Quarterly Fund Guide

Quarterly Fund Performance Guide
December 2012
Max Investments | Max Income | Investment Frontiers | Fairbairn Capital
11
Contents
Page No.
Markets & Economics 2
Old Mutual MAX Investments Objective 3
Local Funds (Life)
Old Mutual Flexible Life Fund 4
Old Mutual Balanced Life Fund 6
Old Mutual Balanced Life Fund with Guarantee 8
Old Mutual Stable Growth Life Fund 10
Optimised Growth Life Fund 12
Optimised High Growth Life Fund 14
Old Mutual Edge28 Life Fund 16
Old Mutual Enhanced Income Life Fund 18
Wealth Defender Life Fund 20
Wealth Defender Income Life Fund 22
Old Mutual Bond Life Fund 24
Old Mutual Financial Services Life Fund 25
Old Mutual Industrial Life Fund 26
Old Mutual Mining & Resources Life Fund 27
Old Mutual Money Market Life Fund 28
Old Mutual Small Companies Life Fund 29
Old Mutual SA Quoted Property Life Fund 30
CoreGrowth Life Fund 31
EBGF Life Fund 32
Growth Preserver Life Fund 33
Old Mutual Absolute Smooth Growth Life Portfolio 34
Old Mutual Absolute Stable Growth Life Portfolio 35
Secured Money Market Life Fund 36
Smoothed Performance Life Fund 37
Coronation Balanced Life Fund 38
Coronation Capital Plus Life Fund 40
Investec Opportunity Life Fund 42
Old Mutual Real Income Life Fund 44
SYm|mETRY Funds
SYm|mETRY Balanced Life Fund 46
SYm|mETRY Defensive Life Fund 48
SYm|mETRY Equity Life Fund 50
SYm|mETRY Islamic Fund 52
SYm|mETRY Money Market Fund 54
Offshore Life Funds
Optimised World Active Life Fund 56
Optimised World Balanced Life Fund 57
Optimised World Defensive Life Fund 58
Optimised World High Growth Life Fund 59
Old Mutual Global Best Ideas Life Fund 60
Old Mutual Global Currency Life Fund 61
World Bonds Life Fund 62
World Equity Life Fund 63
World Diversifed Plus Life Fund 64
World Growth Plus Life Fund 65
Multi-manager World Balanced Life Fund 66
Multi-manager World Defensive Life Fund 67
Multi-manager World High Growth Life Fund 68
Disclaimer 69
Notes 70
2 1. Return to contents page
Markets & Economics
30 SEPTEMBER 2012 TO 31 DECEMBER 2012
SOUTH AFRICA
Apart from lurking global concerns and risks, local investors faced home-
grown concerns, too, during the fourth quarter of 2012. These included
a wave of labour unrest, a serious disruption to mining production, a
very large and growing foreign trade shortfall, a slump in the rand,
slowing economic growth and considerable political uncertainty in
the run-up to the ruling partys conference in Mangaung. Yet, despite
all these global and local concerns, the local equity market marched
relentlessly higher over the quarter, with the FTSE/JSE All Share Index
gaining almost 10%.
Key to the divergent behaviour of investor concerns and market
performance is that some of the key monetary transmission mechanisms
are still perceived to be broken. Importantly, the weaker rand has
not resulted in much higher infation expectations or more bearish
views on interest rate prospects. As such, the weaker rand is actually
good for local producers as it is unlikely to trigger damage via higher
infation and interest rates, as has typically been the pattern in the
past. Moreover, the ANCs conference turned out far more market
friendly than investors had expected, not only with the election of
businessman Cyril Ramaphosa as the ANCs deputy president, but also
through relatively pragmatic policy decisions and the acceptance of
the widely applauded National Development Plan as the backbone of
future government economic policy.
Still, despite a moderately improved global outlook, local macro-
economic prospects for 2013 are poor. Growth is expected to again
be sub-3%, a rate at which very few jobs will be created. This implies
that all eyes have now turned to Government to effect the necessary
policy changes to pave the way for higher growth over the medium
term. These include the faster roll-out of infrastructure expansion, a
far more effective public sector bureaucracy when it comes to service
delivery, ruthlessly stamping out corruption, creating a generally more
business-friendly environment by creating greater policy certainty, and
regaining full control over current government expenditure and the
fscal situation in general.
OMIGSA Economic Research Unit view: 2013 will be another year
of subdued economic growth and limited job creation. However, the
ANCs recent conference has paved the way for growth-enhancing policy
reforms. The coming year will prove whether or not Government is
committed to implement these.
Comments from Rian le Roux
Chief Economist
INTERNATIONAL
As was the case in the third quarter, the fourth quarter of 2012 presented
investors with lots of macro-economic cross-currents to navigate.
On the positive side, news fow about the European debt crisis has
gradually improved during the second half of 2012, while incoming
data suggests the giant economies of the USA and China continue to
grow at relatively acceptable paces, and on the policy front the US
Federal Reserve, Chinese policymakers and the Japanese government/
Bank of Japan have all promised solid policy support to encourage
economic growth and job creation. Against this background, investors
two key fears of 2012, namely Eurozone disintegration (and fnancial
chaos fowing from that) and/or a global economic hard landing did
not materialise.
However, there were also a number of issues on the macro front that
kept investors concerned. On the growth front, the Eurozone remained
in deep recession, Japan continues to struggle with defation and is
threatening to relapse into recession, and commodity producers are
struggling too, as commodity prices remain relatively depressed. The
biggest concern of the fnal quarter of the year was the approaching US
fscal cliff, according to which US fscal policy would effectively be
tightened by some 4% of GDP from 1 January 2013, unless existing US
legislation is changed. Such a fscal shock would almost certainly tilt the
US economy back into recession. As the quarter progressed, investors
concerns about a fscal shock mounted as Democrats and Republicans
remained heavily divided over how to tackle the problem. These fears
were the prime reason for the sell-off in equity markets over the course
of the quarter. As concerns rose, markets worried and commentators
around the world urged US lawmakers to reach consensus. However, it
appeared that some kind of a deal would be reached at the last minute.
We continue to hold the view that US lawmakers will not allow the US
to fop back into recession due to an unacceptably severe tightening
in fscal policy, and that fscal tightening in 2013 will be of the order
of about 1.5% of GDP. Fiscal tightening of such a magnitude will act as
a drag on the US recovery, but not derail it.
OMIGSA Economic Research Unit view: Looking forward to 2013, we
expect global growth to accelerate moderately, central banks to provide
lots of monetary support, the Eurozone crisis to continue to gradually
fade as a prime concern for investors, and fscal tightening to continue
over a broad front globally. This should provide a supportive backdrop
for growth assets in 2013.
NEW CLIENT INVESTMENT OBJECTIVE MODEL FOR PERSONALISED MAX
INVESTMENTS AND MAX INCOME SOLUTIONS
Old Mutual Max Investments and Max Income Solutions have introduced a new investment model for clients, centred on the clients
personal investment objectives. This represents a move away from the traditional investment model focusing on a clients risk profle,
in recognition that this method is limited by typically only measuring short-term risk positioning.
By taking into account the clients investment objective, the new investment model aligns the investors actual investment solution
with their long-term fnancial goals. It also creates improved consistency across products, and aligns Old Mutuals retail investment
advice practices.
To implement the new investment model, Old Mutuals Investment Analysis Tool now places clients into one of fve investment objective
categories, and recommends certain funds or combinations of funds to meet each of these objectives. The choice of funds is based on
their risk ratings and on analyses of their historical returns, depending on asset class exposure.
The table below presents the new client investment objective model in a nutshell, highlighting the fve client investment objectives
and the recommended combination of funds tailored to meet these objectives.
Max Investments
LIFE Funds
Risk
Rating
LISP Funds
Risk
Rating
High Income
Old Mutual Money Market Life Fund 1 Old Mutual Money Market Fund 1
Marriot High Income FoF 1 Marriot High Income FoF 1
Real Income
Old Mutual Enhanced Income Life Fund 2 Old Mutual Enhanced Income Fund 2
Old Mutual Stable Growth Life Fund 2 Old Mutual Stable Growth Fund 2
Stable Growth
Old Mutual Stable Growth Life Fund 2 Old Mutual Stable Growth Fund 2
SYm|mETRY Defensive Life Fund 2 SYm|mETRY Defensive FoF 2
Balanced
Growth
Wealth Defender Life Fund 3 Old Mutual Dynamic Floor Fund 3
Old Mutual Balanced Life Fund 3 Old Mutual Balanced Fund 3
SYm|mETRY Balanced Life Fund 3 SYm|mETRY Balanced FoF 3
High Growth
Old Mutual Flexible Life Fund 4 Old Mutual Flexible Fund 4
Optimised Growth Life Fund 4 Old Mutual Investors Fund 4
SYm|mETRY Equity Life Fund 4 Old Mutual Top Companies Fund 4
Edge 28 Life Fund 5
Guaranteed
Funds
Secured Money Market Life Fund 1
Smoothed Performance Life Fund 2
Absolute Stable Growth Life Fund* 2
Absolute Smoothed Growth Life Fund* 3
* Retirement annuities only
OLD MUTUAL FLEXIBLE LIFE FUND
PREVIOUSLY KNOWN AS OPTIMISED AGGRESSIVE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to deliver long-term equity-like returns, but at
lower levels of volatility than equity. The fund will predominantly
invest in shares, but the portfolio manager can invest in less risky
asset classes when they offer better value.
WHO IS THIS FUND FOR?
This fund is suited to investors who want high long-term capital
growth, but who want some protection against short-term
fuctuations of the equity market. The fund is suitable for long-
term savings outside a retirement fund.
RECOMMENDED MINIMUM INVESTMENT TERM
INVESTMENT MANDATE
The fund manager may, within a very unconstrained mandate,
employ active trading, aggressive security selection and other
means available to boost performance. In order to achieve the
fund objective the portfolio manager may choose to gain exposure
to the described assets and asset classes by investing through
OMLACSA pooled portfolios, collective investment schemes or a
combination thereof.
BENCHMARK: CPI
PERFORMANCE TARGET: CPI + 8% p.a. (gross of fees)
RISK OBJECTIVE: Lower volatility than the equity market.
FUND MANAGER(S):
Peter Brooke (OMIGSA - MacroSolutions)
LAUNCH DATE: 01/09/1998
SIZE OF FUND: R1.2bn
OTHER INVESTMENT CONSIDERATIONS
INITIAL CHARGES:
There is no initial administration charge on the fund.
ONGOING:
Performance fees apply as follows:
Annual management fee (min./max.): 0.67% / 2.50% p.a.
Fee hurdle: CPI + 4%
Sharing rate: 15%
Fee at hurdle/target: 0.67% / 1.27% p.a.
Manager shares in any performance above the fee hurdle. The performance fee
is based on rolling one-year periods (details on website). It is accrued daily and
paid on a monthly basis. Additional charges that are deducted from the funds
portfolio will be included in the TER. The fees that could be included in the TER
which are not refected in the annual management fee include fees charged for
the management of foreign assets, performance fees on alternatives, custodian
fees, bank charges and audit charges.
Total expense ratio (TER): 1.46%
TER is a historic measure and includes the annual service fee.
1 2 3 4 5
RISK STATISTICS (5 YEARS P.A.) FUND JSE ALL SHARE ALL BOND
Annual Standard Deviation 12.6% 18.4% 7.5%
Fund
Benchmark
Aug-03 Oct-04 Dec-05 Feb-07 Apr-08 Jun-09 Aug-10 Oct-11 Dec-12
0%
5%
10%
15%
20%
25%
30%
Old Mutual Flexible Life Fund (5-Year Annualised Rolling)
Risk/Return Profle (5 Years Annualised)
10%
9%
8%
7%
6%
5%
9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
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G
r
o
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t
h
JSE All Share
Fund
PRINCIPAL HOLDINGS
HOLDING SECTOR % OF FUND
MTN Group Limited Telecommunications 5.6
Sasol Ltd Oil & Gas 3.1
AngloGold Ashanti Limited Basic Resources 2.9
Old Mutual plc Life Insurance 2.4
Compagnie Financire Richemont Personal & Household Goods 2.3
Investec plc Financials 2.3
BHP Billiton plc Basic Resources 2.2
The Bidvest Group Ltd Industrials 2.2
Anglo American plc Basic Resources 2.0
Steinhoff International Holdings Personal & Household Goods 1.9
26.8
1 year+ 3 years+ 5 years+
FUND PERFORMANCE as at 31/12/2012

% PERF. % PERF. (p.a.)
3-Mth 6-Mth 1-Yr 3-Yr 5-Yr 7-Yr 10-Yr
Since
Inception
Tax-exempt Investor 5.8 11.7 17.7 11.5 7.3 11.2 15.7 18.4
Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 6.3
Retirement Fund 5.8 11.7 17.5 11.5 7.4 11.2 15.5 18.1
Private Investor 5.4 10.9 16.4 10.5 6.4 10.4 14.7 17.4
Corporate Investor 5.1 10.3 15.0 9.5 6.0 9.1 13.3 16.3
PRODUCT AVAILABILITY IF FC Max
Investment Plan (LIFE)

Investment Plan (LISP)

Retirement Annuity

Preservation Fund
Living Annuity

FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100
SA Equities 51.1%
SA Bonds 3.4%
SA Cash 12.7%
SA Property 7.1%
Preference Shares 0.9%
International Equity 20.0%
International Property 2.7%
International Bonds 2.0%
International Cash 0.1%
December 2012
Funds are also available via:
Fairbairn Capital
Tel +27 (0)860 300 000 | Fax +27 (0)860 400 000 | Email service@fairbairncapital.com | Internet www.fairbairncapital.com
Max Investments
Tel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email MaxInvestments@oldmutual.com | Internet www.oldmutual.co.za/max
Max Income
Tel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email maxincome@oldmutual.com | Internet www.oldmutual.co.za/max
FUND MANAGER INFORMATION
CURRENT RESPONSIBILITY:
Peter joined Old Mutual in May 2005 and has been the Head of
MacroSolutions since 2007.
Peter has specifc responsibility for third-party funds, including the
Profle range. He also manages a number of unit trusts including
the Old Mutual Flexible, Old Mutual Real Income and Old Mutual
Stable Growth Funds.
Having analysed countries and companies, Peter can integrate
top-down and bottom-up drivers and valuations to create an
optimal portfolio.
PREVIOUS EXPERIENCE:
Peter is an award-winning analyst who has extensive experience
in the investment arena. He worked at a stockbroker for 10 years,
as an analyst and equity strategist, after which he was the Head
of Research and Head of Equities for Cazenove South Africa.
PETER BROOKE
QUALIFICATIONS:
BBusSc (Hons in Finance)
FUND COMMENTARY as at 31/12/2012
The FTSE/JSE All Share Index (ALSI) had a very strong fourth quarter, gaining 10.3%,
with returns of 26.7% for the 2012 calendar year. Listed property enjoyed another
year of very strong returns, delivering 35.9% for the year. The All Bond Index and
the Infation-linked Bond Index gained 16% and 19.4% respectively for the year. Cash
returned 5.5%. Globally, it was a good year for equities with the MSCI ACWI up 16.8%
measured in US dollars. Emerging markets outperformed developed markets for the
year with strong relative performance in the last quarter. Commodity prices were
generally higher for the year with Brent crude gaining 2.3%, copper was up by 4.2%
and gold was 5.6% higher. The rand had a volatile year losing 4.1% against the US
dollar and 5.7% against the euro.
In line with the excellent returns from growth assets the fund enjoyed an 18.2%
return for the year. The fund benefted from exposure to both local and international
property, an overweight position in emerging markets and the purchase of convertible
bonds. However, with the beneft of hindsight holding, any cash was a mistake as
that dragged on performance. During the year, the fund reduced exposure to certain
shares which had run hard, which increased the cash allocation. Over the last decade,
the fund has delivered an annual return of 16.4%, growing investor capital more than
four-fold. We do not expect such good returns in the next decade, but the fund will
strive to deliver decent real returns, enjoying the fexibility to invest across asset
classes and markets.
The information and opinions contained in this guide are made in good faith and are based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to their
accuracy, completeness or correctness. The opinions expressed herein are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of own judgement.
The price of shares/units and any income from them may fall as well as rise. Past performance or fund benchmark performance is not necessarily a guide to the future and investors may not get back the
full amount invested. When a subscription involves a foreign exchange transaction, it may be subject to the fuctuations of currency values. Exchange rates may also cause the value of underlying overseas
investments to go down or up. It should be noted that investments within the fund may not be readily marketable. It may therefore be diffcult for an investor to withdraw from the fund or to obtain reliable
information about its value and the extent of the risks to which it is exposed.
OLD MUTUAL FLEXIBLE LIFE FUND
PREVIOUSLY KNOWN AS OPTIMISED AGGRESSIVE FUND
OLD MUTUAL BALANCED LIFE FUND
PREVIOUSLY KNOWN AS OPTIMISED BALANCED FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
This fund aims to achieve long-term infation-beating growth.
The fund has a growth asset bias and will invest more heavily in
shares. The portfolio manager actively allocates to other asset
classes to take advantage of changing market conditions and to
manage the funds volatility.
This fund is suitable for investors wanting moderate to high long-
term growth, with less volatility in the short term than pure equity.
It is suitable as a stand-alone retirement investment.
INVESTMENT MANDATE
The fund is exposed to all sectors of the market (shares, bonds
& property). This fund complies with Prudential Investment
Guidelines. In order to achieve the fund objective the portfolio
manager may choose to gain exposure to the described assets and
asset classes by investing through OMLACSA pooled portfolios,
collective investment schemes or a combination thereof.
BENCHMARK: CPI
RISK OBJECTIVE: Lower volatility than competitor funds
FUND MANAGER(S):
Anil Thakersee (OMIGSA - MacroSolutions)
INITIAL CHARGES:
ONGOING:
Sharing rate: 15%
1 2 3 4 5
Fund
Benchmark
0%
5%
10%
15%
20%
25%
Old Mutual Balanced Life Fund (5-Year Annualised Rolling)
16%
14%
12%
10%
8%
6%
4%
4% 6% 8% 10% 12% 14% 16% 18%
Annual Volatility
A
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G
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South African - Multi Asset -
High Equity
Fund
PRINCIPAL HOLDINGS
MTN Group Ltd Telecommunications 4.4
FirstRand Ltd Banks 2.1
AngloGold Ashanti Ltd Basic Resources 1.7
Standard Bank Group Ltd Banks 1.6
25.1

Since
Inception
Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 6.3
Retirement Fund 5.7 12.2 18.5 11.7 7.4 10.6 14.4 15.4


Retirement Annuity

Preservation Fund
Living Annuity

FUND COMPOSITION
SA Equities 44.0%
SA Bonds 13.3%
SA Cash 12.3%
SA Property 5.3%
Commodities 0.5%
International Equities 20.4%
0
10
20
30
40
50
60
70
80
90
100
December 2012
Fairbairn Capital
Max Investments
Max Income
PREVIOUSLY KNOWN AS OPTIMISED BALANCED FUND
Anil joined MacroSolutions in August 2008, and is responsible for
the balanced funds.
His investment experience prior to joining the boutique was in the
fxed income and multi-management areas. He brings this experience
in portfolio construction and bond and money markets to the team.
Anil has nine years of investment experience covering fxed income
markets and multi-asset class funds.
Prior to joining Old Mutual, Anil was a fund manager at Appleton
Asset Management and an analyst at BoE Private Bank.
ANIL THAKERSEE
QUALIFICATIONS:
BCom
CFA Charterholder
the Infation-linked Bond Index gained 16% and 19.4% respectively for the year.
Cash returned 5.5%. Globally, it was a good year for equities with the MSCI ACWI up
16.8% measured in US dollars. Emerging markets outperformed developed markets
for the year with strong relative performance in the last quarter. Commodity prices
were generally higher for the year with Brent crude gaining 2.3%, copper was up by
4.2% and gold was 5.6% higher. The rand had a volatile year losing 4.1% against the
US dollar and 5.7% against the euro.
The fund performed well in 2012 on an absolute return basis, relative to the other
funds in its category and against its own performance objective of CPI + 6%. We have
been overweight to infation-linked bonds for some time now and they performed
exceptionally well last year. Despite this outperformance, we continue to hold these
bonds as they offer infation protection and we continue to see little scope for real
returns from cash. The fund remains fully invested in offshore assets as we continue
to fnd good value in international equities relative to other asset classes.
December 2012
(with Guarantee) PREVIOUSLY KNOWN AS OPTIMISED BALANCED
FUND (WITH GUARANTEE)
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
This fund aims to achieve long-term infation-beating growth.
The fund has a growth asset bias and will invest more heavily in
shares. The portfolio manager actively allocates to other asset
classes to take advantage of changing market conditions and to
manage the funds volatility.
This fund is suitable for investors wanting moderate to high long-
term growth, with less volatility in the short term than pure equity.
It is suitable as a stand-alone retirement investment.
INVESTMENT MANDATE
The fund is exposed to all sectors of the market (shares, bonds
& property). This fund complies with Prudential Investment
Guidelines. In order to achieve the fund objective the portfolio
BENCHMARK: CPI
RISK OBJECTIVE: Lower volatility than competitor funds
FUND MANAGER(S):
Anil Thakersee (OMIGSA - MacroSolutions)
INITIAL CHARGES:
ONGOING:
Sharing rate: 15%
1 2 3 4 5
Fund
Benchmark
0%
5%
10%
15%
20%
25%
Old Mutual Balanced Life Fund (3-Year Annualised Rolling)
16%
14%
12%
10%
8%
6%
4%
4% 6% 8% 10% 12% 14% 16% 18%
Annual Volatility
A
n
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u
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G
r
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h
South African - Multi Asset -
High Equity
Fund

Since
Inception
Tax-exempt Investor 5.2 11.1 16.8 11.2 7.0 10.4 - 14.7
Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 5.8
Retirement Fund 5.7 12.2 18.5 11.7 7.4 10.6 - 14.7
Private Investor 4.8 10.3 15.7 10.1 6.0 9.4 - 13.4
Corporate Investor 5.1 10.9 16.2 10.1 6.1 9.2 - 12.9

