,016 2,893,008,807 2,901,185,483 INCOME STATEMENT (Rs) 30-Jun 2010 2009 2008 2007 Dividend income 726,495 964,544 709,615 946,726 Share of profit of associates 6,697,711 101,538,133 32,124,564 240,964,991 Other income 35,022 4,675 4,603 53,566 Gross income 7,459,228 102,507,352 32,838,782 241,965,283 Administrative expenses (2,142,989) (1,027,216) (765,790) (589,508) Profit before finance cost 5,316,239 101,480,136 32,072,992 241,375,775 Finance cost (24,339) - - (697) Profit before taxation 5,291,900 101,480,136 32,072,992 241,375,078 Income tax - (690) (680) (11,936) Net profit for the year 5,291,900 101,479,446 32,072,312 241,363,142 STATISTICS Number of ordinary shares used in calculation 550,000 550,000 550,000 550,000 Earnings per share (Rs) 9.62 184.51 58.31 438.84 Dividends per share (Rs) 76.70 101.00 74.50 99.10 Net asset value per share (Rs) 5,276.50 5,290.42 5,258.47 5,243.20 16 DEM 2011

Bychemex Limited SEM Code : BYCH.I0000 Classification : Industry Registered Office : Chaussée Tromelin, Fort Georges, Port Louis Board of Directors : Jean Yves CORSON Antoine L. HAREL E. Harold NG KWING KING Vincent LABAT Sébastien LAVOIPIERRE L. J. Michel RIVALLAND - G.O.S.K. Company Secretary : HM Secretaries Ltd Principal Activities : Manufacturer of specialty chemicals for textile industry SUMMARY INFORMATION One of the subsidiaries of Harel Mallac & Co. Ltd., Bychemex Limited which was established in 1987, is a major supplier of basic and auxiliary chemicals to the textile industry. With consistent technical support and visits from our principals, the company endeavours to offer advice to its clients, to improve their processes, thus adding value to our specialty products and services. DEM 2011 17

BALANCE SHEET (Rs) 31-Dec 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 7,546,501 8,770,106 7,799,149 8,135,836 Investment in securities 200,000 200,000 - - Retirement benefit obligation - 237,106 200,000-7,746,501 9,207,212 7,999,149 8,135,836 Current assets Inventories 7,197,295 5,072,673 5,825,585 5,285,920 Trade and other receivables 26,678,769 28,757,641 16,554,871 18,414,423 Receivable from other companies - - 8,957,713 10,505,047 Cash and cash equivalents 79,419 1,500,303 7,991,300 2,693,379 33,955,483 35,330,617 39,329,469 36,898,769 Total assets 41,701,984 44,537,829 47,328,618 45,034,605 EQUITY AND LIABILITIES Capital and Reserves Share capital 5,000,000 5,000,000 5,000,000 5,000,000 Retained earnings 28,379,636 25,094,457 24,093,531 22,708,366 Shareholders interest 33,379,636 30,094,457 29,093,531 27,708,366 LIABILITIES Non-current liabilities Retirement benefit obligation 275,358 - - - Deferred tax liabilities 554,108 615,270 586,106 621,132 829,466 615,270 586,106 621,132 Current liabilities Trade and other payables 6,826,266 7,637,618 11,092,971 11,205,107 Payable to related companies - - 683,846 - Current tax liabilites 666,616 1,190,484 872,164 500,000 Dividends - 5,000,000 5,000,000 5,000,000 7,492,882 13,828,102 17,648,981 16,705,107 Total liabilities 8,322,348 14,443,372 18,235,087 17,326,239 TOTAL EQUITY AND LIABILITIES 41,701,984 44,537,829 47,328,618 45,034,605 18 DEM 2011 INCOME STATEMENT (Rs) 31-Dec 2010 2009 2008 2007 Sales 71,320,938 74,808,923 71,971,286 75,782,477 Cost of sales (51,330,548) (56,598,998) (54,670,655) (59,887,808) Gross profit 19,990,390 18,209,925 17,300,631 15,894,669 Other income 2,548,312 1,810,356 1,801,495 2,049,378 Operating expenses (13,771,760) (13,937,346) (13,740,641) (11,716,704) 8,766,942 6,082,935 5,361,485 6,227,343 Net finance income 616,812 992,278 1,860,818 461,591 Profit before taxation 9,383,754 7,075,213 7,222,303 6,688,934 Income tax expense (1,098,575) (1,074,287) (837,138) (566,979) Profit for the year 8,285,179 6,000,926 6,385,165 6,121,955 STATISTICS Number of ordinary shares used in calculation 5,000,000 5,000,000 5,000,000 5,000,000 Earnings per share (Rs) 1.66 1.20 1.28 1.22 Dividends per share (Rs) 1.00 1.00 1.00 1.00 Net asset value per share (Rs) 6.68 6.02 5.82 5.54

CIEL Investment Ltd SEM Code : CIEL.I0000 Classification : Investment Registered Office : 5 th Floor, Ebène Skies Rue de l Institut, Ebène Board of Directors : P. Arnaud DALAIS - Chairman G. Christian DALAIS Jean-Pierre DALAIS Maurice DALAIS Pierre DANON Louis GUIMBEAU Guy HUGNIN Jean-Michel PITOT Iqbal RAJAHBALEE Neermal SADDUL Company Secretary : CIEL Corporate Services Ltd Principal Activities : Investment Holding Company SUMMARY INFORMATION CIEL Investment Limited (CIL) is a public company incorporated on December 5, 1977, and quoted on the Development and Enterprise Market. CIL is an investment company holding interests in a number of companies operating in various sectors of the Mauritian economy, the main ones being involved in leisure & tourism, financial services & investment, property and healthcare & life sciences. CIL is committed to the highest standard of business integrity, transparency and professionalism in all its activities to ensure that the activities within the Company and Group are managed ethically and responsibly to enhance business value for all stakeholders. DEM 2011 19

BALANCE SHEET (Rs 000) 31-Mar 2011 2010 2009 2008 ASSETS Non-current assets Property, plant and equipment 528,249 522,780 524,179 421,681 Investment properties 780,482 710,531 718,936 590,836 Intangible assets 150,387 174,745 60,246 92,404 Investments in Joint ventures 911,251 806,486 745,107 231,709 Investments in associates 2,981,683 2,945,196 3,199,114 2,985,018 Investments in other financial assets 226,594 231,541 187,596 516,336 Deposit on investments 34,866 79,617 300,656 370,181 Non-current receivables 3,534 6,000 8,529 18,162 Retirement benefit obligations 1,362 2,142 4,914 5,430 5,618,408 5,479,038 5,749,277 5,231,757 Current assets Inventories 97 111 116 114 Trade and other receivables 154,506 171,996 148,165 141,444 Cash and cash equivalents 75,191 175,052 41,661 476,408 229,794 347,159 189,942 617,966 Non current assets classified as held for sale 44,583 - - - Total assets 5,892,785 5,826,197 5,939,219 5,849,723 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 1,918,354 1,918,354 2,174,237 2,174,237 Retained earnings 3,095,082 2,892,389 2,808,152 2,412,055 Revaluation, fair value and other reserves 700,194 709,105 550,097 819,826 5,713,630 5,519,848 5,532,486 5,406,118 Less treasury shares (590,005) (590,005) - - Owners interests 5,123,625 4,929,843 5,532,486 5,406,118 Non-controlling interests 205,342 18,686 2,803 2,141 Total equity 5,328,967 4,948,529 5,535,289 5,408,259 LIABILITIES Non-current liabilities Deferred tax liabilities 119,949 4,703 14,470 14,388 Borrowings 196,682 211,937 198,945 59,594 Retirement benefit obligations 5,704 2,288 1,335 659 Other non-current liabilities 8,173 - - - 330,508 218,928 214,750 74,641 Current liabilities Borrowings 25,242 376,336 7,822 10,876 Trade and other payables 196,155 266,547 167,525 256,714 Current tax liabilities 11,913 15,857 13,833 14,892 Proposed dividends - - - 84,341 233,310 658,740 189,180 366,823 Total liabilities 563,818 877,668 403,930 441,464 TOTAL EQUITY AND LIABILITY 5,892,785 5,826,197 5,939,219 5,849,723 Net asset value per share 5.67 5.46 4.59 4.49 20 DEM 2011

INCOME STATEMENT (Rs 000) 31-Mar 2011 2010 2009 2008 Revenue 295,332 215,541 291,650 356,019 Expenditure Management, administrative and general expenses 240,135 191,551 202,062 236,181 Depreciation 17,696 16,734 6,230 6,142 257,831 208,285 208,292 242,323 Profit before finance costs 37,501 7,256 83,358 113,696 Finance costs (38,734) (46,418) (13,216) (14,945) Profit before exceptional items (1,233) (39,162) 70,142 98,751 Exceptional items 39,881 (58,327) (37,539) 15,473 Share of result of joint ventures 92,508 32,970 (4,927) (8,737) Share of result of associates 114,210 507,557 276,526 341,550 Profit before taxation 245,366 443,038 304,202 447,037 Income tax (31,063) (94) (11,664) (11,071) Profit for the year 214,303 442,944 292,538 435,966 Owners of the parent 203,784 439,744 291,625 436,235 Minority interest 10,519 3,200 913 (269) Profit for the year 214,303 442,944 292,538 435,966 STATISTICS Number of ordinary shares used in calculation 903,613 1,111,607 1,204,873 1,124,664 Earnings per share (Rs) 0.23 0.40 0.24 0.39 Dividends per share (Rs) 0.07** 0.07** 0.08* 0.10 Net asset value per share (Rs) 5.67 5.46 4.59 4.49 * Note:.05 cents declared on 14 April 2009 is for year ended 31 March 2009 ** Note:.05 cents declared on 6 April 2010 is for year ended 31 March 2010 ** Note:.05 cents declared on 5 April 2011 is for year ended 31 March 2011 DEM 2011 21

CIEL Textile Ltd SEM Code : FKL.I0000 Classification : Others Registered Office : 5 th Floor, Ebène Skies Rue de l Institut, Ebène Board of Directors : P. Arnaud DALAIS - Chairman G. Christian DALAIS Antoine DELAPORTE Henri DE PITRAY Jérome LAGESSE Harold MAYER Alain REY Eddy YEUNG KAN CHING Jérôme DE CHASTEAUNEUF - alternate to P. Arnaud DALAIS Company Secretary : CIEL Corporate Services Ltd Principal Activities : Investment Holding Company SUMMARY INFORMATION Ciel Textile Limited (CTL) is a public company incorporated on January 19, 1971, and is quoted on the Development and Enterprise Market. The principal activity of CTL is that of an investment holding company with interests in a number of companies involved in textile activities. The Board of Directors of CTL has the overall responsibility of ensuring that the company complies with the standards of good corporate governance. It approves risk strategy and policies and delegates their formulation, implementation and monitoring to committees of the Board, auditors and senior management. 22 DEM 2011

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Plant and equipment 2,319,687 2,024,005 2,094,849 2,049,424 Intangible assets 4,014 5,404 4,362 1,707 Investments in: Associates 47,167 33,218 45,365 39,847 Available for sale 3,243 21,665 9,185 9,185 50,410 54,883 54,550 49,032 Non-currents receivables 680 747 764 7,262 Deferred income tax assets 18,293 41,655 68,804 67,485 2,393,084 2,126,694 2,223,329 2,174,910 Current assets Inventories 1,722,712 1,521,844 1,771,520 1,581,563 Trade and other receivables 1,738,268 1,774,076 1,812,804 1,881,794 Cash in hand and at bank 331,607 287,609 212,544 165,558 3,792,587 3,583,529 3,796,868 3,628,915 TOTAL ASSETS 6,185,671 5,710,223 6,020,197 5,803,825 EQUITY AND LIABILITIES Capital and Reserves Share capital 685,865 685,865 685,865 685,865 Revaluation and other reserves 681,817 456,093 462,358 451,838 Retained earnings 1,084,597 959,524 990,829 998,183 Owner s interests 2,452,279 2,101,482 2,139,052 2,135,886 Non - controlling interests 186,103 132,389 106,857 78,531 Redeemable preference share capital 448,937 448,937 448,937 448,937 Total equity 3,087,319 2,682,808 2,694,846 2,663,354 LIABILITIES Non-current liabilities Borrowings 223,119 104,890 104,132 375,540 Deferred income tax liabilities 143,416 121,107 128,051 101,184 Retirement benefit obligations 50,661 42,259 38,240 43,995 Employee benefit liability 18,460 42,753 47,583 107,117 435,656 311,009 318,006 627,836 Current liabilities Trade and other payables 1,762,286 1,602,372 1,891,928 1,706,226 Borrowings 820,214 1,091,990 1,093,486 781,891 Current tax liabilities 18,657 8,404 6,091 20,515 Employee benefit liability 13,640 13,640 13,640 Dividends payable 47,899-2,200 4,003 2,662,696 2,716,406 3,007,345 2,512,635 Total liabilities 3,098,352 3,027,415 3,325,351 3,140,471 TOTAL EQUITY AND LIABILITIES 6,185,671 5,710,223 6,020,197 5,803,825 DEM 2011 23

INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 2007 Sales 7,053,982 6,862,813 6,523,232 6,545,145 Profit before depreciation and amortisation 479,834 357,276 422,272 782,484 Other operating income / (loss) 140,810 22,488 19,296 (12,362) Depreciation and amortisation (218,737) (221,493) (211,016) (213,836) Operating profit 401,907 158,271 230,552 556,286 Net finance costs (119,126) (59,192) (111,200) (105,443) Share of profits / (losses) of associates 2,030 (14,669) 10,062 14,620 Profit before taxation 284,811 84,410 129,414 465,463 Taxation (55,351) (35,427) (2,678) (4,257) Profit for the year 229,460 48,983 126,736 461,206 Attributable to: Equity holders of the parent 212,882 24,725 114,422 448,445 Minority interests 16,578 24,258 12,314 12,761 Profit for the year 229,460 61,899 126,736 461,206 STATISTICS Number of ordinary shares used in calculation 101,807,589 101,807,589 101,807,589 101,807,589 Earnings per share (Rs) 2.09 0.24 1.12 4.40 Dividends per share (Rs) 0.45 0.37 0.37 0.50 Net asset value per share (Rs) 24.09 20.64 21.01 20.98 24 DEM 2011

Compagnie Immobilière Limitée SEM Code : CIMO.10000 Classification : Commerce Registered Office : 6, Sir William Newton Street, Port Louis Board of Directors Chairman : Mr. Bashirally A Currimjee - G.O.S.K. Executive Director : Mr. Anil C Currimjee Non-Executive Directors : Mr. Carrim A Currimjee - G.O.S.K. Mr. Mazahir F E Adamjee Mr. Ashraf M Currimjee Mr. Azim F Currimjee Mr. Raffi Currrimjee Independent Non-Executive Directors : Me. Anwar Moollan Me. Yusuf Hassam Aboo Baker S.C. Company Secretary : Currimjee Limited Principal Activities : Ownership and Rental of Property SUMMARY INFORMATION Compagnie Immobilière Limitée (CIL) was incorporated on 06 December 1950 as a public company and was admitted to the Development Enterprise Market of the Stock Exchange of Mauritius in August 2006 in replacement of the Over The Counter Market. The main business of CIL consists of renting of property. Following the enactment of the Landlord and Tenant (Amendment) Act 2005, the company has aligned its rentals with the market rates and to date, there are no outstanding cases for the determination of market rent and all tenants are now either under lease agreement or agreement based on determination or negotiation of the market rent at the Fair Rent Tribunal. DEM 2011 25

BALANCE SHEET (Rs) 31-Dec 2010 2009 2008 2007 ASSETS Non-current assets Property,plant and equipment 2,514,244 1,258,078 1,996,567 2,669,205 Intagible assets - 70,424 140,828 Investment Property 247,250,000 235,550,000 196,949,377 196,717,949 249,764,244 237,022,263 199,086,772 199,387,154 Current assets Trade and other receivables 11,534,945 7,245,355 6,230,568 3,706,891 Cash in hand and at bank 3,648,031 72,638 57,461 21,759 15,182,976 7,371,993 6,288,029 3,728,650 Total assets 264,947,220 244,340,256 205,374,801 203,115,804 EQUITY AND LIABILITIES Capital and Reserves Stated capital 2,664,000 2,664,000 2,664,000 2,664,000 Share premium 36,007,074 36,007,074 36,007,074 36,007,074 Investment property revaluation reserve 108,003,873 108,003,873 108,003,873 108,003,873 Retained earnings 81,683,430 93,553,155 51,094,936 47,169,932 Total equity 228,358,377 240,228,102 197,769,883 193,844,879 LIABILITIES Non-current liabilities Borrowings 2,772,862-658,614 2,467,606 Retirement benefit obligations 282,000 281,000 256,000 250,000 Deferred tax liabilities 28,459,487-33,431 26,781 31,514,349 281,000 948,045 2,744,387 Current liabilities Bank overdraft - 57,707 1,191,362 955,415 Borrowings 777,138 649,732 1,787,207 2,177,619 Trade and other payables 3,871,610 2,897,595 2,906,343 2,868,883 Taxation 425,746 226,120 771,961 524,621 5,074,494 3,831,154 6,656,873 6,526,538 TOTAL EQUITY AND LIABILITIES 264,947,220 244,340,256 205,374,801 203,115,804 INCOME STATEMENT (Rs) For the year ended 31-Dec 2010 2009 2008 2007 Revenue 17,851,413 14,638,660 15,812,006 10,247,652 Other Income 198,003 1,973 10,462 4,786 Fair value gain on investment property 11,665,687 38,126,062 Adminitrative Expenses (8,229,399) (6,707,585) (8,638,694) (6,009,301) Finance Costs (118,525) (173,463) (515,304) (624,942) Profit for the year before taxation 21,367,179 45,885,647 6,668,470 3,618,195 Taxation (29,840,304) (1,029,828) (1,145,066) (513,447) Profit for the year (8,473,125) 44,855,819 5,523,404 3,104,748 STATISTICS Number of ordinary shares used in calculation 266,400 266,400 266,400 266,400 Earnings per share (Rs) (31.82) 168.38 20.73 11.65 Dividends per share (Rs) 12.75 9.00 6.00 3.00 Net asset value per share (Rs) 857.20 901.76 742.38 727.65 26 DEM 2011

Constance Hotels Services Limited SEM Code : CHSL.I0000 Classification : Leisure & Hotels Registered Office : 5th Floor, Labama House, 35 Sir William Newton Street, Port Louis Board of Directors : Mr George J. Dumbell - Chairperson Mr L. M. Adolphe Vallet Mr. Jerôme De Chasteauneuf Mr Louis Rivalland Mr Stéphane Leal Mr Patrice Binet-Décamps Mr Jean Ribet Mr Clément D. Rey Mr Iqbal Mallam-Hasham Mr N. Adolphe Vallet Company Secretary : La Gaiété Services Ltd Principal Activities : Owner and manager of hotels SUMMARY INFORMATION Constance Hotels has a portfolio of seven luxury resorts. Three of them are wholly owned; namely Constance Belle Mare Plage and Constance Le Prince Maurice in Mauritius, and the newly opened Constance Moofushi Resort in the Maldives. The other four managed resorts, in which Constance Hotels has equity participation, are located in the Seychelles, Maldives and Madagascar and are accounted under associates. In 2010, the Group completed its 3-year development programme with the opening of Constance Ephélia Resort of the Seychelles situated on the north-western coast of the island of Mahé and Constance Moofushi Resort, located in the South Ari Atoll of the Maldives. The latter opened during November 2010, and consists of 110 water and beach villas. Today, Constance Hotels Group has a well diversified portfolio of resorts in the four upscale locations of the region with approximately 1000 rooms and exceptional amenities and services. The combined turnover generated by all hotels in operation under Constance Hotels management, was MUR 3.3 billion for the year ended 31 December 2010. DEM 2011 27

BALANCE SHEET (Rs 000) The Group 31-Dec 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 5,045,306 2,368,929 2,215,709 2,166,041 Intangible assets 415,844 380,829 366,344 63,826 Investments in subsidiary companies - - - - Investments in associated companies 1,003,968 893,202 847,332 593,811 Investments in financial assets 1,700 1,700 1,700 200 Retirement benefit obligations 1,989 1,702 1,326 700 Loans to related companies 100,382 98,348 103,894 - Deferred tax assets 7,866 3,706 20,560 53,391 6,577,055 3,748,416 3,556,865 2,877,969 Current assets Inventories 131,538 115,886 116,480 90,178 Trade and other receivables 506,695 495,360 450,716 393,795 Cash and cash equivalents 61,614 35,001 47,127 82,790 699,847 646,247 614,323 566,763 Total assets 7,276,902 4,394,663 4,171,188 3,444,732 EQUITY AND LIABILITIES Capital and Reserves Stated capital 936,783 936,783 936,783 936,783 Other reserves 1,114,113 138,364 191,379 144,507 Retained earnings 820,534 967,537 1,083,834 997,165 Equity holders interest 2,871,430 2,042,684 2,211,996 2,078,455 Minority interest 8,587 2,780 2,480 3,362 Total equity 2,880,017 2,045,464 2,214,476 2,081,817 Non-current liabilities Borrowings 1,406,966 1,426,371 467,859 407,825 Deferred tax liabilities 276,441 78,149 31,846 25,612 Retirement benefit obligations 21,477 17,802 14,848 14,631 1,704,884 1,522,322 514,553 448,068 Current liabilities Trade and other payables 621,994 280,274 270,101 231,573 Borrowings 2,068,640 529,590 1,137,501 610,228 Current tax liabilities 1,367 1,022 2,575 9,082 Proposed dividend - 15,991 31,982 63,964 2,692,001 826,877 1,442,159 914,847 Total liabilities 4,396,885 2,349,199 1,956,712 1,362,915 Total equity and liabilities 7,276,902 4,394,663 4,171,188 3,444,732 28 DEM 2011 INCOME STATEMENT (Rs 000) 31-Dec 2010 2009 2008 2007 Revenue 1,360,898 1,444,609 1,577,450 1,750,750 Operating profit 164,838 235,268 311,078 463,404 Finance costs (140,155) (127,014) (142,451) (128,569) Share of results of associates (150,204) (90,619) 53,302 70,565 (Loss)/Profit before taxation (125,521) 17,635 221,929 405,400 Taxation (11,372) (75,210) (53,288) (39,414) (Loss)/Profit for the year (136,893) (57,575) 168,641 365,986 Minority interest (10,110) (10,749) (10,451) (10,062) (Loss)/Profit attributable to equity holders (147,003) (68,324) 158,190 355,924 STATISTICS Number of ordinary shares used in calculation 63,964 63,964 63,964 63,964 (Loss)/Earnings per share (Rs) (2.30) (1.07) 2.47 5.56 Dividends per share (Rs) - 0.75 1.50 2.00 Net asset value per share (Rs) 44.89 31.93 34.58 32.49

Constance La Gaieté Company Limited SEM Code : CSE.I0000 Classification : Sugar Registered Office : 5 th, Labama House, 35 Sir William Newton Street, Port Louis Board of Directors : Mr George J. Dumbell - Chairperson Mr L. M. Adolphe Vallet Mrs Georgina Rogers Mr Jean De Fondaumière Mr Louis Rivalland Mr Jean Ribet Mr Clément D. Rey Mr P. Arnaud Dalais Mr Jean-Jacques Vallet Mr N. Adolphe Vallet Company Secretary : La Gaiété Services Ltd Principal Activities : Sugar and other agro-industrial activities SUMMARY INFORMATION Founded in 1882 Constance La Gaiété Company Limited produces on average some 140,000 tons of sugar cane on approximately 2,000 hectares on the eastern part of Mauritius. Its milling activities were centralized on Deep River Beau Champ Milling Co Ltd in 1998. It is also involved in other agro industrial activities and real estates projects. DEM 2011 29

