| SEGMENTAL
REVIEW |
| PRIVATE
EQUITY (CONTINUED) |
| |
|
Private equity
– allocation of capital invested
at 31 March 2006 |
 |
| |
| Prospects |
| Earnings from Private Equity have consistently
increased over the past three years and in aggregate have delivered
US$90 million of operational profits. The macro-economic prospects
for private equity internationally, and particularly in South
Africa are as good as they have ever been in the last 15 years. |
| |
| Importantly, Brait now has in place all the essential
tools, which it believes should ensure that it capitalises on
the opportunities prevalent in this market. These include: |
| • |
a uniquely experienced and capable team; |
| • |
the potential to deliver significant further value in
Brait III; |
| • |
substantial new capital and future prospects from Brait
IV; and |
| • |
new low cost capital to expand Brait's proprietary investment
growth. |
|
| |
| If the macro-economic conditions prevail, Brait
Private Equity is confident that it will continue to grow its
assets and earnings and exceed its ROE targets. |
| |
| Braits effective investment
in underlying porfolio companies |
| |
| Brait’s effective look-through investment into underlying portfolio
companies at 31 March 2005 and at 31 March 2006 is detailed in the
charts below: |
| |
| |
| 31 March 2005 US$71 million |
 |
| |
| |
| 31 March 2006 US$86 million |
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