Alexander Forbes

December 2011
Manager WatchtM Survey OF retIreMent FunD InveStMent ManagerS
asset consultants FInancIaL ServIceS
Sip on a coconut whilst strolling down Copacabana Beach. Attend the opening ceremony of the Olympics. Order a beer in German at the Oktoberfest. Watch Celtic take on Rangers in Glasgow. Get a haircut in Harlem. Swim in Lake Titicaca. Ride an elephant. Surf in Hawaii. Stay in an ice hotel. Snorkel in the Seychelles. Touch the Great Wall of China. Travel to the end of the world. Flirt with an air hostess on Japan Airlines. Have a mojito in Hemingways Bar, Havana. Drive through the South of France on a Vespa.
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SectIOn 1 General Information Regulation 28 An objective look at Surveys SectIOn 2 Balanced Manager Watch Survey Balanced Manager Watch Survey Risk Analysis Balanced Manager Watch Survey Asset Allocation Balanced Manager Watch Survey Internal Composite Dispersions SectIOn 3 S.A. Equity Manager Watch Survey S.A. Equity Manager Watch Survey Internal Composite Dispersions S.A. Bond Manager Watch Survey S.A. Bond Manager Watch Survey Internal Composite Dispersions S.A. Money Market Manager Watch Survey S.A. Money Market Manager Watch Survey Internal Composite Dispersions Absolute Return Manager Watch Survey Absolute Return Manager Watch Survey Internal Composite Dispersions Targeted Development Investments Manager Watch Survey S.A. Fund-of-Hedge Funds Survey S.A. Property Manager Watch Survey Multi-Manager Watch (Specialist) Survey Multi-Manager Watch (Balanced) Survey SA Medical-Aid Manager Watch Survey SectIOn 4 Fees (Indicative Ranges) SectIOn 5 Glossary Directory of South African Asset Managers 72 75 70 35 43 45 49 51 53 54 57 59 61 62 63 65 68 15 23 31 32 1 8 11
SectIOn 1
general Information
Introduction The Manager Watch Survey of Retirement Fund Investment Managers is an annual survey that showcases the performance of institutional fund managers in South Africa and has been published since 1994. The Structure of the Retirement Fund Survey This edition includes thirteen surveys with 45 managers and over 320 funds, covering 4 balanced surveys, 8 specialist surveys, and the multi-manager survey. The criteria for participation in any of the surveys remains unchanged from 2010 where a fund size of R200 million as well as a 12-month track record, is prerequisite. The R200 million criteria is applicable to all funds in most survey categories except where it is specifically indicated that this criteria is excluded. Managers are encouraged to submit new entrants into the surveys promptly as we are cognisant of not allowing back-fill bias to skew our historic databases. All participants are, from time to time, expected to sign a document pertaining to participation rules for the Alexander Forbes Manager Watch surveys. The following surveys are included: SA Manager Watch & Global Manager Watch Balanced Mandates SA Equity Manager Watch SA Bond Manager Watch SA Money Market Manager Watch Absolute Return Manager Watch Targeted Development Investment Survey Fund of Hedge Fund Survey Multi Manager Watch Medical Aid Manager Watch S.A. Property Manager Watch Survey Each survey shows performance returns over different time periods as well as risk-adjusted performance over a three-year period in figures and an easy to use graphical format. The table overleaf reflects funds that entered or exited the Surveys over the past year, as well as any name changes.
ENTRIES
EXITS
PORTFOLIO NAME CHANGES
Mergers and Acqusitions
RMB Asset Management and Metropolitan Asset Managers merged effective 1 September 2011, renamed to Momentum Asset Management.
SA Manager Watch & Global Manager Watch IS Spectrum Local Metropolitan Managed Coronation Managed Portfolio 2 Metropolitan (Optimum Growth) Metropolitan Managed Symmetry CPIX + 5% Fund renamed to Symmetry Absolute Defensive Fund Advantage Diversified Cadiz Enhanced Index Electus GARP Portfolio Metropolitan Managed Equity OMIGSA Investment Research Small Cap Growth Stanlib Small Cap Equity TOROS Equity CAPI TOROS Equity Portfolio Cadiz Inflation Linked Bond Futuregrowth Passive ILB Metropolitan Managed Gilt Advantage Moderate Bond renamed to Momentum Moderate Bond Orthogonal Bond renamed to Vunani Active Bond Fund RMBAM Bond Portfolio renamed to Momentum AM Bond Fund RMBAM Inflation Linked Bond renamed to Momentum AM Inflation Linked Bond SIM Duration Bond Fund renamed to SIM Institutional Total Return Bond Fund Metropolitan Managed Money Market Prudential Money Market PSG Absolute RMBAM Cash Plus renamed to Momentum AM Cash Plus RMBAM Money Market renamed to Momentum AM Money Market Stanlib Cash Plus renamed to Stanlib Enhanced Yield Advantage Focussed renamed to Momentum Classic Equity RMBAM Equity Aggressive Active renamed to Momentum AM Aggressive Equity Fund RMBAM Equity Domestic Houseview renamed to Momentum AM Houseview Equity Fund RMBAM Global Balanced renamed to Momentum AM Global Balanced Fund RMB Optimiser renamed to Momentum Optimiser Fund RMBAM renamed to Momentum AM Domestic Balanced Fund
SA Best Investment View
Global Dynamic
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Global Best Investment View
general Information
SA Equity Manager Watch
Electus Growth Portfolio
Momentum Target Equity
OMIGSA Active Quant Equity
OMIGSA Double Alpha Top 40
OMIGSA Premium Equity
SIM Aggressive Equity
Sygnia Absolute Focus Equity
Sygnia Core Equity Fund
SA Bond Manager Watch
Prescient Inflation Linked Bond Fund
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Prudential Domestic Inflation + 7% SIM SRI Equity Alpha Opportunistic Blend of Funds FRAIM ZAR Market Neutral Fund Symmetry Medical Aid Portfolio
SA Money Market Manager Watch
Atlantic Cash Plus
Momentum (R5) Money Market
Nedgroup Investments Money Market Fund
RE:CM Money Market
Sygnia Money Market Metropolitan Absolute renamed to Momentum AM CPI + 5% Domestic Fund RMBAM Prominent Inflation renamed to Momentum AM CPI + 5% Global Fund Symmetry CPI + 5% renamed to Symmetry Absolute Defensive Fund Symmetry CPI + 7% renamed to Symmetry Absolute Balanced Fund
Absolute Return Manager Watch
Cadiz Inflation + 3%
Coronation Absolute CPI + 6% (moved from CPI + 7%)
Momentum Absolute Strategies
Momentum Capital Plus Fund (moved from CPI + 5% to CPI +3%)
Momentum Real Return Metropolitan African Wealth Creator renamed to Momentum AM African Wealth Creator Alpha Diversified Blend of Funds renamed to Alpha Cautious Hedge Fund
Targeted Development Investment Survey
Symmetry Social Impact Fund
Fund of Hedge Fund Survey
Blue Ink Equity Aggressive
Blue Ink Equity Conservative
Blue Ink Fixed Income Arbitrage
Blue Ink Market Neutral
Edge Iconic Absolute Return Fund FRAIM ZAR Diversified renamed to Momentum ZAR Diversified Fund
Edge Iconic Income Opportunities
Edge Iconic Matador Fund
Edge Iconic Matador Fund II
Edge Iconic Matador Institutional
Edge Iconic Multi-strategy Fund
Sygnia All Star Fund of Hedge Funds Metropolitan Medical Provider renamed Momentum AM Medical Provider Fund
Medical Aid Manager Watch
Cadiz Medical Aid Fund
S.A. Property Manager Watch Survey
OMIGSA Quoted Property
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general Information
We also give indicative fee ranges for the different mandates based on fee scales that asset managers submit. It is important to note that actual negotiated fees could be lower than published fees. A glossary of commonly used investment terms is included. Enhancements to the Retirement Fund Survey With the need for more qualitative information becoming evident, we have provided a new section on company details. This provides general company information as well as more details on key investment personnel and mandates. The inclusion of composite dispersion figures across all mandates and over longer periods also provides insights into managers composite construction. Proposed Survey Developments in 2012 2012 will see a new look range of Surveys. The inclusion of additional, mandate relevant information will enable readers to use surveys with more insight and allow for meaningful, albeit high level, differentiators between manager performances. Certain surveys will also see changes to the underlying categories in order to allow for more comparable risk measures to be included. Where this is not possible, rankings of risk numbers will not be included. The Africa Survey and Shariah Survey will be launched early in 2012, while some of the existing surveys will be mainstreamed into the traditional asset class surveys. Furthermore, our asset allocation surveys will be Regulation 28 cognisant in that the asset classes defined in Regulation 28 will be applied in both our requests for information to managers and in the subsequent survey produced. Finally, a revised set of rules will be made available to all participants for comment.
HISTORY OF ALEXANDER FORBES PERFORMANCE SURVEYS
Regulatory Changes in 2011 and 2012 Regulation 28 of the Pension Funds Act was amended and became effective 1 July 2011. The new regulation includes a preamble which introduces concepts such as: The Fiduciary duty of Trustees to act in the best interest of the fund; Responsible management of fund assets; The deployment of capital to earn adequate risk adjusted returns; The appropriateness of assets that are deemed suitable to the funds specific member profile, liquidity needs and liabilities; The consideration of factors that may affect sustainable long term performance, including environmental, social and governance (ESG) character factors; The promotion of the interests of the fund in a stable and transparent environment.
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Further details regarding the changes to Regulation 28 are summarised in a consultant note on page 8 of the Survey. In February 2012, it was announced that Dividend Withholding Tax (DWT) would come into effect from 1 April 2012, replacing Secondary Tax on Companies. DWT is a 15% tax levied on investors receiving dividends declared and paid by South African resident companies or foreign companies, listed on the JSE. It is the responsibility of the companies paying the dividends to withhold the tax and pay it to the South African Revenue Service (SARS) on behalf of the ultimate recipients. The primary change is that DWT is a tax levied on investors while STC (at 10%) is a tax levied on the company declaring the dividend thus the legal liability shifts to the investor. However, DWT will be paid on the investors behalf so the investor will, in most instances, not be aware of the change.
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general Information
Industry Developments in 2011 Growth in assets under management was flat during the six months from December 2010 to June 2011. Equity markets started to move into positive territory buoyed by strong performance in the industrial sector but offset, to a degree, by a lag in the resource sector. Bonds and cash produced an average 3% return for the 6 month period with inflation linked bonds presenting top returns of around 5%. Offshore returns were particularly strong in rand terms, barring Japan where the after-effects of the earthquake and tsunami were still being felt. Equity funds saw outflows while bond and property portfolios saw an increase in assets over the six month period to June 2011. A move away from SA only mandates was also apparent with growth in International assets showing a greater than reciprocal increase.
TOP 20 ASSET MANAGERS - RANKED BY TOTAL ASSETS UNDER MANAGEMENT AS AT 30 JUNE 2011 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Asset Manager Old Mutual Investment Group South Africa STANLIB Asset Management Sanlam Investment Management Investec Asset Management Allan Gray Limited Coronation Fund Managers Investment Solutions RMBAM ABSA Asset Management Prudential Portfolio Managers Futuregrowth Asset Management Prescient Investment Management Sanlam Multi-Manager International Metropolitan Asset Management Taquanta Asset Managers Cadiz Asset Management SYmmETRY Multi-Manager Advantage Asset Managers ABAX Investments Foord Asset Management Assets under Management (Rm) 458,197.79 338,184.50 332,398.28 304,867.99 300,533.88 239,622.93 167,554.03 131,800.60 113,772.00 98,136.41 87,166.73 85,803.11 79,919.73 55,959.22 53,824.33 41,323.48 41,056.91 40,306.95 39,008.50 35,563.84 gaining 10.6%, Stanlib gaining 9.6% and Coronation and RE:CM gaining 7.1% and 6.2% respectively. RMBAM, Prudential and Oasis were the large managers whose assets under management declined the most.
In the six month period to end of June 2011, JM Busha, Foord and Stanlib showed the fastest growth in assets (excluding multimanagers) with Kagiso and Coronation also featuring high in this category. Similarly, the biggest gainers in the top 10 Large Manager Watch participants over the same six month period were Foord
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general Information
TOTAL VALUE OF ASSETS MANAGED (31 DECEMBER 2004 TO 30 JUNE 2011)

3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0 Total AUM (R m)
Dec-2004
Dec-2005
Dec-2006
Dec-2007
Dec-2008
Dec-2009
Dec-2010
Jun-2011
1,519,642.34 1,897,841.16 2,218,265.36 2,627,888.90 2,465,853.16 2,718,458.17 3,082,163.07 3,124,535.91
Total AUM (R m) excl Multi-Manager 1,385,370.68 1,706,123.86 1,943,400.07 2,362,523.89 2,190,067.45 2,433,650.19 2,760,257.16 2,795,698.30 Total AUM (R m) Total AUM (R m) excl Multi-Manager
90%
MANAGER DISTRIBUTION ACCORDING TO ASSET SIZE
80%
70%
60%
50%
40%
30%
20%
10%
0%
Dec - 2009 Dec - 2010 Jun - 2011
Top 10 Managers
Next 10 Managers
Remaining Managers
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general Information
Market distribution has remained fairly constant over the last three years after having seen an increased growth in niche players since 2008. Conclusion It is important to remember that the surveys only provide a platform for asset managers to display returns in a simple and credible way. Whilst trying to keep these surveys simple and easy to read it is imperative to include a number of useful indicators for greater understanding of risk and performance. We trust that the changes we will be making to the surveys in 2012 will further assist in our endeavours to educate survey users. Manager evaluation should never be done in isolation but rather with a clear understanding of the weaknesses that any data sources inherently bring to the table. Ideally, analyses need to be done through different market environments using a number of different sources and advice, before a fair assessment of strengths and weaknesses can be made. Lastly, past performance is no indication of future performance - Caveat Emptor! Alexander Forbes Asset Consultants January 2012 Historical data that makes up the different surveys is available on subscription. The International survey, Namibian survey, BEE survey and Guaranteed Fund survey can be found on our website: www.afac.co.za or can be requested from us directly at managerwatch@aforbes.co.za
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general Information
MARKET RETURNS AND STATISTICS AS AT 31 DECEMBER 2011 1 Year (%) FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE All Share Index Capped All Share Index SWIX All Share Index Top 40 Index Resource 20 Index Industrial 25 Index Financial 15 Index Mid Cap Index Small Cap Index 2.72% 3.18% 4.41% 2.37% -6.61% 10.49% 7.26% 4.79% 1.05% 5.77% 5.71% 8.78% 8.86% 10.14% 10.16% 5.95% 13.05% 8.11% 8.90% 8.65% 11.97% 7.38% 15.91% 29.79% 22.13% -18.05% -17.45% -15.32% 2 Years (% p.a.) 10.57% 11.09% 12.34% 9.56% 1.81% 18.32% 10.95% 16.86% 12.22% 6.32% 6.32% 11.94% 8.86% 11.54% 13.16% 10.95% 12.01% 12.61% 11.82% 18.56% 18.46% 18.46% 8.16% 10.74% 4.82% EXCHANGE RATES Rand / $US Rand / Pound Rand / Euro -8.79% -5.22% 0.81% 14.51% 5.94% 22.62% -12.67% 9.98% -11.29% 3 Years (% p.a.) 17.31% 17.71% 17.85% 16.58% 12.04% 22.26% 16.08% 22.64% 17.03% 7.18% 7.25% 7.39% 8.46% 8.51% 7.73% 4.35% 10.54% 7.55% 7.38% 16.66% 18.05% 16.12% 6.82% 0.06% -4.30% 5 Years (% p.a.) 8.21% 8.83% 8.72% 7.65% 5.46% 12.73% 3.24% 12.20% 8.45% 8.79% 8.55% 8.60% 9.06% 9.23% 8.91% 6.50% 10.87% 8.45% 8.60% 13.80% 12.57% 14.41% 0.88% 10.08% 4.15%
EQUITY (TOTAL RETURN INDICES)
CASH (TOTAL RETURN INDICES) Alexander Forbes Money Market Index Short Term Fixed Interest Rate Index All Bond Index 1 - 3 Year Bond Index 3 - 7 Year Bond Index 7 - 12 Year Bond Index 12+ Year Bond Index Barclays Capital ILB Index OTHI Index GOVI Index FTSE/JSE SA Listed Property Index FTSE/JSE Property Unit Trust Index FTSE/JSE Property Loan Stock Index MSCI World Citi WGBI Citi 3M US Treasury Bill
BONDS (TOTAL RETURN INDICES)
REAL ESTATE (TOTAL RETURN INDICES)
FOREIGN (IN RANDS) (TOTAL RETURN INDICES)
Foreign Indices (Source: Bloomberg and Data System) All rights in the FTSE/JSE Africa Index Series vest in the JSE Limited (JSE) and in FTSE International Limited (FTSE) jointly. FTSE is a trade mark of the London Stock Exchange Limited (LSE) and The Financial Times Limited (FT) jointly and issued by FTSE under licence. JSE is a trade mark of the JSE. The FTSE/ JSE Africa Index Series is calculated by FTSE International Limited (FTSE) in conjunction with the JSE Limited (JSE) in accordance with standard criteria. Manager WatchTM is a registered trademark of Alexander Forbes Financial Services (Pty) Ltd, an approved financial services provider. FAIS FSP Registration Number 1177 Disclaimer In preparing this survey, we have taken, on trust, the data supplied by the participants. The data has been checked for reasonability where possible. Although we have taken reasonable care to ensure this document is fair and accurate in all material respects, such accuracy cannot be guaranteed. Reasonable use of the survey may be made for purposes of comment and study provided that full acknowledgment is made to Alexander Forbes Asset Consultants. Past performance is not necessarily a guide to future performance. FAIS NOTICE DISCLAIMER This information is not advice as defined and contemplated in the Financial Advisory and Intermediary Services Act 37 of 2002 as amended. Alexander Forbes Asset Consultants shall not be liable for any actions taken by any person based on the information in this survey.
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regulation 28 amended
Introduction Regulation 28 of the Pension Funds Act has been amended and became effective 1 July 2011. It comes after a fairly long and consultative process that began before the first draft was published in February 2010, with a second draft being published in December 2010. In June 2011, two additional notices were released, dealing with transitional arrangements and reporting of breaches. This note provides a summary of the regulation and the two recent notices. For those wanting a deeper understanding of the comments received from industry, and the responses from National Treasury (NT) and the Financial Services Board (FSB), please read the comments matrix. All the documents are available from www.treasury.gov.za or www.fsb.co.za. Preamble The new regulation includes a preamble which introduces concepts such as: Fiduciary duty to act in the best interest of the fund; Responsible management of fund assets; Deployment of capital to earn adequate risk adjusted returns; Assets that are suitable to the funds specific member profile, liquidity needs and liabilities; Appropriate consideration of factors that may affect sustainable long term performance, including environmental, social and governance (ESG) character factors; Promote the interests of the fund in a stable and transparent environment. Definitions The definitions section of the new regulation has been expanded (relative to the current regulation) to include many new definitions, including: Collective investment scheme; Credit ratings; Derivative instruments;
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Exchange; Funds of hedge funds and funds of private equity funds; Hedge funds and private equity funds; Investment policy statement; Islamic debt instruments and Islamic liquidity management financial instruments. Principles The new regulation also introduces principles for the first time, although the regulation remains predominantly rules based. These principles include: Compliance with the investment limits. The requirement for an investment policy statement which must be reviewed at least annually. The following additional principles: Promote the education of trustees; Monitor compliance with the regulation by its advisors and service providers; Consider the need to promote broad-based black economic empowerment; Ensure that the funds assets are appropriate for its liabilities; Perform reasonable due diligence before investing in an asset, taking into account the risks associated with the asset (including credit, market, liquidity, operational, and currency and country for foreign assets); Although credit ratings may be used, they should not be relied upon in isolation; Understand the changing risk profile of assets over time and take into account a comprehensive risk analysis; Consider factors which may affect the sustainable long term performance of the asset (including ESG factors). Even when appointing third parties to perform any of the functions above, the fund retains the responsibility for compliance with such principles.
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Asset Limits The new regulation retains asset limits which are reflected in a table at the end of the regulation which lists categories of assets with the relevant limits per issuer and in aggregate. In summary, these are: For cash, which includes: Notes and coins; Balances or deposits with a bank; Money market instruments issued by banks, including Islamic liquidity management financial instruments; Positive net balances in margin or settlement accounts with an exchange: Up to 100% with local banks, subject to a maximum of 25% per bank; Up to 25% (currently) with foreign banks, subject to a maximum of 5% per bank. For Debt Instruments, including Islamic Debt Instruments (inside and outside the Republic): Up to 100% in debt instruments issued or guaranteed by the government of the Republic; Up to 25% (currently) in debt instruments issued or guaranteed by the governments of a foreign country, subject to a limit of 10% per issuer; Up to 75% in debt instruments issued by South African banks against their balance sheets, subject to a limit of: 25% if listed, per issuer (bank) with a market cap of R20bn or more (or an amount or conditions as prescribed); 15% if listed, per issuer (bank) with a market cap between R2bn and R20bn (or an amount or conditions as prescribed); 10% if listed, per issuer (bank) with a market cap of less than R2bn (or an amount or conditions as prescribed); 5% if not listed, per issuer, and 25% in aggregate; Up to 50% in debt instruments issued by entities listed on an exchange (unfortunately, no distinction is made between local and foreign listings), or debt instruments issued by a public entity under the PFMA as prescribed, subject to a limit of: 10% if listed, per issuer; 5% if not listed, per issuer, and 25% in aggregate; Up to 25% for other debt instruments, subject to a limit of: 5% if listed, per issuer; 5% if not listed, per issuer, and 15% in aggregate; For Equities (inside and outside the Republic): Up to 75% in aggregate for listed preference and ordinary shares (excluding shares in property companies), subject to a limit of: 15% per issuer with a market cap of R20bn or more (or an amount or conditions as prescribed); 10% per issuer with a market cap of between R2bn and R20bn (or an amount or conditions as prescribed); 5% per issuer with a market cap of less than R2bn (or an amount or conditions as prescribed); Up to 10% in aggregate for unlisted preference and ordinary shares (excluding shares in property companies), subject to a maximum of 2.5% per issuer; For Immovable Property (inside and outside the Republic): Up to 25% in aggregate for listed preference and ordinary shares, linked units comprising shares linked to debentures in property companies, or units in a collective investment scheme, subject to a limit of:
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15% per issuer with a market cap of R10bn or more (or an amount or conditions as prescribed); 10% per issuer with a market cap of between R3bn and R10bn (or an amount or conditions as prescribed); 5% per issuer with a market cap of less than R3bn (or an amount or conditions as prescribed); Up to 15% in aggregate for immovable property, preference and ordinary shares in property companies, and linked units comprising shares linked to debentures in property companies, subject to a maximum of 5% per issuer; For Commodities inside and outside the Republic: Up to 10% in Kruger Rands and other commodities listed on an exchange, including exchange traded commodities, subject to a limit of: 10% in gold; 5% in each other commodity; For Investments in the business of a participating employer (inside the Republic): Up to 5% in terms of section 19(4) of the PFA; Up to 10% to the extent it has been allowed by an exemption in terms of section 19(4A) of the PFA; For Housing loans granted to members in accordance with the provisions of section 19(5) of the PFA, up to 95%; For Hedge Funds, Private Equity Funds, and any other asset not referred to in the schedule, (inside and outside the Republic): Up to 10% in hedge funds, subject to a limit of: 5% per fund of hedge funds; 2.5% per hedge fund; Up to 10% in private equity funds, subject to a limit of: 5% per fund of private equity funds; 2.5% per private equity fund; Up to 2.5% in any other asset not referred to in the schedule. In addition, there are some further aggregation limitations which have been introduced, including: All limits now not only apply at total fund level, but they also apply to every single member or category of member where the fund provides individual member choice. There is however a grandfathering provision for contractual arrangements between a fund and a particular member, entered into before 1 April 2011, which dont need to comply with the limits, subject to certain restriction (this clause should be carefully read and understood where relevant (e.g. retirement annuity and preservation funds). A fund must not invest in an asset, where the fund may suffer a loss in excess of its investment. This does not preclude investment in derivative instruments (subject to conditions yet to be prescribed), hedge funds or private equity funds, subject to them being held in a limited liability structure. The aggregate exposure to unlisted instruments, including debt, shares (including shares in property companies), immovable property and linked units comprising shares linked to debentures in property companies, hedge funds, private equity funds, and any other asset not referred to in the regulation, may not exceed 35%. The aggregate exposure to unlisted shares (excluding property company shares) and private equity funds may not exceed 15%. The aggregate exposure to foreign assets is subject to the maximum as determined by the SARB, or such other amount as may be prescribed. This means that the new regulation doesnt explicitly include the current 25% allowed by SARB.
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Notwithstanding the above, the limits may be exceeded due to a change in the market value of the assets, provided that: The fund informs the Registrar of the breach and the reasons therefore; The fund does not make any further investments into the assets that are in breach; The fund must reverse the breach within 12 months or such other period as determined by the Registrar. While Regulation 28 requires any breach to be reported without delay, Notice 2 released on 10 June 2011, provides an exemption to this requirement subject to quarterly notification instead, beginning from the first quarter of 2012. Look-through The new regulation also includes specific reference to lookthrough for the first time. In particular: A fund must not use any asset to circumvent any of the asset limits; A fund must report assets in the categories to which they belong, irrespective of how they are held; Notwithstanding the points above, where the value of the asset is less than 5%, then just the categories of the underlying assets must be disclosed; Notwithstanding the points above, direct or indirect exposure to hedge funds or private equity funds, must be disclosed as such i.e. no further look-though needed; Notwithstanding the points above, foreign assets should always be accounted for as such. Borrowing The new regulation states that a fund must not borrow, unless it: is for bridging purposes to maintain sufficient liquidity to meet its operational requirements; and does not exceed 50% of the gross income of the fund for the preceding year; and must be repaid within 12 months; and must not be subject to any early settlement penalty. Where a fund does borrow, it may cede a proportionate share of its assets as collateral. Securities Lending A fund may engage in securities lending subject to conditions as prescribed (no final document available as yet). Derivative Instruments A fund may invest in derivative instruments subject to conditions as prescribed, even though investing in derivative instruments may seem to contradict the requirement that funds may not invest where they could suffer a loss greater than the amount invested (no final document available yet).
Reporting and Exclusions The Registrar may prescribe the format and content in respect of disclosures of compliance. In applying the limits, a fund may exclude the following assets: participatory interests in a collective investment scheme where a certificate is issued confirming compliance with the limits, and the auditor of the scheme confirms the accuracy of the certificate; a linked policy as defined in the Long-term Insurance Act where a certificate is issued confirming compliance with the limits, and the auditor of the insurer confirms the accuracy of the certificate; a long-term policy (other than a linked policy) as defined in the Long-term Insurance Act, that guarantees or partially guarantees policy benefits, where a certificate is issued (by the statutory actuary of the insurer) confirming compliance with the limits, and the auditor of the insurer confirms the accuracy of the certificate; An asset that is issued by an entity that is regulated by the FSB where a certificate is issued by the auditor of the issuer, confirming compliance with the limits. Exemptions The Registrar may on written application by a fund or in general, exempt a fund from the provisions of the regulation, subject to conditions that the Registrar may impose. In the explanatory memo, NT encourages funds to make use of the exemption where they believe that any of the limits constrain the fund from acting in its best interests. NT and the FSB will monitor applications for exemptions to understand whether any of the limits should be changed. Effective Date The last statement in the new regulation confirms that the regulation came into effect on 1 July 2011, provided that transitional arrangements could be prescribed. Notice No 1 released on 10 June 2011, determined the transitional period for the implementation of Regulation 28 to be from 1 July 2011 to 31 December 2011. Conclusion We were excited about the final release of the amended Regulation 28 and subsequent notices, and did substantial work with retirement funds, their trustees and other service providers, in ensuring compliance by 1 January 2012, or assisting with the necessary applications for a further extension or an exemption. We urgently await further guidance notices from the regulator, and expect the release of a notice on the use of derivatives to be released before the end of June 2011.
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an objective look at Surveys
Regulators across the world are concerned with one question when it comes to investment performance surveys, which is: Are investors/trustees/consultants using manager performance surveys correctly and for the right reasons? This question was the main theme when the Myners Commission undertook a review of the whole pension fund industry in 2000. Further, at Alexander Forbes, we are concerned about: Do we really understand exactly how to extract value from them? In this article we will look at what the concerns behind surveys are and also how best to interpret the numbers presented meaningfully. Before going further, here are some harsh realities behind that concern: Complexity of pension fund investing: Pension fund investing is a complex undertaking. The subtleties behind this complexity are often beyond the experience and skill set of most trustees. For this reason, surveys appear to provide an easy way for trustees to skirt around the complexity in their quest to determine whether their investments are measuring up. Surveys appear to provide investors with the most readily available answers. Noisiness of performance numbers: The problem is that performance figures are particularly noisy that means that the numbers by themselves mask a multitude of factors that are influencing their outcome and yet may have nothing to do with manager excellence or skill. Use as a tool to change managers: Still, there is a heavy reliance on surveys as a basis for hiring or firing managers. This can lead to particularly high rates of manager churn, as managers are often fired and hired for performance that may not be clearly understood. Evidence is emerging worldwide that suggest that both trustees and their consultants appear to be particularly adept at firing their managers just before their performance begins to turn up (typically after three years of underperformance) and replacing them with managers whose successful strategies may have run their course for the near term (again typically after three years of outperformance)1. Cost of changing managers: The cost of this reflexive decisionmaking is not trivial. Studies in Australia, where the turnover in managers on a portfolio is very similar to the South African experience, estimate as much as 1% to 5% in value erosion can be attributed to this churn2. Changing managers on a strategy brings us only one certainty there will be a cost to performance. What we can never be certain of is whether the change will bring enough added value to both cover that cost and then add the additional value initially sought. Our challenge, as the guardian of one of the mostly respected and widely read surveys in South Africa, is to ensure that we provide our readers with enough information for them to determine whether performance comparisons genuinely reflect a like-with-like situation and, more importantly, whether we have enough information to determine whether there may be explanations for differential manager return that has nothing to do with manager skill. This commitment means that the surveys must be constantly reassessed and revamped as new instruments, new strategies and new insights as to what drives performance emerge. As such, there will be any number of subtle changes that will be introduced into the survey over the course of the year. We will highlight these changes in our introductory letter as and when they occur. Critical caveats to readers of all our surveys Each survey in the Manager WatchTM Series of Surveys presents its own challenges and we will try and highlight these challenges in the introduction to each survey. That said, there are still some basic issues that apply to all surveys and these we highlight below: Time frame and diversification: The greatest limitation of surveys is that they only look at how one managers performance compares to anothers over the specified time frame. In fact, most pension funds employ more than one asset manager to provide risk diversification both in terms of manager strategy (no one strategy can typically perform well at all times) and manager stability (manager turnover).
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See studies by Watson, Wyatt, Heisler, Kneittel, Neuman and Stewart, 2009; and Goyal and Wahal, 2008. 2 Ron Bird and Jack Gray 2010.
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SectIOn 1
Managers who have similar strategies will tend to perform similarly. If we are trying to introduce diversification into our choice then it stands to reason that the underlying manager performance should be expected to be different. But our inclination to be drawn to selecting managers from the top quartile for our blend can often lead to investors doubling-up on a specific investment strategy. As such, manager surveys are of limited value in identifying how managers should be selected for diversification. Analysis of a blend of managers: What trustees really should be assessing is whether their diversified blend of managers is doing what their fund requires. Unfortunately, the only place where this sort of assessment takes place in an open forum is in the multimanager survey. What is pointedly absent from any performance analysis is how the multiple manager portfolios that trustees and consultants themselves structure perform against similarly mandated blends. This is the true like-with-like comparison for pension funds. That said, the current convention is to report on the individual managers within each strategy survey. What are the factors that can result in differential performance outcomes without reference to manager skill? Differences in the mandated strategic asset allocations (inclusive of the cash requirements for liquidity). Differences in how risk management is defined for the mandate i.e. is it preservation of capital, or control of the deviation to the benchmark (tracking error), or control of absolute volatility? Differences in risk constraints inclusive of credit risk and tracking errors etc. The time frame required for a specific strategy to reflect its performance potential. The underlying benchmarks or performance targets specified in the mandate. Changes in the underlying manager over the term of the performance data even when the mandate remains the same. Multiple manager funds versus single manager provide no viable point of comparison. Because of the completely different risk profile implicit in the multiple manager strategy, the outcomes are simply not comparable. Performances that are reflected gross of all fees versus performances that are reported net of fees. In all our surveys, we have gone to great lengths to try to address all of these factors in grouping like-mandated funds with like funds but the reality is that it is impossible to make these delineations in all funds at all times. As such, what we have tried to do is to provide the reader with enough additional information such that when differential performance emerges, there is enough detail to provide insights as to why this may have occurred again without reference to whether the manager was skilful or not. This all means that one set of numbers alone can simply not provide meaningful insights. Performance numbers need to be assessed within the context of the risk, asset allocation, size, duration of strategy.....etc, etc, etc! Not a true reflection of management ability: Perhaps the other factor that makes performance surveys particularly difficult
12
to decipher (particularly when managers are ranked against a specific factor) is that performances are reported in discreet rolling windows of time (1 year, 3 year, 5 year etc.). The problem here is that those performance numbers are as much a function of the latest months performance data as it is the dropping off of the first months performance data as the rolling window moves on to the next month. As such, rankings in performance can shift wildly due to something that may have happened 1, 3 or 5 years earlier and may in no way be a reflection of the current management capabilities. Unfortunately this phenomenon cannot be detected unless an analyst is working with the full performance data history. What time frame is meaningful? Perhaps the most contentious issue in performance surveys is what time periods are meaningful? The increasing focus on capturing up-to-the-minute changes in performance may create the impression that more information is better, but by including these ever-shortening time frames, often the exact opposite happens. We have already indicated the value destruction that goes hand-in-hand with short-termism. But equally important is the fact that different strategies demand different time-frames for their performance potential to manifest themselves. Finally, the choice of benchmark will also have implications on the required time frame for a meaningful assessment. For example, portfolios that declare an inflation-related benchmark need a significantly longer assessment time period than market-linked benchmarks such as the All Share or the All Bond Indices. This is because inflation only varies slowly over time and this movement is not directly linked to the assets the manager holds, whereas market indices are directly linked. So how short can we go and still make meaningful assessments? To begin with, we are hesitant to integrate any risk parameter into the performance consideration without at least three years of performance data. But a good rule of thumb is that the more ambitious the strategy is about outperforming a given target, the longer one would require to assess the magnitude of skill present. For example, a fund targeting CPI+ 3% could be assessed over a 3 year time period, but a fund trying to achieve CPI+6% could probably only be properly assessed over 8 years. The easy answer would be to simply not include short term performance numbers in a deliberate effort to curtail the kind of short-termism that plagues our industry. But the reality is that short term numbers can provide insights as to whether something completely unexpected has transpired in a strategy. Clearly that would demand further interrogation as this may simply flag a reporting error. Short term numbers, should only be considered when one has the means to properly interrogate these types of outcomes. We will now look at examples of surveys and how to best analyse the survey in the new framework that it will be presented in: S. A. Manager Watch Best Investment View Survey (Applies also to Large Manager Watch) In many ways the Best Investment View Survey should provide the ultimate showcase of every asset management house in South Africa (the exception being the specialist asset class managers). That said, these portfolio performance outcomes are perhaps some of the most difficult to properly interpret and compare. This is because just about every factor that is listed above which are drivers of performance differentials comes into play in a balanced mandate. Over a long enough time frame (more than 8 years for example), these differentiating factors should start to diminish in importance.
SectIOn 1
But anyone making performance comparisons without referring to our new information pages may well be drawn to premature conclusions. These new information pages have been added to provide insights into the nature of a portfolios structure and strategy. To begin with, we have tried to be more comprehensive in defining risk. Risk is not just seen as performance volatility but also meaningful to assess is downside risk or risk of capital loss. Similarly we have eliminated the notion of active (above benchmark) returns simply because there is such a wide range of benchmarks that assessing the magnitude of outperformance against one benchmark may not be comparable to the level of outperformance against another. Finally we have tried to remove concepts such as risk/return ratios as again, the underlying benchmarks for making these assessments are not of consistent quality across the manager mandates. Just the simple reality that some managers benchmark their performances against inflation-plus targets while others prefer benchmarks that reflect a strategic asset allocation (to a fixed range of asset classes), and still others look to a peer group benchmark creates a highly problematic basis for comparison. Time frame presents the biggest problem. Effectively the three groups should not be compared over anything shorter than 5 years, simply because that time-frame provides enough time for a given strategy to play out its performance potential, and that time-frame allows us to compare inflation-beating performance fairly. Even with portfolios that employ market-linked indices to measure their asset class performances, a mere 2.5% difference in the equity benchmark component can translate into a significant differential in performances between funds again without any reference to skill. The same holds for funds that benchmark the equity component of their BIV portfolio against the JSE All Share versus the JSE Share-weighted Index (SWIX). Over the past 12 years, those performance differentials amounted to more than 1% per annum again, with no reference whether the manager was skilful. Comparing portfolios with different attitudes towards risk management could well require time frames of 8 years or better but this is certainly no comfort for clients looking for instant answers. Finally many of these Best Investment View portfolios have been managed since the inception of the given asset management house. But what investors dont always appreciate is there may be significant changes in who the manager of the fund might have been over that time and how much turnover has occurred at this level. This consideration is key even when the essential mandate of the fund may not have changed at all over that time. The differentiating factor may well be the managers style or biases. William Sharpe once famously declared that manager style and bias could account for as much as 85% of performance differentials within an asset class. And yet our BIV survey makes no accommodation for defining those differences at such a granular level. Multi-Manager WatchTM Survey Multi-manager performance comparisons suffer from the same factors impacting meaningful comparisons as other multi-asset strategies its just that we have the illusion that we have a greater potential to compare like with like because of the way the survey has been subdivided.
Care has been taken to separate comparisons of multiple balanced fund multi-manager solutions from those solutions that manage to fixed asset allocation ranges. In spite of the fact that one cannot make meaningful performance comparisons between the two distinctly different solutions, investors still like to make the comparison. Effectively this is no different from comparing the performance of a boxer with one hand tied to his side (the strategic asset allocation mandates preclude the manager from going outside of the pre-defined asset allocation range), to a boxer with free use of both limbs. Just because one solution may be performing better than another over a given time frame does not mean one solution reflects more skill than the other. Success must be assessed in how well a solution has done against what it was mandated to do. Full stop. The real problem with providing a meaningful multi-manager survey is that the very act of creating a strategy that deliberately diversifies manager risk means that outperformance of a given benchmark will always be muted. (Note that the same holds true for any strategy that employs multiple managers, whether constructed and managed by a multi-manager or constructed and managed by a consultant or board of trustees). This means that there will often only be marginal performance differences between multi-managers and these differences will again have little reference to skill. An important rule of thumb when assessing performance differentials is that the smaller the differentials in any given population, the higher the probability that those differentials were due to random outcomes and not skill. Similarly, the larger the spread in outcomes in a population, the greater the probability that skill might explain some of those differences, assuming we are comparing like-with-like. But what investors fail to appreciate is that while benchmark outperformance of multiple fund solutions are highly unlikely to be extreme, they typically can generate significantly higher returns than single manager solutions on a risk-adjusted basis. In other words, the diversification effect means that for every unit of risk taken, there is a higher level of return on average. That said, one still needs to ensure that the multi-manager portfolios being compared have comparable underlying asset class benchmarks. Solutions that employed the All-Share Index versus solutions that employ the SWIX index for the equity components could see as much as 100 bps performance differentials per annum and again the difference is not attributable to skill. Even where risk-targeted multi-manager portfolios have been grouped into asset allocation bands, though, the illusion that you are now comparing like-with-like is just that: an illusion. Underlying strategic asset allocation benchmarks that result in only slight differences in the portfolios equity holdings can still translate into performance differences that have nothing to do with underlying manager skill. Identifying the root of performance discrepancies has an easy starting point. Just see if the benchmark performances are the same the closer the benchmark performances, the greater the assurance that you are comparing like-with-like. Conclusion Performance surveys should only be used as indicative tools. The real work begins when you drill down to all the factors that could be influencing those outcomes without reference to skill. Readers will notice that we have scaled back significantly on the rankings that used to be ascribed to everything from asset size of the fund to volatility of performance (was a high ranking on volatility a good or bad thing?) As we revamp our surveys over the coming year, we welcome your inputs and suggestions. We believe we are moving in the right direction but it will take time, and subtle adjustments in the way we all operate in this industry.
13
SectIOn 2
S.a. Balanced Manager WatchtM Survey - Best Investment view
Objective -
The portfolios included represent the managers best investment view subject to the restrictions set out below.
Restrictions - The portfolios are balanced (i.e. multiple asset classes) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act. Further, the portfolios are confined to investing in South Africa only.
RANGE OF RETURNS OF S.A. BEST INVESTMENT VIEW INVESTABLE UNIVERSE FOR THE PERIODS ENDING 31 DECEMBER 2011
20.00%
15.00%
10.00%
5.00% 25% - 75% Min - Max 0.00% 1 Year 3 Years (p.a.) 5 Years (p.a.) Median
1 Year RETURN STATISTICS Highest Upper Quartile Median Average Lower Quartile Lowest Number of participants 9.60% 8.34% 7.11% 6.84% 6.08% 4.42% 15
3 Years (p.a.) 18.39% 17.05% 16.40% 16.05% 15.03% 13.64% 14
5 Years (p.a.) 12.80% 11.27% 10.34% 10.15% 9.02% 7.66% 14
Note: The statistics above only include those portfolios that are investable i.e. those portfolios that are closed to new business will be excluded from the calculations.
15
Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the managers best investment views.
CALENDAR YEAR RETURNS 2010 Portfolio 19.50% 16.46% 22.35% 20.59% 18.75% 19.50% 18.68% 17.45% 14.55% 19.04% 16.98% 19.90% 15.67% 16.33% 18.88% 20.58% 18.29% 18.43% 25.75% 22.20% 11.83% 20.82% 18.29% 22.89% 18.29% 22.90% 24.50% 24.50% 13.35% 25.05% 24.50% 19.01% 24.57% 24.21% 18.29% 18.73% 21.80% 16.63% 24.94% 21.63% -11.84% -10.37% -12.54 -8.29% -10.83% 0.30% -17.75% -22.52% 18.28% * * * 18.41% 21.79% 24.88% -7.82% * -9.56% -9.67% -12.76% -10.14% -10.14% 20.73% -10.71% -10.14% 18.41% 24.01% 24.88% -8.29% 17.86% 28.80% 20.22% -14.19% -9.69% -11.41% -11.41% 17.73% 24.47% 20.98% -9.48% -12.17% 18.43% 27.36% 25.05% -8.56% -10.71% S S S PM PM P S S S S S S S S 18.47% 20.54% 24.24% -4.23% -12.33% S 17.20% 20.85% 23.63% -0.82% -9.42% S Benchmark Portfolio Benchmark Portfolio Benchmark 2009 2008 Rank 2 4 3 6 1 7 8 * 12 9 11 5 14 10 15 13 10.34% 10.42% 15.33% 10.34% 10.34% 9.70% 10.15% 9.14% 10.30% 10.30% 9.00% 8.33% 10.42% 10.05% 9.49% Benchmark Portfolio Type Size (Rm) Rank 3 Years (p.a.) Portfolio SA BEST INVESTMENT VIEW 15.30% 15.62% 18.39% 18.05% 17.53% 16.98% 16.41% * 14.79% 15.11% 15.69% 17.07% 14.80% 13.64% 16.59% 16.99% RETURN STATISTICS (INVESTABLE) 18.39% 17.03% 16.41% 16.20% 15.02% 13.64% 14 14 59,566 7.66% 9.02% 10.15% 10.34% 11.27% 12.80% 5 16.40% 8.77% 7 16.44% 7.66% 15 13.24% 9.86% 13 16.40% 8.60% 4 16.40% 11.32% 9 16.11% 9.41% 12 16.05% 10.17% 14 14.37% 8.89% * * 8 16.24% 10.77% 6 16.24% 11.10% 3 14.35% 12.80% 2 14.20% 11.12% 1 16.44% 11.77% 10 16.36% 11.48% 11 14.96% 11.96% 1,864 22,683 5,345 3,680 4,946 14,290 308 283 753 523 39 3,291 240 1,018 259 45 7 1 3 5 4 2 11 12 9 10 16 6 14 8 13 15 Rank Benchmark Portfolio 5 Years (p.a.)
PORTFOLIO NAME
INVESTMENT DATA TO THE END OF DECEMBER 2011
SectIOn 2
1 Year
Portfolio
Rank
Benchmark
ABSA Balanced
6.14%
12
4.86%
Allan Gray
10.10%
7.04%
Coronation
6.48%
6.60%
Foord Segregated Domestic
9.60%
4.56%
Investec Asset Management
6.15%
11
5.51%
Investment Solutions Performer Local
8.03%
6.04%
Investment Solutions Value Alpha Local
9.15%
6.04%
Kagiso Balanced Fund
5.48%
15
7.11%
Momentum AM Domestic Balanced Fund
5.67%
14
5.47%
Oasis
7.90%
6.84%
OMIGSA Macro Strategy
6.28%
10
5.89%
Prudential Domestic Balanced
8.87%
7.11%
16
Pan-African
6.45%
7.11%
RE:CM Balanced Domestic Composite
4.42%
16
14.57%
SIM Domestic Unique
6.02%
13
6.60%
Stanlib AM
8.66%
7.11%
Highest
9.60%
Upper Quartile
8.34%
Median
7.11%
Average
6.84%
Lower Quartile
6.08%
Lowest
4.42%
Number of Participants
15
Total Portfolio Size of Participants
Key
S - Segregated
P - Pooled
PM - Pooled Multi-Managed
SectIOn 2
global Balanced Manager WatchtM Survey - Dynamic
Objective -
The portfolios included in this survey aim to maximise long-term (i.e. more than five years) capital growth. This may lead to volatility of returns in the short-term (i.e. less than one year).
Restrictions - The portfolios are balanced (i.e. multiple asset classes) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act.
RANGE OF RETURNS OF GLOBAL DYNAMIC INVESTABLE UNIVERSE FOR THE PERIODS ENDING 31 DECEMBER 2011
20.00%
15.00%
10.00%
3 Years (p.a.) 17.91% 15.33% 15.04% 14.77% 13.70% 13.29% 8
5 Years (p.a.) 11.80% 9.40% 9.31% 9.27% 7.95% 7.73% 8
17
SectIOn 2
Objective - The portfolios are balanced (i.e. multiple asset classes) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to maximize long-term (i.e. more than 5 years) total returns. This may lead to volatility of returns in the short term (i.e. less than one year).
CALENDAR YEAR RETURNS 2010 Portfolio Benchmark Portfolio 14.81% -7.56% -14.85% -3.95% -11.84% -11.64% -12.14% * 18.96% -11.76% -12.33% -12.31% -9.85% 19.93% -12.39% -7.09% -7.09% * -12.28% -12.31% P P P P PM P P P PM 8.58% 19.40% 12.81% 12.94% 16.57% 12.21% 13.88% 14.17% 14.97% 15.84% 18.06% * 20.69% 13.70% 22.71% 17.23% 13.68% 21.00% 17.23% 15.64% 22.45% 18.83% 10.81% 21.84% 12.48% 13.95% 21.32% 20.11% 14.54% 25.89% 20.26% 14.47% 13.58% 20.26% 2009 Portfolio Benchmark 2008 Benchmark Portfolio Type Size (Rm) 2,477 6,892 4,720 30,284 1,068 605 152 2,176 5,207 Rank
PORTFOLIO NAME 3 Years (p.a.) Portfolio Rank Benchmark GLOBAL DYNAMIC 12.02% 17.91% 14.19% 15.71% 15.21% 13.29% 14.95% 13.69% 13.70% RETURN STATISTICS (INVESTABLE) 17.91% 15.33% 15.04% 14.77% 13.70% 13.29% 8 8 7.73% 7.95% 9.27% 9.31% 9.40% 11.80% 6 14.06% 7.73% 8 8.15% 7 * 8.28% 5 * 4 13.11% 7.99% 6 8.83% 8 13.39% 7.82% 7 8.98% 3 14.46% 8.77% 3 8.32% 2 11.82% 11.27% 2 14.39% 5 14.58% 8.41% 4 9.08% 1 14.32% 11.80% 1 8.57% 9 14.42% * * 5 Years (p.a.) Portfolio Rank Benchmark
Portfolio
1 Year Rank Benchmark
Allan Gray Life Global Absolute Portfolio
14.00%
8.80%
5 2 4 1 7 8 9 6 3
Coronation (Managed)
9.04%
8.45%
Investec Asset Management Managed
8.80%
8.07%
Investec Opportunity Composite
12.59%
13.12%
Investment Solutions Entrepreneur
7.12%
9.13%
Momentum Aggressive
7.09%
9.38%
Momentum AM Optimiser Fund
8.69%
8.59%
OMIGSA Macro Strategy (Profile Pinnacle)
6.65%
SYmmETRY Aggressive
8.29%
7.69%
18
Highest
12.59%
Upper Quartile
8.86%
Median
7.88%
Average
8.27%
Lower Quartile
7.12%
Lowest
6.65%
53,582
Key
P - Pooled
PM - Pooled Multi-Managed
SectIOn 2
global Balanced Manager WatchtM Survey - Best Investment view
Objective -
The portfolios included in this survey represent the managers best investment view subject to the restrictions set out below.
RANGE OF RETURNS OF GLOBAL BEST INVESTMENT VIEW INVESTABLE UNIVERSE FOR THE PERIODS ENDING 31 DECEMBER 2011
20.00%
15.00%
10.00%
3 Years (p.a.) 16.84% 15.14% 14.13% 14.37% 13.33% 12.00% 18
5 Years (p.a.) 11.91% 9.85% 8.68% 8.64% 7.44% 6.79% 18
19
Objective - The portfolios are balanced (i.e. multiple asset classes) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers best investment view.
CALENDAR YEAR RETURNS 2010 Portfolio 11.68% -1.05% -12.62% -8.30% -5.62% -11.49% -10.96% -8.62% -12.03% -12.40% -11.65% -14.39% -12.02% -12.79% -12.89% 20.39% 13.36% 20.04% 20.39% 20.11% 19.96% -8.71% -0.99% -15.43% -21.18% -11.97% -9.72% -10.76% -7.09% -7.09% -10.99% -10.12% -8.17% -12.01% -10.94% 20.73% -11.55% -10.94% -11.30% -7.79% -7.78% S P PM PM S P S S P P S P S S P -9.71% S -11.55% S -11.55% S -12.31% S 15.91% 17.78% 17.16% 14.53% 14.09% 15.98% 14.81% 10.98% 12.05% 11.95% 14.03% 13.70% 13.66% 15.98% 13.30% 15.33% 18.02% 14.73% 14.29% 14.28% 13.95% 11.84% 20.00% 20.98% 17.77% 14.28% 20.01% 16.64% 19.02% 16.38% 18.14% 17.06% 19.53% 15.16% 19.03% 18.83% 14.82% 15.61% 21.19% 13.68% 20.25% 17.23% 13.70% 19.84% 17.23% 14.03% 21.07% 19.97% 14.05% 20.40% 20.37% 14.90% 26.23% 16.44% 14.90% 26.17% 16.44% 14.66% 17.93% 16.53% 13.95% 25.14% 20.04% 13.95% 20.33% 20.04% 14.47% 15.62% 20.28% 35,184 466 8,282 14,713 16,273 5,550 22,163 2,576 10,886 683 961 3,490 1,264 124 1,128 8,086 3,118 3,830 188 Benchmark Portfolio Benchmark Portfolio Benchmark 2009 2008 Rank 4 15 3 5 2 1 7 9 17 14 19 10 13 12 8 6 18 16 11 8.62% 8.68% 8.46% 15.33% 8.68% 8.79% 9.12% 8.95% 8.64% 8.99% 8.89% 9.06% 9.46% 8.46% 8.46% 7.87% 8.46% 8.46% 8.63% Benchmark Portfolio Type Size (Rm) Rank
PORTFOLIO NAME 3 Years (p.a.) Portfolio GLOBAL BEST INVESTMENT VIEW 13.30% 13.33% 16.84% 15.46% 15.85% 15.76% 15.20% 14.72% 12.67% 13.05% 12.00% 13.44% 13.15% 13.35% 14.88% 14.37% 14.52% 14.97% 13.85% RETURN STATISTICS (INVESTABLE) 16.84% 15.14% 14.13% 14.37% 13.33% 12.00% 18 18 138,964 6.79% 7.44% 8.64% 8.68% 9.85% 11.91% 11 14.27% 7.91% 6 14.13% 7.20% 9 13.91% 7.10% 10 13.25% 9.88% 7 14.13% 9.59% 13 14.97% 7.72% 16 13.99% 7.65% 12 14.11% 8.08% 19 14.37% 6.79% 17 13.39% 7.57% 18 13.23% 7.19% 8 14.37% 8.94% 5 14.60% 9.76% 3 12.92% 11.91% 2 12.92% 11.91% 4 12.75% 10.27% 1 13.91% 10.75% 14 13.91% 7.40% 15 14.42% 10.51% 1 17 6 4 3 8 2 12 5 16 15 10 13 19 14 7 11 9 18 Rank Benchmark Portfolio 5 Years (p.a.)
1 Year
SectIOn 2
Portfolio
Rank
Benchmark
Allan Gray
12.63%
8.80%
Cadiz Global Balanced
4.36%
19
8.07%
Coronation
8.21%
8.07%
Foord Asset Management
11.40%
7.29%
7.59%
14
7.62%
Investec Asset Management (Balanced)
7.72%
11
7.62%
Investment Solutions (Performer)
9.49%
9.42%
Investment Solutions (Spectrum)
8.63%
9.36%
Momentum AM Global Balanced Fund
7.54%
16
8.92%
Momentum Balanced
7.24%
17
9.38%
Oasis
8.55%
8.12%
7.57%
15
8.59%
OMIGSA Macro Strategy (Profile Balanced)
7.84%
10
8.74%
OMIGSA Macro Strategy (Profile Growth)
7.65%
12
8.99%
20
Prudential Global Balanced
8.92%
8.07%
RE:CM
10.03%
14.56%
SIM Global Unique
7.64%
13
8.07%
Stanlib AM
9.34%
8.07%
SYmmETRY Paragon
7.08%
18
8.82%
Highest
11.40%
Upper Quartile
8.84%
Median
8.07%
Average
8.12%
Lower Quartile
7.57%
Lowest
4.36%
18
Key
S - Segregated P - Pooled PM - Pooled Multi-Managed
SectIOn 2
global Balanced Manager WatchtM Survey - conservative
Objective -
The portfolios included in this survey aim to minimise the probability of short-term (i.e. less than one year) capital loss while targeting long-term (i.e. more than five years) capital growth.
RANGE OF RETURNS OF GLOBAL CONSERVATIVE INVESTABLE UNIVERSE FOR THE PERIODS ENDING 31 DECEMBER 2011
20.00%
16.00%
12.00%
8.00%
3 Years (p.a.) 14.99% 11.81% 10.71% 10.62% 9.96% 7.43% 7
5 Years (p.a.) 11.22% 9.88% 9.48% 9.33% 8.62% 6.40% 7
21
SectIOn 2
Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (i.e. less than one year) capital loss while targeting long-term (i.e. more than five years) total returns.
CALENDAR YEAR RETURNS 20010 Portfolio Benchmark Portfolio 13.69% -0.94% 6.01% 2.93% 6.85% 1.10% -2.81% * 2.59% * 2.70% 0.93% 9.53% * -2.63% * * 5.80% 17.45% 6.82% 10.94% 10.79% 7.58% 13.78% 10.71% * 10.75% 13.69% 13.79% * 7.40% * 12.88% 11.01% 8.84% 5.79% 10.99% 13.95% 10.48% 11.37% 12.98% 9.72% * 20.15% * * 7.46% * 2009 Portfolio Benchmark 2008 Benchmark Portfolio Type P P P PM P P PM PM Size (Rm) 2,351 5,391 3,760 1,653 289 3,968 357 1,115 Rank
PORTFOLIO NAME 3 Years (p.a.) Portfolio Rank Benchmark GLOBAL CONSERVATIVE 8.81% 14.99% 10.89% 11.57% 9.79% 7.43% 12.05% 10.12% RETURN STATISTICS 14.99% 11.81% 10.71% 10.62% 9.96% 7.43% 7 7 6.40% 8.62% 9.33% 9.48% 9.88% 11.22% 5 * 8.62% 6 * 2 11.77% 8.62% 5 8.64% 8 * 6.40% 7 * 6 9.18% 9.21% 4 9.27% 3 10.32% 9.75% 3 8.41% 4 9.78% 10.00% 2 8.31% 1 * 11.22% 1 * 7 * * * 5 Years (p.a.) Portfolio Rank Benchmark
Portfolio
1 Year Rank Benchmark
Allan Gray Life Global Stable Portfolio
13.31%
4 1 3 5 8 2 7 6
Coronation (Absolute)
7.73%
Investec Cautious Managed Fund
12.98%
8.28%
Investment Solutions (Conserver)
9.86%
9.49%
OMIGSA Macro Strategy (Profile Capital)
9.75%
10.82%
Stanlib AM (Absolute)
7.31%
SYmmETRY Conservative
8.66%
8.79%
22
SYmmETRY Absolute Defensive Fund
8.92%
Highest
12.98%
Upper Quartile
9.80%
Median
8.95%
Average
9.33%
Lower Quartile
8.20%
Lowest
7.31%
18,884
Key
P - Pooled PM - Pooled Multi-Managed
Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the managers best investment view.
RISK VS RETURN (CALCULATED ON 3 YEAR PERFORMANCE RETURNS) Rank S.A. BEST INVESTMENT VIEW 11 10 1 2 3 6 8 14 12 9 4 13 15 7 5 RISK STATISTICS 12.22% 11.74% 10.68% 10.52% 9.61% 6.79% 15 1.56 1.42 1.28 15 1.50 1.68 2.01 3.85% 0.70% 0.40% 0.58% -0.13% -1.60% 15 6.69% 3.58% 2.32% 2.92% 2.00% 1.16% 15 1.51 0.35 0.16 0.22 -0.04 -0.69 15 11.46% 10 1.48 9 12.13% 13 1.37 13 6.79% 2.01 1 0.40% 0.15% 0.58% 9.84% 5 1.50 8 -1.60% 12.22% 15 1.40 12 0.66% 11.89% 12 1.32 14 -0.42% 12 5 15 8 11 6 9.38% 4 1.61 7 -0.94% 14 11.59% 11 1.28 15 0.41% 7 9.19% 3 1.79 3 0.18% 10 10.30% 6 1.65 6 0.74% 4 1.83% 3.33% 2.55% 2.47% 1.69% 2.21% 2.32% 6.69% 1.16% 2.30% 12.16% 14 1.44 11 3.19% 2 3.83% 10.68% 8 1.69 4 3.85% 1 4.22% 11.04% 9 1.67 5 1.95% 3 1.29% 8.68% 2 1.80 2 -0.74% 13 5.76% -0.13 1.51 0.91 0.83 0.41 0.05 0.16 -0.38 -0.25 0.30 -0.69 0.06 0.13 0.25 10.39% 7 1.47 10 0.34% 9 2.17% 0.16 8 12 1 2 3 4 11 7 14 13 5 15 10 9 6 Volatility (Risk) Rank Return /Risk Rank Active Return Rank Tracking Error Information Ratio Rank
SectIOn 2
PORTFOLIO NAME
3 Year Return (p.a.)
ABSA Balanced
15.30%
Allan Gray
15.62%
Coronation
18.39%
Foord Segregated Domestic
18.05%
17.53%
Investment Solutions Performer Local
16.98%
Investment Solutions Value Alpha Local
16.41%
Momentum AM Domestic Balanced Fund
14.79%
Oasis
15.11%
15.69%
23
15
Prudential Domestic Balanced
17.07%
Pan-African Asset Management
14.80%
RE:CM Balanced Domestic Composite
13.64%
SIM Domestic Unique
16.59%
Stanlib AM
16.99%
Highest
18.39%
Upper Quartile
17.03%
Median
16.45%
Average
16.11%
Lower Quartile
15.20%
Lowest
13.64%
Number of participants
SectIOn 2
Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to maximise long-term (i.e. more than 5 years) capital growth. This may lead to volatility of returns in the short-term (i.e. less than one year).
RISK VS RETURN (CALCULATED ON 3 YEAR PERFORMANCE RETURNS FOR THE PERIOD ENDING 31 DECEMBER 2011) Rank GLOBAL DYNAMIC 9 1 5 2 3 8 4 7 6 RISK STATISTICS 11.65% 10.74% 10.65% 10.04% 9.14% 8.22% 9 9 1.18 1.37 1.46 1.43 1.55 1.83 3.89% 2.27% 0.33% 0.85% -0.37% -2.40% 8 8.53% 6.38% 2.75% 4.21% 2.19% 1.35% 8 2.66 0.56 0.15 0.48 -0.08 -0.29 8 9.83% 4 1.39 6 -0.37% 11.65% 9 1.18 9 * 6 10.89% 8 1.37 7 1.84% 10.65% 5 1.25 8 -0.09% 5 3 10.66% 6 1.43 5 0.75% 4 8.59% 2 1.83 1 3.89% 1 9.14% 3 1.55 3 -0.39% 7 10.74% 7 1.67 2 3.59% 2 8.22% 1 1.46 4 -2.40% 8 8.28% 1.35% 5.74% 8.53% 2.22% 2.44% 2.08% * 3.07% -0.29 2.66 -0.07 0.46 0.34 -0.04 0.88 * -0.12 7 8 1 6 3 4 5 2 Volatility (Risk) Rank Return /Risk Rank Active Return Rank Tracking Error Information Ratio Rank
PORTFOLIO NAME
12.02%
17.91%
Investec Asset Management Managed
14.19%
15.71%
15.21%
Momentum Aggressive
13.29%
24
9
14.95%
13.69%
SYmmETRY Aggressive
13.70%
Highest
17.91%
Upper Quartile
15.21%
Median
15.24%
Average
14.85%
Lower Quartile
13.69%
Lowest
12.02%
Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers best investment view.
RISK VS RETURN (CALCULATED ON 3 YEAR PERFORMANCE RETURNS) Rank GLOBAL BEST INVESTMENT VIEW 15 14 1 4 2 3 5 8 18 17 19 12 16 13 7 10 9 6 11 STATISTICS 11.37% 10.67% 10.46% 10.03% 9.46% 7.61% 19 1.56 1.42 1.43 1.26 1.23 19 1.89 2.93% 0.98% 0.35% 0.38% -0.63% -2.37% 19 7.63% 3.17% 2.16% 2.67% 1.81% 0.98% 19 2.00 0.40 0.15 0.13 -0.25 -0.93 19 9.36% 5 1.48 7 10.53% 11 1.42 10 11.04% 18 1.32 12 7.61% 1 1.89 1 11.37% 19 1.31 13 0.74% 1.12% 0.61% 0.84% -0.42% 10.66% 14 1.25 16 -1.62% 10.46% 10 1.26 15 -0.85% 10.90% 17 1.23 18 -0.67% 15 16 18 7 5 8 6 12 9.04% 3 1.33 11 -2.37% 19 10.59% 13 1.23 19 -0.33% 11 10.23% 9 1.24 17 -0.56% 13 9.83% 7 1.50 6 0.35% 10 0.98% 2.16% 2.35% 2.56% 1.53% 1.88% 1.89% 2.02% 7.63% 1.38% 2.80% 1.85% 9.27% 4 1.64 3 0.60% 9 1.77% 10.69% 15 1.47 8 2.84% 3 3.65% 10.77% 16 1.47 9 2.93% 1 3.54% 9.55% 6 1.62 4 2.70% 4 3.70% 0.73 0.83 0.78 0.34 0.36 -0.26 -0.14 -0.93 -0.44 -0.45 -0.86 0.37 0.15 0.44 0.30 -0.23 9.86% 8 1.71 2 2.93% 2 1.47% 2.00 10.58% 12 1.26 14 -0.58% 14 2.33% -0.25 8.24% 2 1.61 5 -1.13% 17 5.19% -0.22 12 14 1 4 2 3 8 7 15 11 19 16 17 18 6 10 5 9 13 Volatility (Risk) Rank Return /Risk Rank Active Return Rank Tracking Error Information Ratio Rank
PORTFOLIO NAME
SectIOn 2
Allan Gray
13.30%
Cadiz Global Balanced
13.33%
Coronation
16.84%
15.46%
15.85%
15.76%
15.20%
Investment Solutions (Spectrum)
14.72%
Momentum AM Global Balanced Fund
12.67%
Momentum Balanced
13.05%
Oasis
12.00%
13.44%
25
19
OMIGSA Macro Strategy (Profile Balanced)
13.15%
OMIGSA Macro Strategy (Profile Growth)
13.35%
Prudential Global Balanced
14.88%
RE:CM
14.37%
SIM Global Unique
14.52%
Stanlib AM
14.97%
SYmmETRY Paragon
13.85%
Highest
16.84%
Upper Quartile
15.09%
Median
14.16%
Average
14.44%
Lower Quartile
13.31%
Lowest
12.00%
SectIOn 2
Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (i.e. less than one year) capital loss while targeting long-term (i.e. more than five years) capital growth.
PORTFOLIO NAME
Rank Volatility (Risk) Rank Return /Risk Rank Active Return Rank Tracking Error
RISK VS RETURN (CALCULATED ON 3 YEAR PERFORMANCE RETURNS FOR THE PERIOD ENDING 31 DECEMBER 2011)
Information Ratio Rank
GLOBAL CONSERVATIVE
7 1 4 3 6 8 2 5 4.42% 2 2.29 2 * 7.06% 8 1.71 6 0.28% 4.60% 3 1.62 8 * 4 4.03% 1 2.43 1 0.61% 3 5.69% 5 2.03 4 1.25% 1 6.56% 6 1.66 7 1.10% 2 6.69% 7 2.24 3 * 4.67% 4 1.89 5 * * * 5.38% 1.98% 1.52% * 2.28% * * * 0.20 0.63 0.40 * 0.12 * 4 3 1 2
Allan Gray Life Global Stable Portfolio
8.81%
Coronation (Absolute)
14.99%
Investec Cautious Managed Fund
10.89%
Investment Solutions (Conserver)
11.57%
26 RISK STATISTICS
7.06% 6.59% 5.18% 5.47% 4.55% 4.03% 8 8 1.62 1.70 1.98 1.96 2.25 2.43 1.25% 1.14% 0.86% 0.81% 0.53% 0.28% 4 8
OMIGSA Macro Strategy (Profile Capital)
9.79%
Stanlib AM (Absolute)
7.43%
12.05%
10.12%
Highest
14.99%
5.38% 3.05% 2.13% 2.79% 1.87% 1.52% 4
0.63 0.46 0.30 0.34 0.18 0.12 4
Upper Quartile
11.69%
Median
10.71%
Average
10.62%
Lower Quartile
9.55%
Lowest
7.43%
SectIOn 2
S.a. Balanced Manager WatchtM Survey - return and volatility
RISK VS RETURN SCATTERPLOT - S.A. BEST INVESTMENT VIEW - 3 YEARS ENDING 31 DECEMBER 2011
TRACKING ERROR VS EXCESS RETURN SCATTERPLOT - S.A. BEST INVESTMENT VIEW 3 YEARS ENDING 31 DECEMBER 2011
27
SectIOn 2
global Balanced Manager WatchtM Survey - return & volatility
RISK VS RETURN SCATTERPLOT - GLOBAL BEST INVESTMENT VIEW - 3 YEARS ENDING 31 DECEMBER 2011
16.90%
Coronation
15.90% Foord Asset Management Investment Solutions (Performer) 14.90% Return (p.a.) Investment Solutions (Spectrum) RE:CM
Stanlib AM Prudential Global Balanced
SIM Global Unique
13.90%
SYmmETRY Paragon
OMIGSA Macro Strategy (Profile Growth) Cadiz Global Balanced OMIGSA Macro Strategy (Profile Balanced) Momentum AM Global Balanced Fund OMIGSA Macro Strategy Momentum Balanced
Allan Gray 12.90%
11.90% 7.50% 8.00% 8.50%
Oasis 9.00% 9.50% 10.00% 10.50% 11.00%
Risk (p.a.) (standard deviation)
TRACKING ERROR VS EXCESS RETURN SCATTERPLOT- GLOBAL BEST INVESTMENT VIEW - 3 YEARS ENDING 31 DECEMBER 2011
Coronation 2.55%
1.55% SIM Global Unique Prudential Global Balanced Excess Return (% p.a.) 0.55% IS (Spectrum) Stanlib AM RE:CM
-0.45%
SYmmETRY Paragon
Momentum Balanced
Cadiz Global Balanced Momentum AM Global Balanced Fund OMIGSA (Balanced) OMIGSA Macro Strategy
Allan Gray
-1.45%
OMIGSA Macro Strategy (Growth)
-2.45% 0.85% 1.85%
Oasis 2.85% 3.85% 4.85% 5.85% 6.85%
Tracking Error (% p.a.)
28
SectIOn 2
RISK VS RETURN SCATTERPLOT - GLOBAL DYNAMIC - 3 YEARS ENDING 31 DECEMBER 2011
17.90%
16.90%
15.90%
Investec Opportunity Fund
Return (p.a.)
14.90%
Investec Assest Management Managed

