> 2004 Report of the Chairman and President

Dear Members,

2004, the tenth year of operation for the Chamber, has been an exciting year in terms of programming, awareness building and revenue generation. We look forward to continuing to build on our successes in 2005.

Main Highlights
The key to our success is always our events. A focus on value added content, top-notch speakers, and professional execution led to the Chamber receiving laudatory praise for its events, including:

• Indaba 2004 in September, featuring Derek Cooper, Chairman of Standard Bank Group, attracted 200 participants to a professionally presented program that drew widespread praise and attention for the Chamber in the business community. The Chamber and corporate member, The Immersion Lab, hosted a private Directors Luncheon with Mr. Cooper. The Chamber coordinated a series of meetings for Mr. Cooper in Toronto, one of which led to the completion of a major transaction. The Chamber also co-coordinated two special and highly successful events with Mr. Cooper and two Chamber Grand Sponsors
• A business roundtable with Goodmans and former Bank of Canada Governor, John Crow
• A private dinner with Fasken Martineau
• The Chamber Golf Tournament was held at Glen Eagles Country Club on June 3 and was enjoyed by all
• In May at our “Meet the Board” wine tasting the new South African High Commissioner to Canada, Her Excellency Theresa Solomon, was introduced to our members and guests
• The Chamber’s Annual Mining Breakfast 2004 in March attracted 203 participants to hear keynote speaker, SouthernEra CEO Patrick Evans.
• In March the Chamber hosted an investment seminar by Mr. Piet Smith, CEO of Invest North West (of South Africa’s North West Province).
• In November 2003 the Chamber held a networking reception for a visiting business delegation in association with the South African State Visit to Canada. We also put on a workshop on Business Opportunities for Canadian mining equipment suppliers in South Africa.
• Michael Graham was the keynote speaker at the Chamber’s January meeting speaking on Investment Strategies for 2004.
• Chamber members Bhekuzulu Khumalo and Selwyn Kossuth both had books published in 2004. Bhekuzulu’s book is entitled “The Fundamental Theory of Knowledge” and Selwyn’s “Deep Finesse”.

Revenue Generation
Indaba is the primary revenue generator for the Chamber which allows it to continue to operate. The two main revenue generating events are the Indaba and the Mining Breakfast. Most other events are breakeven to allow us to continue to provide value to the membership while keeping membership and event fees reasonable.

Expanding the Scope and Influence of the Chamber and Strategic Alliances
The Chamber has also improved its position of influence and recognition in the last year. This was done with a variety of Canada – Southern African business stakeholders, through participation in a variety of forums and meetings, including: • Formed formal alliances with the South African Business Clubs of United Kingdom and USA • Discussions with Georgian College (now members) for their strategy in South Africa • Areas of collaboration between the Chamber and Canadian Institute of Mining who joined the Chamber • Met with the Canadian Council on Africa to explore areas of collaboration • Discussions with the Kenyan Business Association to establish closer links • Continued relationship development with the Nigerian Chamber of Business

Membership and Corporate Sponsorship
Most corporate sponsors are obtained as a result of Indaba. Corporate membership and revenues are the highest they have ever been and our list of Corporate and Grand Sponsors is impressive. Current membership is approximately 80. Of this 37 are corporate members ($500, $1,000 or $2,500 level) and 43 are individual ($150) members. In terms of absolute numbers our actual membership is considerably higher given that all of our corporate members have multiple representatives by virtue of their corporate membership.

Management and Administration
Processes have now been introduced and the administration is functioning well.

Special Thanks
A number of Board Directors, general members and volunteers contributed greatly to the Chamber during 2004. Wayne Floreani particularly warrants special mention for his tireless efforts – we are going to miss him sorely indeed as a board member but look forward to continuing to work closely with him. Wayne has for years been the backbone of the Chamber and its most reliable member. Our most supportive volunteer this year was Sarah Storm of the Nelson Mandela Children’s Fund and although nearly never seen, Kirsten Kazierski, who always makes sure everything at Goodmans is ready for the Chamber’s guests.

As they have always done, there has been the ongoing and invaluable support of the South African Consulate in Toronto and the High Commission in Ottawa.

Thank you all.

Bruce Shapiro
Chairman and President

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