Noble PP Balanced Fund of Funds CERTIFICATE OF COMPLIANCE WITH REGARD TO REGULATION 28 OF THE PENSION FUNDS ACT, NO. 24 OF 1956, AS AT 31 July 2012:

Transcription

1 Noble PP Balanced Fund of Funds CERTIFICATE OF COMPLIANCE WITH REGARD TO REGULATION 28 OF THE PENSION FUNDS ACT, NO. 24 OF 1956, AS AT 31 July 2012: Scope This compliance certificate is compiled solely for the use of, and to assist Investor(s), in the abovementioned collective investment scheme portfolio, to assess whether the portfolio was managed satisfactorily in accordance with the Investment Policy in terms of the Supplemental Deed of the portfolio and the Investment Restrictions as contained in Regulation 28 of the Pension Funds Act, No. 24 of 1956, as amended from time to time ( agreed investment guidelines ). This compliance opinion is based on STANLIB s interpretation of the agreed investment guidelines, which may differ from the interpretation generally applied by Registrar of Collective Investment Schemes and/or the Registrar of Pension Funds and/or the Trustees of the STANLIB Collective Investment Scheme. Accordingly, some instances of non-compliance may be incorrectly detected or not detected at all. STANLIB Process The portfolio compliance process implemented by STANLIB consists of, but is not limited to, the following elements: Portfolio compliance requirements are monitored primarily systematically using the Charles River Investment Management System (CRD). monitoring is done on a pre-trade and post-trade basis. 17 Melrose Boulevard, Melrose Arch, 2196 P O Box 202, Melrose Arch, 2076 T + 27 (0) F /+ 27 (0) E contact@stanlib.com W Registration: STANLIB Collective Investments Limited Reg. No. 1969/003468/06. Liberty is a member of the Association for Savings and Investment of South Africa. The Manager is a member of the Liberty group of companies. Directors: T Dloti (Chief Executive Officer), I C Bennie, A Katakuzinos, B T G Mageba, N P Mamathuba, M Rabe, S C Rider, C M Sanqela Secretary: J M Parratt

2 Pre-trade compliance monitoring should to a large extent prevent trades that may cause instances of non-compliance with the agreed investment guidelines (subject to both practical and system limitations that may arise from time to time). Post-trade compliance monitoring is performed to ensure continued compliance with the agreed investment guidelines using both, systematic and, where appropriate, manual processes. Depending on whether the portfolio compliance requirements are monitored systematically or manually these requirements will be monitored either on a daily, weekly, monthly or quarterly basis. Whenever instances of non-compliance are detected, these are immediately reported to the Investment Manager for the appropriate corrective action. Any instance of non-compliance is recorded on an appropriate monitoring register and is monitored on a continued basis until resolved satisfactorily. Any instance of non-compliance due to market movement is reported to the investment manager for information. In such circumstances, monitors that no further purchases in the affected security occurs for as long as the instance of non-compliance exist. opinion to the agreed investment guidelines is the primary responsibility of the Investment Manager(s) responsible for the management of this portfolio. Because of the inherent limitations in any compliance system and/or process, errors or irregularities may occur and not be detected. However, every reasonable effort is made to ensure that our compliance system and/or process is adequately maintained to take into consideration any relevant changes that may occur and which may affect the monitoring of compliance to the agreed investment guidelines. Other than the instances of non-compliance specifically mentioned below, in our opinion and to the best of our knowledge, the portfolio mentioned above complied with the agreed investment

3 guidelines, subject to the assumptions and limitations mentioned in this certificate, during the period of review. The following instances of non-compliance with the agreed investment guidelines were detected and subsequently addressed: Date Detected Breach Date Corrected Comments No instances of non-compliance with the agreed investment guidelines were detected as at 31 July Date issued: 4 September 2012 Certified By: Quilia Cenci Manager Bernard Pieterse Head of