Retirement Annuity

Preservation Fund
Living Annuity

PRINCIPAL HOLDINGS
AngloGold Ashanti Ltd Basic Resources 1.7
25.1
FUND COMPOSITION
SA Equities 44.0%
SA Bonds 13.3%
SA Cash 12.3%
SA Property 5.3%
Commodities 0.5%
0
10
20
30
40
50
60
70
80
90
100
Fairbairn Capital
Max Investments
Max Income
(with Guarantee) PREVIOUSLY KNOWN AS OPTIMISED BALANCED
FUND (WITH GUARANTEE)
the Infation-linked Bond Index gained 16% and 19.4% respectively for the year.
Cash returned 5.5%. Globally, it was a good year for equities with the MSCI ACWI up
16.8% measured in US dollars. Emerging markets outperformed developed markets
for the year with strong relative performance in the last quarter. Commodity prices
were generally higher for the year with Brent crude gaining 2.3%, copper was up by
4.2% and gold was 5.6% higher. The rand had a volatile year losing 4.1% against the
US dollar and 5.7% against the euro.
The fund performed well in 2012 on an absolute return basis, relative to the other
funds in its category and against its own performance objective of CPI + 6%. We have
been overweight to infation-linked bonds for some time now and they performed
exceptionally well last year. Despite this outperformance, we continue to hold these
bonds as they offer infation protection and we continue to see little scope for real
returns from cash. The fund remains fully invested in offshore assets as we continue
to fnd good value in international equities relative to other asset classes.
GUARANTEE DATE
The Guarantee Date is set fve years from the day of frst investment into the fund. On the Guarantee Date the full Fund Value is available without adjustment and a
new Guarantee Date is set for fve years into the future. Guarantee Dates also come into effect on contractual recurring premium plans at the end of the premium-
paying term. There is no Guarantee Date where the premium-paying term is less than fve years.
GUARANTEED MINIMUM FUND VALUE
On the Guarantee Date, the Guaranteed Minimum Fund Value equals the net premiums (premiums after premium charges) and/or net amount(s) invested into the
fund, increased by the guaranteed growth rate of 3% per annum, subject to the provisions below. Irregular payments invested less than two years before a Guarantee
Date will not be fully guaranteed, but will be guaranteed to the extent of 80% of the net irregular payment invested. Old Mutual is entitled to change the two-year
period to another period. Irregular payments include, but are not limited to, additional single premium payments, voluntary premium increases or payments in excess
of the 20% excess premium provisions of the regulations under section 54 of the Long-term Insurance Act 1998 in force as at 1 August 2002 (the 20% provisions),
switches into the fund and zero interest loan repayments. The 20% provisions as at 1 August 2002 shall continue to apply notwithstanding any subsequent amendment
or repeal. On each Guarantee Date, an amount equal to the excess (if any) of the Guaranteed Minimum Fund Value over the actual Fund Value will be credited to the
Investment Plan. Please note that these returns exclude the 3% p.a. guarantee charge.
DISINVESTMENT VALUE
Any part disinvestment from the fund, including income payments and switches out of the fund (including switches to the Capital Secured Fund when a plan is ceded
as security to Old Mutual), will reduce the level of the Guaranteed Minimum Fund Value. The level of the Guarantee will reduce in the same proportion as the Fund
Value is decreased.
Anil joined MacroSolutions in August 2008, and is responsible for
the balanced funds.
His investment experience prior to joining the boutique was in the
fxed income and multi-management areas. He brings this experience
in portfolio construction and bond and money markets to the team.
Anil has nine years of investment experience covering fxed income
markets and multi-asset class funds.
Prior to joining Old Mutual, Anil was a fund manager at Appleton
Asset Management and an analyst at BoE Private Bank.
ANIL THAKERSEE
QUALIFICATIONS:
BCom
CFA Charterholder
December 2012
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to outperform infation and provide a modest level
of income while aiming not to lose money over any 18-month
period. The portfolio manager actively manages asset allocation
to take advantage of changing market conditions.
This fund is suited to investors who want their investment to
grow in real terms and deliver a moderate level of income, with
controlled risk of capital loss in the short term. It is typically
suited to investors close to, or in retirement.
INVESTMENT MANDATE
The fund invests in cash, bonds, property (between 0% and 15%)
and shares (between 10% and 40% of the portfolio). In order to
achieve the fund objective the portfolio manager may choose to
gain exposure to the described assets and asset classes by investing
through OMLACSA pooled portfolios, collective investment schemes
or a combination thereof.
BENCHMARK: CPI
PERFORMANCE TARGET: CPI + 4% p.a. (gross of fees) over
3-year periods
FUND MANAGER(S):
INITIAL CHARGES:
ONGOING:
Sharing rate: 15%
1 2 3 4 5
Fund
Benchmark
Mar-03 Apr-04 May-05 Jun-06 Jul-07 Aug-08 Sep-09 Oct-10 Nov-11 Dec-12
0%
4%
8%
12%
16%
20%
24%
Old Mutual Stable Growth Life Fund (3-Year Annualised Rolling)
14%
12%
10%
8%
6%
4%
2%
0% 2% 4% 6% 8% 10%
Annual Volatility
A
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G
r
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t
hSouth African -
Multi Asset Low Equity
Fund
PRINCIPAL HOLDINGS
Dipula Income Fund-A Financials 1.9
Growthpoint Properties Ltd Financials 1.0
Redefne Properties Ltd Financials 0.7
Capital Shopping Centres Group Financials 0.5
AngloGold Ashanti Limited Basic Resources 0.5
8.0

Since
Inception
Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 6.3
Retirement Fund 3.8 8.9 15.2 10.7 8.8 9.9 11.7 11.3


Retirement Annuity

Preservation Fund

Living Annuity

FUND COMPOSITION
SA Bonds 29.7%
SA Cash 28.9%
SA Equities 10.2%
SA Property 7.1%
0
10
20
30
40
50
60
70
80
90
100
OLD MUTUAL STABLE GROWTH LIFE FUND
PREVIOUSLY KNOWN AS OPTIMISED DEFENSIVE FUND
Fairbairn Capital
Max Investments
Max Income
year of very strong returns, delivering 35.9% for the year. The All Bond Index and the
Infation-linked Bond Index gained 16% and 19.4%, respectively for the year. Cash
The fund fnished 2012 with its annual performance well ahead of cash and infation.
The fund enjoyed exposure to the top performing asset classes of the year including SA
listed property, domestic equity and infation-linked bonds. Within equities, exposure
to resources shares was a drag on performance, notwithstanding the selection of other
excellent equity performers including Richemont, Old Mutual and Life Healthcare.
During December, the fund bought holdings in Absa and Lonmin, both of which we
believe to be well positioned for recovery in 2013. The fund increased its global
exposure following a strong year in SA equities and property.
OLD MUTUAL STABLE GROWTH LIFE FUND
PREVIOUSLY KNOWN AS OPTIMISED DEFENSIVE FUND
optimal portfolio.
Peter is an award-winning analyst who has extensive experience
in the investment arena. He worked at a stockbroker for 10 years,
as an analyst and equity strategist, after which he was the Head
of Research and Head of Equities for Cazenove South Africa.
PETER BROOKE
QUALIFICATIONS:
December 2012
OPTIMISED GROWTH LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to offer superior returns over the medium to longer
term through investing in a broad spectrum of mostly local shares.
This fund is suited to investors seeking long-term capital growth
through a broadly diversifed portfolio of shares. The investor can
tolerate stock market volatility.
INVESTMENT MANDATE
It invests in shares across all sectors of the stock market, focusing
predominantly on blue chip shares. The fund invests in both growth
and value companies. The fund aims to achieve its performance
objectives through well-researched and superior share selection.
Derivatives may be used for risk management purposes. In order
to achieve the fund objective the portfolio manager may choose
to gain exposure to the described assets and asset classes by
investing through OMLACSA pooled portfolios, collective investment
schemes or a combination thereof.
BENCHMARK: 75% JSE All Share Index, 10% SA Bonds & 15% MSCI
World Index
PERFORMANCE TARGET: Benchmark + 2% p.a. (gross of fees)
FUND MANAGER(S):
Peter Linley (OMIGSA - Equities)
INITIAL CHARGES:
ONGOING:
Fee hurdle: Benchmark - 2%
Sharing rate: 15%
1 2 3 4 5
RISK STATISTICS (5 YEARS P.A.) FUND JSE ALL SHARE
Annual Standard Deviation 14.7% 18.4%
Fund
Benchmark
0%
5%
10%
15%
20%
25%
30%
35%
Optimised Growth Life Fund (5-Year Annualised Rolling)
10%
9%
8%
7%
6%
5%
4%
9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Benchmark
Fund
PRINCIPAL HOLDINGS
Naspers Ltd Media 5.7
British American Tobacco Personal & Household Goods 4.9
Remgro Ltd Financials 4.2
53.0

Since
Inception
Benchmark 8.8 16.6 25.1 15.1 9.0 13.5 16.7 17.7
Retirement Fund 6.1 12.7 19.8 12.3 6.5 11.4 16.1 16.4

Retirement Annuity

Preservation Fund

Living Annuity

FUND COMPOSITION
SA Equity 65.3%
Cash 9.7%
0
10
20
30
40
50
60
70
80
90
100
Fairbairn Capital
Max Investments
Max Income
OPTIMISED GROWTH LIFE FUND
Looking at the returns of the various indices for the 2012 calendar year, the FTSE/JSE
All Share Index returned 26.7% with positive contributions from industrials (36.5%),
consumer goods (42.9%) and fnancials (38.1%) while resources shares dragged the
overall returns down, posting a mere 5.4% return for the 12 months. Despite the
markets willingness to bid share prices higher, our valuations see limited opportunities
for much higher prices. We do, though, recognise that in the current environment of
low interest rates and concerted efforts by central banks around the world to support
economic growth, share prices are likely to continue to grind higher. For this reason,
we hold low levels of cash in our portfolios.
We remain cautious on the outlook for China and, therefore, on the outlook for
commodity prices, as China will continue to struggle to sort out a number of signifcant
imbalances in their economy. We do recognise that resources shares are beginning
to offer some value, based on long-term historical trend earnings, but conditions for
the miners are likely to remain tough.
Regarding South Africa, we are cautious on the outlook for the rand relative to
developed world currencies because of the sizeable current account defcit, which is
being fnanced to a large extent by foreign portfolio fows, leaving the rand vulnerable
to a change of heart by foreigners. It is for this reason that we have chosen to hold
a number of shares with varying degrees of rand-hedge qualities in the portfolio.
Appropriately valued, high quality shares fulfl an important core status in our funds,
including British American Tobacco (BAT), SABMiller, Sanlam, Bidvest and Remgro.
Our large holding in Old Mutual has served us well, as we identifed early on that the
market was ignoring the signifcant changes in the dynamics of the group since 2008.
Well-considered diversifcation is as important as ever in the current market and
to our approach, which places signifcant emphasis on the risk return dynamic and
provides a steady framework, not only in these markets but in all market conditions.
Peter is the joint head of Old Mutual Investment Group | Equities.
He assumed management of Old Mutual Investors Fund in 2009. He
is supported by a team of analysts, who have extensive experience
in the industry.
Our universe of shares covers some 150 companies. Our overall
approach is a combination of fundamental and quantitative
analysis. Each company in which we invest is subject to a robust
research process which follows a cash fow return on investment
approach (CFROI). Emphasis is placed on a disciplined portfolio
construction process to ensure that the potential of our research
ideas is maximised in the funds we manage.
Peter has extensive investment experience having worked in the
industry for 26 years as an equity analyst, a portfolio manager,
Head of Equity Research and Chief Investment Offcer. He has been
with Old Mutual since 1988.
PETER LINLEY
QUALIFICATIONS:
BA (Economics)
BCom (Hons)
December 2012
OPTIMISED HIGH GROWTH LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
term through investing in a broad spectrum of mostly local shares.
through a broadly diversifed portfolio of shares. The investor can
tolerate stock market volatility.
INVESTMENT MANDATE
The fund invests in shares across all sectors of the stock market,
focusing predominantly on blue chip shares. The fund invests in both
growth and value companies. It aims to achieve its performance
Derivatives may be used for risk management purposes. In order
BENCHMARK: 85% JSE All Share Index, 15% MSCI World Index
PERFORMANCE TARGET: Benchmark + 2% p.a. (gross of fees)
FUND MANAGER(S):
Peter Linley (OMIGSA - Equities)
SIZE OF FUND: R691m
INITIAL CHARGES:
ONGOING:
Fee hurdle: Benchmark - 2%
Sharing rate: 15%
1 2 3 4 5
RISK STATISTICS (5 YEARS P.A.) FUND JSE ALL SHARE
Fund
Benchmark
0%
5%
10%
15%
20%
25%
30%
35%
Optimised High Growth Life Fund (5-Year Annualised Rolling)
10%
9%
8%
7%
6%
5%
4%
9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Benchmark
Fund
PRINCIPAL HOLDINGS
Trencor Ltd Industrials 4.7
Netcare Ltd Healthcare 4.1
Lonmin plc Basic Resources 3.8
53.5

Since
Inception
Benchmark 9.6 17.7 26.1 15.3 8.7 14.0 17.4 18.0
Retirement Fund 4.8 10.1 15.2 10.5 5.1 10.5 15.8 16.1
Retirement Annuity
Preservation Fund
Living Annuity
FUND COMPOSITION
SA Equity 74.6%
0
10
20
30
40
50
60
70
80
90
100
Fairbairn Capital
Max Investments
Max Income
OPTIMISED HIGH GROWTH LIFE FUND
For the quarter ending 31 December 2012, the FTSE/JSE All Share Index (ALSI) and
the FTSE/JSE Shareholder Weighted All Share Index (SWIX) gained 10.3% and 10.1%,
respectively. Over the quarter, industrial shares performed the best, rising 13.2%,
while fnancials rose 11.2% and resources rose 7.1%. Large caps gained 10.9%, mid-
caps gained 7.7% and small caps gained 8.0%.
Within the resources sector, we continue to have a bias towards the large diversifed
and high-quality mining companies, as they are typically low-cost producers with
diversifed income streams across various commodities and geographies. We also hold
selected single-commodity shares in businesses that we believe have a competitive
position in their respective industries.
In the South African industrial sector, we have reduced the funds exposure to a few
of the domestic consumer industrials as they have now reached full value. With the
proceeds, we have slightly increased exposure to selected, high-quality and better-
value rand-hedge industrial shares. We have also purchased some great quality mid-
and small cap local industrial businesses that are trading at attractive valuations.
Within fnancials, based on our company valuations, we retain our preference for
selected banks and assurers where we continue to believe that more upside potential
exists in their restructuring initiatives.
At the end of December, the fund remained highly focused, with the top 15 shares
comprising over 60% of the fund.
Peter is the joint head of Old Mutual Investment Group | Equities.
He assumed management of Old Mutual Investors Fund in 2009. He
is supported by a team of analysts, who have extensive experience
in the industry.
Our universe of shares covers some 150 companies. Our overall
approach is a combination of fundamental and quantitative
analysis. Each company in which we invest is subject to a robust
research process which follows a cash fow return on investment
approach (CFROI). Emphasis is placed on a disciplined portfolio
construction process to ensure that the potential of our research
ideas is maximised in the funds we manage.
Peter has extensive investment experience having worked in the
industry for 26 years as an equity analyst, a portfolio manager,
Head of Equity Research and Chief Investment Offcer. He has been
with Old Mutual since 1988.
PETER LINLEY
QUALIFICATIONS:
BA (Economics)
BCom (Hons)
December 2012
OLD MUTUAL EDGE 28 LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to deliver long-term equity-like returns while still remaining
within the requirements of Regulation 28 of the Pension Funds Act. To
achieve this objective the fund will have a close to 100% allocation to
growth asset classes as permitted by Regulation 28.
This fund is suited to investors who want high long-term capital growth,
but who do not want to be limited to the general balanced nature of
Regulation 28 compliant funds. The fund is suitable for long-term savings
inside a retirement fund. It is aimed at customers at the start or middle
of their pre-retirement savings phase who still have an investment time
horizon exceeding 10 years.
INVESTMENT MANDATE
The fund will invest primarily in growth assets while still complying
with the maximum asset allocations under Regulation 28. The fund
will mostly invest in equities, property and alternatives, with a small
exposure to fxed interest and cash. The strategic asset allocation
will require most of the assets to be allocated to equity, property
and alternative investments. The fund manager can elect to hold less
risky asset classes should they offer better value from time to time.
BENCHMARK:
CPI
PERFORMANCE TARGET:
CPI + 8% p.a.
FUND MANAGER(S):
Graham Tucker & Warren van der Westhuizen (OMIGSA -
MacroSolutions)
SIZE OF FUND: R354m
INITIAL CHARGES:
ONGOING:
FEE HURDLE: CPI + 2% p.a.
SHARING RATE: 15%
FEE AT HURDLE/TARGET: 0.75% p.a. / 1.65% p.a.
Manager shares in any performance above the fee hurdle. The performance fee is based
on rolling one-year periods (details on website). It is accrued daily and paid on a monthly
basis. Additional charges that are deducted from the funds portfolio will be included
in the TER. The fees that could be included in the TER which are not refected in the
annual management fee include fees charged for the management of foreign assets,
performance fees on alternatives, custodian fees, bank charges and audit charges.
1 2 3 4 5
PRODUCT AVAILABILITY
MANDATE
ASSET CLASS MANDATE STRATEGIC
Equities 0% - 75% 50%
Property 0% - 25% 15%
Private Equity 0% - 10% 0%
Hedge Funds 0% - 10% 5%
Commodities 0% 10% 0%
Fixed Interest 0% - 50% 0%
Cash 0% - 50% 5%
Offshore Equity 0% 25% 25%
IF FC Max

Retirement Annuity

Preservation Fund

Living Annuity

PRINCIPAL HOLDINGS
Sasol Limited Oil & Gas 3.4
AngloGold Ashanti Ltd Basic Materials 3.1
Old Mutual plc Financials 2.7
Anglo American plc Basic Materials 2.5
BHP Billiton plc Basic Materials 2.4
Growthpoint Properties Ltd Financials 2.2
30.5
FUND COMPOSITION
SA Equities 57.5%
Private Equity 1.1%
Property 11.3%
Commodities 2.4%
Bonds 1.0%
Cash 2.8%
International Alternatives 1.9%
0
10
20
30
40
50
60
70
80
90
100

Since
Inception
Tax-exempt Investor 6.1 12.9 20.8 - - - - 19.0
Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 5.3
Retirement Fund - - - - - - - -
Private Investor 5.1 11.1 18.7 - - - - 17.3
Corporate Investor - - - - - - - -
Fairbairn Capital
Max Investments
Max Income
information about its value and the extent of the risks to which it is exposed. In order to achieve the fund objective the portfolio manager may choose to gain exposure to the described assets and asset
classes by investing through OMLACSA pooled portfolios, collective investment schemes or a combination thereof.
OLD MUTUAL EDGE 28 LIFE FUND
The JSE/FTSE ALSI had a very strong fourth quarter, gaining 10.3%, with returns of 26.7%
for the 2012 calendar year. Listed property had another year of very strong returns,
delivering 35.9% for the year. The All Bond Index and the Infation-linked Bond Index
gained 16% and 19.4% respectively for the year, while cash returned 5.6%. Globally
it was a good year for equities with the MSCI ACWI up 16.8% measured in US dollars.
Emerging markets outperformed developed markets for the year with strong relative
performance in the last quarter. Commodity prices were generally higher for the year
with Brent crude gaining 2.3%, copper was up by 4.2% and gold was 5.6% higher. The
rand had a volatile year losing 4.1% against the US dollar and 5.7% against the euro.
The fund has been heavily exposed to risk assets throughout the year. The strong
run of these assets resulted in the fund delivering a 23% return for the calendar
year, nearly 10% ahead of the long-term objective of infation plus 8%. The 12-month
performance of the fund also compares favourably with many equity-only funds in
terms of return and volatility.
Equity and property remain our preferred asset classes over the next three to fve
years. As such, the fund retains its pro-growth stance. As highlighted last quarter, the
fund moved to the maximum allowed in offshore assets. This position is driven by our
view on the currency and the attractive investment opportunities globally. The fund
continues to hold NewGold as it also offers protection against a weaker currency.
While Grahams primary role is the development and maintenance
of quantitative asset allocation models, he also heads up the
boutiques research capability and monitors derivative structures
and the tactical asset allocation portfolio.
In addition, he ensures that MacroSolutions house view is
implemented across all portfolios and that their risks are within
acceptable limits. He is quantitatively driven and adds value through
his ability to develop systems/models that distinguish the noise
from the statistically signifcant relationships, thus ensuring that
ideas are tested thoroughly prior to implementation.
Prior to joining MacroSolutions, Graham was a quantitative
analyst in the Quantitative Research Unit (QRU). There he gained
experience in the various risk and data systems within OMIGSA
and assisted the team leader with the optimisation procedures
for the units aggressive equity offering.
GRAHAM TUCKER
QUALIFICATIONS:
BSc (Hons in Actuarial Science), CFA
Charterholder
Warren is a portfolio manager and a member of MacroSolutions
equity portfolio team. In addition to this, he is responsible for
analysing the boutiques internal systems to source investment
ideas. He also undertakes research and analysis on behalf of the
equity team.
He was a performance analyst at OMIGSA for approximately three
years, prior to joining the boutique in 2005.
WARREN VAN DER WESTHUIZEN
QUALIFICATIONS:
CFA Charterholder, BCom (Hons in Financial
Analysis and Portfolio Management), BCom
(Economics and Business Management)
December 2012
Retirement Annuity
Preservation Fund
Living Annuity
PRINCIPAL HOLDINGS
Money Market 0 - 3 Year NCDS 15.4
R186 10.5% 21/12/2026 12+ Year Bonds 7.6
R204 8.00% 21/12/2018 3 - 7 Year Bonds 5.4
R212 2.75% 31/01/2022 7 - 12 Year Bonds 4.7
R210 2.60% 31/03/2028 12+ Year Bonds 3.7
R197 5.5% 07/12/2023 7 - 12 Year Bonds 3.3
R207 7.25% 15/01/2020 7 - 12 Year Bonds 3.0
Republic of South Africa LLB 2.0 7 - 12 Year Bonds 2.6
NED6 9.84% 20/09/2013 1 - 3 Year Bonds 2.5
IV04 31/03/2013 1 - 3 Year Bonds 2.1
50.4

Since
Inception
Benchmark 1.3 2.7 5.6 6.1 7.7 7.3 8.4 7.8
Retirement Fund* 2.3 5.3 10.1 8.7 - - - 8.7
* Inception: 30 June 2009
FUND COMPOSITION
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to outperform money market investments and
produce a relatively high level of income. It aims not to lose
money over any 6-month period.
This fund is suited to investors who want high income and returns
in excess of those from money markets over time, but with limited
risk of capital loss in the short term. The investor understands
that infation is likely to erode the value of their investment in
the long term.
INVESTMENT MANDATE
The fund invests in the full spectrum of fxed interest investments
as well as listed property shares when appropriate. It conforms
to retirement fund legislation. In order to achieve the fund
objective the portfolio manager may choose to gain exposure
BENCHMARK:
110% STeFI Call Deposit Index
FUND MANAGER(S):
Wikus Furstenberg (OMIGSA - Futuregrowth Asset Management)
LAUNCH DATE:
01/09/2003
SIZE OF FUND:
R294m
INITIAL CHARGES:
ONGOING:
Annual management fee: 1.00% p.a.
The fee is accrued daily and paid on a monthly basis. Additional charges that are
deducted from the funds portfolio will be included in the TER. The fees that
could be included in the TER which are not refected in the annual management
fee include fees charged for the management of foreign assets, performance fees
on alternatives, custodian fees, bank charges and audit charges.
1 2 3 4 5
Bonds 1 - 3 Years 33.1%
Bonds 12+ Years 14.1%
Money Market Instruments* 18.8%
* Money market instruments include cash, NCDs and treasury bills
0
10
20
30
40
50
60
70
80
90
100
RISK STATISTICS FUND BENCHMARK
Annual Standard Deviation (3 Years Annualised) 1.3% 0.2%
Fund
Benchmark
Sep-04 Aug-05 Jul-06 Jun-07 May-08 Apr-09 Mar-10 Feb-11 Jan-12 Dec-12
0%
2%
4%
6%
8%
10%
12%
14%
16%
Old Mutual Enhanced Income Life Fund (1-Year Rolling)
OLD MUTUAL ENHANCED INCOME LIFE FUND
PREVIOUSLY KNOWN AS CAPITAL DEFENDER INCOME FUND
Fairbairn Capital
Max Investments
Max Income
information about its value and the extent of the risks to which it is exposed. The fund may also be involved in highly specialised forms of investment that involves risk and transaction costs not normally
associated with standard investments in securities.
OLD MUTUAL ENHANCED INCOME LIFE FUND
PREVIOUSLY KNOWN AS CAPITAL DEFENDER INCOME FUND
Our overall stance remains one of greater caution, best refected by the higher exposure
to infation-linked bonds and the fact that we are reluctant holders of low-earning
cash. Our infation-linked bond position is supported by a number of factors, some
of which are already playing out. Although real yields are very low, we continue to
view the risk of rising real yields as minimal, mainly on the back of upside risk to
headline consumer infation over the next few months. This, in turn, is partly linked
to rand-unfriendly balance-of-payment developments, specifcally the growing risk
that foreign capital fows fail to fll the void left by the widening current account
defcit. Although the funds duration is lower than it was six months ago, we opted
to retain some fxed rate bonds in maturities over 12 months, as the steep positively
sloped yield curve offers value relative to cash.
Wikus manages a range of fxed interest portfolios which include
the Enhanced Income Fund, Namibia Enhanced Income Fund and
the fxed interest component of the Real Income Fund.
Wikus joined Old Mutual Investment Group South Africa (OMIGSA)
in August 1999 as a fxed interest portfolio manager from ABN
AMRO Securities. He started his career in the Economics
Department of the South African Reserve Bank. In 1995, he
joined ABSA Bank Treasury as a Treasury economist and pursued
this position until 1997.
WIKUS FURSTENBERG
QUALIFICATIONS:
MCom (Economics)
December 2012
WEALTH DEFENDER LIFE FUND
Wealth Defender Life Fund (5-Year Annualised Rolling)

