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Overview of retail unit trust returns for the quarter ended 31 December 2011 This survey is based on data provided by Profile Data and fund classifications by ASISA.
Domestic collective investment schemes Comments on the quarter ended 31 December 2011 The final quarter of 2011 was again characterised by the ongoing sovereign debt crisis in the Eurozone, spooking global financial markets. After tumbling by more than 17% in the third quarter, global equity markets eventually finished an extremely volatile December quarter on a positive note. The MSCI World Index rallied by 10,3% in October, gave it all back in November and rallied again to end the quarter 7,1% higher. The Index finished the year 7,6% lower from a year ago. Emerging-market equities as measured by the MSCI Emerging Markets Index in US dollar gained a paltry 4,1% in the fourth quarter but ended the year 20,4% down from the fourth quarter of 2010. On a comparative basis the JSE All Share Index gained 8,1% in the December quarter and lost 18,3% for the year as a whole in US dollars. In rands the JSE All Share Index returned 8,4% in the fourth quarter with dividends and interest reinvested. The rand gained a marginal 0,3% against the US dollar during the quarter, but the massive 18% depreciation over the year cushioned local investors capital as the JSE All Share Index returned a positive 2,6% on a year-ago basis with income reinvested. Financials led the way during the fourth quarter with a total return of 8,7% and 7,4% over the year ended 31 December. The JSE Industrial Index returned 9,2% for the quarter, while the JSE Resources Index returned 7,3% with income reinvested. On a yearago basis Industrials also outpaced Resources with a total return of 9,2% compared to minus 6,5%. Although gold shares disappointed during the quarter with a total return of 0,7% on the JSE All Gold Index, they returned a credible 6,9% for the year. At the end of December investors in gold bullion through the rand were 4% worse off than in the third quarter but still up 34,2% from a year ago. Global bonds as measured by the JP Morgan Global Bond Index in US dollars returned 0,1% with the yield to maturity little changed from the third quarter. On a comparative basis the JSE ASSA All Bond Index returned 3,8% in US dollars with income reinvested. Investors who invested through US dollars in South African bonds a year ago earned a negative total return of 10,7%, which was significantly lower than the returns of 7,2% and 9,2% on the JP Morgan Global Bond and JP Morgan Emerging Market Bond indices respectively. For local investors the JSE ASSA All Bond Index returned 3,5% during the December quarter and 8,8% over the year with income reinvested. The returns on domestic bonds were mirrored by the returns on the JSE Listed Property Index of 3,7% and 8,9% for the quarter and 12 months respectively.

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SECTOR PERFORMANCE
3 MONTHS ENDED DECEMBER 2011
Domestic-Equity-Financial Domestic-Equity-Value Domestic-Equity-Industrial Domestic-Equity-Growth Domestic-Equity-Large Cap Domestic-Equity-General Domestic-Equity-General Domestic-Equity-Smaller Companies Domestic-Equity-Resources & Basic Industries Domestic-Asset Allocation-Flexible Domestic-Asset Allocation-Prudential High Equity Domestic-Equity-Varied Specialist Domestic-Asset Allocation-Prudential Medium Equity Worldwide-Equity-Technology Domestic-Asset Allocation-Prudential Variable Equity Worldwide-Asset Allocation-Flexible Foreign-Equity-General Domestic-Real Estate-General Domestic-Asset Allocation-Targeted Absolute and Real Domestic-Asset Allocation-Prudential Low Equity Domestic-Fixed Interest-Bond Foreign-Equity-Varied Specialist Foreign-Asset Allocation-Flexible Domestic-Fixed Interest-Varied Specialist Domestic-Fixed Interest-Income Domestic-Fixed Interest-Money Market Foreign-Fixed Interest-Bond Foreign-Fixed Interest-Varied Specialist -10% -5% -0.42% -0.54% 0% 5% 10% 15% 9.15% 8.51% 8.39% 8.09% 7.98% 7.92% 7.92% 7.61% 7.24% 6.01% 5.63% 5.31% 4.76% 4.73% 4.67% 4.65% 4.09% 4.08% 3.64% 3.27% 3.20% 2.31% 2.22% 2.12% 1.72% 1.29%

Best-/Worst-performing subcategories to 31 December 2011 The subcategory that performed the best during the quarter ended 31 December 2011 was Domestic - Equity - Financial with 9,15%, followed by Domestic - Equity - Value with 8,51%. The worst subcategories for the quarter ended 31 December 2011 were the Foreign - Fixed Interest - Varied Specialist and Foreign - Fixed Interest - Bond with minus 0,54% and minus 0,42% respectively. The 12-month charts were topped by the Foreign - Fixed Interest - Bond and Foreign - Fixed Interest - Varied Specialist subcategories with 25,30% and 20,64% respectively. Over three-years the Domestic - Equity - Industrial category leads the pack with 20,53% p.a. with Foreign - Fixed Interest - Varied Specialist the worst over this period with minus 3,82% p.a. Domestic - Real Estate - General category was the best-performing subcategory over the last five years with 11,90% p.a.

-33 months Best Domestic - Equity - Financial Domestic - Equity - Value Domestic - Equity - Industrial Domestic - Equity - Growth Domestic - Equity - Large Cap Worst Domestic - Fixed Interest - Varied Specialist Domestic - Fixed Interest - Income Domestic - Fixed Interest - Money Market Foreign - Fixed Interest - Bond Foreign - Fixed Interest - Varied Specialist

% 9,15 8,51 8,39 8,09 7,98 2,12 1,72 1,29 -0,42 -0,54

12 months Best Foreign - Fixed Interest - Bond Foreign - Fixed Interest - Varied Specialist Foreign - Asset Allocation - Flexible Worldwide - Equity - Technology Foreign - Equity - General Worst Domestic - Equity - Growth Domestic - Equity - Value Domestic - Equity - Large Cap Domestic - Equity - Varied Specialist Domestic - Equity - Resources & Basic Industries

