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Report of the independent auditor to the shareholders of Imperial Holdings Limited on the abridged consolidated annual financial statements

The accompanying abridged consolidated annual financial statements set out on pages 90 to 122, which comprise the consolidated statement of financial position as at 30 June 2012, the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and related notes, are derived from the audited consolidated annual financial statements of Imperial Holdings Limited for the year ended 30 June 2012. We expressed an unmodified audit opinion on those consolidated annual financial statements in our report dated 21 August 2012. Those consolidated annual financial statements, and the abridged annual financial statements, do not reflect the effects of events that occurred subsequent to the date of our report on those financial statements.

The abridged consolidated annual financial statements do not contain all the disclosures required by International Financial Reporting Standards (IFRS). Reading the abridged consolidated annual financial statements; therefore, is not a substitute for reading the audited consolidated annual financial statements of Imperial Holdings Limited.

Directors’ responsibility for the abridged consolidated annual financial statements

The directors are responsible for the preparation of the abridged consolidated annual financial statements in accordance with the framework concepts and the measurement and recognition requirements of IFRS, the AC 500 standards as issued by the Accounting Practices Board, the information as required by International Accounting Standard (IAS) 34 – Interim Financial Reporting and the requirements of the Companies Act of South Africa, 2008.

Auditor’s responsibility

Our responsibility is to express an opinion on the abridged consolidated annual financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 – Engagements to Report on Summary Financial Statements.

Opinion

In our opinion, the abridged consolidated annual financial statements derived from the audited annual financial statements of Imperial Holdings Limited for the year ended 30 June 2012 are consistent, in all material respects, with those financial statements, in accordance with the framework concepts and the measurement and recognition requirements of IFRS, the AC 500 standards as issued by the Accounting Practices Board, the information as required by IAS 34 Interim Financial Reporting and the requirements of the Companies Act of South Africa, 2008.

Other reports required by the Companies Act

As part of our audit of the financial statements for the year ended 30 June 2012, we have read the directors’ report, the audit committee report and the remuneration report for the purpose of identifying whether there are material inconsistencies between those reports and the audited annual financial statements.

These reports are the responsibility of the respective preparers. Based on reading these reports we have not identified material inconsistencies between these reports and the audited annual financial statements. However, we have not audited these reports and accordingly do not express an opinion on these reports.

Deloitte & Touche
Registered Auditors
Per MJ Comber
Partner

21 August 2012

Buildings 1 and 2, Deloitte Place
The Woodlands Office Park Woodlands Drive
Sandton

National Executive: LL Bam (Chief Executive), AE Swiegers (Chief Operating Officer), GM Pinnock (Audit), DL Kennedy (Risk Advisory), NB Kader (Tax), L Geeringh (Consulting & Clients & Industries), JK Mazzocco (Talent & Transformation), CR Beukman (Finance), M Jordan (Strategy), S Gwala (Special Projects), TJ Brown (Chairman of the Board), MJ Comber (Deputy Chairman of the Board)

A full list of partners and directors is available on request.

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