BALANCE SHEET (Rs 000) The Group 31-Dec 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 320,395 318,809 318,295 340,032 Investment property 5,755 6,605 7,455 8,309 Intangible assets 930 1,240 1,471 - Investments in subsidiary companies - - - - Investments in associated companies 194,079 202,776 215,848 196,835 Investments in financial assets 36,761 39,251 39,853 48,345 Deferred expenditure 18,834 46,287 53,991 35,785 Bearer biological assets 34,768 35,359 34,463 31,233 611,522 650,327 671,376 660,539 Current assets Consumable biological assets 22,156 34,086 36,322 61,389 Inventories 9,175 6,880 9,709 5,392 Trade and other receivables 127,725 171,827 230,762 292,861 Bank balances and cash 228,540 168,347 68,423 1,069 387,596 381,140 345,216 360,711 Non-current assets held for sale 5,970 39,267 19,114 - Total assets 1,005,088 1,070,734 1,035,706 1,021,250 EQUITY AND LIABILITIES Capital and Reserves Share Capital 120,000 120,000 120,000 120,000 Reserves 159,734 190,041 191,508 201,602 Retained earnings 405,277 361,250 343,141 320,542 Equity holder s interests 685,011 671,291 654,649 642,144 LIABILITIES Non-current liabilities Borrowings 823 823 823 1,223 Retirement benefit obligations 77,878 76,793 75,517 80,011 78,701 77,616 76,340 81,234 Current liabilities Trade and other payables 230,461 297,665 296,501 264,726 Borrowings 10,048 4,962 8,216 33,146 Current tax liability 867 - - - Dividend payable - 19,200 - - 241,376 321,827 304,717 297,872 Total liabilities 320,077 399,443 381,057 379,106 TOTAL EQUITY AND LIABILITIES 1,005,088 1,070,734 1,035,706 1,021,250 30 DEM 2011

INCOME STATEMENT (Rs 000) 31-Dec 2010 2009 2008 2007 Revenue Sugar, molasses and bagasse 198,523 214,214 185,287 169,898 Other operating revenue 125,898 116,488 105,227 100,756 324,421 330,702 290,514 270,654 SIFB compensation 232 102 19,605 47,455 324,653 330,804 310,119 318,109 Biological assets - bearer (591) 896 3,230 222 - consumable (11,931) (2,236) (25,067) (10,285) Operating expenses (307,631) (327,291) (315,908) (328,213) Operating loss 4,500 2,173 (27,626) (20,167) Other income 63,678 47,145 37,473 100,568 68,178 49,318 9,847 80,401 Finance costs (157) (394) (3,425) (5,042) Profit from ordianry activities 68,021 48,924 6,422 75,359 VRS costs written off (2,416) (3,094) (20,673) (106,148) 65,605 45,830 (14,251) (30,789) Share of profit/(loss) from associated companies 1,585 (6,489) 33,363 19,660 Profit/(loss) before taxation 67,190 39,341 19,112 (11,129) Taxation (4,014) (7,704) 18,206 23,475 Profit/(loss) for the year 63,176 31,637 37,318 12,346 STATISTICS Number of ordinary shares used in calculation 4,800,000 4,800,000 4,800,000 4,800,000 Earnings per share (Rs) 13.16 6.59 7.77 2.57 Dividends per share (Rs) 4.00 4.00 3.25 3.25 Net asset value per share (Rs) 142.71 139.85 136.39 133.78 DEM 2011 31

Compagnie des Villages de Vacances de L Isle de France Limitée COVIFRA SEM Code : COVI.I0000 Classification : Others Registered Office : C/o Club Méditerranée, Pointe aux Canonniers Board of Directors : Sophie Barrault Colette Brochen Anne Dominique Gobert Sunil Kumar Koosul Company Secretary : Financial Consulting Associates Ltd Principal Activities : Renting of hotel establishment SUMMARY INFORMATION Since the formation of COVIFRA in 1972, the company has rented its investment properties, plant and equipment to Holiday Villages Management Services (Mauritius) Limited ( HVMS ) which operates the Club Med Hotel at La Pointe aux Canonniers. 32 DEM 2011

BALANCE SHEET (Rs) 31-Oct 2010 2009 2008 2007 ASSETS Non-current assets Investment Properties 1,752,651,619 1,753,137,748 1,745,500,000 1,360,847,024 Equipment 122,888,397 141,607,999 161,292,416 29,134,302 1,875,540,016 1,894,745,747 1,906,792,416 1,389,981,326 Current assets Trade and other receivables 159,749,205 127,187,253 211,686,709 131,526,907 Cash in hand and at bank 3,379,054 2,814,716 66,238,783 67,447,755 163,128,259 130,001,969 277,925,492 198,974,662 Total assets 2,038,668,275 2,024,747,716 2,184,717,908 1,588,955,988 EQUITY AND LIABILITIES Capital and Reserves Stated capital 566,100,000 566,100,000 566,100,000 566,100,000 (Accumulated losses)/retained earnings (37,235,336) 16,858,388 143,542,881 300,504,739 Total equity 528,864,664 582,958,388 709,642,881 866,604,739 LIABILITIES Non-current liabilities Loan from fellow subsidiary 21,741,128 24,226,145 26,464,899 28,481,789 Loan from holding company 1,071,475,600 - - - Other payables 135,594,329 3,824,225 408,310 408,392 Deferred tax 107,060,185 74,683,615 86,480,636 91,305,131 1,335,871,242 102,733,985 113,353,845 120,195,312 Current liabilities Loan from fellow subsidiary 5,149,893 5,149,893 5,149,893 5,149,893 Loan from holding company - 1,160,439,800 1,059,962,800 - Amount due to fellow subsidiary 4,388,929 4,388,929 4,388,929 83,434,607 Amount due to holding company 160,875,178 163,475,491 277,230,567 511,907,000 Other payables 3,518,369 5,601,230 14,988,993 1,664,437 173,932,369 1,339,055,3.43 1,361,721,182 602,155,937 Total liabilities 1,509,803,611 1,441,789,328 1,475,075,027 722,351,249 TOTAL EQUITY AND LIABILITIES 2,038,668,275 2,024,747,716 2,184,717,908 1,588,955,988 DEM 2011 33

INCOME STATEMENT (Rs) 31-Oct 2010 2009 2008 2007 Income Revenue 134,079,298 134,032,082 133,588,922 59,535,385 Interest income 86,166 989,059 3,168,279 2,217,226 Other income - - 422,238 - Net exchange gain 91,602,057 - - - Gain on revaluation of investment properties - - - 239,184,368 225,767,521 135,021,141 137,179,439 300,936,979 Expenses Amount written off investment properties - - - 26,047,245 Loss on disposal of property, plant and equipment - - - 6,207,480 Loss on revaluation of investment properties - - 167,975,116 - Depreciation 18,891,802 19,588,266 18,787,710 8,511,031 Interest expense 84,186,679 90,299,482 77,451,572 3,944,295 General expenses 653,967 727,287 1,485,841 833,919 Operating lease expense 129,524,727 3,416,000 - - Exchange loss - 102,786,620 33,175,553 2,164,043 Auditors remuneration - audit fees 75,000 75,000 75,000 75,000 - other fees - - 15,000 15,000 233,332,175 216,892,655 298,965,792 47,798,013 (Loss)/Profit before taxation (7,564,654) (81,871,514) (161,786,353) 253,138,966 Taxation (32,376,570) 11,797,021 4,824,495 (70,735,589) (Loss)/Profit for the year (39,941,224) (70,074,493) (156,961,858) 182,403,377 Other comprehensive income - - - - Total comprehensive (loss)/income for the year (39,941,224) (70,074,493) (156,961,858) 182,403,377 STATISTICS Number of ordinary shares used in calculation 266,400 266,400 266,400 266,400 Earnings per share (Rs) (31.82) 168.38 20.73 11.65 Dividends per share (Rs) 12.75 9.00 6.00 3.00 Net asset value per share (Rs) 857.20 901.76 742.38 727.65 34 DEM 2011

Deep River Investment Limited SEM Code : DRIL.I0002 Classification : Investment Registered Office : 5 th Floor, Ebène Skies, Rue de l Institut, Ebène Board of Directors : G. Christian DALAIS - Chairman P. Arnaud DALAIS Jean-Pierre DALAIS Bernard DALAIS Maurice DALAIS Louis GUIMBEAU Guy HUGNIN Didier MERVEN Jean-Michel PITOT Patrice ROUSSET Company Secretary : CIEL Corporate Services Ltd Principal Activities : Retailing of perishable, non-perishable, general and textile goods. SUMMARY INFORMATION Deep River Investment Limited (DRI) is a public company incorporated on August 31, 1948, and is quoted on the Development and Enterprise Market. The principal activity of DRI is that of an investment holding company with investments in three companies, namely, Ciel Investment Limited, Deep River-Beau Champ Limited and Ciel Textile Limited. DRI is committed to the highest standard of business integrity, transparency and professionalism in all its activities to ensure that the activities within the Company and Group are managed ethically and responsibly to enhance business value for all stakeholders. DEM 2011 35

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Investments in associates 5,009,244,316 4,500,187,228 3,177,299,971 2,960,974,443 Current assets ITrade and other receivables 22,523,259 15,757,731 15,822,731 15,622,731 Investments in securities 276,225 259,225 341,725 318,975 22,799,484 16,016,956 16,164,456 15,941,706 Total assets 5,032,043,800 4,516,204,184 3,193,464,427 2,976,916,149 EQUITY AND LIABILITIES Capital and Reserves Share capital 822,665,000 8,226,650 8,226,650 8,226,650 Fair value reserves 142,595 125,595 208,095 185,345 Other associares reserves 2,382,998,398 2,331,156,823 1,167,836,639 1,308,077,397 Retained earnings 1,746,151,834 2,120,593,297 1,930,749,927 1,644,800,586 Shareholders interest 4,951,957,827 4,460,102,365 3,107,021,311 2,961,289,978 Current liabilities Trade and other payables 395,526 7,401,535 6,228,902 62,343 Current tax liabilities 5,907 26,347 27,179 44,792 Borrowings 59,117,915 48,673,937 46,786,836 217,467 Proposed dividends 20,566,625-33,400,199 15,301,569 80,085,973 56,101,819 86,443,116 15,626,171 Total equity and liabilities 5,032,043,800 4,516,204,184 3,193,464,427 2,976,916,149 INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 2007 Share of results of associates net of tax 344,044,657 177,003,822 274,631,056 366,969,954 Dividend and other income 216,333 216,533 215,000 214,900 Total revenue 344,260,990 177,220,355 274,846,056 367,184,854 Administrative expenses (1,733,823) (378,924) (263,056) (126,319) Other operating expenses (1,089,005) (609,269) (615,908) (152,028) Loss on part disposal of investment in associate (9,805,180) Finance costs (5,181,100) (6,766,260) (6,188,734) (2,554) Profit before taxation 326,451,882 169,465,902 267,778,358 366,903,953 Income tax (25,493) (26,347) (27,179) (44,792) Net profit 326,426,389 169,439,555 267,751,179 366,859,161 STATISTICS Number of ordinary shares used in calculation 82,266,500 822,665 822,665 822,665 Earnings per share (Rs) 3.97 205.96 325.47 445.94 Dividends per share (Rs) 94.00 28.00 73.40 73.40 Net asset value per share (Rs) 60.19 5,421.53 3776.78 3599.63 36 DEM 2011

Deep River-Beau Champ Limited SEM Code : DRBC.I0000 Classification : Sugar Registered Office : 5th Floor, Ebène Skies, Rue de l Institut, Ebène Board of Directors : Thierry LAGESSE - Chairman G. Christian DALAIS P. Arnaud DALAIS Maurice DALAIS Jean DE FONDAUMIERE Louis GUIMBEAU Roger ESPITALIER NOEL Jean-Claude HAREL Arnaud LAGESSE J. Cyril LAGESSE Robert LAGESSE Company Secretary : CIELCorporate Services Ltd Principal Activities : Sugar cane growing and other agricultural activities. SUMMARY INFORMATION Deep River-Beau Champ Limited (DRBC) is a public company incorporated on April 18, 1913, and quoted on the Development and Enterprise Market. DRBC is engaged in sugar cane growing and other agricultural activities. The Group operates two sugar milling factories, a bagasse and coal based power generation plant and holds a portfolio of investments. DRBC is also involved in property development and management. DRBC is committed to the highest standard of business integrity, transparency and professionalism in all its activities to ensure that the activities within the Company and Group are managed ethically and responsibly to enhance business value for all stakeholders. DEM 2011 37

BALANCE SHEET (Rs 000) Restated Restated 30-Jun 2010 2009 2008 2008 2007 ASSETS EMPLOYED Non-current assets Property, plant and equipment 7,698,302 7,915,551 4,089,333 4,089,333 3,576,091 Land-projects 6,961 6,961 11,484 11,484 13,300 Investment property 1,205 1,231 1,073 1,073 1,099 Intangible assets 44,382 44,382 - - 1,039 Investment in subsidiary companies - - - - - Investment in associated companies 110,994 112,292 277,443 277,443 224,616 Investment in joint ventures 715,590 526,571 250,534 250,534 139,205 Investment in securities 82,925 60,862 69,660 69,660 78,783 Deposit on investment 12,000 5,000 90,924 90,924 - Bearer biological assets 253,606 242,463 171,520 171,520 181,730 Non-current receivables 12,870 177,034 176,183 176,183 53,608 Deferred expenditure 797,087 1,311,988 836,013 836,013 925,622 Deferred tax assets 24,211 6,907 34,531 34,531 37,554 9,760,133 10,411,242 6,008,698 6,008,698 5,232,647 Current assets Deferred expenditure 115,489 112,465 97,640 49,606 35,894 Inventories 244,543 222,997 202,326 202,326 241,917 Work in progress 437,021 1,191,096 Consumable biological assets 1,153,267 1,201,252 1,101,506 1,101,506 1,251,504 Trade and other receivables 273,907 454,505 324,686 324,686 640,511 Current tax assets 36,521 60,928 24,501 24,501 26,802 Retirement benefit asset 943 943 - - - Short term deposits 967 4,707 - - - Cash in hand and at bank 387,583 58,888 67,466 67,466 93,256 2,650,241 3,307,781 1,818,125 1,770,091 2,289,884 Total assets 12,410,374 13,719,023 7,826,823 7,778,789 7,522,531 EQUITY AND LIABILITIES Capital and Reserves Share capital 93,600 93,600 93,600 93,600 93,600 Revaluation and other reserves 4,621,261 4,766,337 1,084,183 1,084,183 1,146,695 Retained earnings 2,255,856 1,935,299 1,980,368 1,959,901 1,688,111 Shareholders interests 6,970,717 6,795,236 3,158,151 3,137,684 2,928,406 Loans 47,319 68,010 217,460 217,460 165,107 Minority interests 1,234,696 1,204,465 932,647 906,994 906,752 38 DEM 2011 8,252,732 8,067,711 4,308,258 4,262,138 4,000,265 Non-current liabilities Borrowings 1,189,374 746,554 761,006 761,006 820,574 Deferred tax liabilities 576,065 555,587 394,602 394,602 411,106 Retirement benefit obligations 153,196 144,368 117,887 117,887 217,589 1,918,635 1,446,509 1,273,495 1,273,495 1,449,269 Current liabilities Trade and other payables 1,053,381 2,218,592 434,445 434,445 596,527 Current tax liabilities 2,451 20,511 27,412 25,498 29,536 Borrowings 1,140,119 1,922,644 1,740,157 1,740,157 1,403,878 Proposed dividend 43,056 43,056 43,056 43,056 43,056 2,239,007 4,204,803 2,245,070 2,243,156 2,072,997 Total equity and liabilities 12,410,374 13,719,023 7,826,823 7,778,789 7,522,531

INCOME STATEMENT (Rs 000) Restated Restated 30-Jun 2010 2009 2008 2008 2007 Turnover 4,608,838 3,694,621 3,253,477 3,253,477 2,581,633 SIFB compensation 23,065 49,600 97,263 97,263 60,991 (Losses) /gains arising from changes in fair value of biological assets 85,490 25,142 (77,040) (77,040) 279,565 Other operating income 157,087 166,255 118,311 118,311 72,323 4,874,480 3,935,618 3,392,011 3,392,011 2,994,512 Operating expenses (3,936,122) (3,126,179) (2,918,467) (2,920,047) (2,375,982) Operating profit 938,358 809,439 473,544 471,964 618,530 VRS amortisation and other expenses (9,953) (14,987) (8,631) (7,051) (19,709) Investment and other income 9,454 5,159 5,072 5,072 7,851 Finance costs (239,904) (234,576) (229,126) (229,126) (146,945) Profit before exceptional items 697,955 565,035 240,859 240,859 459,727 Exceptional items - 8,000 40,684 40,684 - Profit after exceptional items 697,955 573,035 281,543 281,543 459,727 Share of results of joint ventures 92,977 53,907 79,992 79,992 (20,038) Share of results of associates 2,495 2,015 84,412 84,412 76,309 Profit before taxation 793,427 628,957 445,947 445,947 515,998 Income tax charge (189,518) (192,442) (56,616) (56,616) (96,490) Net profit after taxation 603,909 436,515 389,331 389,331 419,508 Minority interests (282,795) (185,944) (52,021) (52,021) (117,601) Profit attributable to equity holders of the company 321,114 250,571 337,310 337,310 301,907 STATISTICS Number of ordinary shares used in calculation Earnings per share (Rs) 35.96 27.96 37.79 37.79 33.78 Dividends per share (Rs) 7.00 7.00 7.00 7.00 7.00 Net asset value per share (Rs) 789.72 769.84 355.46 355.46 331.76 Per Computation Number of ordinary shares used in calculation 8,826,794 8,826,794 8,826,794 8,826,794 8,826,794 Earnings per share (Rs) 35.96 27.96 37.79 37.79 33.78 Dividends per share (Rs) 7.00 7.00 7.00 7.00 7.00 Net asset value per share (Rs) 929.94 908.97 488.09 482.86 453.08 DEM 2011 39

ENL Investment Limited SEM Code : ENIT.I0000 Classification : Investment Registered Office : 7 th Floor, Swan Group Centre, Intendance Street, Port Louis Board of Directors : Guy Rivalland - Chairman Eric Espitalier-Noël Gilbert Espitalier-Noël Hector Espitalier-Noël M P Roger Espitalier-Noël Company Secretary : ENL Limited Principal Activities : Investment Company SUMMARY INFORMATION ENL Investment Limited ( ENL Investment ) is one of the largest publicly traded companies in Mauritius, dealing in shares and securities, a large number of which are quoted on the Stock Exchange of Mauritius Limited. It holds a very attractive investment portfolio that covers key sectors of the local economy. ENL Investment holds significant stakes in some of the major groups of companies in Mauritius such as New Mauritius Hotels, Management and Development Company Ltd ( MADCO )/ Food and Allied Industries Ltd, Rogers Consolidated Shareholding and Intendance Holding/Swan Insurance in addition to smaller stakes in a number of local companies. Food & Allied Group The Food & Allied Group figures among the leading companies in Mauritius. Food and Allied Industries Ltd is a diversified agro-industrial group while MADCO is also engaged in business services and hospitality industry (namely Le Labourdonnais Waterfront Hotel and Le Suffren). Rogers Group The Rogers Group, the largest conglomerate in Mauritius, owns and manages over 150 subsidiaries and associated companies engaged in the following core business domains : Financial services (Cim), Hotels (Veranda Group), Logistics (Velogic), Property (Foresite and Ascencia), Real Estate and Agribusiness (Domaine de Bel Ombre) as well as Travel and Aviation. Rogers also holds strategic investments in New Mauritius Hotels, Air Mauritius and Lafarge (Mauritius) Cement. New Mauritius Hotels The New Mauritius Hotels is the promoter of the Beachcomber group of hotels. Beachcomber opened its first hotel in 1952 and has ever since played a significant role in the development of quality tourism. The group owns and operates some of the most prestigious beach hotels, located on the most stunning sites of the Mauritian coastline as well as in Seychelles. Swan Group Intendance Holding is the holding company of Swan Insurance. The Swan Group is one of the market leaders in the insurance sector in Mauritius. The activities of the Group date back from 1854. 40 DEM 2011

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Availiable-for-sale securities: Investments in associates 3,709,574 3,008,098 3,473,655 1,746,562 Investments in financial assets 1,863,687 1,901,103 1,861,184 1,546,150 5,573,261 4,909,201 5,334,839 3,292,712 Current assets Trade and other receivables 299 5,466 3,646 318 Held-for-trading securities 4,635 30,715 33,953 33,440 Receivable from group companies 43,437 2,362 89,671 29,289 Cash and cash equivalents 10 2,134 1,466 5,907 48,381 40,677 128,736 68,954 Total assets 5,621,642 4,949,878 5,463,575 3,361,666 EQUITY AND LIABILITIES Capital and Reserves Share Capital 1,612,984 1,612,984 967,608 967,608 Other reserves 278,089 2,043,819 2,785,605 1,887,277 Application monies - 645,376 - - Retained earnings 1,228,795 1,099,186 768,749 462,531 Shareholders interests 5,419,868 4,755,989 5,167,338 3,317,416 LIABILITIES Non-current liabilities Borrowings 98,929 123,687 39,916 3,500 Current liabilities Trade and other payables 2,500 2,850 1,618 2,955 Payable to group companies 26,360 9,026 207,475 4,014 Current tax liabilities 173 359 518 879 Current borrowings 39,296 23,451 17,308 3,500 Proposed dividends 34,516 34,516 29,402 29,402 102,845 70,202 256,321 40,750 Total liabilities 201,774 193,889 296,237 44,250 TOTAL EQUITY AND LIABILITIES 5,621,642 4,949,878 5,463,575 3,361,666 DEM 2011 41

INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 2007 Dividends receivable 46,939 52,055 57,871 48,764 Interest receivable - 3,874 4,584 8,025 46,939 55,929 62,455 56,789 Administrative expenses 7,517 6,271 6,312 3,129 Management fees 22,222 23,500 24,906 19,514 29,739 29,771 31,218 22,643 17,200 26,158 31,237 34,146 Fair value adjustments 9,560 (3,194) 513 14,470 Finance costs (15,187) (19,866) (4,583) (9,293) Share of profit of associates 292,758 541,180 212,154 144,716 Profit before exceptional items 304,331 544,278 239,321 184,039 Exceptional items (245) 20,476 165,210 - Profit before income tax 304,086 564,754 404,531 184,039 Income tax expense - (403) (518) (879) Profit for the year 304,086 564,351 404,013 183,160 STATISTICS Weighted Average number of ordinary shares used in calculation 86,289,139 85,028,000 73,504,000 73,504,000 Earnings per share (Rs) 3.58 6.64 5.50 2.49 Dividends per share (Rs) 1.20 1.30 1.30 1.20 Net asset value per share (Rs) 62.81 55.93 70.30 45.13 42 DEM 2011

ENL Limited SEM Code : ENL.J0000 Classification : Investment Registered Office : 7 th Floor, Swan Group Centre, Intendance Street, Port Louis Board of Directors : Guy Rivalland - Chairman Edouard Espitalier-Noël Eric Espitalier-Noël Gilbert Espitalier-Noël Hector Espitalier-Noël Jacques Espitalier-Noël Philippe Espitalier-Noël Robert Espitalier-Noël M P Roger Espitalier-Noël Patrice de Robillard Company Secretary : Hector Espitalier-Noël Principal Activities : Investment and Management Company SUMMARY INFORMATION ENL Limited ( ENL ) is a leading and rapidly growing business group in Mauritius. It is engaged in a well diversified range of activities covering the main economic pillars of the national economy. The Group ranks among the conglomerates with the strongest asset base in the island. ENL s business activities are organised in five clusters for a focussed and effective management: (i) ENL Agribusiness Within ENL Land Ltd (formerly The Savannah Sugar Estates Company Limited), ENL Agribusiness manages the traditional agricultural activities of the group namely sugar cane cultivation. ENL Agribusiness has also put into place a diversification program and is actively involved in the production of other agro industrial products such as a wide variety of food crops, tropical flowers, cattle, deer and poultry farming. Its activities are also reinforced by Agrex for the sale of anthurium flowers on the local and overseas market and ESP Landscapers for the design, implementation and maintenance of landscaping projects for hotels and individuals. (ii) ENL Commercial ENL Commercial regroups more than a dozen companies engaged in various activities including car dealership, express courier services, manufacturing of fashionable eyewear, timber merchandising, production of upholstery and soft furnishings for the hospitality sector and stationery for office use. (iii) ENL Investment Through ENL Investment, the Group holds significant stakes in leading companies such as Rogers Consolidated Shareholding, New Mauritius Hotels, Food and Allied Industries, Management and Development Company and Intendance Holding/Swan Insurance. (iv) ENL Property ENL Property spearheads the property development and management initiatives of ENL Group, a promising line of business that ENL has been engaged into for a few years now. ENL Property is dedicated mainly to bringing value to land owned through ENL Land Ltd. ENL Property is currently engaged in two major developments under the Integrated Resorts Scheme, namely La Balise Marina and Villas Valriche. Several other landmark residential, commercial and business park projects have been completed or are currently under construction, the most ambitious one being the creation of the Bagatelle Mall of Mauritius, which is expected to open on 29 September 2011. Other developments include the innovative mixed-use estate project Les Allées D Helvetia Commercial Centre and Saint Pierre Commercial Centre which is currently under construction. (v) ENL Corporate Services ENL Corporate Services, the fifth cluster, provides a wide range of support services primarily to companies forming part of the ENL Group. Since its incorporation in 1944, ENL has grown into one of the most influential wealth creators of the country. The Espitalier-Noël name has been respected in Mauritius for decades for its adherence to strong values and business ethics. These values and ethics have recently been translated into a stated commitment to promote sustainable development. To this end, the Group has pledged support to youth development as well as to the preservation and enhancement of the natural environment. The ENL Foundation has been created to implement the Group s policy as far as Corporate Social Responsibility is concerned. DEM 2011 43