13.90%
SYmmETRY Aggressive
12.90%
Momentum Aggressive

11.90% 8.10% 8.60% 9.10% 9.60% 10.10% 10.60% 11.10% 11.60%
TRACKING ERROR VS EXCESS RETURN SCATTERPLOT - GLOBAL DYNAMIC - 3 YEARS ENDING 31 DECEMBER 2011
3.45%
2.45%
1.45% Excess Return (% p.a.)
0.45%
Investment Solutions Entrepreneur Momentum Aggressive SYmmETRY Aggressive Investec Assest Management Managed
-0.55%
-1.55% Allan Gray Life Global Absolute Portfolio -2.55% 1.25% 2.25% 3.25% 4.25% 5.25% 6.25% 7.25% 8.25% Tracking Error (% p.a.)
29
SectIOn 2
RISK VS RETURN SCATTERPLOT - GLOBAL CONSERVATIVE - 3 YEARS ENDING 31 DECEMBER 2011
TRACKING ERROR VS EXCESS RETURN SCATTERPLOT - GLOBAL CONSERVATIVE - 3 YEARS ENDING 31 DECEMBER 2011
30
SectIOn 2
global and S.a. Balanced Manager WatchtM Survey - asset allocation
AVERAGE ASSET ALLOCATION OF S.A. BEST INVESTMENT VIEW AS AT 31 DECEMBER 2011
0.28% 17.32% 0.86% 3.10% 9.55%
0.79% 17.20% 1.02% 3.13% 8.49%
1.50% 13.95% 1.13% 3.72% 12.68%
1.28% 14.95% 0.65% 2.81% 13.61%
1.16% 17.98% 0.66% 2.54% 16.01%
68.89%
69.38%
67.01%
66.69%
61.65%
2007
2008
2009
2010
2011
AVERAGE ASSET ALLOCATION OF GLOBAL BEST INVESTMENT VIEW AS AT 31 DECEMBER 2011
14.08% 0.31% 13.22% 1.00% 3.06% 6.60%
15.74% 0.41% 14.56% 0.70% 3.40% 5.41%
17.28% 0.99% 10.19% 0.84% 4.16% 10.48%
18.23% 0.73% 11.49% 0.89% 3.51% 10.13%
23.38%
0.89% 13.67% 0.36% 2.91% 11.31%
61.73%
59.78%
56.06%
55.02% 47.47%
2007
2008
2009
2010
2011
* Average provided is a numeric average calculated by adding asset weights together dividing by number of funds; this treats all funds equally, regardless of size. 31
SectIOn 2
composite Dispersion (range) of S.a. Balanced Manager WatchtM Managers
1 Year to 31 December 2011
DOMESTIC BEST INVESTMENT VIEW
ABSA Balanced Allan Gray Coronation Investec Asset Management Pan-African RE:CM Balanced Domestic Composite Momentum AM Domestic Balanced Fund 0.00% 0.10%
0.170% 0.535% 0.348% 0.190% 0.447% 0.174% 0.216% 0.20% 0.30% 0.40% 0.50% 0.60%
DOMESTIC BEST INVESTMENT VIEW

2011 MEDIAN MAXIMUM RETURN COMPOSITE RETURN ABSA Balanced Allan Gray Coronation Investec Asset Management Pan-African RE:CM Balanced Domestic Composite Momentum AM Domestic Balanced Fund 5.96% 9.80% 6.45% 6.22% 6.94% 4.21% 5.68% 6.13% 10.81% 6.60% 6.31% 7.40% 4.54% 6.13% MINIMUM RETURN 5.79% 9.14% 5.54% 5.87% 6.31% 4.07% 5.58% COMPOSITE DISPERSION (1YR) 0.170% 0.535% 0.348% 0.190% 0.447% 0.174% 0.216% COMPOSITE DISPERSION (3YRS) * 0.220% 0.114% 0.333% 0.555% 0.120% 0.133% COMPOSITE DISPERSION (5YRS) * 0.230% * * 0.970% 0.040% 0.198%
32
SectIOn 2
composite Dispersion (range) of global Balanced Manager WatchtM Managers
GLOBAL BEST INVESTMENT VIEW Global Best Investment View

Allan Gray Coronation Investec Asset Management Oasis OMIGSA Macro Strategy Prudential Global Balanced Momentum AM Global Balanced Fund RE:CM SIM Global Unique Stanlib AM 0.00% 0.20% 0.40% 0.262% 0.436% 0.60% 0.80% 1.00% 1.20% 1.40% 0.134% 0.102% 0.336% 1.192% 0.152% 0.242% 0.953% 0.575%
GLOBAL BEST INVESTMENT VIEW

2011 MEDIAN COMPOSITE RETURN Allan Gray Coronation Investec Asset Management Oasis OMIGSA Macro Strategy Prudential Global Balanced Momentum AM Global Balanced Fund RE:CM SIM Global Unique Stanlib AM 12.21% 8.33% 7.42% 8.50% 7.60% 8.53% 7.76% 10.07% 7.78% 9.17% MAXIMUM RETURN 13.19% 8.67% 8.04% 9.56% 7.74% 8.72% 8.09% 12.33% 7.98% 9.61% MINIMUM RETURN 11.14% 8.11% 6.90% 6.99% 7.35% 8.43% 7.42% 9.60% 7.35% 8.22% COMPOSITE DISPERSION (1YR) 0.575% 0.152% 0.242% 0.953% 0.134% 0.102% 0.336% 1.192% 0.262% 0.436% COMPOSITE DISPERSION (3YRS) 0.920% 0.089% 0.227% 1.562% 0.081% 0.130% 0.162% 0.419% * * COMPOSITE DISPERSION (5YRS) 0.430% 0.093% 0.145% 1.083% 0.049% * 0.155% 0.288% * *
33
Go on a shopping spree in Paris. Dance in the rain with a friend. Fall asleep under the stars. Teach someone to read. Audition for theatre. Go on a blind date. Build a snowman. Kiss a celebrity. Sing to a child. Start a pillow ght. Paint a self-portrait. Learn to belly dance. Help someone in need. Cook something youve grown. Test-drive a car you cant afford. Switch your cell phone off for a month.
An Authorised Financial Service Provider
34
SectIOn 3
S.a. equity Manager WatchtM Survey
Objective - The portfolios included represent specialist equity funds which are actively managed to various benchmarks. Owing to the differing benchmarks the survey ranks active returns or out - or underperformance over the benchmark and risk adjusted returns. No carve-outs are reflected. The equity survey covers a broad universe of specialist equity products for institutional investors including value, growth, active quantitative, market-orientated styles all with different risk profiles.
RANGE OF RETURNS OF EQUITY UNIVERSE FOR THE PERIODS ENDING 31 DECEMBER 2011
25.00%
20.00%
15.00%
10.00%
5.00%
25% - 75% Min - Max Median
0.00%
-5.00%
1 Year
3 Years (p.a.)
5 Years (p.a.)
1 Year RETURN STATISTICS Highest Upper Quartile Median Average Lower Quartile Lowest Number of participants 12.21% 5.11% 3.80% 3.80% 1.72% -1.71% 63
3 Years (p.a.) 22.48% 18.69% 17.68% 17.81% 17.06% 13.42% 53
5 Years (p.a.) 15.45% 10.77% 9.31% 9.47% 8.25% 6.68% 36
BENCHMARKS OF PORTFOLIOS IN THE EQUITY SURVEY AS PERCENTAGE OF THE SURVEY UNIVERSE BENCHMARK FTSE/JSE All Share Index FTSE/JSE Capped Index FTSE/JSE SWIX FTSE/JSE Top 40 Other % OF UNIVERSE 22.22% 4.76% 55.56% 3.17% 14.29%
35
Objective - The portfolios included in this Survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected. Due to differing benchmarks, the portfolios below are ranked by active returns only (i.e actual performance less benchmark return)
BENCHMARK Active Return Active Return Active Return Active Returns Active Returns Active Returns 1 Year Rank 3 Years (p.a.) Rank 5 Years (p.a.) Rank 2010 Rank 2009 Rank 2008 Rank Rank 1 3 2 7,311.92 5,149.59 13 14 1 -3.51% 2.97% 16 2 18 * 21 20 2 9 11 -0.44% 1.31% 8 7 1.83% 0.46% * * * 8.09% 8.74% 8.65% 7.54% 16.52% 10.33% 21 5.13% 4.11% 13 0.78% 0.06% 18.98% 19.56% 20.86% 17.22% 18.74% 13.45% 24 6 12 14 5 3 8 0.81% -0.18% * 1.44% -2.08% -2.42% 3.57% -1.37% -0.50% * 3.21% 5.90% 32.13% 32.29% 29.91% 31.73% 34.20% 23.04% 23 8 3 11 19 0.15% 20 6 17 15 12 14 2.19% 1.40% 2.90% * 2.78% 2.55% * -0.47% 4.89% 5.61% * -7.94% -1.06% * 2.55% * -23.23% -21.65% -21.67% -23.58% -27.48% -22.60% 21 125,433.48 8 18 16 15 3 2 7 9 17 4 10 12 5 146.50 9,859.02 15,682.65 877.46 1,460.40 30,56.50 10,310.81 3,330.32 69.08 1,962.67 518.93 262.83 1,217.91 1,740.69 5,289.53 681.80 1,725.78 6,494.75 1,056.67 1,525.70 7,433.40 6 9 22 4 2 18 15 1 3 10 23 11 20 21 16 12 8 19 13 7 17 14 5 ENHANCED INDEX 0.04% 0.42% -0.91% BENCHMARK COGNISANT -1.55% -1.46% -3.37% -3.13% 1.31% 3.43% -0.55% 0.80% 0.39% 0.90% 1.68% 1.89% 0.70% 2.14% -0.43% 1.92% 2.41% 0.33% 2.20% -0.48% -0.84% -1.93% -2.09% INDICES 2.57% 3.09% 4.25% 2.44% -0.71% -3.78% 26 17.70% 17.85% 16.51% 17.27% 21 0.98% 6 20 0.45% 7 17 * * 15 -0.18% 12 0.02% 3 1.00% 5 -0.85% 13 1.62% 4 * 2 0.01% 11 * 5 0.15% 9 1.23% 4 14 0.37% 8 * 0.30% 4 * * 3.40% 11 -1.58% 18 * -5.36% 6 * * -6.62% 7 * * * 9 -0.26% 13 0.04% 6 -0.06% 13 12 2.59% 3 2.32% 2 1.69% 4 6.32% -1.89% 10 0.11% 10 0.66% 5 0.23% 10 -0.88% 16 * * 0.62% 7 1.52% 10 1 2.78% 1 1.25% 3 -1.36% 15 6.51% 1 8 2.78% 2 3.97% 1 3.89% 1 3.39% 7 22 -0.73% 15 -1.69% 10 -2.54% 17 4.36% 4 0.56% 8.32% 23 -0.71% 14 -1.09% 9 -1.46% 16 3.70% 5 1.00% 18 -1.44% 17 * -3.19% 18 0.58% 13 1.91% 11 19 -1.10% 16 * -3.42% 19 2.02% 9 2.84% 6 3 -0.35% 3 0.80% 2 0.06% 3 -0.09% 2 0.12% 3 1 0.08% 2 0.65% 3 0.21% 1 -0.52% 3 1.37% 2 2 1.13% 1 1.18% 1 0.11% 2 3.60% 1 1.78% 1 8,113.76 598.42 2,456.41 Portfolio Size (Rm) INVESTMENT DATA TO THE END OF DECEMBER 2011 CALENDAR YEAR RETURNS SIZE
PORTFOLIO NAME
Kagiso Core SWIX Fund
FTSE/JSE SWIX All Share Index
Prescient Equity Quant Fund
FTSE/JSE Top 40 Index
SectIOn 3
Stanlib Enhanced Index Fund
Afena Capital Equity CAPI
Afena Capital Equity SWIX
FTSE/JSE Capped All Share Index
Cadiz Equity ALSI
FTSE/JSE All Share Index
Cadiz Equity SWIX
Coronation Core Equity
Investec Active Quants
Investment Solutions Entrepreneur Equity
Investment Solutions Pure Equity
Kagiso Managed Equity Fund
Momentum Classic Equity
Mergence SWIX Fund
Mergence CAPI Fund
36
RETURN STATISTICS
Prescient Equity Active Quant
Prudential Core Equity ALSI
Prudential Core Equity SWIX
SIM Core Houseview Equity Fund
2% Call Rate, 98% FTSE/JSE SWIX All Share Index
Stanlib Core Equity
Stanlib Research
Taquanta Active All Share
Taquanta Active SWIX
FTSE/JSE Value Index
FTSE/JSE Growth Index
Total Fund Size of Participants
Index - All rights in the FTSE/JSE Africa Index Series vest in the JSE Limited (JSE) and in FTSE International Limited (FTSE) jointly. FTSE is a trade mark of the London Stock Exchange Limited (LSE) and The Financial Times Limited (FT) jointly and issued by FTSE under licence. JSE is a trade mark of the JSE. The FTSE/JSE Africa Index Series is calculated by FTSE International Limited (FTSE) in conjunction with the JSE Limited (JSE) in accordance with standard criteria. The FTSE/JSE Africa Index Series is the proprietary information of FTSE and the JSE. All copyright subsisting in the FTSE/JSE Africa Index values and constituent list vests in FTSE and the JSE jointly. All their rights are reserved.
Objective - The portfolios included in this Survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected. Due to differing benchmarks, the portfolios below are ranked by active returns only (i.e actual performance less benchmark return).
SectIOn 3
PORTFOLIO NAME
BENCHMARK
CALENDAR YEAR RETURNS
SIZE
37
37 RETURN STATISTICS 30 22 35
ABSA Asset Management Core Equity ABSA Asset Management Value Allan Gray Argon Specialist Equity Cadiz Mastermind Fund Cannon All Equities ALSI Portfolio Cannon All Equities SWIX Portfolio Community Growth Equity Fund Coronation Aggressive Equity Coronation Houseview Equity ELECTUS Growth Portfolio ELECTUS Multi-Cap Portfolio Element Equity Element Specialist Equity Foord Asset Management Investec Contrarian Equity Investec Equity Investec Growth Investec RI Equity Fund Investec Value Momentum AM Aggressive Equity Fund Momentum AM Houseview Equity Fund Oasis Specialist Domestic OMIGSA Active Quant Equity Fund OMIGSA Premium Equity OMIGSA Value Equity Investments Value Portfolio OMIGSA Value Equity Investments: SWIX Orthogonal Equity Prudential Deep Value Equity Regarding Capital Management SIM Aggressive Equity SIM Unconstrained Equity Stanlib Growth Equity Stanlib Value Fund Sygnia Absolute Focus Equity Fund SYmmETRY Equity Portfolio TOROS Equity SWIX Portfolio
FTSE/JSE Capped All Share Index FTSE/JSE All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index Adjusted FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index 90% FTSE/JSE SWIX All Share Index/10% STEFI FTSE/JSE All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index Momentum AM Capped Shareholder Weighted Index Momentum AM Capped Shareholder Weighted Index South Africa OE (ASISA) Domestic Equity General FTSE/JSE Shareholder Weighed Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index Fund weighted CAPI SWIX index FTSE/JSE All Share Index 2% 4 Major bank Call Rate; 98% FTSE/JSE SWIX 2% Major Bank Call Rate / 98% FTSE/JSE SWIX FTSE/JSE All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index
FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE
All Share Index Capped All Share Index SWIX All Share Index Top 40 Index Value Index Growth Index
Active Return Active Return Active Return Active Returns Active Returns Active Returns Portfolio Size 1 Year Rank 3 Years (p.a.) Rank 5 Years (p.a.) Rank 2010 Rank 2009 Rank 2008 Rank (Rm) Rank NOT BENCHMARK COGNISANT 4.08% 5 1.59% 5 * 1.45% 12 -1.38% 23 10.89% 6 1,462.10 23 3.70% 6 4.49% 2 7.37% 1 5.33% 4 4.49% 8 19.64% 1 1,820.10 21 6.14% 2 0.58% 12 3.44% 4 0.72% 14 -6.36% 30 11.64% 3 49,095.97 1 -3.29% 34 -2.75% 28 -1.66% 21 -2.20% 25 -2.61% 26 0.23% 20 3,813.30 16 -2.85% 30 0.64% 11 0.15% 14 -2.46% 27 8.63% 1 -0.64% 21 97.20 35 -4.28% 36 -0.80% 22 * -0.30% 21 3.29% 11 -3.29% 25 57.10 37 -5.35% 37 * * -0.21% 20 4.95% 7 -2.87% 24 830.00 26 -3.14% 33 -2.54% 27 -0.19% 16 -4.23% 30 0.20% 15 3.18% 16 2,137.30 18 0.79% 12 4.62% 1 4.15% 2 7.06% 1 6.82% 2 6.59% 10 13,898.50 6 -0.76% 24 2.87% 4 2.74% 6 4.95% 5 5.19% 6 5.17% 11 17,730.30 3 -3.06% 32 * * * * * 1,933.00 19 -3.00% 31 -0.17% 18 -0.43% 17 -2.45% 26 6.01% 3 -1.26% 22 8,596.80 8 -0.29% 19 -3.26% 29 -0.05% 15 -4.58% 33 -5.46% 29 10.87% 7 15,907.90 5 0.16% 17 -3.71% 30 0.23% 13 -4.87% 34 -7.15% 31 11.20% 5 3,825.60 15 5.53% 3 4.04% 3 3.57% 3 6.86% 2 -0.93% 22 7.28% 9 8,180.60 10 -0.40% 21 0.78% 10 * -0.12% 18 3.33% 10 11.23% 4 1,706.80 22 2.24% 8 -2.28% 26 -1.87% 22 -6.26% 35 -3.43% 27 -3.42% 27 4,944.00 13 0.11% 18 -0.99% 24 -0.64% 20 -1.26% 22 -2.05% 25 -3.35% 26 1,892.84 20 -3.29% 35 -0.08% 16 * 0.45% 16 3.47% 9 * 310.34 32 -1.09% 26 1.51% 6 2.30% 7 6.06% 3 -0.07% 17 10.20% 8 19,704.40 2 1.97% 9 0.90% 8 -0.54% 19 0.95% 13 -0.52% 20 1.71% 18 694.30 28 0.64% 13 -0.46% 20 0.67% 12 -1.50% 23 -0.68% 21 4.95% 12 256.70 33 4.23% 4 0.82% 9 2.21% 8 4.42% 6 -7.25% 32 4.64% 13 11,487.40 7 * 227.50 34 -0.66% 23 * * * 1.87% 11 * 7.96% 1 * * -1.88% 24 * * 729.20 27 -1.88% 27 -0.01% 15 -0.49% 18 -2.81% 28 5.68% 5 -2.85% 23 338.80 31 -2.69% 28 -0.65% 21 * -4.11% 29 5.86% 4 * 8,305.40 9 0.53% 16 * * 0.47% 15 0.24% 15 * 73.70 36 0.59% 15 0.06% 14 1.41% 10 -0.14% 19 -0.38% 18 4.58% 14 3,184.90 17 0.63% 14 -0.08% 17 1.36% 11 2.46% 9 -3.72% 28 12.91% 2 5,223.80 12 -0.90% 25 * * 2.27% 10 * * 490,50 30 -2.75% 29 0.51% 13 2.10% 9 2.47% 8 2.53% 12 3.62% 15 5,750.80 11 1.24% 10 -0.82% 23 * -4.32% 32 0.51% 13 -15.16% 29 544.40 29 0.90% 11 1.37% 7 2.75% 5 3.11% 7 0.03% 16 -6.07% 28 1,425.30 24 2.47% 7 * * * * * 1,027.10 25 -0.42% 22 -0.21% 19 * 0.21% 17 -0.41% 19 1.87% 17 3,991.60 14 -0.37% 20 -2.00% 25 * -4.26% 13 -1.52% 24 1.11% 19 17,283.10 4 INDICES 2.57% 17.27% 8.09% 18.98% 32.13% -23.23% 3.09% 17.70% 8.74% 19.56% 32.29% -21.65% 4.25% 17.85% 8.65% 20.86% 29.91% -21.67% 2.44% 16.51% 7.54% 17.22% 31.73% -23.58% -0.71% 16.52% 5.13% 18.74% 34.20% -27.48% -3.78% 10.33% 4.11% 13.45% 23.04% -22.60% 32 29 218,979.01
Number of Participants Total Fund Size of Participants
Objective - The portfolios included in this Survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected
BENCHMARK
3 Years Return (p.a.) Rank Risk (Volatility) 16.09% 18.91% 15.91% 17.04% 16.29% 18.72% 18.01% 16.17% 16.24% 14.05% 15.71% 14.45% 17.22% 15.88% 16.78% 15.81% 16.86% 16.34% 15.73% 18.19% 13 9 17 15 7 8 1 3 2 14 6 11 5 12 10 4 16 0.95 1.03 0.89 0.95 1.28 1.27 1.28 1.30 1.22 0.93 1.15 1.04 1.13 1.14 1.15 1.12 0.97 14 12 17 15 3 4 2 1 5 16 7 11 9 8 6 10 13 -1.44% -1.10% -0.71% -0.73% 2.78% 2.78% 0.11% 2.59% -0.26% -1.58% 0.37% 0.15% 0.01% 1.62% 1.00% -0.18% 0.45% 16 15 13 14 2 1 9 3 12 17 7 8 10 4 5 11 6 2.69% 2.94% 2.39% 2.71% 1.99% 2.50% 2.91% 3.65% 2.68% 1.53% 1.23% 3.13% 3.17% 1.96% 2.05% 1.52% 1.84% -0.53 -0.37 -0.30 -0.27 1.40 1.11 0.04 0.71 -0.10 -1.03 0.30 0.05 0.00 0.83 0.49 -0.12 0.24 16 15 14 13 1 2 9 4 11 17 6 8 10 3 5 12 7 2 3 1 1.18 0.87 1.10 1 3 2 1.13% 0.08% -0.35% 1 2 3 2.35% 2.43% 1.55% 0.48 0.03 -0.23 1 2 3 Rank Return/Risk Rank Active Return Rank Tracking Error Information Ratio Rank
PORTFOLIO NAME ENHANCED INDEX