Since
Inception
Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 5.8
Retirement Fund 4.4 9.0 15.0 9.9 8.6 8.8 - 12.9
Retirement Annuity
Preservation Fund
Living Annuity
FUND INFORMATION
RISK RATING
FUND OBJECTIVE
The fund strives for long-term capital growth as well as some
level of capital protection. Through the use of a quantitative risk
model, the fund aims to proft from a rising share market and
protect against capital losses in a weak market.
This fund is suited to investors who strive for long-term capital
growth as well as some level of capital protection.
INVESTMENT MANDATE
The fund invests across shares, bonds and cash moving from
shares into fxed interest investments when the funds value drops
below a predetermined foor. When markets start to move
up, the fund increases its holdings in shares, tapping into these
growth opportunities. Derivatives may also be tactically used to
manage and limit downside risk and to capture or lock in gains
as and when they occur. The fund conforms to retirement fund
legislation. In order to achieve the fund objective the portfolio
DYNAMIC FLOOR TECHNOLOGY
Equities are the key driver of long-term after-tax returns in
excess of infation, but they introduce short-term capital risk.
The manager therefore uses dynamic foor technology to reduce
the risk of loss in the fund, whilst still allowing the fund to beneft
from positive equity performance. In other words, dynamic asset
allocation decisions are driven by a quantitative process that
reduces exposure to riskier assets in a declining or volatile equity
market in favour of more stable assets like cash. The opposite
would apply in a rising equity market. Furthermore, as positive
returns are generated above a certain level, so the foor is raised
in order to protect these returns from future losses. The foor is
typically set at 10% below the current fund value, with a one-year
time horizon. It does not represent a guarantee but refects a
target maximum loss in any one year whilst still giving the fund
uncapped upside potential.
BENCHMARK: CPI
PERFORMANCE TARGET:
CPI + 6% p.a. (gross of fees)
RISK OBJECTIVE:
The fund aims to protect at least 90% of the net investment
over a 12-month period.
FUND MANAGER(S):
Saul Burman & Hanno Niehaus (OMIGSA Absolute Return
Investments)
INITIAL CHARGES:
ONGOING:
Sharing rate: 15%
1 2 3 4 5
Maximum 12-Month Loss since
Inception*
-6.0% -37.6% -3.2%
* Calculated based on monthly performance data.
Fund
Benchmark
Sep-08 Jul-09 May-10 Mar-11 Jan-12 Nov-12
0%
2%
4%
6%
8%
10%
12%
14%
16%
Fund Floors since inception to 31 December 2012
Fund
SA Inflation
Floor - 12 Months Forward
320
300
280
260
240
220
200
180
160
140
120
100
80
Sep-03 Aug-04 Jul-05 Jun-06 May-07 Apr-08 Mar-09 Feb-10 Jan-11 Dec-11 Nov-12
FUND COMPOSITION
Equities 38.6%
Bonds 2.5%
Infation-linked Bonds 20.7%
Cash 23.8%
Quoted Property 0.9%
Alternative Investment
Strategies
13.5%
0
10
20
30
40
50
60
70
80
90
100
PRINCIPAL HOLDINGS
Standard Bank Group Limited Financials 0.9
Naspers Limited Consumer Services 0.7
SABMiller plc Consumer Goods 0.7
Omnia Holdings Ltd Basic Materials 0.7
FirstRand Bank Ltd Financials 0.5
Shoprite Holdings Ltd Consumer Goods 0.5
7.0
Fairbairn Capital
Max Investments
Max Income
WEALTH DEFENDER LIFE FUND
December and the fourth quarter completed the trend experienced throughout the
year, which saw equity markets rallying despite numerous concerns across the globe.
In the face of worries over the US fscal cliff, uncertainty around the path of Chinese
growth and a yet-to-be-conceived resolution to the European crisis, the FTSE/JSE All
Share Index (ALSI) produced a return of 3.2% for the month. The dedicated approach
to quantitative easing across developed markets was able to trump most short-term
market unease, driving the fourth quarter ALSI returns to 10.3%, meaning that the
ALSI fnished the year up 26.7%.
Industrials were the big winners for the quarter and year, up 13.2% and 44.5% respectively,
although most equity sectors were strong with resources the only laggard, returning
7.1% for the quarter and 3.1% for the year. Infation-linked bonds rounded off a good
year with a return of 3.02% for the month and 19.4% for the year.
Holdings in equities and infation-linked bonds continued to be the main contributors
as the fund maintains its excellent, consistent positive returns. The positions have
been held for most of the year and have ensured that the fund has shared substantially
in the equity market upside. These strong return drivers remain married to a view on
capital protection ensuring that attention is paid to capital preservation at all times.
There were no major asset allocation shifts during the month.
The portfolio maintains a moderate holding in equities and is still well positioned
to participate in further equity rallies. We, however, remain somewhat cautious
and are well placed to protect capital if markets retrace. This approach has served
the portfolio well as it continues to provide the optimal blend of real returns and
capital protection.
Saul is responsible for the portfolio management of a range of
products that target infation-beating returns, in the Absolute
Return Investments team. In addition, he is responsible for the
business and portfolio management of the offshore fund of hedge
fund products.
Sauls wide range of experience gives him a good insight into the
full gamut of asset classes and investment offerings in the market.
His actuarial background is vital in understanding the liability side
of the equation and is of great beneft in designing and running
products for the beneft of clients.
Saul has been with OMIGSA (previously OMAM) since 2000. Although
he has been a portfolio manager since 2003, he has had a number
of roles in OMIGSA. These include heading up OMIGSA Product
Development, providing a technical interface for the management of
asset consultant relationships as well as managing the relationship
and joint investment initiatives between OMIGSA and Old Mutual
Life Assurance Company (OMLACSA).
SAUL BURMAN
QUALIFICATIONS:
BBusSc (Hons in Actuarial Science)
FIA
CFA
Hanno is currently part of the portfolio management team responsible
for the managing of Old Mutual Investment Group (SA)s absolute
return product offering. His training as an economist and experience
in equity derivatives are key assets in the risk framework we use
to offer our clients targeted real returns.
Since joining Old Mutual in 1998, Hanno has been involved in
structured products, equity derivatives and absolute return
solutions. He was appointed as investment structuring analyst in
2004 and portfolio manager in 2006.
HANNO NIEHAUS
QUALIFICATIONS:
BEcon (Hons)
CFA Charterholder
December 2012
WEALTH DEFENDER INCOME LIFE FUND
Wealth Defender Income Life Fund (5-Year Annualised Rolling)

Since
Inception
Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 5.8
Retirement Fund - - - - - - - -
Retirement Annuity
Preservation Fund
Living Annuity
FUND INFORMATION
RISK RATING
FUND OBJECTIVE
The fund strives for long-term capital growth as well as some
level of capital protection. Through the use of a quantitative risk
model, the fund aims to proft from a rising share market and
protect against capital losses in a weak market.
This fund is suited to investors who strive for long-term capital
growth as well as some level of capital protection.
INVESTMENT MANDATE
The fund invests across shares, bonds and cash moving from
shares into fxed interest investments when the funds value drops
below a predetermined foor. When markets start to move
up, the fund increases its holdings in shares, tapping into these
growth opportunities. Derivatives may also be tactically used to
manage and limit downside risk and to capture or lock in gains
as and when they occur. The fund conforms to retirement fund
legislation. In order to achieve the fund objective the portfolio
DYNAMIC FLOOR TECHNOLOGY
Equities are the key driver of long-term after-tax returns in
excess of infation, but they introduce short-term capital risk.
The manager therefore uses dynamic foor technology to reduce
the risk of loss in the fund, whilst still allowing the fund to beneft
from positive equity performance. In other words, dynamic asset
allocation decisions are driven by a quantitative process that
reduces exposure to riskier assets in a declining or volatile equity
market in favour of more stable assets like cash. The opposite
would apply in a rising equity market. Furthermore, as positive
returns are generated above a certain level, so the foor is raised
in order to protect these returns from future losses. The foor is
typically set at 10% below the current fund value, with a one-year
time horizon. It does not represent a guarantee but refects a
target maximum loss in any one year whilst still giving the fund
uncapped upside potential.
BENCHMARK: CPI
PERFORMANCE TARGET:
CPI + 5.5% p.a. (gross of fees)
RISK OBJECTIVE:
The fund aims to protect at least 95% of the net investment
over an 18-month period.
FUND MANAGER(S):
Saul Burman & Hanno Niehaus (OMIGSA Absolute Return
Investments)
SIZE OF FUND: R423m
INITIAL CHARGES:
ONGOING:
Sharing rate: 15%
1 2 3 4 5
Maximum 18-Month Loss since
Inception*
-2.9% -23.1% -1.8%
* Calculated based on monthly performance data.
Fund
Benchmark
0%
2%
4%
6%
8%
10%
12%
14%
16%
Fund Floors since inception to 31 December 2012
Fund
SA Inflation
Floor - 18 Months Forward
300
280
260
240
220
200
180
160
140
120
100
80
Sep-03 Aug-04 Jul-05 Jun-06 May-07 Apr-08 Mar-09 Feb-10 Jan-11 Dec-11 Nov-12
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100
PRINCIPAL HOLDINGS
Standard Bank Group Limited Financials 0.8
Omnia Holdings Ltd Basic Materials 0.7
Naspers Limited Consumer Services 0.6
SABMiller plc Consumer Goods 0.5
Shoprite Holdings Ltd Consumer Goods 0.5
Datatec Ltd Consumer Services 0.5
6.5
Equities 37.2%
Bonds 2.4%
Cash 26.4%
Quoted Property 0.8%
Alternative Investment
Strategies
13.0%
Fairbairn Capital
Max Investments
Max Income
WEALTH DEFENDER INCOME LIFE FUND
December and the fourth quarter completed the trend experienced throughout the
year, which saw equity markets rallying despite numerous concerns across the globe.
In the face of worries over the US fscal cliff, uncertainty around the path of Chinese
growth and a yet-to-be-conceived resolution to the European crisis, the FTSE/JSE All
Share Index (ALSI) produced a return of 3.2% for the month. The dedicated approach
to quantitative easing across developed markets was able to trump most short-term
market unease, driving the fourth quarter ALSI returns to 10.3%, meaning that the
ALSI fnished the year up 26.7%.
Industrials were the big winners for the quarter and year, up 13.2% and 44.5% respectively,
although most equity sectors were strong with resources the only laggard, returning
7.1% for the quarter and 3.1% for the year. Infation-linked bonds rounded off a good
year with a return of 3.02% for the month and 19.4% for the year.
Holdings in equities and infation-linked bonds continued to be the main contributors
as the fund maintains its excellent, consistent positive returns. The positions have
been held for most of the year and have ensured that the fund has shared substantially
in the equity market upside. These strong return drivers remain married to a view on
capital protection ensuring that attention is paid to capital preservation at all times.
There were no major asset allocation shifts during the month.
The portfolio maintains a moderate holding in equities and is still well positioned
to participate in further equity rallies. We, however, remain somewhat cautious
and are well placed to protect capital if markets retrace. This approach has served
the portfolio well as it continues to provide the optimal blend of real returns and
capital protection.
Saul is responsible for the portfolio management of a range of
products that target infation-beating returns, in the Absolute
Return Investments team. In addition, he is responsible for the
business and portfolio management of the offshore fund of hedge
fund products.
Sauls wide range of experience gives him a good insight into the
full gamut of asset classes and investment offerings in the market.
His actuarial background is vital in understanding the liability side
of the equation and is of great beneft in designing and running
products for the beneft of clients.
Saul has been with OMIGSA (previously OMAM) since 2000. Although
he has been a portfolio manager since 2003, he has had a number
of roles in OMIGSA. These include heading up OMIGSA Product
Development, providing a technical interface for the management of
asset consultant relationships as well as managing the relationship
and joint investment initiatives between OMIGSA and Old Mutual
Life Assurance Company (OMLACSA).
SAUL BURMAN
QUALIFICATIONS:
BBusSc (Hons in Actuarial Science)
FIA
CFA
Hanno is currently part of the portfolio management team responsible
for the managing of Old Mutual Investment Group (SA)s absolute
return product offering. His training as an economist and experience
in equity derivatives are key assets in the risk framework we use
to offer our clients targeted real returns.
Since joining Old Mutual in 1998, Hanno has been involved in
structured products, equity derivatives and absolute return
solutions. He was appointed as investment structuring analyst in
2004 and portfolio manager in 2006.
HANNO NIEHAUS
QUALIFICATIONS:
BEcon (Hons)
CFA Charterholder
December 2012
OLD MUTUAL BOND LIFE FUND
Old Mutual Bond Life Fund (3-Year Annualised Rolling)

Since
Inception
Benchmark 2.6 7.7 15.9 13.2 10.9 9.2 10.8 14.8
Retirement Fund 3.2 8.2 16.6 13.2 10.8 8.7 9.7 12.3
Retirement Annuity
Preservation Fund
Living Annuity
Fund
Benchmark
Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
0%
5%
10%
15%
20%
25%
FUND COMPOSITION
PRINCIPAL HOLDINGS
HOLDING MATURITY % OF FUND
R186 10.5% 21/12/2026 12+ Year Bonds 13.7
R213 7.00% 28/02/2031 12+ Year Bonds 11.6
R207 7.25 15/01/2020 7 - 12 Year Bonds 6.2
R209 6.25% 31/03/2036 12+ Year Bonds 5.7
DV22 9.45% 07/02/2020 7 - 12 Year Bonds 5.3
R208 6.75% 31/03/2021 7 - 12 Year Bonds 4.1
Development Bank of SA 7 - 12 Year Bonds 3.8
Transnet Limited 8.9% 14/11/2027 12+ Year Bonds 2.5
Eskom Holdings Limited 10.00% 7 - 12 Year Bonds 2.3
SA National Roads Agency 9.75% 7 - 12 Year Bonds 2.0
57.2
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to offer a combination of capital growth and high
income yields. Capital growth is primarily achieved by actively
taking advantage of interest rate cycles.
This fund is suited to astute investors who have a particular view
on relative asset class performance. The investor understands the
impact of the interest rate cycle and accepts this risk in exchange
for moderate long-term growth potential.
INVESTMENT MANDATE
The fund invests across the full spectrum of the yield curve. It
invests in public and private sector bonds and deposits, with at least
50% invested in bonds with an effective government guarantee.
In order to achieve the fund objective the portfolio manager
may choose to gain exposure to the described assets and asset
classes by investing through OMLACSA pooled portfolios, collective
investment schemes or a combination thereof.
BENCHMARK: All Bond Index
FUND MANAGER(S):
Daphne Botha (OMIGSA Futuregrowth Asset Management)
SIZE OF FUND: R140m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
RISK STATISTICS (3 YEARS ANNUALISED) FUND BENCHMARK
15%
14%
13%
12%
11%
10%
9%
8%
4% 5% 6% 7% 8% 9%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Fund
Benchmark
1 - 3 Year Bonds 9.6%
3 - 7 Year Bonds 10.4%
7- 12 Year Bonds 35.4%
12+ Year Bonds 40.5%
Cash 4.2%
0
10
20
30
40
50
60
70
80
90
100
December 2012
OLD MUTUAL FINANCIAL SERVICES
LIFE FUND

Since
Inception
Benchmark 11.5 17.5 34.9 18.5 11.5 13.6 19.3 15.0
Retirement Fund 12.3 17.6 33.5 17.0 11.4 12.3 18.4 14.8
Retirement Annuity
Preservation Fund
Living Annuity
PRINCIPAL HOLDINGS
Absa Group Ltd Banks 10.3
Nedbank Group Ltd Banks 9.7
Discovery Holdings Ltd Life Insurance 7.4
MMI Holdings Ltd Life Insurance 6.3
African Bank Investments Ltd General Financial 4.8
Investec plc General Financial 4.5
Investec Ltd General Financial 4.1
84.4
FUND COMPOSITION
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to achieve long-term capital growth through well-
researched and superior share selection in the fnancial sector.
This fund is suitable for investors who want to achieve long-term
capital growth and who have a particular view of relative market
sector performance. The investor can tolerate the volatility
associated with equity investments.
INVESTMENT MANDATE
The fund selectively invests in a broad range of fnancial shares,
including banks, insurance and investment companies. In order
BENCHMARK:
Unit Trusts Category Average: South African - Equity - Financial
FUND MANAGER(S):
Tracey Brodziak (OMIGSA Equities)
LAUNCH DATE:
01/09/1998
SIZE OF FUND:
R68m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
Fund
Benchmark
0%
5%
10%
15%
20%
25%
30%
35%
Old Mutual Financial Services Life Fund (5-Year Annualised Rolling)
13%
12%
11%
10%
9%
8%
7%
15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Fund
Benchmark
Financials 98.1%
Liquid Assets 1.9%
0
10
20
30
40
50
60
70
80
90
100
December 2012
OLD MUTUAL INDUSTRIAL LIFE FUND

Since
Inception
Benchmark 7.9 16.9 30.9 20.9 12.2 16.7 23.4 19.8
Retirement Fund 5.1 13.3 26.1 19.9 12.5 15.6 20.7 19.6
Retirement Annuity
Preservation Fund
Living Annuity
PRINCIPAL HOLDINGS
British American Tobacco Personal & Household Goods 7.4
The Foschini Group Ltd Retail 6.6
Imperial Holdings Ltd Industrials 4.9
Vodacom Group Ltd Telecommunications 4.9
Omnia Holdings Ltd Industrials 4.7
Steinhoff International Holdings Personal & Household Goods 4.6
Remgro Limited Financials 4.2
54.1
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to offer superior returns over the medium to
longer term by investing in a focused portfolio of listed industrial
companies.
This fund suits investors seeking capital growth over the longer
term from a focused portfolio of listed industrial companies. The
investor can tolerate equity and sector volatility.
INVESTMENT MANDATE
The portfolio is fully invested in shares. In order to achieve the
BENCHMARK:
Unit Trusts Category Average: South African Equity - Industrial
FUND MANAGER(S):
Cavan Osborne (OMIGSA Equities)
LAUNCH DATE:
01/05/2001
SIZE OF FUND:
R128m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
Fund
Benchmark
0%
5%
10%
15%
20%
25%
30%
35%
40%
Old Mutual Industrial Life Fund (5-Year Annualised Rolling)
16%
15%
14%
13%
12%
11%
10%
9%
8%
7%
6%
9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
hFund
Benchmark
FUND COMPOSITION
Financials 4.2%
Industrials 77.9%
Resources 7.0%
Liquid Assets 3.5%
0
10
20
30
40
50
60
70
80
90
100
December 2012
OLD MUTUAL MINING AND RESOURCES
LIFE FUND

Since
Inception
Tax-exempt Investor 5.1 3.4 -3.4 -0.5 0.8 11.2 13.9 24.5
Benchmark 3.9 7.3 -0.6 3.7 1.4 11.8 14.6 23.7
Retirement Fund 5.1 3.5 -3.2 -0.5 0.7 11.0 13.7 24.4
Private Investor 4.8 3.3 -3.1 -0.6 0.3 10.5 13.1 23.5
Corporate Investor 4.5 3.1 -2.6 -0.5 0.6 10.9 13.2 23.0
Retirement Annuity
Preservation Fund
Living Annuity
PRINCIPAL HOLDINGS
Anglo American plc General Mining 9.3
BHP Billiton plc General Mining 9.0
Rio Tinto Ord General Mining 8.1
Exxaro Resources Ltd General Mining 6.0
1st Quantum Minls Com Npv General Mining 5.3
AngloGold Ashanti Ltd Gold Mining 5.0
Northam Platinum Ltd Platinum & Precious Metals 4.9
Newgold Issuer Ltd Exchange Traded Funds 4.2
Mondi Ltd Basic Resources 4.0
72.7
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
term by investing in mining and resources companies showing
above average prospects for long-term capital growth.
This fund is suitable for investors seeking long-term capital growth
through investment in a focused portfolio of listed mining and
resources companies. The investor can tolerate stock market
and sector volatility.
INVESTMENT MANDATE
The fund invests in mining and resources companies showing above
average prospects for growth. Up to 20% of the portfolio may
be invested offshore. The fund aims to achieve its performance
BENCHMARK:
Unit Trusts Category Average: South African - Equity - Resources
FUND MANAGER(S):
Ian Woodley (OMIGSA - Equities)
LAUNCH DATE:
01/09/1998
SIZE OF FUND:
R241m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
Fund
Benchmark
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Old Mutual Mining and Resources Life Fund (5-Year Annualised Rolling)
6%
5%
4%
3%
2%
1%
0%
18% 19% 20% 21% 22% 23% 24% 25%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Fund
Benchmark
FUND COMPOSITION
Industrials 3.0%
Resources 64.4%
Exchange Traded Funds 4.1%
Liquid Assets 3.8%
0
10
20
30
40
50
60
70
80
90
100
December 2012
OLD MUTUAL MONEY MARKET LIFE
FUND
Retirement Annuity
Preservation Fund
Living Annuity
PRINCIPAL HOLDINGS
Standard FXD 5.125& 08/01/3013 1 - 3 Year Bonds 2.8
Standard FXD 5.1% 07/01/2013 1 - 3 Year Bonds 2.5
STDJBL83 FRN 02/09/2013 1 - 3 Year Bonds 2.2
Investec NCD 5.225% 04/03/2013 0 - 3 Year NCDs 2.1
Nedcor NCD 5.15% 04/02/2013 0 - 3 Year NCDs 2.1
STDJBL76 FRN 16/08/2013 0 - 3 Year NCDs 2.0
Nedcor NCD 5.25% 02/05/2013 0 - 3 Year NCDs 1.8
ABSJBL53 FRN 08/08/2013 0 - 3 Year NCDs 1.4
20.6