% 25,30 20,64 15,26 13,41 10,88 2,46 2,26 1,74 0,83 -4,90

Three years Best Domestic - Equity - Industrial Domestic - Equity - Value Domestic - Equity - Financial Domestic - Equity - Smaller Companies Domestic - Equity - Growth Worst Domestic - Fixed Interest - Bond Foreign - Equity - General Foreign - Fixed Interest - Bond Foreign - Asset Allocation - Flexible Foreign - Fixed Interest - Varied Specialist % per year 20,53 17,29 17,29 16,62 16,46 7,24 4,29 1,83 1,68 -3,82

Five years Best Domestic - Real Estate - General Domestic - Equity - Industrial Domestic - Fixed Interest - Income Domestic - Fixed Interest - Money Market Domestic - Fixed Interest - Varied Specialist % per year 11,90 10,60 8,86 8,47 8,35

-4Worst Worldwide - Asset Allocation - Flexible Foreign - Fixed Interest - Varied Specialist Foreign - Asset Allocation - Flexible Foreign - Equity - General Foreign - Equity - Varied Specialist

4,21 3,13 1,45 -1,34 -2,64

Best-/Worst-performing funds to 31 December 2011 Over the last quarter the Sasfin Value Fund was the best-performing fund with 12,27% and the Nedgroup Investments Entrepreneur Fund A was second with 12,15%. The worst-performing fund for the quarter ended 31 December 2011 was the Coris Capital International Bond Feeder Fund A with minus 4,70%. The STANLIB Global Bond Feeder Fund A topped the charts over 12 months with 31,30%. The Sanlam Asia Pacific Fund of Funds was the worst-performing fund with minus 11,37%. The best fund over the past three-year period was the Momentum Small Mid-Cap Fund A with 25,48% p.a. STANLIB Euro Currency Fund of Funds A was bottom of the charts with minus 7,16% p.a. With 14,38% p.a. the STANLIB Property Income Fund took the honours over five years.
3 months Best Sasfin Value Fund Nedgroup Investments Entrepreneur Fund A STANLIB Financials Fund A Visio Actinio Portfolio Mazi Capital Equity Fund A1 Worst Prescient Global Cautious Feeder Fund A1 Sanlam Asia Pacific Fund of Funds Absa Euro Income Fund STANLIB Euro Currency Fund of Funds A Coris Capital International Bond Feeder Fund A 12 months Best STANLIB Global Bond Feeder Fund A RE:CM Global Feeder Fund A Investment Solutions Global Fixed Income Feeder Fund Prudential Global High Yield Bond Fund of Funds Old Mutual Global Bond Feeder Fund A Worst SIM Global Best Ideas Feeder Fund A NewFunds eRAFI SA Resources 20 Index Fund Satrix RESI Portfolio A % 31,30 28,12 27,46 27,45 26,48 -6,88 -7,23 -7,48 % 12,27 12,15 11,89 11,40 11,21 -3,32 -3,41 -3,80 -3,90 -4,70

-5Old Mutual Mining and Resources Fund A Sanlam Asia Pacific Fund of Funds Three years Best Momentum Small Mid-Cap Fund A 36One Flexible Opportunity Fund 36One Target Return Fund Centaur Flexible Fund Coronation Industrial Fund Worst Ankh Foreign Flexible Fund of Funds A Investment Solutions US Dollar Cash Feeder Fund Momentum International Income Fund A Absa Euro Income Fund STANLIB Euro Currency Fund of Funds A Five years Best STANLIB Property Income Fund A Prudential Enhanced SA Property Tracker Fund A Catalyst SA Property Equity Fund A Cadiz Equity Ladder Fund Investment Solutions Property Equity Fund Worst Momentum Global Fund Sanlam Global Equity Fund A Sanlam Pan Europe Fund Marriott International Real Estate Feeder Fund A STANLIB Small Cap Fund A % per year 14,38 14,17 13,63 13,56 13,44 -4,31 -5,13 -5,89 -7,10 -10,63 % per year 25,48 25,41 24,84 23,03 22,96 -4,79 -5,61 -5,89 -7,09 -7,16 -10,16 -11,37

FSB-approved Foreign Collective Investment Schemes Best-/Worst-performing offshore categories to 31 December 2011 The best-performing offshore category for the three months ended December 2011 was the USA - Equity - Varied Specialist category with 12,56%, followed by USA - Equity - General with 12,23%. The worst category over this period was the Japan - Equity - General category with minus 4,27%. UK - Fixed Interest - Bond was the best-performing category over the 12 months to 31 December 2011 with 32,46%, with the Global - Fixed Interest - Bond category second with 29,68%. The worst category over the 12 months was the Europe - Equity - Varied Specialist category with minus 2,18%.

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The three-year chart was topped by the Far East - Equity - Varied Specialist category with 15,51% p.a. The worst category over this period was the Europe - Fixed Interest - Money Market category with minus 6,00% p.a. The best-performing category over five years was the Far East - Fixed Interest - Money Market category with 11,06% p.a. The worst category over this period was the Europe Equity - Varied Specialist category with minus 5,22% p.a.
3 months Best USA - Equity - Varied Specialist USA - Equity - General UK - Equity - General Global - Equity - General Global - Real Estate - General Worst UK - Fixed Interest - Money Market Europe - Equity - Varied Specialist Europe - Fixed Interest - Bond Europe - Fixed Interest - Money Market Japan - Equity - General 12 months Best UK - Fixed Interest - Bond Global - Fixed Interest - Bond USA - Fixed Interest - Bond Far East - Fixed Interest - Money Market USA - Fixed Interest - Money Market Worst Global - Equity - Varied Specialist Europe - Equity - General Far East - Equity - General Far East - Equity - Varied Specialist Europe - Equity - Varied Specialist Three years Best Far East - Equity - Varied Specialist Far East - Equity - General Global - Equity - Varied Specialist USA - Equity - Varied Specialist Far East - Fixed Interest - Money Market Worst UK - Fixed Interest - Money Market USA - Fixed Interest - Other Income USA - Fixed Interest - Money Market % per year 15,51 14,13 13,90 11,55 9,80 -2,53 -3,57 -3,90

