> PRESIDENT'S MESSAGE

Dear Members,

Thanks to our members, their guests, our board and our grand sponsors, 2002 was a marvellous success for the Chamber and a success that I derived great pleasure and personal satisfaction from. Together we created a momentum that resulted in a doubling of our membership base and the elimination of all red ink.

I worked closely with many board members and volunteers who devoted themselves to the advancement of the Chamber's goals, and not only helped us meet these goals but far surpass them, and for that I sincerely thank them. Collectively we were able to put the Chamber on a more solid footing. Every event was highly professional, well attended, and enjoyed by most.

Last year's events encompassed many different areas and interests. We held everything from a breakfast gathering at the PDAC (Prospectors and Developers Association of Canada) to our third annual golf day at the Glen Eagles Golf and country club in Bolton. There were opportunities for everyone to take advantage of, whether you wanted to refine your mining connections or perfect your golf swing the Chamber was there.

And let's not forget about the wine, one of South Africa's most enjoyable exports. Incorporating wine with any event usually ensures the success of the event. We shall be testing that hypothesis again tonight! Last year we joined forces with the South African Wine Society to hold their 9th Annual Summer Braai (for the Canadians the translation is BBQ). It was the perfect opportunity to socialize and relax while meeting new people, tasting excellent wines, eating "wors and pap" (don't worry about the translation) and Mario's magnificent lamb and generally just enjoying each other's company. Tonight, Eleanor Cosman, the president of the South African Wine Society, will be conducting the wine tasting. Thank you Eleanor and we hope to join forces for your 10th Annual Braai this summer.

The Chamber hosted several other events that directly contributed to meeting our goals and objectives, such as our breakfast meeting with Ambassador Fowler. This extremely high profile meeting was an excellent opportunity for Chamber members and representatives to voice their views directly to Ambassador Fowler, the Prime Minister's personal representative and sherper for the G8 Summit at Kananaskis last summer, prior the Summit. Other events of this nature were a breakfast with the theme "Accessing Funding for Doing Business in South Africa" which was attended by about 55 people. Following the breakfast there were 15 "one on one" meetings with representatives of CIDA (Canadian International Investment Agency). We also held a networking reception for the Gordon Institute of Business Science's (University of Pretoria, South Africa) Executive Management Global Business program participants. This event was hosted by De Beers, was a resounding success and was attended by about 110 people.

Unquestionably the highlight of last year's events was our first gala "Indaba 2002" at which Nicky Oppenheimer, the Chairman of De Beers, was the keynote speaker. It was a great success in every way and was very well attended by a variety of senior business people, professionals and associates. After his speech, Mr. Oppenheimer very graciously gave the Chamber a diamond (one of the first mined by them in Canada) to raise funds for a charity in South or Southern Africa. At first I thought he had given the diamond to me, but alas, not. This is a wonderful opportunity for the Chamber and we are currently working with the Mandela Children's Fund in Canada to create a raffle for the diamond, the proceeds of which will benefit one of their projects in South Africa. We hope to have details soon. If at all possible it is our intention to draw the very lucky winner at "Indaba 2003" and hand the cheque over at the event.

The Chamber had created a new membership category "Grand Sponsor" and as a direct result of "Indaba 2003" the following organization joined that category:

• De Beers Canada Limited
• Delloite
• Fasken Martineau
• Goodmans
• Rothschild Bank
• SNC-Lavalin
• South African High Commission
• South African Consul (Trade)

We are honoured to have such prestigious corporations and organizations as supporters of the Chamber and we are sure that we will bring them value through their sponsorship.

After "Indaba 2002" it was obvious that the Chamber had moved to a new level and achieved some critical mass. The question was how to capitalize on that. A strategy committee was struck with the purpose of determining "the way forward" for the Chamber. After several meetings and discussions the committee concluded that in order to capitalize on the momentum the Chamber needed to have more than just a volunteer looking after its affairs. A call for proposals was made to our members and one proposal from my company A.P.O.C. Inc., was received.