18.98% 16.50% 17.51% 1 3 2 16 14 15 13 2 1 7 3 11 17 6 12 8 4 5 10 9
RISK VS RETURN (Calculated on 3 year performance returns for the period ending 31 December 2011)
Kagiso Core SWIX Fund Prescient Equity Quant Fund Stanlib Enhanced Index Fund
FTSE/JSE SWIX All Share Index FTSE/JSE Top 40 Index FTSE/JSE SWIX All Share Index
SectIOn 3
BENCHMARK COGNISANT
16.24% 16.75% 16.58% 17.12% 20.64% 20.64% 17.96% 20.44% 17.60% 16.10% 18.22% 17.42% 17.87% 19.27% 18.86% 17.68% 17.72%
Afena Capital Equity CAPI Afena Capital Equity SWIX Cadiz Equity ALSI Cadiz Equity SWIX Coronation Core Equity Investec Active Quants Investment Solutions Pure Equity Kagiso Managed Equity Fund Momentum Classic Equity Mergence CAPI Fund Prescient Equity Active Quant Prudential Core Equity ALSI Prudential Core Equity SWIX SIM Core Houseview Equity Fund Stanlib Core Equity Stanlib Research Taquanta Active All Share
FTSE/JSE Capped All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE Capped All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index 2% Call Rate. 98% FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index
NOT BENCHMARK COGNISANT
38
RISK STATISTICS
22.48% 18.71% 17.70% 17.85% 16.99% 13.42% 17.27% 48 18.91% 16.80% 15.89% 15.65% 14.23% 10.61% 17.49% 1.53 1.28 1.14 1.156 1.03 0.87 1.01
Allan Gray ABSA Asset Management Core Equity ABSA Asset Management Value Argon Specialist Equity Cadiz Mastermind Fund Community Growth Equity Fund Cannon All Equities ALSI Portfolio Coronation Aggressive Equity Coronation Houseview Equity ELECTUS Multi-Cap Portfolio Element Specialist Equity Element Equity Foord Asset Management Investec Contrarian Equity Investec Equity Investec Growth Investec RI Equity Fund Investec Value Momentum AM Aggressive Equity Fund Momentum AM Houseview Equity Fund Oasis Specialist Domestic OMIGSA Value Equity Investments Value Portfolio Prudential Deep Value Equity Regarding Capital Management SIM Unconstrained Equity Stanlib Growth Equity Stanlib Value Fund SYmmETRY Equity Portfolio
FTSE/JSE All Share Index FTSE/JSE Capped All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index Adjusted FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index 90% FTSE/JSE SWIX All Share Index/10% STEFI FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index RMBAM Capped Shareholder Weighted Index RMBAM Capped Shareholder Weighted Index South Africa OE (ASISA) Domestic Equity General FTSE/JSE All Share Index Fund weighted CAPI SWIX index FTSE/JSE All Share Index 2% Major Bank Call Rate / 98% FTSE/JSE SWIX FTSE/JSE All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index
17.85% 18.69% 21.76% 15.11% 18.50% 13.42% 16.46% 22.48% 20.72% 17.67% 14.25% 14.75% 21.30% 18.05% 15.57% 16.87% 17.78% 18.78% 18.77% 17.41% 17.41% 17.25% 17.90% 17.19% 18.16% 16.44% 18.63% 17.63%
13 7 2 25 9 28 22 1 4 15 27 26 3 11 24 21 14 5 6 17 18 19 12 20 10 23 8 16
12.72% 14.06% 14.21% 14.15% 18.07% 15.37% 15.97% 16.59% 15.80% 17.68% 10.61% 11.28% 14.25% 18.11% 13.58% 16.12% 15.53% 15.58% 17.00% 16.48% 13.22% 18.79% 16.09% 11.36% 15.88% 14.31% 14.12% 13.83%
4 8 11 10 26 14 19 23 17 25 1 2 12 27 6 21 15 16 24 22 5 28 20 3 18 13 9 7
1.40 1.33 1.53 1.07 1.02 0.87 1.03 1.35 1.31 1.00 1.34 1.31 1.49 1.00 1.15 1.05 1.14 1.21 1.10 1.06 1.32 0.92 1.11 1.51 1.14 1.15 1.32 1.27
4 7 1 20 24 28 23 5 10 25 6 11 3 26 15 22 16 13 19 21 9 27 18 2 17 14 8 12
0.58% 1.59% 4.49% -2.75% 0.64% -2.54% -0.80% 4.62% 2.87% -0.17% -3.71% -3.26% 4.04% 0.78% -2.28% -0.99% -0.08% 1.51% 0.90% -0.46% 0.82% -0.01% 0.06% -0.08% 0.51% -0.82% 1.37% -0.21%
12 5 2 26 11 25 21 1 4 18 28 27 3 10 24 23 16 6 8 20 9 15 14 17 13 22 7 19
7.20% 4.34% 5.40% 4.62% 5.47% 5.12% 6.83% 2.76% 2.47% 4.41% 7.12% 7.98% 6.39% 8.13% 6.14% 3.36% 5.02% 8.06% 2.90% 2.79% 6.06% 4.29% 2.46% 9.23% 3.35% 7.54% 6.87% 3.71%
0.08 0.37 0.83 -0.59 0.12 -0.50 -0.12 1.68 1.16 -0.04 -0.52 -0.41 0.63 0.10 -0.37 -0.30 -0.02 0.19 0.31 -0.17 0.14 0.00 0.02 -0.01 0.15 -0.11 0.20 -0.06
13 5 3 28 11 26 21 1 2 18 27 25 4 12 24 23 17 8 6 22 10 15 14 16 9 20 7 19
Highest Upper Quartile Median Average Lower Quartile Lowest FTSE/JSE All Share Index Number of Participants
SectIOn 3
RISK VS RETURN SCATTERPLOT ON S.A. EQUITY MANAGERS - ENHANCED INDEX AND BENCHMARK COGNISANT 3 YEARS ENDING 31 DECEMBER 2011
Risk vs Return Scatterplot on SA Equity Managers Enhanced Index and Benchmark Cognisant 3 Years ended 31 December 2011
Coronation Core Equity Kagiso Managed Equity Fund Investec Active Quants
Excess Return vs Tra Enhanced Index and Benc

2.8% Benchmark : FUND SPECIFIC
2.3%
20.0%
1.8%
SIM Core Ho Equity F
Excess Return (% p.a.)
19.0% Return (p.a.)
1.3%
Stanlib Core Equity
Stanlib Co 0.8% Prescient Equity Active Quant Stanlib Enhanced Index Fund
18.0%
Investment Solutions Pure Equity Momentum Classic Equity
Prescient Equity Active Quant Prudential Core Equity SWIX FTSE/JSE SWIX Index
Taquan S
0.3%
Stanlib Research Stanlib Enhanced Index Fund Prudential Core Equity ALSI FTSE/JSE All Share Index Cadiz Equity SWIX Cadiz Equity ALSI Prescient Equity Quant Fund 18.9%
-0.2%
Stanlib Research -0.7%
17.0%
Afena Capital Equity SWIX Afena Capital Equity CAPI

16.0% 13.9% 14.9% 15.9% 16.9%
-1.2% Mergence CAPI Fund -1.7% 1.1%
Mergence CAPI Fund

17.9%
Risk (p.a.) (Standard Deviation)
TRACKING ERROR VS EXCESS RETURN SCATTERPLOT ON S.A. EQUITY MANAGERS - ENHANCED INDEX & BENCHMARK COGNISANT 3 YEARS ENDING 31 DECEMBER 2011
Managers nisant 1
2.8%
Excess Return vs Tracking Error Scatterplot - SA Equity Managers Enhanced Index and Benchmark Cognisant 3 Years ended 31 December 2011
Benchmark : FUND SPECIFIC
Coronation Core Equity Investec Active Quants Kagiso Managed Equity Fund
Quants
2.3%
1.8%
M Core Houseview Equity Fund
1.3% Excess Return (% p.a.) Stanlib Core Equity 0.8% Prescient Equity Active Quant Stanlib Enhanced Index Fund
Equity

0.3%
ex
-0.2%
e Equity ALSI FTSE/JSE All Share Index Cadiz Equity SWIX Cadiz Equity ALSI Prescient Equity Quant Fund Mergence CAPI Fund 17.9% 18.9%
Stanlib Research -0.7%

Cadiz Equity ALSI
Cadiz Equity SWIX Afena Capital Equity SWIX
SWIX CAPI
-1.2% Mergence CAPI Fund -1.7% 1.1%

2.1%

3.1%
39
SectIOn 3
S.A. EQUITY MANAGER WATCH SURVEY

RISK VS RETURN SCATTERPLOT ON S.A. EQUITY MANAGERS - NOT BENCHMARK COGNISANT - 3 YEARS ENDING 31 DECEMBER 2011
Risk vs Return Scatterplot on SA Equity Managers Not Benchmark Cognisant -3 Years ended 31 December 2011
4.2% Momentum AM Houseview Equity Fund
3.2% Coronation Houseview Equity
Excess return vs Tracking Not Benchmark Cogni

Benchmark : FUND SPECIFIC
ABSA Asset Management Value

21.3%
Coronation Houseview Equity
2.2%
19.3% Return (p.a.)
17.3%
Cadiz Mastermind Fund SIM ABSA Asset Unconstrained Investec Contrarian Equity Prudential Deep Management Core Equity Equity Value Equity ELECTUS Multi-Cap Allan Gray SYmmETRY Equ Port Portfolio Investec RI Equity Fund JSE ALSI Index Oasis Specialist FTSE/JSE SWIX OMIGSA Value Equity Regarding Capital Domestic All Share Index Invest Value Portfolio Management Investec Growth Stanlib Growth Equity
Stanlib Value Fund
Investec Value
Momentum AM Aggressive Equity Fund
ABSA Ass Management Equity Momentum AM Agg

Pru Deep Value Equity
1.2%
0.2%
SIM Unconstrained Equity OMIGSA Equity Inve Value Po
-0.8%
Momentum AM Houseview
ELECTUS M Portfo
Cannon All Equities ALSI Portfolio -1.8%
Investec Growth
15.3% Element Equity Element Specialist Equity 13.3% 10.5%
Investec Equity Argon Specialist Equity
SYmmETRY Equ Portfolio
Com E
-2.8% Community Growth Equity Fund
Argon Specialist Eq
11.5%
12.5%
13.5%
14.5%
15.5%
16.5%
17.5%
18.5%
-3.8% 2.4%
4.4%
Risk (p.a.) (Standard Deviation)
S.A. EQUITY MANAGER WATCH SURVEY

TRACKING ERROR VS ACTIVE RETURN SCATTERPLOT ON S.A. EQUITY MANAGERS - NOT BENCHMARK COGNISANT - 3 YEARS ENDING 31 DECEMBER 2011
Excess return vs Tracking error Scatterplot - SA Equity Managers Not Benchmark Cognisant 3 Years ended 31 December 2011
Benchmark : FUND SPECIFIC 4.2% Momentum AM Houseview Equity Fund
3.2% Coronation Houseview Equity ABSA Asset Management Value
quity Managers d 31 December 2011
Coronation Houseview Equity
2.2%
ue
Momentum AM Aggressive Equity Fund
ABSA Asset Management Core Equity Momentum AM Agg

Pru Deep Value Equity
Stanlib Value Fund Oasis Specialist Domestic
Investec Value
1.2%
Cadiz Mastermind Fund onstrained Investec Contrarian uity Prudential Deep Equity Value Equity ELECTUS Multi-Cap Portfolio y Fund JSE ALSI Index WIX OMIGSA Value Equity dex Invest Value Portfolio Investec Growth
0.2%
-0.8%
SIM Unconstrained Cadiz Mastermind Fund Equity OMIGSA Value Equity Investments Value Portfolio Investec RI Equity Fund Momentum AM ELECTUS Multi-Cap Houseview Portfolio Investec Growth
Allan Gray
Investec Contrarian Equity
Regarding Capital Management
non All Equities ALSI Portfolio -1.8%
Stanlib Growth Equity Cannon All Equities ALSI Portfolio
SYmmETRY Equ Portfolio
Community Growth Equity Fund Argon Specialist Equity
Investec Equity
-2.8%
Element Equity
Community Growth Equity Fund
Element Specialist Equity 17.5% 18.5% -3.8% 2.4% 4.4% 6.4% Tracking Error (% p.a.) 8.4%
16.5%
40
Objective - The portfolios included in this Survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.
1 Year 3 Years (p.a.) Portfolio Benchmark Portfolio Benchmark 5 Years (p.a.) Portfolio Benchmark 9.82% 8.13% 9.14% * * 7.01% 6.95% 12.62% 9.90% * 9.31% 10.97% 8.69% * * * * * 9.32% * * 7.49% 8.36% * * * 8.09% 8.74% 8.65% 7.54% 5.13% 4.11% 13 * * * * 19.76% 20.93% 18.98% 19.56% 20.86% 17.22% 18.74% 13.45% 24 8.34% 21.34% 8.34% 22.71% * 21.88% * 20.42% 8.09% 19.13% 18.98% 20.86% 20.58% 20.87% 20.87% * 18.98% 20.86% * 21.16% 20.86% * 20.60% 17.21% * 31.35% 30.06% 27.49% 33.07% 28.55% 29.42% * 35.35% 35.82% 32.13% 32.29% 29.91% 31.73% 34.20% 23.04% 23 * 14.19% 19.55% 32.10% * 14.23% 20.85% 30.73% * * * * * 29.91% 32.29% * 29.91% 32.13% 29.91% 29.49% 29.91% 29.91% * 32.14% 29.91% 8.65% 20.80% 20.86% 28.02% 29.91% 8.64% 22.55% 20.86% 36.24% 29.91% 8.65% 21.09% 20.86% 29.03% 29.91% * 21.48% 20.86% 31.43% 29.91% -18.71% -19.49% -20.27% -18.77% * -18.89% -19.10% * -22.14% -18.34% -16.06% * -29.61% -22.74% * -20.68% * -23.23% -21.65% -21.67% -23.58% -27.48% -22.60% 21 125,433.5 8.65% 19.50% 20.86% 36.43% 29.92% -25.18% 8.65% 24.74% 20.86% 33.31% 29.91% -13.35% 8.65% 18.31% 20.86% 34.27% 29.91% -21.12% 8.10% 17.52% 18.98% 35.83% 32.13% -22.23% -23.24% -21.68% -21.67% -21.67% -21.67% -21.67% -21.67% -21.67% * -21.67% -21.65% * -21.67% -23.23% -21.67% * -21.67% -21.67% * -23.23% * * 16.38% 19.56% 32.86% 32.28% -19.74% -21.65% * 17.44% 20.86% 31.92% 29.90% -18.83% -21.67% 7,311.9 5,149.6 146.5 9,859.0 15,682.6 877.5 1,460.4 30,156.5 10,310.8 3,330.3 69.1 1,962.7 518.9 262.8 1,217.9 1,740.7 5,289.5 681.8 1,725.8 6,494.7 1,056.7 1,525.7 7,433.4 8.34% 20.93% 20.87% 29.83% 29.91% -21.55% -21.67% 2,456.4 7.49% 17.43% 17.22% 31.21% 31.73% -22.20% -23.58% 598.4 22 12 7 10 25 4 2 20 17 1 3 11 26 13 23 24 18 14 9 21 15 8 19 16 6 8.64% 20.97% 20.86% 33.51% 29.91% -19.89% -21.67% 8,113.8 5 2010 2009 Portfolio Benchmark Portfolio Benchmark 2008 Portfolio Size Portfolio Benchmark (Rm) Rank
PORTFOLIO NAME
BENCHMARK
SIZE
ENHANCED INDEX
4.30% 2.62% 3.35% 4.26% 17.51% 16.75% 16.24% 16.58% 17.12% 20.64% 20.64% * 17.96% 20.44% 17.60% * * 16.10% * 18.22% 17.42% 17.87% 19.27% 18.86% 17.68% * 17.72% 18.83% 17.85% 17.27% * 17.86% 17.86% 17.65% 17.86% 17.27% 17.86% * 17.68% * * 17.86% 17.85% 17.86% * 17.86% 17.86% 17.85% 17.29% 17.68% 17.85% 17.86% 2.20% 16.50% 16.43% 4.26% 18.98% 17.85%
Stanlib Enhanced Index Fund
SectIOn 3
BENCHMARK COGNISANT
2.71% 1.58% -0.75% 1.13% 5.57% 7.70% 3.71% 5.06% 4.65% 5.16% 5.93% 6.15% 3.74% 4.35% 3.83% 4.49% 6.67% 4.62% 6.47% 3.78% 3.42% 0.63% 2.17% 4.25% 2.57% 4.26% 4.26% 4.26% 4.30% 4.26% 2.57% 4.26% 2.21% 3.04% 4.26% 4.26% 4.26% 4.26% 4.26% 4.26% 4.26% 4.26% 4.26% 2.62% 3.04% 4.26%
Afena Capital Equity SWIX
Cadiz Equity ALSI
Cadiz Equity SWIX
Investment Solutions Entrepreneur Equity
Kagiso Managed Equity Fund
Mergence SWIX Fund
Mergence CAPI Fund
Prescient Equity Active Quant
41
INDICES
2.57% 3.09% 4.25% 2.44% -0.71% -3.78% 26 21 10.33% 16.52% 16.51% 17.85% 17.70% 17.27%
2% Call Rate, 98% FTSE/JSE SWIX All Share Index
Stanlib Core Equity
Stanlib Research
FTSE/JSE Value Index
FTSE/JSE Growth Index
RETURN STATISTICS
Objective - The portfolios included in this Survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.
CALENDAR YEAR RETURNS 2010 2009 Portfolio Benchmark Portfolio Benchmark Rank 2008 Portfolio Portfolio Benchmark Size (Rm) SIZE
SectIOn 3
PORTFOLIO NAME
42
18.98% 19.56% 20.86% 17.22% 18.74% 13.45% 35
ABSA Asset Management Core Equity ABSA Asset Management Value Allan Gray Argon Specialist Equity Cadiz Mastermind Fund Cannon All Equities ALSI Portfolio Cannon All Equities SWIX Portfolio Community Growth Equity Fund Coronation Aggressive Equity Coronation Houseview Equity ELECTUS Growth Portfolio ELECTUS Multi-Cap Portfolio Element Equity Element Specialist Equity Foord Asset Management Investec Contrarian Equity Investec Equity Investec Growth Investec RI Equity Fund Investec Value Momentum AM Aggressive Equity Fund Momentum AM Houseview Equity Fund Oasis Specialist Domestic OMIGSA Active Quant Equity Fund OMIGSA Premium Equity OMIGSA Value Equity Investments Value Portfolio OMIGSA Value Equity Investments: SWIX Orthogonal Equity Prudential Deep Value Equity Regarding Capital Management SIM Aggressive Equity SIM Unconstrained Equity Stanlib Growth Equity Stanlib Value Fund Sygnia Absolute Focus Equity Fund SYmmETRY Equity Portfolio TOROS Equity SWIX Portfolio 32.13% 32.29% 29.91% 31.73% 34.20% 23.04% 32 -23.23% -21.65% -21.67% -23.58% -27.48% -22.60% 29 218,979.0
FTSE/JSE Capped All Share Index FTSE/JSE All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index Adjusted FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index 90% FTSE/JSE SWIX All Share Index/10% STEFI FTSE/JSE All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index Momentum AM Capped Shareholder Weighted Index Momentum AM Capped Shareholder Weighted Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE All Share Index Fund weighted CAPI SWIX index FTSE/JSE All Share Index 2% 4 Major bank Call Rate; 98% FTSE/JSE SWIX 2% Major Bank Call Rate / 98% FTSE/JSE SWIX FTSE/JSE All Share Index FTSE/JSE All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index
20.43% 24.32% 19.70% 18.64% 18.40% 18.69% 20.64% 13.44% 27.92% 25.81% * 18.41% 14.74% 14.61% 25.84% 18.87% 14.60% 19.59% 21.31% 25.05% 19.79% 17.35% 20.92% 22.72% 18.98% 16.18% 16.74% 19.46% 20.42% 21.45% 22.85% 23.05% 14.66% 22.10% * 21.07% 16.59%
18.99% 18.99% 18.98% 20.84% 20.86% 18.99% 20.86% 17.67% 20.86% 20.86% * 20.86% 19.31% 19.48% 18.98% 18.98% 20.86% 20.86% 20.86% 18.98% 18.84% 18.84% 16.50% 20.86% 20.86% 18.99% 20.86% 19.00% 20.56% 18.99% 20.58% 20.58% 18.98% 18.98% * 20.85% 20.86%
30.18% 36.64% 25.78% 27.36% 38.54% 35.42% 34.85% 30.85% 36.73% 35.11% * 35.92% 26.67% 24.38% 31.19% 35.46% 26.49% 27.87% 33.39% 32.06% 31.77% 31.61% 24.89% * * 37.81% 35.78% 32.37% 29.95% 28.41% * 32.02% 32.65% 32.16% * 29.50% 28.39%
31.55% 32.14% 32.13% 29.97% 29.91% 32.13% 29.90% 30.64% 29.91% 29.91% * 29.91% 32.13% 31.53% 32.13% 32.13% 29.92% 29.92% 29.91% 32.13% 32.29% 32.29% 32.13% * * 32.13% 29.91% 32.13% 30.32% 32.13% * 29.49% 32.13% 32.13% * 29.91% 29.91%
-10.77% -3.61% -11.60% -21.44% -22.32% -26.54% -24.54% -20.94% -15.08% -16.50% * -22.93% -12.36% -10.66% -15.96% -12.01% -25.09% -25.02% * -13.04% -19.93% -16.70% -18.60% * * -26.10% * * -16.97% -10.33% * -17.46% -38.40% -29.51% * -19.80% -20.56%
-21.66% -23.25% -23.24% -21.67% -21.67% -23.25% -21.67% -24.12% -21.67% -21.67% * -21.67% -23.23% -21.86% -23.24% -23.24% -21.67% -21.67% * -23.24% -21.65% -21.65% -23.24% * * -23.25% * * -21.55% -23.24% * -21.08% -23.23% -23.43% * -21.67% -21.67%
1,462.1 1,820.1 49,096.0 3,813.3 97.2 57.1 830.0 2,137.3 13,898.5 17,730.3 1,933.0 8,596.8 15,907.9 3,825.7 8,180.6 1,706.8 4,944.0 1,892.8 310.4 19,704.4 694.3 256.7 11,487.4 227.5 729.2 338.8 8,305.4 73.7 3,184.9 5,223.8 490.5 5,750.8 544.4 1,425.3 1,027.1 3,991.6 17,283.1
23 21 1 16 35 37 26 18 6 3 19 8 5 15 10 22 13 20 32 2 28 33 7 34 27 31 9 36 17 12 30 11 29 24 25 14 4
FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE FTSE/JSE
All Share Index Capped All Share Index SWIX All Share Index Top 40 Index Value Index Growth Index
Number of Participants Total Fund Size of Participants
INVESTMENT DATA TO THE END OF DECEMBER 2011 1 Year 3 Years (p.a.) 5 Years (p.a.) Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark NOT BENCHMARK COGNISANT 6.64% 2.57% 18.69% 17.09% * * 6.27% 2.57% 21.76% 17.27% 15.45% 8.09% 8.71% 2.57% 17.85% 17.27% 11.53% 8.09% 0.96% 4.25% 15.11% 17.86% 6.99% 8.65% 1.44% 4.25% 18.50% 17.85% 8.80% 8.65% -1.71% 2.57% 16.46% 17.27% * * -1.11% 4.24% 17.17% 17.84% * * -1.71% 1.43% 13.42% 15.96% 6.68% 6.87% 5.05% 4.26% 22.48% 17.86% 12.80% 8.65% 3.51% 4.26% 20.72% 17.86% 11.58% 8.83% 1.18% 4.24% * * * * 1.25% 4.24% 17.67% 17.85% 8.21% 8.65% 3.97% 4.26% 14.75% 18.02% 8.45% 8.50% 4.62% 4.46% 14.25% 17.97% 8.61% 8.39% 8.10% 2.57% 21.30% 17.26% 11.65% 8.08% 2.17% 2.57% 18.05% 17.27% 10.90% 8.09% 6.50% 4.26% 15.57% 17.86% 6.78% 8.65% 4.38% 4.26% 16.87% 17.86% 8.01% 8.65% 0.97% 4.26% 17.78% 17.86% * * 1.48% 2.57% 18.78% 17.27% 10.39% 8.09% 6.15% 4.17% 18.77% 17.87% 8.30% 8.83% 4.81% 4.17% 17.41% 17.87% 9.50% 8.83% 7.18% 2.95% 17.41% 16.59% 9.93% 7.71% * * * * 3.58% 4.24% 12.21% 4.24% * * * * 0.69% 2.57% 17.25% 17.27% 7.59% 8.08% 1.55% 4.24% 17.20% 17.85% * * 3.11% 2.58% 17.70% 17.28% * * 4.74% 4.16% 17.90% 17.84% 10.13% 8.71% 3.19% 2.56% 17.19% 17.26% 9.45% 8.09% 3.48% 4.38% * * * * 1.55% 4.30% 18.16% 17.65% 10.76% 8.66% 3.80% 2.57% 16.44% 17.27% * * 3.47% 2.57% 18.63% 17.27% 10.79% 8.03% 6.74% 4.26% * * * * 3.82% 4.24% 17.63% 17.85% * * 3.87% 4.24% 15.85% 17.85% * * INDICES 2.57% 17.27% 8.09% 3.09% 17.70% 8.74% 4.25% 17.85% 8.65% 2.44% 16.51% 7.54% -0.71% 16.52% 5.13% -3.78% 10.33% 4.11% RETURN STATISTICS 37 32 23
SectIOn 3
composite Dispersion of S.a. equity Manager WatchtM Survey
Enhanced Index
Kagiso Core SWIX Fund Stanlib Enhanced Index Fund 0.00% 0.05% 0.10%
0.140%
ENHANCED INDEX
0.363% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40%
2011 MEDIAN COMPOSITE RETURN Kagiso Core SWIX Fund Fund 4.33%
MAXIMUM RETURN 4.44% 4.06%
MINIMUM COMPOSITE Benchmark DISPERSION (1YR) DISPERSION (3YRS) CognisantCOMPOSITE RETURN 4.04% 3.09% 0.140% 0.125% 0.314%
ENHANCED INDEX
COMPOSITE DISPERSION (5YRS) 0.015% 0.192%
Afena Capital 3.39% Stanlib Enhanced Index Equity SWIX Afena Capital Equity CAPI
Cadiz Equity SWIX Coronation Core Equity
Afena Capital Equity SWIX Afena Capital Equity CAPI
0.336% 0.363%
0.157%
Benchmark Cognisant BENCHMARK COGNISANT

0.264%
0.157% 0.162%
0.162%
0.208% 0.186%
0.264%
0.336%
Kagiso Managed Equity Fund Cadiz Equity SWIX

Coronation Core EquityFund Mergence SWIX Investec Active Quants
OMIGSA Double Alpha Top 40 Prescient Equity Active Quant Mergence SWIX Fund
OMIGSA Double Alpha Top 40 Prudential Core Equity SWIX Prescient Equity Active Quant Prudential Core Equity SWIX Kagiso Managed Equity Fund
0.040%
0.208% 0.186%
0.160% 0.298%
0.744%
0.040% 0.160%

Taquanta Active All Share Taquanta Active SWIX
0.117%

0.00%
0.10%
0.298% 0.329% 0.30% 0.40%
0.117%
0.329% 0.40%
0.50%
0.10%
0.20%
0.20%
0.30%
0.50%
0.60%
0.60%
0.70%
0.00%
BENCHMARK COGNISANT
2011 MEDIAN COMPOSITE RETURN Afena Capital Equity SWIX Afena Capital Equity CAPI Cadiz Equity SWIX Coronation Core Equity Investec Active Quants Kagiso Managed Equity Fund Mergence SWIX Fund OMIGSA Double Alpha Top 40 Prescient Equity Active Quant Prudential Core Equity SWIX Taquanta Active All Share Taquanta Active SWIX Taquanta Active SWIX 2.43% 1.65% 1.12% 5.14% 7.74% 4.64% 5.49% 4.38% 3.71% 6.66% 0.67% 2.55% 2.55% MAXIMUM RETURN 3.30% 1.80% 1.37% 5.77% 7.94% 4.83% 6.17% 4.42% 3.98% 6.89% 0.83% 2.88% 2.88% MINIMUM RETURN 2.22% 1.48% 0.91% 4.97% 7.53% 4.25% 4.37% 4.34% 3.60% 5.82% 0.55% 2.22% 2.22% COMPOSITE DISPERSION (1YR) 0.336% 0.157% 0.162% 0.264% 0.208% 0.186% 0.744% 0.040% 0.160% 0.298% 0.117% 0.33% 0.33% COMPOSITE DISPERSION (3YRS) * * 18.010% 0.061% * 0.50% * * 0.119% 0.304% 0.168% * COMPOSITE DISPERSION (5YRS) * * 18.216% 0.034% * 0.48% * * * * * *
43
SectIOn 3
composite Dispersion of S.a. equity Manager WatchtM Survey
NOT BENCHMARK COGNISANT Not Benchmark Cognisant

ABSA Asset Management Value Allan Gray Argon Specialist Equity Cannon All Equities SWIX Portfolio Coronation Aggressive Equity Coronation Houseview Equity Element Equity Foord Asset Management Investec Equity Investec Growth Investec Value Oasis Specialist Domestic OMIGSA Premium Equity ELECTUS Growth Portfolio ELECTUS Multi-Cap Portfolio OMIGSA Value Equity Investments: SWIX Prudential Deep Value Equity RECM Regarding Capital Management SIM Unconstrained Equity TOROS Equity SWIX Portfolio 0.455% 0.633% 0.531% 0.576% 0.624% 0.968% 0.853%
0.860%
0.377%
1.416%
0.501%
0.025% 0.123% 0.010%
1.287%
0.360%
0.080% 0.20%
0.282% 0.40%
0.632% 0.552%
0.00%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
NOT BENCHMARK COGNISANT

2011 MEDIAN COMPOSITE RETURN ABSA Asset Management Value Allan Gray Argon Specialist Equity Cannon All Equities SWIX Portfolio Coronation Aggressive Equity Coronation Houseview Equity Element Equity Foord Asset Management Investec Equity Investec Growth Investec Value Oasis Specialist Domestic OMIGSA Premium Equity ELECTUS Growth Portfolio ELECTUS Multi-Cap Portfolio OMIGSA Value Equity Investments: SWIX Prudential Deep Value Equity RECM Regarding Capital Management SIM Unconstrained Equity TOROS Equity SWIX Portfolio 6.45% 8.59% 1.51% -0.60% 4.95% 3.57% 3.65% 8.34% 5.91% 4.88% 1.27% 6.98% 12.24% 1.28% 1.31% 1.56% 5.41% 3.16% 1.60% 3.92% MAXIMUM RETURN 6.90% 9.94% 2.12% 0.05% 5.26% 4.06% 4.95% 11.21% 6.96% 5.06% 5.15% 8.19% 12.26% 1.82% 1.45% 1.57% 5.80% 3.80% 2.05% 4.05% MINIMUM RETURN 5.99% 6.42% 0.10% -2.28% 3.85% 2.64% 2.09% 7.20% 4.28% 3.92% 0.26% 4.08% 12.21% 0.96% 1.16% 1.55% 4.14% 2.13% 1.27% 3.84% COMPOSITE DISPERSION (1YR) 0.455% 0.633% 0.531% 0.860% 0.576% 0.377% 0.624% 1.416% 0.968% 0.501% 0.853% 1.287% 0.025% 0.360% 0.123% 0.010% 0.632% 0.552% 0.282% 0.080% COMPOSITE DISPERSION (3YRS) * 0.340% 0.259% 0.600% * 0.215% 0.425% 1.14% 0.235% 0.350% 0.230% 1.075% * 0.029% 1.190% 0.125% 0.306% 0.990% 6.910% 0.03% COMPOSITE DISPERSION (5YRS) * 0.360% * 0.000% * 0.117% * 1.35% 0.113% 0.270% 0.220% 0.631% * * * * 0.213% 0.470% * *
44
SectIOn 3
S.a. Bond Manager WatchtM Survey
Objective - The portfolios included in this Survey represent specialist bond portfolios which benchmark the All Bond Index. The survey contains a broad range of investment styles e.g. duration or yield enhancement or both.
RANGE OF RETURNS OF BOND UNIVERSE FOR THE PERIODS ENDING 31 DECEMBER 2011
14%
11%
8% 25% - 75% Min - Max 5% Median 1 Year 3 Years (p.a.) 5 Years (p.a.)
3 Years (p.a.) 10.02% 8.90% 8.53% 8.52% 8.28% 6.35% 18
5 Years (p.a.) 10.80% 9.87% 9.49% 9.54% 9.33% 7.97% 15
45
Objective - The portfolios included in this Survey represent specialist bond portfolios with ALBI as their benchmark and have an effective modified duration mandate of +/- 2 years around the ALBI
CALENDAR YEAR RETURNS CHARACTERISTICS
PORTFOLIO NAME
1 Year 18 16 11 6 14 1 17 12 15 5 4 9 10 2 3 13 8 7 9 4 5 3 10 8 1 11 17 13 2 7 18 3 14 9 13 11 10 6 15 17 12 6 15 7 14 5 2 8 1 4 6.35% 8.00% * 8.37% 8.88% 8.27% 10.02% 7.87% * 8.34% 8.15% 8.91% 8.97% 8.61% 8.44% 9.13% 9.07% 8.32% 8.68% 8.88% * 13.95% * * 10.67% 10.81% 3 2 18.70% 17.76% 17.60% 17.37% 17.22% 13.71% 18 13.96% 13.95% 13.93% 13.73% 13.61% 13.29% 3 16.97% 8.75% 12.79% 16.00% 15.86% 10.97% 20.50% 14.58% 6.93% 7.74% 2.80% -2.19% -7.47% 7.66% 2.51% -0.44% 9.13% 12.90% 15.72% 17.43% 18.83% 13.62% 14.82% 14.17% 11.69% 3 2 1 2 10.02% 8.90% 8.53% 8.52% 8.28% 6.35% 18 13.95% 12.38% 10.81% 11.81% 10.74% 10.67% 3 7.39% 8.46% 8.51% 7.73% 4.35% 10.54% 10.77% 7.15% 7.25% 9.05% 9.23% 8.90% 6.49% 10.87% 10.21% 7.95% 8.53% 1 1 13.29% * * 13.96% 13.93% 3 * 2.00 * * 2.00 6.47 9.79 6.82 10.10 9.03 33% 81% 40% 84% 81% S P S S S 752.6 2,384.1 2,992.0 197.8 2,685.2 4 3 1 5 2 18 16 16.98% 17.56% * 17.78% 18.54% 17.64% 18.70% 18.12% * 17.65% 13.71% 18.53% 17.18% 17.61% 17.33% 17.58% 17.59% 17.72% 17.01% 15.39% * 16 12 1.00 1.00 2.00 2.00 * 1.00 1.00 3.00 3.00 2.00 1.5-2 1.00 1.50 2.00 0.50 1.50 1.00 2.00 3.8-7.8 2.00 2.00 5.70 5.48 5.56 5.83 5.28 5.36 5.32 5.59 5.55 5.06 5.92 5.63 5.43 5.55 5.15 4.00 5.56 5.82 5.80 3.55 5.67 57% 67% 67% 65% 64% 64% 30% 68% 60% 54% 82% 68% 65% 50% 62% 73% 52% 70% 61% 72% 37% S S S P S S S P S P S S S S S S S S S P S 90.0 1,191.4 2,605.0 4,666.8 1,870.4 17732,1 3,773.2 4,791.5 3,443.5 6,174.6 670.9 6,412,3 403.1 2,290.9 916.1 9,116.7 1,129.4 7,384.9 3,847.1 854.1 734.2 21 14 11 7 13 1 9 6 10 5 19 4 20 12 16 2 15 3 8 17 18
SectIOn 3
Rank
3 Years (p.a.)
Rank
5 Years (p.a.)
Rank
2008
Upper and Lower % of porfolio Duration Limits invested in (Years) (Relative to Portfolio AAA rated Portfolio Rank ALBI) Duration instruments Type Size (Rm) Rank
Argon Domestic Core Bond Cadiz Core Bond Cadiz Dynamic Bond Coronation Active Bond Portfolio (Composite) Coronation Strategic Bond Composite Futuregrowth Core Bond Composite Futuregrowth Yield Enhanced Investec Dynamic Bond Portfolio Investec Triple Alpha Investment Solutions Pure Fixed Interest Portfolio JM BUSHA BondPlus Momentum AM Bond Fund Momentum Moderate Bond FOF Pan Africa AM Segregated Domestic Bond Prescient Bond Quant Prescient Bond QuantPlus Prudential Yield Enhanced Portfolio SIM Institutional Total Return Bond Fund Stanlib Core Bond Portfolio SYmmETRY Bond Portfolio Vunani Active Bond Fund
6.81% 8.82% 8.98% 9.85% 9.70% 9.35% 11.27% 8.92% 9.82% 9.28% 9.24% 9.58% 9.38% 9.07% 9.46% 9.17% 10.58% 9.67% 10.61% 9.26% 9.74%
21 20 18 4 7 12 1 19 5 13 15 9 11 17 10 16 3 8 2 14 6
46
Coronation Absolute Bond Portfolio Momentum AM Inflation Linked Bond Fund Prescient Inflation Linked Bond Composite Prudential Inflation Linked Bond Fund SIM Inflation Linked Bond Fund
13.88% 13.48% 11.45% 13.25% 13.04%
1 2 5 3 4
Highest Upper Quartile Median Average Lower Quartile Lowest Number of Participants/Total
11.27% 9.74% 9.38% 9.45% 9.17% 6.81% 21
80,098.5
Highest Upper Quartile Median Average Lower Quartile Lowest Number of Participants/Total
13.88% 13.48% 13.25% 13.02% 13.04% 11.45% 5
All Bond Index All Bond Index - Duration 1-3 Year Bond Index 3-7 Year Bond Index 7-12 Year Bond Index 12+ Year Bond Index Barclays - BESA SA Inflation Linked Index BESA Standard Bank Credit Index GOVI STeFI
8.82% 5.79 8.90% 10.18% 10.20% 6.00% 13.05% 10.02% 7.84% 5.73%
Rank 2010 Rank 2009 SPECIALIST BONDS 7.97% 15 13.81% 20 -1.04% 9.20% 14 16.13% 11 -0.33% * 16.07% 12 * 9.51% 7 15.86% 13 0.00% * 16.34% 8 1.14% 9.31% 12 16.39% 7 -0.27% 10.80% 1 18.44% 1 1.06% 9.24% 13 15.53% 15 -0.24% * 16.48% 6 * 9.44% 9 15.52% 16 0.75% * 13.64% 21 1.88% 9.94% 3 16.30% 9 1.35% 9.92% 4 15.82% 14 2.14% 9.62% 6 16.72% 4 0.65% 9.40% 10 15.40% 17 0.96% 10.04% 2 14.91% 19 3.59% 9.82% 5 17.30% 2 0.03% 9.34% 11 16.82% 3 -0.78% 9.49% 8 16.26% 10 -0.19% * 15.39% 18 2.37% * 16.72% 5 * INFLATION LINKED BONDS 12.67% 1 15.66% 1 12.34% * 12.00% 2 * * 10.92% 5 * 11.02% 3 11.56% 3 7.29% 11.14% 2 11.36% 4 8.10% SPECIALIST BOND STATISTICS 10.80% 18.44% 3.59% 9.87% 16.48% 1.29% 9.49% 16.13% 0.70% 9.54% 15.99% 0.73% 9.33% 15.52% -0.23% 7.97% 13.64% -1.04% 15 21 18 INFLATION LINKED BOND STATISTICS 12.67% 15.66% 12.34% 11.90% 12.00% 10.22% 11.14% 11.56% 8.10% 11.61% 12.30% 9.24% 11.08% 11.36% 7.69% 11.02% 10.92% 7.29% 3 5 3 MARKET STATISTICS 8.59% 14.96% -0.99% 9,011.7
Objective -The portfolios included in this Survey represent specialist bond portfolios with ALBI as their benchmark and have an effective modified duration mandate of +/- 2 years around the ALBI
RISK VS RETURN (Calculated on 3 year performance returns for the period ending 31 December 2011)
Rank Risk (Volatility) Rank Return / Risk Rank Active Return Rank Tracking Error Information Ratio Rank
PORTFOLIO NAME SPECIALIST BONDS