% 12,56 12,23 8,79 7,18 6,57 0,25 -1,75 -1,93 -2,26 -4,27

% 32,46 29,68 27,07 26,50 25,80 3,22 2,17 -0,15 -1,78 -2,18

-7Global - Fixed Interest - Money Market Europe - Fixed Interest - Money Market Five years Best Far East - Fixed Interest - Money Market Global - Fixed Interest - Bond Far East - Equity - Varied Specialist USA - Fixed Interest - Bond Far East - Equity - General Worst UK - Equity - General Global - Real Estate - General Japan - Equity - General Europe - Equity - General Europe - Equity - Varied Specialist % per year 11,06 8,10 7,02 6,35 6,07 -1,32 -3,47 -3,85 -3,94 -5,22 -4,82 -6,00

Best-/Worst-performing offshore funds to 31 December 2011 The best-performing fund for the three months ended December 2011 was the Franklin Natural Resources Fund with 18,72%, while the STANLIB US Dollar Cash Fund topped the 12-month charts with 41,69%. The Templeton Eastern Europe Fund was the worst-performing fund over the last 12-month period with minus 27,94%. The best-performing fund over the past three-year period was the Templeton Thailand Fund with 28,42% p.a. The Lloyds TSB Australian Dollar Class was the leading fund over five years with 12,90% p.a.

3 months Best Franklin Natural Resources Fund STANLIB US Dollar Cash Fund Franklin US Focus Fund Franklin Biotechnology Discovery Fund Franklin US Small-Mid Cap Growth Fund Worst Ashburton Japan Equity Fund Templeton Eastern Europe Fund Ashburton Global Chindia Fund Orbis SICAV Japan Equity Fund (Euro Class) Franklin India Fund 12 months Best STANLIB US Dollar Cash Fund

% 18,72 18,40 17,37 15,28 14,44 -5,37 -6,19 -6,32 -6,50 -11,26 % 41,69

-8Lloyds TSB Offshore Gilt Fund (Quarterly A Shares) Lloyds TSB Offshore Gilt Fund (Monthly B Shares) Investment Solutions Strategic Sterling Bond Fund Franklin Biotechnology Discovery Fund Worst Templeton BRIC Fund Templeton Emerging Markets Smaller Companies Fund Franklin India Fund Ashburton Global Chindia Fund Templeton Eastern Europe Fund Three years Best Templeton Thailand Fund Templeton Asian Growth Fund Sanlam Global Financial Fund Franklin Technology Fund Templeton Latin America Fund Worst Investment Solutions Strategic Euro Liquidity Fund Templeton Euro Government Bond Fund Orbis SICAV Japan Equity Fund (Euro Class) STANLIB Euro Cash Fund GinsGlobal Global Money Market Fund - Euro Five years Best Lloyds TSB Australian Dollar Class Templeton Thailand Fund Investec GSF Global Gold Fund A Inc Templeton Asian Growth Fund ACPI International Bond Fund Worst Marriott International Real Estate Fund Templeton Euroland Fund Franklin Templeton Japan Fund Templeton Eastern Europe Fund GinsGlobal Real Estate Index Fund % per year 12,90 12,64 11,38 10,86 10,50 -7,14 -7,22 -8,43 -8,52 -14,17 % per year 28,42 25,06 23,14 17,10 16,92 -7,30 -7,30 -7,63 -7,66 -8,08 41,08 40,59 35,59 35,13 -9,88 -11,41 -15,69 -19,64 -27,94

PlexCrown Ratings as at 31 December 2011

Domestic Funds 347 funds were rated for the quarter ended 31 December 2011 compared to 344 funds at the end of September 2011. The ratings of 65% of the funds were unchanged while 33% of the funds experienced minor rating changes. Three funds received major rating upgrades, while one fund received major rating downgrades. 18 funds qualified for ratings for the first time and 15 funds lost their ratings.

-9Maiden ratings Absa Absolute Fund APS Cautious Fund of Funds A APS Managed Growth Fund of Funds A APS Moderate Fund of Funds A AS Forum Aggressive Fund of Funds AS Forum Cautious Fund of Funds AS Forum Moderate Fund of Funds Baroque Moderato Fund of Funds Flagship IP Equity Fund A1 Flagship IP Flexible Value Fund A1 IMC Worldwide Flexible Fund of Funds Prescient Equity Active Quant Fund A1 PSG Alphen Foreign Flexible Fund of Funds SIM Managed Conservative Fund of Funds A1 SIM Managed Moderate Aggressive Fund of Funds A1 STANLIB Cash Plus Fund A STANLIB Multi-Manager All Stars Equity Fund of Funds A STANLIB Nationbuilder Fund A Ratings Lost Hermes Managed Fund A Hermes Osborne Flexible Fund A1 PSG Alphen Prudential Fund of Funds Verso Multi-Manager Secure Growth Fund of Funds A Absa International Fund of Funds Efficient Prudential Fund A Hermes Equity Fund A Midas Foreign Flexible Fund of Funds A Momentum Aggressive Equity Fund of Funds B1 Momentum International Bond Fund A Momentum International Fund of Funds A Momentum Moderate Equity Fund of Funds B1 Nedgroup Investments Equity Fund A Sanlam International Bond Fund of Funds Verso Multi-Manager Managed Equity Fund of Funds A PlexCrowns Dec.11 5 2 3 2 3 3 3 5 3 3 2 4 2 3 4 5 4 1 Sep.11 4 2 3 3 1 2 3 3 3 2 2 3 2 1 3

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Major changes among the leaders in the subcategories from the September 2011 quarter were:
Domestic - Asset Allocation - Prudential Low Equity Domestic - Asset Allocation - Prudential Medium Equity Domestic - Asset Allocation - Prudential Variable Equity Domestic - Real Estate - General Domestic - Equity - Industrial Domestic - Equity - Resources & Basic Industries Domestic - Fixed Interest - Income Foreign - Asset Allocation - Flexible Absa Absolute Fund Baroque Moderato Fund of Funds Coronation Balanced Plus Fund A STANLIB Property Income Fund A STANLIB Industrial Fund A Momentum Resources Fund STANLIB Cash Plus Fund A Foord International Feeder Fund R

