ACTUARIAL CONCLUSION

The actuary certified that the Fund was in a sound financial position as at 31 March 2006.

FUND MANAGEMENT

The management of the Fund is vested in a Board of Management, comprising an equal number of Employee and Employer representatives, with the Chairman being appointed from either side on a two year rotational basis.

The Employers are represented by the Steel & Engineering Industries Federation of South Africa (SEIFSA) , whilst the Employees are represented by the following Trade Unions:-

• National Union of Metal Workers of South Africa (NUMSA)
• Solidarity
• Metal & Electrical Workers’ Union of South Africa (MEWUSA)
• United Association of South Africa (UASA)
• South African Equity Worker’s Association (SAEWA)

The Fund is administered by: Metal Industries Benefit Funds Administrators (MIBFA)

The Chairman: Mr. Z F Mjalo

Vice Chairman: Mr. O Goldstuck

The Fund's Auditors: Ernest & Young and Xabiso

The Fund's offices: Metal Industries House, 42 Anderson Street, Johannesburg

Telephone Number: (011) 870-2000

Facsimile: (011) 870-2396

Principal Officer: Mr. O Gire

Website: www.mibfa.co.za