BALANCE SHEETS (Rs 000) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 7,706,463 8,112,665 3,476,897 3,764,949 Investment properties 18,045 15,754 18,990 19,727 Deferred expenditure 426,464 432,964 473,639 327,837 Intangible assets 738,795 805,894 281,851 64,531 Investments in associates 3,924,638 3,219,139 3,889,128 2,828,746 Investments in jointly controlled entity 274,414 - - - Investments in financial assets 1,431,478 1,209,086 2,175,078 1,941,573 Deposit on investments 62,190 9,237 31,448 - Bearer biological assets 132,910 132,942 133,983 134,014 Non-current receivables 338,433 36 36 83,364 Deferred tax assets 832 705 5,153 9,312 44 DEM 2011 15,054,662 13,938,422 10,486,203 9,174,053 Current assets Inventories 343,190 349,679 327,522 379,219 Consumable biological assets 242,817 324,697 306,094 361,536 Trade and other receivables 591,379 462,397 486,784 402,653 Held for trading securities 47,892 55,734 62,833 60,930 Cash in hand and at bank 153,932 50,728 49,367 45,101 1,379,210 1,243,235 1,232,600 1,249,439 Non-current assets held for sale 16,278 60,864 75,693 - Total assets 16,450,150 15,242,521 11,794,496 10,423,492 EQUITY AND LIABILITIES Capital and Reserves Share capital 14,256 14,256 14,256 14,256 Other reserves 6,061,275 6,037,713 4,433,140 3,475,720 Retained earnings 1,945,966 1,581,429 664,154 750,339 Treasury shares in a subsidiary company (2,295) - - - Equityholders interests 8,019,202 7,633,398 5,111,550 4,240,315 Non-controlling interests 4,562,953 4,404,234 2,746,330 2,347,600 LIABILITIES 12,582,155 12,037,632 7,857,880 6,587,915 Non-current liabilities Borrowings 1,041,063 929,806 1,465,501 1,539,990 Deferred tax liabilities 4,821 3,867 4,108 2,841 Retirement benefit obligations 223,523 206,709 201,832 316,836 Deferred Income 273,663 244,400 - - 1,543,070 1,384,782 1,671,441 1,859,667 Current liabilities Trade and other payables 951,138 909,910 573,528 432,556 Payable to group companies - - - - Current tax liabilities 16,981 9,973 8,448 12,501 Current borrowings 1,314,038 871,712 1,668,943 1,516,597 Proposed dividends 42,768 28,512 14,256 14,256 2,324,925 1,820,107 2,265,175 1,975,910 Total liabilities 3,867,995 3,204,889 3,936,616 3,835,577 TOTAL EQUITY AND LIABILITIES 16,450,150 15,242,521 11,794,496 10,423,492

INCOME STATEMENTS (Rs 000) 30-Jun 2010 2009 2008 2007 Sales 1,890,783 1,764,268 1,475,705 1,309,767 Cost of sales (1,519,575) (1,391,695) (1,158,357) (1,036,844) Gross profit 371,208 372,573 317,348 272,923 Sugar proceeds 569,593 536,248 721,061 744,490 Investment and other income 75,592 71,994 84,434 140,712 Management and secretarial fees 35,905 47,999 25,473 27,981 Other operating income 59,825 176,173 189,856 227,577 1,112,123 1,204,987 1,338,172 1,413,683 Other operating expenses (799,100) (776,448) (915,262) (871,692) Administrative expenses (295,460) (302,761) (233,189) (226,348) Operating profit 17,563 125,778 189,721 315,643 Fair value adjustments 11,050 (9,963) 1,903 25,850 Amortisation of deferred expenditure (154,960) (58,466) (33,967) (14,406) Share of profits less losses of associated companies net of tax 290,909 515,939 371,450 110,961 Finance costs (160,413) (286,446) (401,213) (341,014) Profit before exceptional items 4,149 286,842 127,894 97,034 Exceptional items 219,792 837,513 58,517 50,510 Profit before taxation 223,941 1,124,355 186,411 147,544 Taxation charge (18,679) (14,550) (13,921) (23,710) Profit after taxation 205,262 1,109,805 172,490 123,834 Attributable to: Equity holders of the company 135,816 849,268 71,011 46,804 Non-controlling interests 69,446 260,537 101,479 77,030 205,262 1,109,805 172,490 123,834 STATISTICS Number of ordinary shares used in calculation 1,425,600 1,425,600 1,425,600 1,425,600 Earnings per share (Rs) 95.27 595.73 49.81 32.83 Dividends per share (Rs) 60 40.00 30.00 30.00 Net asset value per share (Rs) 5,625.14 5,354.52 3,585.54 2,974.41 DEM 2011 45

Excelsior United Development Companies Limited SEM Code : EUD.I0000 Classification : Investment Registered Office : 11 th Floor, Medine Mews, 4 Chaussée Street, Port Louis Board of Directors : René Leclézio - Chairman Pierre Doger de Spéville - Chairman - Corporate Governance Committee Daniel Giraud - Group Chief Executive Ganeshwar Gujadhur Lajpati Gujadhur Gérald Lincoln - Chairman - Audit Committee Marc de Ravel Company Secretary : Patricia Goder Senior Executive : Daniel Giraud - Group Chief Executive Principal Activities : Holding of investment in securities and of investment properties SUMMARY INFORMATION EUDCOS was founded in 1974 and is primarily an investment company, which has built over the years a diversified portfolio of investments in securities. Through its subsidiaries and associates, EUDCOS is strategically positioned in specific sectors, namely beverages, tourism and commerce, while directly, as well as through one of its subsidiaries, it is also present in the investment property sector. 46 DEM 2011

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 300,644 309,660 313,325 310,787 Investment properties 279,696 278,628 270,938 217,802 Intangible assets 17,683 17,639 15,696 16,003 Investments in subsidiaries - - - - Investments in associates 180,145 174,516 146,189 130,236 Investments in securities 430,376 352,797 466,506 380,757 Deferred tax assets 469 429 270 6,410 1,209,013 1,133,669 1,212,924 1,061,995 Current assets Inventories 48,454 72,838 64,662 55,648 Trade and other receivables 115,280 130,806 159,829 146,433 Amounts receivable from group companies - - - - Investments in securities - 370 393 422 Cash and cash equivalents 80,343 113,007 78,835 54,427 244,077 317,021 303,719 256,930 Total assets 1,453,090 1,450,690 1,516,643 1,318,925 EQUITY AND LIABILITIES Capital and Reserves Share Capital 121,453 121,453 121,453 121,453 Share premium 13,830 13,830 13,830 13,830 Revaluation and other reserves 370,263 299,728 406,063 309,228 Retained earnings 544,877 492,389 415,421 363,888 Shareholders interest 1,050,423 927,400 956,767 808,399 Minority interests 197,238 193,726 183,930 119,730 Total equity 1,247,661 1,121,126 1,140,697 928,129 LIABILITIES Non-current liabilities Borrowings 29,668 88,813 112,399 144,688 Deferred tax liabilities 12,438 12,024 11,145 3,223 Retirement benefit obligations 10,244 12,713 12,111 10,984 52,350 113,550 135,655 158,895 Current liabilities Trade and other payables 79,797 101,411 89,692 81,155 Current tax liabilities 11,073 9,903 10,520 10,441 Borrowings 62,209 104,700 140,079 140,305 153,079 216,014 240,291 231,901 Total liabilities 205,429 329,564 375,946 390,796 TOTAL EQUITY AND LIABILITY 1,453,090 1,450,690 1,516,643 1,318,925 DEM 2011 47

INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 2007 Continued operations Turnover 500,176 485,070 563,171 481,310 Cost of sales (312,229) (310,535) (339,881) (303,267) Gross profit 187,947 174,535 223,290 178,043 Other income 5,171 28,569 22,237 26,653 Selling and marketing expenses (28,735) (28,534) (39,674) (34,480) Administrative expenses (64,216) (56,921) (63,874) (58,527) Operating profit 100,167 117,649 141,979 111,689 Finance cost (17,252) (7,167) (29,589) (30,198) Profit before exceptional items 82,915 110,482 112,390 81,491 Exceptional items - - - 15,646 Profit after exceptional items 82,915 110,482 112,390 97,137 Share of profit in associates 40,341 54,114 41,037 30,980 Profit before tax 123,256 164,596 153,427 128,117 Income tax (10,234) (10,933) (15,183) (4,982) Profit for the year from continued operations 113,022 153,663 138,244 123,135 Discontinued operations Post tax profit/(loss) from discontinued operations 7,829 (6,418) - - Profit for the year 120,851 147,245 138,244 123,135 Attributable to: Equity holders of the company 107,142 129,193 100,114 85,303 Minority interests 13,709 18,052 38,130 37,832 STATISTICS Number of ordinary shares used in calculation 121,453,252 121,453,252 121,453,252 121,453,252 Earnings per share from continued operations (Rs) 1.00 1.21 0.82 0.70 Earnings/(loss) per share from discontinued operations 0.06 (0.05) - - Dividends per share (Rs) 0.45 0.40 0.40 0.38 Net asset value per share (Rs) 8.65 7.64 7.88 6.66 48 DEM 2011

Flacq United Estates Limited SEM Code : FUEL.I0000 Classification : Sugar Registered Office : 4 th Floor, IBL House, Caudan Waterfront, Port Louis Board of Directors Directors : Thierry Lagesse - Chairman Yusuf Aboobaker Jan Boullé Amédée Darga Dayanidhi Gujadhur Michel Hardy Arnaud Lagesse J. Cyril Lagesse Anne Rogers Joseph Vaudin Alternate Director : Jan Boullé - Alternate Director to Anne Rogers Company Secretary : GML Management Ltée Principal Activities : Sugar cane growing, investment in sugar milling and electricity production SUMMARY INFORMATION Flacq United Estates Limited (FUEL) is a public company incorporated on August 21, 1948. FUEL, the largest sugar cane grower in Mauritius, has through merging with Mon Loisir in 2001, further extended the area of land under sugar cane cultivation it owns and manages from 5,400 hectares to 7,700 hectares to produce some 550,000 tonnes of cane per annum. The group sugar factories, F.U.E.L. Sugar Milling Company Limited (FSMC) and Compagnie Usinière de Mon Loisir Ltée (CUML) together mill some 1,300,000 tons of sugar cane annually to produce in excess of 125,000 tonnes of sugar. F.U.E.L. Steam and Power Company Limited (FSPG) and CUML jointly export 210 giga Watt hour of electricity to the National grid annually. The refinery built by FUEL Refinery Limited next to the FUEL factory to refine sugar for the European market has started operations in December 2009 and is expected to produce 175,000 tonnes of refined sugar annually. DEM 2011 49

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property,plant and equipment 9,140,196 4,805,380 4,746,774 4,848,633 Investment properties 1,501,023 471,420 471,420 46,420 Intangible assets 105,666 151,867 113,127 79,651 Investments in subsidiaries - - - - Investments in associates 154,756 161,220 5,942 6,542 Investments in securities 109,524 675,005 653,689 651,215 Deferred expenditure 251,589 395,360 431,995 109,936 Deferred tax assets 28,347 44 41 9,094 Biological assets 142,028 145,355 140,981 145,511 Non-current receivables - 58,643 118,575 153,825 Loan receivable 7 6,701 10,960 14,762 11,433,136 6,870,995 6,693,504 6,065,589 Current assets Deferred expenditure 96,819 101,418 82,333 91,639 Biological assets 348,007 447,159 417,237 552,748 Loan receivable 6,818 4,259 3,792 3,402 Inventories 191,437 218,675 140,187 131,814 Trade and other receivables 821,518 945,120 1,239,615 266,983 Cash in hand and at bank 52,453 97,407 12,065 19,663 1,517,052 1,814,038 1,895,229 1,066,249 Total assets 12,950,188 8,685,033 8,588,733 7,131,838 EQUITY AND LIABILITIES Capital and Reserves Stated capital 752,657 752,657 752,657 711,526 Revaluation and other reserves 7,562,649 3,252,077 3,215,354 3,152,045 Retained profit 1,417,055 1,323,264 1,419,125 1,204,871 Equity attributable to equity holders of the parent 9,732,361 5,327,998 5,387,136 5,068,442 Minority interests 339,733 401,540 401,353 372,154 Total equity 10,072,094 5,729,538 5,788,489 5,440,596 LIABILITIES Non-current liabilities Borrowings 484,674 915,710 838,336 585,164 Deferred tax liabilities 55,917 73,600 100,878 91,011 Retirement benefit obligations 136,275 124,335 128,240 337,628 676,866 1,113,645 1,067,454 1,013,803 Current liabilities Borrowings 1,011,999 845,066 728,219 294,398 Proposed dividents payable to minority shareholders 80,012-16,311 16,311 Trade and other payables 1,024,861 954,660 898,308 305,241 Current tax liabilities 35,460 42,124 41,056 27,166 Proposed dividents 48,896-48,896 34,323 2,201,228 1,841,850 1,732,790 677,439 Total liabilities 2,878,094 2,955,495 2,800,244 1,691,242 TOTAL EQUITY AND LIABILITIES 12,950,188 8,685,033 8,588,733 7,131,838 50 DEM 2011

INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 2007 Sales 1,961,966 1,745,640 1,614,647 1,614,841 Sugar insurance compensation 4,121 15,427 114,990 98,087 Grant receivables -VRS/ERS Scheme/Blueprint - - 710,597 - Gain on revaluation of investment property 965,078-313,000 - Losses arising from changes in fair value of biological assets (137,439) (6,935) (181,341) (21,651) Other operating income 153,588 122,443 172,894 238,053 2,947,314 1,876,575 2,744,787 1,929,330 Sugar insurance premium (87,405) (96,685) (106,723) (112,951) Cost of VRS/Blueprint/ERS Scheme - - (710,597) - Cost of operations (1,683,046) (1,352,936) (1,237,550) - Amortisation of VRS (72,334) (72,334) (29,473) (1,275,481) (1,842,785) (1,521,955) (2,084,343) (1,388,432) Gross Profit 1,104,529 354,620 660,444 540,898 Other income - - - 12,750 Impairment of Property, Plant & Equipment (100,000) - - - Adminitrative expenses (133,828) (156,241) (142,207) (145,024) (233,828) (156,241) (142,207) (132,274) Operating profit/(loss) 870,701 198,379 518,237 408,624 Net finance cost (709,672) (140,401) (116,953) (84,884) 161,029 57,978 401,284 323,740 Share of losses of associates (5,631) 3,189 (53) (2,717) Profit/(loss) before taxation 155,398 61,167 401,231 321,023 Taxation 5,789 (16,778) (63,718) (38,793) Profit/(loss) for the year 161,187 44,389 337,513 282,230 Equity holders of the parent company 142,687 8,185 269,160 228,648 Minority interest 18,500 36,204 68,353 53,582 Profit/(loss) for the year 161,187 44,389 337,513 282,230 STATISTICS Number of ordinary shares used in calculation 24,448 24,448 24,194 24,171 Earnings per share (Rs) 5.84 0.33 11.12 9.46 Dividends per share (Rs) 2.00 2.00 2.00 3.00 Net asset value per share (Rs) 398.0841378 217.93 222.66 209.69 DEM 2011 51

Forward Investment and Development Enterprises Limited SEM Code : FIDE.I0000 Classification : Investment Registered Office : 4 th Floor, IBL House. Caudan Waterfront, Port Louis Board of Directors List of Directors : J. Cyril Lagesse - Chairman Jan Boullé Dayanidhi Gujadhur Arnaud Lagesse Thierry Lagesse Company Secretary : GML Management Ltée Principal Activities : Investment holding as well as production and sale of macadams and bricks through its subsidiary SUMMARY INFORMATION Forward Investment and Development Enterprises Limited (FIDES) is a public investment company set up in 1974. The company has a 80.53% share in Flacq Associated Stonemasters Limited (FAST), which produces bricks and aggregates in the east of the island. FIDES has a diversified portfolio invested in local and foreign equities. 52 DEM 2011

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 ASSETS Non-current assets Property, plant and equipment 49,997 33281 28,317 Intangible assets 505 - - Investment properties 38,980 38980 8,338 Investment in subsidiary company - - - Investment in associated company - - - Investments in securities 935,055 718602 796,352 1,024,537 790863 833,007 Current assets Inventories 9,726 8810 8,858 Trade and other receivables 103,836 90952 102,637 Bank balance and cash 9,244 34823 25,533 122,806 134585 137,028 Total assets 1,147,343 925448 970,035 EQUITY AND LIABILITIES Capital and Reserves Stated capital 8,821 8821 8,821 Revaluation and other reserves 676,384 451128 563,575 Retained earnings 412,664 392410 332,211 Equity attributable to equity holders of the parent 1,097,869 852359 904,607 Minority interests 10,166 21979 21,067 Total equity 1,108,035 874338 925,674 Non-current liabilities Retirement benefit obligations 2,465 2283 1,692 Deferred tax liabilities 1,839 1929 1,799 4,304 4212 3,491 Current liabilities Trade and other payables 29,051 8972 13,365 Borrowings 5,786 16846 4,664 Current tax liabilities 118 2066 5,150 Dividends 49 19014 17,691 35,004 46898 40,870 Total equity and liabilities 1,147,343 925448 970,035 DEM 2011 53

INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 Sales 108,667 114,559 138,043 Cost of sales (78,817) (84,425) (98,881) Gross profit 29,850 30,134 39,162 Other operating income 67,779 12,349 62,381 Surplus on revaluation of investment properties - 30,642 - Distribution costs (915) (499) (1,078) Administrative expenses (12,819) (15,047) (15,420) Operating profit 83,895 57,579 85,045 Net finance revenues (27) 39,881 35,780 83,868 97,460 120,825 Share of loss of associate - - - Profit before tax 83,868 97,460 120,825 Tax expenses (2,916) (4,541) (4,986) Profit for the year 80,952 92,919 115,839 Minority interest (6,121) (9,181) (11,945) Profit attributable to equity holders of the parent 74,831 83,738 103,894 STATISTICS Number of ordinary shares used in calculation 8,820,947 8,820,947 8,820,947 Earnings per share (Rs) 8.48 9.49 11.78 Dividends per share (Rs) 3.25 3.25 3.25 Net asset value per share (Rs) 124.46 96.63 102.55 54 DEM 2011

Forges Tardieu Limited SEM Code : FORT.I0000 Classification : Industry Registered Office : 31 Nicolay Road, Port Louis Board of Directors : Mr Marie Henri Dominique Galea - Chairman Mr Jacques Julienne Mr Francois Marie Alphonse de Grivel Mr Jean Marie Rene Leclezio Mr Gabriel Jean Claude Baissac Mr Kuo Hing (Bernard) Wong Ping Lun Mr Cyril Mayer Mr Hubert Roger Raffray Mr Francis Louis Dupont de R de St Antoine Company Secretary : Executive Services Limited Principal Activities : Manufacture of heavy industrial equipment Engineering services and support SUMMARY INFORMATION Forges Tardieu was established in 1931 from the merger of two engineering and foundry companies existing since 1891 and 1915. For more than a century, Forges Tardieu has played a leading role in designing, supplying of equipment and providing services for the development of the sugar industry and enhances the economy of Mauritius. Forges Tardieu has invested in new activities over the years and operates through its subsidiaries, in Process control and automation and water Treatment, among others. Forges Tardieu strategy is to build a strong reputation of excellence in the region. The company is already present in many African countries where it offers its services. DEM 2011 55

BALANCE SHEET (Rs) 31-Dec 2010 2009 ASSETS Non-current assets Property,plant and equipment 244,976,089 225,573,435 Intangible assets 8,817,785 7,974,006 Investments in subsidiary companies - - Investments in associates 583,034 345,225 Investments in financial assets 69,720,000 54600000 Loans and receivable - - Deferred tax assets - 2,174,486 Retirement benefit assets 995,912-325,092,820 290,667,152 Current assets Inventories 94,189,932 78,796,710 Construction contract work in progress 21,626,150 15,449,587 Trade and other receivables 210,152,176 100,838,078 Cash in hand and at bank 43,100,603 94,897,847 369,068,861 289,982,222 Total assets 694,161,681 580,649,374 EQUITY AND LIABILITIES Capital and Reserves Share capital 96,000,000 96,000,000 Share premium 12,300,005 12,300,005 Revaluation and other reserves 99,294,388 105,825,305 Retained earnings 216,999,874 206,443,809 Equity holders interest 424,594,267 420,569,119 Non-controlling interest 2,565,803 4,336,626 427,160,070 424,905,745 Non-current liabilities Borrowings 15,692,387 961,336 Deferred tax liabilities 29,454,089 9,857,998 45,146,476 10,819,334 Current liabilities Trade and other payables 130,379,493 87,756,490 Current tax liabilities 1,044,251 12,723,324 Borrowings 76,031,391 1,244,481 Proposed dividends 14,400,000 43,200,000 221,855,135 144,924,295 Total liabilities 267,001,611 155,743,629 Total equity and liabilities 694,161,681 580,649,374 56 DEM 2011

INCOME STATEMENT (Rs) 31-Dec 2010 2009 Sales 550,448,858 573,115,968 Cost of sales (347,361,487) (384,059,797) Gross profit 203,087,371 189,056,171 Other income 11,863,901 31,794,654 Administrative expenses (179,638,108) (133,712,041) Other expenses (12,535,465) (10,237,967) Profit before finance income/(costs) 22,777,699 76,900,817 Net finance income/(costs) 7,213,977 5,699,332 Profit before exceptional item 29,991,676 82,600,149 Exceptional item - 266,318 Share of result of associate (956,707) 1,174,961 Profit before taxation 29,034,969 84,041,428 Income tax expense (6,064,095) (11,695,216) Profit for the year 22,970,874 72,346,212 STATISTICS Number of ordinary shares used in calculation 1,920,000 1,920,000 Earnings per share (Rs) 11.96 37.68 Dividends per share (Rs) 7.50 22.50 Net asset value per share (Rs) 221.14 219.05 DEM 2011 57

Hotelest Limited SEM Code : HTLS.I0000 Classification : Others Registered Office : Labama House, 35 Sir William Newton Street, Port Louis Board of Directors : Mr George J. Dumbell - Chairperson Mr L. M. Adolphe Vallet Mrs Georgina Rogers Mr Clément D. Rey Mr Jean Ribet Mr Jean De Fondaumière Mr Marc Freismuth Mr Louis Rivalland Mr N. Adolphe Vallet Company Secretary : La Gaiété Services Ltd Principal Activities : Holding Company of Constance Hotels Services Ltd SUMMARY INFORMATION Hotelest Ltd holds 51% of the capital of Constance Hotels Services Ltd (CHSL). CHSL and its subsidiaries own hotels in Mauritius and equity participation and management contracts in respect of hotels in the Seychelles, Madagascar and Maldives. 58 DEM 2011

BALANCE SHEET (Rs 000) The Group 31-Dec 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 5,045,306 2,368,929 2,215,709 2,166,041 Intangible assets 415,844 380,829 366,344 63,826 Investments in subsidiary companies - - - - Investments in associates 1,003,968 893,202 847,332 593,811 Investment in financial assets 1,700 1,700 1,700 200 Retirement benefit obligations 1,989 1,702 1,326 700 Loan to related company 100,382 98,348 103,894 - Deferred tax assets 7,866 3,706 20,560 53,391 6,577,055 3,748,416 3,556,865 2,877,969 Current assets Inventories 131,538 115,886 116,480 90,178 Trade and other receivables 506,796 495,461 450,832 393,885 Cash and cash equivalents 61,647 35,415 47,491 83,560 699,981 646,762 614,803 567,623 Total assets 7,277,036 4,395,178 4,171,668 3,445,592 EQUITY AND LIABILITIES Capital and reserves (attributable to equity holders of the parent company) Stated Capital 477,397 477,397 477,397 477,397 Revaluation and other reserves 543,531 45,899 72,937 49,032 Retained earnings 441,759 518,902 578,417 534,220 Equity holders interests 1,462,687 1,042,198 1,128,751 1,060,649 Minority interests 1,415,587 1,003,694 1,086,357 1,021,804 Total equity 2,878,274 2,045,892 2,215,108 2,082,453 LIABILITIES Non-current liabilities Borrowings 1,406,966 1,426,371 467,859 407,825 Deferred tax liabilities 276,441 78,149 31,846 25,612 Retirement benefit obligations 21,477 17,802 14,848 14,631 1,704,884 1,522,322 514,553 448,068 Current liabilities Trade and other payables 622,421 288,522 286,273 263,465 Proposed dividend - 7,830 15,658 32,296 Borrowings 2,070,090 529,590 1,137,501 610,228 Current tax liabilities 1,367 1,022 2,575 9,082 2,693,878 826,964 1,442,007 915,071 Total liabilities 4,398,762 2,349,286 1,956,560 1,363,139 TOTAL EQUITY AND LIABILITY 7,277,036 4,395,178 4,171,668 3,445,592 DEM 2011 59