FSB-approved Offshore Funds At the end on December 2011, 93 FSB-approved offshore funds were rated compared to the 104 from end September 2011. Of these 63,0% remained stable, while 38,7% received minor up- or downgrades. Two funds experienced major rating upgrades, while one fund, the Prescient Global Positive Return (Euro) Fund, experienced a major rating downgrade due to a major revision to its historical return data series. Four funds qualified for ratings for the first time. During the quarter 15 funds lost their ratings, seven due to fund closures. The closures of the Prudential Japanese Fund and Prudential UK Growth Fund resulted in eight funds in the Japan Equity and UK Equity categories losing their ratings as the categories are no longer rated owing to the fact that they fell short of the limit of a minimum of five qualifying funds.
Maiden ratings Ashburton Global Chindia Fund Franklin Asian Flex Cap Fund PSG Konsult Global Fund of Funds Sarasin IE EquiSar - Global Thematic (USD) Ratings Lost Ashburton Japan Equity Fund Franklin Templeton Japan Fund Investec GSF UK Equity Fund A Inc Lloyds TSB Offshore Capital Growth Fund Lloyds TSB Offshore UK Fund M&G Recovery Fund Orbis SICAV Japan Equity Fund (Euro Class) Orbis SICAV Japan Equity Fund (Yen Class) Prudential International Growth Fund Prudential Japanese Fund Prudential UK Growth Fund Sarasin CI EquiSar Dollar Global Thematic Fund Sarasin CI EquiSar Sterling Global Thematic Fund Sarasin CI GlobalSar - Dynamic (GBP) Sarasin CI GlobalSar - Dynamic (USD) PlexCrowns Dec. 11 1 2 1 3 PlexCrowns Sep. 11 4 1 3 1 4 4 3 4 3 2 2 3 3 1 3

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Major changes among the leaders in the subcategories since the previous quarter were:
Global - Asset Allocation Global - Fixed Interest - Bond Global - Equity - General Investec GSF Global Strategic Managed Fund A Acc STANLIB Global Bond Fund M&G Global Basics Fund

Management Company PlexCrown Ratings

Domestic Collective Investment Scheme (CIS) Manager Ratings The average PlexCrowns of the CIS managers are calculated by averaging the PlexCrowns of their funds per subcategory. Equal weights are applied to the averages of a CIS manager achieved in the Domestic Asset Allocation, Domestic Equity and Domestic Fixed Interest sectors to calculate the CIS managers domestic rating. In order to qualify for a domestic rating, the CIS manager has to have a fund listed in each of the above-mentioned sectors. In the case of Domestic Asset Allocation, a manager must have a rated fund in either the broad Domestic Asset Allocation Prudential category or the Flexible category to qualify. A CIS managers foreign rating is calculated by averaging the ratings of all the managers funds listed in the foreign sectors. A manager has to have at least one fund listed in the Foreign Equity General subcategory to qualify for a foreign rating. The overall rating of a CIS manager is calculated by applying weights of 75% and 25% to the domestic and foreign ratings respectively. A CIS manager must have a domestic and foreign rating to qualify for an overall rating. Table 2 shows the overall rankings of domestic CIS managers, while the winners of the domestic asset class categories are summarised in Table 3. Allan Gray was once again crowned as South Africas top retail asset manager at the prestigious 2012 Raging Bull Awards. The house also received accolades for two of its individual funds for attaining the highest PlexCrown ratings over five years in the respective Association of Savings & Investment South Africa (ASISA) sub-categories in which they compete (see table 5). The December quarter marked the 13th consecutive quarter that Allan Gray was rated the top domestic investment management company. The investment house achieved an overall rating of 4.500 out of a maximum of 5.00 PlexCrowns. The investment house continued to excel in all categories where it competes on the domestic and foreign fronts. The companys top spot in overall domestic with a total domestic rating of 4.500 PlexCrowns was achieved by sharing first place in Domestic Fixed Interest, sixth spot in Domestic Asset Allocation and a joint sixth in Domestic Equity. Its top spot in overall foreign was secured by a top total foreign rating of 4.500, which was underscored by achieving a joint first position in Foreign Equity and a joint fourth in Foreign and Worldwide Flexible. Allan Grays funds Allan Gray Balanced Fund A Allan Gray Bond Fund A Allan Gray Equity Fund A Allan Gray Stable Fund A Allan Gray-Orbis Global Equity Feeder Fund A Allan Gray-Orbis Global Fund of Funds A PlexCrowns 5 5 4 4 5 4

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Nedgroup Investments did not receive any top awards for their individual funds based on risk-adjusted returns but was the second best management company with an overall rating of 3.786 PlexCrowns. The investment house took second position in overall domestic with a total domestic rating of 3.714 underscored by a joint third in Domestic Fixed Interest and fifth position in Domestic Equity. Nedgroup Investments was joint third in overall foreign with a total foreign rating of 4.000 thanks to its shared third place in Foreign Equity, and joint fourth place in Foreign & Worldwide Flexible. Nedgroup Investmentss funds Nedgroup Investments Balanced Fund A Nedgroup Investments Bond Fund A Nedgroup Investments Bravata Worldwide Flexible Fund A Nedgroup Investments Entrepreneur Fund A Nedgroup Investments Financials Fund A Nedgroup Investments Global Balanced Feeder Fund A Nedgroup Investments Global Equity Feeder Fund A Nedgroup Investments Growth Fund A Nedgroup Investments Managed Fund A Nedgroup Investments Mining & Resource Fund A Nedgroup Investments Quants Core Equity Fund A Nedgroup Investments Rainmaker Fund A Nedgroup Investments Value Fund A PlexCrowns 2 4 4 4 5 4 4 3 4 4 4 4 5

