Amendment #4 Page 367 of 868 1:011.7 coM•rt• The ultimate reatization of deferred tax assets 6 dependent upon the generation of futire taxable Income owing the periods in which those temporary differences become ceductole Management considers tre scheduled reversal of deferred taxliablit es (nerving tne impact of available carryback and carryforward periods) protected future taxable inc:ome and tax planning strategies in making this assessment Based upon the level of historical taxable income and protections for futise taxable income over the periods in which the deferred lax assets are cleduable, management believes it is more likeir than rot that the Company rxl realize the benefits of these deductible offerences and carryforwards and no valuation ariowarce was considered necessary by management as of 31 Mardi 2015 and 31 Cecernter 2014 The estimated tax losses available la set on against lutue taxable income is 543 7M as of 31 March 2015 (31 December 2014 532.3M). these lasses will not expre believe trot it is more likely men not based on our protections of rutin, taxable income that we will generate sufficient taxable income to reabze the tenefss of the deferred tax asset 6. Derivative financial Instrument—Swap In US dollar Field at fair value Nedbark of South Afnca Limited The Standard Bank of South Afrca Limited Derrvative financial lame/ The Company has entered into an Merest rate swap with Nedbank of South Afnca led to pay feted interest as follows Enceinte date 16 November 2012 When& annum at 31 March 2015 513600,054 The rate was fxed as fellows (i) For the period from anti including 31 December 2013 up to and exdudng 31 Decenter 2018. 7 20% (0) For the period from arc including 31 December 2018 L.pi to arc excluding 31 December 2025, 9 CO% The Company has entered ono an interest rate swap with Standard Eta* of South AInca Limited to pay frxed interest as ?Wawa Elfectwe date 16 November 2012 Notarial amount at 31 March 2015 526,204