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Notes to the consolidated financial statements for the year ended 30 June 2009

Notes 1. ACCOUNTING POLICIES 2. PROPERTY, PLANT AND EQUIPMENT 3. INVESTMENT PROPERTIES 4. INTANGIBLE ASSETS 5. INVESTMENTS 6. INVENTORIES 7. TRADE AND OTHER RECEIVABLES 8. SHARE CAPITAL 9. SHARE PREMIUM 10. TREASURY SHARES  11. OTHER RESERVES  12. LONG-TERM BORROWINGS 13. DEFERRED TAXATION 14. LONG-TERM PROVISIONS 15. TRADE AND OTHER PAYABLES  16. SHORT-TERM PROVISIONS  17. SHORT-TERM BORROWINGS AND OVERDRAFTS 18. REVENUE  19. FINANCE COSTS  20. PROFIT BEFORE TAXATION AND STATE'S SHARE OF PROFITS 21. TAXATION AND STATE'S SHARE OF PROFITS 22. EARNINGS AND HEADLINE EARNINGS PER SHARE 23. DIVIDENDS  24. NOTES TO THE CASH FLOW STATEMENT  25. FINANCIAL RISK MANAGEMENT 26. CAPITAL MANAGEMENT 27. COMMITMENTS/option> 28. CONTINGENT LIABILITIES 29. INVESTMENT IN JOINT-VENTURE ENTITY 30. SEGMENTAL INFORMATION 31. RELATED PARTY TRANSACTIONS 32. RETIREMENT BENEFIT INFORMATION 33. COMPARATIVE INFORMATION

2009     2008           R’000     R’000   17.   SHORT-TERM BORROWINGS AND OVERDRAFTS                 Preference shares                 Altogether 220 redeemable cumulative variable rate preference shares issued to                 SBSA on 15 September 2008, which are required to be redeemed in tranches                 of at least R500 million annually, commencing on the last day of February in 2010.                 At 30 June 2009,77 shares have been redeemed in the amount of R752 million,                 in terms of the authority granted by shareholders in a general meeting on                 3 February 2009.The shares have a par value of 1 cent each, and include a                 premium of R9 999 999,99 each.The preference dividends accrue at a rate                 linked to the prime lending rate applied by SBSA      1 430 000     –      Share warehousing facility                 In 2008, SBSA entered into an agreement with Old Mutual to purchase                 2 931 653 Assore shares (“the warehoused shares”) from Old Mutual at                 R760 per Assore share for an aggregate consideration of approximately                 R2 228,1 million. SBSA further entered into an agreement with Assore in                 terms of which SBSA would warehouse the warehoused shares on Assore’s                   behalf until such time as that Assore was able to obtain the requisite shareholder                 approval to repurchase the warehoused shares from SBSA at R760 per                 Assore share for an aggregate consideration of R2 228,1 million, being equal                 to the amount paid by SBSA to Old Mutual for the warehoused shares      –     2 228 056      Current portion of long-term borrowings (refer to note 12)      7 403     5 330      Overdrafts (unsecured)      186 440     388 103           1 623 843     2 621 489     Overdrafts and short-term borrowings are repayable on demand and interest rates are linked to the prime overdraft rate.