18 5.91% 5.35% 5.49% 5.41% 5.34% 4.89% 5.43% 5.07% 4.67% 5.15% 5.37% 5.60% 5.12% 4.28% 5.57% 5.69% 5.47% 4.66% 2 1.90 3 13 1.59 11 1.28% 1.48% 17 0.93% 1.46 16 15 1.67% 1.63 10 1 1.73% 2.13 1 2 3 13 8 7 6 1.05% 1.65 7 10 16 1.22% 1.54 13 9 10 1.58% 1.67 6 4 7 1.51% 1.73 5 5 3 0.75% 1.74 4 15 1.21% 0.63% 1.40% 0.56% 0.62% 1.52% 0.58% 0.42% 0.52% 1.12% 5 0.95% 0.63% 1.65 8 12 12 0.48% 0.47% 1.45 17 17 4 2.63% 1.42% 2.05 2 1 8 0.88% 0.50% 1.55 12 14 11 1.48% 0.66% 1.64 9 6 2.25 1.76 1.85 1.02 1.51 0.62 2.39 1.13 2.16 1.69 1.14 2.87 2.24 2.45 1.33 14 0.98% 0.55% 1.77 1.53 14 11 9 0.61% 0.52% 1.17 1.50 15 16 -1.04% 1.31% -0.79 16 11 6 14 1 17 12 15 5 4 9 10 2 3 13 8 7 18 1.08 18 18 18 13 8 4 9 7 16 11 17 3 15 6 10 14 1 5 2 12
SectIOn 3
3 Years Return (p.a.)
Argon Domestic Core Bond
6.35%
Cadiz Core Bond
8.00%
Coronation Active Bond Portfolio (Composite)
8.37%
Coronation Strategic Bond Composite
8.88%
Futuregrowth Core Bond Composite
8.27%
Futuregrowth Yield Enhanced
10.02%
Investec Dynamic Bond Portfolio
7.87%
Investment Solutions Pure Fixed Interest Portfolio
8.34%
JM BUSHA BondPlus
8.15%
Momentum AM Bond Fund
8.91%
Momentum Moderate Bond FOF
8.97%
Pan Africa AM Segregated Domestic Bond
8.61%
Prescient Bond Quant
8.44%
47
RISK STATISTICS
5.91% 5.49% 5.36% 5.25% 5.08% 4.28% 18 1.08 1.53 1.64 1.63 1.71 2.13 2.63% 1.50% 1.13% 1.12% 0.89% -1.04% 18 18
Prescient Bond QuantPlus
9.13%
Prudential Yield Enhanced Portfolio
9.07%
SIM Institutional Total Return Bond Fund
8.32%
Stanlib Core Bond Portfolio
8.68%
SYmmETRY Bond Portfolio
8.88%
Highest
10.02%
1.52% 1.19% 0.62% 0.81% 0.53% 0.42%
2.87 2.22 1.72 1.59 1.15 -0.79
Upper Quartile
8.90%
Median
8.53%
Average
8.52%
Lower Quartile
8.28%
Lowest
6.35%
All Bond Index
7.39% 18 18
18
SectIOn 3
RISK VS RETURN SCATTERPLOT - S.A. BOND MANAGERS - 3 YEARS ENDING 31 DECEMBER 2011
Benchmark : ALL BOND INDEX
Futuregrowth Yield Enhanced 9.8% 10.3%
Bond Managers
Risk vs Return Scatterplot - SA Bond Managers Bond 3 Years ended 31 December 2011
Prescient Bond QuantPlus
9.3% Prescient Bond QuantPlus Momentum Moderate Prudential Bond FOF Momentum AM Bond Fund Coronation Strategic Bond SYmmETRY Bond Portfolio Composite Stanlib Core Bond Portfolio Prescient Bond Quant 8.3% JM BUSHA BondPlus Cadiz Core Bond 7.8% Investment Solutions Pure Fixed Interest Portfolio Pan Africa AM Segregated Domestic Bond Coronation Active Bond Portfolio (Composite) SIM Institutional Total Return Bond Fund Futuregrowth Core Bond Composite
Momentum Moderate Bond FOF ETRY Bond Portfolio 8.8%
SHA BondPlus
Return (p.a.)
Investec Dyn Bond Port
All Bond Index 7.3%
6.8%

1.2%
1.4%
6.3% 4.2%
4.4%
4.6%
4.8%
5.0%
5.2%
5.4%
5.6%
5.8%
6.0%
TRACKING ERROR VS ACTIVE RETURN SCATTERPLOT - S.A. BOND MANAGERS - 3 YEARS ENDING 31 DECEMBER 2011
2.9%
Excess return vs Tracking Error Scatterplot - SA Bond Managers 3 Years ended 31 December 2011
Benchmark : ALL BOND INDEX

10.3%
Risk vs Return Sca 3 Years e
2.4%
9.8%
1.9%
PruYield Enha Port Momentum AM Bond Fund Coronation Strategic Bond Composite
Stanlib Core Bond Portfolio Pan Africa AM Segregated Domestic Bond SIM Institutional Total Return Prescient Bond Quant Bond Fund
Prescient Bond QuantPlus Momentum Moderate Bond FOF SYmmETRY Bond Portfolio
9.3% Prescient Bond QuantPlus
Return (p.a.)
1.4%
8.8%
SYmmETRY B
0.9%
Futuregrowth Core Bond Composite
Investment Solutions Pure Fixed Interest Portfolio Coronation Active Bond Portfolio (Composite) Cadiz Core Bond Investec Dyn Bond Portfolio JM BUSHA BondPlus
8.3% JM BUSHA BondPlus
Investment Solu Fixed Interest
0.4%
7.8%
-0.1%
7.3%
-0.6%
6.8%

-1.1% 0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
6.3% 4.2%
4.4%
4.6%
4.8%
48
SectIOn 3
composite Dispersion (range) of S.a. Bond Manager WatchtM Survey
SPECIALIST BONDS Specialist Bonds

Cadiz Core Bond Cadiz Dynamic Bond Coronation Active Bond Portfolio (Composite) Coronation Strategic Bond Composite Futuregrowth Core Bond Composite Futuregrowth Yield Enhanced Investec Dynamic Bond Portfolio Investec Triple Alpha JM BUSHA BondPlus Vunani Active Bond Fund Pan Africa AM Segregated Domestic Bond Prescient Bond Quant Prescient Bond QuantPlus Prudential Yield Enhanced Portfolio SIM Institutional Total Return Bond Fund Stanlib Core Bond Portfolio 0.00% 0.10% 0.20% 0.073% 0.298% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.147% 0.531% 0.151% 0.230% 0.507% 0.101% 0.150% 0.621% 0.085% 0.081% 0.066% 0.116% 0.739% 0.173%
SPECIALIST BONDS
2011 MEDIAN COMPOSITE RETURN Cadiz Core Bond Cadiz Dynamic Bond Coronation Active Bond Portfolio (Composite) Coronation Strategic Bond Composite Futuregrowth Core Bond Composite Futuregrowth Yield Enhanced Investec Dynamic Bond Portfolio Investec Triple Alpha JM BUSHA BondPlus Vunani Active Bond Fund Pan Africa AM Segregated Domestic Bond Prescient Bond Quant Prescient Bond QuantPlus Prudential Yield Enhanced Portfolio SIM Institutional Total Return Bond Fund Stanlib Core Bond Portfolio 9.00% 9.04% 9.85% 9.74% 9.32% 11.23% 8.92% 9.97% 9.02% 9.80% 9.00% 9.56% 9.13% 10.41% 9.68% 10.33% MAXIMUM RETURN 9.02% 9.12% 10.01% 9.84% 9.52% 11.62% 9.04% 9.99% 10.25% 9.88% 9.18% 9.79% 9.36% 11.78% 9.72% 11.24% MINIMUM RETURN 8.65% 8.95% 9.76% 9.68% 9.20% 9.26% 8.71% 9.45% 8.86% 8.77% 8.81% 9.33% 8.85% 10.16% 9.37% 10.13% COMPOSITE DISPERSION (1YR) 0.173% 0.085% 0.081% 0.066% 0.116% 0.739% 0.101% 0.150% 0.621% 0.507% 0.151% 0.230% 0.147% 0.531% 0.073% 0.298% COMPOSITE DISPERSION (3YRS) 5.351% 5.302% 0.028% 0.063% * 0.200% 0.122% 0.080% 0.100% * 0.105% 0.281% 0.400% 0.378% 0.042% 0.394% COMPOSITE DISPERSION (5YRS) 6.941% 6.742% * * * * 0.120% * * * 0.045% 0.169% 0.180% 0.156% 0.023% 0.250%
49
SectIOn 3
composite Dispersion (range) of S.a. Bond Manager WatchtM Survey
Inflation Linked Bonds

Coronation Absolute Bond Portfolio SIM Inflation Linked Bond Fund 0.00% 0.02% 0.04% 0.046% 0.06% 0.08% 0.10% 0.12% 0.14% 0.16% 0.18% 0.20% 0.188%
INFLATION LINKED BONDS
INFLATION LINKED BONDS

2011 MEDIAN COMPOSITE RETURN Coronation Absolute Bond Portfolio SIM Inflation Linked Bond Fund 13.94% 13.01% MAXIMUM RETURN 14.13% 13.06% MINIMUM RETURN 13.75% 12.97% COMPOSITE DISPERSION 0.188% 0.046%
Note: Composites did not have a 3 or 5 year composite dispersion measure
50
Objective - The portfolios in this Survey represent short-term debt securities that are highly marketable and trade in large denominations.The portfolios have different maturities and employ a broad range of financial instruments.
CALENDAR YEAR RETURNS CHARACTERISTICS
PORTFOLIO NAME
1 Year MAXIMUM DURATION UP TO 90 DAYS 6 7 8 4 6 1 1 3 4 4 1 1 8 7 3 5 2 11 8 1 10 5 6 2 6 3 7 2 2 8
SectIOn 3
Rank
3 Years (p.a.) Rank Rank 2010 Rank 2009 Rank 2008 Rank Rank Size (Rm) Rank
5 Years (p.a.)
Valuation Methodology
% of portfolio Maximum invested in Duration of A1+ rated Portfolio Risk Portfolio investments Type (Volatility)
2 5 3 RETURN STATISTICS 9.56% 9.12% 9.05% 9.14% 9.03% 9.01% 6 MAXIMUM DURATION 91-180 DAYS 8.40% 7.78% 7.56% 7.69% 7.52% 7.42% 13 10.07% 9.75% 9.68% 9.64% 9.54% 9.12% 7 12.95% 12.77% 12.53% 12.45% 12.09% 11.85% 8 4 9 7 5 2 5 4
ABSA Money Market Cadiz Core Money Market Coronation Strategic Cash* Futuregrowth Core Money Market Composite Gryphon Money Market Investec Money Market Fund Momentum AM Money Market Fund* Nedgroup Investments Money Market Fund Prescient Money Market Composite Pan Africa Segregated Domestic Cash* RECM Money Market Fund Standard Bank Institutional (Mgd by STANLIB) Standard Bank Corporate (Mgd by STANLIB) 3 4 3 7 6 1 5 6
6.31% 5.95% 7.35% 5.95% 6.11% 6.13% 6.86% 6.12% 6.21% 6.65% 5.79% 6.12% 6.10%
4 12 1 11 9 6 2 8 5 3 13 7 10
7.72% 7.72% * 7.69% 7.79% * 8.31% * * 7.87% * 7.74% 7.80%
9.03% 9.14% * * 9.01% * 9.56% * * 9.07% * 9.03% *
7.42% 7.52% 8.40% 7.46% 7.61% 7.56% 8.03% * 7.70% 7.85% * 7.51% 7.55%
9.47% 9.73% * * 9.68% * 10.07% * * 9.12% * 9.61% 9.77%
12.02% 12.84% * 12.95% 11.85% * 12.74% * * 12.12% * 12.39% 12.67%
Accrual Mark-to-Market Accrual Mark-to-Market Accrual Accrual Accrual Accrual Mark-to-Market Accrual Accrual Mark-to-Market Mark-to-Market
87 90 90 90 90 90 90 90 90 90 90 90 90
days days days days days days days days days days days days days
100% 100% 72% 100% 100% 100% 100% 100% 97% 100% 100% 100% 100%
P S P S S P S P S S P P P
0.45% 0.55% * 0.54% 0.46% * 0.46% * * 0.41% * 0.48% 0.49%
60,544.6 508.4 878.5 1,809.8 1,225.1 19,235.6 4,227.1 4,945.0 2992.0 347.5 1,119.1 18,418.0 26,379.5
1 12 11 8 9 3 6 5 7 13 10 4 2
S.a. Money Market Manager WatchtM Survey
Highest Upper Quartile Median Average Lower Quartile Lowest Number of Participants Total Fund Size of Participants
7.35% 6.31% 6.12% 6.28% 6.10% 5.79% 13
8.31% 7.82% 7.76% 7.83% 7.72% 7.69% 8
51
9 3 5 6 1 7 2 6 8 5 13.23% 13.13% 12.88% 12.83% 12.80% 11.97% 9 4 8 2 9.68% 9.64% 9.55% 9.53% 9.48% 9.27% 8 8.27% 8.12% 7.84% 7.92% 7.77% 7.62% 11 10.31% 10.11% 9.97% 9.97% 9.86% 9.50% 10 MARKET STATISTICS 8.79% 8.53% 6.88% 6.93% 8.90% 9.13% 12.39% 11.69% 1 3 4 5 8 2 6 1 8 11 4 6 3 7 10 2 8 7 3 4 9 7 2 5 10 9 5 6 1 7 1 4 3 9 * * 9.34% 9.63% 9.56% * * 9.68% 9.53% * 9.54% 9.27% * 9.68% RETURN STATISTICS * 7.76% 7.78% 8.24% 7.93% 7.71% * 8.27% 7.77% 7.62% 8.06% 7.84% * 8.18% * * 9.82% 10.01% 9.92% 10.31% * 10.15% 9.91% 9.50% 10.23% 9.85% * 10.02% * 12.87% 13.23% 13.12% 13.15% 11.97% * * 13.15% * 12.88% 12.31% * 12.90% Accrual Mark-to-Market Mark-to-Market Mark-to-Market Mark-to-Market Accrual Accrual Accrual Mark-to-Market Mark-to-Market Mark-to-Market Mark-to-Market Mark-to-Market Accrual 180 days 180 days 150 days 180 days 120 days 180 days 180 days 180 days 180 days 180 days 180 days 180 days 162 days 180 days
142,630.2
9 5 4 8 3 7 6 2 1
Atlantic Cash Plus Coronation Insitutional Cash Futuregrowth Enhanced Money Market Composite Investec Money Fund Investment Solutions Banker JM BUSHA CashPlus Momentum (R5) Money Market Momentum AM CashPlus Fund Prescient Cash Quantplus SIM Cash Enhanced STANLIB Enhanced Yield Fund SYmmETRY Money Market Sygnia Money Market Fund Taquanta Core Cash Fund
6.94% 6.97% 6.24% 6.90% 6.80% 6.50% 6.42% 7.08% 6.70% 6.46% 6.75% 6.62% 6.61% 7.05%
4 3 14 5 6 11 13 1 8 12 7 9 10 2
* * 7.94% 8.38% 8.21% 8.16% * 8.49% 8.12% * 8.34% 8.09% * 8.41%
81% 82% 100% 99% 88% 94% 100% 100% 98% 83% 100% 100% 99% 84%
S S S P P S P S S S P P P S
* * 0.53% 0.49% 0.46% 0.50% * 0.44% 0.49% * 0.49% 0.43% * 0.41%
405.7 1,166.4 5,516.8 7,377.2 17,620.1 578.3 322.4 16,541.7 18,874.7 5,267.8 6,128.6 715.9 579.3 5,379.6
13 9 6 4 2 12 14 3 1 8 5 10 11 7
Highest Upper Quartile Median Average Lower Quartile Lowest Number of Participants Total Fund Size of Participants
7.08% 6.93% 6.73% 6.72% 6.53% 6.24% 14
8.49% 8.38% 8.21% 8.24% 8.12% 7.94% 9
86,474.5
Alexander Forbes Money Market Index Short Term Fixed Interest Rate Index
5.77% 5.73%
7.18% 7.25%
SectIOn 3
S.a. Money Market Manager WatchtM Survey
RISK VS RETURN SCATTERPLOT - MONEY MARKET MANAGERS (UP TO 90 DAYS DURATION) - 3 YEARS ENDING 31 DECEMBER 2011
RISK VS RETURN SCATTERPLOT - MONEY MARKET MANAGERS (91 TO 180 DAYS DURATION) - 3 YEARS ENDING 31 DECEMBER 2011
Return (p.a.)
Return (p.a.)
52
SectIOn 3
composite Dispersion (range) of S.a. Money Market Manager WatchtM Survey
MAXIMUM DURATION UP TO 90 DAYS Maximum Duration Up To 90 Days

Futuregrowth Core Money Market Composite Gryphon Money Market Prescient Money Market Composite Pan Africa Segregated Domestic Cash 0.011% 0.007% 0.025% 0.175%
0.00%
0.02%
0.04%
0.06%
0.08%
0.10%
0.12%
0.14%
0.16%
0.18%
0.20%
SIM Cash Enhanced
2011 MEDIAN COMPOSITE RETURN
Maximum Duration 91-180 Days

MAXIMUM RETURN 5.96% MINIMUM RETURN 5.93% COMPOSITE DISPERSION (1YR) 0.011%
MAXIMUM DURATION UP TO 90 DAYS
COMPOSITE DISPERSION (3YRS) * 0.020% *
0.196%
COMPOSITE DISPERSION (5YRS) *
Futuregrowth Core Money Prescient Cash Quantplus 5.95% Market Composite
JM BUSHA CashPlus
Gryphon Money Market Coronation Insitutional Cash 6.10% Composite
Maximum Duration Up To 90 Days

0.123%
6.11% 6.10% 0.007% 0.118%
0.238%
0.224% *
Futuregrowth Market 0.00% Prescient MoneyCore Money Market Composite Gryphon Money Market
6.28% Pan Africa Segregated Money Market Composite Prescient 6.72% Domestic Cash
0.011% 0.05% 0.007%
6.30%
6.25% 6.68%
0.10%
0.025% 0.175%
0.15%
0.20%
0.25%
0.025% 7.07%
0.040%
0.045%
Pan Africa Segregated Domestic Cash
0.175%
0.00%
0.02%
0.04%
0.06%
0.08%
0.10%
0.12%
0.14%
0.16%
0.18%
0.20%
Maximum Duration 91-180 Days

SIM Cash Enhanced Prescient Cash Quantplus JM BUSHA CashPlus Coronation Insitutional Cash 0.00% 0.05% 0.10% 0.123% 0.118% 0.15% 0.20% 0.25% 0.196% 0.238%

2011 MEDIAN COMPOSITE RETURN Coronation Insitutional Cash JM BUSHA CashPlus Prescient Cash Quantplus SIM Cash Enhanced 7.00% 6.46% 6.47% 6.43% MAXIMUM RETURN 7.12% 6.62% 6.97% 6.82% MINIMUM RETURN 6.83% 6.32% 6.29% 6.27% COMPOSITE DISPERSION (1YR) 0.118% 0.123% 0.238% 0.196% COMPOSITE DISPERSION (3YRS) 0.030% 0.160% 0.15% 0.069% COMPOSITE DISPERSION (5YRS) * * 0.12% *
53
Objective - The portfolios included in this Survey comply with Regulation 28 and represent products that target positive real returns over a minimum period of 12 months.
CALENDAR YEAR RETURNS 2010 (Capital Loss) 10.29% 9.04% 15.08% 15.95% * 8.95% 13.51% 10.72% 10.13% 11.25% 12.72% 10.32% 10.50% * 6.31% 8.18% 19.70% 21.54% 15.44% 7.67% 13.81% 10.76% 14.48% 9.37% 11.54% 13.41% 8.18% 13.18% 10.04% 14.12% 13.44% 7.58% 7.96% 10.71% 15.04% 3.58% 3.58% 3.58% 8.53% 23 93,813.3 6.93% 12.12% 10.99% 15.30% * 7.40% 10.66% 10.75% 14.52% 5.09% 4.79% 5.83% 9.13% 11.83% 15.11% 4.22% 12.79% -0.22% -2.70% -11.34% 12.22% * 2.76% * * 1.10% -1.28% 2.59% -2.93% 12.09% 11.76% 10.08% 11.69% 14.75% -3.38% 12.99% 3.05% 16.09% 3.92% 11.44% 11.63% 1.74% 4.09% 3.77% 6.75% 4.89% 5.33% 7.14% 2.75% * 4.54% 4.62% * 4.56% 6.11% 4.42% 6.00% * 3.17 2.37 5.19 5.10 * 5.55 7.65 * 0.87 0.93 2.09 2.68 18.18% -7.57% 9.44% 22.94% -0.20% 7.06% 18.84% 2.96% 8.71% 11.47% 1.03% 6.28% 2.50 3.15 6.48 3.14 67.73 10.77 7.54 4.35 5.39 2.36 3.54 12.56 * 2.41 4.12 12.15% * 3.88% 4.42 * * * * * 1.05 0.92 2.04 4.00 1.95 4.17 4.42 2.91 2.45 2.05 0.61 1.92 2.22 13.51% 11.04% 3.01% 10.41 10.25% -3.11% 6.31% 2.68 1.27 4.26 12.04% * 3.66% 9.12 4.42 11.58% 0.62% 3.75% 7.57 3.07 12.79% 11.95% 1.38% 63.98 8.61 Domestic Domestic Global Domestic Domestic Domestic Domestic Global Domestic Domestic Global Domestic Domestic Global Domestic Domestic Domestic Global Domestic Global Global Domestic Global Global Domestic Global Domestic 8.51% * * * * Domestic 13.17% 4.02% 2.87% 15.62 7.35 Domestic 12.86% 13.28% 3.06% 11.21 2.52 Domestic * * * * * Domestic 364.0 869.3 395.0 4,970.4 1,359.5 477.2 6,947.7 423.7 2,094.7 861.0 1,314.9 175.6 226.9 8,949.4 526.2 2,165.8 9,350.8 4,006.4 423.4 3,818.7 224.9 762.0 18,353.8 6,306.9 6,052.7 2,233.6 509.7 3,967.9 364.5 1,114.9 794.6 * * * * * Global 920.4 * * * * * Domestic 630.3 23 18 32 19 30 7 14 27 4 28 13 20 16 35 33 3 24 12 2 8 29 10 34 22 1 5 6 11 26 9 31 17 21 12.28% 9.15% 2.17% 23.22 4.49 Domestic 1,340.8 15 10.48% * * * * Domestic 515.7 25 (Inflation) Mandate Size (Rm) 2009 2008 Volatility (Risk) Sortino Ratio Sortino Ratio Global/ Domestic Portfolio Rank QUANTITATIVE ANALYSIS (Calculated on 3 year performance returns) CHARACTERISTICS
PORTFOLIO NAME 3 Years (p.a.) Portfolio HEADLINE CPI + 3% * 9.34% * * * 8.35% 12.23% * 9.94% 9.81% HEADLINE CPI + 4% 11.78% 9.33% 10.15% * 7.24% 8.08% HEADLINE CPI + 5% 14.60% 16.20% 14.46% 8.49% 11.41% 10.28% 12.47% 9.53% 6.82% 12.37% 7.69% * 10.58% 12.63% * 7.34% 8.41% 10.12% 11.97% 4.92% 4.82% 5.17% 7.25% 27 6.90% 6.52% 6.91% 9.92% 8.39% 9.92% 8.62% 11.91% 11.91% 9.82% 7.01% 11.90% 9.82% 6.34% 11.90% * * * 9.82% * * 9.82% 9.27% 11.90% * * * 9.92% 9.75% 11.91% 9.92% 6.13% 11.91% 9.82% 6.51% 11.90% 9.82% 8.12% 11.90% 9.92% 8.94% 11.91% 10.40% 9.15% 12.88% 10.40% 10.20% 12.88% 9.92% 9.68% 11.91% 9.82% 9.50% 11.90% 9.92% 12.06% 11.91% 9.92% * * 8.82% 8.13% 10.90% 8.82% * * * * * 8.82% 10.85% 10.90% 8.92% 7.94% 10.91% 8.82% * * 7.92% 7.76% 9.91% 7.92% 10.27% 9.91% * * * 7.82% 10.43% 9.90% 7.92% 10.72% 9.91% * * * * * * * * * 7.82% 9.40% 9.90% * * * Benchmark Portfolio Benchmark 5 Years (p.a.)
1 Year
Portfolio
Benchmark
ABSA Inflation Beater Fund
9.34%
9.12%
Cadiz Capital Preservation Fund
6.76%
9.12%
Cadiz Inflation Plus 3
7.64%
9.12%
Coronation Inflation Plus Fund
10.32%
9.62%
Momentum Real Return
3.10%
9.12%
SectIOn 3
Prescient Positive Return Medical Aid Fund #
3.44%
9.12%
SIM Absolute
10.05%
9.12%
SIM Absolute Return Income Fund
8.63%
9.12%
Taquanta Absolute #
6.99%
9.12%
Vunani Fund Managers CPI +3 #
6.67%
9.12%
ABSA Absolute Return Fund
10.60%
10.12%
Argon Absolute Return #
7.45%
10.12%
Investment Solutions Stable Focus
6.56%
10.12%
Momentum Absolute Strategies
2.79%
10.12%
OMIGSA Capital Builder
3.45%
10.12%
STANLIB Medical Investment Fund
4.69%
10.12%
Cadiz Inflation + 5% #
5.81%
11.12%
Coronation Absolute #
4.99%
11.12%
absolute return Manager WatchtM Survey
54
MARKET STATISTICS
Foord Absolute
9.90%
11.12%
Investec Absolute Balanced #
6.41%
11.12%
Investment Solutions Real Return Focus Local
4.67%
10.58%
Investment Solutions Real Return Focus Portfolio
7.18%
10.58%
JM BUSHA Absolute AllClass #
8.31%
11.12%
Mergence CPI +5% Fund
6.53%
11.12%
Momentum AM CPI+5% Domestic Fund
4.87%
11.12%
Momentum AM CPI+5% Global Fund
8.68%
11.12%
Prescient Positive Return Fund #
3.22%
11.12%
Prudential Global Inflation Plus 5%
12.26%
11.12%
SIM CPI + 5%
10.72%
11.12%
SIM CPI + 5%
8.59%
11.12%
SMM Absolute Return
4.35%
11.12%
STANLIB AM Absolute
7.02%
11.12%
STANLIB Domestic Absolute Return
6.63%
11.12%
8.92%
11.12%
Vunani Fund Managers CPI+ 5 #
6.55%
11.12%
Combination of old CPIX and new CPI*
6.12%
Consumer Price Inflation (Old/New combined CPI)*
6.12%
Consumer Price Inflation (Headline CPI) [I-Net code: AECPI]
6.12%
STeFI
5.73%
35
SectIOn 3
Objective - The portfolios included in this Survey comply with Regulation 28 and represent products that target positive real returns.
CALENDAR YEAR RETURNS 2010 (Capital Loss) 8.50% 17.45% 18.03% 13.59% 11.67% 15.52% 12.94% 14.25% 3.58% 3.58% 3.58% 3.57% 6.93% 9.13% 5.08% 11.48% 11.69% 40,748.6 5.83% 10.08% 4.79% 11.76% 5.09% 12.09% 14.66% * 7.08% 21.84% -3.95% 8.59% 17.89% * 6.47% 13.53% 0.75% 6.38% 4.18 5.31 3.61 4.02 12.45% 2.62% 6.80% 3.93 17.19% 2.21% 8.22% 3.88 20.15% -0.94% 6.69% 5.78 42.63% 17.52% * * * 3.34 2.49 2.25 2.15 3.15 2.32 2.22 (Inflation) 2009 2008 Volatility (Risk) Sortino Ratio Sortino Ratio QUANTITATIVE ANALYSIS (Calculated on 3 year performance returns) Mandate Domestic Global Domestic Global Global Domestic Global Global CHARACTERISTICS Global/ Domestic Portfolio Size (Rm) 1,428.3 5,390.8 662.7 213.4 33.1 744.2 30,284.1 1,992.0 4 2 6 7 8 5 1 3 Rank
PORTFOLIO NAME 3 Years (p.a.) Portfolio HEADLINE CPI + 6% * 14.99% 15.01% 12.56% 11.80% 13.77% HEADLINE CPIX + 7% 15.71% 13.05% MARKET STATISTICS 4.92% 4.82% 5.17% 5.00% 7.25% 7 5 8.53% 6.84% 6.52% 6.90% 6.91% 11.92% * * 11.92% 11.27% 13.91% 10.82% * * 10.82% 9.64% 12.90% 10.82% 10.62% 12.90% 10.82% 12.04% 12.90% 10.92% 11.22% 12.91% * * * Benchmark Portfolio Benchmark 5 Years (p.a.)
1 Year
Portfolio
Benchmark
Cadiz Equity Ladder Fund
0.29%
12.12%
Coronation Absolute #
7.73%
12.12%
Prudential Domestic Inflation + 6%
9.97%
12.12%
Prudential Global Inflation Plus 6%
11.67%
12.12%
SIM CPI + 6%
10.22%
12.12%
SIM CPI + 6%
8.14%
12.12%
55
Investec Opportunity #
12.59%
13.12%
SYmmETRY Absolute Balanced Fund
10.30%
13.12%
6.12%
6.12%
6.12%
Consumer Price Inflation excluding OER [I-Net code: AECPIXU]
6.37%
STeFI
5.73%
# Portfolios Benchmarked against CPIX + objective prior to January 2009.
* Inflation figures lagged by one month.
SectIOn 3
Risk vs Return Scatterplot on Absolute Return Managers for the 3 Years ended December 2011 Coronation Absolute # Investec Opportunity #
15.7% Coronation Absolute # Prudential Domestic Inflation + 6% Cadiz Inflation + 5% # Foord Absolute
14.7%
SIM CPI + 6%
13.7% SYmmETRY Absolute Balanced Fund SIM CPI + 5% JM BUSHA Absolute AllClass # Vunani Fund Managers CPI+ 5 # SIM CPI +6%G Investment Solutions Real Return Focus Local Prudential Global Inflation Plus 6% Momentum AM CPI+5% Global Fund
12.7%
SIM Absolute
Return (p.a.)
RISK VS RETURN SCATTERPLOT - ABSOLUTE RETURN MANAGERS 3 YEARS ENDING 31 DECEMBER 2011
56
SIM CPI+5%G SYmmETRY Absolute Defensive Fund Mergence CPI +5% Fund Argon Absolute Return # STANLIB Domestic Absolute Return STANLIB Medical Investment Fund STANLIB AM Absolute Momentum AM CPI+5% Domestic Fund 4.3% 5.3% Risk (p.a.) Standard Deviation 6.3% 7.3%
ABSA Absolute Return Fund
11.7%
10.7%
Taquanta Absolute # Investment Solutions Stable Focus
9.7%
Vunani Fund Managers CPI +3 #
8.7%
Investec Absolute Balanced #
Prescient Positive Return Medical Aid Fund #
7.7%
Prescient Positive Return Fund* #
6.7% 8.3% 9.3%
1.3%
2.3%
3.3%
SectIOn 3
composite Dispersion (range) of absolute return Manager WatchtM Survey
Headline CPI+3%
SIM Absolute Return Income Fund Prescient Positive Return Medical Aid Fund # Taquanta Absolute # Vunani Fund Managers CPI +3 # 0.00% 0.10% 0.132% 0.514% 0.20% 0.30% 0.40% 0.50% 0.60% 0.768% 0.653% 0.70% 0.80% 0.90%
HEADLINE CPI+3%
HEADLINE CPI+3% Headline CPI+5%

MAXIMUM Foord Absolute 2011 MEDIAN COMPOSITE RETURN RETURN SIM CPI + 5% 0.186% SIM CPI + 5% (Global) 0.505% SIM Absolute Return Income Fund 8.62% 8.80% STANLIB AM Absolute 0.152% Prescient Positive Return Medical Fund Mergence CPIReturn Income 3.94% 0.321% +5% SIM Absolute Fund 0.132% 4.82% Aid Fund # Coronation Absolute # (Domestic) 0.393% Prescient Positive Return Medical Aid Fund # JM BUSHA Absolute AllClass # 0.673% Taquanta Absolute # 7.08% 8.07% Taquanta Absolute # Prescient Positive Return 0.421% 6.88% Vunani Fund Managers CPI +3 # Fund* # Vunani Fund Managers CPI6.37% +3 # 0.00% 0.50% 1.00% 0.00% 0.10% 0.20%
Headline CPI+3% 8.48%

2.11% 6.78% 5.14%
MINIMUM RETURN
COMPOSITE DISPERSION (1YR) 0.132% 0.768% 0.514% 0.653%
COMPOSITE DISPERSION (3YRS) * 0.035%
COMPOSITE 3.787% DISPERSION (5YRS) * 0.094%
1.50% 0.30%
2.00% 0.40%
0.560% 0.653% 2.50% 3.00% 3.50% 4.00% 0.50% 0.60% 0.70% 0.80% 0.90%
0.514%
0.295% 0.440%
0.768%
Headline CPI+5%
Foord Absolute SIM CPI + 5% SIM CPI + 5% (Global) STANLIB AM Absolute Mergence CPI +5% Fund Coronation Absolute # (Domestic) JM BUSHA Absolute AllClass # Prescient Positive Return Fund* # 0.00% 0.505% 0.152% 0.321% 0.393% 0.673% 0.421% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 0.186% 3.787%
HEADLINE CPI+5%
HEADLINE CPI+5%
2011 MEDIAN COMPOSITE RETURN Foord Absolute SIM CPI + 5% SIM CPI + 5% (Global) STANLIB AM Absolute Mergence CPI +5% Fund Coronation Absolute # (Domestic) JM BUSHA Absolute AllClass # Prescient Positive Return Fund* # 14.29% 8.63% 10.62% 6.98% 6.50% 5.38% 7.93% 3.45% MAXIMUM RETURN 20.89% 8.87% 11.08% 7.10% 6.80% 5.55% 9.10% 4.87% MINIMUM RETURN 9.36% 8.30% 9.59% 6.69% 6.06% 4.62% 7.28% 2.90% COMPOSITE DISPERSION (1YR) 3.787% 0.186% 0.505% 0.152% 0.321% 0.393% 0.673% 0.421% COMPOSITE DISPERSION (3YRS) 1.855% 0.129% * 2.016% 0.022% 0.235% 1.150% 0.410% COMPOSITE DISPERSION (5YRS) 2.154% 0.171% * 1.176% 0.156% * * 1.126%
57
SectIOn 3
composite Dispersion (range) of absolute return Manager WatchtM Survey
HEADLINE CPI+6% Headline CPI+6%
Prudential Domestic Inflation + 6% Prudential Medical Aid Fund SIM CPI + 6% 0.00%
0.132%
0.016%
0.102% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14%
Prudential Domestic Inflation + 6% Prudential Medical Aid Fund SIM CPI + 6%
2011 MEDIAN COMPOSITE RETURN 10.01% 9.19% 8.12%
Headline CPI+7% MAXIMUM MINIMUM

