This certificate certifies that Marcel Joubert has satisfied the examiners of The Institute of Administration and Commerce of Southern Africa in several business-related subjects, including Economics, Company Law, Management, Business Law, Business Communication, Business Practice, Cost & Management Accounting, and Financial Accounting. Joubert received distinctions in Business Practice, Cost & Management Accounting 1, and Financial Accounting 1. The certificate was issued in October 1995 and is valid until October 2001.