INCOME STATEMENT (Rs 000) The Group 31-Dec 2010 2009 2008 2007 Revenue 1,360,898 1,444,609 1,577,450 1,750,750 Operating profit 162,688 234,086 310,095 462,624 Finance costs (140,176) (127,014) (142,451) (128,569) Share of results of associates (150,204) (90,619) 53,302 70,565 (Loss)/Profit before taxation (127,692) 16,453 220,946 404,620 Taxation (11,372) (75,210) (53,2388) (39,414) (Loss)/Profit for the year (139,064) (58,757) 167,658 365,206 Equity holders of the company (77,143) (36,027) 79,694 180,741 Minority interest (61,921) (22,730) 87,964 184,465 (Loss)/Profit for the year (139,064) (58,757) 167,658.00 365,206 STATISTICS Number of ordinary shares used in calculation 32,621,872 32,621,872 32,621,872 32,621,872 (Loss)/Earnings per share (Rs) (2.36) (1.10) 2.44 5.54 Dividends per share (Rs) - 0.72 1.47 1.97 Net asset value per share (Rs) 44.84 31.95 34.60 32.51 60 DEM 2011

Les Gaz Industriels Ltd SEM Code : GIL.I0000 Classification : Industry Registered Office : 18 th Edith Cavell Street, Port Louis Board of Directors : COETZEE Willem COMMINS Jérôme DE BRAGARD HARDY Philippe GARDEE Riaz HAREL Antoine L. PIAT Eric Company Secretary : HM Secretaries Ltd. Principal Activities : Manufacture, Sales and Delivery of Medical and Industrial gases in bulk and in cylinders. Manufacture, Sales and Delivery of Welding electrodes Installation of gas reticulation Sales and maintenance of welding and cutting equipment and accessories Hydrostatic testing of cylinders Sales and After-Sales of Bio-Dosing equipment and concentrates for grease traps SUMMARY INFORMATION Incorporated in April 1952 with 100% Mauritian equity. In 1963, Afrox, a South African leading gas company, acquired 38% equity in Les Gaz Industriels Ltd. In 2007, Afrox was acquired by the Linde Group, a world leading gases and engineering company with almost 48 000 people working in around 100 countries worldwide. On December 2008, Les Gaz Industriels Ltd. Incorporated a subsidiary in Madagascar in a view to expand its activity in the region. The Company obtained its ISO 9001:2000 certification in October 2005 and was re-certified on 29 September 2009 (ISO9001:2008). Amongst the Afrox Brands, Les Gaz Industriels Ltd. also represents Miller (United States), Amico Corporation (Canada), ESAB (South Africa) and other well-known products. DEM 2011 61

BALANCE SHEET (Rs) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 125,251,254 115,196,542 107,663,005 111,437,821 Intangible assets 2,199,889 2,239,739 752,574 805,011 Investment in subsidiary company 166,931 166,611 - - Investments in financial assets - 7,745,280 9,644,351 6,985,867 127,618,074 125,348,172 118,059,930 119,228,699 Current assets Inventories 20,691,505 11,158,817 10,146,402 10,558,518 Trade and other receivables 51,824,899 30,540,165 26,383,463 24,835,875 Cash and cash equivalents 25,611,592 24,780,279 54,866,923 39,640,677 98,127,996 66,479,261 91,396,788 75,035,070 Total assets 225,746,070 191,827,433 209,456,718 194,263,769 EQUITY AND LIABILITIES Capital and Reserves Share capital 26,113,920 26,113,920 26,113,920 26,113,920 Share premium 159 159 159 159 Revaluation and other reserves 44,486,359 49,908,532 51,825,812 49,172,466 Retained earnings 87,241,128 57,640,130 64,308,628 62,499,861 Equity holders interest 157,841,566 133,662,741 142,248,519 137,786,406 LIABILITIES Non-current liabilities Deferred tax liabilities 11,479,810 10,651,336 10,285,304 10,481,064 Retirement benefit obligations 6,652,518 5,924,870 6,124,760 6,464,263 18,132,328 16,576,206 16,410,064 16,945,327 Current liabilities Trade and other payables 40,319,072 34,181,960 30,760,234 30,494,767 Current tax liabilities 4,230,320 2,444,881 4,108,410 4,075,624 Proposed dividends 5,222,784 4,961,645 15,929,491 4,961,645 49,772,176 41,588,486 50,798,135 39,532,036 Total liabilities 67,904,504 58,164,692 67,208,199 56,477,363 TOTAL EQUITY AND LIABILITIES 225,746,070 191,827,433 209,456,718 194,263,769 62 DEM 2011

INCOME STATEMENT (Rs) 30-Jun 2010 2009 2008 2007 Sales 138,740,586 107,169,546 100,478,842 109,333,157 Cost of sales (56,366,288) (50,070,967) (46,817,213) (49,959,621) Gross profit 82,374,298 57,098,579 53,661,629 59,373,536 Other income 10,306,846 5,018,480 5,558,860 3,957,165 Selling and distribution expenses (19,085,928) (16,370,652) (13,975,255) (15,092,615) Administrative Expenses (30,011,737) (23,993,109) (19,104,188) (22,210,580) 43,583,479 21,753,298 26,141,046 26,027,506 Net foreign exchange gains/(losses) 2,815,656 584,318 695,616 (255,564) Profit before taxation 46,399,135 22,337,616 26,836,662 25,771,942 Income tax (6,352,569) (3,153,333) (3,875,620) (4,285,082) Profit after taxation 40,046,566 19,184,283 22,961,042 21,486,860 STATISTICS Number of ordinary shares used in calculation 2,611,392 2,611,392 2,611,392 2,611,392 Earnings per share (Rs) note 1 15.34 7.35 8.79 8.23 Dividends per share (Rs) note 2 4.00 9.90 8.10 3.90 Net asset value per share (Rs) note 3 60.44 51.18 54.47 52.76 note 1 Profit available for ordinary shareholders 40,046,566 19,184,283 22,961,042 21,486,860 Number of ordinary shares 2,611,392 2,611,392 2,611,392 2,611,392 Earnings Per Share 15.34 7.35 8.79 8.23 note 2 Total Dividend Paid ( Interim + Final ) 10,445,568 25,852,781 21,152,275 10,184,429 Number of ordinary shares 2,611,392 2,611,392 2,611,392 2,611,392 Dividends per share 4.00 9.90 8.10 3.90 note 3 Equity holders interest 157,841,566 133,662,741 142,248,519 137,786,406 Number of ordinary shares 2,611,392 2,611,392 2,611,392 2,611,392 Net asset value per share 60.44 51.18 54.47 52.76 DEM 2011 63

LES MOULINS DE LA CONCORDE LIMITEE SEM Code : LMLC.I0000 Classification : Industry Registered Office : c/o Food & Allied Group Headquarters, Gentilly, Moka Board of Directors : Vincent AH CHUEN Marie Désiré Pierre DINAN Cédric Michel DOGER DE SPEVILLE Pierre Elysée Michel DOGER DE SPEVILLE Marie André Eric ESPITALIER-NOEL Pierre Augustin Noël EYNAUD Anwar JOONAS Deonanan MAKOOND Marie François Pierre-Yves POUGNET - Chairman Hansraj RUHEE Shekur SUNTAH - Alternate Director: Capt Ponamballum Pieter Johannes VAN NIEKERK Company Secretary : Marie Françoise Hélène THEVENAU Principal Activities : Milling of Wheat SUMMARY INFORMATION Established in 1989, Les Moulins de La Concorde Ltée (LMLC) has been a major player in the development of the Mauritian economy over the past twenty three years and has played a keyrole in the field of food security by ensuring, since the beginning of its activities, regular and fresh flour supply to the country. As part of its commitment to ensuring security of supply of fresh flour, the company has 16 wheat silos to ensure optimal conservation of a strategic wheat stock of 40,000 tonnes. LMLC meticulously selects its wheat which is sourced from reliable producers worldwide and has a state of the art milling facility with technological knowhow, certified by internationally accredited quality systems including ISO14001:2004, ISO9001:2000, HACCP, ECOCERT. The Company is also in the process of being OHSAS certified. LMLC produces some 120,000 tonnes of flour per year out of which up to 100,000 tonnes are supplied to STC for sale under subsidy to local bakeries and wholesalers. Around 14,000 tonnes are exported and 6,000 tonnes are sold directly on the local retail market in small packs under the brand Blédor and Les Moulins. In addition the company supplies the local animal feed industry with high-quality bran, an essential feed ingredient which sustains the local meat-farming industries. 64 DEM 2011

STATEMENT OF FINANCIAL POSITION (Rs 000) 30-Jun 2010 2009 2008 ASSETS Non-current assets Property, plant and equipment 599,575 633,188 477,557 Intangible assets 1,779 2,016 2,166 Investment in subsidiary company - - Investment in associated company 100,675 99,024 89,209 Investment in financial assets 117,901 100,517 107,894 819,930 834,745 676,826 Current assets Inventories 591,657 420,567 362,404 Trade and other receivables 108,991 207,551 137,211 Cash and cash equivalents 16,159 79,594 16,266 716,807 707,712 515,881 Total assets 1,536,737 1,542,457 1,192,707 EQUITY AND LIABILITIES Capital and Reserves Share capital 210,000 210,000 210,000 Revaluation and other reserves 325,500 334,842 204,252 Retained earnings 534,161 429,027 344,725 Equity holders interest 1,069,661 973,869 758,977 Minority interest 17,383 17,922 19,992 Total equity 1,087,044 991,791 778,969 Non-current liabilities Retirement benefit obligations 9,959 9,427 8,534 Deferred tax liabilities 85,150 90,171 65,622 95,109 99,598 74,156 Current liabilities Trade and other payables 41,084 36,183 12,504 Borrowings 294,833 396,415 317,299 Current tax liabilities 18,667 18,470 9,779 354,584 451,068 339,582 Total liabilities 449,693 550,666 413,738 Total equity and liabilities 1,536,737 1,542,457 1,192,707 DEM 2011 65

INCOME STATEMENTS (Rs 000) 30-Jun 2010 2009 2008 Sales 1,814,236 2,138,089 1,493,606 Fluctuations in foreign exchange 21,209 (114,590) 67,303 1,835,445 2,023,499 1,560,909 Cost of sales (1,562,001) (1,858,972) (1,388,919) Gross profit 273,444 164,527 171,990 Other income 3,732 6,429 4,527 Selling and distribution costs (25,858) (23,632) (17,532) Administrative expenses (78,345) (70,049) (57,856) 172,973 77,275 101,129 Net finance revenue/(cost) (42,281) 19,747 (65,932) Share of result of associate 1,651 3,550 (4,186) Profit before taxation 132,343 100,572 31,011 Income tax expense (19,674) (16,964) (6,114) Net profit for the year 112,669 83,608 24,897 Profit Attributable to: Equity holders of the company 112,680 83,660 24,934 Minority interest (11) (52) (37) 112,669 83,608 24,897 STATISTICS Number of ordinary shares in calculation 1,800,000 1,800,000 1,800,000 Earnings per share (Rs) 59.27 43.14 10.52 Dividends per share (Rs) 16.00 13.00 9.00 Net asset value per share (Rs) 577.59 524.37 404.99 66 DEM 2011

LIVESTOCK FEED LIMITED SEM Code : LFL.I0000 Classification : Industry Registered Office : c/o Food & Allied Group Headquarters, Gentilly, Moka Board of Directors : Michel Cédric DOGER DE SPEVILLE Pierre Elysée Michel DOGER DE SPEVILLE (Alternate Director : Cédric DOGER DE SPEVILLE) Marie Désiré Pierre DINAN Marie André Eric ESPITALIER-NOEL Marie Edouard Gilbert ESPITALIER-NOEL Gérard Jean Patrick HARDY Dominique Rocky FORGET Marie François Pierre-Yves POUGNET (Alternate Director: P A Noël EYNAUD) Louis Maxime Adolphe VALLET Company Secretary : Marie Françoise Hélène THEVENAU Principal Activities : The principal activity of Livestock Feed Limited consists of the processing and distribution of animal feeds. SUMMARY INFORMATION Founded in 1977, Livestock Feed Ltd was the first Mauritian enterprise to undertake production of animal feed with the technical assistance of international partners, namely Epol (Pty) Ltd South Africa and Evialis International. A pioneer industry in Mauritius, LFL has gradually diversified its operations to assert itself as a leader in the region. LFL offers a prime support to animal production and aquaculture, and all its processes are geared towards providing high quality feeds with a strong commercial outreach. The Company has invested massively to consolidate and modernize its national and regional production base. These investments include a mill at Riche-Terre for production of Extruded and Aquaculture feeds and a mill in Madasgascar, which supplies quality feeds to the local farming community. The company, through its subsidiary Agrobulk Limited, is involved in the unloading and storage of imported bulk commodities. Livestock Feed Limited now operates four business units and is well geared to maintain its leadership position in the region. The company believes in continuous improvement and keeps a close eye on new technologies and entertains a proactive approach to any development opportunities. DEM 2011 67

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property,plant and equipment 588,192 450,831 457,111 438,365 Investment properties 6,193 10,642 10,642 31,705 Intangible assets 2,207 2,791 2,599 4,343 Investments in subsidiary companies - - - - Investments in associated companies 347,170 317,008 253,442 253,813 Investment in financial assets 68,971 69,187 70,173 68,755 Non-current receivables - 1,500 1,500 1,500 Retirement benefit asset 895 851 825 759 Deferred income tax assets - 50 50 5,444 1,013,628 852,860 796,342 804,684 Current assets Inventories 281,055 326,757 316,519 225,874 Trade and other receivables 252,419 315,359 289,355 270,501 Cash in hand and at bank 20,273 15,192 33,985 7,892 553,747 657,308 639,859 504,267 Total assets 1,567,375 1,510,168 1,436,201 1,308,951 EQUITY AND LIABILITIES Capital and Reserves Share Capital 108,536 108,536 108,536 108,536 Revaluation and other reserves 332,743 209,419 167,678 175,647 Retained earnings 549,582 442,416 337,260 297,889 Shareholders interests 990,861 760,371 613,474 582,072 Minority interests - 13,789 10,223 7,460 Total equity 990,861 774,160 623,697 589,532 LIABILITIES Non-current liabilities Borrowings 123,528 154,435 179,266 177,906 Retirement benefit obligations 6,840 5,318 3,914 3,450 Current tax liability 567 - - - Deferred income tax liabilities 50,426 31,335 31,414 31,578 181,361 191,088 214,594 212,934 Current liabilities Trade and other payables 101,573 84,216 108,601 100,990 Borrowings 288,766 440,973 484,447 402,856 Current tax liabilities 4,814 19,731 4,862 2,639 395,153 544,920 597,910 506,485 Total liabilities 576,514 736,008 812,504 719,419 TOTAL EQUITY AND LIABILITY 1,567,375 1,510,168 1,436,201 1,308,951 68 DEM 2011

INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 2007 Sales 1,809,040 1,872,254 1,488,618 1,245,745 Cost of Sales (1,510,274) (1,567,813) (1,264,074) (1,069,934) Gross Profit 298,766 304,441 224,544 175,811 Other income 8,173 10,925 5,414 5,850 Administrative expenses (154,456) (143,975) (108,772) (98,033) 152,483 171,391 121,186 83,628 Net Finance cost (35,831) (51,234) (65,720) (55,076) Share of results of associates 33,025 27,046 11,697 16,381 Profit before taxation 149,677 147,203 67,163 44,933 Income tax (17,138) (20,998) (10,555) (5,708) Profit for the year 132,539 126,205 56,608 39,225 Equity holders of the company 132,539 122,686 53,684 38,682 Minority interest - 3,519 2,924 543 Profit for the year 132,539 126,205 56,608 39,225 STATISTICS Number of ordinary shares used in calculation 10,500,000 10,500,000 10,500,000 10,500,000 Earnings per share (Rs) 12.58 11.64 5.07 3.64 Dividends per share (Rs) 2.00 1.70 1.30 1.30 Net asset value per share (Rs) 94.03 72.08 58.09 55.10 DEM 2011 69

Margarine Industries Limited SEM Code : MIL.I0000 Classification : Industry Registered Office : 6, Sir William Newton Street, Port Louis Board of Directors : Messrs. Bashirally A Currimjee - (Chairman) Currimjee J Currimjee Fakhruddin J Currimjee Mustanshir A Currimjee Azim F Currimjee Raffi Currimjee Anil C Currimjee Ashraf M Currimjee Mazahir F E Adamjee Hassam Vayid Saliah M Sait Uday K Gujadhur Company Secretary : Currimjee Limited Principal Activities : Manufacturing and sale of margarine and its related products SUMMARY INFORMATION Margarine Industries Limited ( MIL ) was established in 1967. The Company is the largest manufacturer of margarine in Mauritius and caters for both the Domestic and Industrial market. A quality manufacturer, MIL holds the Mauricert MS26 and MS27 certificates, is HACCP registered since 1999, received its ISO 9000 2000 certificate in December 2005 and in October 2008 became the first ISO 22000 company in the Food Industry. 70 DEM 2011

STATEMENT OF FINANCIAL POSITION (Rs) 31-Dec 2010 2009 2008 2007 ASSETS Non-current assets Property,plant and equipment 152,232,708 151,116,734 85,834,519 82,778,914 Intangible assets 2,802,143 - - - Investment in subsidiary - - - - Goodwill 651,218 651,218 651,218 651,218 Advance to subsidiary - - Retirement benefit asset 13,105,752 9,629,689 8,456,894 3,351,111 168,791,821 161,397,641 94,942,631 86,781,243 Current assets Inventories 57,580,156 66,951,828 73,679,362 46,309,348 Trade and other receivables 60,833,649 55,763,228 58,417,370 52,208,890 Cash in hand and at bank 11,911,302 12,082,110 29,328,401 8,918,801 130,325,107 134,797,166 161,425,133 107,437,039 Total assets 299,116,928 296,194,807 256,367,764 194,218,282 EQUITY AND LIABILITIES Capital and Reserves Stated capital 30,023,900 30,023,900 30,023,900 30,023,900 Revaluation Reserves 44,547,933 45,715,266 28,525,648 28,651,437 Other Reserves 3,229,620 3,810,342 (6,473,994) 11,900,591 Retained earnings 29,307,391 24,038,998 29,039,537 19,476,580 Equity attributable to equity holders of the parent 107,108,844 103,588,506 81,115,091 90,052,508 LIABILITIES Non-current liabilities Loans - - - 822,152 Retirement benefit obligations 10,909,250 5,178,000 - - Deferred tax liabilities 17,263,800 9,365,944 6,580,542 5,680,429 Obligation under finance lease 33,534,853 19,172,923 9,844,770 6,049,556 61,707,903 33,716,867 16,425,312 12,552,137 Current liabilities Loans 38,484,066 46,884,651 31,313,840 6,040,462 Taxation 2,371,053 1,949,285 2,619,482 3,381,762 Obligation under finance lease 8,170,520 4,162,621 2,901,250 1,660,740 Trade and other payables 61,255,016 67,658,405 86,212,554 55,911,591 Bank overdrafts 20,019,526 38,234,472 35,780,237 24,619,082 130,300,181 158,889,434 158,827,363 91,613,637 Total liabilities 192,008,084 192,606,301 175,252,675 104,165,774 TOTAL EQUITY AND LIABILITIES 299,116,928 296,194,807 256,367,766 194,218,282 STATEMENTS OF COMPREHENSIVE INCOME (Rs) 31-Dec 2010 2009 2008 2007 Revenue 322,883,200 329,325,813 308,718,041 257,115,710 Cost of sales (231,173,867) (252,432,315) (226,326,374) (179,349,561) Gross Profit 91,709,333 76,893,498 82,391,667 77,766,149 Other income 2,323,402 640,032 3,410,209 1,071,128 Distribution costs (8,007,644) (6,950,606) (6,280,976) (4,682,719) Selling expenses (15,045,034) (15,099,683) (14,700,012) (14,027,500) Administration expenses (36,208,808) (37,266,302) (32,212,709) (29,232,613) Net finance costs (9,718,770) (7,206,358) (2,687,737) (4,628,175) Profit before taxation 25,052,479 11,010,581 28,204,119 26,266,270 Taxation (4,772,136) (4,127,349) (3,154,523) (3,718,673) Profit for the year 20,280,343 6,883,232 25,049,596 22,547,597 STATISTICS Number of ordinary shares used in calculation 300,239 300,239 300,239 300,239 Earnings per share (Rs) 67.55 22.93 83.42 75.10 Dividends per share (Rs) 50.00 40.00 52.00 30.00 Net asset value per share (Rs) 356.75 345.02 270.17 299.94 DEM 2011 71

Mauritius Cosmetics Limited SEM Code : MCOS.I0000 Classification : Industry Registered Office : Bonne Terre, Vacoas Board of Directors : Jadoo Hermann Dookun - Chairman Lady Henriette Dookun Jawaheer Lall Dookun Uwe Hollmichel Assish Kumar Ghanshyam Singh Jugmohun Navind Kumar Dookun Arno Ari Jawaheer Robin Ranjiv Dookun Company Secretary : St James Secretaries Limited Managing Director : Jadoo Hermann Dookun Principal Activities : 1. Manufacturing of various consumer goods. 2. Rental of immovable property. 3. Investment in shares, property and deposits. SUMMARY INFORMATION Since starting its operation in 1965, Mauritius Cosmetics Ltd has been locally producing the toothpaste brand Blendax under license from Procter & Gamble of USA. The Company has also diversified its activities to include property investment and securities and also expanded in the distribution of consumer goods. Over the years, the Company has witnessed the expansion of its activities whilst regularly introducing new manufacturing technologies and state-of-the-art equipment, to stay on the cutting edge of production. This together with a team of dedicated professionals and highly skilled personnel have contributed in making Blendax the single largest selling toothpaste brand in Mauritius. In addition to Blendax, the Company also manufactures Kamill cosmetic products under license from Burnus GMBH, Germany and furniture care products from Poliboy Werke (Germany). The Company also holds a licensee partnership with Beauté Diffusion (Paris) for the manufacture of perfumes, eau de Colognes and eau de Toilettes. Mauritius Cosmetics Ltd upholds a tradition to offer the best products to consumers based on high standard of care and rigorous quality assurance programs at all levels of operation. 72 DEM 2011

BALANCE SHEET (Rs) 31-Dec 2010 31-Dec 2009 30-Jun 2009 30-Jun 2008 30-Jun 2007 (Restated) (Restated) ASSETS Non-currents assets 925,852,957 814,321,106 820,105,074 795,497,933 752,298,842 Current assets 255,541,603 254,713,997 233,813,141 219,634,042 226,472,678 Total assets 1,181,394,560 1,069,035,103 1,053,918,215 1,015,131,975 978,771,520 EQUITY AND LIABILITIES Total equity 810,422,860 787,705,192 783,903,903 847,326,559 831,609,247 Non-current liabilities 161,238,572 119,516,494 107,603,184 12,959,386 8,302,119 Current liabilities 209,733,128 161,813,417 162,411,128 154,846,030 138,860,154 Total equity and liabilities 1,181,394,560 1,069,035,103 1,053,918,215 1,015,131,975 978,771,520 INCOME STATEMENT (Rs) Six Months Year Ended Ended Year Ended Year Ended Year Ended 31-Dec 2010 31-Dec 2009 30-Jun 2009 30-Jun 2008 30-Jun 2007 Revenue 295,972,837 174,759,776 363,776,016 381,972,261 317,305,410 Profit from operations 31,911,725 9,732,602 34,967,396 29,824,268 45,582,330 Finance costs (7,179,238) (3,988,201) (9,335,834) (7,540,533) (5,933,468) 24,732,487 5,744,401 25,631,562 22,283,735 39,648,862 Negative Goodwill - - 7,822,872 - - Increase in fair value of investment properties 36,333,950 - - - 13,976,915 Profit before tax 61,066,437 5,744,401 33,454,434 22,283,735 53,625,777 Taxation charge (7,731,298) (2,804,453) (3,713,883) (3,266,332) (4,998,321) Profit for the year 53,335,139 2,939,948 29,740,551 19,017,403 48,627,456 Other comprehensive income Surplus on revaluation of land and buildings 21,126,030 - - - - Deferred tax (3,168,905) - - - - Other comprehensive income for the year/period 17,957,125 - - - - Total comprehensive income for the year/period 71,292,264 2,939,948 30,135,331 19,017,403 48,627,456 Attributable to: - Equity holders of the company 71,287,458 5,823,068 30,135,331 16,539,055 46,605,580 - Non-controlling interest 4,806 (2,883,120) (394,780) 2,478,348 2,021,876 STATISTICS 71,292,264 2,939,948 29,740,551 19,017,403 48,627,456 Number of ordinary shares used in calculation 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 Earnings per share (Rs) 11.85 1.29 6.70 3.68 10.36 Dividends per share (Rs) 1.00 0.50 1.20 1.20 1.20 Net asset value per share (Rs) 180.09 175.05 174.20 188.29 184.80 DEM 2011 73