RETURN RETURN
HEADLINE CPI+6%
0.00%
0.05%
10.15% 9.88% Headline CPI+6% 9.20% 9.17% 8.20%
COMPOSITE DISPERSION (1YR) 0.132% 0.102%
COMPOSITE DISPERSION (3YRS) 0.167%
0.236%
COMPOSITE DISPERSION (5YRS) 0.244% *
0.10%
Prudential Domestic Inflation + 6% Prudential Medical Aid Fund SIM CPI + 6%
7.95%
0.016% 0.15%
0.20% *
*
0.25% * 0.132%
0.016%
0.102% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14%
0.00%
Headline CPI+7%
0.00% 0.05% 0.10% 0.15% 0.20% 0.236% 0.25%
HEADLINE CPI+7%
HEADLINE CPI+7%
2011 MEDIAN COMPOSITE RETURN Investec Opportunity # 12.59% MAXIMUM RETURN 12.76% MINIMUM RETURN 12.08% COMPOSITE DISPERSION (1YR) 0.236% COMPOSITE DISPERSION (3YRS) 0.410% COMPOSITE DISPERSION (5YRS) 0.268%
58
Objective - The portfolios included in this survey aim to maximise investor returns while considering Environmental, Social and Governance (ESG) issues.
CALENDAR YEAR RETURNS 2010 Type P P P P P UT 1 * 3 5 6 4 7 5.61% 5.51% 16.98% * * 1.10% * 11.25% 6.56% * * 8.69% 13.26% * 17.87% * 15.26% * 4.90% * 5.02% 8.13% * 2.45% 5.70% 1 1 1 2 3 2 1 1.01 0.28 0.87 1.39 0.90 1.33 1.45 2.12 * 1.57 1.85 * 3.33 2.30 1 1 2 1 4 7 6 2 5 3 2 1 P P UT UT S UT P S S P P S P P P P 22.1 72.6 1108.6 127.7 68.8 477.2 705.4 310.4 405.3 515.6 2,137.3 985.9 57.3 692.0 1,101.0 5,084.9 132.01 324.6 56.4 101.2 4,226.7 3,078.4 5 3 1 2 4 6 4 7 1 5 2 3 8 3 2 1 4 1 3 2 1 1 Portfolio Rank 2009 2008 Volatility (Risk) Return/Risk Portfolio Size (Rm) QUANTITATIVE ANALYSIS 3 Years (p.a.) BALANCED 9.73% 15.78% 6.86% 14.11% 14.10% EQUITY 13.45% 12.71% * 11.77% 4.20% 13.42% 16.50% 14.74% FIXED INTEREST 7.47% 7.99% 10.40% * ABSOLUTE RETURN 7.87% 15.08% * PROPERTY 8.14% ALTERNATIVE 13.10% MARKET STATISTICS 16.05% 18.47% 9.10% 4.92% 4.82% 5.00% 5.17% 18 13 25,791.5 6.52% 6.84% 6.90% 6.91% 9.63% 9.61% 10.15% 1 12.17% 14.42% 1 13.52% 15.10% * 1 9.17% 12.17% 1 9.88% 11.20% 6.80% 8.22% * * * * * * * * 1 10.17% * * * 16.93% 8.59% 22.31% 2 7.68% * * * 15.07% 15.43% -0.38% -0.99% 11.15% * * * * * 18.41% 15.47% * * * 1 7.40% 11.30% 1 8.59% 18.92% 14.96% 1.57% -0.98% 18.31% 2 6.76% 9.27% 2 7.94% 16.33% 14.28% -0.65% -1.57% 18.43% 3 7.48% * * * 15.15% 15.81% -0.87% -1.27% 17.21% 16.80% 16.23% 2 15,84% 7.05% 1 7.14% 15.51% 15.53% 27.60% 32.53% -22.64% -24.64% 1 12.46% 5.55% 5 5.42% 20.60% 11.38% 19.59% 31.18% -31.29% -23.21% 11.87% 16.30% 4 15.96% 6.68% 2 6.87% 13.44% 17.67% 30.85% 30.64% -20.94% -24.12% 15.37% 7 4.68% 0.15% 6 2.88% -5.92% -2.92% 4.15% 3.32% -15.14% -12.96% 14.83% 6 13.67% 6.09% 4 6.09% 13.11% 17.92% 19.63% 21.07% -23.46% -23.21% 11.70% * * * * * 21.31% 20.86% * * * * * 5 15.36% * * * 11.34% 12.82% 13.14% 18.58% 13.59% 21.33% 5.03% 1 2.53 3 18.49% 6.57% 3 8.68% 13.26% 20.73% 26.28% 31.53% -15.42% -21.86% 11.10% 2 1.21 3 3 5.20% 11.85% 1 6.80% 39.20% 3.48% 4.92% 6.33% -1.25% 9.51% 13.47% 5 1.05 4 2 14.38% 8.86% 2 8.40% 16.73% 17.30% 20.59% 20.28% -10.23% -11.14% 9.93% 3 1.42 1 5 12.46% 5.78% 3 13.15% 25.37% 10.66% -2.43% 13.27% -8.86% 16.85% 7.67% 1 0.89 5 1 15.81% * * 18.00% 18.44% 24.59% 22.85% -13.13% -6.27% 11.81% 4 1.34 2 4 13.79% * * 9.91% 17.02% 20.24% 19.64% -9.52% -8.26% 7.99% 2 1.22 3 5 Years (p.a.)
PORTFOLIO NAME
1 Year
Portfolio Rank Benchmark Portfolio Rank Benchmark Portfolio Rank Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Rank Portfolio Rank
Community Growth Fund of Funds
-0.01%
5.23%
Dibanisa Balanced Fund
5.56%
6.75%
Momentum African Wealth Creator
-0.24%
13.47%
SectIOn 3
Momentum/Advantage Supernation Fund
5.56%
6.06%
Stanlib Wealth Development Fund
1.71%
5.80%
Element Earth Equity
2.09%
4.77%
Futuregrowth Infrastructure & Development Equity Fund
13.66%
16.12%
Investec RI Equity Fund
0.97%
4.26%
Oasis Crescent Equity Fund
3.19%
2.87%
Oasis Crescent International Feeder Fund
15.47%
14.34%
Community Growth Equity Fund
-1.71%
1.43%
Old Mutual Albaraka Equity Fund *
9.61%
-2.64%
OMIGSA Quants SRI Fund
2.48%
1.53%
Cadiz Infrastructure Bond Fund
8.73%
8.58%
Community Growth Gilt Fund
8.96%
8.17%
targeted Develepment Investments Manager WatchtM Survey
59
Futuregrowth Infrastructure & Development Bond Fund
11.39%
8.82%
SIM SRI Bond Fund
9.53%
8.11%
Cadiz SRI Bond Fund
9.48%
9.25%
Investec TDI Fund
6.56%
11.12%
SYmmETRY Social Impact Fund
9.00%
9.57%
Futuregrowth Community Property Fund
5.09%
10.12%
OMIGSA Alternative Investments IDEAS Fund
17.95%
13.12%
Alexander Forbes SA Best Investment View Average
6.84%
Alexander Forbes SA Equity Average
5.93%
Alexander Forbes SA Bond Average
10.32%
Combination of old CPIX and new CPI#
6.12%
Consumer Price Inflation (Old/New combined CPI)#
6.12%
6.37%
6.12%
22
*Key: S - Segregated, P - Pooled, UT - Unit Trust # Inflation figures lagged by one month.
SectIOn 3
targeted Development Investments Manager WatchtM Survey
RISK VS RETURN SCATTERPLOT - TDI BALANCED & EQUITY - 3 YEARS ENDING 31 DECEMBER 2011
Return (p.a.)
Return (p.a.) Standard Deviation
RISK VS RETURN SCATTERPLOT - TDI FIXED INTEREST PORTFOLIOS - 3 YEARS ENDING 31 DECEMBER 2011
Return (p.a.)
60
Objective - The portfolios included in this Survey show the performance of fund-of-hedge-fund managers. FoHF managers select a number of underlying single hedge fund managers to provide diversification across a range of alternative strategies. Returns shown are net of fees.
Net of FoHF and Underlying Manager Fees Return Objectives 1 Year 3 Years (p.a.) Rank Calendar Year Calendar Year Percentage of 2010 2009 Positive Months Worst Month Max Drawdown Standard Deviation Portfolio Size (Rm) (Calculated on 3 year performance returns)
PORTFOLIO NAME
QUANTITATIVE ANALYSIS
Inception Date
MULTI-STRATEGY
4.24% 6.92% 7.29% 7.96% 6.02% 9.68% 10.23% 7.62% 6.84% 11.03% 9.16% 7.39% 7.65% 9.23% 11.01% 10.68% 11.41% 7.43% 16.30% 83% * * * * * -0.71% 10.39% 7.35% 14.72% 94% -0.24% * 5.80% 11.45% * * * -0.24% * -4.83% 8.82% 7.60% 11.50% 86% -1.66% -1.66% * * * * * * * * * * * * * * 2.58% * 2.01% * 2.86% * * * * * * * 8.44% 7.51% 10.19% 86% -0.28% -0.28% 1.67% 10.74% 9.79% 12.21% 81% -1.12% -7.53% 3.22% 10.13% 8.84% 11.90% 86% -1.03% -1.96% 2.58% * 11.98% 19.45% * * * * 403.0 1,831.8 882.9 622.6 375.3 86.7 1,942.1 1,514.5 126.3 216.9 137.5 682.9 9.10% 7.85% 11.52% 83% -0.49% -13.71% 2.19% 473.4 8.69% 8.40% 10.41% 86% -0.74% -5.30% 2.22% 76.4 23 10 12 2 5 9 13 21 1 3 20 16 19 8 * 9.50% 11.69% * * * * 821.2 6 6.73% 6.97% 9.03% 86% -0.78% -0.78% 1.71% 236.6 15
Alpha Cautious Hedge Fund
Mar-04
CPI + (4% - 6%) net of fees (previously CPIX)
SectIOn 3
Blue Ink Evergreen
Nov-02
Cash + 2-3%
Blue Ink Meteor Fund of Hedge Funds
Aug-01
15% net of fees
Blue Ink Supernova Fund
Nov-02
17% net of fees
Blue Ink-ubator
Sep-07
Cash + 6%
Caveo Moderate Portfolio
Mar-00
CPI + 5% net of fees
Caveo Performance Portfolio
Jan-06
35%Equities - 65% Cash
Caveo Stable Portfolio
Jan-06
Edge Iconic Absolute Return Fund
May-03
STeFI + 2%
Edge Iconic Matador Fund II
Dec-04
STeFI + 4%
Edge Iconic Multi-Strategy Fund
Sep-05
STeFI + 2%
S.a. Fund of hedge Fund Survey
Momentum ZAR Diversified Fund
Nov-07
STeFI + 5% net of fees
Orange Saturn Fund
Jun-07
STeFI + 5%
Sygnia Absolute Fund Of Hedge Funds
Nov-03
CPI +5% (previously CPIX +5% )
Sygnia All-Star Fund of Hedge Funds
Dec-06
CPI + 5%
Sygnia Signature Fund Of Hedge Funds
Nov-03
CPI+7% (previously CPIX+7%)
SPECIALIST MANDATES
5.79% 9.61% 6.65% 9.49% 9.00% 8.49% 11.20% 11.89% * * * * * * * * * * * * * * * * * * * * * * * * * * * * 9.85% 12.99% 10.88% 89% -1.83% * * * * * * * -2.04% * * * * * * * 2.76% * * * * * * * 162.4 435.2 321.1 1,050.3 144.2 81.4 727.1 41.2 17 11 14 4 18 22 7 24
61
RETURN STATISTICS
11.89% 8.75% 8.55% 4.24% 24 10 6.73% 9.43% 9.47% 11.41% 12.99% 7.85% 8.62% 5.80% 13 19.45% 11.52% 12.40% 9.03% 13 94.44% 86.11% 86.11% 80.56% 10
Alpha Fixed Income Blend of Funds
Jan-06
Blue Ink Equity Aggressive
Jan-09
SteFi
Blue Ink Equity Conservative
Jan-09
SteFi
Blue Ink Fixed Income Arbitrage
Jan-09
SteFi
Blue Ink Market Neutral
Jan-09
SteFi
Edge Iconic Income Opportunites Fund
Jun-08
STeFI + 2%
Edge Iconic Matador Fund
May-04
STeFI + 4%
Edge Iconic Matador Institutional I Fund
Sep-07
STeFI + 4%
Highest
-0.24% -0.76% -0.89% -1.83% 10
-0.24% -2.00% -3.83% -13.71% 10
3.22% 2.40% 2.38% 1.67% 10 13,393.33
Median
Average
Lowest
MARKET STATISTICS
2.57% 5.73% 8.82% 6.12% 6.12% 6.12% 6.37% 17.27% 7.25% 7.39% 4.82% 4.92% 5.17% 5.00% 18.98% 6.93% 14.96% 3.58% 3.58% 3.58% 3.57% 32.13% 9.13% -0.99% 4.79% 5.09% 5.83% 5.08%
STeFI
All Bond Index
Hedge Funds are private investment funds that are not regulated by the Financial Services Board (FSB) in South Africa, and thus there is no formal regulatory oversight in respect of these products within SA. Users should take additional care when using this survey and note that hedge fund investments are only suitable for informed investors. This survey is for information purposes only and does not imply solicitation, and is not an invitation or an offer to invest in such products.
Objective - The portfolios included in this Survey aim to maxmimise investor returns while paying attention to socially responsible investing and issues relating to the development and upliftment of previously disadvantaged communities.
2009 Portfolio Benchmark 2008 Portfolio Benchmark Risk (Volatility) Portfolio Rank Return / Risk Portfolio Rank Size (Rm) Portfolio Rank
PORTFOLIO NAME
5 Years (p.a.) 2010 Portfolio Benchmark Portfolio Benchmark
QUANTITIVE ANALYSIS
1 Year Portfolio Benchmark
3 Years (p.a.) Portfolio Benchmark
SectIOn 3
75% - 100% LISTED PROPERTY

14.67% 17.21% * 17.22% 17.22% * 17.22% 15.48% 17.22% 17.22% 16.15% 14.38% 29.45% 29.62% 18.45% 14.07% -2.17% -4.39% 15.81% 14.25% 29.40% 29.62% 17.37% 14.07% -2.69% -4.47% 11.56% 10.11% 24.32% 25.33% 15.31% 12.80% -8.48% -11.11% 9.18% 9.13% 9.02% * * 30.57% 29.62% 15.28% 14.07% -2.19% -4.47% 9.12% 2 4 3 1 * * 29.37% 29.63% * * * * * 2.00 1.67 2.03 2.11 3 2 2 1 15.12% 14.25% 28.57% 29.62% 16.21% 14.07% -2.33% -4.47% 9.20% 5 15.00% 14.25% 28.99% 29.63% 11.72% 14.07% -0.87% -4.47% 9.53% 7 1.68 1.93 * * 28.44% 29.62% 16.32% 13.47% * * * 6 4 14.63% 14.25% 28.69% 29.62% 16.05% 14.07% -3.05% -4.47% 9.23% 6 1.87 5 10.20% 9.65% 22.99% 24.81% 15.51% 12.80% -9.08% -11.11% 9.77% 8 1.49 8 681.2 4,817.2 1,500.6 2,648.2 3,080.7 4,130.0 1,920.0 1,727.2 2,067.0 4,085.7 10 1 9 5 4 2 7 8 6 3
Catalyst FM Composite Property Capped Index Funds
5.97%
7.11%
14.61%
Catalyst FM Composite SA Listed Property Index Funds *
8.08%
8.92%
17.31%
Coronation Property Equity
10.23%
8.92%
Investec Property Equity Fund
8.23%
8.93%
15.97%
IS Property Fund *
9.36%
8.93%
17.78%
OMIGSA Quoted Property Portfolio
8.99%
8.92%
Prudential Enhanced SA Property Tracker Fund
9.74%
8.93%
18.21%
SIM Property Fund
6.97%
8.93%
15.32%
Stanlib Institutional Property Fund
9.76%
8.93%
18.57%
S.a. Property Manager WatchtM Survey
Stanlib Property Income Fund
10.00%
8.93%
19.03%
62
0 - 74% LISTED PROPERTY
8.91% 12.17% 9.88% 11.20% 6.80% 8.22% 11.25% 8.69%
Futuregrowth Community Property Fund
5.09%
8.73%
8.14%
15.26%
2.45%
3.33
4,226.7
RETURN STATISTICS
16.15% 15.29% 14.82% 13.83% 12.02% 10.20% 8 11 11.20% 26.38% 15.29% 8.22% 10 26.54% 15.04% 28.69% 15.78% 29.38% 16.29% 30.57% 18.45% 8.69% -2.17% -2.33% -2.46% -3.05% -9.08% 9 30,884.5 9.77% 9.31% 9.19% 9.27% 9.13% 2.45% 3.33 2.01 1.90 1.85 1.67 1.49
Highest
10.23%
19.03%
Upper Quartile
9.75%
18.21%
Median
8.99%
17.31%
Average
8.40%
16.10%
Lower Quartile
7.53%
15.32%
Lowest 9
5.09%
8.14%
11
Total
MARKET STATISTICS
13.08% 6.55% 14.10%
FTSE/JSE Property Unit Trust
12.07%
18.63%
FTSE/JSE Property Loan Stock
1.28%
8.13%
FTSE/JSE SA Listed Property
8.22%
16.96%
Benchmark Methodology CPI - Due to the reweighting and rebasing of the CPI from January 2009 the benchmark numbers reflect a compound of month to month CPI returns. The historical month to month numbers used in calculations are the official month to month numbers based on the old basket prior to January 2009 and new basket post January 2009. The adjusted CPI(I-Net code: AECPI) figures are shown together with market data below should these numbers be preferred for comparison purposes.
Benchmark Methodology CPIX - The benchmark numbers prior to January 2009 reflected a compound of month to month CPIX returns. Due to the reweighting and rebasing of the CPI and discarding of the CPIX numbers from January 2009 the historical month to month numbers used in calculations are the official month to month numbers based on the old CPIX prior to January 2009 and the new CPI basket post January 2009. The CPI excluding owners equivalent rent (I-Net code: AECPIX) and adjusted CPI(I-Net code: AECPI) figures are shown together with market data below should these numbers be preferred for comparison purposes.
INVESTMENT DATA TO END OF DECEMBER 2011
3 Years
Active Return Rank Portfolio Benchmark Active Rank Portfolio Benchmark Return Active Rank Portfolio Benchmark Return Active Return Rank Portfolio Benchmark
SectIOn 3
1 Year
5 Years
Calendar Year 2010
Calendar Year 2009
Calendar Year 2008

Active Rank Return
Benchmark or Objective
Portfolio Benchmark
Active Rank Portfolio Benchmark Return
Portfolio Rank Size (Rm)
EQUITY MANDATES BENCHMARK COGNISANT 17.86% 17.86% * NON BENCHMARK COGNISANT * 17.85% BOND MANDATES 7.39% 7.39% 7.39% MONEY MARKET MANDATES 6.62% * 7.25% ABSOLUTE RETURN MANDATES 8.82% 10.64% 0.77% * * * 1.33% 10.85% * * 10.50% 13.81% 7.58% 8.58% 2.92% 5.23% 13.51% 16.09% 8.79% 9.79% 4.72% 6.30% 11.04% 3.92% 15.76% -4.72% 16.76% -12.84% 2,095 9,351 3 1 0.85% 2 9.27% 8.53% 0.74% 2 7.84% 6.93% * * * * * * * 0.91% 1.59% 1 9.56% 8.06% 1.49% 1 7.93% 6.26% 1.68% 1 * 2 9.92% * 9.85% 8.36% * 9.13% 1.56% * 0.72% 1 * 2 13.15% * 12.31% 11.34% * 11.69% 1.80% * 0.61% 1 * 2 17,620 579 716 1 3 2 1.49% 2 9.59% 8.58% 1.01% 2 15.39% 14.94% 0.45% 3 1.58% 1 9.92% 8.59% 1.33% 1 15.82% 14.96% 0.86% 1 2.14% 2.37% 0.96% 3 9.44% 8.59% 0.85% 3 15.52% 14.96% 0.56% 2 0.75% -0.99% -0.99% -0.98% 1.73% 3.13% 3.35% 3 2 1 17.65% 17.18% 15.39% 16.97% 16.98% 16.97% 0.67% 0.20% -1.58% 1 2 3 6,175 403 854 1 3 2 -0.21% 1 8.53% 8.64% -0.11% 1 21.07% 20.85% 0.21% 1 29.50% 29.91% * * * * * * * * * * * -0.41% * 1 * -19.80% * -21.67% * 1.87% * 1 1,027 3,992 2 1 * * * * * * * * * * * * * -0.26% 2 8.69% 8.65% 0.04% 2 20.80% 20.86% -0.06% 2 28.02% 29.91% -1.89% 2 0.11% 1 9.31% 8.65% 0.66% 1 21.09% 20.86% 0.23% 1 29.03% 29.91% -0.88% 1 -19.49% -21.67% -18.77% -21.67% * 2.19% 2.90% * 2 1 * 30,156 3,330 1,057 1 2 3
5.06%
4.26%
0.80%
17.96%
5.16%
4.26%
0.90%
17.60%
Investment Solutions Pure Equity Momentum Classic Equity Sygnia Core Equity Fund
FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index
3.42%
4.26%
-0.84%
6.74%
4.26%
2.47%
Sygnia Absolute Focus Equity Fund SYmmETRY Equity Portfolio
FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index
3.82%
4.24%
-0.42%
17.63%
9.28%
8.80%
0.48%
8.34%
Multi-Manager WatchtM Investment Performance (Specialist Mandates)
63
10.64% -0.36% 9.15% 13.00% -3.85% 10.76% 8.58% 2.18% 12.99% 9.92% 11.92% * * * 1.13% 9.49% 0.20% 8.62% 11.91% 13.91% * -3.30% -4.42% * 10.71% 14.25% 13.44% MEDICAL AID MANDATES 8.82% 2.42% 11.58% * * 14.12% 7.58% 6.54% 15.66% 8.58% 10.58% 8.58% 2.13% 3.67% 4.86% 10.75% 14.66% *
9.38%
8.82%
0.56%
8.97%
Investment Solutions Pure Fixed All Bond Index Interest Portfolio Momentum Moderate Bond FOF All Bond Index SYmmETRY Bond All Bond Index Portfolio
9.26%
8.80%
0.46%
8.88%
STeFI Call Deposit
6.80%
5.27%
1.53%
8.21%
STeFI
6.61%
5.73%
0.88%
Investment Solutions Banker Sygnia Money Market Fund SYmmETRY Money Market
STeFI
6.62%
5.70%
0.92%
8.09%
CPI+4%
6.56%
10.12%
-3.56%
10.15%
CPI+5%
4.67%
11.37%
-6.70%
11.41%
CPI+5%
7.18%
11.37%
-4.19%
10.28%
9.79%
3.20%
3.05%
16.76% -13.70%
4,006
8.92%
11.12%
-2.19%
10.12%
10.09% 12.09% *
0.66% 2.57% *
2.59% -1.68% *
17.09% -14.50% 19.09% -20.76% * *
1,115 1,992 510
5 4 6
CPI+5% (CPIX+5% prior to Jan 09) CPI+7% (CPIX+7% prior to Jan 09)
10.30%
13.12%
-2.82%
13.05%
Investment Solutions Stable Focus Investment Solutions Real Return Focus Local Investment Solutions Real Return Focus Portfolio SYmmETRY Absolute Defensive Fund SYmmETRY Absolute Balanced Fund SMM Absolute Return
CPI+5%
4.35%
11.12%
-6.76%
IS Medical Schemes Real Return Focus
CPI +4%
4.30%
10.12%
-5.82%
11.24%
8.79%
6.87%
10.64%
15.76%
-5.12%
159
SectIOn 3
Fixed Asset Allocation: Managers included in the above survey typically make use of fixed asset allocations, which mean that they balance the asset allocation back to the strategic long-term asset allocation target (from time to time, according to predefined strategies) with no intention to enhance returns from an asset allocation point of view. However, while some of these managers adhere rigidly to these fixed asset allocations others may allow these allocations to drift slightly within certain margins.
Strategic Asset Allocation: Although managers included in the above survey may have long term strategic asset allocation targets, they actively manage the asset allocation in an attempt to enhance returns. The different categories above (Low Volatility, Best Investment View and Dynamic) represent the different risk profiles of the funds. The Low Volatility category represents the managers most conservatively managed portfolio while the Dynamic category represents the managers most aggressively managed portfolio, according to the managers discretion.
INVESTMENT DATA TO THE END OF DECEMBER 2011 RISK VS RETURN (Calculated on 3 year performance returns)
Volatility (Risk) Rank Return /Risk Rank Active Return Rank Tracking Error Information Ratio Rank
Rank
EQUITY MANDATES Benchmark Cognisant

1 2 14.45% 2 1.22 1.27 1 -0.21% 1 3.71% 2 -0.26% 2 2.68% 14.05% 1 1.28 1 0.11% 1 2.91% 0.04 -0.10 -0.06 1 2 1
17.96%
17.60%
Non Benchmark Cognisant

1 13.83% 1
SYmmETRY Equity Portfolio
17.63%
Multi-Manager WatchtM Investment Performance (Specialist Mandates)
64
BOND MANDATES
3 1 2 4.66% 1 1 1.90 1.49% 2 5.37% 3 2 1.67 1.58% 1 5.07% 2 3 1.65 0.96% 3
Investment Solutions Pure Fixed Interest Portfolio
8.34%
0.61% 1.40% 1.12%
1.56 1.13 1.34
1 3 2
Momentum Moderate Bond FOF
8.97%
SYmmETRY Bond Portfolio
8.88%
MONEY MARKET MANDATES

1 2 0.43% 1 1 0.85% 18.82 0.46% 2 2 1.59% 17.73 1 2 0.18% 0.07% 8.75 11.54 2 1
Investment Solutions Banker
8.21%
SYmmETRY Money Market
8.09%
ABSOLUTE RETURN MANDATES

3.01% 4.09% 3.77% 4.42% 7.08% 1.84 2.29 2.73 2.79 3.37 1.33% 0.77% -0.36% 0.20% 1.13%
Investment Solutions Stable Focus
10.15%
Investment Solutions Real Return Focus Local
11.41%
10.28%
10.12%
SYmmETRY Absolute Balanced Fund
13.05%
MEDICAL AID MANDATES

4.01% 2.80 1 2.42%
11.24%
Fixed Asset Allocation: Managers included in the above survey typically make use of fixed asset allocations, which mean that they balance the asset allocation back to the strategic long-term asset allocation target (from time to time, according to predefined strategies) with no intention to enhance returns from an asset allocation point of view. However, while some of these managers adhere rigidly to these fixed asset allocations others may allow these allocations to drift slightly within certain margins. Strategic Asset Allocation: Although managers included in the above survey may have long term strategic asset allocation targets, they actively manage the asset allocation in an attempt to enhance returns. The different categories above (Low Volatility, Best Investment View and Dynamic) represent the different risk profiles of the funds. The Low Volatility category represents the managers most conservatively managed portfolio while the Dynamic category represents the managers most aggressively managed portfolio, according to the managers discretion.
3 Years (p.a.) Active Return Rank 5 Years (p.a.) 2010 2009 2008
1 Year
Portfolio Benchmark
Active Active Active Active Active Return Rank Portfolio Benchmark Return Rank Portfolio Benchmark Return Rank Portfolio Benchmark Return Rank Portfolio Benchmark Return Rank Portfolio Benchmark
Portfolio Size (Rm) Rank
FIXED ASSET ALLOCATION Equity Band: 15% - 34% (Local & International Equity)
8.62% * * * * * * 8.29% * * * * 12.92%
2
SectIOn 3
Investment Solutions Low Equity * * 0.80% * * * 1.04% * * 1.67%

1 * 3
9.61% * * 1 * * * 14.55% * * 13.78% * 13.79% 12.88% * 12.86% * 0.91% * * 0.92% * * * * 2 * 3 12.57% 1.98% 1 * * * * * -3.38% * * -2.75% * -2.81% * * * * * * * * * * -3.45% * * -1.32% * -2.63% * * * * * * * * * 11.82% 10.72% 1.10% 1 12.07% 10.04% 2.03% 1 1.38% 1.65% * * * * * * * * * * * -0.26% * * * 0.07% * * -1.43% * -0.18% * * * * * * * * * * * * * * *
8.68%
0.92%
10.06%
1.44%
9.02%
8.10%
0.93%
10.28%
8.88%
1.40%
10.29%
8.28%
2.01%
4.71%
5.09%
-0.38%
1 * * 1 * * * 1
*
190 3 203
224 1,082 54 244
22 26 21 20 7 25 19 409
77
Momentum Classic Factor 3
8.44% 11.54%
-3.10%
Momentum Enhanced Factor 3
8.14% 11.54%
-3.40%
Equity Band: 35% - 44% (Local & International Equity)

9.92% * * * * * * * * 1.23% 1 9.09%
Investment Solutions 37.5% Equity
9.59%
9.01%
0.58%
11.15%
9.90%
9.49%
0.40%
8.87%
9.49%
-0.62%
Sygnia Signature 40 Fund
9.07%
8.31%
0.77%

0.78% * * 0.59% * 0.28% 3 8.62% 8.64% -0.03% 2 13.78% 13.69% 0.08% * * * * * * * 2 8.57% 8.81% -0.24% 3 14.74% 13.07% * * * * * * * * * * * * 1 8.91% 8.31% 0.59% 1 13.95% 13 24 * 3 * 2
421 372 315 357
Investment Solutions Medium Equity * * *
8.80%
9.42%
-0.62%
12.40% 11.63%
9.17%
10.10%
-0.93%
9.02%
10.10%
-1.07%
11 16 18 17
SMM 50
8.08%
8.85%
-0.77%
12.16% 11.58%
8.96%
8.01%
0.95%
Multi-Manager WatchtM Investment Performance (Balanced Mandates)
65
0.46% *
* 2
8.66%
8.79%
-0.13%
12.05% 11.77%
Investment Solutions 62.5% Equity * 0.77% 0.99% * -0.28% 4 7.87% 8.77% 8.59% * 2 3 5 7.73% 8.15% -0.42% 5 7.96% 7.90% 0.06% 4 * 14.97% 8.18% 7.99% 0.19% 3 16.94% 15.50% * * * * 8.25% 0.35% 2 15.44% * 16.03% 13.78% * 15.84% 8.32% 0.45% 1 16.57% 15.64% 14.72% 8.37% -0.50% 4 14.76% 15.06% * * * -0.30% 0.93% 0.72% * 0.91% 1.72% * -0.87% 1 8.66% 8.53% 0.13% 3 15.08% 13.39% 1.69% 1 * 4 2 4 * 3
1 * 5
8.56% * 2 8.65% 8.26% 0.38% 2 16.19% 15.05% 1.14% * * * * * *
9.50%
-0.94%
13.35% 12.89%
8.81%
8.41%
0.40%
14.70%
13.84%
0.87%
16.95%
15.42% * 16.32% 15.86%
1.54% * 0.57% 1.59%
2 * 3
1
-7.19% * -8.02% -7.34%
-7.30% * -8.64% -5.87%
0.11% * 0.63% -1.47%
2
* 1 4
448 381 2,822 379
10 14 2 15
9.01%
8.56%
0.44%
Momentum Enhanced Factor 6 *
8.58%
7.99%
0.60%
13.82% 13.06%
16.89% 17.46% * 17.25% 22.45% 19.77% * 18.68% 19.57% * 18.06%
SMM 60
8.12%
8.36%
-0.24%
13.48% 12.49%
9.15%
8.13%
1.02%
* 17.53% 18.83% 18.59% * 18.75% 18.59% * 18.96%
* -0.29% 3.62% 1.18% * -0.06% 0.98% * -0.91%
* 4
* -10.23% 1 2 *
4
* -9.69% -11.84% -12.39% -11.45% -11.91% * 3 * 5 * -11.93% -12.65% -11.14% -10.84% * * -12.33% -12.28%
* -0.54% 0.55% 0.46% * 0.73% -0.30% * -0.05%
* 3
412 994
12 9 2
3 * 1 5 * 4 1,068 1,183 8 6
SYmmETRY Balanced
7.91%
8.18%
-0.27%
13.24% 13.52%

0.75% 0.28% * 0.45% 0.42% * -0.37% 4 1
Investment Solutions Entrepreneur *
7.12%
9.13%
-2.00%
15.21% 14.46%
Investment Solutions High Equity
8.25%
9.20%
-0.95%
14.39% 14.10%
8.45%
8.03%
0.42%
85
2,079
23 3 1,428 1,292 5,207 4 5 1
Momentum Enhanced Factor 7 *
8.06%
7.57%
0.48%
14.47% 14.02%
SMM 70
6.23%
7.52%
-1.29%
13.63% 13.21%
8.79%
7.93%
0.87%
SYmmETRY Aggressive
8.29%
7.69%
0.60%
13.70% 14.06%
STRATEGIC ASSET ALLOCATION Low Volatility

1.25% 0.60% 0.35% * * -0.42% 3 * * * 2 8.94% 1 9.76% 9.46% 9.06% * * * 1 9.75% 8.41% 1.34% 0.30% -0.12% * * * 1 1 2 * * * 10.94% 10.99% -0.05% 1 13.95% 10.48% 3.47% 1 2.93% 0.93% 2.00% 1 1,653 3
Investment Solutions Conserver
9.86%
9.49%
0.36%
11.57% 10.32%
Best Investment View

15.98% 14.81% * * 14.73% 14.05% 14.03% * * 14.29% 1.93% 0.78% * * 0.44% 1 2 * * 3 20.40% 21.07% * * 20.11% 20.37% 19.97% * * 19.96% 0.03% 1.10% * * 0.15% 3 1 * * 2 -8.62% * * -9.72% -12.03% -10.76% * * -11.97% -11.30% 1.09% -1.27% * * -0.68% 1 3 * * 2 2,263 2,576 259 1,486 188 1 2 5 4 6
Investment Solutions Performer * *
9.49%
9.42%
0.08%
15.20% 14.60%
Investment Solutions Spectrum
8.63%
9.36%
-0.73%
14.72% 14.37%
Momentum Flexible Factor 6
8.90%
7.90%
1.00%
Momentum Flexible Factor 7
8.58%
7.60%
0.98%
SYmmETRY Paragon
7.08%
8.82%
-1.74%
13.85% 14.27%
Fixed Asset Allocation: Managers included in the above survey typically make use of fixed asset allocations, which mean that they balance the asset allocation back to the strategic long-term asset allocation target (from time to time, according to predefined strategies) with no intention to enhance returns from an asset allocation point of view. However, while some of these managers adhere rigidly to these fixed asset allocations others may allow these allocations to drift slightly within certain margins.
SectIOn 3
Strategic Asset Allocation: Although managers included in the above survey may have long term strategic asset allocation targets, they actively manage the asset allocation in an attempt to enhance returns. The different categories above (Low Volatility, Best Investment View and Dynamic) represent the different risk profiles of the funds. The Low Volatility category represents the managers most conservatively managed portfolio while the Dynamic category represents the managers most aggressively managed portfolio, according to the managers discretion.
INVESTMENT DATA TO THE END OF DECEMBER 2011 RISK VS RETURN (Calculated on 3 year performance returns)
Rank Risk (Volatility) Rank Return /Risk Rank Active Return Rank Tracking Error Information Ratio Rank
FIXED ASSET ALLOCATION Equity Band: 15% - 24% (Local & International Equity)
1 3.90% 1 2.58 1 1.44% 1 0.84% 1.72 1
Investment Solutions Low Equity
10.06%

1 5.36% 1 2.08 1 1.23% 1 1.08% 1.14 1
11.15%

1 2 3 7.06% 1 1.71 2 0.28% 3 8.08% 3 1.50 3 0.59% 2 7.22% 2 1.72 1 0.78% 1 1.43% 1.76% 2.28% 0.54 0.33 0.12 1 2 3
Investment Solutions Medium Equity
12.40%
SMM 50
12.16%
66
3 1 2 4 8.96% 2 1.48 2 9.50% 3 1.42 4 9.63% 4 1.44 3 0.77% 0.99% -0.28% 8.48% 1 1.57 1 0.46%
12.05%
13.35%
3 2 1 4
1.74% 1.66% 1.98% 2.85%
0.26 0.46 0.50 -0.10
3 2 1 4
13.82%
SMM 60
13.48%
SYmmETRY Balanced
13.24%

1 3 2 5 4 9.83% 2 1.39 11.05% 5 1.23 10.78% 4 1.34 9.76% 1 1.47 1 4 5 3 10.66% 3 1.43 2 0.75% 0.28% 0.45% 0.42% -0.37% 1 4 2 3 5 2.22% 2.00% 1.84% 2.53% 3.07% 0.34 0.14 0.24 0.17 -0.12 1 4 2 3 5
15.21%
14.39%
14.47%
SMM 70
13.63%
SYmmETRY Aggressive
13.70%
STRATEGIC ASSET ALLOCATION Low Volatility

1 5.69% 1 2.03 1 1.25% 1 1.98% 0.63 1
Investment Solutions Conserver
11.57%
Best Investment View

1 2 3 9.36% 9.83% 9.27% 1 3 2 1.64 1.50 1.48 1 2 3 0.60% 0.35% -0.42% 1 2 3 1.77% 0.98% 1.85% 0.34 0.36 -0.23 2 1 3
Investment Solutions Performer
15.20%
Investment Solutions Spectrum
14.72%
SYmmETRY Paragon
13.85%
SectIOn 3
GER WATCH INVESTMENT PERFORMANCE

(Balanced Mandates) RISK VS RETURN SCATTERPLOT - MULTI MANAGERS -
FIXED & STRATEGIC ASSET ALLOCATION 3 YEARS ENDED 31 DECEMBER 2011
Risk vs Return Scatterplot - Multi Managers Fixed & Strategic Asset Allocation 3 Years ended 31 December 2011
Investment Solutions Performer Investment Solutions Entrepreneur
- Multi Managers d 31 December 2011

14.95%
IS Spectrum
ent Solutions nserver
Excess Return (p.a.) Standard Deviation
13.95%
Investment Solutions Momentum Enhanced High Equity Factor 7 SYmmETRY Paragon Investment Solutions 62.5% Equity SYmmETRY Aggressive SMM 70 SMM 60
0 Investment Solutions Entrepreneur SMM 70
12.95% Investment Solutions Medium Equity
anced
SYmmETRY Balanced Momentum Enhanced Factor 6 SMM 50
ns
11.95%
SYmmETRY Conservative Investment Solutions 37.5% Equity Investment Solutions Conserver
10.95% SYmmETRY Aggressive SYmmETRY Balanced
0%
2.70%
3.20%
9.95% 3.80%
Investment Solutions Low Equity 4.80% 5.80% 6.80% 7.80% 8.80% 9.80% 10.80%
MULTI-MANAGER WATCH INVESTMENT PERFORMAN

(Balanced TRACKING ERROR VS EXCESS RETURN SCATTERPLOT - MULTI MANAGERS - Mandates) FIXED & STRATEGIC ASSET ALLOCATION 3 YEARS ENDED 31 DECEMBER 2011
Exess Return vs Tracking Error Scatterplot - Multi Managers Fixed & Strategic Asset Allocation 3 Years ended 31 December 2011
14.95% Investment Solutions Conserver 13.95% SMM 60 Investment Solutions Medium Equity Momentum Enhanced Factor 6 Investment Solutions Performer Investment Solutions Entrepreneur SMM 70
Risk vs R Fixed & Strategic Ass
1.45%
Investment Solutions Low Equity Investment Solutions 37.5% Equity
Excess Return (p.a.) Standard Deviation
0.95%
12.95%
SMM 50 0.45% Investment Solutions Spectrum
Inv
11.95%
-0.05% SYmmETRY Aggressive SYmmETRY Balanced SYmmETRY Paragon 1.20% 1.70% 2.20% 2.70% 3.20%
10.95%
Inves C
-0.55% 0.70%
9.95% 3.80%
Investment Solutions Low Equity 4.80%
5.80%
67
SectIOn 3
Objective - The portfolios in this Survey are targeted at Medical Aids and are bound by the restrictions imposed by Regulation 30 of the Medical Schemes Act. Benchmark Methodology CPI - Due to the reweighting and rebasing of the CPI from January 2009 the benchmark numbers reflect a compound of month to month CPI returns. The historical month to month numbers used in calculations are the official month to month numbers based on the old basket prior to January 2009 and new basket post January 2009. The adjusted CPI(I-Net code: AECPI) figures are shown together with statistics below should these numbers be preferred for comparison purposes. Benchmark Methodology CPIX - The benchmark numbers prior to January 2009 reflected a compound of month to month CPIX returns. Due to the reweighting and rebasing of the CPI and discarding of the CPIX numbers from January 2009 the historical month to month numbers used in calculations are the official month to month numbers based on the old CPIX prior to January 2009 and the new CPI basket post January 2009. The CPI excluding owners equivalent rent (I-Net code: AECPIX) and adjusted CPI(I-Net code: AECPI) figures are shown together with statistics below should these numbers be preferred for comparison purposes.
1 Year Portfolio 6.76% 5.76% 6.55% 4.30% 5.39% 3.45% 3.44% 9.30% 8.38% 4.69% 6.94% 6.96% 5.95% 6.11% 6.65% 7.10% 9.20% 7.03% 8.77% 6.12% 6.12% 6.37% 6.12% 5.23% 2.57% 4.25% 5.73% 8.82% 19 5.73% 5.73% 9.12% 5.97% 11.12% 5.73% 5.73% 7.31% 10.62% 9.94% 7.64% 7.72% 7.79% 8.17% 8.30% 10.73% 11.92% 11.76% 4.92% 4.82% 5.00% 5.17% 7.68% 17.27% 17.85% 7.25% 7.39% 17 10.12% 8.08% 11.12% * 11.12% 13.64% 9.12% 8.35% 10.12% 7.24% 9.12% 10.47% 7.92% 8.82% 7.92% 9.82% * 8.82% 9.32% 7.26% 7.25% 7.25% 7.25% 7.25% 7.82% 13.45% 10.17% 10.12% 11.24% 8.82% 9.12% 13.26% 7.82% 10.12% * * 9.12% 9.34% 7.82% 2.17% * 5.22% 4.01% 6.14% 3.88% 3.06% 7.09% * 6.28% 1.59% 1.53% 0.55% 0.46% 0.46% 0.42% 3.49% 4.72% 6.13% 1.43% 1.52% 1.56% 1.27% 5.06% 17.49% 16.09% 0.46% 5.59% 17 17,365.6 Benchmark Portfolio Benchmark Volatility 3 Years (p.a.) Size (Rm) 1,340.8 114.8 717.7 159.0 91.3 1,314.9 869.3 626.0 380.5 175.6 650.3 190.5 508.4 1,225.1 929.8 6,032.3 1,448.3 210.6 380.4 Rank 1 10 4 9 11 2 3 6 7 8 5 5 4 2 3 1 1 3 2 Benchmark Portfolio Information Classification
PORTFOLIO NAME
ABSOLUTE RETURN FUNDS

P S P PMM P P S S S P (UT) P
Headline CPI +3%
Cadiz Medical Aid Fund
Headline CPI +4%
Coronation Medical Absolute
Headline CPI +3%
Headline CPI +4%
Momentum AM Medical Provider Fund
CPI + 3% (CPIX +3% prior Jan 09)
Headline CPI +4%
Prescient Positive Return Medical Aid Fund
CPI + 3% (CPIX +3% prior Jan 09)
Prudential Medical Aid Fund
Headline CPI +5%
SIM Medical Aid Domestic Absolute
Headline CPI +5%
S.a. Medical-aid Manager WatchtM Survey
68
MONEY MARKET FUNDS
S S S P S
STANLIB Medical Investment Fund*
Headline CPI +4%
Taquanta Medical Absolute
Headline CPI +4.5%
ABSA Asset Management Medical*
50% ALBI : 50% STEFI
Cadiz African Harvest Core Money Market
STeFI
Gryphon Domestic Specialist MM
STeFI
Investec Stable Money Fund
STeFI
Taquanta Medical Cash
STeFI
BALANCED FUNDS
P S S
Allan Gray Life Stable Medical Portfolio
Headline CPI +3%
Foord Medical
50% domestic bonds: 50% domestic equities
OMIGSA Macro Strategy Investments Medical Aid Portfolio
Headline CPI +5%
MARKET DATA
Combination of old CPIX and new CPI#
Consumer Price Inflation (Old/New combined CPI)#
Consumer Price Inflation excluding OER
Consumer Price Inflation (Headline CPI)
Medical Consumer Price Inflation
FTSE / JSE All Share Index (Free Float)
FTSE / JSE SWIX All Share Index
Short Term Fixed Interest Rate Index
All Bond Index
Number Of Participants
Total
* Global Funds *Key: S - Segregated, P - Pooled, UT - Unit Trust, PMM - Pooled Multi-Managed
SectIOn 4
Fees - Indicative range
BALANCED GLOBAL MANDATE, BIV, SEGREGATED PORTFOLIOS AVERAGE FEE PER BAND
FEE BAND 0 - 50 million 51 - 100 million 101 - 150 million 151 - 250 million 251 - 500 million 500+ million International FEE BAND 0 - 50 million 51 - 100 million 101 - 150 million 151 - 250 million 251 - 500 million 500+ million International AVERAGE FEE (%) 0.73% 0.64% 0.59% 0.57% 0.53% 0.49% 1.27% HIGH 1.00% 0.81% 0.75% 0.75% 0.70% 0.64% 1.50% PARTICIPANTS PER FEE BAND 6 6 6 6 6 6 3 LOW 0.60% 0.53% 0.45% 0.39% 0.36% 0.35% 1.15% FEE BAND 0 - 50 million 51 - 100 million 101 - 150 million 151 - 250 million 251 - 500 million 500+ million
SPECIALIST DOMESTIC EQUITY MANDATE AVERAGE FEE PER BAND

AVERAGE FEE (%) 0.66% 0.67% 0.63% 0.62% 0.57% 0.54% PARTICIPANTS PER FEE BAND 13 13 13 13 13 13
HIGHEST AND LOWEST PER FEE BAND
FEE BAND
0 - 50 million 51 - 100 million 101 - 150 million 151 - 250 million 251 - 500 million 500+ million
HIGHEST AND LOWEST PER FEE BAND HIGH LOW

1.25% 1.00% 1.00% 1.00% 1.00% 1.00% 0.30% 0.30% 0.30% 0.30% 0.25% 0.20%
SPECIALIST DOMESTIC FIXED INTEREST MANDATE AVERAGE FEE PER BAND