4 0. EXEMPTED SECURITIES % 0.1 Inside the Republic: % 0.11 Collective investment scheme, in respect of which a fund obtained a certificate % 0.12 a linked policy as defined under the Long-term Insurance Act, in respect of % 0.13 a long-term insurance policy as defined in the Long-term Insurance Act, other % % 0.21 Collective investment scheme, in respect of which a fund obtained a certificate % 0.22 a linked policy as defined under the Long-term Insurance Act, in respect of % 0.23 a long-term insurance policy as defined in the Long-term Insurance Act, other % 1. CASH 84,763, % % 1.1 Inside the Republic: 82,909, % % (a) Notes and coins; any balance or deposit in an account held with a South African 68,644, % % ABSA Group Ltd 27,601, % % Nedbank Group Ltd 17,668, % % Standard Bank Group Ltd 7,297, % % Firstrand Ltd 5,994, % % Citi Bank 4,137, % % Deutsche Bank 2,618, % % Investec Ltd 2,186, % % China Construction Bank Corporation 731, % % African Bank Investments Ltd 288, % % Standard Chartered 118, % % (b) A money market instrument issued by a South African bank including an Islamic 9,963, % % Standard Bank Group Ltd 3,123, % % Nedbank Group Ltd 3,096, % % Investec Ltd 1,468, % % ABSA Group Ltd 1,032, % % Firstrand Ltd 984, % % African Bank Investments Ltd 168, % % Capitec Bank Holdings Ltd 89, % % (c) Any positive net balance in a margin account with an exchange; 2,822, % % SAFEX - Non-Agricultural 2,804, % % SAFEX 18, % % (d) Any positive net balance in a settlement account with an exchange, operated for % 1,478, % % Investec Corporate Money Market Fund 1,478, % 4.99 % 1.2 1,854, % % (a) Any balance or deposit held with a foreign bank; 1,854, % % Standard Chartered 1,838, % 5.00 % The Bank of New York New York 15, % 5.00 % (b) Any balance or deposit held with an African bank; % (c) Any money market instrument issued by a foreign bank including an Islamic % (d) Any positive net balance in a margin account with an exchange; % (e) Any positive net balance in a settlement account with an exchange, operated for % % 2. A AGGREGATE EXPOSURE: DEBT INSTRUMENTS, INCLUDING MONEY MARKET 137,068, % % 2. B AGGREGATE EXPOSURE: DEBT INSTRUMENTS, INCLUDING MONEY MARKET 84,970, % % 2.1 Debt instruments issued by, and loans to, the government of the Republic, and 52,098, % % Inside the Republic: (a)-1 Debt instruments issued by, and loans to, the government of the Republic, and 52,098, % % (Government) Republic Of South Africa 51,244, % % ESKOM HOLDINGS Ltd GOVERNMENT GUARANTEED 560, % % Trans-Caledon Tunnel Authority 252, % % SA National Roads Agency (Government Guaranteed) 39, % % (a)-2 Debt instruments issued by, and loans to, the government of the Republic, and % (b) Debt instruments issued or guaranteed by the government of a foreign country 322, % % NORWEGIAN GOVERNMENT 322, % % Debt instruments issued or guaranteed by a South African bank against its 45,236, % % Inside the Republic: (c)-1 Debt instruments issued or guaranteed by a South African bank against its 45,236, % % (i) listed on an exchange with an issuer market capitalisation of R 20 billion or more, or an amount or 24,929, % Firstrand Ltd 7,542, % % Standard Bank Group Ltd 6,924, % % Nedbank Group Ltd 4,415, % % ABSA Group Ltd 3,206, % % African Bank Investments Ltd 1,716, % % Capitec Bank Holdings Ltd 1,123, % % (ii) listed on an exchange with an issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or 14,775, % Investec Ltd 14,775, % % (iii) listed on an exchange with an issuer market capitalisation of less than R 2 billion, or an amount or (iv) not listed on an exchange 5,531, % % African Bank Investments Ltd 4,589, % 5.00 % ABSA Group Ltd 591, % 5.00 % Standard Bank Group Ltd 168, % 5.00 % Capitec Bank Holdings Ltd 120, % 5.00 % Firstrand Ltd 46, % 5.00 % Investec Ltd 15, % 5.00 % (c)-2 Debt instruments issued or guaranteed by a South African bank against its % (i) listed on an exchange with an issuer market capitalisation of R 20 billion or more, or an amount or

