ANALYSIS OF INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
FOR THE YEAR ENDED 31 DECEMBER

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These associate companies are all property-related companies. There are 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.

*	Represents amounts less than R1 million.
+	These joint ventures have been consolidated as subsidiaries from 5 June 2009. Refer to note 37.