Mauritius Freeport Development Company Limited SEM Code : MFRE.I0000 Classification : Commerce Registered Office : Freeport Zone 5, Mer Rouge, Port Louis Board of Directors : René LECLEZIO - Chairman François DALAIS - Chairman of Corporate Governance Committee Norbert DENTRESSANGLE Dominique de FROBERVILLE - Chief Executive Officer Bruno de FROBERVILLE Sheo Shankar GUJADHUR Ashok KALACHAND Gérard LINCOLN - Chairman of Audit Committee Maxime REY Cedric de SPEVILLE Boomah Devi UTCHANAH Company Secretary : Executive Services Limited SUMMARY INFORMATION Mauritius Freeport Development Ltd (MFD) is a Logistics Service Provider located in the Freeport of Mauritius, offering a comprehensive range of Supply Chain Management services to companies wishing to place a multi-item pivotal stock in Mauritius and subsequently feed each regional market as per its specific and timely requirements. MFD s warehouses include 46,000m 2 of dry storage and 12,000m 2 of cold rooms for storage and processing which meet the most stringent international standards EU, ISO and HACCP as well as a dedicated fishing quay of 117m long. The company also has 14,000m 2 of industrial zones. These consist of plug and work modules equipped with electricity, water and IT facilities, for companies involved in processing activities. 74 DEM 2011

BALANCE SHEET (Rs) 31-Dec 2010 2009 2008 2007 ASSETS Non-current assets Intangible assets 2,206,224 950,807 943,514 973,156 Property, plant and equipment 1,733,589,893 1,569,680,268 1,573,569,134 1,303,877,707 Available-for-sale investment 300,000 300,000 300,000-1,736,096,117 1,570,931,075 1,574,812,648 1,304,850,863 Current assets Trade and other receivables 143,661,574 107,005,399 113,101,068 89,880,127 Cash and cash equivalents - - - 1,110,533 143,661,574 107,005,399 113,101,068 90,990,660 TOTAL ASSETS 1,879,757,691 1,677,936,474 1,687,913,716 1,395,841,523 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 1,050,000,000 900,000,000 900,000,000 900,000,000 Retained earnings (464,714,835) (479,120,935) (496,197,733) (415,307,535) Revaluation reserve 31,435,071 31,435,071 31,435,071 31,435,071 Total equity 616,720,236 452,314,136 435,237,338 516,127,536 LIABILITIES Non-current liabilities Borrowings 857,163,513 728,107,654 887,302,550 588,671,231 Current liabilities Borrowings 248,248,528 388,069,417 232,099,574 227,347,589 Trade and other payables 157,625,414 109,445,267 133,274,254 63,695,167 405,873,942 497,514,684 365,373,828 291,042,756 Total liabilities 1,263,037,455 1,225,622,338 1,252,676,378 879,713,987 TOTAL EQUITY AND LIABILITY 1,879,757,691 1,677,936,474 1,687,913,716 1,395,841,523 INCOME STATEMENT (Rs) 31-Dec 2010 2009 2008 2007 Revenue 397,770,148 369,962,233 338,113,584 253,723,480 Operational charges (249,734,799) (232,812,834) (233,810,971) (162,490,461) 148,035,349 137,149,399 104,302,613 91,233,019 Other income 5,463,078 1,969,744 152,174 - Administrative expenses (36,900,801) (35,249,440) (43,646,598) (30,989,391) Selling and marketing expenses (9,179,419) (11,139,576) (15,611,015) (12,969,552) Operating profit 107,418,207 92,730,127 45,197,174 47,274,076 Financial charges - Interest expense (84,083,949) (90,732,968) (89,032,102) (85,136,849) - Met exchange (8,928,158) 15,079,639 (37,055,270) 39,603,066 - Total (93,012,107) (75,653,329) (126,087,372) (45,533,783) (loss)/profit for the year 14,406,100 17,076,798 (80,890,198) 1,740,293 STATISTICS Number of ordinary shares used in calculation 106,175,000 90,000,000 90,000,000 87,589,041 (Loss)/ Earnings per share (Rs) - Basis 0.14 0.18 (0.90) 0.02 - Diluted 0.14 0.18 (0.90) 0.02 Dividends per share (Rs) - - - - Net asset value per share (Rs) 5.14 5.03 4.84 5.73 DEM 2011 75

Mauritius Secondary Industries Ltd SEM Code : MSI.10000 Classification : Industry/Property Registered Office : 14, Leoville L Homme Street, Port Louis Board of Directors : Abdool Aleem Bundhoo - Chairman M.Yacoob Ramtoola - FCA Vice Chairman Swaleh Ramjane - FCIS MCIT M Shadman Elias Haji Adam - FCCA Massood Ayoob Ramtoola Company Secretary : Swaleh Ramjane - FCIS MCIT Principal Activities : Retreading of Tyres Rental of Commercial Buildings SUMMARY INFORMATION Mauritius Secondary Industries Ltd established in 1961 is engaged in the retreading of tyres and rental of commercial, office and industrial building. 76 DEM 2011

BALANCE SHEET (Rs) 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 6,468,297 7,061,044 6,035,195 7,334,182 Investment property 8,739,835 9,915,007 11,070,508 12,233,556 Investments 17,068,922 9,125,991 9,916,409 6,965,730 Deferred tax asset 102,020 43,878 57,799-32,379,074 26,145,920 27,079,911 26,533,468 Current assets Stocks 2,986,089 1,325,462 2,048,651 815,791 Trade and other receivables 2,025,927 1,823,441 3,002,979 1,512,846 Cash in hand and at bank 7,325 592 4,037 18,896 5,019,341 3,149,495 5,055,667 2,347,533 Total assets 37,398,415 29,295,415 32,135,578 28,881,001 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 8,000,000 8,000,000 8,000,000 8,000,000 Profit and loss account 8,307,094 5,454,859 3,584,115 2,369,264 Fair value reserve 12,228,751 4,350,634 5,374,863 3,000,134 Total equity 28,535,845 17,805,493 16,958,978 13,369,398 Non-current liabilities Loans - 7,000,000 6,000,000 8,652,123 Retirement benefit obligations 1,769,606 1,625,606 1,481,606 1,337,606 Deferred tax liabilities - - - 22,514 1,769,606 8,625,606 7,481,606 10,012,243 Current liabilities Bank overdrafts (secured) 2,214,469 1,457,307 2,839,844 1,142,068 Loans 1,900,000-1,827,124 2,918,228 Trade and other payables 2,687,830 1,096,610 2,353,381 1,032,943 Taxation 290,665 310,399 674,645 406,121 7,092,964 2,864,316 7,694,994 5,499,360 Total liabilities 8,862,570 11,489,922 15,176,600 15,511,603 TOTAL EQUITY AND LIABILITIES 37,398,415 29,295,415 32,135,578 28,881,001 INCOME STATEMENT (Rs) 2010 2009 2008 2007 Turnover Rental income 11,404,480 7,659,097 7,226,762 6,999,538 Retreading of tyres 8,387,884 10,980,314 8,673,978 6,990,390 19,792,364 18,639,411 15,900,740 13,989,928 Operating profit 4,856,981 3,988,037 3,271,861 2,179,369 Other income 130,863 602,863 540,759 257,610 4,987,844 4,590,900 3,812,620 2,436,979 Finance cost (396,978) (1,012,875) (1,043,437) (1,286,635) Profit before taxation 4,590,866 3,578,025 2,769,183 1,150,344 Taxation (698,631) (707,281) (594,332) (338,403) Profit after taxation 3,892,235 2,870,744 2,174,851 811,941 STATISTICS Number of ordinary shares used in calculation 800,000 800,000 800,000.00 800,000.00 Earnings per share (Rs) 4.87 3.58 2.72 1.01 Dividends per share (Rs) 1.30 1.25 1.20 0.80 Net asset value per share (Rs) 35.67 22.26 21.20 16.71 DEM 2011 77

Medine Limited SEM Code : MSE.I0000 Classification : Sugar Registered Office : 11 th Floor, Medine Mews, 4 Chaussée Street, Port Louis Board of Directors : René Leclézio - Chairman Alain Chatel Pierre Doger de Spéville - Chairman - Corporate Governance Committee Daniel Giraud - Group Chief Executive Lajpati Gujadhur Ramapatee Gujadhur Gérald Lincoln Jacques Li Wan Po - Vice Chairman. Chairman - Audit Committee Sulliman Adam Moollan Alain de Ravel Marc de Ravel Thierry Sauzier - Deputy Chief Executive - Managing Director - Property Cluster Company Secretary : Patricia Goder Senior Executive : Daniel Giraud - Group Chief Executive Principal Activities : Agriculture Property Development Leisure SUMMARY INFORMATION Incorporated in 1913, Medine is a key player in the sugar sector, always accelerating developments and further consolidating its activities with the creation of new business pillars. The reshuffling of Medine s activities into three business units, namely Agriculture, Property Development and Leisure ensures new impetus to the group while moving the latter strategically forward. With the rapid change in the sugar industry, Medine has reengineered its business practice and is confidently looking ahead to the challenges within that sector, while actively exploring alternative and sustainable growth opportunities. A pioneer in the IRS sector, Medine Property has major developments coming to fruition in 2011, namely the Cascavelle Shopping Village and the Medine Business Park. A second IRS Project, Akasha, is also underway. With these new undertakings, Medine is carrying on the implementation of its Masterplan, which is constantly being updated and includes a rich portfolio of diversified and integrated projects for the west coast of the island. In December 2010, Medine Leisure opened a boutique hotel (50 rooms) next to the Tamarina Beach Club and the 18-hole International Championship Golf Course. The Casela-Yemen Nature & Leisure Park is currently subject to a strategic thinking so as to plan its evolution over the next ten years. The aim is to position this unique leisure park as an unmistakable attraction in Mauritius. 78 DEM 2011

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 9,526,386 9,348,696 9,236,503 9,038,370 Investment properties 286,366 305,784 283,710 241,007 Intangible assets 5,837 5,443 3,826 4,119 Investments in subsidiaries - - - - Investments in associate - 186,471 141,728 128,985 Investments in securities 63,865 69,374 44,633 47,072 Deferred expenditure 375,099 235,845 293,259 237,835 Biological assets 155,156 152,848 138,521 134,565 Deferred tax assets 6,975 7,608 17,303 4,210 10,419,684 10,312,069 10,159,483 9,836,163 Current assets Biological assets 254,642 315,341 297,105 367,182 Inventories 64,501 63,154 60,953 67,291 Construction work-in-progress - - 48,395 91,447 Trade and other receivables 142,597 278,525 591,867 866,180 Amount due from group companies - - - - Cash in hand and at bank 60,739 73,412 329,166 420,153 522,479 730,432 1,327,486 1,812,253 Total assets 10,942,163 11,042,501 11,486,969 11,648,416 EQUITY AND LIABILITIES Capital and Reserves Stated capital 1,050,000 1,050,000 1,050,000 1,050,000 Revaluation and other reserves 6,890,717 6,963,406 7,012,389 7,036,182 Retained earnings 1,603,367 2,010,933 1,843,008 1,911,313 Equity holder s interests 9,544,084 10,024,339 9,905,397 9,997,495 Minority interests 50,861 55,981 59,507 53,274 Total equity 9,594,945 10,080,320 9,964,904 10,050,769 LIABILITIES Non-current liabilities Deferred tax liabilities 16,792 20,289 20,854 20,336 Other payable 4,125 4,125 4,125 4,125 Borrowings 422,537 224,901 223,438 231,262 Retirement benefit obligations 105,946 111,384 112,966 205,662 549,400 360,699 361,383 461,385 Current liabilities Borrowings 274,323 83,216 423,755 317,083 Trade and other payables 502,162 458,928 719,497 717,352 Amount due to group companies - - - - Proposed dividends - 52,500-63,000 Current tax liabilities 3,333 251 2,121 38,827 Derivative financial instruments - 6,587 15,309-779,818 601,482 1,160,682 1,136,262 Total liabilities 1,329,218 962,181 1,522,065 1,597,647 TOTAL EQUITY AND LIABILITY 10,924,163 11,042,501 11,486,969 11,648,416 DEM 2011 79

INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 2007 Turnover 882,888 1,175,788 2,138,549 2,706,577 Sugar insurance compensation 390 3,867 19,018 87 Other operating revenue 78,857 71,419 66,570 64,091 Sugar insurance premium (36,877) (46,352) (54,528) (55,067) Changes in fair value of biological assets (88,790) (7,131) (102,341) (18,811) Operating expenses (821,077) (1,029,843) (1,960,237) (2,333,462) Gross profit 15,391 167,748 106,941 363,415 Selling and marketing expenses (3,167) (27,044) (38,663) (51,365) Administrative expenses (188,888) (178,735) (144,397) (154,601) Other income 6,527 19,883 19,075 104,389 (Loss)/Profit before finance costs (170,137) (18,148) (57,044) 261,838 Finance costs - net (55,382) 97,563 (206,686) (54,500) (Loss)/Profit before exceptional items (225,519) 79,415 (263,730) 207,338 Exceptional items 73,960 106,870 253,360 632,919 (Loss)/Profit after exceptional items (151,559) 186,285 (10,370) 840,257 Share of result of associates - - 25,243 50,242 Profit before taxation (151,559) 186,285 14,873 890,499 Income tax credit/(charge) 604 (7,718) 10,483 (48,726) (Loss)/profit for the year from continuing operations (150,955) 178,567 25,356 841,773 Discontinued operations Post tax profit from discontinued operations 59,617 69,608 - - (Loss)/profit for the year (91,338) 248,175 25,356 841,773 Attributable to: Equity holders of the Company (86,265) 251,701 17,841 828,301 Minority interest (5,073) (3,526) 7,515 13,472 (Loss)/profit for the year (91,338) 248,175 25,356 841,773 STATISTICS Number of shares used in calculation 105,000,000 105,000,000 105,000,000 105,000,000 (Loss)/ Earnings per share from continued operations (Rs) (1.39) 1.73 0.17 7.89 Earnings per share from discontinued operations (Rs) 0.57 0.66 - - Dividends per share (Rs) 3.70 1.50 1.00 1.50 Net asset value per share (Rs) 90.90 95.47 94.34 95.21 80 DEM 2011

The Medine Shares Holding Company Limited SEM Code : MSH.I0000 Classification : Investment Registered Office : 11 th Floor, Medine Mews, 4 Chaussée Street, Port Louis Board of Directors : René Leclézio - Chairman Pierre Doger de Spéville Daniel Giraud - Chief Executive Ganeshwar Gujadhur Marc de Ravel Company Secretary : Patricia Goder Senior Executive : Daniel Giraud - Chief Executive Principal Activities : Investment holding SUMMARY INFORMATION The Medine Shares Holding Company Limited was incorporated in 1947. Its main activity consists of the holding of investments. Its key investments are namely the holding of 25.29%, 26.13% and 25.29% of the share capital of Medine Limited, Excelsior United Development Companies Limited and Société de Développement Industriel et Agricole Limitée respectively. DEM 2011 81

BALANCE SHEET (Rs) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Investments in associates 2,759,464,264 2,777,075,042 2,754,662,137 2,739,175,935 Investments in securities - 36,701 53,165 50,078 2,759,464,264 2,777,111,743 2,754,715,302 2,739,226,013 Current assets Trade and other receivables 63 13,274,825 131,677 16,053,886 Bank balance 8,039 74,542 136,660 296,889 8,102 13,349,367 268,337 16,350,775 Total assets 2,759,472,366 2,790,461,110 2,754,983,639 2,755,576,788 EQUITY AND LIABILITIES Capital and Reserves Share capital 6,467,910 6,467,910 6,467,910 6,467,910 Share premium 60,559,800 60,559,800 60,559,800 60,559,800 Fair value and other reserves 2,109,744,775 2,109,718,038 2,149,907,555 2,130,614,337 Retained earnings 581,350,658 600,027,936 537,628,395 541,677,272 Total equity 2,758,123,143 2,776,773,684 2,754,563,660 2,739,319,319 Current liabilities Other payables 1,349,223 428,128 418,943 391,513 Current tax liabilities - 82 1,036 19,576 Proposed dividends - 13,259,216-15,846,380 1,349,223 13,687,426 419,979 16,257,469 Total equity and liabilities 2,759,472,366 2,790,461,110 2,754,983,639 2,755,576,788 INCOME STATEMENT (Rs) 30-Jun 2010 2009 2008 2007 Dividend income 1,372 1,715 2,058 1,715 Share of profit of associates 6,179,501 97,413,692 30,674,375 231,653,133 Other income 19,886 560 7,581 88,218 Gross income 6,200,759 97,415,967 30,684,014 231,743,066 Administrative expenses (2,404,063) (1,245,644) (1,014,594) (803,048) Profit before finance cost 3,796,696 96,170,323 29,669,420 230,940,018 Finance cost (14,603) (25,425) (478) (1,238) Profit before taxation 3,782,093 96,144,898 29,668,942 230,938,780 Income tax - (157) (1,036) (19,576) Net profit for the year 3,782,093 96,144,741 29,667,906 230,919,204 STATISTICS Number of shares used in calculation 646,791 646,791 646,791 646,791 Earnings per share (Rs) 5.85 148.65 45.87 357.02 Dividends per share (Rs) 61.00 81.00 59.50 79.50 Net asset value per share (Rs) 4,264.32 4,293.15 4,258.82 4,235.24 82 DEM 2011

Morning Light Co Ltd SEM Code : MOLI.I0000 Classification : Leisure & Hotels Registered Office : Royal Road, Chapman Hill, Beau Baasin, Mauritius Board of Directors : ABOUDA Essam AH TECK Carl - Chairman AH TECK Patrice AH TECK Tommy FISCHER Gerd FON SING Alex FON SING Clifford - alternate to FON SING Alex HOW KIN SANG Cyril ISHWURLAL Golam JAGERSBACHER Rudi - alternate to ABOUDA Essam NARAYANIN Peter David - alternate to NARAYANIN Theophane NARAYANIN Theophane ROBINSON Justin - alternate to FISCHER Gerd YOO FOO Peter Henry - alternate to YOO FOO Sir François Henri YOO FOO Sir François Henri Company Secretary : LEU SAN Clement Principal Activities : The company owns a first class resort hotel of international standard named as the Hilton Mauritius Resort & Spa. SUMMARY INFORMATION The company was incorporated on 26 October 1994 and was converted into a public company on 7 February 2006. It was admitted to the Over-The-Counter Market of the Stock Exchange of Mauritius in February 2006 and then to the Development & Enterprise Market in January 2007. The hotel is managed and operated by Hilton International, the worldwide hotel group. DEM 2011 83

BALANCE SHEET (Rs) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 940,889,176 955,842,126 940,329,579 958,082,195 Intangible asset 1,255,572 2,511,141 - - 942,144,748 958,353,267 940,329,579 958,082,195 Current assets Inventories 10,449,949 9,573,756 7,844,754 6,416,105 Trade and other receivables 67,603,303 70,084,166 56,526,450 73,332,663 Cash at hand and in bank 26,978,611 29,693,627 43,440,603 13,215,231 105,031,863 109,351,549 107,811,807 92,963,999 Total assets 1,047,176,611 1,067,704,816 1,048,141,386 1,051,046,194 EQUITY AND LIABILITIES Capital and Reserves Stated capital 459,615,800 459,615,800 459,615,800 459,615,800 Revaluation reserve 235,248,662 238,867,862 242,487,062 289,536,262 Profit and loss account 125,293,394 103,689,284 119,412,548 (71,712,145) Total Equity 820,157,856 802,172,946 821,515,410 677,439,917 LIABILITIES Non-current liabilities Obligations under finance leases 347,722 854,746 1,306,937 1,685,388 Retirement benefit obligations 8,141,000 6,949,000 5,785,000 4,673,000 Deferred tax liability 49,667,000 41,459,000 27,988,000 - Debentures - - - 8,337,000 Bank loan - 12,499,980 24,999,976 37,499,980 58,155,722 61,762,726 60,079,913 52,195,368 Current liabilities Bank overdraft 73,663,881 91,101,722 2,523,464 7,385,990 Trade and other payables 81,680,184 92,837,188 108,920,380 132,876,258 Obligations under finance leases 546,590 452,189 403,287 381,546 Debentures - - 8,337,000 58,359,000 Bank loan 12,500,000 12,500,000 12,500,004 12,500,004 Shareholders loans - - - 48,024,000 Amount due to a related company 472,378 6,878,045 33,861,928 61,884,111 168,863,033 203,769,144 166,546,063 321,410,909 Total liabilities 227,018,755 265,531,870 226,625,976 373,606,277 TOTAL EQUITY AND LIABILITIES 1,047,176,611 1,067,704,816 1,048,141,386 1,051,046,194 84 DEM 2011 INCOME STATEMENT (Rs) 30-Jun 2010 2009 2008 2007 Turnover 492,593,199 513,517,572 610,985,640 562,716,079 Cost of sales (276,314,560) (272,539,617) (287,689,549) (272,777,944) Gross profit 216,278,639 240,977,955 323,296,091 289,938,135 Other (expense)/income (9,292,768) 14,591,434 10,336,986 17,431,700 Operating expenses (143,849,922) (151,762,459) (148,057,055) (146,881,349) Operating profit 63,135,949 103,806,930 185,576,022 160,488,486 Finance costs (10,262,036) (10,778,069) (13,512,529) (27,839,962) Profit before taxation 52,873,913 93,028,861 172,063,493 132,648,524 Taxation (11,908,213) (20,448,165) 15,442,000 - Profit for the year 40,965,700 72,580,696 187,505,493 132,648,524 STATISTICS Number of ordinary shares used in calculation 45,961,580 45,961,580 45,961,580 45,961,580 Earnings per share (Rs) 0.89 1.58 4.08 2.89 Dividends per share (Rs) 0.50 2.00 0.00 0.00 Net asset value per share (Rs) 17.84 17.45 17.87 14.74

Paper Converting Company Limited SEM Code : PCCL.I0000 Classification : Industry Registered Office : Bonne Terre, Vacoas Board of Directors : Jadoo Hermann Dookun - Chairman Lady Henriette Dookun Jawaheer Lall Dookun Uwe Hollmichel Assish Kumar Ghanshyam Singh Jugmohun Navind Kumar Dookun Arno Ari Jawaheer Robin Ranjiv Dookun Company Secretary : St James Secretaries Limited Managing Director : Jadoo Hermann Dookun Principal Activities : Manufacture of toilet and tissue products, under license of Kimberly Clark Corp of USA. SUMMARY INFORMATION Incorporated in October 1967, Paper Converting Co Ltd manufactures a wide range of toilet and tissue paper under license from Kimberly Clark Corporation of USA.The Company is considered as the pioneer in the production of toilet tissue rolls. Over the years the Company has consolidated its leadership in the Mauritian market and has largely contributed in making Kleenex paper products as a household name in Mauritius. Conscious of the concept of quality improvement, the company has recently upgraded the new line of machine introduced a few years ago with the objective to improve quality and to meet consumers satisfaction. The needs of the industrial,catering and tourism sector are constantly being monitored with the view to assist subsidiary companies Tissue Converting Ltd and Pacon Ltd in quality improvements. The research and development unit is currently working on the requirements of the medical sector. DEM 2011 85