Coronation was the third best management company of the year with an overall rating of 3.625 PlexCrowns. Coronation also received a Raging Bull accolade for the Coronation Balanced Plus Fund as best domestic Asset Allocation Prudential Variable Equity Fund for attaining the highest PlexCrown ratings over five years. The companys rating was secured by a strong showing on the domestic front where it was placed fourth just behind Prudential, with its total domestic rating of 3.500 PlexCrowns. The investment house shared the sixth spot in Domestic Real Estate, was placed seventh in Domestic Asset Allocation, shared eighth and placed tenth in Domestic Equity and Domestic Fixed Interest respectively. The investment houses overall rating was enhanced further by a total foreign rating of 4.000 PlexCrowns underscored by a joint third position in Foreign Equity and joint fourth in Foreign and Worldwide Flexible. Coronations funds Coronation Absolute Fund A Coronation Balanced Plus Fund A Coronation Bond Fund R Coronation Equity Fund A Coronation Financial Fund A Coronation Industrial Fund Coronation Jibar Plus Fund Coronation Market Plus Fund A Coronation Optimum Growth Fund A Coronation Property Equity Fund A Coronation Resources Fund A Coronation Smaller Companies Fund R Coronation World Equity [ZAR] Fund of Funds A PlexCrowns 4 5 3 5 4 4 2 4 4 3 3 3 4

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Domestic CIS Investment Proficiency Nedgroup Investments and Allan Gray were the best-rated CIS managers on Domestic Equity and Fixed Interest combined. (See graph 1.) STANLIB had the highest proficiency in Foreign Investment Equity and Fixed Interest combined, followed by Old Mutual and Investment Solutions. (See graph 2.) STANLIB and Old Mutual were the most proficient in Total Fixed Interest Domestic and Foreign combined. (See graph 3.) Allan Gray and Nedgroup Investments had the best Total Equity proficiency Domestic Equity and Foreign Equity combined. (See graph 4.) Allan Gray, Coronation and Foord had the highest proficiency in Total Asset Allocation. (See graph 5.) Allan Gray was ahead of the others in Total Investment Proficiency (all domestic and foreign categories combined). (See graph 6.) The proficiencies of the leading investment houses are shown in Graphs 7 to 9.

FSB-approved Offshore Collective Investment Scheme (CIS) Manager Ratings To qualify for an overall rating, a management company must have at least one fund in Global Equity General or Global Asset Allocation (Flexible and Prudential combined) and at least three rated funds. Investec took top honours with an overall offshore rating of 3.722 PlexCrowns. The investment house took the honours in Global Asset Allocation and Far East Equity. Investec shared second place in Europe Equity and took third place in Total Fixed Interest overall. Investecs funds
Investec GSF American Equity Fund A Inc Investec GSF Asian Equity Fund A Inc Investec GSF Continental European Equity Fund A Inc Investec GSF Global Bond Fund A Acc Investec GSF Global Bond Fund A Inc Investec GSF Global Dynamic Fund A Acc Investec GSF Global Equity Fund A Inc Investec GSF Global Strategic Equity Fund A Inc Investec GSF Global Strategic Managed Fund A Acc Investec GSF Global Strategic Managed Fund A Inc PlexCrowns 1 4 3 4 3 3 3 2 5 5

STANLIB was runner-up with an overall offshore rating of 3.472 PlexCrowns. This was underscored by a first place in Total Fixed Interest, and seventh in Global Asset Allocation. It shone in the regional equity sectors, though. It shared third place in US Equity and Far East Equity, but its Total Equity rating was watered down somewhat by a relatively weak showing in the Global Equity and European Equity sectors.

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STANLIBs funds
STANLIB European Equity Fund STANLIB Global Aggressive Fund STANLIB Global Balanced Fund STANLIB Global Bond Fund STANLIB Global Conservative Fund STANLIB Global Equity Fund STANLIB Offshore America Fund STANLIB Offshore South East Asia Fund

PlexCrowns 2 3 3 5 2 3 3 3

Ashburton shared third place with Alexander Forbes, with both earning an overall offshore rating of 3.250 PlexCrowns. Ashburton topped the charts in USA Equity and Europe Equity, while the companys overall rating was underscored by a second position in the Global Asset Allocation category. Its Total Equity rating was watered down by a weak showing in both Global and Far East Equity, though. Ashburtons funds
Ashburton Global Americas Equity Fund Ashburton Global Chindia Fund Ashburton Global Dollar International Equity Fund Ashburton Global Euro Asset Management Fund Ashburton Global European Equity Fund Ashburton Global Sterling Asset Management Fund Ashburton Global Sterling International Equity Fund Ashburton Replica Dollar Asset Management Fund Ashburton Replica Euro Asset Management Fund Ashburton Replica Sterling Asset Management Fund PlexCrowns 4 1 1 4 4 4 1 4 4 4

Alexander Forbes rating resulted from a solid third place in the Global Asset Allocation category. Alexander Forbes funds
AF Strategic Global Aggressive Fund AF Strategic Global Balanced Fund AF Strategic Global Conservative Fund AF Strategic Global Moderate Fund PlexCrowns 3 4 3 3

Table 1: Leading funds per unit trust category (Previous leaders in brackets and italics)
Unit Trust Category Rand-denominated funds Domestic - Asset Allocation - Prudential High Equity Domestic - Asset Allocation - Prudential Low Equity Fund

Dibanisa Moderate Managed Fund of Funds Absa Absolute Fund (Allan Gray Stable Fund A)