5 EXEMPTED SECURITIES (ii) listed on an exchange with an issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or (iii) listed on an exchange with an issuer market capitalisation of less than R 2 billion, or an amount or (iv) not listed on an exchange % (d) Debt instruments issued or guaranteed by an entity that has equity listed on an Inside the Republic: 19,337, % % (i) Listed on an exchange 17,092, % % The Bidvest Group Ltd 4,373, % % Transnet (Non-Government Guarantee) 3,731, % % Growthpoint Properties Ltd 1,753, % % Airports Company South Africa Ltd 997, % % Mtn Group Ltd 866, % % Redefine Properties Ltd 759, % % Barloworld Ltd 665, % % Sabmiller Plc 636, % % Development Bank Of Southern Africa 622, % % Imperial Holdings Ltd (Imperial Group) 419, % % SA National Roads Agency (NON Government Guaranteed) 396, % % Sappi Southern Africa 385, % % Property Fund Managers Ltd 255, % % Land and Agricultural Development Bank Of SA 188, % % Eqstra Holdings Ltd 156, % % Netcare Ltd 154, % % Umgeni Water 150, % % Resilient Property Income Fund Ltd 141, % % Sanlam Ltd 137, % % Eskom Holdings Ltd (Non Gov Guarenteed) 125, % % Santam Ltd 51, % % Telkom Sa Ltd 38, % % Anglo American SA Finance Ltd 36, % % Liberty Group Ltd 31, % % MMI Holdings Limited 18, % % (ii) Not listed on an exchange 1,043, % % Anglo American Plc 369, % 5.00 % Land and Agricultural Development Bank Of SA 366, % 5.00 % Barloworld Ltd 219, % 5.00 % Aspen Pharmacare Holdings Ltd 88, % 5.00 % (i) Listed on an exchange 1,201, % % OLD MUTUAL PLC 527, % % Transnet (Non-Government Guarantee) 673, % % (ii) Not listed on an exchange % (e) Other debt instruments Inside the Republic: 20,072, % % (i) Listed on an exchange 5,592, % % Blue Granite Investments No2 (Pty) Ltd 673, % 5.00 % CITY OF CAPE TOWN 540, % 5.00 % Anglo American SA Ltd 523, % 5.00 % Old Mutual Life Assurance Company (South Africa) Ltd 340, % 5.00 % Private Residential Mortgages (Pty) Ltd 322, % 5.00 % Ekurhuleni Metropolitan Municipality 292, % 5.00 % City Of Johannesburg Metropolitan Municipality 268, % 5.00 % Ivusi Investments Ltd - F1+ 253, % 5.00 % AMBER HOUSE (THEKWINI 6) - A Notes 239, % 5.00 % South African Securitisation Programme (Pty) Ltd 229, % 5.00 % RCS INVESTMENT HOLDINGS 188, % 5.00 % Mercedes-Benz South Africa (Pty) Ltd 185, % 5.00 % Indwa Investments Ltd 165, % 5.00 % Synthesis Funding Ltd 143, % 5.00 % Thekwini Bond - A Note (THE2A1 / THE3A2/THE3A3/THE6A3) 137, % 5.00 % Home Obligors Mortgage Enhanced Securities (Pty) Ltd 123, % 5.00 % Greenhouse Funding (Pty) Ltd 88, % 5.00 % OntheCards Investments II (Pty) Ltd 87, % 5.00 % Thekwini Fund 9 Ltd - A Note 86, % 5.00 % Thekwini Fund 8 Ltd - A Note 81, % 5.00 % Thekwini Fund 7 Ltd - A Note 57, % 5.00 % Thekwini Fund 8 Ltd 56, % 5.00 % Toyota Financial Services SA (Pty) Ltd 52, % 5.00 % Fresco 2 Investments Ltd 48, % 5.00 % Thekwini Fund 9 Ltd 43, % 5.00 % Momentum Group Ltd 42, % 5.00 % Blue Granite Investments No4 (Pty) Ltd 38, % 5.00 % Growthpoint Note Issuer Company (Pty) Limited - C1 Notes 38, % 5.00 % Thekwini Fund 10 Ltd - A Note 35, % 5.00 % EDCON (PROPRIETARY) LIMITED 31, % 5.00 % Unitrans Services (Pty) Ltd 30, % 5.00 % CLINDEB INVESTMENTS 30, % 5.00 % Kagiso Sizanani Capital (Pty) Ltd 17, % 5.00 % Thekwini Fund 9 Ltd - B Note 16, % 5.00 % AMBER HOUSE (THEKWINI 6) - C Notes 13, % 5.00 % AMBER HOUSE (THEKWINI 6) - B Notes 12, % 5.00 % Thekwini Fund 7 Ltd - B Note 10, % 5.00 % BMW Financial Services (South Africa) (Pty) Ltd 10, % 5.00 % Blue Granite Investments (Pty) Ltd - B Notes 9, % 5.00 % Thekwini Fund 8 Ltd - B Note 7, % 5.00 % Thekwini Fund 8 Ltd - C Note 6, % 5.00 %