Since
Inception
Benchmark 1.3 2.7 5.5 6.1 7.8 7.9 8.3 9.6
Retirement Fund 1.3 2.6 5.3 5.9 7.8 7.8 7.5 7.9
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to deliver a regular income and to outperform bank
deposits over time, while preserving capital.
This fund is suited to investors who want a liquid investment that
delivers a regular income and/or maximum capital protection,
but who understand that their investment is unlikely to keep pace
with infation if held in the long term.
INVESTMENT MANDATE
The fund invests in money market securities with a maturity of
less than 12 months. The funds average maturity may not exceed
90 days. In order to achieve the fund objective the portfolio
manager may choose to gain exposure to the described assets
and asset classes by investing through OMLACSA pooled portfolios,
BENCHMARK:
Alexander Forbes Short Term Fixed Interest (STeFI) Index
FUND MANAGER(S):
Ameesha Chagan (OMIGSA - Futuregrowth Asset Management)
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
Fund
Benchmark
Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
0%
2%
4%
6%
8%
10%
12%
14%
Old Mutual Money Market Life Fund (1-Year Rolling)
FUND COMPOSITION
0 - 3 Months 51.5%
3 - 6 Months 18.9%
6 - 12 Months 21.5%
Cash 8.0%
0
10
20
30
40
50
60
70
80
90
100
December 2012
OLD MUTUAL SMALL COMPANIES LIFE
FUND
Retirement Annuity
Preservation Fund
Living Annuity
PRINCIPAL HOLDINGS
Omnia Holdings Ltd Chemicals 5.9
City Lodge Hotels Ltd Travel & Leisure 5.1
Trencor Ltd Industrial Transportation 4.8
Wilson Bayly Holmes - Ovcon Ltd Construction & Materials 4.4
Discovery Holdings Ltd Life Insurance 4.3
Imperial Holdings Ltd Industrial Transportation 4.1
Pioneer Food Group Ltd Food Producers 4.1
Datatec Ltd Technology 4.1
AECI Ltd Chemicals 4.0
Hudaco Industries Ltd Industrial Engineering 3.9
44.8
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
term by investing in mid- and small-sized companies falling outside
the FTSE/JSE Top 40 Index.
by investing in a focused portfolio of established mid- and small-
sized companies. The investor can tolerate stock market volatility.
INVESTMENT MANDATE
The fund invests in established mid- and small-sized companies
falling outside the FTSE/JSE Top 40 Index. The fund aims to achieve
its performance objectives through superior share selection. In
order to achieve the fund objective the portfolio manager may
choose to gain exposure to the described assets and asset classes
by investing through OMLACSA pooled portfolios, collective
BENCHMARK:
Unit Trusts Category Average: South African - Equity - Mid &
Small Cap
FUND MANAGER(S):
Warren Jervis (OMIGSA - ELECTUS)
LAUNCH DATE:
01/09/1998
SIZE OF FUND:
R46m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5

Since
Inception
Benchmark 7.7 12.6 27.5 18.1 4.0 12.9 20.5 12.5
Retirement Fund 7.1 14.6 30.4 19.2 5.9 13.0 20.6 14.3
Fund
Benchmark
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Old Mutual Small Companies Life Fund (5-Year Annualised Rolling)
7%
6%
5%
4%
3%
2%
1%
0%
10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Fund
Benchmark
FUND COMPOSITION
Financials 14.0%
Industrials 67.8%
Resources 16.3%
Liquid Assets 1.9%
0
10
20
30
40
50
60
70
80
90
100
December 2012
OLD MUTUAL SA QUOTED PROPERTY
LIFE FUND
Retirement Annuity
Preservation Fund
Living Annuity
PRINCIPAL HOLDINGS
Growthpoint Properties Ltd Real Estate 23.2
Redefne Properties Ltd Real Estate 14.7
Capital Property Fund Ltd Real Estate 9.1
Fountainhead Property Trust Real Estate 8.0
Resilient Property Income Real Estate 6.6
Hyprop Investments Ltd Real Estate 6.5
Acucap Properties Ltd Real Estate 6.1
SA Corporate Real Estate Fund Real Estate 5.3
Emira Property Fund Real Estate 3.9
Vukile Property Fund Ltd Real Estate 3.2
86.8
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to remain fully invested at all times to generate
sustainable pre-tax income whilst growing the original capital
invested.
This fund is suitable for investors seeking exposure to the property
market without the potential diffculties and capital outlay of
direct property investments. The investor can accept the volatility
of investing in the property sector.
INVESTMENT MANDATE
It invests in a selection of listed South African commercial and
industrial property shares. Income is derived from property
shares that offer a secure and an escalating income stream.
Capital growth comes from quality shares that show potential for
an upward share price movement. In order to achieve the fund
BENCHMARK:
FTSE/JSE Listed Property Index
FUND MANAGER(S):
Evan Robins (OMIGSA - MacroSolutions)
LAUNCH DATE:
01/09/1998
SIZE OF FUND:
R1.5bn
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
Fund
Benchmark
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Old Mutual SA Quoted Property Life Fund (5-Year Annualised Rolling)
18%
17%
16%
15%
14%
13%
12%
11%
10%
10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Fund
Benchmark
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100

Since
Inception
Benchmark 2.8 14.0 35.9 24.3 15.9 19.1 26.1 28.3
Retirement Fund 2.8 13.0 33.5 22.4 14.5 16.8 22.6 25.3
Real Estate 96.3%
Liquid Assets 3.7%
COREGROWTH LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
This fund aims to provide stable investment returns in excess of
cash. Although there is an underlying degree of stability in the
smoothing process, the bonus rate may vary up or down relative
to a particular months investment performance. Once declared,
a bonus is guaranteed and cannot be reduced or removed. The
declared bonus may be zero but will never be negative.
Capital may be reduced by management fees and taxes under
adverse market conditions where a zero bonus is declared. The
CoreGrowth Fund is accessed through Retirement Arrangements
1
only.
Note
1
Retirement Arrangements include the FC Preservation Pension
and Provident Funds, the FC Retirement Annuity Fund or the
combined participation of all GN18 annuitants in the CoreGrowth
Fund.
The fund may suit risk-averse investors who wish to protect capital
for retirement or for those who wish to generate stable recurring
income after retirement.
INVESTMENT MANDATE
This is a pooled, smoothed bonus fund, which invests in a balanced
portfolio of equities, interest-bearing assets, property and
international assets. Investment returns are smoothed and passed
on by way of a bonus declared monthly in advance.
BENEFIT PAYMENTS (This excludes switches.)
Beneft payments (which include withdrawal benefts, death
benefts, retirement benefts and annuity payments, etc., subject
to the rules of the Retirement Arrangement) made up of capital
and vested bonuses are fully guaranteed.
SWITCHES
Switches out of the CoreGrowth Fund will only be allowed on two
days during the year (the frst business day of April and the frst
business day of October) subject to a notice period of four months
(by 30 November and 31 May respectively). Old Mutual reserves
the right to change this process in the future.
Where the collective switches within a Retirement Arrangement on
either of the days above are below 10% of the particular Retirement
Arrangements total investment value in the CoreGrowth Fund,
the amount requested will be fully guaranteed. However, should
the 10% limit be exceeded, Old Mutual reserves the right to pay
out less than the guarantee in times of adverse market conditions
in respect of any excess amount requested above the 10%. This
could result in an investors switch disinvestment value from the
CoreGrowth Fund falling below the original amount invested.
Once a switch notice has been given it cannot be revoked.
SIZE OF FUND: R119m
INITIAL CHARGES:
ONGOING:
Investment admin fee: 0.50% p.a.
Capital charge:1.80% p.a.
1 2 3 4 5
Fund
SA Inflation
Aug-03 Dec-04 Apr-06 Aug-07 Dec-08 Apr-10 Aug-11 Dec-12
0%
2%
4%
6%
8%
10%
12%
14%
CoreGrowth Life Fund (5-Year Annualised Rolling)

% PERF. (p.a.)
1-Yr 3-Yr 5-Yr 7-Yr 10-Yr
Since
Inception
Tax-exempt Investor 9.0 6.9 6.0 9.7 8.9 8.6
Retirement Fund 9.0 6.9 6.0 9.6 8.6 8.1
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
FUND COMPOSITION
SA Equity 30.0%
SA Bonds 27.7%
SA Property 8.6%
SA Alternatives 4.9%
Other 3.7%
0
10
20
30
40
50
60
70
80
90
100
Fairbairn Capital: Tel +27 (0)860 300 000 | Fax +27 (0)860 400 000
| Email service@fairbairncapital.com | Internet www.fairbairncapital.com
Max Investments: Tel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500
| Email MaxInvestments@oldmutual.com | Internet www.oldmutual.co.za/max
Max Income: Tel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500
| Email maxincome@oldmutual.com | Internet www.oldmutual.co.za/max
The information and opinions contained in this guide are made in good faith and are based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to their accuracy,
completeness or correctness. The opinions expressed herein are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of own judgement. The price
of shares/units and any income from them may fall as well as rise. Past performance or fund benchmark performance is not necessarily a guide to the future and investors may not get back the full amount
invested. When a subscription involves a foreign exchange transaction, it may be subject to the fuctuations of currency values. Exchange rates may also cause the value of underlying overseas investments
to go down or up. It should be noted that investments within the fund may not be readily marketable. It may therefore be diffcult for an investor to withdraw from the fund.
CoreGrowth Fund Bonuses
Jan-12 0.60%
Feb-12 0.70%
Mar-12 0.80%
Q1 2.11%
Apr-12 0.80%
May-12 0.80%
Jun-12 0.80%
Q2 2.42%
Jul-12 0.80%
Aug-12 0.80%
Sep-12 1.00%
Q3 2.62%
Oct-12 1.10%
Nov-12 1.10%
Dec-12 1.10%
Q4 3.34%
YTD 10.91%
YEAR-TO-DATE (YTD) BONUSES
These bonus rates are before
management fees and taxation.
EBGF LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The EBGF aims for steady long-term growth in excess of infation.
Allocated returns are smoothed over a period of time by declaring
bonuses annually in arrear. In years of positive investment
performance, some of the returns are held back to boost bonuses
in years of poor investment performance. This ensures that the
exposure of the investor to volatility in investment markets will
be reduced.
The EBGF is accessed through Retirement Arrangements
1
only.
The total investment consists of a portion which is fully guaranteed
and a portion which is not guaranteed. The non-guaranteed
portion can vary between different Retirement Arrangements and
generally lies between 5% and 25%. At any time, the percentage
of investment guaranteed is the same for all individual members
in the particular Retirement Arrangement, irrespective of when
they invested. This percentage applies to both capital and any
bonuses which may have been earned. In severe market downturns,
part or all of the non-guaranteed portion may be temporarily
suspended or permanently removed. This will result in a capital
loss and could result in a clients investment value in the EBGF
within the particular Retirement Arrangement falling below the
original amount invested.
Since bonuses are declared annually in arrear, interim bonuses
(not guaranteed) are applied to determine the investment values
for clients who exit the EBGF between bonus declaration dates.
Note
1
Retirement Arrangements include SARAF, Flexi-Provident Fund,
FC Preservation Pension and Provident Funds, FC Retirement
Annuity Fund, etc. or the combined participation of all GN18
annuitants in the EBGF.
The fund is suited to investors seeking real returns with more
stability than market-linked funds.
INVESTMENT MANDATE
The assets are invested in a balanced portfolio of equities, interest-
bearing assets, property and international assets.
DISINVESTMENTS
Withdrawals from the EBGF will only be allowed on two days
during the year (the 1st business day of April and the 1st business
day of October) subject to a notice period of four months (by
30 November and 31 May respectively).
INITIAL CHARGES:
ONGOING:
Investment admin fee: 0.35% p.a.
Annual management fee: +0.25% p.a.
Capital charge: 0.75% p.a.
1 2 3 4 5
Fund
SA Inflation
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
EBGF Life Fund (5-Year Annualised Rolling)

% PERF. (p.a.)
Since
Inception
Retirement Fund 6.9 6.9 6.1 10.3 10.7 10.4
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
FUND COMPOSITION
SA Equity 41.0%
SA Bonds 17.2%
SA Property 8.5%
Other 3.7%
0
10
20
30
40
50
60
70
80
90
100
To 30 June Total Bonus
2000 16.00%
2001 15.50%
2002 12.00%
2003 1.50%
2004 10.00%
2005 18.00%
2006 26.00%
2007 27.00%
2008 13.00%
2009 2.50%
2010 6.00%
2011 8.00%
2012 10.00%
Current Interim 6.00%
HISTORICAL AND CURRENT TOTAL BONUS RATES
The Total Bonus Rates refected in the adjacent
Historical and Current Total Bonus Rates table
are declared for the years ending 30 June. The
rates quoted are before asset management
fees and Retirement Fund Taxation (where
applicable).
Historical declared rates are applicable over the
years ending 30 June. The interim bonus rate
is the temporary rate, which applies between
bonus declarations. The interim rate can be
revised at any time and will be replaced by
the declared rate for those clients still in the
fund when the fnal rate is declared.
The Retirement Fund Taxation rate is currently
0% of net rental income and gross interest
earned.
GROWTH PRESERVER LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
This bonus fund aims to combine the benefts of cash/fxed interest
investments with the potential for positive equity market returns.
The fund may suit those seeking to beneft from high cash
returns, when they prevail, with a limited exposure to a portion
of equity upside.
INVESTMENT MANDATE
The funds asset composition consists predominantly of cash assets/
fxed interest assets, with the remainder exposed to local equities.
GUARANTEED RETURN OFFERED
The Fund Value is guaranteed to grow on an annual basis at 50%**
of the repo rate after tax and asset management fees. The repo
rate is defned as the published rate at which the RSA Reserve Bank
lends money to RSA commercial banks. In addition, if the overall
return on assets exposed to the equity market is positive then the
return credited to the Fund Value may be increased on an annual
basis* at each Fund Year-end. The amount of increase in return is
determined according to the proportion of equity exposure and the
proportion of time invested in the fund during the year. The new
Fund Value is locked in at every guarantee point and forms the
basis on which the next guarantee is calculated. The Fund Value
will vary with any repo rate fuctuations during the Fund Year.
GUARANTEE APPLIES
The guarantee applies at the following guarantee points:
at the end of every Fund Year
at fve-year points from frst investment into the fund
at the end of the premium-paying term for the Committed and
Transfer Committed Investment Plans.
DISINVESTMENT VALUE
On disinvestment (including switches) during a Fund Year, the
Fund Value may be adjusted for any equity return (positive or
negative) arising from the current Fund Year. This adjustment
is at Old Mutuals discretion. It may therefore be possible to
receive a value on disinvestment that is greater or lesser than the
guaranteed amount at the previous guarantee point. A negative
adjustment will not apply on disinvestment (including switches)
at the guarantee points. Any part disinvestment from the fund,
including income payments and switches out of the fund (including
switches to the Capital Secured Fund when your Plan is ceded as
security to Old Mutual), will reduce the level of the Guaranteed
Minimum Fund Value. The level of the guarantee will reduce in
the same proportion as the Fund Value is decreased.
* Annual basis means once, at the end of every Fund Year, which is a period of
twelve months calculated from the commencement date of the fund. Old Mutual
is entitled to change the annual basis so that annual basis means once, at the
end of every period of twelve months (Fund Year) calculated from 1 January
to 31 December. When the annual basis is so changed any period in respect
of which the fund value has already been increased to refect an increased
return and any period in respect of which the guarantee has already been
applied, will not again be taken into account.
** In the event of:
a change in law, governmental or regulatory factors which causes a change in
the above defnition of the repo rate or its replacement or abolition, or
a change in legislation governing the taxation of long-term insurers, or
any law, governmental or regulatory factors which will affect the investment
returns of this fund,
Old Mutual will be entitled to adjust the guarantee and/or method of calculation
and/or basis of the guarantee (determined by Old Mutual at its discretion).
COST OF GUARANTEE
No explicit guarantee charge.
SIZE OF FUND: R57m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5

R11 326
R12 012
R12 694
R13 416
R10 871
R11 638
R12 350
R13 068
R13 416
R9 500
R10 000
R10 500
R11 000
R11 500
R12 000
R12 500
R13 000
R13 500
R14 000
R14 500
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
I
n
v
e
s
t
m
e
n
t

G
r
o
w
t
h
Fund Years
Fund Value + 50% Repo Rate*
Fund Value
R10 597
Growth Preserver Life Fund

% PERF. (p.a.)
Since
Inception
Tax-exempt Investor 2.8 4.9 6.1 7.3 - 8.2
Retirement Fund 2.8 4.9 6.1 7.2 - 7.9
Private Investor 2.8 3.8 4.6 5.6 - 6.6
Corporate Investor 2.8 3.8 4.6 5.6 - 6.6
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
FUND COMPOSITION
Cash/Fixed Interest 80.0%
SA Equity 20.0%
0
10
20
30
40
50
60
70
80
90
100
* Guaranteed at the end of every Fund Year
The current repo rate is 5.0%.
ABSOLUTE SMOOTH GROWTH LIFE
PORTFOLIO
FUND INFORMATION
RISK RATING
FUND OBJECTIVE
The Absolute Smooth Growth Portfolio is a life fund that uses
enhanced smoothing technology to deliver stable, infation-beating
returns to its investors in the most effcient manner. Returns
are awarded in the form of monthly bonuses, declared at the
beginning of each month.
BONUS PHILOSOPHY AND SMOOTHING
The investment returns earned on the underlying investment
mandate are smoothed and passed on to investors by way of
bonuses declared monthly in advance. Therefore, returns are
known at the start of each month.
This smoothing mechanism signifcantly reduces the short-term
volatility typically associated with market-related investments.
A Bonus Smoothing Reserve (BSR) is maintained, which absorbs
the impact of the peaks and troughs experienced with investing
in the market, while delivering real returns to investors in the
medium to long term.
GUARANTEE
The Absolute Smooth Growth Portfolio offers a 50% guarantee on
capital, contributions and declared returns. These guarantees
apply on beneft payment and other specifed events, and are
backed by Old Mutuals shareholders capital.
(Old Mutual reserves the right to remove the non-guaranteed
element in poor markets, by declaring a negative bonus.)
BENCHMARK: CPI
PERFORMANCE TARGET: CPI + 6% p.a. (gross of fees with the
exception of a capital charge, over a rolling 3-year period)
FUND MANAGER(S): Old Mutual Investment Group (SA)
SIZE OF FUND: R595m
INITIAL CHARGES:
ONGOING:
Annual management fee (min./max.):
Max Income: 0.85% / 1.30% p.a.
FC (all-in fee): 2.31% / 2.76% p.a.
1 2 3 4 5
Fund
Performance Target
SA Inflation
Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12
0%
2%
4%
6%
8%
10%
12%
14%
Absolute Smooth Growth Life Portfolio (3-Year Annualised Rolling)

% PERF. (p.a.)
Since
Inception
Tax-exempt Investor 13.3 11.3 - - - 9.6
Benchmark 5.7 5.1 6.4 6.5 5.8 6.0
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
FUND COMPOSITION
SA Equity 49.2%
SA Interest Bearing 11.6%
Property 9.3%
International Interest Bearing 3.0%
0
10
20
30
40
50
60
70
80
90
100
ABSOLUTE STABLE GROWTH LIFE
PORTFOLIO
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The Absolute Stable Growth Portfolio is a life fund that uses
enhanced smoothing technology to deliver stable, infation-beating
returns to its investors in the most effcient manner. Returns
are awarded in the form of monthly bonuses, declared at the
beginning of each month.
BONUS PHILOSOPHY AND SMOOTHING
The investment returns earned on the underlying investment
mandate are smoothed and passed on to investors by way of
bonuses declared monthly in advance. Therefore, returns are
known at the start of each month.
This smoothing mechanism signifcantly reduces the short-term
volatility typically associated with market-related investments.
A Bonus Smoothing Reserve (BSR) is maintained, which absorbs
the impact of the peaks and troughs experienced with investing
in the market, while delivering real returns to investors in the
GUARANTEE
The Absolute Stable Growth Portfolio offers an 80% guarantee on
capital, contributions and declared returns. These guarantees
apply on beneft payment and other specifed events, and are
backed by Old Mutuals shareholders capital.
(Old Mutual reserves the right to remove the non-guaranteed
element in poor markets, by declaring a negative bonus.)
BENCHMARK: CPI
PERFORMANCE TARGET: CPI + 5.5% p.a. (gross of fees with the
exception of a capital charge, over a rolling 3-year period)
FUND MANAGER(S): Old Mutual Investment Group (SA)
SIZE OF FUND: R46m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
Fund
Performance Target
SA Inflation
Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12
0%
2%
4%
6%
8%
10%
12%
14%
Absolute Stable Growth Life Portfolio (1-Year Annualised Rolling)

% PERF. (p.a.)
1-Mth 3-Mth 6-Mth 1-Yr 3-Yr
Since
Inception
Tax-exempt Investor 1.2 3.7 6.5 12.7 - 11.7
Benchmark 0.2 1.1 2.6 5.7 5.1 12.3
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
FUND COMPOSITION
SA Equity 49.2%
SA Interest Bearing 11.6%
Property 9.3%
International Interest Bearing 3.0%
0
10
20
30
40
50
60
70
80
90
100
SECURED MONEY MARKET LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
This is a bonus fund which aims to provide a capital-secure
investment, with returns relating to prevailing rates on money
market and other short-term interest-bearing assets.
The fund is suited to investors who want capital protection.
INVESTMENT MANDATE
In line with a money market fund, this fund has an underlying
portfolio of money market and other short-term interest-
bearing assets.
GUARANTEED RETURN
Bonuses are declared 30 days in advance. The bonus rates
take into account the returns from the underlying assets and
the management fees. Each investors fund value is fully
guaranteed.
DISINVESTMENTS
On disinvestment (including income payments) or switches
out of the fund (including switches to the Capital Secured
Fund when your Plan is ceded as security to Old Mutual) the
guaranteed Minimum Fund Value will be reduced in the same
proportion that the Fund Value is reduced.
INITIAL CHARGES:
1 2 3 4 5
Fund Performance
Fund Bonus Rates
0%
2%
4%
6%
8%
10%
12%
14%
Secured Money Market Life Fund (5-Year Annualised Rolling)
Retirement Annuity
Preservation Fund
Living Annuity
December 2012