- 15 Baroque Moderato Fund of Funds (FG Saturn Flexible Fund of Funds A) Coronation Balanced Plus Fund A (Allan Gray Balanced Fund A) PSG Flexible Fund STANLIB Property Income Fund A Domestic - Real Estate - General Domestic - Equity - Financial Domestic - Equity - General Domestic - Equity - Industrial Domestic - Equity - Resources & Basic Industries Domestic - Equity - Smaller Companies Domestic - Equity - Value Domestic - Fixed Interest - Bond Domestic - Fixed Interest - Income Foreign - Asset Allocation - Flexible Foreign - Equity - General Foreign - Fixed Interest - Bond Worldwide - Asset Allocation - Flexible Offshore funds Europe - Equity - General Far East - Equity - General USA - Equity - General Global - Asset Allocation Global - Fixed Interest - Bond Global - Equity - General Franklin European Growth Fund Templeton Asian Growth Fund Franklin US Opportunities Fund Investec GSF Global Strategic Managed Fund A Acc (Ashburton Replica Euro Asset Management Fund) STANLIB Global Bond Fund (Investec GSF Global Bond Fund A Acc) M&G Global Basics Fund (Franklin Global Small-Mid Cap Growth Fund) (Prudential Enhanced SA Property Tracker Fund A) Nedgroup Investments Financials Fund A Aylett Equity Fund A1 STANLIB Industrial Fund A (Coronation Industrial Fund) Momentum Resources Fund (Nedgroup Investments Mining & Resource Fund A) Momentum Small Mid-Cap Fund A Nedgroup Investments Value Fund A Allan Gray Bond Fund A STANLIB Cash Plus Fund A (STANLIB Extra Income Fund R) Foord International Feeder Fund R (Allan Gray-Orbis Global Fund of Funds A) Allan Gray-Orbis Global Equity Feeder Fund A STANLIB Global Bond Feeder Fund A Efficient Active Allocation Fund

Domestic - Asset Allocation - Prudential Medium Equity Domestic - Asset Allocation - Prudential Variable Equity Domestic - Asset Allocation - Flexible

- 16 -

Table 2: PlexCrown domestic CIS manager ranking overall

Weighted Average PlexCrowns 4.500 3.786 3.625 3.375 3.375 3.361 3.343 3.125 3.057 2.917 1.917

CIS MANAGER Allan Gray Nedgroup Investments Coronation Investment Solutions Prudential RMB STANLIB Oasis Investec Old Mutual Absa

Rank 1 2 3 4 4 6 7 8 9 10 11

Table 3: Winners of asset class categories

Asset class categories Rand-denominated funds Total - Domestic - Equity Total - Domestic - Fixed Interest Total - Domestic - Asset Allocation Total - Domestic - Real Estate Total - Domestic - Equity & Real Estate Total - Foreign - Equity Total - Foreign - Fixed Interest Total - Foreign & Worldwide Flexible Total - Domestic Total - Foreign OVERALL Offshore funds Global Equity - General Far East Equity - General US Equity - General Europe Equity - General Total Offshore Equity Global Fixed Interest - Bond Total Offshore Fixed Interest Global Asset Allocation OVERALL Aylett, Foord, Kagiso, Marriott Allan Gray, Oasis 36One, Baroque, BlueAlpha, FG, Visio Prudential, STANLIB Aylett, Foord, Kagiso Allan Gray, Investment Solutions STANLIB Efficient Group, Foord, Investec Allan Gray Allan Gray Allan Gray FCIS Manager M&G Investec Ashburton Ashburton M&G STANLIB STANLIB Investec Investec CIS Manager

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Table 4: PlexCrown foreign CIS manager ranking overall

CIS MANAGER Investec STANLIB Ashburton Alexander Forbes Franklin Templeton ACPI Standard Bank Lloyds Nedgroup Investments International Weighted Average PlexCrowns 3.722 3.472 3.250 3.250 3.135 3.000 2.667 2.630 2.250 Rank 1 2 3 3 5 6 7 8 9

Table 5: The 2012 Raging Bull Awards

TOP OUTRIGHT PERFORMERS

The top performers to December 2011 on a straight performance basis in asset and sectorspecific ASISA categories (including the main asset-allocation sectors).
Methodology: Funds are ranked on a 3-year lump sum NAV to NAV basis (ie, entry costs not taken into account) with income distributions reinvested at the ex-dividend date. Calculations by ProfileData

BEST BROAD-BASED DOMESTIC EQUITY FUND The fund with the highest ProfileData total investment return ranking over three years in the ASISA Domestic Equity General, Value and Growth sectors PSG Equity Fund BEST DOMESTIC EQUITY GENERAL FUND PSG Equity Fund BEST DOMESTIC EQUITY INDUSTRIAL FUND Coronation Industrial Fund BEST DOMESTIC EQUITY FINANCIAL FUND Nedgroup Investments Financials Fund (A Class) BEST DOMESTIC EQUITY RESOURCES & BASIC INDUSTRIES FUND Momentum Resources Fund BEST DOMESTIC EQUITY SMALLER COMPANIES FUND Momentum Small/Mid-Cap Fund BEST DOMESTIC EQUITY VALUE FUND Momentum Value Fund BEST DOMESTIC ASSET ALLOCATION FLEXIBLE FUND 36One Flexible Opportunity Fund

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BEST DOMESTIC ASSET ALLOCATION PRUDENTIAL FUND Includes the Prudential High Equity, Medium Equity, Low Equity and Variable Equity sectors Cadiz Managed Flexible Fund BEST DOMESTIC FIXED INTEREST FUND The fund with the highest ProfileData total investment return ranking over three years in the ASISA Domestic Fixed Interest Bond and Income sectors Allan Gray Bond Fund BEST DOMESTIC FIXED INTEREST BOND FUND Allan Gray Bond Fund BEST DOMESTIC FIXED INTEREST INCOME FUND STANLIB Income Fund BEST DOMESTIC REAL ESTATE FUND STANLIB Property Income Fund BEST FOREIGN (SA DOMICILED) EQUITY FUND The fund with the highest ProfileData total investment return ranking over three years in the ASISA Foreign Equity General sector SIM Global Best Ideas Feeder Fund (A Class) BEST FOREIGN FIXED INTEREST BOND FUND STANLIB Global Bond Feeder Fund BEST OFFSHORE GLOBAL EQUITY FUND The fund with the highest ProfileData total investment return ranking over three years in ProfileData's Offshore Global-Equity-General sector Coronation Global Emerging Markets Fund BEST OFFSHORE EUROPE EQUITY GENERAL FUND Franklin European Growth Fund BEST OFFSHORE FAR EAST EQUITY GENERAL FUND Templeton Asian Growth Fund BEST OFFSHORE USA EQUITY GENERAL FUND Franklin US Opportunities Fund BEST OFFSHORE GLOBAL FIXED INTEREST BOND FUND STANLIB Global Bond Fund

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TOP RISK-ADJUSTED PERFORMERS

Top performers to December 2011 on a risk-adjusted basis in the asset allocation and real estate sectors plus the largest other ASISA sectors based on market cap. The PlexCrown system, which incorporates risk-adjusted returns and consistency of performance, is used to rank funds for these awards.
Methodology: The PlexCrown system combines risk-adjusted returns based on performance statistics from ProfileData with standard risk measures, consistency measures, and measures of downside risk and managerial skill. Performance over five-year and three-year periods is taken into account.