FEE BAND 0 - 50 million 51 - 100 million 101 - 150 million 151 - 250 million 251 - 500 million 500+ million FEE BAND 0 - 50 million 51 - 100 million 101 - 150 million 151 - 250 million 251 - 500 million 500+ million AVERAGE FEE (%) 0.38% 0.37% 0.35% 0.34% 0.31% 0.27% PARTICIPANTS PER FEE BAND 9 9 9 9 9 9 LOW 0.20% 0.20% 0.16% 0.16% 0.13% 0.10%
BALANCED GLOBAL MANDATE, BIV, POOLED PORTFOLIOS AVERAGE FEE PER BAND
FEE BAND 0 - 50 million 51 - 100 million 101 - 150 million 151 - 250 million 251 - 500 million 500+ million International FEE BAND 0 - 50 million 51 - 100 million 101 - 150 million 151 - 250 million 251 - 500 million 500+ million International AVERAGE FEE (%) 0.74% 0.66% 0.61% 0.59% 0.58% 0.56% 1.03% HIGH 1.00% 0.81% 0.75% 0.75% 0.75% 0.75% 1.50% PARTICIPANTS PER FEE BAND 6 6 6 6 6 6 4 LOW 0.50% 0.50% 0.45% 0.39% 0.36% 0.35% 0.75%

HIGH 0.70% 0.58% 0.50% 0.47% 0.45% 0.45%
SPECIALIST DOMESTIC MONEY MARKET MANDATE AVERAGE FEE PER BAND

FEE BAND 0 - 50 million 51 - 100 million 101 - 150 million 151 - 250 million 251 - 500 million 500+ million FEE BAND 0 - 50 million 51 - 100 million 101 - 150 million 151 - 250 million 251 - 500 million 500+ million AVERAGE FEE (%) 0.24% 0.23% 0.22% 0.21% 0.19% 0.18% HIGH 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% PARTICIPANTS PER FEE BAND 15 15 15 15 15 15 LOW 0.10% 0.10% 0.10% 0.09% 0.07% 0.07%
BALANCED DOMESTIC MANDATE, BIV, SEGREGATED PORTFOLIOS AVERAGE FEE PER BAND
SPECIALIST ABSOLUTE RETURN MANDATE AVERAGE FEE PER BAND

BALANCED DOMESTIC MANDATE, BIV, POOLED PORTFOLIOS AVERAGE FEE PER BAND
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Others may raise the bar, but its through experience that one exceeds what is expected
With an average of over 19 years experience in asset management, Vunani Fund Managers is committed to building a leading, truly black-owned fund management business. We focus on investment performance and client service in Multi-Asset, Specialist Bonds, Specialist Equity and Specialist Property. For more information please call us on
(021) 670 4900 or email on info@vunanifm.co.za
Vunani Fund Managers is an Authorised Financial Services Provider (license no. 608) in terms of the Financial Advisory and Intermediary Services Act, No. 37 of 2002.
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www.vunanifm.co.za
SectIOn 5
glossary
ABSOLUTE/REAL RETURN PORTFOLIOS Employ an investment strategy targeting a positive nominal/ real return e.g. capital preservation over rolling 12 months or inflation plus 5% over rolling 36 months. ACTIVE MANAGEMENT Approach to investment management, which aims to outperform a particular index or benchmark through either asset allocation or stock selection or both. ALBI Bond Exchange of South Africa All Bond Index. A total return index of major bonds traded on the Bond Exchange. ANNUALISED To convert an investment return of over one year into an equivalent one-year rate of return. ASSET CLASS Broad category of assets e.g. equities, bonds, property and cash. BALANCED MANDATES Where an investment manager is given broad discretion with respect to the management of assets across multiple asset classes. BASIS POINT 100 Basis points = 1%, i.e. one basis point is 1/100th of 1%. BENCHMARK Measure against which a portfolios performance is assessed. Benchmarks may take many forms, but unfortunately, some of the benchmarks used are not appropriate for performance evaluation (e.g. CPI+x% or peer universe medians and averages). For performance evaluation, benchmarks used should have the properties of valid benchmarks. BOND Debt issued by a government or a company, typically promising regular payments of coupons (interest) on specified dates with a final capital payment at redemption (maturity). Bonds may have many different characteristics to those specified here. COMPOSITE A group of similarly managed portfolios within a single asset manager, and typically defined within the asset managers GIPS policy. COMPOUND RATE OF RETURNS Total return calculated by multiplying returns for different periods. CREDIT Debt that is not guaranteed by local (not foreign) Government, and hence could default on its promise to repay the debt holder. Although debt issued and guaranteed by local Government can also default, this does not typically happen because local Government can print unrestricted amounts of local currency.
CPI Consumer Price Index. Also see Inflation. CUMULATIVE RETURNS The cumulative return for a portfolio or an asset is the cumulative compound return over the full length of a specified time period. The percentage measure of this return is not annualised and as such represents the actual total return of the portfolio or asset over the period. By annualising the percentage figure, one can calculate the average annual return of the portfolio or asset over the period. DURATION Average term of payments from a bond taking into account the present value of each payment. The longer the duration the more sensitive the price of the bond to the changes in yields. Duration effectively measures the price sensitivity of a bond to a change in its yield, and is almost always different to its maturity i.e. the term to its final payment. EQUITIES Commonly used name for ordinary shares. FEES Charges levied by investment managers usually in the form of a percentage of assets under management. Charges could be on a fixed or sliding scale that decreases with fund size. FTSE/JSE ALL SHARE INDEX An index of approximately 165 of the largest (by market capitalization) companies with the most liquid shares on the JSE. It includes the Large Cap, Medium Cap and Small Cap shares, but excludes the Fledgling and AltX shares. GIPSTM The Global Investment Performance Standards, is a set of standards for promoting fair and full disclosure and transparency for investment managers. They are sponsored by CFA Institute and intended for global use. HEDGE FUNDS Hedge Funds represent a heterogeneous group of investment strategies. They can operate on very narrow asset classes, or across the globe. They can be very liquid or illiquid. They can contain leveraged exposure to systematic risks, or hedge these away. They may use derivative instruments and may take short positions directly with futures contracts or by borrowing securities and selling these. Due to these factors, hedge funds are subject to unique risks and fewer restrictions compared to traditional investments. INFLATION Measure of the rate of increase in prices e.g. CPI. INFORMATION RATIO Ratio of excess return (relative to benchmark) to risk taken (as measured by tracking error). A risk-adjusted measure of return, relative to benchmark. DISPERSION The extent to which the returns of all portfolios within a composite differ. It can be measured in different ways, including: the difference between the maximum and the
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SectIOn 5
glossary
minimum return (range); the difference between the 1st and 3rd quartile (inter-quartile range); or the standard deviation of returns. INVESTMENT MANAGER Organisation that invests assets on behalf of third parties for a fee. INVESTMENT PHILOSOPHY The investment premises and beliefs that asset managers use in formulating the way they invest assets. LEVERAGE Arises where the investors financial exposure to moves in the price of the underlying asset exceeds that implied by the capital invested by the investor. Leverage can be achieved by borrowing or by purchasing securities or instruments on margin (e.g. futures and options). LONG POSITION Positive exposure to the underlying asset i.e. the value of your investment increases as the underlying asset increases in value. This is in contrast to a short position (see below). LOWER QUARTILE The value below which one quarter of returns or data fall. MAXIMUM DRAW DOWN The largest continuous cumulative negative return i.e. it represents the maximum change in value (in percentage terms) of a portfolio from a peak to a trough if looking at unit prices/ NAVs / cumulative returns. MEDIAN The value which half the returns or data fall above, and half fall below. MONEY MARKET Market for short-term loans and deposits with a maturity less than one year. OVERWEIGHT Exposure to specific asset or asset class, which is higher than the proportion it represents in the market index or benchmark against which the portfolio is measured. POOLED PORTFOLIO Vehicle in which a number of investors pool their assets so they can be managed on a collective basis. Shares in a pooled fund are denominated in units and are repriced regularly to reflect changes in underlying assets. This allows investors to value their holdings. QUARTERLY Usually refers to 3-month periods ending 31 March, 30 June, 30 September, and 31 December. RETURN Percentage increase in the value of an investment over a period of time, expressed as a percentage of the value of the investment
at the start of the period. All returns in this survey are calculated as Time Weighted Rates or Return (defined below). RETURN RISK RATIO A measure of return per unit of risk, where risk is represented by volatility (defined below). RISK Risk is a very generic term. In this survey (and generally in investments), risk is usually represented by volatility (defined below) i.e. volatility is used as a proxy for risk. SRI Socially Responsible Investments or Investing. Also a very generic term that refers generally to environmental, social and governance considerations when considering investments. SEGREGATED PORTFOLIO Investment portfolio, which is managed for and on behalf of a single investor and has separately identifiable assets registered in the investors name. SHARPE RATIO Risk adjusted return ratio of return per unit of risk. It is calculated as excess return (over the risk-free return) divided by volatility. SHORT POSITION Negative exposure to the underlying asset i.e. the value of your investment decreases as the underlying asset increases in value. This is in contrast to a long position (see above). SORTINO RATIO (CAPITAL LOSS OR INFLATION) A risk adjusted return measure similar to the Sharpe ratio, with the difference being that the Sharpe ratio uses volatility as the proxy for risk, but the Sortino ratio uses only returns below a certain target (0% in the case of Capital Loss and inflation in the case of Inflation) when calculating the risk. TDI Targeted Development Investment. TIME-WEIGHTED RATE OF RETURN (TWRR) Rate of return on an asset or portfolio that removes the effect of cash flows. The time-weighted return can be used to compare portfolio performances against each other and against market indices, without being unduly influenced by the timing of large cash flows. TRACKING ERROR Measure of variability of returns relative to benchmark or index. It is usually expressed as annualised standard deviation of active returns. UPPER QUARTILE The value above which one quarter of returns or data fall. VOLATILITY Is a proxy for risk and is calculated as the annualised standard deviation of monthly returns.
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Install solar panels on your roof. Donate money to a charity. Dance at the Rio Carnival. See a gorilla in the wild. Learn to play piano. Take more pictures. Race a sports car. Raise a dog. Scuba dive. Build your own library . Learn to speak French. Drink tequila in Mexico. Teach someone to read. Buy art that moves you. Run the New York Marathon. Write something and get it published.
ALEXANDERFORBEs
An Authorised Financial Services Provider
Securing your financial well-being
tbsp /// beyond the line 33717/E
aBSa aSSet ManageMent (Pty) L tD

www.abam.co.za
cOMPany DetaILS FAIS FSP Registration number: 1997/017903/07 Switch Board +27 11 480 5344 Fax number: +27 11 480 5332 General E-mail: institutionalmarketing@abam.co.za Address: 65 Empire Road Parktown 2193 PO Box 6115 Johannesburg 2000 Compliance Officer Name: Anthony Smith anthony.smith@absa.co.za +27 11 350 7555
FaIS reQuIreMentS Who is your FAIS complaints officer? Anthony Smith Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? 100% owned by ABSA Group Limited Who are the directors of the company? Colin Beggs, Brian Connellan, Yolanda Cuba, Shauket Fakie, Garth Griffin, David Hodnett, Mohamed Husain, Antony Jenkins, Robert Le Blanc, Peter Matlare, Thoko MokgosiMwantembe, Eduardo Mondlane Jr., Trevor Munday, Brand Pretorius, Maria Ramos, Ivan Ritossa, Louis von Zeuner, Johan Willemse Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. No hIStOry When was the company established? 1997 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 3 contributor By whom have you been accredited? NERA National Empowerment Rating Agency Date of accreditation 15/02/2012 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? KPMG Date of verification 03/06/2011(for Period 01/01/2004 to 31/12/2010). Expiry date of verification Annual GIPS verifications done by KPMG for the past calendar year.
InveStMent ManDateS What are your total Assets Under Management? R101.444 Billion Please detail the mandates you currently manage and the size of each of these mandates. AUM for period ending December 2011 Unit Trust: R79.136 Billion Segregated: R22.307 Billion Key InveStMent PerSOnneL Errol Shear Chief Investment Officer BBusSc(Hons) Finance, CA(SA), CFA 27 years industry experience 6 years with ABAM Busisa Jiya Managing Director BBusSc(Hons) Economics 15 years industry experience 3 months with ABAM Greg Kettles Portfolio Manager BCom(Hons), CA(SA), CFA 19 years industry experience 5 years with ABAM Stephen Arthur Portfolio Manager BScEng(Mining), CFA 23 years industry experience 6 years with ABAM Snowy Musundwa Head of Instituitional Sales & Marketing BCom(Hons), BEcSc 9 years industry experience 1 year with ABAM
BuSIneSS PhILOSOPhy ABSA Asset Management is committed to achieving consistently superior, risk-adjusted long-term performance. We seek do this by committing to the abiding principles of value investing. We invest in shares of a company that trade below our objective assessment of intrinsic value. We are also prepared to invest in companies with strong growth prospects, but we are not willing to overpay for unrealistic growth expectations. For this reason we think of ourselves as pragmatic value oriented investors. We focus on consistent long-term returns and we take every precaution to ensure that the investments we select are reputable and well managed, and will add value to your portfolio.
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aBSa caPItaL aLternatIve aSSet ManageMent (Pty) L tD

www.absacapital.com
cOMPany DetaILS FAIS FSP Registration number: 22877 Switch Board +27 21 927 6700 Fax number: +27 21 927 6550 General E-mail: chris.watts@absacapital.com Address: 163 Hendrik Verwoerd Drive, Plattekloof, 7500 Compliance Officer Name: Segabe Ditodi segabe.ditodi@absacapital.com
FaIS reQuIreMentS Who is your FAIS complaints officer? Segabe Ditodi Please provide the link to the complaints policy on your website http://www.absa.co.za/Absacoza/Contact-Us OWnerShIP What is the ownership structure of the company? 100% owned by Absa Group Limited Who are the directors of the company? Andrew Selby and Andre Visser Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. No hIStOry When was the company established? 2005 List of mergers that have taken place since being established - None None. B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 3 contributor By whom have you been accredited? NERA National Empowerment Rating Agency Date of accreditation 16/02/2011 gIPS Are you GIPS compliant? No Are you GIPS verified? N/A By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R15 Billion Please detail the mandates you currently manage and the size of each of these mandates. Capital Protected Portfolios: R6 Billion Dynamic Hedging: R3.125 Billion Alpha Transport: R4.6 Billion Offshore Investments: R560 Million Index Tracking: R550 Million Key InveStMent PerSOnneL Glanville Retief Head: Portfolio Construction BCom(Hons) Mathematics 12 years industry experience 8 years with ABSA Capital Chris Watts Portfolio Manager BBusSci(Hons) Finance, CFA 6 years industry experience 2.5 years with ABSA Capital
BuSIneSS PhILOSOPhy Absa Capital Alternative Asset Management (Pty) Ltd (AAM) is a FSB registered asset management business with Category I and II licenses. The team specialises in the design and management of alternative investment strategies including absolute return, overlay protection, alpha transport and other alternative investment portfolios. The series of absolute return portfolios managed by the team since 1999 have not only provided investors with explicit capital protection at various levels, but also achieved returns significantly in excess of inflation over this period. The building blocks of all AAMs solutions are acquired through the mechanism of a proven independent, broadbased, best price procedure. Other areas of expertise include bespoke strategies for retail investors, money market strategies, equity market execution in the transition management process, offshore absolute return and hedge fund strategies.
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aeOn InveStMent ManageMent

www.aeonim.co.za
cOMPany DetaILS FAIS FSP Registration number: 27126 Switch Board +27 21 670 5297/8 Fax number: +27 86 508 0685 General E-mail: funds@aeonim.co.za Address: 4th Floor Montclare Place, Cnr Campground and Main Rds, Claremont, 7708 PO Box 24020, Claremont, 7735 Compliance Officer Name: Enrique Goosen Independent Compliance Services +27 21 975 6597
FaIS reQuIreMentS Who is your FAIS complaints officer? Enrique Goosen Please provide the link to the complaints policy on your website www.aeonim.co.za OWnerShIP What is the ownership structure of the company? Shareholders: Asief Mohamed & Rashaad Tayob Who are the directors of the company? Asief Mohamed and Rashaad Tayob Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Asief Mohamed, 50% and Rashaad Tayob, 50%. A third will be reserved for current and future employees (33%). 3% has been allocated to staff as Share Options. hIStOry When was the company established? 01/12/2005 List of mergers that have taken place since being established. None. B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 1 contributor By whom have you been accredited? PKF BEE Solutions Date of accreditation 07/12/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R976 Million Please detail the mandates you currently manage and the size of each of these mandates. Aeon Active Equity Fund: R729 Million Aeon Absolute Return Fund: R145 Million Fixed Income: R101 Million Key InveStMent PerSOnneL Asief Mohamed CIO BCom, CA(SA), CFA 23 years industry experience 6 years with Aeon IM Rashaad Tayob Portfolio Manager BBusSci, CFA 10 years industry experience 3 years with Aeon IM Jordan-Lee Rahman Analyst BBusSci (Actuarial Science) 2 years industry experience 2 years with Aeon IM Richard Chinamasa Analyst BCom 4 years industry experience 2 years with Aeon IM Dean Marks Analyst BBusSci (Actuarial Science), MPhil(Mathematical Finance) 2 years industry experience 2 years with Aeon IM Yanni Yang Analyst BBusSci (Actuarial Science), MPhil(Mathematical Finance) 1 year industry experience 1 year with Aeon IM
BuSIneSS PhILOSOPhy Our objective is to build a performance signature sought after by clients, focusing solely on investment management and outsourcing all non-core activities. Training and developing investment professionals with a deep understanding of risk and return, and encouraging innovation in research ideas is a key driver and differentiator of the team culture. Aeon Investment Management directors have a strong history of political activism and commitment to the underprivileged. It is our belief and commitment that cost effective and efficient investment products must be made available to the broader lower income mass market. We are of the view that the problem of a lack of saving amongst lower income households can be tackled through increased value for money and transparency. Over the long term we would like our unit trusts to be efficient investment vehicles for low income savers.
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aFena caPItaL (Pty) LtD

www.afenacapital.com
cOMPany DetaILS FAIS FSP Registration number: 25033 Switch Board +27 21 657 6240 Fax number: +27 21 671 4658 General E-mail: info@afenacapital.com Address: 5th Floor, Montclare Place, C/O Campground and Main Roads, Claremont, 7708 PO Box 23883, Claremont, 7735 Compliance Officer Name: Tim Howse +27 21 671 8162
FaIS reQuIreMentS Who is your FAIS complaints officer? Michael Dabrowski Please provide the link to the complaints policy on your website http://www.afenacapital.com/newsletter/doc_ download/72-afena-fais-complaints-handlingprocedure.html OWnerShIP What is the ownership structure of the company? Private company 100% owned by management and staff Who are the directors of the company? Tebogo Naledi (CEO), Andrew Joannou, Khulekani Dlamini, Khaya Gobodo Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. 100% hIStOry When was the company established? November 2005 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 2 contributor By whom have you been accredited? Empowerdex Date of accreditation 29/03/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? eComply Date of verification 14/04/2011 Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R19.3 Billion Please detail the mandates you currently manage and the size of each of these mandates. Specialist Equity and Multi-Asset Mandates (all are domestic mandates) Key InveStMent PerSOnneL Tebogo Naledi CEO BBusSc 14 years industry experience 6 years with Afena Andrew Joannou CIO BBusSc, CFA 12 years industry experience 6 years with Afena Khulekani Dlamini Head of Research BSc, MSc 11 years industry experience 6 years with Afena Khaya Gobodo Portfolio Manager BCom, MSc, CFA 12 years industry experience 6 years with Afena
BuSIneSS PhILOSOPhy We invest our clients money to provide them with excellent long term investment returns. We are active, valuation driven long term investors and generate returns by adhering to a clearly defined investment philosophy. We believe that investing in businesses by buying shares is the best way to grow your money over the long term. Afena Capital is primarily a specialist equity investment firm. Determining equity valuations is our core competency. In our balanced portfolios, we leverage our equity valuation skills to allocate assets across different asset classes based on the relative valuation of equities in order to preserve and grow our investors capital. Independent, proprietary research is the basis of our investment decisions. Quality in-depth fundamental research is the heart of our process. Our analysts make use of detailed independent and proprietary research to assess investment ideas and the opportunities that they offer relative to their risks. This enables us to make good long term investment decisions with confidence and conviction. There are always risks with investing, but we take great care to manage and control these risks. Our highly experienced portfolio managers remain individually accountable for their decisions but operate in a team based environment. The team that manages clients assets today is the same team that has been managing clients assets since our inception. Our professional client service team means that we have a more focused investment team. Our professional client service and operations teams enable our investment team to focus on investment results. The members of our business team (client service and operations) are highly experienced in each of their areas of expertise. The strength of these teams ensure that our analysts and portfolio managers remain completely focused on research and portfolio management.
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aLLan gray PrOPrIetary LIMIteD

www.allangray .co.za
cOMPany DetaILS FAIS FSP Registration number: 27145 Switch Board +27 21 415 2330 Fax number: +27 21 415 2490 General E-mail: info@allangray.co.za Address: Granger Bay Court, Beach Road, V&A Waterfront, Cape Town, 8001 P O Box 51318, V&A Waterfront, Cape Town, 8002, South Africa Compliance Officer Name: Edgar Loxton Tel + 27 21 415 2336 edgar@allangray.co.za
FaIS reQuIreMentS Who is your FAIS complaints officer? Edgar Loxton Please provide the link to the complaints policy on your website www.allangray.co.za OWnerShIP What is the ownership structure of the company? Allan Gray is a privately owned company Who are the directors of the company? Simon Marais, Rob Dower, Ian Liddle, Mahesh Cooper, William Gray Thando Mhlambiso, Teboho Mahuma Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. 14% of the company has been reserved for our staff scheme hIStOry When was the company established? June 1974 List of mergers that have taken place since being established. None. B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 3 contributor By whom have you been accredited? AQRate Date of accreditation 04/07/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? Ernst and Young Date of verification December 2010 Expiry date of verification The assurance report confirms compliance with the composite construction requirements of the GIPS standards for the period 01/01/2007 - 31/12/2008. Our verification for the two year period ending 31/12/2010 is currently underway, and we expect to receive the assurance report in due course.
InveStMent ManDateS What are your total Assets Under Management? R317.60 Billion Please detail the mandates you currently manage and the size of each of these mandates. Segregated: R135.53 Billion Pooled: R49.627 Billion Unit Trust: R126.43 Billion Other: R6.01 Billion Key InveStMent PerSOnneL Simon Marais Chairman, Director MSc, PhD, CFA 20 years industry experience 20 years with Allan Gray Rob Dower COO, Director BSc(Eng), MBA 19 years industry experience 8 years with Allan Gray Ian Liddle CIO, Portfolio Manager, Director BBusSc(Hons), CFA 10 years industry experience 10 years with Allan Gray Mahesh Cooper Director, Head Institutional Client Servicing BBusSc, FIA, FASSA, MBA 11 years industry experience 9 years with Allan Gray William Gray Non Executive Director BCom, MBA, CFA Thando Mhlambiso Non Executive Director AB, MBA, DB Teboho Mahuma Non Executive Director BA(Social Work) Hons, MPhil
BuSIneSS PhILOSOPhy Allan Gray investment philosophy is valuation orientated which means that our research effort is focused on identifying good quality assets that are priced below intrinsic value. Intrinsic value is calculated using a number of methodologies but is usually defined as the discounted value of expected future cash flows. Valuation investing typically means buying shares when research and analysis indicates that the intrinsic value of the company far exceeds its market price. The valuation oriented investor anticipates that the price will rise to the intrinsic value. This is in contrast to the momentum approach where a manager identifies an upward trend and follows this by purchasing stock in the belief that the trend will continue.
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aLPha aSSet ManageMent (Pty) LtD

www.aam.co.za
cOMPany DetaILS FAIS FSP Registration number: 534 Switch Board +27 21 707 1340 Fax number: +27 21 706 9711 General E-mail: admin@alphafamily.co.za Address: Block D, Hobart Square, Hobart Road, Bryanston 2021, Johannesburg Compliance Officer Name: Sueney De Bruin +27 11 707 1340
FaIS reQuIreMentS Who is your FAIS complaints officer? Sueney De Bruin Please provide the link to the complaints policy on your website www.aam.co.za OWnerShIP What is the ownership structure of the company? 100% held by Alpha Holdings (Pty) Ltd Who are the directors of the company? James Gilfillan and Kerry West Fynn Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. No hIStOry When was the company established? 1997 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? No What is your B-BBEE status N/A By whom have you been accredited? N/A Date of accreditation N/A gIPS Are you GIPS compliant? No Are you GIPS verified? N/A By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R6 Billion Please detail the mandates you currently manage and the size of each of these mandates. 4 South African HFOF 8 Offshore Funds and 6 Local Multi- manager Key InveStMent PerSOnneL Jacques du Plessis Joint CIO BCompt, CAIA 10 years industry experience 1 year with Alpha James Gilfillan Joint CIO AB(Harvard), CFA 22 years industry experience 14 years with Alpha John Haslett Research Analyst BCom(Hons) Accounting, CA(SA) 1 year industry experience 1 year with Alpha Haseena Essa Research Analyst BSc(Actuarial Science) 5 years industry experience 1 year with Alpha Hazel Pillay Research Analyst BCom 2 years industry experience 1 year with Alpha Hubert Steenkamp Research Analyst BBusSci(Hons) Quantitative Finance 6 years industry experience 6 years with Alpha Reza Hendrickse Research Analyst BBusSci(Hons) Economics & Finance 5 years industry experience 5 years with Alpha
BuSIneSS PhILOSOPhy The Alpha Group isa specialist wealth manager with a multimanagerinvestment covering long only asset allocation as well as alternative investment solutions such as hedge funds and private equity, both locally and internationally. The group was established in 1997 and has developed into a best of breed asset manager servicinga full spectrum of clients. Bespoke holistic investment solutions are constructed in line with the Alpha Groups value proposition which is to deliver relevant investment advice, superior risk-adjusted investment performance and unparalleled service delivery. Our core philosophy is to preserve and grow capital strategically over the long term, whilst participating tactically in superior returngenerating opportunities.
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argOn aSSet ManageMent (Pty) L tD

www.argonassetmanagement.co.za
cOMPany DetaILS FAIS FSP Registration number: 835 Switch Board +27 21 670 6570 Fax number: +27 21 671 8252 General E-mail: Luyanda@argonasset.co.za Address: 1st Floor, Colinton House, The Oval, 1Oakdale Road, Newlands 7700 PO Box 23254, Claremont 7735 Compliance Officer Name: Lentle & Associates bmatlou@lentle.co.za +27 11 339 7647
B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 2 contributor By whom have you been accredited? DTI Date of accreditation 16/05/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? E Comply - Mrs. Lesley Havey Date of verification Annually Expiry date of verification Calendar year InveStMent ManDateS What are your total Assets Under Management? R10.652 Billion Please detail the mandates you currently manage and the size of each of these mandates. Argon SA Value Equity: R8.235 Billion Argon SA Core Bond: R219 Million Argon Enhanced Money Market: R603 Million Argon Multi Asset Class Absolute Return: R1.354 Billion Argon Low Equity Domestic Balanced: R241 Million Key InveStMent PerSOnneL Dr. Manas Bapela CIO MSc(Mathematics) Sum Laude, PhD(Mathematics) 16 years industry experience 1.5 years with Argon Saul Miller Head of Equities MBusSc(Acturial Science), Fellow of the Faculty of Actuaries,FFA (UK) 14 years industry experience 7 months with Argon Mduduzi Ndlovu Financials Analyst BCom, CFA, MPhil cum laude 16 years industry experience 6 years with Argon
Nazeem Hendricks Industrials Analyst Bcompt(Hons) Acc, CFA 17 years industry experience 6 years with Argon James Mohlaba Resources Analyst BCom, BScChemEng, MCom(Finance) 10 years industry experience 6 years with Argon Dipolelo Makhubedu Equities Dealer BCom(Hons) Fin & Port Mgt, MCom(Fin) II candidate 5.5 years industry experience 5.5 years with Argon Kyle Hulett Head of Multi Asset Class BBusSci(Acturial Science), Fellow of the Faculty of Actuaries, FFA(UK), CFA 11 years industry experience 6 months with Argon Krishna Sathee Head of Fixed Income BSc(Hons) Statistics 14 years industry experience 2 years with Argon Mokgatla Madisha Fixed Income Portfolio Manager BSc(Mechanical Eng), BCom(Hons) Financial Analysis & Portfolio Management 11 years industry experience 9 months with Argon Sophie van Garderen Equity Analyst BCom(Hons), MCom, CFA 16 years industry experience 2 months with Argon Nompumelelo Khumalo Performance and Risk Analyst BusSci(Finance) UCT 3 years industry experience 3 years with Argon
BuSIneSS PhILOSOPhy Premier Asset Management Firm
FaIS reQuIreMentS Who is your FAIS complaints officer? Lentle & Associates Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? Independent, no group structure Who are the directors of the company? Mothobi Seseli, Mduduzi Ndlovu, James Mohlaba, Nazeem Hendricks Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. 100% currently held by founding members. Staff participation is being finalised hIStOry When was the company established? April 2005 List of mergers that have taken place since being established. None
81
atLantIc aSSet ManageMent (Pty) LtD

www.atlanticam.com
cOMPany DetaILS FAIS FSP Registration number: 31756 Switch Board +27 21 913 8941 Fax number: +27 21 913 9205 General E-mail: info@atlanticam.com Address: 1st Floor, Barinors Vineyard North, The Vineyard Office Estate and, 99 Jip de Jager Road, Bellville, 7530, South Africa Suite 243, Private Bag X22, Tygervalley, 7536 Compliance Officer Name: Louisa Ruwiel (email lruwiel@blcs.co.za) +27 83 663 6634
FaIS reQuIreMentS Who is your FAIS complaints officer? Louisa Ruwiel (email lruwiel@blcs.co.za) Please provide the link to the complaints policy on your website http://www.atlanticam.com/pdf/complaintsprocedure.pdf OWnerShIP What is the ownership structure of the company? Privately owned Who are the directors of the company? Murray Anderson, Arno Lawrenz, Roddy Sparks, Paul Stewart Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Murray Anderson 28% Arno Lawrenze 42% hIStOry When was the company established? July 2007 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? In process of being accredited What is your B-BBEE status N/A By whom have you been accredited? In process - Contract with Empowerdex Date of accreditation N/A gIPS Are you GIPS compliant? We follow GIPS standards, but have not been verified. Are you GIPS verified? N/A By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R3.2 Billion Please detail the mandates you currently manage and the size of each of these mandates. Unit Trust Fund: R1.65 Billion Segregated Funds (Multimanager or Fund of funds): R325 Million Medical Aid Fund: R95 Million Pension Fund: R405 Million Segregated Funds: R150 Million Hedge Funds: R121 Million Total Return Fund: R195 Million Key InveStMent PerSOnneL Arno Lawrenz Chief Investment Officer, Portfolio Manager BSc(Hons), CFA 20 years industry experience 4.5 years (founder) with Atlantic Erik Nel Fixed Income Strategist ICMQ, FSA 11 years industry experience 3 years with Atlantic Albert Botha Fixed Income Analyst, Portfolio Manager BCom, Member of Faculty of Actuaries 4 years industry experience 2.5 years with Atlantic
BuSIneSS PhILOSOPhy Atlantic Asset Management is a niche fixed income asset manager. Atlantics approach to money management is based upon a macro-thematic top down asset allocation philosophy
82
BLue InK InveStMentS (Pty) LtD

www.blueink.co.za
cOMPany DetaILS FAIS FSP Registration number: 712 Switch Board +27 21 673 3333 Fax number: +27 21 673 3344 General E-mail: info@blueink.co.za Address: 3rd Floor 200 on Main, cnr Main and Bowwood Roads, Claremont, 7708 PO Box 44771, Claremont, 7708 Compliance Officer Name: Denver Hendricks +27 21 673 3333
FaIS reQuIreMentS Who is your FAIS complaints officer? Complaints can be made directly to the CEO Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? 75% owned by Sanlam and 25% owned by Ubunto-Botho Investments Who are the directors of the company? Aloysius Jacobs, Nersan Naidoo, Robert Roux Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. No hIStOry When was the company established? 1995 List of mergers that have taken place since being established. None. B-BBee creDentIaLS Are you B-BBEE accredited? Yes - Part of the Sanlam Group What is your B-BBEE status Level 3 contributor By whom have you been accredited? ICA Date of accreditation 14/05/2011 gIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R3 Billion Please detail the mandates you currently manage and the size of each of these mandates. Our investment mandates are risk-profiled products Key InveStMent PerSOnneL Thomas Schlebusch Chief Executive Officer MEng, GDP, MBA 13 years industry experience 5 years with Blue Ink
BuSIneSS PhILOSOPhy Protection and preservation of clients capital. Production of consistent, risk-adjusted, positive returns.
83
caDIZ aSSet ManageMent (Pty) L tD

www.cadiz.co.za
cOMPany DetaILS FAIS FSP Registration number: 636 Switch Board +27 21 670 4600 Fax number: +27 21 670 4651 General E-mail: info@cam.co.za Address: 4th Floor, The Terraces, 25 Protea Road, Claremont PO Box 44547, Claremont, 7735 Compliance Officer Name: Lynne Jennings +27 21 670 4692
FaIS reQuIreMentS Who is your FAIS complaints officer? Lynne Jennings Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? Management and staff 30%, Makana Investment Corporation 15%, and Institutional and private shareholders 55% Who are the directors of the company? Frank Cadiz, Evan Jones, Phil Sturgess, Ram Barkai Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Management and staff 30% hIStOry
InveStMent ManDateS What are your total Assets Under Management? R41.4 Billion as at end of November 2011 Please detail the mandates you currently manage and the size of each of these mandates. Absolute Return: R4.259 Billion Balanced: R2.339 Billion Equity: R19.01 Billion Fixed Interest: R9.106 Billion Money Market: R6.415 Billion Hedge Funds: R130.666 Million Other: R161.015 Million Key InveStMent PerSOnneL Francois van Wyk CIO - Head of Multi-Asset Class Funds BScAgric(Hons), MBA 15 years industry experience 6 years with Cadiz Kurt Benn Head of Equity BBusSc, BEcon(Hons), CFA 16 years industry experience 5 years with Cadiz Francois Finlay Head of Protected Investments BBusSc, BCom(Hons) Accounting, HDipTax, Certificate in the Mathematical Modelling of Derivatives, CA(SA), CFA 14 years industry experience 10 years with Cadiz Jonathan Myerson Head of Fixed Interest MSocSci(Econ) 16 years industry experience 5 years with Cadiz Allan Allison Head of Dealing: Equities and Bonds BCom(Hons, FAPM) 20 years industry experience 7 years with Cadiz Heather Jackson Head of SRI BA(Hons), CFA 20 years industry experience 10 years with Cadiz
BuSIneSS PhILOSOPhy We are value investors. This is an investment approach that has a proven history of generating better returns than the market over the long term, but also provides a natural way of limiting potential losses. Our approach is based on the belief that markets are inefficient in the short term. Within a normal business cycle, asset prices can be substantially different from their long-run true business or intrinsic value. These differences between asset prices and asset values are caused by the collective behaviour of investors acting out of fear or greed. Investors tend to over extend recent asset price trends upwards (in greed) or downwards (in fear). We strive to remain rational, dispassionate and exploit the opportunities that this investor behaviour creates, thereby generating superior returns for our clients. In order to identify the mispriced opportunities, we follow a sound, systematic and disciplined bottom-up fundamental approach. This means we do not perform any forecasting in our investment process but rather price an asset by studying its long-term performance and risk compensation metrics and by normalising these trends. As a discipline, we only become interested in buying an asset once we are convinced that we will be generously compensated for the risk we propose to take. Conversely, we only sell an asset once we believe that we have been more than compensated by its return. In this way, we aim to generate superior returns for our clients with the least amount of risk.
When was the company established? 1996 - originally formed as Cadiz Specialised Asset Management (CSAM) List of mergers that have taken place since being established. Cadiz bought Prodigy Coris in 2004, then acquired African Harvest Fund Managers in Nov 2006; both were integrated into Cadiz African Harvest Asset Management (CAHAM); CAHAM underwent a name change to Cadiz Asset Management in 2009 B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 3 contributor By whom have you been accredited? Empowerdex Date of accreditation November 2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? eComply Date of verification August 2011 Expiry date of verification August 2012
84
cannOn aSSet ManagerS (Pty) LtD

www.cannonassets.co.za
cOMPany DetaILS FAIS FSP Registration number: 736 Switch Board +27 11 463 3140 Fax number: +27 11 463 3143 General E-mail: info@cannonassets.co.za Address: First Floor, Building B, Bryanston Corner, 18 Ealing Crescent, Bryanston, 2194, South Africa PO Box 70997, Bryanston, 2021, South Africa Compliance Officer Name: Craig Simpkins +27 31 566 6633
FaIS reQuIreMentS Who is your FAIS complaints officer? Craig Simpkins Please provide the link to the complaints policy on your website info@cannonassets.co.za OWnerShIP What is the ownership structure of the company? 69% owned by Hollard Life Assurance Limited, 31% owned by executive directors Who are the directors of the company? Geoff Blount (CEO), Adrian Saville (CIO), Craig Simpkins (COO), Ash Desai (non-exec), Scott Gilmour (non-exec) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. 31% of the ownership of the company is held by executive directors, who are listed above. Staff do not participate in ownership, they participate in profit share on invitation. hIStOry When was the company established? 2000 List of mergers that have taken place since being established. Although there have been shareholding changes over time, there have been no mergers. B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 2 By whom have you been accredited? Empowerdex Date of accreditation 14/12/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A 85
InveStMent ManDateS What are your total Assets Under Management? R3.2 Billion Please detail the mandates you currently manage and the size of each of these mandates. Cannon All Equities ALSI Portfolio: R310 Million Cannon All Equities SWIX Portfolio: R825 Million Cannon All Equities CAPI Porfolio: R170 Million Cannon Multi-Asset(CPI+5%) Portfolio: R32 Million Key InveStMent PerSOnneL Dr Adrian Saville - Chief Investment Officer BA(Hons) Cum Laude, MCom(Cum Laude), PhD 17 years industry experience 13 years with Cannon Andrew Dittberner - Senior Investment Manager BEconSci(Hons), MCom 5 years industry experience 5 years with Cannon Tshepo Modiba - Senior Investment Manager BSc(Hons) 5 years industry experience 2 years with Cannon
BuSIneSS PhILOSOPhy Cannon Asset Managers is an owner-managed asset management firm, that manages assets across all of the major asset classes domestically and globally. We manage assets on behalf of private client, retail and institutional clients, in segregated portfolios and in our unit trust funds. Our business philosophy is that we will only manage assets with our well-established deep value investment process, regardless of client type. At all times, we couple superior investment processes with industry-leading risk, administrative and compliance protocols, and always act in the best interests of clients.
caveO FunD SOLutIOnS (Pty) L tD

www.caveo.co.za
cOMPany DetaILS FAIS FSP Registration number: 24297 Switch Board +27 11 505 6200 Fax number: +27 11 263 0747 General E-mail: greenb@caveo.co.za Address: Bldg. 1, Inanda Greens, 54 Wierda Rd. West, Wierda Valley PO Box 786055 Sandton 2146 Compliance Officer Name: Andre Vorster +27 11 505 6151
FaIS reQuIreMentS Who is your FAIS complaints officer? Andre Vorster Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? 50.01% Investment Solutions; 49.99% Peregrine Holdings Who are the directors of the company? Byron Green, Derrick Msibi, Steven Price, Jan van Niekerk, Robert Katz Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. No hIStOry
InveStMent ManDateS What are your total Assets Under Management? R3.5 Billion Please detail the mandates you currently manage and the size of each of these mandates. Stable: R627 Million Moderate: R1.837 Billion Performance: R879 Million Segregated Account: R130 Million Focus: R1 Million Key InveStMent PerSOnneL Gyongyi King Chief Investment Officer CFA, BSc(Hons) 15 years industry experience 3 years with Caveo
BuSIneSS PhILOSOPhy Caveo believes that: Well constructed FoHFs produce efficient and superb risk adjusted returns to other asset classes; The inclusion of a fund of hedge funds within a portfolio will add diversification to that portfolio and improve the investors risk adjusted return; Skilled investment managers deliver absolute returns in isolation of the market environment Creating successful portfolios relies on an in depth qualitative manager due diligence process backed by a sound quantitative framework; Diversification by manager style is essential in order to achieve the investment objectives in a variety of market conditions; Ultimately, however, manager selection is the prime source of absolute returns; Information disclosure by managers has a direct effect on the quality of ongoing risk assessment and proactive risk management that a fund of hedge fund manager can carry out
When was the company established? 01/01/2006 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? No What is your B-BBEE status N/A By whom have you been accredited? N/A Date of accreditation N/A gIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
86
cOrOnatIOn aSSet ManageMent (Pty) L tD

