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TO : Myburgh Commission DATED : 6 January 2004 SUPPLEMENTARY REPORT FROM COLLETT AND ADAM 1. NETAINMENT – VALUATIONS 1.1 In our report dated June 2003, paragraph 11.21.2, we incorrectly noted that the NASDAQ only peaked in October 2000. That is incorrect. As shown on Attachments “AA” & “AB” hereto, both the AIM and NASDAQ stock market indexes peaked in around February/March 2000, and were already substantially down from that peak in August/September 2000. 1.2 However, what these graphs do reflect is that the Corpcapitalvalues for Netainment clearly contradicted the trend in the NASDAQ and AIM market indexes. These stock market indexes primarily reflect the average stock prices for listed IT and related companies. Some On-Line Casino’s were also listed in these exchanges. The stock market indexes also reflect the market’s assessment of future economic prospects of its participants, and the economy in general. The NASDAQ and AIM indexes reflected a somewhat cautious and relatively negative view on the future economic prospects from around March/April 2000 until September 2002. Corpcapital, however, had a rather more optimistic approach, as reflected in their valuations. 1.3 The yellow-bar on the graphs reflects those values if Netainment’s-values would have followed the NASDAQ and AIM indexes, and using the September 2000 valuation as a base. 1.4 In our opinion the above stock market indexes are by no means the principle indicators by which Corpcapital’s values for Netainment should be judged. Netainment was not listed. D:\81918120.doc 1 The attached graphs merely illustrate the differences between Corpcapital’s and/or market’s expectation/mood insofar as any market trends or indexes may have played a role in determining the values for Netainment. _____________________________ BASHIER ADAM for SAB & T _____________________________ D E COLLETT for Collett & Collett Ass. (Pty) Ltd D:\81918120.doc 2