% PERF. (p.a.)
Since
Inception
Retirement Fund 5.4 5.8 7.4 7.5 7.3 7.6
Private Investor 3.8 4.2 5.4 5.6 5.9 5.6
Corporate Investor 3.8 4.2 5.4 5.6 5.9 5.6
FUND COMPOSITION
Cash 0.2%
SA Bonds (1-3 Years) 99.8%
0
10
20
30
40
50
60
70
80
90
100
CURRENT BONUS RATES
% p.m. % p.a.
Tax-exempt Investor 0.42% 5.10%
Retirement Fund 0.42% 5.10%
Private Investor 0.30% 3.60%
Corporate Investor 0.30% 3.60%
SMOOTHED PERFORMANCE LIFE FUND
FUND INFORMATION
RISK RATING
FUND OBJECTIVE
This fund aims to provide infation-beating smoothed returns over the
This fund may suit those seeking real returns with more stability than
market-linked funds.
INVESTMENT MANDATE
The current asset allocation is approximately 65% equities, 25% interest-
bearing assets and 10% property. The asset mix may be reviewed in
the light of changing economic conditions.
BONUS RATES
Bonuses are declared annually and added to the Fund Value. As the
declared bonus is retrospective, an interim bonus rate is used to
determine the funds current value until the next bonus declaration,
i.e. the interim rate is applied on a daily basis to the fund, in order
for the units to be priced daily. The interim rate may be revised at
any time to refect the funds value more accurately. The fnal rate
will only apply once it is declared and provided that the Contracting
Party is still invested in the fund on the date of declaration.
SMOOTHING
During periods of strong investment performance, a portion of
investment growth is held in reserve for distribution during periods
of weaker investment performance. Old Mutual is entitled to apply a
fee to switches into the fund and limit, or not permit, transactions
which may, in its opinion, be detrimental to other investors in the fund.
GUARANTEE DATE
The Guarantee Date is set 5 years from the day of frst investment
into the fund. On the Guarantee Date the full Fund Value is available
without adjustment and a new Guarantee Date is set for 5 years into the
future. Guarantee dates also come into effect on contractual recurring
premium plans at the end of the premium-paying term. There is no
guarantee date where the premium-paying term is less than fve years.
GUARANTEED MINIMUM FUND VALUE
On the Guarantee Date, the Guaranteed Minimum Fund Value equals
the net premiums (premiums after premium charges) and/or net
amount(s) invested into the fund. Irregular payments invested less than
two years before a guarantee date will not be fully guaranteed, but
will be guaranteed to the extent of 80% of the net irregular payment
invested. Old Mutual is entitled to change the 2-year period to another
period. Irregular payments include, but are not limited to, additional
single premium payments, voluntary premium increases or payments in
excess of the 20% excess premium provisions of the regulations under
section 54 of the Long-term Insurance Act 1998 in force as at 1 August
2002 (the 20% provisions), switches into the fund and zero interest
loan repayments. The 20% provisions as at 1 August 2002 shall continue
to apply notwithstanding any subsequent amendment or repeal. On
each guarantee date, an amount equal to the excess (if any) of the
Guaranteed Minimum Fund Value over the actual Fund Value will be
credited to the Investment Plan.
MARKET VALUE ADJUSTER
Any withdrawals from the fund (including income payments and
switches) may result in a value adjustment to refect current market
conditions. These adjustments will not apply to the proceeds on the
Guarantee Date, if applicable. Fund Values may be adjusted temporarily
or permanently should market conditions prove extremely adverse.
DISINVESTMENT VALUE
Any part disinvestment from the fund, including income payments and
switches out of the fund (including switches to the Capital Secured Fund
when a Plan is ceded as security to Old Mutual), will reduce the level
of the Guaranteed Minimum Fund Value. The level of the guarantee
will reduce in the same proportion as the Fund Value is decreased.
INITIAL CHARGES:
ONGOING:
Asset Management Fee: 1.00% p.a.
Guarantee and Smoothing Fee: 0.85%
Bonuses are net of these fees.
1 2 3 4 5
Fund
SA Inflation
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Smoothed Performance Life Fund (5-Year Annualised Rolling)

% PERF. (p.a.)
Since
Inception
Retirement Fund 6.2 7.5 7.2 11.0 11.4 12.0
Private Investor 5.0 6.3 6.0 9.8 10.4 11.2
Corporate Investor 4.8 6.1 5.8 9.6 10.2 11.0
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
FUND COMPOSITION
SA Equity 41.5%
SA Bonds 17.4%
Property 8.6%
Other 3.7%
0
10
20
30
40
50
60
70
80
90
100
Investment Frontiers Smoothed Fund and Investment Frontiers Stabilised Investment Fund rates applied
prior to the launch of the Smoothed Performance Life Fund. Interim bonus rate applied for the period
31 December 2011 to 30 September 2012.
Investment Frontiers Smoothed Fund and Investment Frontiers Stabilised Investment Fund rates applied
prior to the launch of the Smoothed Performance Fund. Interim bonus rate applied for the period
31 December 2011 to 30 September 2012.
HISTORICAL AND CURRENT TOTAL BONUS RATES
2008 2009 2010 2011 Interim
Tax-exempt Investor 6.20% 7.20% 8.20% 8.20% 6.20%
Retirement Fund 6.20% 7.20% 8.20% 8.20% 6.20%
Private Investor 5.00% 6.00% 7.00% 7.00% 5.00%
Corporate Investor 4.80% 5.80% 6.80% 6.80% 4.80%
Investment Frontiers Smoothed Fund and Investment Frontiers Stabilised Investment Fund rates applied prior
to the launch of the Smoothed Performance Life Fund. Historical declared rates applicable over years ending
30/06*. Interim bonus rate applied for the period 31 December 2011 to 31 December 2012.
* The declaration date has been changed from 30 June to 31 December.
1
Fact Sheet
December 2012
145
140
135
130
125
120
115
110
105
100
95
Coronation Balanced Life Fund
Benchmark
CPI +6% p.a.
Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12
PERFORMANCE DATA*
Fund versus benchmark performance.
INCEPTION DATE: April 2012
ASSETS UNDER MANAGEMENT: R2.0 billion
BENCHMARK: CPI
RISK PROFILE:
Low Low to Moderate Moderate Moderate to High High
1 2 3 4 5
DESCRIPTION
The Coronation Balanced mandate is aimed at investors that require an
actively managed balanced portfolio with an above-average risk. This fund
invests across all asset classes, including international, based on a rigorous
research process, and is managed without reference to a specifc benchmark.
In order to achieve the fund objective the portfolio manager may choose to
gain exposure to the described assets and asset classes by investing through
OMLACSA pooled portfolios, collective investment schemes or a combination
thereof.
Manager Portfolio Manager Allocation
Charles de Kock & Neville Chester 100.0%
FUND MANAGER(S)
Retirement Annuity
Preservation Fund
Living Annuity
Sources: OMIGSA & Morningstar as at 31/12/2012
PERFORMANCE DATA*
Since
Inception
Fund 15.6% - - - - 13.6%
Benchmark: CPI 5.7% 5.1% 6.4% 6.5% 5.8% 4.9%
CPI +6% p.a. 11.7% 11.1% 12.4% 12.5% 11.8% 10.9%
NAV-NAV fund performance and gross benchmark returns, both including reinvested income. Lump
sum basis. Performances are in ZAR and as at 31 December 2012.
MONTHLY PERFORMANCE HISTORY*
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 Year
2010 1.02% -2.54% -1.31% 5.46% -1.01% 4.93% 3.19% -0.30% 3.16%
2011 0.34% 1.42% 0.32% 1.44% 0.54% 0.01% -1.11% -0.25% -0.11% 5.73% 0.09% 0.13% 8.7%
2012 3.33% 1.59% 1.04% 1.71% -1.80% 0.62% 2.53% 3.05% 1.91% -2.69% 1.66% 1.81% 15.6%
CORONATION BALANCED LIFE FUND
RISK STATISTICS
#
Fund SA Equity SA Bonds
Maximum drawdown -1.5% -40.4% -7.3%
Longest drawdown 3 months 29 months 9 months
% positive months 73% 58% 82%
Standard deviation 7.2% 12.8% 5.6%
SA Equity - FTSE/JSE All Share Index
SA Bonds - All Bond Index
Risk statistics are calculated based on monthly performance data since the funds inception.
Over shorter periods losses are possible in this fund, especially during periods of signifcant
market declines.
*The performance data before 1 May 2012 is based on the underlying corporate fund, which was not previously available to retail clients.
2
to go down or up. It should be noted that investments within the fund may not be readily marketable. It may therefore be diffcult for an investor to withdraw from the fund or to obtain reliable information
about its value and the extent of the risks to which it is exposed.
Fairbairn Capital
Max Investments
Max Income
Fact Sheet
December 2012 CORONATION BALANCED LIFE FUND
FUND COMMENTARY
The FTSE/JSE All Share Index (ALSI) gained a total return of 3.2% for the month of December. Resources were up strongly
at 3.0% for the month, industrials 2.4% and fnancials returned a strong 5.4%. For the month of December healthcare was
the best performing economic group at 8.9% whilst the worst performing economic group was technology at negative
5.1%. The best performing sectors were construction & materials (+13.8%), platinum mining (+13.3%) and healthcare
equipment & services (+10.7%). The worst were tobacco (-8%), software & computer services (-6.5%) and gold mining
(-4.2%). On the currency front, the rand strengthened about 5.6% relative to the US dollar and 4.3% against the euro.
The All Bond Index returned 2.3% while the Infation-linked Bond Index gained 3%. Bonds at the long end were the
strongest with the 12+ year bonds returning 3.6%, 7-12 year bonds 2.2% and 3-7 year bonds 1.3%. The short end, 1-3 year
bonds, was up 0.8%. Cash returned 0.4%. Preference shares were negative at -1.5%. SA listed property returned 0.4%.
November infation (CPI) came in at 5.6% year on year, driven by increases in housing & utilities, transport, food and
non-alcoholic beverages. It will be interesting to see what the potential electricity tariff increases are likely to be.
Coronation delivered a 12-month return of 15.6%. The manager chose to avoid relatively expensive domestic oriented
stocks, many of which performed exceptionally well through 2012. Coronation have exposure to unloved sectors like
construction and mining. While trading conditions for these sectors remain tough, Coronation remain convinced that
the investment theses will play out, albeit in a slightly longer time period than initially envisaged. The fxed interest
portion of the fund performed well, largely due to the portfolios corporate infation-linked bond holdings. Coronation
remain concerned about the low yields currently available in the market, with a 10-year government bond yielding
around 7% (in nominal terms) and a 10-year infation-linked bond below 1% (in real terms). If these bonds are held
to maturity, investors will earn the aforementioned returns, which they believe to be inadequate given the risk of
capital loss. The low yields (driven by the global search for yield) will make meeting real return targets much more
challenging over the next number of years.
ASSET CLASS HOLDINGS
INITIAL CHARGES
There is no initial administration charge on the
fund.
ONGOING:
Annual management charge: 1.00% p.a.
Total expense ratio (TER) annualised: 1.71%.
This includes all the underlying fees:
Underlying funds service fee is approximately
0.71% (certain managers may have variable
fees and charges for performance). This
fee is accrued daily and paid on a monthly
basis.
Other charges (including the underlying
funds foreign fee) incurred by the underlying
funds are deducted from the portfolio
and will be refected in the TER.
As the weightings of the underlying funds
may change from time to time the total
fees may vary.
0
10
20
30
40
50
60
70
80
90
100
Domestic Assets 73.2%
Equities 42.7%
Resources 16.0%
Financials 6.7%
Industrials 20.0%
SA Listed Property 7.0%
Bonds 12.0%
Cash 3.3%
Other 0.2%
International Assets 26.8%
Equities 22.0%
Bonds 3.9%
Cash 0.3%
Other 0.6%
TOP 10 EQUITY HOLDINGS
Holding Sector % of Fund
MTN Group Limited Telecommunications 10.6%
Naspers Limited Consumer Services 7.8%
Anglo American plc Basic Materials 7.7%
Standard Bank Group Limited Financials 7.5%
Sasol Limited Oil & Gas 7.5%
British American Tobacco plc Consumer Goods 6.0%
BHP Billiton plc Basic Materials 4.7%
Impala Platinum Holdings Limited Basic Materials 3.8%
Mondi plc Basic Materials 3.8%
Investec plc Financials 3.1%
Total 62.5%
1
Fact Sheet
December 2012
500
450
400
350
300
250
200
150
100
50
Coronation Capital Plus Life Fund
Benchmark
CPI +4% p.a.
Jun-01 May-03 Apr-05 Mar-07 Feb-09 Jan-11 Dec-12
Coronation Capital Plus Life Fund: Rolling 12-month returns
Jun-02 Dec-03 Jun-05 Dec-06 Jun-08 Dec-09 Jun-11 Dec-12
-20%
-10%
0%
10%
20%
30%
40%
PERFORMANCE DATA*
To achieve a total return that exceeds the infation rate (CPI) by 4% per annum
(before fees and tax) over the long term.
InCePTIon DaTe: april 2012
aSSeTS UnDeR ManaGeMenT: R450m
BenChMaRk: CPI
RISk PRofIle:
low low to Moderate Moderate Moderate to high high
1 2 3 4 5
DeSCRIPTIon
The Coronation Capital Plus mandate is aimed at investors requiring an income
over the longer term. With a dual objective of short-term capital preservation
and long-term growth, the fund managers focus on constructing a portfolio
that can deliver higher long-term real returns at a lower volatility. annual
volatility is limited to the maximum the managers believe will meet this goal.
In order to achieve the fund objective the portfolio manager may choose to
gain exposure to the described assets and asset classes by investing through
oMlaCSa pooled portfolios, collective investment schemes or a combination
thereof.
louis Stassen 100.0%
fUnD ManaGeR(S)
Investment Plan (lIfe)
Investment Plan (lISP)
Retirement annuity
Preservation Fund
living annuity
Sources: OMIGSA & Morningstar as at 31/12/2012 Sources: OMIGSA & Morningstar as at 31/12/2012
PERFORMANCE DATA*
Since
Inception
Fund 16.4% 12.2% 9.8% 11.6% 14.5% 14.6%
Benchmark: CPI 5.7% 5.1% 6.4% 6.5% 5.8% 6.2%
CPI +4% p.a. 9.7% 9.1% 10.4% 10.5% 9.8% 10.2%
naV-naV fund performance and gross benchmark returns, both including reinvested income. lump sum
basis. Performances are in ZaR and as at 31 December 2012.
MonThly PeRfoRManCe hISToRy*
2007 4.19% -0.24% 2.70% 3.54% 0.13% -1.91% -0.75% 1.77% 0.41% 5.28% -3.14% -1.26% 10.9%
2008 -5.76% 3.72% -0.98% 0.47% 1.03% -4.67% 0.85% 3.67% -3.91% -2.79% 0.95% 2.51% -5.4%
2009 -1.54% -3.84% 3.70% 1.32% 4.82% -0.62% 5.79% 3.13% 1.08% 3.06% -0.68% 1.90% 19.2%
2010 0.01% 1.86% 2.47% 0.74% -1.12% -0.90% 4.21% -0.53% 3.68% 1.76% 0.52% 1.38% 14.8%
2011 0.51% 0.18% -0.10% 1.16% 0.80% -0.76% -0.61% -0.73% 1.06% 3.77% -0.44% 0.81% 5.7%
2012 2.40% 0.75% 1.27% 1.02% -0.58% -0.28% 1.88% 2.10% 1.07% 2.95% 0.62% 2.17% 16.4%
CORONATION CAPITAL PLUS LIFE FUND
RISk STaTISTICS*
longest drawdown 23 months 29 months 9 months
Sa equity - fTSe/JSe all Share Index
Sa Bonds - all Bond Index
market declines.
2
invested. When a subscription involves a foreign exchange transaction, it may be subject to the fuctuations of currency values. exchange rates may also cause the value of underlying overseas investments to
go down or up. It should be noted that investments within the fund may not be readily marketable. It may therefore be diffcult for an investor to withdraw from the fund or to obtain reliable information about
its value and the extent of the risks to which it is exposed.
Fairbairn Capital
Max Investments
Max Income
Fact Sheet
December 2012 CORONATION CAPITAL PLUS LIFE FUND
aSSeT ClaSS holDInGS
0
10
20
30
40
50
60
70
80
90
100
Equities 44.3%
Resources 13.1%
Financials 6.2%
Industrials 25.0%
Bonds 11.8%
Cash 15.8%
Other 3.7%
equities 17.4%
Cash 4.6%
ToP 10 eqUITy holDInGS
anglo american plc Basic Materials 3.3%
MTn Group limited Telecommunications 2.2%
Remgro limited Financials 2.1%
Momentum Investments Financials 1.9%
Standard Bank Group limited Financials 1.9%
Mediclinic Healthcare 1.5%
absa Bank Group Financials 1.5%
aveng limited Industrials 1.3%
BhP Billiton plc Basic Materials 1.3%
Impala Platinum holdings limited Basic Materials 1.1%
Total 18.1%
fUnD CoMMenTaRy
The fTSe/JSe all Share Index (alSI) gained a total return of 3.2% for the month of December. Resources were up strongly
at 3.0% for the month, industrials 2.4% and fnancials returned a strong 5.4%. for the month of December healthcare was
(-4.2%). on the currency front, the rand strengthened about 5.6% relative to the US dollar and 4.3% against the euro.
The all Bond Index returned 2.3% while the Infation-linked Bond Index gained 3%. Bonds at the long end were the
bonds, was up 0.8%. Cash returned 0.4%. Preference shares were negative at -1.5%. Sa listed property returned 0.4%.
november infation (CPI) came in at 5.6% year on year, driven by increases in housing & utilities, transport, food and
Coronation delivered a 12-month return of 16.4%. The manager chose to avoid relatively expensive domestic oriented
stocks, many of which performed exceptionally well through 2012. Coronation have exposure to unloved sectors like
construction and mining. While trading conditions for these sectors remain tough, Coronation remain convinced that the
investment theses will play out, albeit in a slightly longer time period than initially envisaged. The manager continued
to buy put protection on their local equity holdings, and is maintaining the high levels of protection that have been in
place throughout most of 2012. The fxed interest portion of the fund performed well, largely due to the portfolios
corporate infation-linked bond holdings. Coronation remain concerned about the low yields currently available in the
market, with a 10-year government bond yielding around 7% (in nominal terms) and a 10-year infation-linked bond below 1% (in real terms). If these bonds are held to
maturity, investors will earn the aforementioned returns, which they believe to be inadequate given the risk of capital loss. The low yields (driven by the global search for
yield) will make meeting real return targets much more challenging over the next number of years.
InITIal ChaRGeS
fund.
onGoInG:
annual management charge: 1.00% p.a.
Total expense ratio (TeR) annualised: 1.65%.
basis.
other charges (including the underlying
and will be refected in the TeR.
as the weightings of the underlying funds
fees may vary.
1
Fact Sheet
December 2012
800
700
600
500
400
300
200
100
0
Investec Opportunity Life Fund
Benchmark
CPI +6% p.a.
Jun-01 May-03 Apr-05 Mar-07 Feb-09 Jan-11 Dec-12
Investec Opportunity Life Fund:
Rolling 5-year returns
SA Inflation
Jun-06 Jul-07 Aug-08 Sep-09 Oct-10 Nov-11 Dec-12
0%
5%
10%
15%
20%
25%
30%
35%
PERFORMANCE DATA*
InCePTIon DaTe: april 2012
BenChMaRk: CPI
RISk PRofIle:
1 2 3 4 5
DeSCRIPTIon
The Investec opportunity mandate aims to achieve consistent returns above
infation, measured over three- to fve-year periods, while minimising downside
risk. This is an actively managed balanced fund that invests across several
asset classes, including South african equities, bonds and money market
instruments, as well as international equity and fxed interest instruments.
Currently, foreign exposure is limited to 25% of the portfolio, and total
equity exposure to 75% of the portfolio, with the equity portion managed
with a bias towards equities that are attractively priced compared to their
inherent value. In order to achieve the fund objective, the portfolio manager
may choose to gain exposure to the described assets and asset classes by
investing through oMlaCSa pooled portfolios, collective investment schemes
Clyde Rossouw 100.0%
fUnD ManaGeR(S)
Retirement annuity
Preservation Fund
living annuity
PERFORMANCE DATA*
Since
Inception
Fund 19.5% 13.2% 10.8% 16.0% 19.9% 19.2%
Benchmark: CPI 5.7% 5.1% 6.4% 6.5% 5.8% 6.2%
CPI +6% p.a. 11.7% 11.1% 12.4% 12.5% 11.8% 12.2%
naV-naV fund performance and gross benchmark returns, both including reinvested income. lump sum
basis. Performances are in ZaR and as at 31 December 2012.
MonThly PeRfoRManCe hISToRy*
2007 2.45% 19.62% 2.57% 3.80% -0.29% -1.29% 0.61% 1.69% -0.83% 6.35% -1.61% -1.16% 34.8%
2008 -4.99% 6.25% -2.19% 2.30% 1.23% -4.13% -0.62% 3.35% -1.47% -4.11% -2.22% 3.84% -3.4%
2009 -2.03% -6.21% 3.61% 0.51% 5.27% -0.39% 7.67% 2.49% 0.51% 4.27% -0.76% 3.43% 19.1%
2010 -0.87% 1.31% 2.27% 0.39% -3.00% -0.01% 3.87% -1.74% 3.24% 1.87% 0.41% 2.85% 10.8%
2011 -0.58% -0.01% 0.80% 1.88% 0.60% -1.01% 1.01% 0.18% 0.91% 4.48% -0.21% 1.03% 9.4%
2012 0.82% 1.85% 1.18% 1.90% 0.15% -0.01% 3.24% 2.23% 0.41% 3.24% 2.05% 0.96% 19.5%
INVESTEC OPPORTUNITY LIFE FUND
RISk STaTISTICS*
Sa equity - fTSe/JSe all Share Index
Sa Bonds - all Bond Index
market declines.
2
invested. When a subscription involves a foreign exchange transaction, it may be subject to the fuctuations of currency values. exchange rates may also cause the value of underlying overseas investments to
go down or up. It should be noted that investments within the fund may not be readily marketable. It may therefore be diffcult for an investor to withdraw from the fund or to obtain reliable information about
its value and the extent of the risks to which it is exposed.
Fairbairn Capital
Max Investments
Max Income
Fact Sheet
December 2012 INVESTEC OPPORTUNITY LIFE FUND
0
10
20
30
40
50
60
70
80
90
100
Equities 39.2%
Resources 12.0%
Financials 7.6%
Industrials 19.6%
Bonds 7.8%
Cash 19.2%
Other 0.1%
equities 13.4%
Bonds 2.4%
Cash 6.7%
assore limited Basic Materials 6.8%
British american Tobacco plc Consumer Goods 4.3%
new Gold Issuer
exchange Traded funds
(eTf)
3.7%
Tiger Brands limited Consumer Goods 3.6%
Sasol limited Oil & Gas 3.6%
Steinhoff International holdings Consumer Goods 3.2%
Impala Platinum holdings limited Basic Materials 2.9%
Compagnie financire Richemont Consumer Goods 2.0%
Total 36.2%
fUnD CoMMenTaRy
The fTSe/JSe all Share Index (alSI) gained a total return of 3.2% for the month of December. Resources were up strongly
at 3.0% for the month, industrials 2.4% and fnancials returned a strong 5.4%. for the month of December healthcare was
(-4.2%). on the currency front, the rand strengthened about 5.6% relative to the US dollar and 4.3% against the euro.
The all Bond Index returned 2.3% while the Infation-linked Bond Index gained 3%. Bonds at the long end were the
bonds, was up 0.8%. Cash returned 0.4%. Preference shares were negative at -1.5%. Sa listed property returned 0.4%.
november infation (CPI) came in at 5.6% year on year, driven by increases in housing & utilities, transport, food and
Investec returned 19.5% over the past year. Investec retain their view that the local equity market is fully priced. The
manager continues to seek opportunities that will produce returns signifcantly in excess of infation. The portfolio
saw little change across its asset allocation mix. The largest local equity holdings are assore limited, British american
Tobacco and MTn Group limited. on the funds offshore positioning, the manager has been able to purchase high
quality multinational companies trading at multi-decade lows and with dividend yields in excess of long-bond yields.
International equity makes up approximately 17% of the portfolio; within this basket they favour quality, long-established
businesses with strong franchise value these include apple Inc., Chevron Corp. and Pfzer Inc.
InITIal ChaRGeS
fund.
onGoInG:
annual management charge: 1.00% p.a.
basis.
other charges (including the underlying
and will be refected in the TeR.
fees may vary.
OLD MUTUAL REAL INCOME LIFE
FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to provide an income that grows in line with
infation, while sustaining the level of capital over time and
minimising any losses over a 12-month period. The portfolio
manager actively manages asset allocation to take advantage of
changing market conditions.
This fund is suited to investors who can accept a lower initial
income in return for infation-matching growth in income over
time, while maintaining the value of their capital. It is suitable
as a low risk investment in retirement.
INVESTMENT MANDATE
The fund invests in the full spectrum of fxed interest investments,
selected listed property and equities and may invest up to 25% of
its portfolio offshore in line with Treasury guidelines. The combined
listed property and equity exposure is carefully managed and may
not exceed 35% of the overall portfolio, but a maximum of 25%
can be held in either asset class.
REGULATION 28 COMPLIANCE
The fund complies with retirement fund legislation. It is therefore
suitable as a stand-alone fund in retirement products where
Regulation 28 compliance is specifcally required.
BENCHMARK: CPI
RISK OBJECTIVE:
The fund aims to protect capital over 12 months.
FUND MANAGER(S):
SIZE OF FUND: R19m
INITIAL CHARGES:
ONGOING:
Total expense ratio (TER):
This will be published 12 months from launch date.
1 2 3 4 5
Retirement Annuity
Preservation Fund
Living Annuity

