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ANALYSIS OF INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
AT 31 DECEMBER
| * | Represents amounts less than R1 million. |
| ** | Disposed of during 2010. |
| *** | These joint ventures have been consolidated as subsidiaries from 5 June 2009. |
| **** | These associates are equity-accounted. |
These associate companies are all property-related companies. There are no regulatory constraints, apart from the provisions of the Companies Act, 1973, that restrict the distribution of funds to the shareholders. Distribution of funds may, however, be restricted by loan agreements that the entities have entered into.