crisis is undoubtedly one of the most extreme of modern times. Against this economic backdrop all business areas have come under pressure.

Despite difficult operating conditions, assets under management declined by only 6.7% from R134 billion at 30 September 2007 to R125 billion at 30 September 2008. The profit for the year is down 38% to R178 million (2007: R285 million). Headline earnings per share decreased by 34% to 52.9 cents (2007: 79.6 cents) and diluted headline earnings per share declined by 33% to 48.6 cents (2007: 72.7 cents).

During 2008 we initiated a further share buy-back programme which resulted in a total of 8 211 988 shares being bought back at a cost of R39.6 million. These shares were all cancelled. Together with additional shares issued during the year in terms of the exercise of 3 253 352 options granted to staff in December 2003, this resulted in a weighted average number of shares in issue for the financial year of 321 080 742 (2007: 348 893 885). Total shares in issue at 30 September 2008 were 315 774 163 (2007: 320 732 799).

While this is the first year since listing in 2003 that Coronation is reporting a decline in earnings, we continue to reward shareholders with generous distributions. The distribution policy has been maintained.

The final dividend for the 2008 financial year will be R95 million, equivalent to a cash dividend per share of 30 cents, making a total distribution of 46 cents per share for the 2008 financial year (2007: 67 cents per share). Inclusive of the amounts spent on share buy-backs, Coronation will be returning R186 million (share buy-back R40 million and cash distribution of R146 million) in 2008.