Since
Inception
Tax-exempt Investor 2.7 7.6 - - - - - 12.5
Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 3.3
Retirement Fund* - - - - - - - -
Private Investor 2.3 6.4 - - - - - 9.3
December 2012
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100 SA Equities 11.0%
SA Bonds 35.8%
SA Property 8.1%
Commodities 1.8%
Money Market Instruments 33.1%
* Money market instruments include cash, NCDs and treasury bills
PRINCIPAL HOLDINGS
Money Market 0 - 3 Year NCDs 12.1
R197 5.5% 07/12/2023 7 - 12 Year Bonds 6.5
R212 2.75% 31/01/2022 7 - 12 Year Bonds 5.3
R204 8.00% 21/12/2018 3 - 7 Year Bonds 4.0
Bermuda Global Reit Fnd Series 2 Om CIS International 3.0
R186 10.5% 21/12/2026 12+ Year Bonds 2.6
R207 7.25% 15/01/2020 7 - 12 Year Bonds 2.2
Dipula Income Fund-A Real Estate 2.1
NewGold Issuer Limited Exchange Traded Funds 1.8
Steinhoff Finance 26/05/2017 3 - 7 Year Bonds 1.8
41.5
Fairbairn Capital
Max Investments
Max Income
OLD MUTUAL REAL INCOME LIFE
FUND
optimal portfolio.
Peter is an award-winning analyst who has extensive experience in
the investment arena. He worked at a stockbroker for 10 years, as
an analyst and equity strategist, after which he was the Head of
Research and Head of Equities for Cazenove South Africa.
PETER BROOKE
QUALIFICATIONS:
the Infation-linked Bond Index gained 16% and 19.4% respectively for the year. Cash
The good showing from bonds in December ensured that the fund ended the year
strongly. The funds return lagged the equity market, but this is in line with its
conservative mandate. The fund outperformed the Prudential Low Equity category
average return, which is a surprise. Typically it would underperform when the share
market runs strongly as it has a lower equity holding. The fund holds just over 12% in
listed shares, predominantly for their yield. Investments in listed property and active
buying of bonds at the beginning of the year helped deliver the outperformance.
1. Return to contents page 46 46
HELPLINE +27 21 509 6566 | FACSIMILE +27 21 503 4079 | EMAIL symmclientquery@symmetry.co.za | INTERNET www.symmetry.co.za
1
Fact Sheet
December 2012
MONTHLY PERFORMANCE HISTORY
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2007 3.34% 0.98% 3.31% 3.27% -0.02% -1.64% 0.69% 0.42% 2.49% 3.96% -2.72% -1.46% 13.1%
2008 -5.31% 6.17% -2.85% 0.17% 0.89% -3.35% -0.11% 3.20% -4.42% -0.83% -0.19% 2.39% -4.7%
2009 -0.48% -5.05% 3.07% 0.82% 3.62% -0.73% 6.34% 2.49% 0.30% 3.41% -0.50% 2.06% 15.9%
2010 -0.87% 1.27% 3.41% 0.57% -1.88% -1.05% 3.71% -1.10% 3.83% 1.82% 0.54% 2.29% 13.0%
2011 -0.32% 0.39% 0.13% 1.25% 0.44% -0.89% -0.22% 1.07% 1.10% 4.43% 0.05% 0.54% 8.2%
2012 2.03% 1.01% 0.94% 0.86% -0.37% 0.32% 2.16% 2.18% -0.08% 2.50% 1.14% 1.50% 15.1%
PERFORMANCE DATA RISK STATISTICS*
Fund SA Equity* SA Bonds*
Longest drawdown 22 months 29 months 9 months
* SA Equity - FTSE/JSE All Share Index
* SA Bonds - All Bond Index
* Risk statistics are calculated based on monthly performance data since the Funds inception.
Over shorter periods losses are possible in this Fund, especially during periods of
signifcant market declines.
900
800
700
600
500
400
300
200
100
0
Balanced Life Fund
Benchmark
CPI +6% p.a.
Sep-98 Apr-00 Nov-01 Jun-03 Jan-05 Aug-06 Mar-08 Oct-09 May-11 Dec-12
Balanced Life Fund: Rolling 18-month returns
Mar-00 Aug-01 Jan-03 Jun-04 Nov-05 Apr-07 Sep-08 Feb-10 Jul-11 Dec-12
-10%
0%
10%
20%
30%
40%
50%
RETURN OBJECTIVE
RISK OBJECTIVE
To avoid capital losses measured over any 18-month period. (This does not
mean that capital is guaranteed.)
INCEPTION DATE: September 1998
ASSETS UNDER MANAGEMENT: R3.1 billion
BENCHMARK: CPI
RISK PROFILE:
1 2 3 4 5
DESCRIPTION
This is a fexible asset allocation fund aimed at long-term capital growth, with
a bias towards absolute returns and capital preservation in the shorter term.
Over longer periods the fund attempts to produce signifcant infation-beating
returns. This is achieved through stock selection and an asset allocation
strategy capable of achieving the performance target. In order to achieve
the fund objective the portfolio manager may choose to gain exposure to
the described assets and asset classes by investing through OMLACSA pooled
portfolios, collective investment schemes or a combination thereof.
Louis Stassen 21.2%
Clyde Rossouw 30.6%
Michael Moyle 30.1%
Daniel Malan 18.1%
FUND MANAGERS
Retirement Annuity
Preservation Fund
Living Annuity
Since
Inception
Tax-exempt Investor 15.1% 12.1% 9.2% 12.1% 15.7% 16.4%
Performance Target:
CPI +6%
11.7% 11.1% 12.4% 12.5% 11.8% 12.3%
Benchmark: CPI 5.7% 5.1% 6.4% 6.5% 5.8% 6.3%
Retirement Fund 15.1% 12.1% 9.2% 12.1% 15.5% 15.6%
Private Investor 15.1% 11.7% 8.3% 11.2% 14.4% 14.6%
Sell-to-sell fund performance and gross benchmark returns, both including reinvested income. Lump
SYm|mETRY BALANCED LIFE FUND
PREVIOUSLY KNOWN AS MULTI-MANAGER BALANCED FUND
completeness or correctness. The opinions expressed herein are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of own judgement. The price of
shares/units and any income from them may fall as well as rise. Past performance or fund benchmark performance is not necessarily a guide to the future and investors may not get back the full amount invested.
When a subscription involves a foreign exchange transaction, it may be subject to the fuctuations of currency values. Exchange rates may also cause the value of underlying overseas investments to go down or up.
It should be noted that investments within the fund may not be readily marketable. It may therefore be diffcult for an investor to withdraw from the fund or to obtain reliable information about its value and the
extent of the risks to which it is exposed.
2
Fact Sheet
December 2012
SYm|mETRY BALANCED LIFE FUND
PREVIOUSLY KNOWN AS MULTI-MANAGER BALANCED FUND
DIVERSIFICATION
While SYm|mETRY researches, appoints and monitors the underlying managers, the managers have fexibility to decide which underlying assets to buy and in what
proportions. SYm|mETRY carefully blends managers with complementary investment styles to achieve a well-diversifed but dynamic mix of equities, money market
instruments, conventional bonds, infation-linked bonds and listed property. The maximum offshore allocation of this fund is 25%.
FUND COMMENTARY
The fund produced 15.1% over 2012. This is against the target CPI+6% return of 11.7%. The economic scenario remains uncertain; although the issues prevailing in Europe
seem to be resolved, the global economy is at the precipice of what some perceive to be a possible slowdown in the Chinese economy. Although infation reached 5.6% in
November, it is expected to remain within the target band until the end of 2013. Declining food, and possibly oil, prices are likely to keep infation contained into late 2013.
Investec generated 18.7% over the past year. Investec retain their view that the local equity market is fully priced.
The manager continues to seek opportunities that will produce returns signifcantly in excess of infation. The
portfolio saw little change across its asset allocation mix. The largest local equity holdings are Assore Limited,
British American Tobacco and MTN Group Limited. On the funds offshore positioning, the manager has been able
to purchase high quality multinational companies trading at multi-decade lows and with dividend yields in excess
of long-bond yields. International equity makes up approximately 17% of the portfolio. Within this basket they
favour quality, long-established businesses with strong franchise value these include Apple Inc., Chevron Corp.
and Pfzer Inc.
Prudential yielded a 12-month return of 23.3%. The portfolio continues to be heavily invested in equities. Local
equities make up about 39% of the portfolio with a tilt towards industrials (with large allocations to stocks such as
MTN and Naspers). The fund also holds close to 25% in bonds with infation-linked bonds (offering diversifcation
and infation protection) making up approximately 7% and nominal bonds the remaining 18%. Offshore exposure
is gained via unit trusts managed by Prudentials offshore parent asset management company, M&G Investment
Managers. Offshore is currently at the maximum allowed limit, split 20% to equities and 5% to cash and bonds.
INITIAL CHARGES
There is no initial administration charge on
the Fund.
ONGOING:
Annual management fee: 1.20% / 1.80% p.a.
Service fee: 0% p.a.
Underlying funds service fees: 1.71%
(certain managers may charge performance
fees). This fee is accrued daily and paid
on a monthly basis.
Other charges incurred by the underlying
funds are deducted from their portfolios.
fees may vary.
TOP 10 EQUITY HOLDINGS
Assore Limited Basic Materials 2.1%
British American Tobacco plc Consumer Goods 1.8%
Impala Platinum Holdings Basic Materials 1.4%
Compagnie Financire Richemont Consumer Goods 1.2%
Tiger Brands Limited Consumer Goods 1.2%
Total 16.2%
ASSET CLASS HOLDINGS
0
10
20
30
40
50
60
70
80
90
100
Equities 40.8%
Resources 13.6%
Financials 7.8%
Industrials 19.4%
Bonds 10.7%
Cash 15.6%
Other 1.1%
Equities 19.0%
Bonds 1.6%
Cash 3.2%
1
Fact Sheet
December 2012
RISK STATISTICS*
350
300
250
200
150
100
50
Defensive Life Fund
Benchmark
CPI +4% p.a.
Oct-01 May-03 Dec-04 Jul-06 Feb-08 Sep-09 Apr-11 Nov-12
Defensive Life Fund: Rolling 12-month returns
Oct-02 Jan-04 Apr-05 Jul-06 Oct-07 Jan-09 Apr-10 Jul-11 Oct-12
-5%
0%
5%
10%
15%
20%
25%
30%
35%
RETURN OBJECTIVE
RISK OBJECTIVE
To avoid capital losses measured over any 12-month period. (This does not
mean that capital is guaranteed.)
InCePTIon DaTe: October 2001
BenChMaRk: CPI
RISk PRofIle:
1 2 3 4 5
DeSCRIPTIon
This is a fexible asset allocation fund aimed at long-term capital growth,
with a bias towards absolute returns and capital preservation. The fexible
mandate is employed not to strive for maximum performance but to allow the
portfolio to be biased towards absolute returns and capital preservation in
the shorter term. over longer periods the fund attempts to produce infation-
beating returns. This is achieved through stock selection and an active asset
allocation strategy capable of achieving the performance target. In order to
achieve the fund objective the portfolio manager may choose to gain exposure
to the described assets and asset classes by investing through oMlaCSa pooled
louis Stassen 29.3%
Clyde Rossouw 30.4%
Philip liebenberg 39.7%
FUND MANAGERS
Fund SA Equity* SA Bonds*
* Sa equity - fTSe/JSe all Share Index
* Sa Bonds - all Bond Index
* Risk statistics are calculated based on monthly performance data since the funds inception.
Over shorter periods losses are possible in this Fund, especially during periods of
Retirement annuity
Preservation fund
living annuity
PeRfoRManCe DaTa
Since
Inception
Performance Target:
CPI +4%
9.7% 9.1% 10.4% 10.5% 9.8% 10.2%
Benchmark: CPI 5.7% 5.1% 6.4% 6.5% 5.8% 6.2%
Retirement Fund 12.5% 9.8% 8.0% 9.2% 11.4% 10.9%
Sell-to-sell fund performance and gross benchmark returns, both including reinvested income. lump
sum basis. Performances are in ZaR and as at 31 December 2012.
MonThly PeRfoRManCe hISToRy
2007 2.31% 1.04% 1.46% 2.23% -0.46% -1.41% 0.72% 0.57% 1.86% 2.35% -1.46% -0.22% 9.3%
2008 -2.07% 2.70% -2.06% 0.68% 1.14% -2.52% -0.15% 2.63% -1.79% 0.09% 0.18% 1.69% 0.3%
2009 0.16% -3.37% 1.84% 0.00% 2.25% -0.10% 4.05% 1.94% 0.04% 2.78% -0.40% 1.23% 10.7%
2010 0.07% 1.10% 1.91% 0.69% -0.75% -0.46% 2.26% -0.67% 2.24% 1.32% 0.43% 1.43% 9.9%
2011 0.29% 0.11% 0.07% 0.73% 0.70% -0.78% -0.19% 1.08% 1.16% 3.13% 0.60% 0.00% 7.1%
2012 1.47% 0.84% 0.56% 0.94% -0.18% 0.02% 1.41% 1.63% 0.52% 2.30% 1.31% 1.00% 12.5%
SYm|mETRY DEFENSIVE LIFE FUND
PRevIoUSly known aS MULTI-MANAGER DEFENSIVE FUND
2
Fact Sheet
December 2012
SYm|mETRY DEFENSIVE LIFE FUND
PRevIoUSly known aS MULTI-MANAGER DEFENSIVE FUND
DIVERSIFICATION
while Sym|meTRy researches, appoints and monitors the underlying managers, the managers have fexibility to decide which underlying assets to buy and in
what proportions. Sym|meTRy carefully blends managers with complementary investment styles to achieve a well-diversifed but dynamic mix of equities,
money market instruments, conventional bonds, infation-linked bonds and listed property. The maximum offshore allocation of this fund is 25%.
fUnD CoMMenTaRy
The fund produced 12.5% over the past year to the end of December 2012. This is against the target CPI+4% return of 9.7%. The economic scenario remains
uncertain; although the issues prevailing in europe seem to be resolved, the global economy is at the precipice of what some perceive to be a possible slowdown
in the Chinese economy. although infation reached 5.6% in november, it is expected to remain within the target band until the end of 2013. Declining food,
and possibly oil, prices are likely to keep infation contained into late 2013.
SIM delivered 13.9% over 2012. The funds effective equity exposure, less property, is lower as some of the
derivative structures reached their caps. SIM reduced exposure to long-dated nominal bonds slightly during
the month. although credit spreads are becoming expensive, they continue to fnd selected opportunities
to enhance the yield of the funds money market and bond assets. from a long-term value perspective,
using the summation of individual company valuations as calculated by their equity analysts, the equity
market is now trading above SIMs house view assessment of its fair intrinsic value. This is refected in the
funds more defensive positioning, with a higher hedged equity component exposure that was increased
over the month, with increased allocations to international equity and cash. Top offshore holdings include
apple Inc., exxon Mobil Corp. and Microsoft Corp.
Coronation delivered a 12-month return of 17.3%. The manager chose to avoid relatively expensive domestic
oriented stocks, many of which performed exceptionally well through 2012. Coronation have exposure to
unloved sectors like construction and mining. while trading conditions for these sectors remain tough,
they remain convinced that the investment theses will play out, albeit in a slightly longer time period
than initially envisaged. The manager continued to buy put protection on their local equity holdings, and
are maintaining the high levels of protection that have been in place throughout most of 2012. The fxed
interest portion of the fund performed well, largely due to the portfolios corporate infation-linked bond
holdings. Coronation remain concerned about the low yields currently available in the market, with a 10-
year government bond yielding around 7% (in nominal terms) and a 10-year infation-linked bond below 1%
(in real terms). If these bonds are held to maturity, investors will earn the aforementioned returns, which
they believe to be inadequate given the risk of capital loss. The low yields (driven by the global search
for yield) will make meeting real return targets much more challenging over the next number of years.
0
10
20
30
40
50
60
70
80
90
100
Equities 31.3%
Resources 8.5%
Financials 5.7%
Industrials 17.1%
Bonds 10.0%
Cash 26.8%
Other 1.1%
Equities 14.8%
Bonds 1.0%
Cash 4.7%
assore limited Basic Materials 2.1%
Sasol limited Oil & Gas 2.0%
British american Tobacco plc Consumer Goods 2.0%
anglo american plc Basic Materials 1.6%
Impala Platinum holdings Basic Materials 1.4%
Tiger Brands limited Consumer Goods 1.2%
Steinhoff International holdings Consumer Goods 1.2%
BhP Billiton plc Basic Materials 1.1%
Total 17.3%
InITIal ChaRGeS
the fund.
onGoInG:
annual management fee: 1.20% / 1.80% p.a.
on a monthly basis.
other charges incurred by the underlying
fees may vary.
1
Fact Sheet
December 2012
SYm|mETRY EQUITY LIFE FUND
PREVIOUSLY KNOWN AS MULTI-MANAGER GROWTH FUND
RISK STATISTICS*
Fund Benchmark
Maximum drawdown -33.1% -39.4%
Longest drawdown 35 months 31 months
% positive months 65% 59%
Standard deviation 14.3% 17.5%
Over shorter periods losses are possible in this Fund, especially during periods of signifcant
market declines.
1 100
1 000
900
800
700
600
500
400
300
200
100
0
Equity Life Fund
Benchmark
Inflation
Sep-98 Apr-00 Nov-01 Jun-03 Jan-05 Aug-06 Mar-08 Oct-09 May-11 Dec-12
Source: Morningstar as at 31/12/2012
PERFORMANCE DATA
Fund versus benchmark performance over the long term.
INCEPTION DATE: September 1998
ASSETS UNDER MANAGEMENT: R985m
BENCHMARK: Composite: 85% JSE All Share & 15% MSCI
World Index
RISK PROFILE:
1 2 3 4 5
DESCRIPTION
This fund may suit investors who seek capital growth, but can tolerate
short-term volatility. It has exposure to a wide range of blue chip JSE and
international equities, as well as other securities if appropriate. The security
selection is performed by a range of asset management companies chosen
for their specialist skills. In order to achieve the fund objective the portfolio
manager may choose to gain exposure to the described assets and asset
classes by investing through OMLACSA pooled portfolios, collective investment
Omri Thomas 25.1%
Ricco Friedrich 21.0%
Gavin Wood 9.7%
Terence Craig 24.5%
Ian Heslop 19.7%
FUND MANAGERS
Equity Life Fund: Rolling 5-year
returns
Inflation
Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12
0%
5%
10%
15%
20%
25%
30%
Retirement Annuity
Preservation Fund
Living Annuity
PERFORMANCE DATA
Since
Inception
Benchmark: SWIX 26.1% 15.3% 8.7% 14.0% 17.4% 15.3%
Retirement Fund 14.9% 10.7% 6.0% 10.8% 15.9% 13.8%
Sell-to-sell fund performance and gross benchmark returns, both including reinvested income. Lump
2007 3.90% 0.82% 4.34% 3.73% 0.28% -1.57% 0.75% 0.37% 2.66% 4.75% -3.08% -2.14% 15.4%
2008 -6.65% 8.09% -3.16% 2.33% 1.41% -6.12% -4.57% 3.40% -7.56% -8.89% -4.98% 3.45% -22.2%
2009 -0.50% -8.81% 6.11% 2.63% 7.60% 0.04% 7.33% 4.32% 1.45% 3.42% -0.95% 2.52% 26.9%
2010 -2.56% 0.53% 4.90% 0.32% -3.53% -2.43% 5.61% -2.17% 6.78% 2.73% 0.22% 3.91% 14.5%
2011 -0.75% 1.80% 0.33% 1.98% 0.05% -2.12% -2.27% -1.37% -1.16% 6.76% 0.67% -0.47% 3.2%
2012 3.99% 1.33% -0.23% 0.71% -1.90% 0.15% 1.19% 1.40% 1.54% 3.20% 0.67% 2.07% 14.9%
2
Fact Sheet
December 2012
SYm|mETRY EQUITY LIFE FUND
PREVIOUSLY KNOWN AS MULTI-MANAGER GROWTH FUND
DIVERSIFICATION
While SYm|mETRY researches, appoints and monitors the underlying managers, the managers have fexibility to decide which underlying shares to buy and
in what proportions. SYm|mETRY carefully blends managers with complementary investment styles to achieve a well-diversifed but dynamic mix of shares.
The Fund invests in shares within the Shareholder Weighted Index (SWIX), a broad-based index of highly liquid shares, which allows for active stock selection.
FUND COMMENTARY
The fund ended the year on the back foot lagging its benchmark over both the quarter and year. However,
some of the managers in the solution ended the year with good performance in December. Kagiso had
their best month of the year. Their overweight positions in Lonmin, Kagiso Media and Impala contributed
positively to performance. Detractors from performance were overweight positions in Tongaat and AECI,
and underweight exposure to Richemont.
SIM, who also ended the year strongly in December, had their best quarter in two years. The biggest
contributors to returns were their investments in Northam, Absa, PPC and Sun International whereas their
positions in Abil, Lewis, Sasol and Gold Fields were a drag on short-term returns. With the exception of
Gold Fields, SIM used the share price weakness to add to their positions in the above companies.
Abax and Element were weaker in December and this consequently hurt their quarter performance. Both
managers are overweight to gold shares, which did poorly during the quarter and in December in particular.
Abaxs holdings in Absa, Anglo Platinum and Mediclinic did particularly well and for Element Lonmin, Sappi
and Tsogo Sun did well.
The international portion of the fund, which is managed by Investec, enjoyed a great quarter when
compared to the peer group average in the Morningstar Survey. A rally in global equities was behind the
positive performance by the manager, despite the strong rand.
TOP 10 EQUITY HOLDINGS ASSET CLASS HOLDINGS
0
10
20
30
40
50
60
70
80
90
100
Equities 76.6%
Resources 29.3%
Financials 16.3%
Industrials 31.0%
Cash & Other 3.8%
Equities 19.6%
AngloGold Ashanti Limited Basic Materials 4.4%
Old Mutual plc Financials 4.4%
Naspers Limited Consumer Services 3.2%
Gold Fields Limited Basic Materials 3.1%
Absa Bank Financials 3.1%
Total 43.6%
INITIAL CHARGES
the Fund.
ONGOING:
Annual management fee: 1.20% / 1.80% p.a.
on a monthly basis.
Other charges incurred by the underlying
fees may vary.
1
Fact Sheet
September 2012 SYm|mETRY ISLAMIC FUND
2007 1.84% 1.28% 3.96% 1.63% 2.89% -0.76% -0.80% 0.83% 4.77% 1.98% -2.55% -3.00% 12.4%
2008 -0.97% 6.98% -0.37% 0.91% 2.11% -2.42% -3.90% 1.47% -5.29% -4.57% -4.28% 5.21% -5.8%
2009 -0.20% -4.92% 5.45% 0.69% 4.96% 0.28% 4.86% 3.53% 0.25% 1.88% -1.24% 0.62% 16.9%
2010 -1.30% 0.10% 2.87% 0.81% -1.25% -0.62% 0.79% -0.20% 1.89% 1.01% 0.39% 1.65% 6.2%
2011 0.02% 1.13% -0.06% 1.86% -0.43% -1.24% -1.01% -0.28% -0.04% 5.52% 0.68% -1.18% 4.9%
2012 2.22% 0.37% -0.64% 0.33% -0.66% 0.28% 0.07% 0.47% 1.03%