BEST DOMESTIC ASSET ALLOCATION FLEXIBLE FUND ON A RISK-ADJUSTED BASIS The fund with the highest PlexCrown rating over five years in the ASISA Domestic Asset Allocation Flexible sector PSG Flexible Fund BEST WORLDWIDE ASSET ALLOCATION FLEXIBLE FUND Efficient Active Allocation Fund BEST FOREIGN ASSET ALLOCATION FLEXIBLE FUND Foord International Feeder Fund BEST DOMESTIC ASSET ALLOCATION PRUDENTIAL FUND ON A RISK-ADJUSTED BASIS The fund with the highest PlexCrown rating over five years in the ASISA Domestic Asset Allocation Prudential High Equity, Medium Equity, Low Equity and Variable Equity sectors Old Mutual Real Income Fund BEST DOMESTIC ASSET ALLOCATION PRUDENTIAL MEDIUM EQUITY FUND Baroque Moderato Fund of Funds BEST DOMESTIC ASSET ALLOCATION PRUDENTIAL LOW EQUITY FUND Old Mutual Real Income Fund BEST DOMESTIC ASSET ALLOCATION PRUDENTIAL VARIABLE EQUITY FUND Coronation Balanced Plus Fund BEST DOMESTIC ASSET ALLOCATION PRUDENTIAL HIGH EQUITY FUND Dibanisa Moderate Managed Fund of Funds BEST DOMESTIC GENERAL EQUITY FUND ON A RISK-ADJUSTED BASIS The fund with the highest PlexCrown rating over five years in the ASISA Domestic Equity General sector Aylett Equity Fund BEST DOMESTIC FIXED INTEREST BOND FUND ON A RISK-ADJUSTED BASIS Allan Gray Bond Fund BEST FOREIGN EQUITY GENERAL FUND ON A RISK-ADJUSTED BASIS Allan Gray-Orbis Global Equity Feeder Fund

- 20 BEST REAL ESTATE FUND ON A RISK-ADJUSTED BASIS The fund with the highest PlexCrown rating over five years in the ASISA DomesticReal EstateGeneral sector STANLIB Property Income Fund BEST OFFSHORE GLOBAL ASSET ALLOCATION FUND ON A RISK-ADJUSTED BASIS The fund with the highest PlexCrown rating in ProfileData's Offshore Global Asset Allocation Flexible and Prudential sectors Investec GSF Global Strategic Managed Fund BEST OFFSHORE GLOBAL FIXED INTEREST BOND FUND ON A RISK-ADJUSTED BASIS STANLIB Global Bond Fund BEST OFFSHORE GLOBAL EQUITY GENERAL FUND ON A RISK-ADJUSTED BASIS M&G Global Basics Fund

TOP MANAGEMENT COMPANIES OF THE YEAR

The unit trust management companies with the most impressive and most consistent overall performance across their families of funds taking into account all factors (performance, risk-management and consistency).
Methodology: The award is based on the highest average PlexCrown rating for the suite of funds managed by each management company. Passive funds and funds in non-ranked sectors (eg, varied specialist sectors) are not taken into consideration.

DOMESTIC MANAGEMENT COMPANY OF THE YEAR The SA-domiciled management company with the best overall performance across sectors consisting of a suite of five or more rand-denominated funds with at least three years history. ALLAN GRAY DOMESTIC MANAGEMENT COMPANY OF THE YEAR 2ND PLACE NEDGROUP INVESTMENTS DOMESTIC MANAGEMENT COMPANY OF THE YEAR 3RD PLACE CORONATION OFFSHORE MANAGEMENT COMPANY OF THE YEAR The overseas-domiciled management company with the best overall performance across sectors consisting of a suite of five or more non-rand-denominated funds with at least three years history. INVESTEC

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GRAPH 1
Total Domestic Proficiency Fixed Interest and Equity

Absa Allan Gray

5
Fixed Interest: Average PlexCrowns

Coronation High Fixed Interest Low Equity High Fixed Interest High Equity RMB Investec Investment Solutions Metropolitan Average Nedgroup Investments Oasis Old Mutual Prudential STANLIB

4.5 4 3.5 3 2.5 2 1.5 1 1

Low Fixed Interest Low Equity

Average

Low Fixed Interest High Equity

Community Growth Indequity

1.5

2.5

3.5

4.5

Prescient SIM

Equity: Average PlexCrowns

GRAPH 2
Total Foreign Proficiency Fixed Interest and Equity
Absa

5 4.5
Equity: Average PlexCrowns

Low Fixed Interest High Equity

High Fixed Interest High Equity RMB

4 3.5 3 2.5 2 1.5 1 1 1.5 2 2.5 3 3.5 4 4.5 5

STANLIB Fixed Interest: Average PlexCrowns Low Fixed Interest Low Equity High Fixed Interest Low Equity Prudential Average Investment Solutions

Old Mutual

Average

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GRAPH 3
Total Fixed Interest Proficiency Domestic and Foreign
5 4.5 4 3.5 Average 3 2.5 2 1.5 1 1 1.5 2 2.5 3 3.5 4 4.5 5 Foreign: Average PlexCrowns Low Foreign Low Domestic Average High Foreign Low Domestic
STANLIB Prudential Old Mutual

Absa

Low Foreign High Domestic

High Foreign High Domestic

Investment Solutions

GRAPH 4
Total Equity Proficiency Domestic and Foreign
5
High Foreign Low Domestic