Breaking new ground is never easy and the negotiations lasted until 5 pm yesterday when they were successfully concluded. I must say it was interesting (if not a little nerve racking at times - for both sides) and I am delighted to say that this will be my last AGM as chair. A.P.O.C. Inc. has contracted with the Chamber to provide my services as President. In that capacity I look forward to taking the Chamber to new heights and to continually adding value to our members. My sincere thanks to the strategy committee for their confidence, patience and especially for undertaking such a time consuming (but critically important) task. Wayne Floreani was chair of that committee and I certainly do not envy him. I must thank Wayne for his unshakeable professionalism at all times.

In our continuing effort to expand the networking opportunities for our members, we have concluded special reciprocal partnership arrangements with the Italian Chamber of Commerce and with the North York Chamber. Our members can attend most of their events at member's rates and visa versa. If we find that these initiatives are popular we will look to expand them. They certainly allow our members to network in a wider circle and I hope that you will take advantage of these opportunities as they arise.

Other good news is that Anthony Burroughs, our 2002 intern from Humber College and our employee for some months, now has a full time job with De Beers in their communications department. Anthony's job offer was as a direct result of his time with the Chamber and we are delighted and wish him the best of luck. Anthony's success attracted Lynn Hennigar as this year's intern and we look forward firstly to great things from her and then, great things for her.

One can never be certain of the future and that is particularly true today with the geopolitical ferment in which we find ourselves. However, all things being equal, 2003 is shaping up to be a potentially great year for the Chamber. Tonight is our second event of the year, the first being a member's only breakfast for the CEO and the General Secretary of the South African BANKSETA (Sector Education and Training Authority for the banking industry) which was very focused and successful.

Upcoming events include a breakfast meeting on February 12th with Peter Sacks, the managing director of Toron Capital Markets a financial asset and risk management company. Before founding Toron, Peter held senior executive positions with some of Canada's leading financial institutions. I have been friendly with Peter almost all of his life and can vouch for the advice he gives to and the strategies he devises for his clients. Peter will be talking about investment strategies for 2003 and might even recommend some stocks that he is putting into his client's portfolios. We hope to see you there.

Our next event, on March 10th, will be our third annual PDAC breakfast. This event attracts guests from all over the world. South Africa's Minister of Minerals and Energy will be our guest of honour this year and Ian Cockerill, president and CEO of Goldfields, (one of the world's largest producers of precious metals) our keynote speaker. This is shaping up to be quite an event. A.P.O.C. Inc. has arranged an investment seminar to take place after the breakfast which will give the South African participants the opportunity to showcase their investment opportunities to the Canadian investment community and financial media.

Subject to final confirmation, our keynote speaker for "Indaba 2003" will be Cyril Ramaphosa. This is another accolade for the Chamber as Mr. Ramaphosa is one of South Africa's most respected citizens. Mr. Ramaphosa left a stellar career in politics to go into business and has made his mark as one of South Africa's best in business as well. We are honoured that he has agreed to be at "Indaba 2003". Details will follow when they are finalized.

The golf day for this year is set for September 10th and we are hoping that Alan McLean, the professional who joined us last year, will do so again. All of the golfers had fun with Alan playing one hole with most four balls. Some, like me, were taken aback after hitting what they thought was a good drive only to be out driven by Alan by sixty yards or more!

Please keep visiting our web site at www.canadasaChamber.com for updates on events and other opportunities.

No report would be complete without mention of the tremendous and continuous support that we have received from the South African High Commissioner and his staff and The South African Consul (Trade) and their staff. We look forward to working with you again this year.

When I look back at the Chamber's activities and achievements over the two years that I have been Chairman, the word opportunity jumps out at me. Last year especially was ground breaking in the opportunities that we, as a Chamber, created for ourselves and for our members. I feel that this will only push us harder to ensure that this year not only follows suit, but surpasses our goals and expectations.

As President, I eagerly look forward to working with our members, my old colleagues, our new board members and the soon to be elected executive committee and trust that 2003 will be a banner year for us all.

Thank you.

Bruce Shapiro
Chairman

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