% performance (p.a.)
1 year 3 years 5 years
Since
inception
Tax-exempt Investor 8.6% 5.3% 4.1% 9.6%
Benchmark 17.5% 12.5% 7.5% 12.2%
Private Investor 8.7% 5.1% 4.2% 9.3%
Retirement Fund 8.2% 5.2% 4.1% 9.6%
Sell-to-sell fund performance and gross benchmark returns, both including reinvested income.
Lump sum basis. Performances are in ZAR and as at 30 September 2012. Source: OMIGSA
220
200
180
160
140
120
100
80
Dec-05 Sep-06 Jun-07 Mar-08 Dec-08 Sep-09 Jun-10 Mar-11 Dec-11 Sep-12
Islamic Fund
Benchmark
Inflation
PERFORMANCE DATA
INCEPTION DATE: December 2005
ASSETS UNDER MANAGEMENT: R383 million
BENCHMARK: 50% JSE All Share Index, 15% Dow Jones
Islamic Index & 35% STeFI less 0.5% p.a.
CATEGORY: Life Fund
RISK PROFILE:
1 2 3 4 5
DESCRIPTION
This Fund is managed to satisfy the principles of Islamic law while remaining
Regulation 28 compliant. It is suitable for retirement funds and individual
investment plans. The Fund has been designed to target an investment
return, over the long term, comparable to that of a traditional balanced fund.
However, as Islamic law does not permit interest-bearing asset classes, sukuk
instruments are used as an alternative. Sukuks provide a similar risk-return
profle to fxed interest assets, without earning interest. The Fund will be
subject to the conditions, guidelines and guidance set on the SYm|mETRY
Islamic Fund by the appointed Shariah Supervisory Board. An example of this
is the decision on how any non-permissible income earned in the Fund will be
disposed of. If the Fund is purchased via a retail platform, the Fund (and not
the platform) is still strictly managed as above. The Fund is not restricted to
individuals of the Muslim faith.
Mohamed Shafee Loonat 85.0%*
* The remaining 15% is currently in transition residing in a non-interest bearing account.
FUND MANAGERS
MANAGEMENT FEE: 1.50% p.a.
RISK STATISTICS*
Fund SA Equity*
Maximum drawdown -17.7% -40.4%
Longest drawdown 17 months 29 months
% positive months 63% 63%
Standard deviation 9.1% 17.2%
* SA Equity - FTSE/JSE All Share Index
Over shorter periods, losses are possible in this Fund, especially during periods of
Retirement Annuity
Preservation Fund
Living Annuity
SYm|mETRY Multi-Manager; PO Box 1014, Cape Town 8000, South Africa; Tel: +27 (0)21 509 6566; Fax: +27 (0)21 503 4079; www.symmetry.co.za
SYm|mETRY Multi-Manager is a division of Old Mutual Life Assurance Company (South Africa) Limited. Registration number 1999/004643/06. Old Mutual Life Assurance Company (South Africa) Limited is a licensed
fnancial services provider, authorised in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 to furnish advice and render intermediary services.
The investment portfolios are market linked. Investors rights and obligations are set out in the relevant policy contracts. Market fuctuations and changes in rates of exchange or taxation may have an effect
on the value, price or income of investments. Since the performance of fnancial markets fuctuates, an investor may not get back the full amount invested. Past performance is not necessarily a guide to future
investment performance.
2
Fact Sheet
September 2012 SYm|mETRY ISLAMIC FUND
DIVERSIFICATION
While SYm|mETRY researches, appoints and monitors the underlying managers, the managers have fexibility to decide which underlying assets to buy and in
what proportions. SYm|mETRY determines the strategic asset allocation between equities, international assets and synthetic cash.
FUND COMMENTARY
The FTSE/JSE All Share Index posted another positive month, rising 1.6%, driven largely by resources shares. The resources index rose 5.7% outperforming
the fnancial and industrial indices, which returned 0.3% and -0.1% respectively. However, when measured over 12 months resources shares gained 3.0% while
industrials and fnancials returned 37.0% and 26.0% respectively.
The local equity portion of the Islamic Fund enjoyed a good month with most of their high conviction positions paying off. Positions that contributed the
most to outperformance were an overweight exposure to gold shares, as well as not holding any Imperial, Mr Price and Shoprite. They have increased their
exposure to stocks like Sasol, AngloGold and BHP Billiton at the expense of Mondi Packaging (M-Pact) and Emira Property Fund.
The manager continues to seek shares that are trading below their estimate of fair value and reduce those that have reached fair value. This is currently
playing out in their underweight position to the industrial sector and the overweight tilt to resources counters.
TOP 10 EQUITY HOLDINGS ASSET CLASS HOLDINGS
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Equities 50.3%
Element Islamic Equity 50.3%
Cash & Other 35.7%
Element Sukuks 35.7%
International Assets* 14.0%
* Offshore assets are currently in transition residing in a
non-interest bearing account.
AngloGold Ashanti Limited Basic Materials 4.8%
Gold Fields Limited Basic Materials 2.6%
Allied Electronics Corporation Industrials 2.2%
Group Five Limited Industrials 1.5%
Allied Technologies Limited Industrials 1.4%
Astrapak Limited Industrials 1.0%
Datatec Limited Technology 1.0%
Emira Property Fund Financials 0.9%
Total 22.7%
1
Fact Sheet
September 2012 SYm|mETRY MONEY MARKET FUND
2007 0.75% 0.65% 0.70% 0.72% 0.72% 0.69% 0.78% 0.77% 0.71% 0.85% 0.79% 0.84% 9.3%
2008 0.85% 0.81% 0.88% 0.87% 0.89% 0.94% 0.97% 0.92% 1.01% 0.98% 0.89% 1.05% 11.6%
2009 0.93% 0.84% 0.96% 0.82% 0.74% 0.77% 0.68% 0.65% 0.61% 0.61% 0.62% 0.62% 9.2%
2010 0.58% 0.57% 0.66% 0.58% 0.59% 0.56% 0.55% 0.58% 0.52% 0.50% 0.53% 0.50% 6.9%
2011 0.48% 0.42% 0.46% 0.43% 0.46% 0.43% 0.41% 0.48% 0.43% 0.44% 0.43% 0.43% 5.4%
2012 0.45% 0.41% 0.45% 0.43% 0.45% 0.43% 0.45% 0.43% 0.41%
RISK STATISTICS*
Fund
Weighted average maturity (days) 103
% positive months 100%
Standard deviation 0.6%
260
240
220
200
180
160
140
120
100
80
Money Market Fund
Benchmark
Inflation
Jun-01 Sep-02 Dec-03 Mar-05 Jun-06 Sep-07 Dec-08 Mar-10 Jun-11 Sep-12
PERFORMANCE DATA
INCEPTION DATE: June 2001
ASSETS UNDER MANAGEMENT: R654 million
BENCHMARK: STeFI Composite Rand Cash Return Index
CATEGORY: Domestic - Fixed Interest - Money Market
RISK PROFILE:
1 2 3 4 5
DESCRIPTION
This is a low volatility fund aiming to provide investors with high levels of income
and capital preservation and, in doing so, can run the risk of underperforming
the infation rate. The Fund aims to outperform its benchmark over rolling
one-year periods. The Fund is fully invested in money market instruments
including highly secure bank-issued instruments and short-dated government
guaranteed instruments as well as issues by central, provincial and local
governments and companies and banks. The Fund does not comply with the
asset allocation sublimits set out in Regulation 28 of the Pension Funds Act,
and therefore the Fund is not Regulation 28 compliant.
Abri du Plessis 42.8%
Ameesha Chagan 57.2%
FUND MANAGERS

% performance (p.a.)
1 year 3 years 5 years 7 years 10 years
Since
inception
Benchmark: STeFI 5.6% 6.2% 8.0% 8.0% 8.5% 8.7%
Corporate Investor 3.8% 4.3% 5.6% 5.6% 5.9% 6.0%
Retirement Fund 5.3% 6.1% 7.9% 7.7% 7.6% 7.6%
NAV-NAV fund performance and gross benchmark returns, both including reinvested income. Lump
sum basis. Performances are in ZAR and as at 30 September 2012. Due to the Association for Savings
& Investment SA code on advertising, no unit trust fund is allowed to report on performance for
less than one year.
The Fund of Funds is available via IF, FC and Max Investments. If invested via a product that is
regulated by the Long-term Insurance Act, the above tax classes apply. If invested via a unit trust
platform, the investor is responsible for declaring and paying any income tax due.
Retirement Annuity
Preservation Fund
Living Annuity
2
Unit trusts are generally medium- to long-term investments. Past performance is no indication of future performance. Shorter term fuctuations can occur as your investment moves in line with the markets. Fluctuations
or movements in exchange rates may cause the value of underlying international investments to go up or down. Unit trusts can engage in borrowing and scrip lending. The funds TER refects the percentage of the
average Net Asset Value of the portfolio that was incurred as charges, levies and fees related to the management of the portfolio. A higher TER does not necessarily imply a poor return, nor does a low TER imply a
good return. The current TER cannot be regarded as an indication of future TERs. A schedule of fees, charges and maximum adviser fees is available from Old Mutual Unit Trust Managers Ltd (OMUT). You may sell
your investment at the ruling price of the day (calculated at 15h00 on a forward pricing basis and 17h00 at month-end for Old Mutual RAFI
40 Tracker Fund, Old Mutual Top 40 Fund and SYm|mETRY Equity Fund of
Funds). The Old Mutual Money Market Fund unit price aims to be static but investment capital is not guaranteed. The total return is primarily made up of interest (declared daily at 13h00), but may also include any
gain/loss on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but in an extreme case it can have the effect of reducing the capital value of the
fund. Specialist equity funds may hold a greater risk as exposure limits to a single security may be higher. A feeder fund is a portfolio that, apart from assets in liquid form, consists solely of participatory interests
in a single portfolio of a collective investment scheme. A fund of funds unit trust invests only in other collective investment schemes, which may levy their own charges. Certain funds may be capped to be managed
in accordance with their mandates. Different classes of units apply to these portfolios and are subject to different fees and charges. The portfolio performance is calculated on a NAV-NAV basis and does not take
any initial fees into account. Income is reinvested on the ex-dividend date. Actual investment performance will differ based on the initial fees applicable, the actual investment date and the date of reinvestment
of income. Old Mutual is a member of the Association for Savings and Investment South Africa (ASISA).
Fact Sheet
September 2012 SYm|mETRY MONEY MARKET FUND
DIVERSIFICATION
While SYm|mETRY researches, appoints and monitors the underlying managers, the managers have fexibility to decide which underlying assets to buy and
in what proportions. SYm|mETRY carefully blends managers with complementary investment styles to achieve a well-diversifed but dynamic mix of assets.
FUND COMMENTARY
The FTSE/JSE All Share Index gained a total return of 1.6% for the month of September 2012. Resources were up strongly at 5.7% for the month, industrials
fat and fnancials returned about 0.3%. For the month of September basic materials and technology were the best performing economic groups at 6.2% whilst
the worst performing economic group was consumer goods at negative 3.0%. The best performing sectors were forestry & paper (9.5%), coal mining (8.9%)
and gold mining (8.7%). The worst were fxed-line telecommunications (-8.4%), tobacco (-4.8%) and industrial transportation (-4.7%). On the currency front,
the rand strengthened about 1.0% relative to the US dollar and weakened 1.2% against the euro.
The All Bond Index gained 0.9% and the Infation-linked Bond Index gained 2.7%. 12+ year bonds gained 0.4%, whilst the 7-12 and 3-7 year bonds were up
strongly at 1.6% and 1.1% respectively. The short end, 1-3 years, was up 0.5%. Cash returned 0.5%. Preference shares returned a strong 2.2%. SA listed property
returned a negative 3.3%.
August infation (CPI) came in at 5.0% year on year, driven by an increase in the housing and utilities sub-component and a decrease in the food sub-component.
The SYm|mETRY Money Market Fund delivered 5.3% over the past year. The portfolios term exposure saw a shift with increased exposure to 3-6 month
instruments while cash holdings were reduced signifcantly. The Fund maintains a low credit risk profle with over 64% of instruments being rated A1+/F1+
while producing a running yield of 5.3%.
Gryphon continued to outperform the benchmark the manager produced a 12-month return of 5.6%. The manager actively increased exposure to 3-6 month
and 6-9 month instruments while reducing exposure to cash. Consequently, the portfolio experienced an increase in its weighted average maturity from
81 to 86 days.
The Futuregrowth portfolio experienced increased exposure to cash and 3-6 month instruments over September while 0-3 and 6-9 month instruments were
lightened. This resulted in the portfolios weighted average maturity remaining unchanged at 116 days. The fund ended the month producing a running yield
of 5.2%.
DURATION ALLOCATION
0% 10% 20% 30% 40% 50% 60%
Cash/call
0-3 Months
3-6 Months
6-9 Months
9-12 Months
10%
Money Market Fund
Benchmark
% of Fund
10%
11%
10%
22%
35%
50%
30%
7%
15%
DISTRIBUTIONS
Monthly for the last 12 months: 5.21c per unit
30/09/2012: Distribution 0.41c per unit
CHARGES (All fees are VAT inclusive)
TAX REFERENCE NUMBER: 9696/687/14/5
OPTIMISED WORLD ACTIVE LIFE FUND
FUND INFORMATION
RISK RATING

1 2 3 4 5

FUND OBJECTIVE
The fund aims to deliver long-term equity-like returns.
It is suitable for investors who seek extraordinary capital growth
and are willing to take the associated high risks.
INVESTMENT MANDATE
The mandate allows for a limited deviation from the funds
benchmark with respect to investment style, US exposure and large
versus mid-cap shares. In order to achieve the fund objective the
portfolio manager may choose to gain exposure to the described
assets and asset classes by investing through OMLACSA pooled
BENCHMARK: MSCI All Country World Index
FUND MANAGER(S):
Urvesh Desai (OMIGSA - MacroSolutions)
SIZE OF FUND: R6m
INITIAL CHARGES:
ONGOING:
Additional charges that are deducted from the funds portfolio will be included in
the TER. The fees that could be included in the TER which are not refected in the
RISK STATISTICS (5 YEARS) FUND BENCHMARK
Fund
Benchmark
Aug-07 Apr-08 Dec-08 Aug-09 Apr-10 Dec-10 Aug-11 Apr-12 Dec-12
-10%
-5%
0%
5%
10%
15%
20%
Optimised World Active Life Fund (5-Year Annualised Rolling)
6%
4%
2%
0%
-2%
-4%
-6%
-8%
9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Fund
Benchmark
PRINCIPAL HOLDINGS
HOLDING % OF FUND
USA 34.3
Asia Pacifc 17.8
Europe (ex UK) 17.6
Japan 12.5
Other 9.8
UK 8.0
100.0

Since
Inception
Tax-exempt Investor 6.5 14.1 21.8 9.6 -1.0 3.4 4.3 1.5
Benchmark 5.9 14.3 22.7 12.0 3.4 7.7 7.8 5.0
Retirement Fund 6.4 14.0 21.7 9.9 -0.7 3.7 4.4 1.6
Private Investor 5.9 12.9 19.9 9.1 -0.9 3.2 4.0 1.3
Corporate Investor 5.2 11.1 16.9 7.7 -1.1 2.9 4.0 1.4

Retirement Annuity

Preservation Fund
Living Annuity

FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100 Cash 1.5%
Consumer 20.1%
Energy 10.5%
Financials 19.3%
Healthcare 8.5%
Industrials 13.3%
Information Technology 13.7%
Materials 5.9%
Telecommunication Services 4.6%
Utilities 2.5%
Other 0.1%
December 2012
OPTIMISED WORLD BALANCED LIFE
FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to deliver long-term returns, with exposure to
international bond and equity markets.
This fund is suitable for risk-neutral investors seeking an optimal
balance between medium-term capital growth and stability in
foreign currency terms.
INVESTMENT MANDATE
The underlying assets will be made up of 65% global equities and
35% global fxed income securities. In order to achieve the fund
BENCHMARK:
65% MSCI AC World Index, 17.5% JP Morgan Global Bond Index &
17.5% Barclays Capital Global Aggregate Index
FUND MANAGER(S):
SIZE OF FUND: R71m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5

Retirement Annuity

Preservation Fund
Living Annuity

December 2012
Fund
Benchmark
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
Optimised World Balanced Life Fund (5-Year Annualised Rolling)
10%
8%
6%
4%
2%
0%
6% 8% 10% 12% 14% 16% 18% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Benchmark
Fund
PRINCIPAL HOLDINGS
HOLDING % OF FUND
USA 31.9
Europe (ex UK) 28.4
Asia Pacifc 12.9
Japan 10.3
Other 8.9
UK 7.7
100.0

Since
Inception
Benchmark 4.4 11.2 17.6 11.7 6.2 9.2 7.4 5.1
Retirement Fund 5.0 11.4 17.5 10.5 3.8 6.8 5.7 3.4
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100
Cash 1.0%
Consumer 13.0%
Energy 7.2%
Financials 12.1%
Healthcare 6.2%
Industrials 9.1%
Materials 3.6%
Other 0.1%
Utilities 1.4%
Bonds 35.0%
OPTIMISED WORLD DEFENSIVE LIFE
FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
This is a globally invested fund aiming to deliver long-term returns.
This fund is suitable for risk-averse investors who want stability
and international diversifcation.
INVESTMENT MANDATE
The fund holds 20% in international equities, 40% in global fxed
income securities and 40% in US dollar cash instruments. In order
BENCHMARK:
20% MSCI AC, 20% JP Morgan Global Bond Index, 20% Barclays
Capital Global Aggregate Index, 40% US Federal Funds Effective
Rate, 7-day Average
FUND MANAGER(S):
SIZE OF FUND: R21m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5

Retirement Annuity

Preservation Fund
Living Annuity

December 2012
Fund
Benchmark
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Optimised World Defensive Life Fund (5-Year Annualised Rolling)
14%
12%
10%
8%
6%
4%
2%
10% 12% 14% 16% 18% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Benchmark
Fund
PRINCIPAL HOLDINGS
HOLDING % OF FUND
USA 54.6
Europe (ex UK) 22.2
Asia Pacifc 6.9
Japan 6.0
Other 5.3
UK 5.0
100.0

Since
Inception
Benchmark 3.0 6.6 9.9 8.7 7.2 8.7 4.9 2.9
Retirement Fund 3.6 7.6 10.7 8.1 6.2 7.8 3.7 1.7
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100
Cash 0.3%
Consumer 4.0%
Energy 2.2%
Financials 3.7%
Healthcare 1.9%
Industrials 2.8%
Materials 1.1%
Utilities 0.4%
Bonds 40.0%
US Dollar Money Market 40.0%
OPTIMISED WORLD HIGH GROWTH
LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to deliver long-term equity-like returns within
developed market equities.
This is a relatively high risk fund which is suitable for investors
who seek high capital growth.
INVESTMENT MANDATE
The fund has exposure to developed market equities only, with
an approximately style-neutral position to benchmark. In order
BENCHMARK:
MSCI All Country World Index
FUND MANAGER(S):
SIZE OF FUND: R127m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5

Retirement Annuity

Preservation Fund
Living Annuity

December 2012
Fund
Benchmark
-10%
-5%
0%
5%
10%
15%
20%
Optimised World High Growth Life Fund (5-Year Annualised Rolling)
4%
3%
2%
1%
0%
-1%
-2%
-3%
9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Benchmark
Fund
PRINCIPAL HOLDINGS
HOLDING % OF FUND
USA 40.2
Europe (ex UK) 18.7
Asia Pacifc 14.4
Japan 10.6
UK 9.0
Other 7.0
100.0

Since
Inception
Benchmark 5.9 14.3 22.7 12.0 3.4 7.7 7.8 5.0
Retirement Fund 6.5 14.2 22.0 10.6 -0.7 4.0 4.9 2.2
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100 Cash 1.6%
Consumer 20.0%
Energy 11.1%
Financials 18.7%
Healthcare 9.5%
Industrials 14.0%
Materials 5.6%
Utilities 2.1%
Other 0.1%
OLD MUTUAL GLOBAL BEST IDEAS
LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
The fund aims to provide long-term total returns from capital
growth through investments in global securities.
This fund is suited to investors who want long-term capital growth
in global securities.
INVESTMENT MANDATE
This rand-denominated offshore life fund is a pure global equity
fund presently managed by Skandia Investment Management
Limited. The fund has hand-picked 10 managers, chosen on the
basis of their ability, specialist expertise, philosophy, investment
process and strong track records. The fund has global exposure, but
has a core weighting towards the UK. The UK exposure is divided
between fve different managers who have a range of investment
styles, aiming to take advantage of the best opportunities in
different areas of the market. Five managers have each been
selected to manage a specialist overseas area.
BENCHMARK:
The fund does not aim to compete with any specifc benchmark in
the industry, due to its nature. The MSCI World Index (total rand
return basis) has been used for illustrative purposes.
FUND MANAGER(S):
Skandia Investment Management Limited (SIML)
Old Mutual plc acquired SIML in December 2005.
SIZE OF FUND: R56m
INITIAL CHARGES:
ONGOING:
Annual management fee:
Investment Frontiers: 1.50% p.a.
FC (all-in fee): 3.21% p.a.
Total expense ratio (TER):
Fund: 2.34%
FC (all-in fee): 4.05%
1 2 3 4 5
RISK STATISTICS (5 YEARS) FUND MSCI WORLD INDEX
Fund
MSCI World Index
Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12
-5%
0%
5%
10%
15%
20%
Global Best Ideas Life Fund (3-Year Annualised Rolling)
18%
16%
14%
12%
10%
8%
6%
9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
MSCI World Index Fund
PRINCIPAL HOLDINGS
Sky Deutschland AG Consumer 2.9
Renaissance Holding Financials 2.5
Standard Bank Group Ltd Financials 2.4
Cervecerias Unidas Consumer 2.4
Aveva Group Information Technology 2.1
Sports Direct International plc Consumer 2.0
Davita Inc Healthcare 2.0
John Wood Group plc Energy 1.8
Tata Power Industrials 1.7
Samsung Fire & Marine Insurance Financials 1.7
21.5

Since
Inception
Tax-exempt Investor 8.9 19.1 29.1 12.8 - - - 2.9
MSCI World Index 5.5 13.7 22.5 12.7 3.8 8.0 8.0 2.8
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100
Consumer 33.9%
Energy 3.4%
Financials 13.9%
Healthcare 5.9%
Industrials 7.7%
Materials 6.2%
Utilities 1.7%
Cash 8.7%
OLD MUTUAL GLOBAL CURRENCY
LIFE FUND
FUND INFORMATION
RISK RATING
FUND OBJECTIVE
The fund is a rand-denominated life fund, offering investors
relatively stable returns through investments in non-volatile money
market instruments with a medium to low level of investment risk.
The fund is an actively managed diversifed portfolio of short-term
debt securities in a mix of currencies.
INVESTMENT MANDATE
This fund is suitable for investors who want diversifcation from
the rand and who want a global investment that is more stable
than global equity or global bonds. In order to achieve the fund
INVESTMENT OBJECTIVE
The benchmark of the fund will be a composite money market
basket of 3-month instruments, where the instrument weights are
the currency weights in the International Monetary Funds (IMF)
Special Drawing Rights (SDR) basket.
These 3-month instruments are the 3-month Euro Interbank Offered
Rate, Japanese Government 13-week Financing bills, 3-month UK
Treasury bills and 3-month US Treasury bills.
FUND MANAGER(S):
Manager selection is done by MacroSolutions.
SIZE OF FUND: R159m
INITIAL CHARGES:
ONGOING:
TOTAL EXPENSE RATIO (TER):
This will be published 12 months from the launch date.
1 2 3 4 5
Retirement Annuity
Preservation Fund
Living Annuity
December 2012