BALANCE SHEET (Rs) 31-Dec 2010 31-Dec 2009 30-Jun 2009 30-Jun 2008 30-Jun 2007 Group Group Group Company Company ASSETS Non-currents assets 255,053,323 229,432,562 216,197,340 112,903,014 101,680,284 Current assets 138,667,121 120,484,661 116,296,775 166,552,689 103,950,180 Total assets 393,720,444 349,917,223 332,494,115 279,455,703 205,630,464 EQUITY AND LIABILITIES Total equity 218,081,011 184,200,481 181,951,736 160,219,210 156,898,488 Non-current liabilities 50,700,499 52,551,402 43,029,638 43,618,970 3,397,146 Current liabilities 124,938,934 113,165,340 107,512,741 75,617,523 45,334,830 Total equity and liabilities 393,720,444 349,917,223 332,494,115 279,455,703 205,630,464 INCOME STATEMENT (Rs) Year ended Six Months Year ended Year ended Year ended 31-Dec 2010 31-Dec 2009 30-Jun 2009 30-Jun 2008 30-Jun 2007 Group Group Group Group Group Revenue 164,810,178 85,292,205 131,045,385 87,103,733 86,529,484 Profit from operations 18,044,619 10,796,334 33,828,262 15,173,872 9,431,123 Finance costs (9,154,154) (3,933,499) (6,633,423) (821,111) (47,431) Profit before tax 8,890,465 6,862,835 27,194,839 14,352,761 9,383,692 Taxation 288,254 (3,994,429) (4,224,030) (2,039,539) (632,007) Profit for the year/period 9,178,719 2,868,406 22,970,809 12,313,222 8,751,685 Other comprehensive income Surplus on revaluation of land and buildings 25,742,807 - - - - Deferred tax (3,861,421) - - - - Other comprehensive income for the year/period 21,881,386 - - - - Total comprehensive income for the year/period 31,060,105 2,868,406 22,970,809 12,313,222 8,751,685 Attributable to: - Equity holders of the company 31,060,105 2,868,406 22,970,809 12,313,222 8,751,685 - Non-controlling interest - - - - - 31,060,105 2,868,406 22,970,809 12,313,222 8,751,685 STATISTICS Number of ordinary shares used in calculation 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 Earnings per share (Rs) 6.12 1.91 15.31 8.21 5.83 Dividends per share (Rs) 1.00 0.50 1.00 1.20 - Net asset value per share (Rs) 145.39 122.80 121.30 106.81 104.60 86 DEM 2011

Phoenix Investment Company Limited SEM Code : PHIN.1000 Classification : Investment Registered Office : 4 th Floor, IBL House, Caudan Waterfront, Port Louis Board of Directors* Name of Directors : Thierry Lagesse - Chairman Jan Boullé François Dalais François Hugnin J. Cyril Lagesse Arnaud Lagesse George Wiehe Alternate Director : Arnaud Lagesse - Alternate Director to J. Cyril Lagesse Company Secretary : GML Management Ltée Principal Activities : Investment * List of Directors and Alternate Director as at 30 June 2011 SUMMARY INFORMATION Phoenix Investment Company Limited is an investment company which holds 31.02% of the shares of its subsidiary Phoenix Beverages Limited ( PBL ). PBL is the leading beverages company in Mauritius and offers a wide range of Beers, Wines, Soft Drinks and Table Water. Its main brands being Phoenix, Blue Marlin, Guinness, Smirnoff Ice, Coca Cola, Sprite, Fanta, Schweppes, Pearona and Crystal. DEM 2011 87

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 2,209,152 2,092,785 1,895,263 1,875,833 Intangible assets 11,312 12,640 5,762 7,762 Investments in subsidiary company - - - - Investments in associated companies 85,566 140,854 162,912 10,490 Investments in financial assets 17,623 12,794 575 575 Deferred tax asset 444 - - - 2,324,097 2,259,073 2,064,512 1,894,660 Current assets Inventories 372,891 416,987 369,057 257,628 Trade and other receivables 329,622 201,664 221,235 221,399 Bank balances and cash 23,451 94,770 52,057 136,111 725,964 713,421 642,349 615,138 Non-currents assets classified as held for sale - - 12,224 13,801 Total assets 3,050,061 2,972,494 2,719,085 2,523,599 EQUITY AND LIABILITIES Capital and Reserves Share Capital 93,399 93,399 93,399 93,399 Revaluation and other reserves 193,996 196,602 194,383 189,123 Retained earnings 323,980 306,720 265,264 224,581 Shareholders interest 611,375 596,721 553,046 507,103 Minority interests 1,528,991 1,497,053 1,402,049 1,299,683 Total equity 2,140,366 2,093,774 1,955,095 1,806,786 LIABILITIES Non-current liabilities Borrowings 53,666 75,993 119,323 153,636 Deferred tax liabilities 164,190 148,555 135,499 123,457 Retirement benefit obligations 36,150 30,506 41,596 58,891 254,006 255,054 296,418 335,984 Current liabilities Trade and other payables 314,179 489,292 274,984 280,081 Current tax liabilities 423 30,295 33,746 25,340 Borrowings 341,087 72,127 131,552 50,620 Proposed dividends - 31,952 27,290 24,788 655,689 623,666 467,572 380,829 Total liabilities 909,695 878,720 763,990 716,813 TOTAL EQUITY AND LIABILITY 3,050,061 2,972,494 2,719,085 2,523,599 30-Jun 2010 2009 2008 2007 88 DEM 2011

INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 2007 Revenue 3,401,038 3,202,342 2,897,155 2,709,546 Manufacturing costs 1,703,784 1,565,928 1,450,941 1,316,192 Excise duty 734,160 711,745 670,736 671,702 Cost of sales 2,437,944 2,277,673 2,121,677 1,987,894 Gross profit 963,094 924,669 775,478 721,652 Other income 44,985 31,522 59,249 5,993 Marketing, warehousing, selling and distribution expenses (484,188) (390,635) (322,492) (308,964) Administrative expenses (243,646) (216,704) (184,601) (174,250) 280,245 348,852 327,634 244,431 Profit on disposal of property and securities - - - 54,128 Movement on reduction of shares in associate - 3,734 - - Profit before finance costs 280,245 352,586 327,634 298,559 Finance income/(costs) (22,296) (21,314) (22,997) (34,015) Share of results of associates (42,970) (30,545) (32,957) (6,896) Profit before taxation 214,979 300,727 271,680 257,648 Taxation (charge)/credit (52,019) (52,537) (48,433) 8,683 Profit for the year 162,960 248,190 223,247 266,331 Equity holders of the company 49,212 76,087 67,973 82,922 Minority interests 113,748 172,103 155,274 183,409 STATISTICS Number of ordinary shares used in calculation 5,685,387 5,685,387 5,685,387 5,685,387 Earnings per share 8.66 13.38 11.96 14.58 Dividends per share (Rs) 5.62 5.62 4.80 4.36 Net asset value per share (Rs) 107.54 104.96 97.27 89.19 DEM 2011 89

Quality Beverages Limited SEM Code : QBL.10000 Classification : Industry Registered Office : 6, Sir William Newton Street, Port Louis Board of Directors : Messrs. Bashirally A Currimjee - Chairman Currimjee J Currimjee Fakhruddin J Currimjee Mustanshir A Currimjee Azim F Currimjee Raffi Currimjee Anil C Currimjee Ashraf M Currimjee Mazahir F E Adamjee Hassam Vayid Saliah M Sait Uday K Gujadhur Company Secretary : Currimjee Limited Principal Activities : Bottling and distribution of beverages SUMMARY INFORMATION Quality Beverages Limited ( QBL ) started operations in 1955 as a Pepsi Cola Franchise Bottler. It is now one of the two leading bottlers and distributors of soft drinks in Mauritius. Its product portfolio includes the full Pepsi-Cola range o soft drinks. Quality Beverages Limited is also present in the non-carbonated and fruit based segments with local brands. 90 DEM 2011

STATEMENTS OF FINANCIAL POSITION (Rs) 31-Dec 2010 2009 2009 2008 2007 (Restated) ASSETS Non-current assets Property, plant and equipment 473,449,002 462,727,808 445,506,616 395,672,191 393,489,652 Intagible assets 3,107,961 204,147 204,147 294,940 295,727 Investment Property 12,250,000 12,150,000 12,150,000 11,250,000 11,250,000 Investments 1,163,000 1,055,000 1,055,000 1,055,000 713,000 Retirement benefit asset 16,330,000 14,261,307 14,261,307 15,649,540 13,907,471 Retirement benefit obligations allocated to related parties 17,454,800 8,284,800 - - - 523,754,763 498,683,062 473,177,070 423,921,671 419,655,850 Current assets Inventories 70,206,368 71,713,318 88,934,510 81,790,821 71,990,971 Trade and other receivables 169,410,010 146,699,334 144,747,334 143,776,146 110,625,418 Cash in hand and at bank 11,512,662 6,635,845 6,635,845 4,024,171 5,538,198 251,129,040 225,048,497 240,317,689 229,591,138 188,154,587 Assets classified as held for sale - - - - 15,366,067 251,129,040 225,048,497 240,317,689 229,591,138 203,520,654 Total assets 774,883,803 723,731,559 713,494,759 653,512,809 623,176,504 EQUITY AND LIABILITIES Capital and Reserves Stated capital 71,105,840 71,105,840 71,105,840 71,105,840 71,105,840 Share premium 679,894 679,894 679,894 679,894 679,894 Revaluation reserves 182,034,568 189,860,841 189,860,841 146,040,477 147,768,366 Retained earnings 29,680,674 25,398,152 14,348,809 9,909,814 16,435,708 Total equity attributable to owners of the company 283,500,976 287,044,727 275,995,384 227,736,025 235,989,808 Minority interest 697,222 1,502,263 1,285,465 - - Total equity 284,198,198 288,546,990 277,280,849 227,736,025 235,989,808 LIABILITIES Non-current liabilities Loans 14,344,736 24,343,716 24,343,716 34,153,782 44,535,720 Retirement benefit obligations 146,862,000 124,689,000 127,670,341 116,370,984 95,000,638 Deferred tax liabilities 40,436,796 24,251,183 24,251,183 18,418,888 21,749,957 Obligation under finance leases 23,488,493 36,431,454 36,431,454 43,284,908 34,940,448 225,132,025 209,715,353 212,696,694 212,228,562 196,226,763 Current liabilities Loans 61,945,566 30,401,495 30,401,495 59,647,273 11,526,898 Obligation under finance leases 16,153,966 15,112,005 15,112,005 13,293,538 10,799,705 Taxation 582,464 709,092 709,092 - - Trade and other payables 120,200,080 107,533,735 105,581,735 105,278,273 85,823,525 Dividends payable - 3,555,292 3,555,292 - - Bank overdrafts 66,671,504 68,157,597 68,157,597 35,329,138 48,233,526 265,553,580 225,469,216 223,517,216 213,548,222 156,383,654 Liabilities directly associated with assets classified as held for sale (1) - - - 34,576,279 Total liabilities 490,685,605 435,184,569 436,213,910 425,776,784 387,186,696 TOTAL EQUITY AND LIABILITIES 774,883,803 723,731,559 713,494,759 653,512,809 623,176,504 DEM 2011 91

STATEMENTS OF COMPREHENSIVE INCOME (Rs) 31-Dec 2010 2009 2009 2008 2007 (Restated) Revenue 564,953,400 513,337,338 513,337,338 481,557,754 466,378,398 Cost of sales (386,603,892) (334,720,117) (334,720,117) (315,694,000) (318,129,942) Gross Profit 178,349,508 178,617,221 178,617,221 165,863,754 148,248,456 Investment income 271,315 260,530 260,530 1,578,296 167,439 Other income 1,893,409 2,489,818 2,489,818 2,270,098 2,585,540 Selling and distribution expenses (67,997,789) (65,662,104) (67,495,080) (67,073,696) (69,850,078) Marketing 8,349,624 (1,832,976) - - - Administrative expenses (99,285,625) (93,974,332) (93,982,489) (94,468,857) (73,394,205) Finance costs (13,954,735) (15,875,374) (15,875,374) (20,472,879) (18,520,712) Fair value gain on investment property 100,000 900,000 900,000 - - Profit/ (loss) before taxation 7,725,707 4,922,783 4,914,626 (12,303,284) (10,763,560) Taxation (3,279,349) (507,356) (507,356) 3,331,069 (1,138,276) Profit/ (loss) for the year from continuing operations 4,446,358 4,415,427 4,407,270 (8,972,215) (11,901,836) Discontinued Operations Profit/ (loss) for the year from discontinued operations - - - 376,432 6,967,862 Profit/ (loss) for the year 4,446,358 4,415,427 4,407,270 (8,595,783) (4,933,974) Other Comprehensive income Fair value gain on available-forsale investments 108,000 - - - - Gain on revaluation of land and buildings 8,173,037 47,955,705 - - - Gain on revaluation of other equipment - 6,771,172 - - - Deferred tax on revaluation of property, plant and equipment (13,520,895) (6,034,031) - - - Other comprehensive income for the year (5,239,858) 48,692,846 - - - Total comprehensive (loss)/ income for the year (793,500) 53,108,273 4,407,270 - - Profit attributable to: Owners of the company 5,251,399 4,608,258 - - - Non controlling interest (805,041) (192,831) - - - 4,446,358 4,415,427 - - - Total comprehensive (loss)/ income attributable to: Owners of the company 11,541 50,446,378 - - - Non controlling interest (805,041) 2,661,895 - - - (793,500) 53,108,273 - - - Earnings/ (loss) per share From continuing and discontinued operations 0.74 0.65 0.64 (1.21) (0.69) From continuing operations - - 0.64 (1.26) (1.67) STATISTICS Number of ordinary shares used in calculation 7,110,584 7,110,584 7,110,584 7,110,584 7,110,584 Loss per share From continuing and discontinued operations 0.74 0.65 0.64 (1.21) (0.69) From continuing operations 0.64 (1.26) (1.67) Dividends per share (Rs) 0.5 0.5 0.5 - - Net asset value per share (Rs) 39.97 40.58 38.99 32.03 33.19 92 DEM 2011

Robert Le Maire Limited SEM Code : RLM.10000 Classification : Commerce Registered Office : 4 th Floor, IBL House Caudan Waterfront, Port Louis Board of Directors* Name of Directors : Arnaud Lagesse - Chairman Jean Claude Harel Roger Koenig - Chief Executive Officer J. Cyril Lagesse Eric Le Breton - Chief Operating Officer Maxime Rey Georges André Robert Company Secretary : GML Management Ltée Principal Activities : Sales and maintenance of agricultural machineries and spares, pesticides, light industrial equipment, tooling, welding electrodes, etc. Engineering, M & E contracting services and lifts & escalators. Merchant traders. Wholesaling and retailing of hardware, medical equipment and consumables. * List of Directors, Chief Executive Officer and Chief Operating Officer as at 30 June 2011 SUMMARY INFORMATION Robert Le Maire Limited (RLM) is a long standing and well established company founded and incorporated on 25 November 1931. The main activities of RLM are those of general agents, importers, merchants, and providers of engineering and contracting services. Over the years RLM acquired and developed stategic investments in a number of subsidiary and associate companies operating in related fields of activities, as described below. They operate locally in all major sectors of the Mauritian economy and are also present in Madagascar, RSA, India and Bangladesh in specific sectors. The RLM Group (RLMG) activities are organized under three main clusters namely; The Commercial and Engineering cluster The Printing cluster The Textile cluster. The Group s activities are diversified, the main ones being summarised as follows: Importers and distributors of equipment and consumables for the local agro-industry (Tractors, cane harvesters, trailers, etc.). Offering electro-mechanical expertise in automated production systems and electronic process control. Project management, execution and realisation in specific engineering activities. Providers of lifts and escalators and M&E Contracting Services. Importers and distributors of a wide variety of light engineering products, tools and equipment. Printing equipment, materials and consumables. Textile machines, dyestuff and raw materials. Supplying medical equipment and consumables. Energy saving devices. RLM is listed on the Development & Enterprise Market (DEM) of the Stock Exchange of Mauritius since the creation of this market. DEM 2011 93

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Investment properties 9,500 9,500 9,500 9,100 Intangible assets 45,058 46,207 47,244 70,458 Property,plant and equipment 207,065 135,544 141,566 133,142 Investments in subsidiaries - - - - Investments in associates 56,126 46,975 29,176 41,848 Other investments 4,894 20,412 14,486 15,399 Deferred tax asset 10 - - 524 322,653 258,638 241,972 270,471 Current assets Stocks and work in progress 435,376 440,357 436,896 349,835 Trade and other receivables 568,691 556,266 526,779 448,693 Tax refundable - - - - Amount owned by related companies - - - - Other investments 82,639 - - - Advance to associate - - - 2,225 Cash and bank balances 41,133 32,025 38,518 27,835 1,127,839 1,028,648 1,002,193 828,588 Assets classified as held for sale - 89,873 148,342 - Total currents assets 1,127,839 1,118,521 1,150,535 828,588 Total assets 1,450,492 1,377,159 1,392,507 1,099,060 EQUITY AND LIABILITIES Capital and Reserves Stated capital 21,764 21,764 21,764 21,764 Reserves 506,092 412,187 344,189 224,599 Equity attributable to equity holders 527,856 433,951 365,953 246,362 Minority interests 19,999 14,052 14,874 10,809 Total equity 547,855 448,002 380,827 257,172 Non-current liabilities Subsidiary s founder share 953 596 302 581 Loans 46,978 38,731 40,955 51,022 Deferred tax liabilities - 3,146 2,069 - Obligations under finance lease 12,750 20,346 29,554 17,524 Retirement benefit obligations 41,998 41,127 44,282 50,931 102,679 103,947 117,163 120,058 Current liabilities Bank overdrafts (secured) 255,020 334,475 337,494 299,624 Trade and other payables 376,378 282,577 372,706 275,590 Bills payable 62,626 101,092 76,292 61,163 Amount dur to related companies - - - - Loans 85,019 77,447 60,964 58,529 Obligations under finance lease 9,643 11,744 11,425 7,576 Income tax 11,272 5,904 13,896 12,818 Dividends - 11,970 10,882 6,529 799,958 825,210 883,659 721,830 Liabilities associated with assets classified as held for sale - - 10,858-799,958 825,210 894,517 721,830 Total equity and liabilities 1,450,492 1,377,159 1,392,507 1,099,060 94 DEM 2011

INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 2007 Continuing operations Turnover 1,424,576 1,760,286 1,671,352 1,290,447 Cost of sales (1,034,091) (1,387,045) (1,319,840) (1,000,622) Gross profit 390,485 373,241 351,512 289,825 Administrative expenses (313,579) (284,283) (243,186) (217,715) Profit from operations 76,906 88,958 108,326 72,110 Surplus on revaluation of investment property - - 5,700 - Share of results of associates 15,651 25,299 17,916 (49) Other income 36,784 28,662 28,432 26,936 Finance costs (48,414) (54,944) (62,966) (51,216) Profit before taxation 80,927 87,975 97,408 47,781 Taxation (17,179) (13,559) (16,502) (13,803) Profit for the year from continuing operations 63,748 74,415 80,907 33,978 Discontinued operations Profit for the year from discontinued operations - 2,145 13,421 3,710 Profit for the year 63,748 76,561 94,328 37,688 Minority interests (6,296) (4,563) (5,965) (1,878) Profit attributable to equity holders 57,452 71,998 88,363 35,810 STATISTICS Number of ordinary shares used in calculation Earnings per share (Rs) 33.08 33.08 40.60 16.45 Dividends per share (Rs) 5.50 5.50 5.00 3.00 Net asset value per share (Rs) 199.39 199.39 168.15 113.20 DEM 2011 95

RHT Holding Ltd SEM Code : RHT.I0000 Classification : Investment Company Registered Office : 14 Hugnin Road, Rose Hill Board of Directors : Paul Chung Kim Fung AH LEUNG Sanjiva GOBURDHUN Ravindra GOBURDHUN Yoosuf Mohammad KUREEMAN Gilbert Patrick Stéphane LEAL Nayan SHARMA - Chairperson Sidhartha SHARMA Van Man SIN KWOK WONG Senior Executives : Sanjiva GOBURDHUN Sidhartha SHARMA Company Secretary : Sandrine Moussa Principal Activities : Investment Holding Company SUMMARY INFORMATION RHT Holding Ltd (formerly known as Rose-Hill Transport Limited) was incorporated in 1954 and it regrouped five individual operators who were operating on Route No. 1 since 1952. It was admitted on the Over-the- Counter Market (now DEM) of the Stock Exchange of Mauritius Ltd (SEM) in May 2001. Today, more than 56 years after start of operations, RHT has a fleet of 88 buses, including 14 air-conditioned vehicles and caters for the transport needs of more than 10M passengers annually. As from 01st January 2009, the Company has been restructured into different clusters namely: RHT Bus Services Ltd, RHT Properties Ltd, RHT Investments Ltd and RHT Ventures Ltd and RHT Fund Management Ltd. The shareholders of the company resolved to change the name of the Company to RHT Holding Limited at a special meeting held on the 10th May 2010 and effective as from the 01st July 2010 to reflect more accurately its function after the restructuring, and it is now the holding company of the above-mentioned Companies. RHT Investments Ltd is involved in the management of quoted and unquoted investments. It has substantial shareholding in the Mauritius Commercial Bank Ltd and in the tourism sector. RHT Bus Services Ltd is involved in transport operations. RHT Properties Ltd deals with the management & development of properties. RHT Ventures Ltd is involved in investment in corporate entities and has four subsidiaries, one of which, RHT Systems (PVT) India Ltd, is incorporated in India. It also has interests in corporate entities in the media sector. (please note that these interests have since been sold but there is a court case at the moment whereby the company might have to take back these interests after ruling from the courts) RHT Fund Management Ltd is involved in the Management of investment funds. 96 DEM 2011

BALANCE SHEET (Rs) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 159,612,545 120,576,774 98,368,267 87,335,877 Investment properties 12,084,750 10,975,000 10,975,000 2,880,000 Intangible assets 6,757,223 5,055,028 5,305,663 5,237,863 Investment in subsidiaries - - - - Investment in associate - 692,805 690,383 - Investments in securities 480,598,952 458,569,020 595,933,062 366,181,961 Debenture (Unsecured) - - - - Loan receivable - - 2,000,000 - Deferred tax assets 8,407,028 9,338,020 5,298,323 2,686,807 667,460,498 605,206,647 718,570,698 464,322,508 Current assets Loan receivable - - 1,000,000 - Inventories 5,119,704 2,770,308 3,247,430 2,468,760 Trade and other receivables 12,393,196 19,071,093 27,387,292 21,595,769 Cash at bank and in hand 15,091,255 5,118,395 828,167 10,278,605 32,604,155 26,959,796 32,462,889 34,343,134 Total assets 700,064,653 632,166,443 751,033,587 498,665,642 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 24,324,300 24,324,300 24,324,300 24,324,300 Reserves 479,165,521 453,144,181 628,641,657 392,161,319 Equity attributable to equity holders of the parent 503,489,821 477,468,481 652,965,957 416,485,619 Minority Interests - 2,146,071 1,135,264 730,096 Total equity 503,489,821 479,614,552 654,101,221 417,215,715 LIABILITIES Non-current liabilities Borrowings 15,582,055 1,000,000 2,642,855 4,870,499 Retirement benefit obligations 17,879,155 17,004,251 12,218,505 12,432,133 Obligations under finance lease 66,937,803 46,304,607 30,245,454 22,482,352 100,399,013 64,308,858 45,106,814 39,784,984 Current liabilities Bank overdrafts (secured) 40,754,429 42,898,381 15,797,699 11,364,846 Borrowings 2,276,666 2,942,855 2,121,432 2,417,286 Taxation 66,723 65,904 Obligations under finance lease 18,839,196 13,193,817 8,289,506 5,773,178 Trade and other payables 26,698,272 22,452,893 20,022,326 18,217,745 Dividend proposed 7,540,533 6,689,183 5,594,589 3,891,888 96,175,819 88,243,033 51,825,552 41,664,943 Total liabilities 196,574,832 152,551,891 96,932,366 81,449,927 TOTAL EQUITY AND LIABILITIES 700,064,653 632,166,443 751,033,587 498,665,642 DEM 2011 97