www.coronation.com
cOMPany DetaILS FAIS FSP Registration number: 548 Switch Board +27 21 680 2000 Fax number: +27 21 680 2100 General E-mail: clientservice@coronation.co.za Address: 7th Floor MontClare Place, Cnr Campground and Main Roads, Claremont, Cape Town, South Africa, 7708 PO Box 44684, Claremont 7735 Compliance Officer Name: Leeza Myburgh +27 21 680 2409
FaIS reQuIreMentS Who is your FAIS complaints officer? Leeza Myburgh Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? Coronation Asset Management Limited is listed on the JSE Who are the directors of the company? Anton Pillay, Jock McKenzie, Alexandra Watson, Hugo Nelson, Judith February, Shams Pather Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Yes, 29% of the business is staff owned hIStOry
InveStMent ManDateS What are your total Assets Under Management? R273.605 Billion Please detail the mandates you currently manage and the size of each of these mandates. Specialist equity: R87.940 Billion Global Balanced: R45.703 Billion Domestic Balanced: R14.303 Billion Domestic Absolute: R16.734 Billion Global Absolute: R16.951 Billion Fixed interest: R10.955 Billion International: R6.328 Billion Cash: R2.316 Billion Hedge funds: R1.284 Billion Property: R729. 627 Million Unit trust: R70.349 Billion Key InveStMent PerSOnneL Karl Leinberger Chief Investment Officer BBusSci, PGDA, CFA, CA(SA) 14 years industry experience 11 years with Coronation Neville Chester Senior Portfolio Manager BCom, PGDA, CA(SA) CFA 17 years industry experience 11 years with Coronation Louis Stassen Senior Portfolio Manager BSc, BCom(Hons), CFA 22 years industry experience 18 years with Coronation Gavin Joubert Senior Portfolio Manager BBusSc, PGDA, CA(SA), CFA 15 years industry experience 12 years with Coronation
BuSIneSS PhILOSOPhy A single business philosophy of long-term investment
When was the company established? 1993 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 3 By whom have you been accredited? Empowerdex Date of accreditation 26/01/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? KPMG Date of verification 18/03/2011 Expiry date of verification Currently being audited for a new verification term
87
OLD MutuaL gLOBaL InDex tracKerS (Pty) L tD, traDIng aS DIBanISa FunD ManagerS, IS a MeMBer OF the OLD MutuaL InveStMent grOuP (SOuth aFrIca) (Pty) L tD.
www.dibanisafundmanagers.co.za
cOMPany DetaILS FAIS FSP Registration number: 721 Switch Board +27 11 217 1147 Fax number: +27 11 217 1355 General E-mail: zbezuidenhoudt@dibanisafundmanagers.co.za Address: 3rd Floor, Umnotho Building, Old Mutual Square, 93 Grayston Drive, Sandton PO Box 782574, Sandton, 2196 Compliance Officer Name: Zulfa Abdurahman +27 21 509 2570
FaIS reQuIreMentS Who is your FAIS complaints officer? Zulfa Abdurahman Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? 25.1% Stone Capital, 74.9% OMIGSA Who are the directors of the company? Dr. D Konar, DC Radley, PG de Beyer, CE Maynard, M Patel, LL Dhlamini, Mr RT Mupita, I Kgaboesele, C Chambers, T Musikivanhu Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Yes, 25.1% through DFM with an additional (2.73% in 74.9% of OMIGSA) hIStOry When was the company established? 1998 List of mergers that have taken place since being established. 2001, OMIGSA buys 33%, 2006 OMIGSA buys additional 33% (66%), OMGISA obtained an additional 8.3% in 2011 B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 2 contributor By whom have you been accredited? AQ rate Date of accreditation 18/10/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PricewaterhouseCoopers Date of verification June 2011 Expiry date of verification December 2010
InveStMent ManDateS What are your total Assets Under Management? R39.759 Billion Please detail the mandates you currently manage and the size of each of these mandates. South Africa- FTSE/JSE ALSI 40: R478.4 Million South Africa- FTSE/JSE SWIX ALSI & 40: R31.24 Billion South Africa- FTSE/JSE RAFI ALSI & 40: R761 Million South Africa- ALBI: R187.9 Million South Africa- SRI: R36.13 Million South Africa- Absolute Return: R56.65 Million South Africa- Multi Asset Class: R72.56 Million South Africa- Other Equity (Equally Weighted & Green): R184.76 Million Global-FTSE EDHEC Emerging Market: R772.12 Million Global- MSCI Emerging Market: R912.67 Million Global- MSCI World: R28.74 Million Global- MSCI All Country World: R108.88 Million Global- MSCI Small Cap: R369.27 Million Regional- S&P Africa Custom: R1.07 Billion Global- MSCI Frontiers Global: R2.15 Billion Global- Flexible Fund: R1.51 Billion Key InveStMent PerSOnneL Tendai Musikavahnu CEO BCompt(Accounting Science), CFA 17 years industry experience 10 years with Dibanisa Craig Chambers Managing Director and CIO BCom(Accounts), PDm(Business Administration), CFA, SAFEX SA Futures Exchange Exam 16 years industry experience 10 years with Dibanisa Anver Dollie Deputy CIO CIS(Chartered Institutes Secretaries & Administration) 14 years industry experience 6 years with Dibanisa Kingsley Williams Portfolio Manager & Head of Research MBA, BSc(Hons) 11 years industry experience 3 years with Dibanisa Miranda Nel Head of International Sales BCom, CFA 19 years industry experience 2 years with Dibanisa Zack Bezuidenhoudt Business Development Executive BSc(Financial Mathematics), CIPM 6 years industry experience 2 years with Dibanisa
BuSIneSS PhILOSOPhy Efficient Local and Global Index Tracking
88
eLeMent InveStMent ManagerS

www.elementim.co.za
cOMPany DetaILS FAIS FSP Registration number: 663 Switch Board +27 21 426 1313 Fax number: +27 21 426 0999 General E-mail: info@elementim.co.za Address: 8th Floor, 125 Buitengracht Street, Cape Town, 8001 PO Box 13, Cape Town, 8000 Compliance Officer Name: Ian Jones ian@elementim.co.za
FaIS reQuIreMentS Who is your FAIS complaints officer? Ian Jones Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? Element Staff / Staff Trust: 55.5% J&J Group: 25.5% Original BEE VC Investors: 12.0% Original Family: 7.0% Who are the directors of the company? Dr. Anwah Nagia (Chairman), Terence Craig (CIO), Ian Jones (COO), Lulamile Xate (Independent, Non-Exec), Yunus Mohamed (Non-Exec), Jayendra Naidoo (Non-Exec), Ashleen Bredeveldt (Independent, Non-Exec) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Yes, 55% hIStOry When was the company established? 1998 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 3 contributor with a score of 83.87% By whom have you been accredited? BEEScore Date of accreditation 13/12/2010 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? E-Comply Date of verification 01/01/2003 Expiry date of verification 31/12/2009
InveStMent ManDateS What are your total Assets Under Management? R23 Billion at 30/11/2011 Please detail the mandates you currently manage and the size of each of these mandates. Institutional Equity: R20 Billion Institutional Balanced: R907 Million Shariah: R556 Million Retail: R1.8 Billion Key InveStMent PerSOnneL Terence Craig CIO, Portfolio Manager BusSc(Hons), CA(SA), CFA 18 years industry experience 11 years with Element Matthew Kreeve Portfolio Manager BCom(Hons) (McGill) 17 years industry experience 8 years with Element Mohamed Shafee Loonat Head: Shariah, Portfolio Manager BCom(Eco), BCompt & Advanced Tax(Hons), CA(SA), CFA, PGDip(Islamic Banking and Insurance) 14 years industry experience 6 years with Element Johny Lambridis Portfolio Manager BEconSc, FFA 14 years industry experience 4 years with Element
BuSIneSS PhILOSOPhy Long-term value contrarian
89
FOOrD aSSet ManageMent (Pty) L tD

www.foord.co.za
cOMPany DetaILS FAIS FSP Registration number: 578 Switch Board +27 21 532 6988 Fax number: +27 21 532 6999 General E-mail: info@foord.co.za Address: 8 Forest Mews, Forest Drive, Pinelands, 7405 PO Box 135, Howard Place, 7450 Compliance Officer Name: Donnetta McKinley +27 21 532 6929 donnetta.mckinley@foord.co.za
FaIS reQuIreMentS
Who is your FAIS complaints officer? Donnetta McKinley Please provide the link to the complaints policy on your website http://www.foord.co.za/foord/content/en/ complaints
InveStMent ManDateS What are your total Assets Under Management? R40.0 Billion Please detail the mandates you currently manage and the size of each of these mandates. Global Balanced: R15 Billion Domestic Balanced: R4 Billion Equity only: R11 Billion Low Equity Balanced: R5 Billion Absolute Return: R2 Billion International: R7 Billion Flexible Asset Allocation: R700 Million Hedge Funds: R400 Million Bond only: R260 Million Medical Aid Portfolio: R200 Million Key InveStMent PerSOnneL Dave Foord CIO, Portfolio Manager BCom, CA(SA) 34 years industry experience 30 years with Foord Brian Davey Portfolio Manager BCom, CA(SA) 20 years industry experience 15 years with Foord Dane Schrauwen Portfolio Manager BA, LLB 19 years industry experience 2 years with Foord Mike Townsend Head: Company Research BSc(Hons), BA, MBA 15 years indsutry experience 6 years with Foord William Fraser Portfolio Manager BCom(Actuarial), Cert(Financial Engineering) 12 years industry experience 6 years with Foord Nicholas Balkin Portfolio Manager BCom(Hons) Finance, CFA 7 years industry experience 6 years with Foord
OWnerShIP
What is the ownership structure of the company? The company is owned by the founder and senior staff members. Who are the directors of the company? Dave Foord, William L Fraser, Paul E Cluer, Brian R Davey Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. The majority of the company is owned by management and staff.
BuSIneSS PhILOSOPhy Our investment philosophy is to provide a professional yet personalised investment service. We aim to achieve investment returns for clients in the top quartile of all recognised performance surveys on a rolling 3-year basis. We aim for longer-term consistency, not expecting to achieve industry out-performance each year as we seek absolute investment value. We dislike losing money for clients - a true measure of risk, and avoiding capital losses forms a core tenet of our philosophy. We aim to get the big calls right, take a longer term view when investing our clients assets, understand the value of time, and diversify client portfolios.
hIStOry
When was the company established? 01/10/1981 List of mergers that have taken place since being established. None
B-BBee creDentIaLS
Are you B-BBEE accredited? No What is your B-BBEE status N/A By whom have you been accredited? N/A Date of accreditation N/A
gIPS
Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
90
FuturegrOWth aSSet ManageMent (Pty) L tD

www.futuregrowth.co.za
cOMPany DetaILS FAIS FSP Registration number: 520 Switch Board +27 21 659 5300 Fax number: +27 21 659 5333 General E-mail: info@futuregrowth.co.za Address: 3rd Floor, 240 Great Westerford, 240 Main Road, Rondebosch, 7800 Private Bag X6, Newlands, 7725 Compliance Officer Name: Gerald Saacks +27 21 6595447 BuSIneSS PhILOSOPhy The Futuregrowth Fixed interest team manages the full range of fixed interest products, with specialist expertise in corporate debt and a competitive advantage in the unlisted debt space. As the largest fixed interest team in the industry, this team has developed the requisite specialist skills to extract value and manage the risk and reward that these bonds offer. Apart from delivering enhanced returns, investing in the corporate bond market creates better diversification of portfolios and hence a better risk/return profile. Creating diversified portfolios with substantial yield enhancement allows our fund managers to take relatively small interest rate views and yield curve plays, thereby reducing volatility in producing long-term, stable outperformance. Our team manages a variety of mandates including money market, active bond funds, passive bond funds, yield enhanced income funds and infrastructure and development funds. The SRI arm of the business supports Futuregrowths ethos of doing well by doing good. Futuregrowth is dedicated to the development and empowerment of South Africa and its people, with many of our products geared towards supporting change. With this in mind the team continuously strives to identify opportunities that will not only yield optimal financial returns for stakeholders, but also make significant contributions to society. FaIS reQuIreMentS Who is your FAIS complaints officer? Gerald Saacks Please provide the link to the complaints policy on your website
http://www.futuregrowth.co.za/page/complaints-procedure
OWnerShIP What is the ownership structure of the company? Futuregrowth is owned by Old Mutual Investment Group South Africa. Who are the directors of the company? Paul Rackstraw Managing Director Andrew Canter Chief Investment Officer Diane Radley Chief Executive Officer (OMIGSA) Henk Beets External Non-Executive Director Mobasheer Patel Financial Director (OMIGSA) Kerrin Land Head of Boutique Capability Management (OMIGSA) Daisy Naidoo Independent Director Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Yes they do, 11.4% hIStOry When was the company established? 2000 List of mergers that have taken place since being established. In 2002, the company structure changed significantly when Wipcapital, the financial services subsidiary of WIPHOLD bought a 40% equity stake in Futuregrowth. 20% was transferred to an Employee Share Ownership Plan (ESOP) with the remaining 40% owned by Firstrand. In 2005 Wipcapital increased its shareholding to over 70%. In 2008 Old Mutual Investment Group (SA) (OMIGSA), a subsidiary of Old Mutual South Africa,acquired WIPHOLDs 69% shareholding in Futuregrowth. As a result of the transaction, OMIGSAs Fixed Income Investments boutique merged with Futuregrowths fixed income team under the Futuregrowth brand to create what is one of the largest fixed income asset managers in South Africa. B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 3 contributor for 2012 (for the year 2010) By whom have you been accredited? AQRate Date of accreditation 24/01/2012 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes 91
By whom have you been verified? E_Comply Date of verification 2008 Expiry date of verification 2009 (we are awaiting sign off on 2009-2010) InveStMent ManDateS
What are your total Assets Under Management? As of December 2011, R109.8 Billion Please detail the mandates you currently manage and the size of each of these mandates. Fixed Income (31/12/2011) - R89.1 Billion Money Market Funds: R26.1 Million Yield Enhanced Money Market Funds: R24.5 Billion Yield Enhanced Bonds Funds: R4.9 Billion Active Bonds Funds: R21.9 Billion Passive Bonds: R1.0 Billion CPI Linked Funds: R4.4 Billion Income Funds: R2.8 Billion Enhanced Income Funds: R3.4 Billion Interest Rate Asset Allocation: R0.1 Billion IBA of Balanced Funds (31/12/2011) - R10.9 Billion Money Market/Inflation Linked: R8.6 Billion Money Market/Core Bond: R2.3 Billion SRI Funds (31 December 2011) - R9.8 Billion Infrastructure & Development Bonds: R4.7 Billion Community Property: R4.2 Billion Development Equity: R0.7 Billion Agri-Fund: R0.2 Billion
Key InveStMent PerSOnneL

Paul Rackstraw - Managing Director CA(SA) 21 years industry experience 11 years with Futuregrowth Andrew Canter - Chief Investment Officer BSc, CFA 20 years industry experience 12 years with Futuregrowth Wikus Furstenberg - Portfolio Manager MCom(Economics) 20 years industry experience 3 years with Futuregrowth Daphne Botha - Portfolio Manager Bcom(Hons) Diploma in Financial Markets 13 years industry experience 11 years with Futuregrowth James Howard - Portfolio Manager BCom 25 years industry experience 12 years with Futuregrowth Michael Van Rensburg - Portfolio Manager BCom 21 years industry experience 3 years with Futuregrowth Ameesha Chagan - Portfolio Manager BCom 17 years industry experience 3 years with Futuregrowth Jenny Sheehy - Portfolio Manager BSc(Hons) 22 years industry experience 3 years with Futuregrowth
gryPhOn aSSet ManageMent (Pty) L tD

www.gryphon.com
cOMPany DetaILS FAIS FSP Registration number: 581 Switch Board +27 21 915 5100 Fax number: +27 21 915 5111 General E-mail: inquiries@gryphon.com Address: 2nd Floor Prosano Park East, South Gate Tyger Waterfront, Charl Cronje Road, Bellville Private Bag X20, Tyger Valley, 7536 Compliance Officer Name: Pankie Kellerman Tel: +27 21 915 5120 Email: pkellerman@gryphon.com
FaIS reQuIreMentS Who is your FAIS complaints officer? Pankie Kellerman Please provide the link to the complaints policy on your website http://www.gryphon.com/uploads/files/File/ Section%2051%20Gryphon%20Asset%20 Management.pdf OWnerShIP What is the ownership structure of the company? 100% Management Who are the directors of the company? A Du Plessis and MJ Kellerman Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. 100% hIStOry When was the company established? 1998 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? No What is your B-BBEE status N/A By whom have you been accredited? N/A Date of accreditation N/A gIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R4.1 Billion Please detail the mandates you currently manage and the size of each of these mandates. Dividend Income: R2.413 Billion Money Market: R1.676 Billion Equity: 32 Million Hedge Funds: R48 Million Key InveStMent PerSOnneL Abri Du Plessis CEO MCom 21 years industry experience 13 years with Gryphon Reuben Beelders CIO BCom(Hons), CA(SA), CFA 15 years industry experience 11 years with Gryphon Sunette Swart Portfolio Manager BCompt(Hons) 7 years industry experience 7 years with Gryphon Cassie Treurnicht BCom(Hons) 5 years industry experience 1 year with Gryphon
BuSIneSS PhILOSOPhy Gryphon Asset Management subscribes to a core-satellite approach to funds management in order to deliver an optimal risk-return profile to investors: The core component comprises no frills, low-cost index tracking with concise and clear mandates, lowest cost execution and no requirement to reassess the choice of asset managers. Alternative investment strategies make up the satellite component of the approach. These funds are focused on achieving outperformance relative to predetermined absolute returns or relative benchmarks.
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InveStec aSSet ManageMent (Pty) L tD

www.investecassetmanagement.com
cOMPany DetaILS FAIS FSP Registration number: 587 Switch Board +27 21 416 2000 Fax number: +27 21 416 2001 General E-mail: iam.institutional@investecmail.com Address: 36 Hans Strijdom Avenue, Cape Town, 8001 PO Box 1655, Cape Town, 8001 Compliance Officer Name: Elsab de Vries, Head of SA Compliance +27 21 416 1785
FaIS reQuIreMentS Who is your FAIS complaints officer? Clifford Clibborn-Dyer Please provide the link to the complaints policy on your website http://www.investecassetmanagement.com/ south-africa/footer-menu/complaints/ OWnerShIP What is the ownership structure of the company? 100% owned entity of Investec Ltd Who are the directors of the company? Hendrik du Toit (Executive) John Green (Executive) Thabo Khojane (Executive) Andr Roux (Executive) Cunningham Ngcukana (Executive) John McNab (Executive) Kim McFarland (Executive) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Employees holdings of Investec shares represent approximately 15% of the companys total shares (at 31/03/2011) hIStOry When was the company established? 1991 List of mergers that have taken place since being established. Guinness Flight - 1998 Alliance Capital - 2006 B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 4 Contributor By whom have you been accredited? Emperdex Date of accreditation 05/10/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes (for period 01/01/00 to 31/12/10) By whom have you been verified? KPMG Date of verification 27/06/2011 Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R665 Billion at 30/09/2011 Please detail the mandates you currently manage and the size of each of these mandates. At 30/09/2011 we managed 1,036 mandates on behalf of Southern Africa institutional Key InveStMent PerSOnneL Hendrik du Toit Chief Executive Officer MCom(Econ & Int Fin) Cum Laude, MPhil(Econ & Politics of Dev), BCom(Hons) Economics Cum Laude, BCom(Law) 23 years industry experience 20 years with Investec Thabo Khojane Managing Director, Africa BA(Hons) Economics, BSc(Eng) 13 years industry experience 13 years with Investec John McNab Co-Chief Investment Officer MEng(Industrial) Cum Laude, CFA 16 years industry experience 16 years with Investec Andr Roux Co-Head of Fixed Income MPhil(Economics), MSc(Maths), BSc(Hons) Maths, BSocSc(Maths, Sociology) 12 years industry experience 12 years with Investec
BuSIneSS PhILOSOPhy Investec Asset Management does not have an over-arching house style instead choosing to allow the heads of our small specialist investment teams the freedom to operate according to their investment beliefs, with complete discretion over their own teams. This has been our approach since the inception of the firm; we believe it is better to be diversified in philosophy and style across the business. This philosophy has not changed over time, and we believe this approach is much more successful long term.
93
InveStMent SOLutIOnS LIMIteD

www.investmentsolutions.co.za
cOMPany DetaILS FAIS FSP Registration number: 711 Switch Board +27 11 505 6000 Fax number: +27 11 263 1001 General E-mail: info@ishltd.co.za Address: Building 1, Inanda Greens Office Park, 54 Wierda Road West, Wierda Valley, 2196 PO Box, 786055, Sandton, 2146, RSA Compliance Officer Name: Andre Vorster vorstera@ishltd.co.za +27 11 505 6151
FaIS reQuIreMentS Who is your FAIS complaints officer? Andre Vorster Please provide the link to the complaints policy on your website http://sa.investmentsolutions.co.za/RiskCompliance/Legislation OWnerShIP What is the ownership structure of the company? 100% owned by AF equity Holdings Who are the directors of the company? EC Kieswetter, DV Viljoen (alternate) Managing Director - DTV Msibi Directors - D Konar, M Msimang, N Nyawo, B Petersen, MC Ramaphosa, Company Secretary - JE Salvado Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Yes - at the AF Equity holdings level through a management share trust hIStOry When was the company established? 1997 List of mergers that have taken place since being established. Superflex - 1999 B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 3 contributor By whom have you been accredited? Empowerdex Date of accreditation 2011 gIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R190 Billion Please detail the mandates you currently manage and the size of each of these mandates. N/A - pooled multi managed funds Key InveStMent PerSOnneL Glenn Silverman CIO BCom, BAcc, CA(SA), CFA 19 years industry experience 13 years with IS Nina Saad Head of Portfolio Management BSc, CFA 13 years industry experience 3 years with IS Ann Leepile Head of Manager Research BCom, CFA 10 years industry experience 1.5 years with IS Brink Vermaak Head of Market & Economic Research MCom 6.5 years industry experience 3.5 years with IS Chris Hart Chief Strategist HDipED, BCom 10 years industry experience 4.5 years with IS
BuSIneSS PhILOSOPhy Multi-Manager
94
JM BuSha InveStMent grOuP (Pty) LtD

www.jmbusha.com
cOMPany DetaILS FAIS FSP Registration number: 730 Switch Board +27 11 325 2027 Fax number: +27 11 325 2047 General E-mail: invest@jmbusha.com Address: 28 Bompas Road, Dunkeld West, 2196 PO BOX 31250, Braamfontein, 2017. Compliance Officer Name: Joseph Makamba Busha +27 11 325 2027
FaIS reQuIreMentS Who is your FAIS complaints officer? Joseph Makamba Busha Please provide the link to the complaints policy on your website www.jmbusha.com OWnerShIP What is the ownership structure of the company? Employee Owned Who are the directors of the company? Joseph Busha, McLean Sibanda, Thokozani W. Magwaza Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. SIP (30%), JMBIG(50%), SEP(20%) hIStOry
InveStMent ManDateS What are your total Assets Under Management? R2.962 Billion Please detail the mandates you currently manage and the size of each of these mandates. Institutional: R2.914 Billion Retail (unit trust): R50.6 Million Key InveStMent PerSOnneL Joseph M Busha CIO BSc, BSc(Hons), MSc, MPhil 19 years industry experience 12 years with JM BUSHA - Capital BUSHA Limakatso Lehobo Economic Research BA, BCom, MCom 5 years industry experience 4 years with JM BUSHA - Capital BUSHA Mageshine Reddy Investment Research BSc(Act Sci) 9 years industry experience 2 years with JM BUSHA - Capital BUSHA Patrick Serere Investment Research BCom 10 years industry experience 0.5 years with JM BUSHA - Capital BUSHA
BuSIneSS PhILOSOPhy Honesty, transparency, client needs prioritisation and product (service) relevance and value creates a winning and mutually beneficial, sustainable, partnership-based business relationship. Nothing else does other than these aspects.
When was the company established? 17/07/2000 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 4 contributor (1/03/2010 - 28/02/2011) By whom have you been accredited? BEE Rating Solutions (Pty) Ltd Date of accreditation In progress gIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
95
KagISO aSSet ManageMent

www.kagisoam.com
cOMPany DetaILS FAIS FSP Registration number: 784 Switch Board +27 21 673 6300 Fax number: +27 86 675 8501 General E-mail: info@kagisoam.com Address: Fifth floor, MontClare Place, Cnr Main & Campground Roads, Claremont, 7708. P O Box 1016, Cape Town, 8000. Compliance Officer Name: Tracy-Lee Scott +27 21 673 6303 tscott@kagisoam.com
FaIS reQuIreMentS Who is your FAIS complaints officer? Tracy-Lee Scott Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? Kagiso Tiso Holdings (previously Kagiso Trust Investments prior to the merger with Tiso Group on 01/07/2011) owns 50.1% of the company and management and staff own the remaining 49.9%. Who are the directors of the company? Roland Greaver, Gavin Wood, Frencel Gillion, Bryan Hopkins Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. 49.9% owned by management and staff hIStOry When was the company established? December 2001 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 1 contributor By whom have you been accredited? NERA Date of accreditation 14/09/2010 (We are in the process of obtaining an up to date certificate) gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? KPMG Date of verification 2008 Expiry date of verification 31/12/2008 (we are in the process of obtaining an up to date certificate which should be available early in 2012)
InveStMent ManDateS What are your total Assets Under Management? R33.955 Billion as at 30/11/2011 Please detail the mandates you currently manage and the size of each of these mandates. Managed equity: R16.373 Billion Core equity: R16.747 Billion Balanced: R519 Million Other: R316 Million Key InveStMent PerSOnneL Gavin Wood CIO BBusSc, FFA, CFA 15 years industry experience 10 years with Kagiso Abdul Davids Head of Research BCom, CFA 13 years industry experience 4 years with Kagiso
BuSIneSS PhILOSOPhy Opportunities arise when market prices deviate from intrinsic value All investments represent a set of future cashflows, which can be valued with reasonable accuracy. The progression of this intrinsic value is fairly stable through time. Investment market prices, however, vary considerably over time most often due to self-reinforcing cycles of enthusiasm or negativity. The patient, skilled investor will benefit from buying investments at prices well below intrinsic value and holding them until they can be sold at above intrinsic value. The future is never certain. There is considerable danger in operating with the comfort of a false sense of certainty and the accompanying behavioural reinforcement cycles that lead to a distorted evaluation of new information. Recognition that ones view may be incorrect, and that one cannot know all the facts, drives one to think more deeply, to work harder and to be more alert. The future should be viewed in terms of probabilities, alternative scenarios should be explored, risk should be diversified and hedged and potential asymmetries should be sought.
96
Mergence InveStMent ManagerS

www.mergence.co.za
cOMPany DetaILS FAIS FSP Registration number: 16134 Switch Board +27 21 433 2960 Fax number: +27 21 433 0675 General E-mail: info@mergence.co.za Address: 6th Floor, The Equinox, cnr Milton & Main Roads, Sea Point, 8005 P O Box 8275, Roggebaai, 8012 Compliance Officer Name: Brandon Furstenburg (Int)/Richard Rautte (Ext) +27 83 400 2946/ +27 82 775 0730
B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status AAA, level 1 By whom have you been accredited? Empowerdex Date of accreditation 14/10/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PWC Date of verification 10/05/2011 Expiry date of verification N/A InveStMent ManDateS Dirk Steyn Risk Manager BSc, BEng, MSc(Financial Mathematics) 6 years industry experience 4 years with Mergence Fabian de Beer Chief Investment Officer BCom, H.Dip.Ed 24 years industry experience 5 years with Mergence Masimo Magerman Managing Director & Portfolio Manager BMSc(Fin), MBA(Fin) 16 years industry experience 6 years with Mergence Zwelakhe Mnguni Head: Equities & Portfolio Manager BCom(Hons)UCT, MCom(Finance) 12 years industry experience 1 year with Mergence Mark van Wyk Portfolio Manager BCom(Hons), CA(SA) 11 years industry experience 1 year with Mergence
BuSIneSS PhILOSOPhy Pragmatic investing.
FaIS reQuIreMentS Who is your FAIS complaints officer? Brandon Furstenburg Please provide the link to the complaints policy on your website Not currently available on website, but available on request OWnerShIP What is the ownership structure of the company? Wholly owned subsidiary of Mergence Africa Holdings (Pty) Ltd. Who are the directors of the company? Masimo Magerman, Fabian de Beer, Bongani Jack Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. A share incentive scheme allows for up to 30% if the companys economic interest to be allocated to staff hIStOry When was the company established? 2005 List of mergers that have taken place since being established. None What are your total Assets Under Management? R7.5 Billion Please detail the mandates you currently manage and the size of each of these mandates.
Absolute Mandates (CPI +3%, +4% and +5%): R4.886 Billion Long-only Equity Mandates (SWIX & CAPI): R2.521 Billion SRI Mandates: R98 Million.
Key InveStMent PerSOnneL Bradley Preston Head: Quantitative Analysis & Portfolio Manager BSc(Hons), MSc(Financial Mathematics) 6 years industry experience 6 years with Mergence Brandon Furstenburg Chief Operating Officer BCom(Hons), MCom, MSc(Finance) 12 years industry experience 1 year with Mergence Chitongwa Siame Equity Analyst BSc(Hons), ACCA 4 years industry experience 9 months with Mergence
97
MOMentuM aSSet ManageMent (Pty) LtD

www.momentuminv .co.za
cOMPany DetaILS FAIS FSP Registration number: 623 Switch Board +27 11 505 1555 Fax number: +27 11 505 1440 General E-mail: am.info@momentum.co.za Address: 7 Merchant Place, 9 Fredman Drive, Sandton, 2196 Private Bag 9959, Sandton, 2146 Compliance Officer Name: Carmen Malcolm Tel +27 11 505 1449 Fax +27 86 573 7449 Email: carmen.malcolm@momentum.co.za
hIStOry When was the company established? Momentum Asset Management was formed on 01/09/2011. It is a wholly owned subsidiary of Momentum which is a wholly owned subsidiary of one South Africas largest financial services group, MMI. The company, which is an integration of two asset management companies, namely RMB Asset Management and Metropolitan Asset Management was formed as a result of a merger between Momentum and Metropolitan. The merged entity, MMI Holdings was listed on the 01/12/2010. List of mergers that have taken place since being established. Please refer to above. B-BBee creDentIaLS Are you B-BBEE accredited? As a result of the merger, we are still in the process of finalizing teams and processes and therefore do not yet have the new entitys BBBEE accreditation. Accreditation is expected in April 2012. What is your B-BBEE status Please refer to above. By whom have you been accredited? Please refer to above. Date of accreditation Please refer to above. gIPS Are you GIPS compliant? Our firm (as described by GIPS) has just gone through a merger and GIPS verification for the new entity is in the process of being confirmed. RMB Asset Management is GIPS Compliant. Are you GIPS verified? Our firm (as described by GIPS) has just gone through a merger and GIPS verification for the new entity is in the process of being confirmed. RMB Asset Management had been independently verified for the periods June 1999 to June 2010. By whom have you been verified? Please refer to above. Date of verification Please refer to above. Expiry date of verification Please refer to above.
InveStMent ManDateS What are your total Assets Under Management? R185.2 Billion Please detail the mandates you currently manage and the size of each of these mandates. Absolute Return: R2.747 Billion Balanced: R97.894 Billion Bonds: R20.134 Billion Cash: R38.845 Billion Equity: R8.354 Billion Property: R815.639 Million Other: R16.450 Billion Key InveStMent PerSOnneL Jonathan Stewart CIO BCom(Hons), MCom, CFA 15 years industry experience 9 years with Momentum Asset Management Waynne McCurrie Head: Portfolio Managers BAcc(Hons), CA(SA) 24 years industry experience 4 years with Momentum Asset Management Leon Michaelides Head: Equity Research Bcom(Hons), CA(SA) 12 years industry experience 2 years with Momentum Asset Management Gordon Smith Head of Strategy BSocSci(Hons) Economics 21 years industry experience 3 years with Momentum Asset Management Lynn can Coller Head:Portfolio Construction MSc, PhD 15 years industry experience 4 years with Momentum Asset Management Conrad Wood Head: Fixed Interest BCom(Economics), CFA 17 years industry experience 17 years with Momentum Asset Management
BuSIneSS PhILOSOPhy Momentum Asset Management aims to be the asset manager of choice for both clients and employees. To create value for all stakeholders by ensuring the optimal allocation and stewardship of funds, so contributing to a sustainable economy that delivers improving standards of living to the broader society. To deliver exceptional service to our clients in consistently meeting their investment objectives by leveraging our talented and cohesive team, our innovative and disciplined processes and our best-in-class systems. FaIS reQuIreMentS Who is your FAIS complaints officer? Carmen Malcolm Please provide the link to the complaints policy on your website http://www.momentuminv.co.za/Libraries/Legal_ Documents/Complaints_Resolution_Policy_and_ Procedure_-_22_June_2011.sflb.ashx OWnerShIP What is the ownership structure of the company? N/A Who are the directors of the company? SC Mabuza, M Mthombeni, FW van Zyl Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Ownership structures are through MMI Shareholding
98
MOMentuM Manager OF ManagerS (Pty) L tD

www.momentum.co.za
cOMPany DetaILS FAIS FSP Registration number: 19840 Switch Board +27 86 153 8732 Fax number: +27 86 573 7384 General E-mail: MoM.emailus@momentum.co.za Address: 2nd floor, 6 Merchant Place, Cnr Fredman Drive and Bute Avenue, Sandton PO Box 330, Gallo Manor, 2052 Compliance Officer Name: Samantha Padayachee Samantha.Padayachee@momentum.co.za
Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. No hIStOry When was the company established? January 2005 List of mergers that have taken place since being established. Momentum International Multi-managers and m Cubed Holdings (2005) B-BBee creDentIaLS Are you B-BBEE accredited? Yes. Please note that the accreditation details listed below are for FirstRand Limited. At the time of accreditation, Momentum Manager of Managers (previously known as Advantage Asset Managers) was included in the accreditation as it was part of Momentum Group Limited, which itself was part of FirstRand Limited. Subsequent to this, Momentum Group Limited unbundled from FirstRand Limited and merged with Metropolitan Holdings Limited to form MMI Holdings Limited. MMI Holdings Limited is currently engaged in a process to obtain B-BBEE accreditation. What is your B-BBEE status Level 3 contributor By whom have you been accredited? SizweNtsaluba VSP Date of accreditation 14/02/2011 gIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R40.3 Billion (30/06/2011)
Please detail the mandates you currently manage and the size of each of these mandates. Balanced: R3.6 Billion Specialist: R30.3 Billion Absolute Return: R255 Million Other: R6.1 Billion Key InveStMent PerSOnneL Sonja Saunderson CIO BSc, Bcom(Hons), MCom 11 years industry experience 11 years with Momentum Manager of Managers Bredan Howie Deputy CIO BSc(Hons), CFA, CIPM 12 years industry experience 1 year with Momentum Manager of Managers Jako de Jager Head: Portfolio Management BCom(Hons) 10 years industry experience 10 years with Momentum Manager of Managers Melissa Breda Head: Portfolio Construction BSc(Hons) 9 years industry experience 9 years with Momentum Manager of Managers Wynford Heynes Head: Implementation BSc(Hons), MSc(Cum Laude) 15 years industry experience 1 year with Momentum Manager of Managers Jean Badenhorst Head: Manager Research BCom 18 years industry experience 15 years with Momentum Manager of Managers Eugene Botha Head: Quantitative Research BSc(Hons), MSc 6 years industry experience 6 years with Momentum Manager of Managers Mike Adsetts Head:Specialised Investments BSc(Hons), CFA, MBA 9 years industry experience 3 years with Momentum Manager of Managers
BuSIneSS PhILOSOPhy Momentum Manager of Managers vision is to partner with consultants, advisers and trustees in delivering a flexible and scalable investment platform, creating custom and prepackaged investment savings and market-linked liability-management solutions for the needs of corporate, wholesale retail and institutional investors, primarily in South Africa, and other select African countries. The company aspires to create solutions for clients based on their particular needs. Most investors have unique requirements and therefore a black-box solution is not always appropriate. Momentum Manager of Managers strives to offer the required flexibility, expertise, transparency, service and performance to meet those requirements.
FaIS reQuIreMentS Who is your FAIS complaints officer? Samantha Padayachee Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? Momentum Manager of Managers is 100% owned by Momentum Investments, a whollyowned subsidiary of the MMI Group Who are the directors of the company? Leon Greyling, Sonja Saunderson, Neelan Pillay, Morris Mthombeni (Non-executive), Heidi Kerwan
99
neDgrOuP cOLLectIve InveStMentS LtD

www.nedgroupinvestments.co.za
cOMPany DetaILS FAIS FSP Registration number: N/A Switch Board +27 860 123 263 Fax number: +27 861 119 733 General E-mail: clientservices@nedgroupinvestments.co.za Address: 2nd Floor BoE Building, Clocktower Precinct, V&A Waterfront, Cape Town PO Box 1510, Cape Town, 8000 Compliance Officer Name: Liezel Momberg +27 21 416 6204
FaIS reQuIreMentS Who is your FAIS complaints officer? N/A Please provide the link to the complaints policy on your website http://www.nedgroupinvestments.co.za/Content/ Files/Client_Complaint_procedure_2010.pdf OWnerShIP What is the ownership structure of the company? Wholly owned subsidiary on Nedbank Group Ltd Who are the directors of the company? NA Andrew, CE Sevenaoks, D Macready Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. None. hIStOry When was the company established? 1997 List of mergers that have taken place since being established. None. B-BBee creDentIaLS Are you B-BBEE accredited? No, fall under Nedbank Ltd accreditation What is your B-BBEE status Level 2 contributor By whom have you been accredited? SANAS Date of accreditation 05/02/2011 gIPS Are you GIPS compliant? N/A Are you GIPS verified? N/A By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R100 Billion Please detail the mandates you currently manage and the size of each of these mandates. 45 pooled mandates - ranging in size up to the largest being R13.5 Billion Key InveStMent PerSOnneL Nic Andrew Executive Head of Asset Management BCom, CA(SA), PGDip Tax Law, CFA 16 years industry experience 13 years with Nedgroup Matthew De Wet Head of Investments BSc, CFA, CFP 13 years industry experience 11 years with Nedgroup Trevor Garvin Head of Multi-management BCom(Hons) Economics, MCom(Finance), MBA, Dip FMI(Cum Laude), SAFEX, ACIBM, CAIA 14 years industry experience 8 years with Nedgroup
BuSIneSS PhILOSOPhy We offer individual and institutional investors access to a range of South African and offshore unit trust portfolios to meet their investment needs. These portfolios are managed by a range of Best of breedTM investment managers that we actively monitor and review, so that clients dont have to.
100
OaSIS creScent caPItaL (Pty) LtD (OcK) anD OaSIS aSSet ManageMent (Pty) L tD (OaM)
www.oasiscrescent.com
cOMPany DetaILS FAIS FSP Registration number: OCK FSP no: 796 and OAM FSP no: 603 Switch Board +27 21 4137860 Fax number: +27 21 4137900 General E-mail: Clients@za.oasiscrescent.com Address: Oasis House, 96 Upper Roodebloom Road, University Estate, Cape Town, 8000 PO Box 1217, Cape Town, South Africa, 8000 Compliance Officer Name: Mr Nazeem Ebrahim Tel: +27 21 4137860 Email: pa.nazeem@za.oasiscrescent.com BuSIneSS PhILOSOPhy Integrated business, investment & human resources philosophy; Experienced management team, driven by longterm goals; In-sourcing of all asset management disciplines and investment in best of breed systems; Highly regulated operations and products; We stick to our proven instrument selection criteria and detailed in-house research; Our primary focus is on maintaining and growing the wealth of our clients.
FaIS reQuIreMentS Who is your FAIS complaints officer? Mr Nazeem Ebrahim Please provide the link to the complaints policy on your website Email address available for complaints at http://www.oasis.co.za/default/content. aspx?initial=true&moveto=710. Complaints policy not on website but available on request OWnerShIP What is the ownership structure of the company? The underlying subsidiaries are 100% owned by Oasis Group Holdings (PTY) LTD. Who are the directors of the company? A (Adam) Ebrahim, M S (Mohamed) Ebrahim, N I (Nazeem) Ebrahim Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Yes. Note: Over the period June 2010 to December 2010 our executive share incentive sheme which provided for senior staff to own up to 20% of the value of the company was converted to a profit sharing scheme of a similar value. hIStOry When was the company established? OCK est. 2002 and OAM est. 1997 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 1 contributor By whom have you been accredited? IQuad Date of accreditation December 2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? SAB&T Date of verification 28/06/2011 101
Expiry date of verification Annual Review
InveStMent ManDateS What are your total Assets Under Management? R30.149 Billion Please detail the mandates you currently manage and the size of each of these mandates. AUM (R) Summary as at 20/12/2011 Segregated Equity: R11.282 Billion Segregated Balanced: R1.772 Billion Pooled: R1.657 Billion CIS: R13.222 Billion Other: R2.214 Billion Key InveStMent PerSOnneL Adam Ebrahim CIO CA(SA), CFA 23 years industry experience 14 years with Oasis Michael Swingler Senior Analyst CA(SA), CFA 17 years industry experience 14 years with Oasis Hassan Motala Senior Analyst CA(SA), CFA 13 years industry experience 10 years with Oasis
OLD MutuaL InveStMent grOuP (SOuth aFrIca) (Pty) L tD

www.omigsa.com
cOMPany DetaILS FAIS FSP Registration number: 604 Switch Board +27 21 509 5022 Fax number: +27 21 509 4663 General E-mail: listening@omigsa.com Address: West Campus, Entrance 1, Mutualpark, Jan Smuts Drive, Pinelands, 7405 P.O.Box 878, Cape Town, 8000 Compliance Officer Name: Zulfa Abdurahman +27 21 509 2570
FaIS reQuIreMentS Who is your FAIS complaints officer? Zulfa Abdurahman Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? 100% owned by Old Mutual South Africa Who are the directors of the company? Dr. D Konar, DC Radley, PG de Beyer, KD Dlamini, CE Maynard, M Patel, LL Dhlamini, RT Mupita, I Kgaboesele Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Staff can take up to 20% ownership hIStOry
InveStMent ManDateS What are your total Assets Under Management? R445.683 Billion at 30/09/2011 Please detail the mandates you currently manage and the size of each of these mandates. Absolute Return: R18.257 Billion Alternative: R29.955 Billion General Equity: R140.533 Billion Sector Equity: R5.506 Billion Bonds: R91.192 Billion Income Focus: R13.167 Billion Short Term IBA: R51.759 Billion Balanced: R65.236 Billion Property: R30.074 Billion
BuSIneSS PhILOSOPhy We believe that by combining independent boutique businesses with world class research and supporting infrastructure, we have a combination that will deliver consistently to clients objectives. We believe that performance is achieved through focus - expert professionals, focusing on their areas of specialisation. With boutique members investing alongside their clients for the long-term ensures, the fortunes of the investment professionals are strongly linked with client outcomes - both in terms of the income they receive and the wealth they accumulate. We foster a culture that encourages innovation, empowerment and accountability.
When was the company established? 1993 List of mergers that have taken place since being established. In December 2006, OMIGSA bought a controlling stake in Dibanisa Fund Managers. In February 2008, OMIGSA acquired a controlling stake in Futuregrowth Asset Managment and OMIGSAs Fixed Interest Team merged with Futuregrowth. B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 2 contributor By whom have you been accredited? AQ rate Date of accreditation 18/10/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PricewaterhouseCoopers Date of verification June 2011 Expiry date of verification December 2010
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OLD MutuaL InveStMent grOuP (SOuth aFrIca) (Pty) L tD

