independent auditors' report

To the members of New Clicks Holdings Limited

We have audited the annual financial statements and group annual financial statements of New Clicks Holdings Limited and its subsidiaries as at 31 August 2006 and for the year then ended. These annual financial statements are the responsibility of the company’s directors. Our responsibility is to express an opinion on these financial statements, based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and group financial statements present fairly, in all material respects, the financial position of the company and of the group at 31 August 2006 and the results of their operations and cash flows for the year then ended, in accordance with International Financial Reporting Standards, and in the manner required by the Companies Act of South Africa.

Registered Auditor

Per P Farrand
Chartered Accountant (SA) 
Registered Auditor 

4 December 2006

KPMG Cape Town
1 Mediterranean Street, Foreshore 
Cape Town