INCOME STATEMENT (Rs) 30-Jun 2010 2009 2008 2007 Turnover 207,285,204 144,657,816 122,473,919 118,299,816 Operating expenses (141,626,679) (132,327,524) (110,148,079) (111,597,034) Gross operating income 65,658,525 12,330,292 12,325,840 6,702,782 Other income 19,792,075 20,419,112 51,617,740 49,145,295 Administrative expenses (47,732,678) (43,148,806) (27,853,769) (25,888,158) Profit from operations 37,717,922 (10,399,402) 36,089,811 29,959,919 Finance costs (12,098,390) (8,519,778) (5,641,363) (4,040,754) 25,619,532 (18,919,180) 30,448,448 25,919,165 Share of profit in associates (12,500) 2,422 690,383 - Profit before taxation 25,607,032 (18,916,758) 31,138,831 25,919,165 Taxation (1,183,022) 3,973,793 2,611,516 3,538,944 Profit after taxation 24,424,010 (14,942,965) 33,750,347 29,458,109 Contingency reserve written back - - - 700,000 Profit for the year 24,424,010 (14,942,965) 33,750,347 30,158,109 Equity holders of the parent company 24,415,713 (15,542,411) 33,345,179 29,428,013 Minority interest 8,297 599,446 405,168 730,096 24,424,010 (14,942,965) 33,750,347 30,158,109 STATISTICS Number of ordinary shares used in calculation 2,432,430.00 2,432,430 2,432,430 2,432,430 Earnings per share (Rs) 10.04 (6.39) 13.71 12.10 Dividends per share (Rs) 4.54 3.95 3.30 3.00 Net asset value per share (Rs) 206.99 196.29 268.44 171.22 98 DEM 2011

SIT Land Holdings Ltd SEM Code : SIT.I1111 Classification : Others Registered Office : 3 rd floor Alexander House, 35 Cybercity, Ebène. Board of Directors : Mr Chettandeo Bhugun - Chairman - As from 22 Jan 2011 Mr Nundlall Basant Roi Mr Assenjee Gurib Mr Rosun Seebun - As from 22 Jan 2011 Mr Kalicharan Somaroo Mr Yodhunsingh Daumoo Mr C F C Gerard Chung Kwan Fang Mr Seemadree Gunganah Mr Krishnah Goojha Company Secretary : SIT Corporate and Secretarial Services Ltd Senior Executive : Mr Ravin Premsagar Bholah - O.S.K - Chief Executive Officer - SIT Group Principal Activities : Dealings in matters relating to agriculture in general. Acquire, hold and/or dispose of properties in general; and Investment holding SUMMARY INFORMATION SIT Land Holdings Ltd is a public company, incorporated in Mauritius. Its registered office and principal place of business is 3rd floor Alexander House, 35 Cybercity, Ebène. The principal activities of the company are: Dealings in matters relating to agriculture in general; Acquire, hold and /or dispose of properties in general; and Investment holding. DEM 2011 99

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Land 392,740 392,740 431,435 488,276 Equipment 1,507 2,425 3,518 1,198 Imtagible assets - - - 3 Investment in associate 76,550 35,457 4,244 - Biological assets 28,086 28,182 27,437 33,005 Deferred expenditure 20,027 30,041 40,055 - Deferred tax assets 7,614 7,133 1,276-526,524 495,978 507,965 522,482 Current assets ITrade and other receivables 214,982 298,618 174,908 128,528 Biological assets 28,188 42,000 61,000 80,000 Bank and cash balances 9,336 28,529 26,219 18,263 252,506 369,147 262,127 226,791 Non current assets held for sale 6,914 24,515 20,502 27,635 Total assets 785,944 889,640 790,594 776,908 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 325,025 325,025 325,025 325,025 Retained earnings 317,767 310,275 192,793 142,863 Total equity 642,792 635,300 517,818 467,888 LIABILITIES Non-current liabilities Borrowings 28,659 35,904 46,269 89,033 Retirement benefit obligations 12,424 11,067 9,749 39,493 41,083 46,971 56,018 128,526 Current liabilities Other payables 88,755 145,190 61,247 14,325 Borrowings 13,314 37,845 151,611 165,112 Taxation - 24,334 3,900 1,057 102,069 207,369 216,758 180,494 Total liabilities 143,152 254,340 272,776 309,020 TOTAL EQUITY AND LIABILITY 785,944 889,640 790,594 776,908 100 DEM 2011

INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 2007 Proceeds from sugar, molasses and other products 88,113 111,818 135,839 143,084 SIFB compensation 1,577 4,416 7,478 13,930 89,690 116,234 143,317 157,014 Other income 31,749 26,471 21,911 26,475 Changes in fair value of biological assets (13,812) (19,000) (19,000) (11,000) 107,627 123,705 146,228 172,489 Sale of land 79,797 225,451 198,197 73,486 187,424 349,156 344,425 245,975 Operating expenses (88,166) (91,400) (100,644) (104,922) SIFB premium (6,876) (9,672) (13,342) (13,761) Amoritsation of VRS costs (10,014) (10,014) (14,742) (25,045) Amortisation of biological assets (6,645) (5,892) (6,342) (6,577) Cost of land sold (17,947) (48,019) (87,841) (19,692) Admiistrative expenses (24,965) (16,320) (9,923) (15,770) (154,613) (181,317) (232,834) (185,767) Operating profit 32,811 167,839 111,591 60,208 Finance costs (10,383) (20,843) (25,239) (31,309) Share of result of associate 41,093 31,213 5,205 (1,511) Profit before taxation 63,521 178,209 91,557 27,388 Taxation (4,025) (18,477) (2,624) (1,196) Profit for the year 59,496 159,732 88,933 26,192 STATISTICS Number of ordinary shares used in calculation 325,025,000 325,025,000 325,025,000 325,025,000 Earnings per share (Rs) 0.18 0.49 0.27 0.08 Dividends per share (Rs) 0.16 0.13 0.12 0.12 Net asset value per share (Rs) 1.98 1.95 1.59 1.44 DEM 2011 101

Soap & Allied Industries Limited SEM Code : SAIL.I0000 Classification : Industry Registered Office : 6, Sir William Newton Street, Port Louis Board of Directors Non-Executive Chairman : Mr. Bashirally A Currimjee - G.O.SK Managing Director : Mr. Ashraf M Currimjee Non-Executive Directors : Mr. Mustanshir A Currimjee Mr. Currim J Currimjee - G.O.S.K. Mr. Anil C Currimjee Mr. Azim F Currimjee Mr. Mazahir F E Adamjee Mr. Saliah Mohamed Sait Independent Directors : Mr. Hassam Vayid - G.O.S.K. Mr. Uday K Gujadhur Company Secretary : Currimjee Limited Principal Activities : The principal activity of the Company is the manufacture of laundry and toilet soaps and detergents. SUMMARY INFORMATION Soap & Allied Industries Limited ( SAIL ) was established in 1966 as an import substitution industry to manufacture laundry and toilet soap for the local market. Over the years, SAIL has diversified its activities and today SAIL offers to its customers a wide gamut of products ranging from laundry soaps, toilet soaps, detergent powders, detergent liquids, shampoos to shower gels. In spite of fierce competition, both local and imported, most of SAIL s brands are market leaders. Since 2007, SAIL is an ISO 9001:2000 certified company. SAIL has been exporting since 1982 and today, through SAIL International Ltd (SIL), it exports to six islands in the Indian Ocean and to the African Region. Sail Distributors Ltd ( SDL ), a wholly owned subsidiary of SAIL, distributes soap and detergent products, rice and other FMCG to hypermarkets, supermarkets, wholesalers and retailers nationwide. 102 DEM 2011

BALANCE SHEET (Rs) 31-Dec 2010 2009 2008 2007 ASSETS Non-current assets Property,plant and equipment 246,270,096 236,548,692 201,321,912 203,677,920 Intagible assets 8,007,686 6,662,001 6,157,216 6,088,706 Investment Property 24,500,000 24,300,000 22,500,000 22,500,000 Investments in subsidiary company - - - - Investments in associates 38,213,299 34,979,299 34,979,299 34,979,299 Investments in securities 51,530,593 37,280,593 28,780,593 29,197,733 Deferred tax assets - - - 16,985 368,521,674 339,770,585 294,739,020 296,460,643 Current assets Stocks 132,243,169 102,355,510 153,757,929 110,857,085 Trade and other receivables 88,137,759 85,182,134 91,910,806 76,952,878 Amount due by subsidiaries - - - - Amounts owed by related companies 5,278,342 4,080,018 10,185,291 6,088,525 Cash and bank balances 1,908,269 90,597 1,008,842 130,074 Tax asset 234,721 - - - Assets classified as held for sale - - - 13,562,684 227,802,260 191,708,259 256,862,868 207,591,246 Total assets 596,323,934 531,478,844 551,601,888 504,051,889 EQUITY AND LIABILITIES Capital and Reserves Stated capital 41,013,000 41,013,000 41,013,000 41,013,000 Share premium 73,499,581 73,499,581 73,499,581 73,499,581 Capital reserve 8,208,112 8,208,112 8,208,112 8,208,112 Investment revaluation reserve 35,432,558 21,182,558 13,682,558 16,939,634 Revaluation reserve 61,893,688 62,202,743 42,988,887 45,940,834 Investment property reserve 11,768,459 11,768,459 11,768,459 11,768,459 Retained earnings 56,052,049 59,363,102 49,293,947 51,224,254 Total equity attributable to equity holders of the parent 287,867,447 277,237,555 240,454,544 248,593,874 LIABILITIES Non-current liabilities Borrowings 5,379,634 4,261,247 5,572,993 9,576,724 Retirement benefit obligations 106,217,000 103,478,000 102,380,000 97,253,000 Deferred tax liabilities 10,510,773 6,397,362 146,172 604,143 122,107,407 114,136,609 108,099,165 107,433,867 Current liabilities Borrowings 97,193,599 79,858,906 149,794,693 85,550,615 Bills payable 39,449,657 14,944,330 18,322,506 39,509,655 Trade and other payables 30,616,505 33,446,096 24,179,212 21,695,860 Dividend 8,202,600 - - - Amounts owed to related companies 10,886,719 10,184,633 10,133,264 493,017 Taxation - 1,670,715 618,504 775,001 186,349,080 140,104,680 203,048,179 148,024,148 TOTAL EQUITY AND LIABILITIES 596,323,934 531,478,844 551,601,888 504,051,889 DEM 2011 103

INCOME STATEMENT (Rs) 31-Dec 2010 2009 2008 2007 Turnover 527,679,777 535,296,343 502,641,582 410,475,582 Cost of sales (361,983,155) (375,646,421) (369,124,451) (294,511,442) Gross Profit 165,696,622 159,649,922 133,517,131 115,964,140 Other income 4,527,839 5,868,490 1,893,236 13,427,634 Advertising and Selling Expenses (83,574,419) (64,771,783) (55,405,918) (48,543,148) Administrative expenses (68,035,079) (64,455,636) (58,443,467) (50,177,466) Profit from operations 18,614,963 36,290,993 21,560,982 30,671,160 Finance costs (9,387,612) (10,169,305) (12,816,918) (12,300,004) Retirement benefit obligations (2,739,000) (1,098,000) (5,127,000) 205,000 Share of results of associate companies 3,234,000 - - (231,599) Profit before taxation 9,722,351 25,023,688 3,617,064 18,344,557 Taxation (4,830,804) (4,701,283) (1,222,365) (2,413,530) Profit for the year attributable to equity holders of the parent 4,891,547 20,322,405 2,394,699 15,931,027 STATISTICS Number of ordinary shares used in calculation 4,101,300 4,101,300 4,101,300 4,101,300 Earnings per share (Rs) 1.19 4.96 0.58 4.22 Dividends per share (Rs) 2.00 2.50 2.00 1.50 Net asset value per share (Rs) 70.2 67.6 58.63 65.83 104 DEM 2011

Société de Développement Industriel et Agricole Limitée SEM Code : SOD.I0000 Classification : Industry Registered Office : 11 th Floor, Medine Mews, 4 Chaussée Street, Port Louis Board of Directors : René Leclézio - Chairman Pierre Doger de Spéville Daniel Giraud Ramapatee Gujadhur Company Secretary : Patricia Goder Senior Executive : Daniel Giraud - Chief Executive Principal Activities : Poultry Farming SUMMARY INFORMATION Société de Développement Industriel et Agricole Limitée was incorporated in 1983. The Company is engaged in poultry farming and operates under the commercial name of SODIA. The Company holds 50% of the issued share capital of Biodia Company Limited, a private company whose principal activity consists of rearing and marketing of monkeys, Macaca Facicularis, for export. DEM 2011 105

BALANCE SHEET (Rs) 30-Jun 2010 2009 ASSETS Non-current assets Property, plant and equipment 9,927,267 10,123,930 Investments in associates 186,145,811 186,470,723 Deferred tax assets 658,064 1,670,588 196,731,142 198,265,241 Current assets Consumables 34,856 95,827 Trade and other receivables 35,733,969 58,605,438 Amount receivable from related companies 23,870,495 23,029,246 Cash in hand and at bank 13,758,726 3,223,691 73,398,046 84,954,202 Total assets 270,129,188 283,219,443 EQUITY AND LIABILITIES Capital and Reserves Share Capital 21,000,243 17,274,900 Retained earnings 222,450,150 246,342,372 Total equity 243,450,393 263,617,272 LIABILITIES Non-current liabilities Retirement benefit obligations 7,489,000 7,460,000 Current liabilities Trade and other payables 13,904,981 12,142,171 Current tax liabilities 1,381,524 - Borrowings 3,903,290-19,189,795 12,142,171 Total liabilities 26,678,795 19,602,171 TOTAL EQUITY AND LIABILITY 270,129,188 283,219,443 INCOME STATEMENT (Rs) 30-Jun 2010 2009 Continued operations Turnover 120,086,526 111,573,639 Other operating income 2,133,689 1,500,000 Cost of sales (109,220,533) (103,217,571) Gross profit 12,999,682 9,856,068 Other income 4,851,880 4,095,566 Administrative expenses (3,059,077) (2,188,571) Operating profit 14,792,485 11,763,063 Finance cost (8,134) (154,979) Share of profit in associates 7,175,088 52,242,312 Profit before tax 21,959,439 63,850,396 Income tax (2,394,048) (1,743,270) Profit for the year 19,565,391 62,107,126 STATISTICS Number of ordinary shares used in calculation 210,002,430 210,002,430 Earnings per share 0.09 0.30 Dividends per share (Rs) 0.19 - Net asset value per share (Rs) 1.16 1.26 106 DEM 2011

Southern Cross Tourist Co. Ltd SEM Code : SCT.I0000 Classification : Leisure & Hotels Registered Office : Union Ducray, Rivière Des Anguilles, Mauritius Board of Directors : Thierry Merven Jacques Philippe Henri Marrier D Unienville Anthony Gérard Garrioch Michael BRITTER Andre Patrice DOGER DE SPEVILLE Company Secretary : Navitas Corporate Services Ltd Principal Activities : Ownership and operation of an hotel trading as Le Preskil Beach Resort SUMMARY INFORMATION Southern Cross Tourist Co Ltd (SCT) which is listed on the Development and Enterprise Market. owns and manages Le Preskil Beach Resort, a 200-rooms hotel of 3-plus standard situated on a prime site at Pointe Jerome, Mahebourg. Despite the effect of the economic recession, the hotel has achieved good operational results and occupancy rate in 2009. DEM 2011 107

BALANCE SHEET (Rs 000) 31-Dec 2010 2009 2008 2007 ASSETS Non-currents assets 392,230 403,589 429,286 424,435 Current assets 121,920 112,891 73,728 111,180 Total assets 514,150 516,480 503,014 535,615 EQUITY AND LIABILITIES Capital and Reserves Equity holders interests 274,706 271,297 216,216 202,781 Non-current liabilities 72,573 102,501 131,912 203,239 Current liabilities 166,871 142,682 154,886 129,595 TOTAL EQUITY AND LIABILITIES 514,150 516,480 503,014 535,615 INCOME STATEMENT (Rs 000) 31-Dec 2010 2009 2008 2007 Turnover 352,721 360,344 328,587 316,424 Gross profit 205,302 221,633 192,990 195,740 Other income 7,375 5,614 4,220 5,152 212,677 227,247 197,210 200,892 Administrative and other expenses (145,843) (139,891) (140,732) (134,661) Finance costs (7,819) (4,782) (20,611) (23,711) Share of profit of associate 759 680 102 - Exceptional items - (218,065) (2,574) - Profit/(loss) before taxation 59,774 (134,811) 33,395 42,520 Taxation (24,965) 2,827 (7,703) (1,223) Profit/(loss) for the year 34,809 (131,984) 25,692 41,297 STATISTICS Number of ordinary shares used in calculation 125,644,644 125,644,644 94,068,000 94,068,000 Earnings/(loss) per share (Rs) 0.28 (1.05) 0.27 0.44 Dividends per share 0.25 0.20 0.13 0.13 Net asset value per share 2.19 2.16 2.30 2.16 108 DEM 2011

THE MEDICAL & SURGICAL CENTRE LIMITED SEM Code : MASC.I0000 Classification : Others Registered Office : Georges Guibert Street, Floréal Directors : Mr. Jean-Pierre DALAIS - Chairman Dr. Marie Marc Guy ADAM Mr. Louis Marie Bruno JULLIENNE Dr. Narottam Dev PURI Mr. Antoine Michel THOMAS Mr. Anurag YADAV Company Secretary : Ciel Corporate Services Ltd Chief Operating Officer : Dr. Simmardeep Singh Gill Principal Activities : The main activity of the Company is to provide health services with the latest most advanced state-of-the art medical technology. SUMMARY INFORMATION The Company has always taken the leadership position to innovate and reinvent itself to provide the best healthcare with the latest most advanced state-of-the art medical technology. The Company has an operation and management contract with Fortis Healthcare International Limited (India) to operate the activities of the Company. DEM 2011 109

BALANCE SHEET (Rs) 31.03 31.03 30.06 30.06 30.06 30-Jun 2011 2010 2009 2008 2007 Restated Restated ASSETS Non-current assets Property, plant and equipment 431,759,462 424,293,547 427,615,342 430,255,538 438,501,916 Intangible assets 7,601,411 7,542,975 7,563,975 84,000 112,000 Investments in subsidiary - - Investments in associate - - 439,360,873 431,836,522 435,179,317 430,339,538 438,613,916 Current assets IInventories 21,318,711 22,236,399 22,580,586 15,056,360 16,088,252 Trade and other receivables 65,704,424 46,856,896 45,191,566 48,268,326 49,106,652 Cash in hand and at bank 53,886,887 72,126,374 67,542,007 1,172,312 649,739 140,910,022 141,219,669 135,314,159 64,496,998 65,844,643 Total assets 580,270,895 573,056,191 570,493,476 494,836,536 504,458,559 EQUITY AND LIABILITIES Capital and Reserves Share Capital 289,801,318 289,801,318 289,801,318 124,801,318 124,801,318 Revaluation reserves 82,663,548 82,663,548 82,663,548 83,824,960 83,824,960 Revenue Deficit 10,267,041 (17,712,426) (21,995,397) (35,302,413) (27,203,984) Shareholders interest 382,731,907 354,752,440 350,469,469 173,323,865 181,422,294 LIABILITIES Non-current liabilities Borrowings 47,489,919 84,728,529 103,712,244 122,146,107 135,909,694 Deferred tax liabilities 12,210,124 9,823,686 7,227,064 8,813,192 10,492,379 Retirement benefit obligations 21,257,131 17,359,206 15,541,414 13,600,516 13,435,640 80,957,174 111,911,421 126,480,722 144,559,815 159,837,713 Current liabilities Trade and other payables 83,174,214 64,627,679 48,333,340 32,003,045 22,559,639 Income Tax Liability 3,275,900 - - - Borrowings 30,131,700 41,764,651 45,209,945 144,949,811 140,638,913 116,581,814 106,392,330 93,543,285 176,952,856 163,198,552 Total liabilities 197,538,988 218,303,751 220,024,007 321,512,671 323,036,265 TOTAL EQUITY AND LIABILITY 580,270,895 573,056,191 570,493,476 494,836,536 504,458,559 110 DEM 2011

BALANCE SHEET (Rs) 31.03 31.03 30.06 30.06 30.06 30-Jun 2011 2010 2009 2008 2007 Restated Restated Sales 444,181,808 285,064,829 367,761,792 260,989,501 225,478,610 Cost of sales (244,072,285) (166,127,716) (199,540,842) (147,593,806) (126,447,522) Gross Profit 200,109,523 118,937,113 168,220,950 113,395,695 99,031,088 Other operating income 1,407,708 1,406,316 5,023,535 10,534,437 10,201,797 Administrative expenses (129,274,513) (85,570,354) (102,787,785) (69,766,192) (58,384,074) Depreciation (29,138,757) (21,528,153) (27,181,750) (25,677,182) (22,479,272) 43,103,961 13,244,922 43,274,950 28,486,758 28,369,539 Finance Income 2,096,644 2,450,146 Finance costs (11,558,800) (9,392,130) (23,565,624) (34,728,332) (26,567,261) Share of loss of associate - - - (3,536,042) (3,480,946) Loss before exceptional item 33,641,805 6,302,938 19,709,000 (9,777,616) (1,678,668) Exceptional item - - - - (20,277,662) Loss before taxation 33,641,805 6,302,938 19,709,000 (9,777,616) (21,956,330) Taxation (5,662,338) (2,596,622) 1,586,000 1,679,187 - Loss for the year 27,979,467 3,706,316 21,295,000 (8,098,429) (21,956,330) STATISTICS Number of ordinary shares used in calculation 569,940,822 569,940,822 569,940,822 256,473,370 256,473,370 Earnings per share (Rs) 0.05 0.01 0.05 (0.03) (0.09) Dividends per share (Rs) - - - Net asset value per share (Rs) 0.63 0.30 0.73 Net asset value per share (Rs) 0.67 0.62 0.63 0.68 0.71 DEM 2011 111

TROPICAL PARADISE CO. LTD SEM Code : TPL.I0000 Classification : Leisure & Hotels Registered Office : c/o Food & Allied Group Headquarters, Gentilly, Moka Board of Directors : Michel Cédric DOGER DE SPEVILLE Pierre Elysée Michel DOGER DE SPEVILLE - Chairman Alternate Director : Noel Pierre Augustin EYNAUD Marie Joseph Jean-Paul CHASTEAU DE BALYON Marie Edouard Gilbert ESPITALIER-NOEL Marie Maxime Hector ESPITALIER-NOEL Alternate Director : Mr. Marie André Eric Espitalier-Noël Alex Voon Chong FON SING Jean Marie René LECLEZIO Marie François Pierre-Yves POUGNET Company Secretary : Marie Françoise Hélène THEVENAU Principal Activities : The main activity of the company is to operate the Labourdonnais Waterfront Hotel and Le suffren Hotel & Marina at le Caudan Waterfront. The Company also operates through its wholly owned subsidiary a hotel in Ebene. SUMMARY INFORMATION Tropical Paradise Co Ltd was incorporated in 1994 and is the owner of two business hotels on the Port Louis Waterfront trading under the name of The Labourdonnais Waterfront Hotel and Le Suffren Hotel & Marina. The Labourdonnais was opened in December 1996 and has established itself as the leading business hotel in Mauritius and is today the favorite meeting place for local and overseas business people. The hotel features 109 elegant and luxury Guests rooms and Suites and provides one of the most sought-after venues for high profile conferences, seminars, meetings and business forums. The Labourdonnais has taken the lead in environment awareness and protection and was the first Hotel in the Southern Hemisphere to be awarded the ISO 14001 followed by Green Globe. Following the success of the Labourdonnais Waterfront Hotel, Le Suffren Hotel & Marina, designed to satisfy the needs of the modern-day business traveler and holiday makers, opened in June 2004 on the new waterfront node in Port Louis. Through its architecture, modern design, relaxed atmosphere, and its soft touch of leisure with its sandy beach, large pool area and daily catamaran cruises, Le Suffren appeal to those looking for a trendy alternative. Nicely decorated with light wood and chrome, its 100 bedrooms combine the unique charm of a nautical setting with modern comfort and quality service. The Labourdonnais Waterfront Hotel and Le Suffren Hotel & Marina are ideally located within walking distance of the central business district and are also within easy reach of the various cultural and tourist sites in Mauritius. 112 DEM 2011