continued
Key InveStMent PerSOnneL Tom Connell Head of Absolute Return Investments CA 24 years industry experience 16 years with OMIGSA Paul Boynton Executive Director: Head of Alternative Investments BCom, BSc(Hons), MBA, CA(SA) 22 years industry experience 16 years with OMIGSA Peter Linley Boutique Head: Toros Equity Boutique BCompt(Accounting Science), CFA 17 years industry experience 10 years with OMIGSA Andrew Canter CIO and Head of Fixed Interest BSc(Fin), CFA 22 years industry experience 12 years with OMIGSA Tanja Tippett Boutique Head: LDI MSc(Applied Maths), CFA 13 years industry experience 11 years with OMIGSA Godwin Sepeng Boutique Head: Long Term Equity Investments BSc, CFA 18 years industry experience 14 years with OMIGSA Peter Brooke Head: Macro Strategy Investments BBusSc(Hons) Finance 16 years industry experience 6 years with OMIGSA Peter Levett Head of Property MCom, CA, MBA 22 years industry experience 14 years with OMIGSA Bradley Kalil Managing Director OMSFIN BBSc, CA(SA), CFA 17 years industry experience 15 years with OMIGSA Grant Watson Joint Boutique Head: Quantitative Investments BCom, MCom, MBA, SAIS, CMMD 18 years industry experience 8 years with OMIGSA Saliegh Salaam Joint Boutique Head: Quantitative Investments BCom, CFA 18 years industry experience 8 years with OMIGSA Richard Hasson ELECTUS Senior Portfolio Manager BCom, CA(SA), CFA 14 years industry experience 14 years with OMIGSA Neil Brown ELECTUS Senior Porfolio Manager NatDip(Co. Admin), MBA 20 years industry experience 7 years with OMIGSA Michael Schroder Head of Value Equity Investments Boutique MSc, MBA 21 years industry experience 21 years with OMIGSA Brian Pyle Head: Equity Research BCom, CA(SA), CFA 13 years industry experience 13 years with OMIGSA
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Pan-aFrIcan aSSet ManageMent (Pty) L tD

www.pam-asset.co.za
cOMPany DetaILS FAIS FSP Registration number: 620 Switch Board +27 11 463 0300 Fax number: +27 11 463 0299 General E-mail: insight@pam-asset.co.za Address: 6 Blackpool Road, Bryanston, 2021 Private Bag X9962, Sandton, 2146 Compliance Officer Name: Independent Compliance Services - Debbi Wahl +27 21 975 6597
FaIS reQuIreMentS Who is your FAIS complaints officer? Independent Compliance Services - Debbi Wahl Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? FABCOS 34%; African General Equity 40%; Staff 26% Who are the directors of the company? Executive: Helen M. Masson; Non-executive: Dr. George F. Lindeque; Reggie Naidoo; Mxolisi Zwane Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. 26% hIStOry When was the company established? 1996 List of mergers that have taken place since being established. Oct 2001 - Merger between Real Africa Asset Managment RAAM & WIPAM 2006: Name changed from Real Africa Asset Management to Pan-African Asset Management B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 2 contributor By whom have you been accredited? Empowerdex Date of accreditation 05/09/2011 gIPS Are you GIPS compliant? PAMs performance measurement is outsourced to Maitland Fund Services (Pty) Ltd, GIPS compliant. PAM further subscribes and adheres to the CFA Institutes Code of Conduct, which encompasses the GIPS principles. Are you GIPS verified? N/A By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A 104
InveStMent ManDateS What are your total Assets Under Management? R3.3 Billion Please detail the mandates you currently manage and the size of each of these mandates. Pan-African Money Market Fund: R0.4 Billion Pan-African Bond Fund: R2.3 Billion Pan-African Balanced Fund: R0.3 Billion Structured Product: R0.3 Billion Key InveStMent PerSOnneL Helen Masson CIO MCom(Econometrics), CFA 31 years industry experience 16 years with Pan-African Mike Haworth Analyst BSc, MBA 27 years industry experience 4 years with Pan-African Thavanesen Padiachy COO BCom(Hons) 21 years industry experience 7 years with Pan-African Miranda Scheepers Head of Administration National diploma & Financial Accounting 30 years industry experience 6 years with Pan-African Marga van Deventer Analyst BSc(Hons) Quantitative Risk Management 7 years industry experience 3 years with Pan-African Julian Masson Trader BCom(Hons) Financial Analysis and Portfolio Management 2 years industry experience 1 year with Pan-African
BuSIneSS PhILOSOPhy PAM investment philosophy is based on the fact that markets are increasingly becoming integrated and interactive, that investment risk is as important as investment returns and that both should be managed diligently. The fundamental PAM approach to managing money stems from a clear and consistent investment methodology. PAM, an asset management company, is driven by independent thinkers, clearly not part of the herd, with a contrarian theme based outlook on markets, while balancing the risk and return of monies invested.
PreScIent InveStMent ManageMent Pty L tD

www.prescient.co.za
cOMPany DetaILS FAIS FSP Registration number: 612 Switch Board +27 21 700 3600 Fax number: +27 21 700 3700 General E-mail: Info@prescient.co.za Address: Prescient House, Westlake Business Park, Otto Close,Westlake,7945 PO Box31142,Tokai,7966 Compliance Officer Name: Moneen d` Hotman de Villiers +27 21 700 3600
FaIS reQuIreMentS Who is your FAIS complaints officer? Moneen d` Hotman de Villiers Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? Founder members own 50.23%, staff 26.5% and external BEE parties 23.2% Who are the directors of the company? Herman Steyn, Guy Toms, Carey Millerd, Eldria Fraser, Sharon Bailey Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Management and Staff- 76.8% External Partners- 23.2% hIStOry When was the company established? Prescient Investment Management was established on the 1st of September 1998 and is an independent quantitative investment management company specialising in the portfolio and risk management of institutional, pension, provident fund and retail assets. List of mergers that have taken place since being established. None. B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status 73.33% - Level 4 contributor By whom have you been accredited? AQRate Verification Services Date of accreditation 19/08/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? eComply Date of verification 21/08/2011
Expiry date of verification 31/03/2012 InveStMent ManDateS What are your total Assets Under Management? Total Asset under Management: R94.4 Billion (AUM - R86.6 Billion AUA - R 7.8 Billion) as at 30 November 2011 Please detail the mandates you currently manage and the size of each of these mandates. Cash: R24.7 Billion Income: R8.6 Billion Bond: R15.4 Billion Equity: R1.9 Billion Balanced: R34.0 Billion Global: R2.0 Billion Key InveStMent PerSOnneL Herman Steyn Chairman BBusSc 27 years industry experience 13 years with Prescient Eldria Fraser CEO BCom(Hons), CFA 18 years industry experience 6 years with Prescient Guy Toms CIO BBusSc 26 years industry experience 13 years with Prescient Sharon Bailey Executive Director- Head of Business Development and Marketing 21 years industry experience 9 years with Prescient
BuSIneSS PhILOSOPhy Prescient is a quantitative investment manager. At Prescient, we define risk as the probability of not meeting the investment objectives if the client. To this extent, positions taken in portfolios are mathematically tested using different scenarios to determine portfolio outcome. This ensures that position taken will, on the upside, deliver on client expectation, while at the same time, in down markets, it will not breach the risk objective of the client. The core of Prescients investment philosophy is capital preservation and the management of downside risk.
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PrOWeSS InveStMent ManagerS (Pty) LtD

www.prowessinvestments.com
cOMPany DetaILS FAIS FSP Registration number: 38318 Switch Board +27 21 801 5925 Fax number: +27 86 614 7173 General E-mail: kelebogile@prowessinvestments.com Address: 15 Springbok Close, Pinelands, 7405 Compliance Officer Name: Enrique Goosen +27 21 975 6468
FaIS reQuIreMentS Who is your FAIS complaints officer? Enrique Goosen Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? 100% held by Kelebogile Moloko Who are the directors of the company? Kelebogile Moloko and Janine De Bryun Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. 100% held by Kelebogile Moloko with plans of establishing an employee share ownership scheme in due course hIStOry When was the company established? December 2008 List of mergers that have taken place since being established. None. B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 3 as an exempt micro enterprise By whom have you been accredited? Rated by Codex Rating Date of accreditation 14/04/2011 gIPS Are you GIPS compliant? Not yet Are you GIPS verified? Not yet By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R193 Million Please detail the mandates you currently manage and the size of each of these mandates. 3 Mandates. R63 Million, R55 Million, R75 Million Key InveStMent PerSOnneL Kelebogile Moloko CIO/CEO BCom(Hons) Portfolio Management and Financial Analysis, Diploma(Advanced Leadership) 11 years industry experience 3 years with Prowess
BuSIneSS PhILOSOPhy Prowess vision is to continue building a business based on expertise, agile structure while focused on customised client-centric solutions and service. Prowess philosophy is that focused and specialized attention to core business areas, which is investment management, is crucial in adding investment value to client portfolios. In this vein, Prowess aims to outsource all non core functions and focus on Investment Management and in-source other necessary expertise as the business requires e.g. branding and marketing, risk management, etc.
106
PruDentIaL POrtFOLIO ManagerS (SOuth aFrIca) (Pty) L tD

www.prudential.co.za
cOMPany DetaILS FAIS FSP Registration number: 615 Switch Board +27 21 670 5100 Fax number: +27 21 683 7156 General E-mail: info@prudential.co.za Address: 7th Floor, Protea Place, 40 Dreyer Street, Claremont, 7708 PO Box 44813, Claremont, 7735 Compliance Officer Name: Kerry Horseley (Head of Risk and Compliance) compliance@prudential.co.za
Thabo Leeuw and Sibusiso Mthembu serve on the Board of Thesele, the BEE shareholder of Prudential SA. Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. We are in the process of agreeing a new shareholding structure which aims to better align the various ownership interests in our business. A key part of this new arrangement will be the establishment of the Prudential Staff Investment Company (NewCo) which will hold shares in Prudential. All Prudential staff will become shareholders of the Staff Investment Company, via a Staff Trust that will act as nominee and consolidate voting rights. Note that staff will hold restricted shares in the Investment Company, which entitles them to dividends from their shareholding whilst they remain in service. It is intended that shares will be sold / issued to existing / new employees for nominal subscription value, and repurchased for the same value on termination of service. hIStOry When was the company established? Prudential Plc was Founded in 1848. The Cape Town Office opened in 1994. List of mergers that have taken place since being established. None. B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status DTI rating of level 5 By whom have you been accredited? AQRate Verification Services Date of accreditation 15/05/2011 gIPS
InveStMent ManDateS What are your total Assets Under Management? R102.2 Billion as at 31/12/2011. Please detail the mandates you currently manage and the size of each of these mandates. Specialist Fixed Interest: R26.9 Billion Specialist Listed Property: R2.3 Billion Specialist Equities: R31.1 Billion Multi Asset Class: R30.4 Billion Specialist Tactical Asset Allocation: R8.7 Billion Specialist International: R2.8 Billion Key InveStMent PerSOnneL Marc Beckenstrater Chief Investment Officer BSc(Eng), MBA 17 years industry experience 12 years with Prudential Gary Quinn Head of Equities BSc(Eng), MBA 17 years industry experience 12 years with Prudential David Knee Head of Fixed Income BSc(Eco), MSc(Eco), ASIP 20 years industry experience 14 years with Prudential Michael Moyle Head of Real Return BSc(Eng), MSc, MBA, CFA 15 years industry experience 5 years with Prudential
BuSIneSS PhILOSOPhy Our philosophy is based on the belief that market prices are broadly efficient over the long term, but can be very inefficient over shorter periods. Therefore, at any point in time, market prices may not reflect fundamental values, either of individual stocks or of entire markets. Prices do not stay at unrealistic levels indefinitely; sooner or later they reflect fundamental economic factors. This convergence of market prices to reflect fundamental values provides the opportunity for active, long-term investors to earn excess returns. FaIS reQuIreMentS Who is your FAIS complaints officer? Kerry Horseley Please provide the link to the complaints policy on your website http://www.prudential.co.za/?pid=57 OWnerShIP What is the ownership structure of the company? 75% owned by M&G Investments Limited, 10% owned by staff, and 15% owned by Thesele Group Who are the directors of the company? Directors: Graham Mason - Chairman, Bernard Fick - Chief Executive Officer, John Kinsley - Managing Director: Prudential Unit Trusts, Winston Africa - Financial Director, Marc Beckenstrater - Chief Investment Officer, Doc Sethole - Director of Institutional Business Development, Thabo Leeuw , Sibusiso Mthembo, David Knee - Head of Fixed Income, Ziyaad Bassadien - Risk and Compliance Manager
Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? KMPG Date of verification 31/12/2010 Expiry date of verification 31/12/2011
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regarDIng caPItaL ManageMent (Pty) LtD

www.recm.co.za
cOMPany DetaILS FAIS FSP Registration number: 18834 Switch Board +27 21 657 3440 Fax number: +27 21 674 1085 General E-mail: info@recm.co.za Address: 7th Floor, Claremont Central, 8 Vineyard Road, Claremont, Cape Town, 7700 P O Box 45040, Claremont, Cape Town, 7735 Compliance Officer Name: Guy Simpson +27 21 657 3441
FaIS reQuIreMentS Who is your FAIS complaints officer? Tim House Please provide the link to the complaints policy on your website N/A OWnerShIP What is the ownership structure of the company? Staff 44%, External Shareholders 56% of RE:CM Holdings (Pty) which owns 100% of Regarding Capital Management (Pty) Ltd and RE:CM Collective Investments (Pty) Ltd Who are the directors of the company? Piet Viljoen (Chairman), Lonn Potgieter,Daniel Malan, Theunis de Bruyn(non executive),Werner Stals (non executive) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Staff 44%, External Shareholders 56% of RE:CM Holdings (Pty) which owns 100% of Regarding Capital Management (Pty) Ltd and RE:CM Collective Investments (Pty) Ltd hIStOry When was the company established? April 2003 List of mergers that have taken place since being established. None. B-BBee creDentIaLS Are you B-BBEE accredited? No What is your B-BBEE status N/A By whom have you been accredited? N/A Date of accreditation N/A gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? e-Comply Date of verification 01/05/2010 Expiry date of verification 31/12/2010 108
InveStMent ManDateS What are your total Assets Under Management? R17.975 Billion (as at 30/11/2011) Please detail the mandates you currently manage and the size of each of these mandates. Institutional R12.812 Billion (Balanced: R8.183 Billion; Equity:R4.628 Billion) Retail: R5.163 Billion (As at 30/11/2011) Key InveStMent PerSOnneL Piet Viljoen Portfolio Manager BCom(Hons), CFA 26 years industry experience 8 years with RECM Danie Malan Portfolio Manager BCom(Mathematics), CFA 15 industry experience 8 years with RECM Wilhelm Hertzog Portfolio Manager BCom(Law), BAcc(Hons), CA(SA), CFA 6 years industry experience 4 years with RECM Thompson Ganyeka Portfolio Manager BCom(Accounting) 8 years industry experience 1 year with RECM
BuSIneSS PhILOSOPhy
Our investment philosophy explains what we aim to do for our clients. We aim to buy cheap assets that are of good quality. Importantly, we distinguish between price and value. Value is what we calculate an asset to be worth. Price is what the market is prepared to pay for it. Sometimes they are the same, often they are not. When price is substantially below value, we get interested. When a low price is associated with a good quality asset, we are even more interested. By quality we mean the ability of a company to withstand competitive pressures; as well as its ability to increase its intrinsic value over time. These attributes of a good investment - quality and cheapness - help us reduce the chances of our clients suffering a permanent loss of capital. A cheap asset has a large margin of safety to cater for our analysis being wrong, and a good quality business can grow its way out of trouble over time. We devote a significant amount of our research and debate to understanding the business models of the companies we invest in. We believe in investing in quality companies for long periods of time if we can accumulate them at a good price. We will typically sell as companies approach their fair value. Our overall approach results in low turnover because we are not trying to achieve short-term out-performance. As a result of our equity-centric and bottom-up approach, we set maximum weights for individual equities in our portfolios based on our assessment of long-term fair value, the stage in the cycle and the popularity of each stock. We have a matrix on which we base the range of weights equity can have in the portfolio. Particularly for balanced portfolios, if we cannot fill our full equity allocation in the portfolio, we populate the balance of the portfolio with fixed income investments or property. In this case our base line is the risk-free money market rate. If we think other fixed income investments offer better long-term return prospects than cash we include them in the portfolio. This whole process means that we do not asset allocate, as such. Our asset weightings derive from our bottom-up assessment of value, starting with equities and then relative to cash, on a long-term basis.
SanLaM InveStMent ManageMent (Pty) LtD

www.sim.sanlam.com
cOMPany DetaILS FAIS FSP Registration number: 579 Switch Board +27 21 950 2500 Fax number: +27 21 950 2916 General E-mail: intouch@sim.sanlam.com Address: 55 Willie van Schoor Avenue, Bellville, 7530 Private Bag X8, Tyger Valley, 7536 Compliance Officer Name: Nelize Jacobs +27 21 9502690 BuSIneSS PhILOSOPhy Our shared business philosophy has its roots in an entrepreneurial culture with its essence captured in traditional values of honesty, diligence, superior ethical behaviour, innovation, stakeholder values and strong ties with business partners. Our business model is focused on client-centricity and on being solution orientated, SIM is a developer of solutions rather than a supplier of off the shelf products. As such it has a dedicated Product Development Team which develops customised solutions for prospective clients. In addition, they also scan the market place for opportunities to develop new and innovative solutions for a particular market segment. FaIS reQuIreMentS Who is your FAIS complaints officer? Nelize Jacobs Please provide the link to the complaints policy on your website We do not have a complaints policy on our website. OWnerShIP What is the ownership structure of the company? We are a wholly owned subsidiary of Sanlam Limited Who are the directors of the company? Temba Mvusi, Mbusowemvelo Mtshali, Yvonne Muthien, Bhekithemba Gamedze, Cora Fernandez, Johannes van der Merwe Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Staff and management have no ownership interest in SIM. However, SIM Unconstrained Capital Partners, a division within SIM, was set up in April 2011 in order to allow
Claude van Cuyck and Ricco Friedrich to give their undivided attention to managing the Unconstrained Equity assets. Remuneration is now more aligned to the long term objectives of the clients as the portfolio managers have equity stakes in the business. The remuneration structure for Claude and Ricco changed effective 01/04/2011 where both have become shareholders of SIM Unconstrained Capital Partners. The newly formed company pays them a basic salary whilst quarterly dividend distributions are made to all shareholders based on their respective shareholding. Claude and Ricco have a 35% equity stake in the business, while Sanlam is the majority shareholder with the remaining 65% equity. hIStOry When was the company established? 01/01/1997 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 4 Contributor By whom have you been accredited? AQ Rate Verification Services Date of accreditation 15/12/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PWC Date of verification 11/05/2011 Expiry date of verification Verification for the period 01/01/2010 to 31/12/2010. Verification for 2011 year will be undertaken soon InveStMent ManDateS What are your total Assets Under Management? R332.398 Billion at 30/05/2011 Please detail the mandates you currently manage and the size of each of these mandates. N/A 109
Key InveStMent PerSOnneL Andr Roux Head: SIM Namibia BCom(Hons) Economics 22 years industry experience 13 years with SIM Erik Knoetze Head of Implementation BCom(Economics), BCom(Hons), MCom(Economics) 26 years industry experience 26 years with SIM Frederick White Head of Research BEng, MEng, MBA, CFA 21 years industry experience 9 years with SIM Gerhard Cruywagen CIO: Portfolio Manager CFA, BSc(Pure & Applied Maths), DPhil(Mathematics), BSc (Hons) Applied Mathematics 16 years industry experience 3 years with SIM Haydn Frankeiss Head of Asset Liability Solutions CA(SA), BCom, BAccountancy 18 years industry experience 12 years with SIM Helena Conradie Head of SIM.Smartcore MSc(Applied Mathematics), CFA, BSc(Hons) 16 years industry experience 11 years with SIM Johan Kurtz Head: Gen-X BCom(Hons) Investment Management, BCom(Economics & Bus Economics) 18 years industry experience 4 years with AIM Patrice Rassou Head: Equities/ Portfolio Manager BSc(Econ), MSc, ACA, MBA 14 years industry experience 5 years with SIM Philip Liebenberg Head: Absolute Return MEng, PhD(Eng), CFA 10 years industry experience 5 years with SIM Roy Chapman Head: Equity Research BSc(Engineering), MBA 16 years industry experience 6 years with SIM
SanLaM MuL Manager InternatIOnaL (Pty) L tI tD

www.smmi.com
cOMPany DetaILS FAIS FSP Registration number: 845 Switch Board +27 21 950 2600 Fax number: +27 21 950 2126 General E-mail: smm@smm.sanlam.com Address: 1st Floor, Tygerpark V, Willie van Schoor Avenue, 7530 Private Bag X 8, Tygervalley, 7536 Compliance Officer Name: Noleen Daniels Noleen.Daniels@smmi.sanlam.com +27 21 950 2563
FaIS reQuIreMentS Who is your FAIS complaints officer? Carla Fouche Please provide the link to the complaints policy on your website http://www.sanlam.co.za/wps/wcm/ connect/Sanlam_EN/sanlam/contact+us/ compliments+and+complaints OWnerShIP What is the ownership structure of the company? SMMI is a 100% owned subsidiary of Sanlam and forms part of the Sanlam Investment Cluster Who are the directors of the company? J.H.P van der Merwe and N. Naidoo Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Staff and Management do not have an interest in ownership. The company is 100% owned by outside shareholders hIStOry When was the company established? Sanlam Multi Manager International was established in 2002 List of mergers that have taken place since being established. There has been no mergers, only the acquisition of Coris Capital Multi-managers in 2006. B-BBee creDentIaLS Are you B-BBEE accredited? Yes, we fall under Sanlams BEE Credentials What is your B-BBEE status N/A By whom have you been accredited? AQRate Date of accreditation 14/06/2011 gIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A 110
InveStMent ManDateS What are your total Assets Under Management? R73 Billion Please detail the mandates you currently manage and the size of each of these mandates. N/A; multi-managed portfolios. Key InveStMent PerSOnneL Andrew Rumbelow Chief Investment Officer BCom, PGDAC, CA(SA), CFA 17 years industry experience 4 years with SMMI
BuSIneSS PhILOSOPhy SMMIs investment philosophy is based on the belief that if you pick a team of thought leaders to select the finest managers, combine them in ways that optimise their talents, and adopt an active approach to risk management and asset allocation, then significant alpha generation will follow.
StanLIB aSSet ManageMent

www.stanlib.com
cOMPany DetaILS FAIS FSP Registration number: 26/10/719 Switch Board +27 11 448 6000 Fax number: +27 11 448 5555 General E-mail: institutionalenquiries@stanlib.com Address: 17 Melrose Blvd, Melrose Arch, Johannesburg, 2196 PO Box 202, Melrose Arch, 2076 Compliance Officer Name: Bernard Pieterse +27 11 448 6399
FaIS reQuIreMentS Who is your FAIS complaints officer? Barbara Egan Please provide the link to the complaints policy on your website www.stanlib.com/Contactus/Pages/ RateSTANLIB.aspx OWnerShIP What is the ownership structure of the company? STANLIB is 100% owned by Liberty Who are the directors of the company? Thabo Dloti, Iain Bennie, Patrick Mamathuba, Martin Rabe, Stewart Rider, Charlotte MbewuSanqela Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. No they do not - they do, however, have their own money invested in units of the funds that they manage hIStOry When was the company established? STANLIB was established in May 2002 with the merger of SCMB Asset Management and Liberty Asset Management List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status As a subsidiary of Liberty we are rated a Level 2 Contributor By whom have you been accredited? Empowerdex Date of accreditation 30/05/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PricewaterhouseCoopers Date of verification 08/10/2010 Expiry date of verification Verification currently being finalised
InveStMent ManDateS What are your total Assets Under Management? June 2011 - R338 Billion Please detail the mandates you currently manage and the size of each of these mandates. Balanced: R13.3 Billion Absolute Return: R9.1 Billion Equities (Value, Growth Core, Life): R61 Billion, Fixed Interest: R46.5 Billion Money Market: R66.5 Billion Property: R33.1 Billion International: R14.1 Billion and Other: R6.6 Billion Key InveStMent PerSOnneL Thabo Dloti CEO BBusSc(Actuarial Science) 21 years industry experience 2 years with Stanlib Stewart Rider CIO CA(SA) 15 years industry experience 2 years with Stanlib Henk Viljoen Head of Fixed Interest MCom(Econ) Cum Laude 27 years indsutry experience 21 years with Stablib Patrick Mamathuba Head of Alternatives BCom(Hons), CFA 20 years industry experience 13 years with Stanlib Andrew Vintcent Head of Research BBusSc, CA(SA), CFA 12 years industry experience 2 years with Stanlib Herman van Velze Head of Balanced and Core Equity BEng, MBL 19 years industry experience 17 years with Stanlib Keillen Ndlovu Head of Property BCom(Hons), CAIB(SA) Treasury & Intl Banking 7 years indsutry experience 7 years with Stanlib
BuSIneSS PhILOSOPhy STANLIB provides multiple capabilities to meet the diverse and exacting needs of our clients through different market cycles. Each franchise is focused only on its area of expertise and the franchise business model helps ensure that there is alignment between the interests of clients and their managers.
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SygnIa aSSet ManageMent (Pty) L tD

www.sygnia.co.za
cOMPany DetaILS FAIS FSP Registration number: 873 Switch Board +27 21 446 4940 Fax number: +27 21 446 4950 General E-mail: info@sygnia.co.za Address: 7th Floor, The Foundry, Cardiff Street, Green Point, 8001 PO Box 51591, Waterfront, 8002 Compliance Officer Name: Ferdi Schenck +27 21 446 4954
FaIS reQuIreMentS Who is your FAIS complaints officer? Ferdi Schenck Please provide the link to the complaints policy on your website www.sygnia.co.za OWnerShIP What is the ownership structure of the company? The company is wholly owned by its management and staff. Who are the directors of the company? MF Wierzycka, SJB Peile, WS van der Merwe, SJ Mhkwanazi Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. 100% hIStOry
InveStMent ManDateS What are your total Assets Under Management? R74 Billion Please detail the mandates you currently manage and the size of each of these mandates. Wide range of customised multi-manager portfolios. Key InveStMent PerSOnneL Magda Wierzycka CEO BBusSc(Actuarial), PhDip(Actuarial), FFA, FASSA, CFP FIFM 18 years industry experience Niki Giles COO BBusSc(Finance), CA(SA), CFA 14 years industry experience Simon Peile Joint Head:Investments BBusSc(Actuarial), FFA, FASSA, CFP 23 years industry experience Willem van der Merwe Joint Head:Investments BSc(Actuarial), BCom(Honours in Financial Analysis), CFA 14 years industry experience Trevor Abromowitz Head: Institutional Business BSc(Actuarial), FIA, FASSA 8 years industry experience
BuSIneSS PhILOSOPhy Providing customised multi-manager investment solutions to the institutional investment market, backed by leading edge technology solutions allowing unprecedented levels of investor oversight, reporting and risk management.
When was the company established? 2006 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? BEE audit in progress What is your B-BBEE status N/A By whom have you been accredited? N/A Date of accreditation N/A gIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A
112
Sym|metry MuL tI-Manager

www.symmetry .co.za
cOMPany DetaILS FAIS FSP Registration number: 703 Switch Board +27 21 509 6566 Fax number: +27 21 503 4079 General E-mail: symmclientquery@symmetry.co.za Address: WestEnd Mall, 2nd Floor, Mutual Park, Jan Smuts Drive, Pinelands, 7405 PO Box 1014, Cape Town, 8000 Compliance Officer Name: ZulfaAbdurahman Zabdurahman@omigsa.com
FaIS reQuIreMentS Who is your FAIS complaints officer? ZulfaAbdurahman Please provide the link to the complaints policy on your website Zabdurahman@omigsa.com OWnerShIP What is the ownership structure of the company? SYm|mETRY Multi-Manager is a division of Old Mutual Life Assurance Company of South Africa Limited (OMLACSA), part of the Old Mutual plc Group. Who are the directors of the company? Prof AH van Wyk (Chairman), PB Hanratty (Managing Director) (Irish), AS Birrell, T Dloti, Prof GJ Gerwel, Dr IA Goldin, Dr D Konar, Ms AA Maule, J Naidoo, Ms DC Radley, JVF Roberts (British), Mrs GT Serobe, IB Skosana, PGM Truyens (Dutch) and GS van Niekerk. Company Secretary: RF Foster Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Current ownership, based on the Broad-Based BEE Codes of Good Practice, is as follows: 10.1% to Management and Staff 5.0% to Intermediaries and Customers 5.0% to Black Business Partners 20.1% of OMSA Groups South African business hIStOry When was the company established? 2000 List of mergers that have taken place since being established. None B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 2 Contributor By whom have you been accredited? AQRate Date of accreditation 18 October 2011 (valid until 17 October 2012) gIPS Are you GIPS compliant? Not applicable as SYm|mETRY is a MultiManager and this would apply to underlying managers.
Are you GIPS verified? N/A By whom have you been verified? N/A Date of verification N/A Expiry date of verification N/A InveStMent ManDateS What are your total Assets Under Management? Approximately R40 billion Please detail the mandates you currently manage and the size of each of these mandates. Not Available Key InveStMent PerSOnneL Trevor Pascoe CEO BSc(Hons), FASSA, FIA 23 years industry experience 2 years with Symmetry Monene Watson Head: Equity Manager Research BCom(Hons), CFA 18 years industry experience 9 years with Symmetry Roland Grbe CIO CFA 13 years industry experience 1 year with Symmetry Fred Liebenberg Head: Absolute Investments & Fixed Interest BCom(Actuarial), CFA 11 years industry experience 10 years with Symmetry Meyer Coetzee Head: Product Development & Portfolio Management BCom(Actuarial), CFA, FIA 20 years industry experience 8 years with Symmetry Stephen Brierley Head: Fund of Hedge Funds BCom(Economics) 12 years industry experience 3 years with Symmetry Andreea Bunea Head: Global Investments BCom(Honours), CFA 9 years industry experience 4 years with Symmetry
BuSIneSS PhILOSOPhy Our philosophy is built on four key pillars: Thorough manager research that starts by asking the right questions. Portfolio construction that optimizes the return for a given level of risk. Risk management that focuses on avoiding unintended risk concentration. A patient approach with a long term focus.
113
taQuanta aSSet ManagerS

www.taquanta.co.za
cOMPany DetaILS FAIS FSP Registration number: 618 Switch Board +27 21 681 5100 Fax number: +27 21 681 5199 General E-mail: stephen.roberts@taquanta.com Address: 7th Floor, Newlands Terraces, Boundary Road, Newlands, Cape Town, South Africa, 7700 PO Box 23540, Claremont, South Africa, 7735 Compliance Officer Name: Tim Howse +27 21 671 8162
FaIS reQuIreMentS Who is your FAIS complaints officer? Tim Howse Please provide the link to the complaints policy on your website tim@ecomply.co.za OWnerShIP What is the ownership structure of the company? 100% owned by Taquanta Investment Holdings (Pty) Ltd Who are the directors of the company? Dr. Vincent Maphai, Sandile Zungu, William Rowland, Justin Kretzschmar Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Yes - 40% hIStOry When was the company established? 9/29/1999 List of mergers that have taken place since being established. In 2002 merged with Nedbank Cash Management Business. In July 2007 Taquanta Investment Holdings, a new black-owned entity whose shareholders include several members of the original Taquanta consortium, acquired Nedbanks shareholding in Taquanta Asset Managers, Taquanta Securities and Taquanta Treasury Solutions. B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Level 3 Contributor By whom have you been accredited? AQRate Date of accreditation 29/09/2011 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? eComply Consultants (Pty) Ltd Date of verification December 2011 Expiry date of verification N/A
InveStMent ManDateS What are your total Assets Under Management? R61 Billion Please detail the mandates you currently manage and the size of each of these mandates. Cash: R43.2 Billion Equity: R12.7 Billion Multi-Strategy: R5.1 Billion Key InveStMent PerSOnneL Stephen Roberts Joint Managing Director BA(Hons) 27 years industry experience 26 years with Taquanta and its predecessors Steve Rogers Joint Managing Director FCIS 28 years industry experience 26 years with Taquanta and its predecessors Richard Gosnell CIO: Quants MSc(Eng), CFA 15 years industry experience 15 years with Taquanta and its predecessors Saleem Gamza Head: Cash Management Investment Management Certificate (UNISA) 26 years industry experience 24 years with Taquanta and its predecessors Ray Wallace Head: Asset Seeking Bcompt(Hons), CFA 17 years industry experience 16 years with Taquanta and its predecessors
BuSIneSS PhILOSOPhy We are a specialised institutional asset manager building on our core competencies in cash and quantitative management and seeking to be recognised for our ethical dealing with clients and value adding investment strategies.
114
vunanI FunD ManagerS (Pty) LtD

www.vunanifm.co.za
cOMPany DetaILS FAIS FSP Registration number: 608 Switch Board +27 21 670 4900 Fax number: +27 21 683 5788 General E-mail: info@vunanifm.co.za Address: 6th Floor, Letterstedt House, Newlands on Main, Newlands, 7700 P O Box 44586, Claremont, 7735 Compliance Officer Name: Kirsten Elvin-Jensen +27 21 670 4993 kirstenej@vunanifm.co.za
FaIS reQuIreMentS Who is your FAIS complaints officer? Kirsten Elvin-Jensen Please provide the link to the complaints policy on your website http://www.vunanifm.co.za/about/downloads/ Vunani_FAIS_Disclosure_statement.pdf OWnerShIP What is the ownership structure of the company? Vunani Fund Managers is 100% owned by Vunani Capital Who are the directors of the company? Executive Directors: Romeo Makhubela, Guy Fletcher, Azola Zuma Non-Executive Directors: Butana Khoza, Nathi Chonco Do staff and management have an interest in ownership? Please provide the percentage held by staff and management. Not currently, but discussions are taking place to allocate 30% of equity to key staff. hIStOry When was the company established? July 1999 List of mergers that have taken place since being established. None. In June 2010 long-term empowerment partner, the Vunani Group, increased its stake from 11% to a majority 51% shareholding, whilst the controlling company at the time, Peregrine Holdings, retained a meaningful 49% interest. On 15/08/2011 Vunani Fund Managers became 100% owned by Vunani Capital. B-BBee creDentIaLS Are you B-BBEE accredited? Yes What is your B-BBEE status Vunani Fund Managers has been BEE verified as a Level 1 Contributor by EmpowerLogic for 2012 at the 169% level. By whom have you been accredited? EmpowerLogic Date of accreditation 25/01/2012 gIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? Deloitte & Touche
Date of verification Verified to December 2010 in February 2011 Expiry date of verification December 2010 InveStMent ManDateS What are your total Assets Under Management? R8.781 Billion Please detail the mandates you currently manage and the size of each of these mandates. Equity: R4.195 Billion Bonds: R879.24 Million Target Return: R2.434 Billion Absolute Return: R171.87 Million Property: 41.08 Million International: R106.20 Million Structured Products: R953.01 Million Key InveStMent PerSOnneL Romeo Makhubela CEO BCom, PDG Business Administration 23 years industry experience 4 months with Vunani Fund Managers Guy Fletcher CIO BSc(Hons), CFA 23 years industry experience 10 years with Vunani Fund Managers Azola Zuma Director / Business Development BBusSc, MBA, MA (Int. Business) 7 years industry experience 1.5 years with Vunani Fund Managers Tony Bell Portfolio Manager: Multi-Asset BCom(Hons), MBA 24 years industry experience 10 years with Vunani Fund Managers Rowan Williams Short Portfolio Manager: Interest Bearing MSc, FIFM, CFA 24 years industry experience 4 months with Vunani Fund Managers
BuSIneSS PhILOSOPhy With an average of over 19 years experience in asset management, Vunani Fund Managers is committed to building a leading, truly blackowned fund management business. We focus on investment performance and client service in Multi-Asset, Specialist Bonds, Specialist Equity and Specialist Property.
115
aBSa aSSet ManageMent Snowy Musundwa Tel: +27 11 480 5006 Fax: +27 86 682 0078 Email: snowy.musundwa@abam.co.za
aFena caPItaL tebogo naledi Tel: +27 21 657 6250 Fax: +27 86 687 6890 Email: tnaledi@afenacapital.com www.afenacapital.com
aLLan gray PrOPrIetary LIMIteD Mahesh cooper Tel: +27 21 415 2300 Email: mahesh.cooper@allangray.co.za www.allangray.co.za
argOn aSSet ManageMent (Pty) LtD Luyanda Joxo Tel: +27 21 670 6576 Fax: +27 86 674 1100 Email: Luyanda@argonasset.co.za www.argonassetmanagement.co.za Beyond the becnhmark
atLantIc aSSet ManageMent (Pty) LtD Murray anderson Tel: +27 21 913 8941 Email: manderson@atlantic.com www.atlanticam.com
caDIZ aSSet ManageMent (Pty) LtD gerald Mafunda Email: gerald.mafunda@cadiz.co.za www.cadiz.co.za
caveO FunD SOLutIOnS (Pty) LtD Byron green Tel: +27 11 505 6308 Email: greenb@caveo.co.za www.caveo.co.za
DIBanISa FunD ManagerS Zack Bezuidenhoudt Tel: +27 11 217 1147 Email: zbezuidenhoudt@dibanisafundmanagers.co.za www.dibanisafundmanagers.co.za
eLeMent InveStMent ManagerS Ian Jones Tel: +27 21 426 1313 Email: info@elementim.co.za www.elementim.co.za Independent Active Investors
eLectuS russell Bodill Tel: +27 21 504 7296 Email: RBodill@electus.co.za www.electus.co.za
FuturegrOWth aSSet ManageMent (Pty) LtD glynnis Jeffries Tel: +27 21 659 5475 Fax: +27 21 659 5333 Email: glynnisj@futuregrowth.co.za www.futuregrowth.co.za Returns that matter
InveStec aSSet ManageMent (Pty) LtD thabo Khojane Tel: +27 21 416 2000 Fax: +27 21 416 2001 Email: iam.institutitional@investecmail.com www.investecassetmanagement.com
JM BuSha InveStMent grOuP (Pty) LtD Joseph Makamba Busha Tel: +27 11 325 2027 Fax: +27 11 325 2047 Email: invest@jmbusha.com www.jmbusha.com Absolutely Positive Performance
Mergence InveStMent ManagerS (Pty) LtD ronel Bantjes Tel: +27 21 433 2960 Email: ronel@mergence.co.za Pragmatic investing
neDgrOuP InveStMentS Matthew de Wet Tel: +27 21 416 6085 Fax: +27 21 416 8085 Email: matthewdw@nedgroupinvestments.co.za www.nedgroupinvestments.co.za
OaSIS aSSet ManageMent LIMIteD adam ebrahim Tel: +27 21 413 7860 Fax: +27 21 413 7900 Email: clients@za.oasiscrescent.com www.oasiscrescent.com Superior returns at lower than market risk
OLD MutuaL InveStMent grOuP (SOuth aFrIca) (Pty) LtD Mike van heerden Tel: +27 21 509-5082 Email: mvheerden@omigsa.com www.omigsa.com
Pan-aFrIcan aSSet ManageMent (Pty) LtD Miranda Scheepers Tel: +27 11 463 0300 Email: Miranda@pam-asset.co.za www.pam-asset.co.za Real in Africa- Real in Returns
PreScIent InveStMent ManageMent (Pty) LtD Sharon Bailey Tel: +27 21 700 3670 Fax: +27 21 700 3700 Email: sharon@prescient.co.za www.prescient.co.za
PruDentIaL POrtFOLIO ManagerS (SOuth aFrIca) (Pty) LtD valdon theron Tel: +27 21 670 5069 Email: valdon.theron@prudential.co.za www.prudential.co.za ALL THINGS CONSIDERED
SanLaM InveStMent ManageMent (Pty) LtD Phillip Mjoli Tel: +27 21 950 2567 Fax: +27 21 950 2226 Email: PhillipM@sim.sanlam.com www.sim.sanlam.com Rational thinking. Smarter investing.
SanLaM MuL Manager InternatIOnaL (Pty) L tI tD corita van Wyk Tel: +27 21 950 2600 Fax: +27 21 950 2126 Switchboard: +27 21 950 2600 Email: Corita.vanWyk@smmi.sanlam.com
Sym|metry MuLtI-Manager trevor Pascoe Tel: +27 21 509 0605 Email: tpascoe@symmetry.co.za www.symmetry.co.za
taQuanta Stephen roberts Tel: +27 21 681 5101 Fax: +27 21 681 5199 Email: stephenr@taquanta.com www.taquanta.com For Certainty
truFFLe aSSet ManageMent SJ Du Preez Tel: +27 11 325 0030 Email: info@truffle.co.za www.truffle.co.za Asset Management and Customised Solutions
nOteS
122
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December 2011

Manager WatchtM Survey OF retIreMent FunD InveStMent ManagerS

asset consultants FInancIaL ServIceS

An Authorised Financial Services Provider

tbsp /// beyond the line 33807

PORTFOLIO NAME CHANGES

Mergers and Acqusitions

SA Best Investment View

Global Best Investment View

SA Equity Manager Watch

Electus Growth Portfolio

Momentum Target Equity

OMIGSA Active Quant Equity

OMIGSA Double Alpha Top 40

OMIGSA Premium Equity

SIM Aggressive Equity

Sygnia Absolute Focus Equity

Sygnia Core Equity Fund

SA Bond Manager Watch

Prescient Inflation Linked Bond Fund

SA Money Market Manager Watch

Atlantic Cash Plus

Momentum (R5) Money Market

Nedgroup Investments Money Market Fund

RE:CM Money Market

Absolute Return Manager Watch

Coronation Absolute CPI + 6% (moved from CPI + 7%)

Momentum Absolute Strategies

Momentum Capital Plus Fund (moved from CPI + 5% to CPI +3%)

Targeted Development Investment Survey

Symmetry Social Impact Fund

Fund of Hedge Fund Survey

Blue Ink Equity Aggressive

Blue Ink Equity Conservative

Blue Ink Fixed Income Arbitrage

Blue Ink Market Neutral

Edge Iconic Income Opportunities

Edge Iconic Matador Fund

Edge Iconic Matador Fund II

Edge Iconic Matador Institutional

Edge Iconic Multi-strategy Fund

Medical Aid Manager Watch

Cadiz Medical Aid Fund

S.A. Property Manager Watch Survey

OMIGSA Quoted Property

HISTORY OF ALEXANDER FORBES PERFORMANCE SURVEYS

TOTAL VALUE OF ASSETS MANAGED (31 DECEMBER 2004 TO 30 JUNE 2011)

1,519,642.34 1,897,841.16 2,218,265.36 2,627,888.90 2,465,853.16 2,718,458.17 3,082,163.07 3,124,535.91

MANAGER DISTRIBUTION ACCORDING TO ASSET SIZE

EQUITY (TOTAL RETURN INDICES)

BONDS (TOTAL RETURN INDICES)

REAL ESTATE (TOTAL RETURN INDICES)

FOREIGN (IN RANDS) (TOTAL RETURN INDICES)

3 Years (p.a.) 18.39% 17.05% 16.40% 16.05% 15.03% 13.64% 14

5 Years (p.a.) 12.80% 11.27% 10.34% 10.15% 9.02% 7.66% 14

INVESTMENT DATA TO THE END OF DECEMBER 2011

Foord Segregated Domestic

Investec Asset Management

Investment Solutions Performer Local

Investment Solutions Value Alpha Local

Kagiso Balanced Fund

Momentum AM Domestic Balanced Fund

OMIGSA Macro Strategy

Prudential Domestic Balanced