Listed investments available-for-sale include interest-bearing listed government bonds which amount to R81 million (2012: R80 million), with coupon interest rates of between 8,8% to 13,5% (2012: 8,8% to 13,5%) which mature in one to two years (2012: two to three years). These investments may be realised prior to their maturity dates.

Listed investments held-for-trading include interest-bearing listed government bonds which amount to R47 million (2012: R43 million), with coupon interest rates of between 6,8% and 8,0% (2012: 8,3%) which mature in four to eight years (2012: five years). These investments may be realised prior to their maturity dates.

Included in categories, factors that are not based on observable market data, and unlisted investment held-for-trading, is the Group’s effective beneficial interest in the Indian-based Mumbai International Airport Private Limited. The carrying value of this investment based on the directors’ valuation at June 30 2013 is R578 million (2012: R490 million). The directors used a discounted cash flow method to value this investment. The anticipated cashflows were discounted at a rate of 15,1% (2012: 15,8%) derived from a nominal risk free rate of 7,6% (2012: 8,3%); an equity premium risk rate of 4,5% (2012: 4,5%); sovereign risk rate of 1,5% (2012:1,5%); and a project risk premium of 1,5% (2012: 1,5%).

A register of investments is available for inspection by shareholders at the registered office of the company.