Domestic: Average PlexCrowns

Absa Allan Gray

Foreign: Average PlexCrowns

4.5 4 3.5

High Foreign High Domestic

Coronation RMB Investec

Average

Investment Solutions Nedgroup Investments

3 2.5
Oasis

2 1.5 1 1 1.5 2 2.5 3 3.5 4 4.5 5 Domestic: Average PlexCrowns

Low Foreign Low Domestic Low Foreign High Domestic

Old Mutual Prudential STANLIB STANLIB MultiM

Average

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GRAPH 5
Total Asset Allocation Proficiency Domestic and Foreign
5 4.5 High Foreign Low Domestic High Foreign High Domestic

Allan Gray Coronation RMB Investec Nedgroup Investments

Foreign: Average PlexCrowns

4 3.5 Average 3 2.5 2 1.5 1 1 1.5 2 2.5 3 3.5 4 4.5 5 Low Foreign Low Domestic Low Foreign High Domestic

Old Mutual STANLIB Lynx PSG Analytics Metropolitan MultiM Flagship Marriott Foord Select Manager Efficient Group

Average

Domestic: Average PlexCrowns

GRAPH 6
Total Investment Proficiency Domestic and Foreign
5 4.5 4 3.5 3 2.5 2 1.5 1 1 1.5 2 2.5 3 3.5 4 4.5 5 Domestic: Average PlexCrowns Low Foreign Low Domestic Average Low Foreign High Domestic Average
Investment Solutions Nedgroup Investments Old Mutual Prudential STANLIB

Absa Allan Gray

High Foreign Low Domestic

High Foreign High Domestic

Coronation Oasis RMB Investec

Foreign: Average PlexCrowns

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GRAPH 7
Allan Gray Investment Proficiency
5

Foreign: Average PlexCrowns

4.5 4 3.5 3 2.5 2 1.5 1 0.5 0 0

High Foreign Low Domestic

High Foreign High Domestic Equity

Average

Fixed Interest

Asset Allocation

Total Low Foreign Low Domestic Low Foreign High Domestic

Average

0.5

1.5

2.5

3.5

4.5

*0 did not qualify

Domestic: Average PlexCrowns

GRAPH 8
Nedgroup Investments Investment Proficiency
5

Foreign: Average PlexCrowns

4.5 4 3.5 3 2.5 2 1.5 1 0.5 0

High Foreign Low Domestic

High Foreign High Domestic Equity

Fixed Interest Average Asset Allocation

Total Low Foreign Low Domestic Average Low Foreign High Domestic

0 *0 did not qualify

0.5

1.5

2.5

3.5

4.5

Domestic: Average PlexCrowns

- 25 -

GRAPH 9
Coronation Investment Proficiency
5

Foreign: Average PlexCrowns

4.5 4 3.5 3 2.5 2 1.5 1 0.5 0 0

High Foreign Low Domestic

High Foreign High Domestic Equity

Fixed Interest Average Asset Allocation

Total Low Foreign Low Domestic Low Foreign High Domestic

Average

0.5

1.5

2.5

3.5

4.5

5.5

*0 did not qualify

Domestic: Average PlexCrowns

PlexCrown fund-rating methodology

The PlexCrown Ratings are done according to the following guidelines set by the Association of Collective Investment Schemes: The Domestic - Asset Allocation - Targeted Absolute and Real Return subcategory is excluded at the request of ASISA. Varied Specialist subcategories are excluded due to comparison-incompatible mandates. Gold and precious metal funds are also excluded due to the specialist qualities. A subcategory will be rated only if it consists of at least five funds of five years or older. Only funds with an official track record of at least five years qualify for a rating. Although funds that changed subcategory in the past 12 months and have been allowed to keep their track records are excluded from the Raging Bull Awards ratings until a full 12 months have elapsed, those funds are included in the PlexCrown Ratings. Index funds and the Domestic - Fixed Interest - Money Market subcategory are excluded. Only funds that have published their performance figures in the public domain over the period of the awards are considered in the ratings.

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For the calculation of Foreign Collective Investment Schemes manager ratings for the Raging Bull Awards, only funds registered with the Financial Services Board for at least one year and with a five-year track record in a category consisting of a minimum of five qualifying funds are rated. However, funds registered with the FSB for a period of less than one year are included in the PlexCrown Ratings. The Global - Asset Allocation - Prudential and Global - Asset Allocation - Flexible subcategories are rated in the broader Global - Asset Allocation category. Where a fund has more than one class, the higher-cost A funds returns are used. In the absence of an A class, the R class is used. If an A class fund has a shorter return history than that of the R class, the R classs history is used until the A class was listed for the first time. If a fund has no A or R classes and only a B1 class, for instance, the latters returns are used.

Funds in non-asset allocation subcategories are ranked on a percentile basis over five- and three-year periods for the Sharpe Ratio, Alpha, Treynor Ratio, Sortino Ratio and Omega. Funds in the Asset Allocation categories are ranked over five- and three-year periods for the Sharpe Ratio, Alpha, Sortino Ratio and Omega. The funds percentile rankings per measure over three and five years are time-weighted by applying weights of 40% and 60%. The total percentile ranking of a fund in all subcategories excluding Asset Allocation categories is then calculated by applying a weight of 20% to each of the funds applicable percentile rankings per measure. In the Asset Allocation subcategories, a 25% weighting is given to the four performance measures, namely the Sharpe Ratio, the Sortino Ratio, Alpha and Omega, excluding the Treynor Ratio. The fund with the highest weighted percentile ranking is therefore the winner in its subcategory. The funds are classed in their subcategory according to the normal distribution curve and awarded PlexCrown Ratings as follows: Top 10% Next 22.5% Next 35% Next 22.5% Bottom 10% = = = = = 5 PlexCrowns 4 PlexCrowns 3 PlexCrowns 2 PlexCrowns 1 PlexCrown

Enquiries: For further information, please contact Mr Ryk de Klerk or Mr Emile Thiele of PlexCrown Fund Ratings, at telephone 0861 115 115 or e-mail info@plexcrown.co.za. The PlexCrown Survey is available on the Internet at www.plexcrown.com.