Since
Inception
Tax-exempt Investor 3.0 6.2 6.4 - - - - 15.0
Retirement Fund 3.0 6.2 6.4 - - - - 15.0
Private Investor 2.7 5.6 5.9 - - - - 13.9
Corporate Investor 2.5 5.1 5.2 - - - - 12.7
ASSET ANALYSIS
0
10
20
30
40
50
60
70
80
90
100
US Dollar 39.6%
Euro 35.8%
UK Sterling 7.9%
Japanese Yen 6.4%
Norwegian Krone 3.0%
Australian Dollar 3.0%
Malaysian Ringgit 1.8%
Mexican Peso 1.5%
New Zealand Dollar 1.0%
Fund
Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12
0%
2%
4%
6%
8%
10%
12%
14%
16%
Old Mutual Global Currency Life Fund (1-Year Annualised Rolling)
WORLD BONDS LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
This fund aims to deliver long-term returns, but at lower levels
of volatility than equity.
This fund is suited to investors who want a more stable and secure
investment in foreign currency.
INVESTMENT MANDATE
The fund has exposure to a well-diversifed mix of bonds and
interest-bearing investments from markets around the world.
BENCHMARK:
50% JP Morgan Global Government Bond Index & 50% Barclays
Capital Global Aggregate Index
FUND MANAGER(S):
SIZE OF FUND: R31m
INITIAL CHARGES:
ONGOING:
Performance fee: 0.20% p.a.
1 2 3 4 5

Retirement Annuity

Preservation Fund
Living Annuity

December 2012
Fund
Benchmark
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
World Bonds Life Fund (5-Year Annualised Rolling)
12%
11%
10%
9%
8%
7%
6%
15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Benchmark
Fund

Since
Inception
Benchmark 1.6 5.6 8.0 10.1 10.2 10.8 6.0 7.9
Retirement Fund -4.2 -0.1 2.8 8.3 8.1 8.5 4.0 6.0
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100
USA 16.5%
Europe (ex UK) 46.2%
Japan 9.7%
UK 9.0%
Asia Pacifc 10.0%
Other 8.6%
HOLDING MATURITY SECTOR % OF FUND
SEI Global High Yield Mutual Fund USD 4.9
US Treasury N/B 1.5% 2018 USD 4.3
Queensland Treasury Corp 6% 2017 AUD 3.7
Development Bk of Japan 1.6% 2014 JPY 3.4
Bundesrepub. Deutschland 3.5% 2016 EUR 3.3
Bundesobligation 2.5% 2014 EUR 3.2
Bundesobligation 1.75% 2015 EUR 3.1
France (Govt of) 4.25% 2019 EUR 2.9
Japan 113 (20 Yr Issue) 2.1% 2029 JPY 1.9
US Treasury Bill 0.01% 2012 USD 1.8
32.6
PRINCIPAL HOLDINGS
WORLD EQUITY LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
This fund aims to deliver long-term equity-like returns.
This fund is suited to investors seeking capital growth in foreign
currency.
INVESTMENT MANDATE
The fund has exposure to a well-diversifed mix of equity investments
from markets around the world. A systematic approach to asset
allocation and security selection is employed to maximise returns
from medium- to long-term investments. In order to achieve the
BENCHMARK: MSCI All Country World Index
FUND MANAGER(S):
SIZE OF FUND: R333m
INITIAL CHARGES:
ONGOING:
Performance fee: 0.40% p.a.
1 2 3 4 5

Retirement Annuity

Preservation Fund
Living Annuity

December 2012
Fund
Benchmark
-10%
-5%
0%
5%
10%
15%
20%
World Equity Life Fund (5-Year Annualised Rolling)
6%
4%
2%
0%
-2%
-4%
-6%
9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Benchmark
Fund
PRINCIPAL HOLDINGS
HOLDING % OF FUND
USA 40.2
Europe (ex UK) 18.7
Asia Pacifc 14.4
Japan 10.6
UK 9.0
Other 7.0
100.0

Since
Inception
Benchmark 5.9 14.3 22.7 12.0 3.4 7.7 7.8 6.8
Retirement Fund 4.9 16.2 21.0 10.1 -0.8 3.6 4.6 3.8
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100 Cash 1.6%
Consumer 20.0%
Energy 11.1%
Financials 18.7%
Healthcare 9.5%
Industrials 14.0%
Materials 5.6%
Utilities 2.1%
Other 0.1%
WORLD DIVERSIFIED PLUS LIFE FUND
FUND INFORMATION
RISK RATING
FUND OBJECTIVE
This fund aims to achieve absolute returns in excess of US
CPI + 4% p.a. over rolling 3-year periods, with low levels of volatility.
This fund is only suitable for the sophisticated investor who is willing
and able to accept the risks associated with having a proportion
of their assets invested in Alternative Investment Strategies.
INVESTMENT MANDATE
The fund actively diversifes risk across managers, regions and
5 asset classes (cash, bonds, property, equities and alternative
investments) to achieve this. The fund retains exposure to the 5
asset classes at all times, to maintain maximum diversifcation, and
may have a maximum of 45% of its assets invested in Alternative
Investment Strategy funds at any point in time. Monies may have
exposure to underlying managers that borrow (gear) against the
assets of the fund with the objective of enhancing returns. Any
exposure to borrowing is subject to strict risk controls. Currently, at
least 35% of the fund must be held in daily dealing and redeeming
assets. Investments and disinvestments are restricted to a fortnightly
trading basis. In order to achieve the fund objective the portfolio
BENCHMARK: US CPI
PERFORMANCE TARGET: US CPI + 4% p.a. over rolling 7-year
periods
FUND MANAGER(S):
SIZE OF FUND: R142m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
Fund
Benchmark
Performance Target
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
World Diversifed Plus Life Fund (5-Year Annualised Rolling)

Since
Inception
Benchmark 8.2 10.0 13.4 9.1 7.5 7.5 2.9 5.2
Retirement Fund 6.8 11.9 16.3 6.3 4.5 7.1 - 6.1
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100
Cash 14.7%
Bonds 15.6%
Property 2.8%
Equities 63.8%
Alternatives 3.1%
MANAGER RESPONSIBILITIES % OF FUND
Skandia Global Dynamic Equity Equity 34.4
T Rowe Price Asia ex Japan Equity 4.6
Dimensional Emerging Market Equity 4.1
Templeton Global Bond Fund Bonds 4.1
Blackrock Continental Europe Equity Tracker Equity 3.5
Nordea European High Yield Bond Bonds 3.4
Skandia IM Property Acc Property 3.4
JPM Income Opportunities Bonds 3.4
Skandia High Yield Bond Bonds 3.1
SGF Investment Grade Corporate Bond Bonds 3.0
66.8
PRINCIPAL HOLDINGS
FUND ANALYSIS SINCE INCEPTION
DP (ZAR) DP ($) MSCI ($)
Max. Losing Month -6.1% -8.7% -18.9%
Max. Drawdown -15.6% -15.7% -40.7%
Months to Recover 40 - -
Average Monthly Return 0.5% 0.4% 0.7%
% Positive Months 48.7% 63.7% 61.1%
Average Gain 3.4% 1.9% 3.5%
Average Loss -2.3% -2.1% -3.7%
Max. Gain 20.2% 11.8% 45.5%
Stats since 31/08/2003 (113 months)
WORLD GROWTH PLUS LIFE FUND
FUND INFORMATION
RISK RATING
FUND OBJECTIVE
This fund aims to achieve absolute returns in excess of US
CPI + 5% p.a. over rolling 10-year periods, with low levels of volatility.
This fund is only suitable for the sophisticated investor who is willing
and able to accept the risks associated with having a proportion
of their assets invested in Alternative Investment Strategies.
INVESTMENT MANDATE
The fund actively diversifes risk across managers, regions and
5 asset classes (cash, bonds, property, equities and alternative
investments) to achieve this. The fund retains exposure to the 5
asset classes at all times, to maintain maximum diversifcation, and
may have a maximum of 45% of its assets invested in Alternative
Investment Strategy funds at any point in time. Monies may have
exposure to underlying managers that borrow (gear) against the
assets of the fund with the objective of enhancing returns. Any
exposure to borrowing is subject to strict risk controls. Currently, at
least 35% of the fund must be held in daily dealing and redeeming
assets. Investments and disinvestments are restricted to a fortnightly
trading basis. In order to achieve the fund objective the portfolio
BENCHMARK: US CPI
PERFORMANCE TARGET: US CPI + 5% p.a. over rolling 10-year
periods
FUND MANAGER(S):
SIZE OF FUND: R34m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
Fund
Benchmark
Performance Target
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
World Growth Plus Life Fund (5-Year Annualised Rolling)

Since
Inception
Benchmark 8.2 10.0 13.4 9.1 7.5 7.5 2.9 5.2
Retirement Fund 8.0 17.8 22.5 6.2 4.0 7.0 - 6.3
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100
Cash 9.3%
Bonds 5.0%
Property 3.2%
Equities 81.3%
Alternatives 1.3%
MANAGER RESPONSIBILITIES % OF FUND
Skandia Global Dynamic Equity Equity 33.8
Dimensional Emerging Market Equity 8.7
T Rowe Price Asia ex Japan Equity 6.8
Skandia Global Best Ideas Equity 5.3
Skandia European Best Ideas Equity 5.2
Blackrock Continental Europe Equity Tracker Equity 4.8
Skandia Asian Equity Equity 3.9
Skandia IM Property Acc Property 3.8
JPM Russia Bonds 3.6
BSF Latin American Opportunities Equity 3.0
78.9
PRINCIPAL HOLDINGS
FUND ANALYSIS SINCE INCEPTION
GP (ZAR) GP ($) MSCI ($)
Max. Losing Month -5.9% -11.1% -18.9%
Max. Drawdown -16.8% -21.8% -40.7%
Months to Recover 41 46 -
Average Monthly Return 0.5% 0.5% 0.7%
% Positive Months 52.2% 67.3% 61.1%
Average Gain 3.2% 2.2% 3.5%
Average Loss -2.4% -3.1% -3.7%
Max. Gain 16.4% 26.0% 45.5%
Stats since 31/08/2003 (113 months)
MULTI-MANAGER WORLD BALANCED
LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
This is a globally invested fund aiming to deliver medium- to
long-term capital growth and stability in foreign currency terms.
This fund is suited to investors who want an optimal balance
between medium- to long-term capital growth and stability in
foreign currency terms.
INVESTMENT MANDATE
SEIs process of selecting and blending style-specifc asset
managers provides access to the worlds leading security selection
expertise. The benchmark has a 65% weighting in global equities
and a 35% weighting in global fxed income securities. This fund
has no emerging market exposure. In order to achieve the fund
BENCHMARK:
65% MSCI All Country World Index & 35% Barclays Capital Global
Aggregate Index (total rand return basis)
FUND MANAGER(S):
Asset allocation by SEI and security selection by appointed
asset managers
SIZE OF FUND: R260m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
Fund
Benchmark
Sep-05 Feb-07 Jul-08 Dec-09 May-11 Oct-12
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
Multi-manager World Balanced Life Fund (5-Year Annualised Rolling)
10%
9%
8%
7%
6%
5%
4%
3%
2%
10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Benchmark
Fund

Since
Inception
Benchmark 4.7 11.6 18.2 11.9 6.4 9.6 7.9 6.1
Retirement Fund 4.9 11.5 17.6 10.6 3.5 6.5 5.0 3.5
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100
Pan European Equity 9.7%
Global Developed Market
Equity
13.1%
Japanese Equity 4.5%
Pacifc Basin Equity 3.3%
UK Equity 5.4%
US Large Companies Equity 27.1%
US Small Companies Equity 2.3%
Global Fixed Income 15.4%
Global Opportunistic Fixed
Income
15.6%
High Yield Fixed Income 3.6%
PRINCIPAL HOLDINGS
Alliance Global Fixed Income 5.9
Wellington Global Fixed Income 5.7
Aronson+Johnson+Ortiz, LP US Large Companies Equity 4.9
LSV Asset Management US Large Companies Equity 4.2
Wellington Global Opportunistic Fixed Income 4.1
Alliance Bernstein Global Opportunistic Fixed Income 4.1
AQR Capital Management US Large Companies Equity 4.0
Acadian Asset Management Pan European Equity 4.0
Schroders Global Fixed Income 3.8
Waddell & Reed US Large Companies Equity 3.7
44.4
MULTI-MANAGER WORLD DEFENSIVE
LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
This is a globally invested fund aiming to deliver stability and
international diversifcation.
This fund is suited to investors who want stability and international
diversifcation.
INVESTMENT MANDATE
SEIs process of selecting and blending style-specifc asset managers
provides access to the worlds leading security selection expertise.
The benchmark has a 20% weighting in global equities, 40% in global
fxed income securities and 40% in US money market instruments.
This fund has no emerging market exposure. In order to achieve
the fund objective the portfolio manager may choose to gain
exposure to the described assets and asset classes by investing
through OMLACSA pooled portfolios, collective investment schemes
BENCHMARK:
20% MSCI All Country World Index, 40% Barclays Capital Global
Aggregate Index, 40% US Federal Funds Effective Rate, 7-day
Average (total rand return basis)
FUND MANAGER(S):
asset managers
SIZE OF FUND: R111m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
Fund
Benchmark
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Multi-manager World Defensive Life Fund (5-Year Annualised Rolling)
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Benchmark
Fund

Since
Inception
Benchmark 3.3 7.0 10.5 8.8 7.2 8.8 5.0 5.8
Retirement Fund 3.4 7.1 10.4 8.2 5.6 7.1 3.5 4.2
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100
US Dollars 40.0%
Equity
4.0%
UK Equity 1.6%
Global Fixed Income 17.9%
Global Opportunistic Fixed
Income
18.0%
High Yield Fixed Income 4.0%
PRINCIPAL HOLDINGS
Alliance Global Fixed Income 6.8
Wellington Global Fixed Income 6.6
Wellington Global Opportunistic Fixed Income 4.8
Alliance Bernstein Global Opportunistic Fixed Income 4.7
Schroders Global Fixed Income 4.4
Jennison Global Opportunistic Fixed Income 3.7
Schroders - Global Credit Global Opportunistic Fixed Income 2.5
Schroders - Government Global Opportunistic Fixed Income 2.5
38.7
MULTI-MANAGER WORLD HIGH
GROWTH LIFE FUND
FUND INFORMATION
RISK RATING

FUND OBJECTIVE
This is a globally invested fund aiming to deliver long-term capital
growth in foreign currency terms.
This fund is suited to risk-tolerant investors who want long-term
capital growth in foreign currency.
INVESTMENT MANDATE
SEIs process of selecting and blending style-specifc asset managers
provides access to the worlds leading security selection expertise.
The fund invests primarily in the US, and developed European,
Pacifc and emerging market equities with some exposure to small
companies. In order to achieve the fund objective the portfolio
BENCHMARK:
MSCI All Country World Index
FUND MANAGER(S):
asset managers
SIZE OF FUND: R87m
INITIAL CHARGES:
ONGOING:
1 2 3 4 5
Retirement Annuity
Preservation Fund
Living Annuity
December 2012
Fund
Benchmark
-5%
0%
5%
10%
15%
20%
Multi-manager World High Growth Life Fund (5-Year Annualised Rolling)
7%
6%
5%
4%
3%
2%
1%
0%
10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Annual Volatility
A
n
n
u
a
l

G
r
o
w
t
h
Benchmark
Fund

Since
Inception
Benchmark 5.9 14.3 22.7 12.4 3.8 8.5 8.5 4.5
Retirement Fund 6.5 14.3 21.4 9.9 0.2 4.7 5.5 1.7
FUND COMPOSITION
0
10
20
30
40
50
60
70
80
90
100
Equity
19.9%
UK Equity 8.5%
Emerging Markets Equity 4.9%
PRINCIPAL HOLDINGS
Acadian Asset Management, Inc. Pan European Equity 7.2
AQR Capital Management US Large Companies Equity 5.1
Intech Mathematical Inc Global Developed Market Equity 4.8
Waddell & Reed US Large Companies Equity 4.8
Delaware Investments US Large Companies Equity 4.5
Wellington Management Company, LLP Global Developed Market Equity 4.3
Janus Capital Management Global Developed Market Equity 4.1
Hexavest Global Developed Market Equity 4.0
50.2
Disclaimer
A measure of the 3-year historical volatility of monthly fund returns around the mean expressed as an annual percentage. The greater the volatility of a funds performance,
the sharper the short-term fuctuation in its price. A fund price exhibiting straight-line growth would have zero volatility. Theory suggests investors should be compensated
for higher short-term volatility, with higher longer term returns. The information contained in this Fund Guide is compiled in good faith and based on sources believed to
be reliable, accurate and up to date, but no representations or warranties, express or implied, are made as to the accuracy, completeness or suitability of the information
and no responsibility or liability is accepted by OLD MUTUAL
1
for any damages or losses which may fow, directly or indirectly, from any use of any information obtained
from the Fund Guide.
The contracts issued in terms of the provisions of the long-term Insurance Act, No. 52 of 1998, as amended from time to time (the LTI Act), to which this Fund Guide relates,
are issued and underwritten by Old Mutual Life Assurance Company (South Africa) Ltd, as part of its long-term insurance business under the provisions of the LTI Act.
Old Mutual Guernsey (OMG) issues and underwrites policies in terms of the Insurance Business (Bailiwick of Guernsey) Law 2002, as amended from time to time, and is
governed by the laws of Guernsey. OMG is the name under which Old Mutual is trading in Guernsey.
The contracts/policies provide investors with the opportunity to access a comprehensive range of fexible investment options including selected funds within the Investment
Frontiers International Portfolio (a US dollar-denominated policy issued by OMG), unit trust funds and other investment options including options that offer exposure to
Alternative Investment Strategies (AIS).
Past performance is not necessarily a guide to the future and investors may not get back the full amount invested. Asset class information is as at the stated date. However,
asset allocations could change considerably over time subject to mandate parameters.
Unit trusts are medium- to long-term investments. The value of units may go down as well as up and past performance is not necessarily a guide to the future. Unit trusts
are traded at ruling prices and can engage in borrowing and scrip lending. Different classes of units may apply to funds and are subject to different fees and charges. A
schedule of fees and charges and maximum commissions is available from the management company/scheme. Commission and incentives may be paid and if so, would be
included in the overall costs. Forward pricing is used. A fund of funds unit trust invests in other unit trusts, which levy their own charges. This could result in a higher fee
structure for these funds.
Management company for the SYm|mETRY Multi-Manager Unit Trust Funds: Old Mutual Unit Trust Managers Ltd, PO Box 207, Cape Town 8000.
Save for a guarantee provided by a specifc investment option, no representation, guarantee or warranty is made by OLD MUTUAL1 as to the performance or investment
returns of the underlying investment options selected by the client, and OLD MUTUAL1 accepts no responsibility or liability for any direct, indirect or consequential loss:
Arising from the investment in the underlying investment options selected by the client.
As a result of the clients failure:
to appreciate the nature of investment in the underlying investment options;
to have obtained (or, having obtained, to have acted upon) advice concerning the appropriateness of the contract for the clients fnancial circumstances including,
but not limited to, the legislative and fscal regimes of the country of the clients citizenship, domicile or residence which might affect the contract;
to have reviewed regularly the continued suitability of the contract.
In respect of certain options, technical notes are provided. Clients considering such options should ensure that they obtain a copy of these technical notes and read and
understand them.
Investments in Alternative Investment Strategies (AIS) should be considered only suitable for the sophisticated investor who is able to accept the unique risks associated with
such an investment. On application, investors are required to confrm that the unique characteristics, liquidity constraints, notice periods and risks have been explained
to them and that they understand the implications thereof. Investors are further required to confrm and guarantee that they have received copies of and have read and
understood the AIS brochure, where applicable.
With regard to options investing monies in non-South African, global developed markets: In addition to the performance of the underlying assets, the total investment return
in SA rand experienced by each option will be directly affected by prevailing currency exchange rates. The categorisation of different options, for example regarding risk
ratings, returns and the level of capital fuctuations, has been made with regard to the dominant, underlying foreign currency that an option is exposed to. Adjustments have
not been made to refect the fact that the total investment returns will be subject to foreign currency exchange rate movements if converted to rands.
As indicated on the fact sheets, certain of the investment options selected by the client may have restrictions as to switching and withdrawal fexibility.
Old Mutual Guernsey has its principal offce at Fairbairn House, P.O. Box 121, Rohais, St. Peter Port, Guernsey, GY1 3HE, Channel Islands. It is licensed to write long-term
business under the Insurance Business (Bailiwick of Guernsey) Law 2002. The statutory functions of regulation under the legislation are carried out by the Guernsey Financial
Services Commission. To protect policyholders, the Insurance Business (Licensing) Regulations 2002 require Old Mutual Guernsey to hold assets representing at least 90% of
policyholders liabilities in trusteeship with an approved third party trustee. In common with industry practice, and in order to protect the interests of all investors, Old
Mutual Guernsey may, in exceptional circumstances, defer the realisation of any investment, other than to pay death claims, for a period of up to 12 months. Old Mutual
Guernsey is the name under which the Old Mutual Life Assurance Company (South Africa) Ltd (also known as Old Mutual) is trading in Guernsey. The registered offce of the
Old Mutual Life Assurance Company (South Africa) Ltd is located at Mutualpark, Jan Smuts Drive, Pinelands 7405, Cape Town, Republic of South Africa.
Client confdentiality is protected at all times Old Mutual Guernsey complies with the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations 2002 but
otherwise has no duty of disclosure of clients records to any statutory or government body within Guernsey. The information given in this brochure is based on Old Mutual
Guernseys understanding of current law and practice in the jurisdictions referred to in the text. No liability can be accepted for any personal tax consequences or for the
effect of any future tax or legislative changes. Investors should remember that past performance is no guarantee of future returns and that fund prices will refect the value
of their underlying securities. As a result of the nature of investments and possible exchange or interest rate fuctuations, the value of investments may go down as well as up.
Old Mutual Guernsey investments are not available to residents of the Bailiwick of Guernsey or the United States of America (or any of its territories) or of any jurisdiction
where such investments would be unlawful. This document does not constitute an offer or a solicitation to anyone in any jurisdiction in which an offer is not authorised or
to any persons to whom it is unlawful to make such an offer or such a solicitation. These policies are regarded by the South African Revenue Service (SARS) as being resident
in South Africa for tax purposes. The policy in which policyholders invest is therefore subject to South African income and capital gains tax. Deductions in respect of tax
will be taken from the fund.
Tax deductions may be reduced by the amount of any foreign withholding tax already incurred on non-South African income that would be subject to South African tax.
Published fund prices, as always, will refect the price after any deduction in respect of tax and management fees. Currently, for South African residents, no further tax
arises when the policy is surrendered or reaches maturity. The tax status described is based on our current understanding of South African and Guernsey tax rules and Old
Mutual Guernsey cannot be held responsible for any future tax or legislative changes that may affect this position. It is recommended that investors contact their fnancial
adviser to discuss any tax implications before making any investment.
1
OLD MUTUAL refers to Old Mutual Life Assurance Company (SA) Limited, Old Mutual Investment Services (Pty) Ltd, Old Mutual Unit Trust Managers Ltd and other companies
in the Old Mutual Group whose products are or may be involved.
Notes

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MAX INVESTMENTS
MAX INCOME

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