Barnard Jacobs Mellet UK Ltd (“BJMUK”) BJMUK is authorized and regulated by the Financial Services Authority, a member of the LSE and also a wholly owned subsidiary. The core business of BJMUK comprises South African research sales and sales-trading to UK, European and US institutional investors with meaningful revenue also generated from trading in European and Australian equities.

The directors are very pleased to report that significant gains have been made in executing strategy in this market, translating into revenue and profit growth. The BJMUK office relocated to new premises in the City of London at the beginning of 2007. At the same time the opportunity was taken to upgrade the entire IT and trading infrastructure.

BJMUK is well placed to continue broadening the Group's client base in the exciting UK/European market.