EMPOWERDEX A RATING

.

In 2004 Oceana appointed EmpowerDEX, an independent Black Economic Empowerment (BEE) rating agency, to perform a BEE audit to determine a Broad Based BEE rating for the Oceana Group. This audit was concluded during November 2004.

The indicators used by EmpowerDEX are in line with government’s Broad-based Black BEE Strategy and the Codes of Good Practice. The process included an audit of all current transformation initiatives within Oceana and a rating against criteria set independently.

Oceana was rated on its BEE ownership, control and management status; its contribution through employment equity, skills development, affirmative procurement, enterprise development and social development, as well as its operational capacity.

In a staff bulletin on 18 February 2005, Oceana CEO Andrew Marshall announced that Oceana achieved an overall “A” rating from Empowerdex.

The following table reflects Oceana’s ranking as a Good Broad Based Empowerment Contributor on the EmpowerDEX rating system.

Good Broad Based Empowerment Contributors

AA       85-100          

AA       75-85

A         65-75

Fair Broad Based Empowerment Contributors

BBB     55-65

BB       50-55

B         45-50

Unsatisfactory Broad Based Empowerment Contributors

C         35-45

D         25-35

E          15-25

FF         0-15

Oceana’s approach to transformation ensures the involvement of previously disadvantaged people in all aspects of the organization: as shareholders, employees, suppliers and customers.  The “A” rating reflects the extent of the Group’s commitment to transformation.