BALANCE SHEET 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 1,043,396,351 1,054,240,529 1,027,847,059 1,023,751,084 Intangible assets 14,070,519 11,625,427 12,694,937 13,830,446 Investment in financial assets 18,106,000 18,106,000 18,106,000 17,856,000 1,075,572,870 1,083,971,956 1,058,647,996 1,055,437,530 Current assets Inventories 4,526,418 5,851,960 4,917,171 4,282,140 Trade and other receivables 47,722,768 28,577,940 40,142,498 30,207,592 cash and cash equivalents 1,180,614 5,112,369 8,644,731 6,124,502 53,429,800 39,542,269 53,704,400 40,614,234 Total assets 1,129,002,670 1,123,514,225 1,112,352,396 1,096,051,764 EQUITY AND LIABILITIES Capital and Reserves Share capital 575,000,000 575,000,000 325,000,000 325,000,000 Revaluation reserve 144,753,016 144,753,016 394,753,016 394,753,016 Retained earnings 97,884,416 85,280,022 64,976,969 36,026,076 Shareolders interests 817,637,432 805,033,038 784,729,985 755,779,092 Non-current liabilities Borrowings 132,276,761 157,924,981 180,049,546 199,318,824 Deferred tax liabilities 65,538,337 66,912,990 69,662,297 69,662,297 Retirement benefit obligations 4,776,978 4,439,200 4,157,467 3,985,924 202,592,076 229,277,171 253,869,310 272,967,045 Current liabilities Trade and other payables 28,676,900 52,790,150 44,253,270 32,180,119 Borrowings 79,496,262 33,713,866 26,799,831 32,575,508 Current tax liabilities 600,000 2,700,000 2,700,000 2,550,000 108,773,162 89,204,016 73,753,101 67,305,627 Total equity and liabilities 1,129,002,670 1,123,514,225 1,112,352,396 1,096,051,764 INCOME STATEMENT 30-Jun 2010 2009 2008 2007 Turnover 323,177,962 349,684,689 346,153,516 289,708,129 Cost of sales (76,575,918) (74,474,847) (69,290,542) (60,089,421) Gross profit 246,602,044 275,209,842 276,862,974 229,618,708 Other Operating Income 648,390 1,219,804 616,526 528,795 Marketing and selling expenses (7,064,114) (6,342,254) (5,006,514) (4,589,853) Administrative expenses (173,854,534) (180,608,357) (166,096,207) (134,655,831) Depreciation and amortisation (25,023,270) (24,619,921) (16,936,394) (22,661,827) Operating profit 41,308,516 64,859,114 89,440,385 68,239,992 Interest Income 47,996 482,723 1,807,478 48,336 Net finance costs (23,526,771) (21,765,491) (33,693,679) (34,535,568) Investment income - 3,677,400 1,078,000 2,165,800 Profit before taxation 17,829,740 47,253,746 58,632,184 35,918,560 Taxation 774,654 49,307 (2,681,291) (2,550,000) Profit for the year 18,604,394 47,303,053 55,950,893 33,368,560 STATISTICS Number of ordinary shares used in calculation 50,000,000 50,000,000 25,000,000 25,000,000 Earnings per share (Rs) 0.25 0.71 1.76 0.61 Dividends per share (Rs) - 0.30 0.60 0.30 Net asset value per share (Rs) 14.85 14.60 28.39 27.23 DEM 2011 113

United Bus Service Ltd SEM Code : UBS.10000 Classification : Transport Registered Office : Royal Road, Les Cassis, Port Louis Board of Directors : M.Yacoob Ramtoola FCA - Chairman Abdool Aleem Bundhoo - Vice Chairman Swaleh Ramjane - FCIS MCIT Locknat Daby Seesaram - CBE M Shadman Elias Haji Adam - FCCA Ally Afzal Mohungur Yousouf Sairally Fazil Maderboccus Mukhtar Ismail Company Secretary : Locknat Daby Seesaram - CBE Managing Director : Swaleh Ramjane FCIS - MCIT Principal Activities : Public Transport SUMMARY INFORMATION United Bus Service Limited, established in 1954, is the largest private bus fleet operator in Mauritius. It has a fleet of 320 buses and operates on 52 routes. It has a labour force of 1,600 employees. It carries an average of 32 million passengers annually. 114 DEM 2011

BALANCE SHEET (Rs) 30-Jun 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 237,545,682 205,418,723 167,534,354 169,294,374 Investments 132,499,062 92,932,787 60,677,438 28,275,388 370,044,744 298,351,510 228,211,792 197,569,762 Current assets Stocks 13,091,625 7,023,643 6,648,378 6,633,892 Trade and other receivables 111,709,547 48,614,085 68,011,338 36,006,513 Cash in hand and at bank 6,086,256 40,277,457 44,741,743 48,351,502 130,887,428 95,915,185 119,401,459 90,991,907 Total assets 500,932,172 394,266,695 347,613,251 288,561,669 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 49,737,832 49,737,832 49,737,832 49,737,832 Reserves 65,781,869 40,279,260 40,339,122 15,058,898 Total equity 115,519,701 90,017,092 90,076,954 64,796,730 LIABILITIES Non-current liabilities Loans 166,667 7,828,334 22,369,584 28,484,584 Obligations under finance lease 121,123,331 92,307,614 59,970,456 44,087,540 Retirement benefit obligations 124,082,066 105,087,118 86,972,919 83,786,106 245,372,064 205,223,066 169,312,959 156,358,230 Current liabilities Bank overdrafts (unsecured) 12,717,396 1,159,757 7,767 - Taxation 4,067,587 2,897,129 - - Loans 7,663,867 8,226,666 16,055,000 13,138,167 Obligations under finance lease 29,440,754 20,282,944 10,149,202 6,286,159 Trade and other payables 86,150,803 66,460,041 62,011,369 47,982,383 140,040,407 99,026,537 88,223,338 67,406,709 Total liabilities 385,412,471 304,249,603 257,536,297 223,764,939 TOTAL EQUITY AND LIABILITIES 500,932,172 394,266,695 347,613,251 288,561,669 INCOME STATEMENT (Rs) 30-Jun 2010 2009 2008 2007 Operating Revenue 508,432,543 517,889,428 436,976,400 411,970,506 Operating Expenses 435,459,487 469,672,246 382,732,539 363,799,616 Operating Surplus 72,973,056 48,217,182 54,243,861 48,170,890 Administrative expenses 46,664,043 42,214,468 39,249,592 35,025,577 Profit from operations 26,309,013 6,002,714 14,994,269 13,145,313 Other income 16,000,369 19,559,889 8,818,734 6,108,088 42,309,382 25,562,603 23,813,003 19,253,401 Finance costs (14,096,757) (12,109,152) (13,634,829) (11,228,919) Profit before taxation 28,212,625 13,453,451 10,178,174 8,024,482 Taxation (6,276,291) (2,897,129) - - Profit for the year 21,936,334 10,556,322 10,178,174 8,024,482 STATISTICS Number of ordinary shares used in calculation 4,969,489 4,969,489 4,969,489 4,969,489 Earnings per share (Rs) 4.41 2.12 2.05 1.61 Dividends per share (Rs) - - - - Net asset value per share (Rs) 23.25 18.11 18.13 13.04 DEM 2011 115

Union Flacq Ltd SEM Code : UFL.I0000 Classification : Investment Registered Office : 4 th Floor, IBL House, Caudan Waterfront, Port Louis Board of Directors List of Directors : Thierry Lagesse - Chairman Michel Doger de Spéville Agasthamuni Gujadhur Dayanidhi Gujadhur Arnaud Lagesse J.Cyril Lagesse Jean Lagesse Alternate Directors : Cédric Doger de Spéville - Alternate Director to Michel Doger de Spéville Company Secretary : GML Management Ltée Principal Activities : Holding Investment Company SUMMARY INFORMATION Union Flacq Ltd is a public company incorporated in Mauritius. It is the holding company of Flacq United Estates Limited Group (FUEL Group) and of Forward Investment and Development Enterprises Limited Group (FIDES Group) holding 51.12% and 70.78% respectively of these two Groups. The activities of its subsidiaries are: Sugar Cane growing, milling and power generation via the FUEL Group The production and sale of macadams and bricks through its subsidiary Flacq Associated Stonemasters Limited Investment holding via the FIDES Group 116 DEM 2011

BALANCE SHEET (Rs 000) 30-Jun 2010 2009 2008 ASSETS Non-current assets Property, plant and equipment 9,190,191 4,838,661 4,775,091 Investment properties 1,540,003 510,400 479,758 Intangible assets 106,171 151,869 113,129 Investments in subsidiaries - - - Investments in associates 154,755 161,219 5,942 Investments in securities 996,113 1,345,141 1,401,574 Deferred expenditure 251,588 395,358 431,995 Deferred tax assets 28,347 44 41 Biological assets 142,028 145,354 140,980 Non-current receivables - 58,643 118,575 Loan receivable 7 6,701 10,959 12,409,203 7,631,390 7,478,044 Current assets Deferred expenditure 96,819 101,418 82,334 Biological assets 348,007 447,159 417,237 Inventories 201,163 227,486 149,045 Loan receivables 6,818 4,259 3,792 Trade and other receivables 924,230 1,035,266 1,258,652 Cash in hand and at bank 75,834 157,549 38,068 1,652,871 1,973,137 1,949,128 Total assets 14,062,074 9,586,527 9,427,172 EQUITY AND LIABILITIES Capital and Reserves Stated capital 1,306,625 1,306,625 1,306,625 Share premium 20,182 20,182 20,182 Revaluation and other reserves 3,496,619 1,034,476 1,096,053 Retained earnings 1,104,200 1,040,696 1,046,406 Equity attributable to equity holders 5,927,626 3,401,979 3,469,266 Minority interests 5,204,132 3,154,462 3,196,174 11,131,758 6,556,441 6,665,440 Non-current liabilities Borrowings 484,674 915,710 838,336 Deferred tax liabilities 57,756 75,529 102,676 Retirement benefit obligations 138,740 126,618 129,933 681,170 1,117,857 1,070,945 Current liabilities Trade and other payables 1,054,266 968,742 873,806 Current tax liabilities 35,578 44,188 46,206 Dividends 37,892 36,585 37,892 Proposed dividends payable to minority shareholder 102,835 - - Borrowings 1,018,575 862,714 732,883 2,249,146 1,912,229 1,690,787 Total equity and liabilities 14,062,074 9,586,527 9,427,172 DEM 2011 117

INCOME STATEMENT (Rs 000) 30-Jun 2010 2009 2008 Sales 2,070,633 1,857,217 1,750,261 Sugar insurance compensation 4,121 15,427 114,990 Grant receivables-vrs/ers /Blueprint - - 710,597 Gain on revaluation of investment property 965,078 30,642 313,000 Losses arising from changes in fair value of biological assets (137,439) (6,935) (181,341) Other operating income 187,485 134,791 235,275 3,089,878 2,031,142 2,942,782 Sugar insurance premium (87,405) (96,685) 106,723 Cost of VRS/Blueprint/ERS - - 710,597 Amortisation of VRS (72,334) (72,334) Cost of operations (1,761,863) (1,434,377) 1,363,476 (1,921,602) (1,603,396) 2,180,796 Gross profit 1,168,276 427,746 761,986 Other income - - - Distribution cost (914) (498) (1,078) Administrative expenses (149,749) (173,461) (159,181) Impairment of property,plant and equipment (100,000) - - (250,663) (173,959) (160,259) Operating profit/(loss) 917,613 253,787 601,727 Finance (cost)/revenue (24,299) (94,782) (82,598) (652,642) (6,876) - 240,672 152,129 519,129 Share of losses less profits of associates (5,631) 3,188 (53) Profit before taxation 235,041 155,317 519,076 Taxation 2,871 (21,320) (68,705) Profit after tax 237,912 133,997 450,371 Minority interest (112,950) (73,666) (234,388) Profit attributable to equity holders 124,962 60,331 215,983 STATISTICS Number of ordinary shares used in calculation 130,662 130,662 130,662 Earnings per share (Rs) 0.96 0.46 1.65 Dividends per share (Rs) 0.33 0.32 0.42 Net asset value per share (Rs) 45.37 26.04 26.55 118 DEM 2011

The Union Sugar Estates Company Limited SEM Code : UNSE.I0000 Classification : Sugar Registered Office : Union Ducray, Rivière Des Anguilles, Mauritius Board of Directors : Hugues Maigrot Thierry Merven Jacques Marrier D Unienville Anthony Gerard Garrioch J. Pierre MARRIER D`UNIENVILLE Maurice BONIEUX Andre Patrice DOGER DE SPEVILLE Company Secretary : Navitas Corporate Services Ltd Principal Activities : Sugar cane cultivation and other diversified activities SUMMARY INFORMATION THE UNION SUGAR ESTATES CO LTD (GROUPE UNION) Present since 1896 in the South of the island, The Union Sugar Estates Co Ltd (USE) is involved in the sugar cane cultivation over 1358 hectares of land and has diversified into several clusters ranging from agro-industry, tourism and IT services. USE is a public company listed on the Development Enterprise Market. Agro-industry Over the centuries, Union Sugar Estates Co Ltd has developed other cultivations from flowers to vegetables and cultivation of flowers for export has been a successful venture. In collaboration with other sugar estates in the South, Copesud Ltee has been set up to develop the cultivation of potatoes on a large scale and bulk warehousing for supply on the local market to further expand agricultural diversification in line with government objectives to encourage food production. Tourism The USE group has a 82.86% stake in Southern Cross Tourist Co Ltd (SCT) which is listed on the Development and Enterprise Market. The company owns and manages Le Preskil Beach Resort, a 200-rooms hotel of 3-plus standard situated on a prime site at Pointe Jerome, Mahebourg. Despite the relative strengthening of the Mauritian rupee against the major trading currencies, the hotel has achieved good operational results and occupancy rate in 2010. SCT is continuously investing in the enhancement of its product and as such looks up to even better results for the coming years. The southern region is well known for its preserved natural beauty and in line with developing a green-tourism concept, USE has created Les Lodges d Union Ltee, which owns and manages Les Lodges d Andrea and L Exil which are beautifully set up in the lush vegetation of the South. Services Through Uniconsults Ltd, the Group has established its presence in the IT sector and software solutions such as Sicorax Payroll, Sicorax Accounting and Sicorax Enterprise Relationship Management have become well known to the Mauritian business sector for their reliability and proven efficiency. The company also offers payroll outsourcing services to prestigious clients, a business activity line which is deemed to grow further. Giblot Ducray & Cie Limitee, a fully owned subsidiary is the management company of the group. It offers company secretariat, finance and accounting, project management and human resources services to companies in the Group. Investments The Groupe Union owns 1 500 hectares of lands and 2 000 m2 of office space at the Caudan Waterfront as well as industrial buildings in Souillac. DEM 2011 119

BALANCE SHEET (Rs 000) 31-Dec 2010 2009 2008 2007 ASSETS Non-currents assets 1,707,925 1,745,001 1,762,721 1,830,356 Current assets 183,314 208,106 234,394 294,866 Total assets 1,891,239 1,953,107 1,997,115 2,125,222 EQUITY AND LIABILITIES Capital and Reserves Equity holders interests 840,887 1,035,401 987,781 1,019,515 Non-controlling interests 48,559 45,486 60,977 55,182 Non-current liabilities 672,468 435,407 512,495 554,355 Current liabilities 329,325 436,813 435,862 496,170 TOTAL EQUITY AND LIABILITIES 1,891,239 1,953,107 1,997,115 2,125,222 INCOME STATEMENT (Rs 000) 31-Dec 2010 2009 2008 2007 Turnover 548,512 601,233 602,241 577,935 Operating profit 6,856 55,109 77,334 80,212 Other income 8,839 6,972 6,511 9,665 15,695 62,081 83,845 89,877 Finance costs (56,731) (55,963) (87,248) (96,794) Share of result of associates (4,342) 272 11,408 6,128 (Loss)/profit before exceptional items (45,378) 6,390 8,005 (789) Exceptional items 36,241 6,926 8,342 267,132 (Loss)/profit before taxation (9,137) 13,316 16,347 266,343 Income tax (23,089) 3,164 (13,141) (2,472) (Loss)/profit after taxation (32,226) 16,480 3,206 263,871 Release form modernisation reserve 2,803 1,561 1,879 1,244 (Loss)/profit for the year (29,423) 18,041 5,085 265,115 Attributable to: Owners of the parent (37,878) 42,598 (3,210) 253,994 Non-controlling interests 8,455 (24,557) 8,295 11,121 STATISTICS Number of ordinary shares used in calculation (000) 18,900 18,900 18,900 18,900 (Loss)/earnings per share (Rs) (2.00) 2.25 (0.17) 13.44 Dividends per share - - - 0.53 Net asset value per share 44.49 54.78 52.26 53.94 120 DEM 2011

United Investments Limited SEM Code : UTIN.I0000 Classification : Investment Registered Office : Bowen Square, Dr Ferrière Street, Port Louis Board of Directors : Arnaud LAGESSE - Chairman Brett CHILDS Roger KOENIG Arnauld LECLEZIO Lilladhur GUNNESS Didier MERVEN Swadicq NUTHAY Michel Guy RIVALLAND Chief Executive Officer : Michel Guy RIVALLAND Company Secretary : FWM Secretarial Services Limited, Bowen Square, Dr Ferrière Street, Port Louis Principal Activities : Investment holding DEM 2011 121

BALANCE SHEET (Rs 000) 30-Jun 2011 2010 2009 ASSETS Non-current assets Property, plant and equipment 524,818 - - Intangible assets 791,962 - - Investment in subsidiaries - - - Investments in associate 271,668 10,000 - Investment in joint ventures 54,173 - - Available-for-sale investments 193,069 110,768 77,245 Loans - - 4,131 Net investment in finance leases 946,641 - - Other non-current financial assets 297 - - Deferred tax assets 3,999 - - 2,786,627 120,768 81,376 Current assets Financial assets at fair value through profit or loss 2,395 15,915 4,600 Net investment in finance leases 423,811 - - Bank and other deposits 140,000 - - Inventories 301,242 - - Trade and other receivables 385,146 12,854 1,401 Loans - - 4,131 Income tax receivable 2,034 - - Prepayments 10,137 35 - Cash and short-term deposits 295,449 14,275 36,036 1,560,214 43,079 46,168 Total assets 4,346,841 163,847 127,544 EQUITY AND LIABILITIES Capital and reserves Share capital 125,796 20,684 20,684 Share premium 724,621 68,720 68,720 Fair value reserve 74,513 33,495 - Other reserves 5,031 - - Retained earnings 92,353 28,658 24,492 Equity attributable to equity holders of the parent 1,022,314 151,557 113,896 Non-controlling-interests 131,635 - - 1,153,949 151,557 113,896 LIABILITIES Non-current liabilities Interest-bearing loans and borrowings 494,743 - - Clients deposits 857,916 - - Deferred revenue 1,244 - - Employee benefit liabilities 5,886 - - Deferred tax liabilities 8,485 - - 1,368,274 - - Current liabilities Trade and other payables 666,123 11,566 12,928 Interest-bearing loans and borrowings 330,203 4 - Clients deposits 824,698 - - Derivative financial instruments 280 - - Income tax payable 3,314 - - Dividends proposed - 720 720 1,824,618 12,290 13,648 Total liabilites 3,192,892 12,290 13,648 TOTAL EQUITY AND LIABILITY 4,346,841 163,847 127,544 122 DEM 2011

INCOME STATEMENT (Rs 000) 30-Jun 2011 2010 2009 Revenue 1,912,617 - - Cost of sales (1,513,138) - - Selling and distribution expenses (12,763) - - Administrative expenses (343,463) (1,578) (1,486) Operating profit/(loss) 43,253 (1,578) (1,486) Profit/(loss) on disposal of financial assets at fair value through profit or loss 1,338 525 478 Dividend income 44,583 230 160 Change in fair value of financial assets at fair value through profit or loss (3,502) 3,660 - Finance income 9,205 1,414 1,127 Finance cost (66,711) (85) (625) Other expenses (2,922) - - Share of results of associates 54,193 - - Share of profit of joint ventures 4,317 - - Profit/(loss) before tax 83,754 4,166 (346) Income tax (expense)/credit (11,970) - - Profit/(loss) for the year 71,784 4,166 (346) Other comprehensive income: Net gain on fair value of available-for-sale financial assets 41,079 33,495 (30,715) Exchange differences (81) - - Total other comprehensive income for the year 40,998 33,495 (30,715) Total comprehensive income for the year, net of tax 112,782 37,661 (31,061) STATISTICS Number of ordinary shares used in calculation 125,769 20,684 20,636 Earnings/(loss) per share 0.58 0.20 (0.02) Dividends per share (Rs) - - - Net asset value per share (Rs) 9.18 7.33 5.52 DEM 2011 123

Vital Water Bottling Co Ltd SEM Code : VTAL.I0000 Classification : Industry Registered Office : 6, Sir William Newton Street, Port Louis Board of Directors : Messrs. Bashirally A Currimjee - Chairman Currimjee J Currimjee Fakhruddin J Currimjee Mustanshir A Currimjee Azim F Currimjee Raffi Currimjee Anil C Currimjee Ashraf M Currimjee Mazahir F E Adamjee Hassam Vayid Saliah M Sait Uday K Gujadhur Company Secretary : Currimjee Limited Principal Activities : Manufacturing and bottling of water SUMMARY INFORMATION Vital Water Bottling Co. Ltd ( VITAL ) was set up in 1992. Since its launch, Vital Water has dominated the domestic market. VITAL has actively sought excellence in quality and is the only company in Mauritius to have won the Mauritius National Quality Award (NQA) twice. It was the first company in Mauritius to be certified to the HACCP Food Safety Standard and is the first bottler in Mauritius to be certified ISO 22000, a distinction it received from the MSB in November 2008. Always innovative, VITAL has the largest range of packages in Mauritius, with bottles ranging from 0.5 Litre to 5 Litres. And through its Vital Fontaines service, offices and houses receive aesthetically designed Water Coolers with the latest technology and Vital Water delivered to their premises. Vital Fontaines has recently been appointed distributor for Lavazza coffee in Mauritius. recognized throughout the world as the symbol of Italian Expresso. Lavazza is 124 DEM 2011

STATEMENT OF FINANCIAL POSITION (Rs) 31-Dec 2010 2009 2008 2007 ASSETS Non-current assets Property, plant and equipment 156,544,416 83,624,693 80,397,196 59,063,778 Investments in associate 702,844 1,514,378 157,247,260 85,139,071 80,397,196 59,063,778 Current assets Inventories 25,980,054 14,987,659 15,177,293 13,070,178 Trade and other receivables 64,522,211 48,690,306 39,973,919 23,238,787 Cash in hand and at bank 6,186,539 2,245,982 2,193,664 519,071 96,688,804 65,923,947 57,344,876 36,828,036 Total assets 253,936,064 151,063,018 137,742,072 95,891,814 EQUITY AND LIABILITIES Capital and Reserves Stated capital 21,961,080 21,961,080 21,961,080 21,961,080 Revaluation Reserve 1,377,748 2,877,748 Retained earnings 17,421,762 11,075,114 9,533,549 6,400,551 Total equity 40,760,590 35,913,942 31,494,629 28,361,631 Non-current liabilities Loans 16,400,000-437,063 2,884,648 Retirement benefit obligations 8,913,550 5,470,800 3,451,100 3,052,980 Deferred tax 8,056,689 5,360,277 3,715,608 2,609,241 Obligation under finance leases 39,097,840 16,972,631 13,947,659 3,093,874 72,468,079 27,803,708 21,551,430 11,640,743 Current liabilities Loans 20,273,946 11,830,432 17,299,959 3,732,849 Obligation under finance leases 11,427,092 5,070,452 3,589,385 1,206,014 Taxation 384,317 939,655 853,822 2,793,897 Trade and other payables 67,210,454 43,792,671 49,000,615 31,660,706 Bank overdrafts (secured) 41,411,586 25,712,158 13,952,232 16,495,974 140,707,395 87,345,369 84,696,013 55,889,440 Total liabilities 213,175,474 115,149,076 106,247,443 67,530,183 TOTAL EQUITY AND LIABILITIES 253,936,064 151,063,018 137,742,072 95,891,814 STATEMENT OF COMPREHENSIVE INCOME (Rs) 31-Dec 2010 2009 2008 2007 Revenue 187,453,127 155,094,908 148,975,428 150,785,106 Cost of sales (109,095,261) (97,270,648) (91,640,114) (93,758,029) Gross Profit 78,357,866 57,824,260 57,335,314 57,027,077 Administrative expenses (24,658,234) (20,411,230) (20,852,571) (18,111,122) Selling expenses (9,774,666) (5,380,102) (8,340,778) (7,080,521) Distribution expenses (23,488,055) (18,727,769) (15,403,008) (13,342,592) Other income 3,151,514 2,655,553 3,836,373 2,937,053 Finance costs (5,405,644) (5,103,602) (3,142,468) (4,280,096) 18,182,781 10,857,110 13,432,862 17,149,799 Share of (loss)/profit of associate (811,534) (153,963) - - Profit before taxation 17,371,247 10,703,147 13,432,862 16,836,819 Taxation (3,740,167) (2,797,949) (1,515,432) (2,839,802) Profit for the year 13,631,080 7,905,198 11,917,430 13,997,017 STATISTICS Number of ordinary shares used in calculation 2,196,108 2,196,108 2,196,108 2,196,108 Earnings per share (Rs) 6.21 3.60 5.43 6.37 Dividends per share (Rs) 4.00 3.00 4.00 3.00 Net asset value per share (Rs) 18.56 16.35 14.34 12.91 DEM 2011 125