6 EXEMPTED Thekwini SECURITIES Fund 7 Ltd - C Note 3, % 5.00 % Blue Granite Investments (Pty) Ltd - A Notes 3, % 5.00 % Sappi Southern Africa 2, % 5.00 % (ii) Not listed on an exchange 868, % % Thekwini Conduit 374, % 5.00 % Inkotha Investments Limited 261, % 5.00 % Blue Titanium 225, % 5.00 % Eagle Bonds One (Pty) Ltd 7, % 5.00 % 1,620, % % Investec Money Market Fund 1,171, % 4.99 % Coronation Money Market B2 388, % 4.99 % Investec Diversified Income Z 34, % 4.99 % Investec Absolute Income Z 25, % 4.99 % Investec Opportunity Income Z % 4.99 % (i) Listed on an exchange % (ii) Not listed on an exchange % 11,991, % % Investec Global Opportunity Equity Fund 8,910, % 4.99 % Investec US Dollar Money Fund 927, % 4.99 % IOF US INV GRADE CLASS A 744, % 4.99 % M&G European Corporate Bond Fund 710, % 4.99 % Investec Global Gold Fund 395, % 4.99 % Investec Global Strategy Fund 288, % 4.99 % Investec Euro Money Fund 16, % 4.99 % 3. EQUITIES 282,343, % % 3.1 Inside the Republic: (a) Preference and ordinary shares in companies, excluding shares in property 183,093, % % (i) issuer market capitalisation of R 20 billion or more, or an amount or 156,913, % MTN Group Ltd 12,746, % % British American Tobacco Plc 11,430, % % BHP Billiton Plc 8,242, % % Anglo American Plc 7,909, % % Sabmiller Plc 7,482, % % Sasol Ltd 6,926, % % Standard Bank Group Ltd 6,253, % % Woolworths Holdings Ltd 5,656, % % The Bidvest Group Ltd 5,357, % % Compagnie Financiere Richemont SA 5,315, % % Aspen Pharmacare Holdings Ltd 4,780, % % Vodacom Group (Pty) Ltd 4,301, % % Impala Platinum Holdings Ltd 4,214, % % AVI Ltd 4,025, % % Firstrand Ltd 4,003, % % LIFE HEALTHCARE GROUP HOLDINGS PTE LTD 4,002, % % Steinhoff International Holdings Ltd 3,732, % % Naspers Ltd (N Shares) 3,451, % % Mr Price Group Ltd 3,409, % % Assore Ltd 3,388, % % Imperial Holdings Ltd 3,142, % % Tiger Brands Ltd 3,079, % % ABSA Group Ltd 2,945, % % Truworths International Ltd 2,853, % % MMI Holdings Limited 2,665, % % African Bank Investments Ltd 2,635, % % The Spar Group Ltd 2,329, % % Netcare Ltd 2,329, % % Shoprite Holdings Ltd 2,084, % % African Rainbow Minerals Ltd 2,067, % % Nedbank Group Ltd 1,952, % % Remgro Ltd 1,613, % % Sanlam Ltd 1,453, % % Old Mutual Plc 1,321, % % Medi-Clinic Corporation Ltd 1,213, % % Exxaro Resources Ltd 1,025, % % RMB Holdings Ltd 805, % % Mondi Plc 758, % % The Foschini Group Limited 738, % % Discovery Holdings Ltd 661, % % Gold Fields Ltd 458, % % Investec Plc 417, % % TSOGO SUN HOLDINGS 382, % % Capitec Bank Holdings Ltd 356, % % Pick 'n Pay Stores Ltd 317, % % Reinet Investments S.C.A 276, % % Anglogold Ashanti Ltd 227, % % Kumba Iron Ore Ltd 120, % % Anglo Platinum Ltd 23, % % RMI HOLDINGS LTD 22, % % Harmony Gold Mining Company Ltd % % Aquarius Platinum Ltd % % (ii) issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or 21,211, % Santam Ltd 1,614, % % Astral Foods Ltd 1,303, % % Coronation Fund Managers Ltd 1,105, % % Pretoria Portland Cement Company Ltd 1,087, % %

7 EXEMPTED Reunert SECURITIES Ltd 1,026, % % Pick 'n Pay Holdings Ltd 938, % % ADCOCK INGRAM HOLDINGS LIMITED 895, % % Famous Brands Ltd 828, % % Trencor Ltd 740, % % Distell Group Ltd 675, % % EOH Holdings Ltd 663, % % Lewis Group Ltd 562, % % HOLDSPORT LTD 542, % % African Oxygen Ltd 518, % % Aeci Ltd 508, % % Illovo Sugar Ltd 495, % % Oceana Group Ltd 447, % % Cipla Medpro SA Ltd 388, % % Royal Bafokeng Platinum Ltd 350, % % Invicta Holdings Ltd 334, % % Aveng Ltd 332, % % Eqstra Holdings Ltd 316, % % Mondi Ltd 306, % % Arcelormittal Sa Ltd 291, % % Kagiso Media Ltd 283, % % Tongaat Hulett Ltd 262, % % Sappi Ltd 252, % % Omnia Holdings Ltd 236, % % Murray and Roberts Holdings Ltd 233, % % Advtech Ltd 228, % % Afgri Ltd 219, % % Barloworld Ltd 216, % % Super Group Ltd 213, % % Peregrine Holdings Ltd 198, % % Avusa Ltd 189, % % Northam Platinum Ltd 182, % % Datatec Ltd 179, % % Cashbuild Ltd 166, % % Group Five Ltd 152, % % Lonmin Plc 152, % % Nampak Ltd 141, % % Metair Investments Ltd 132, % % Pioneer Food Group Ltd 117, % % Brait SE 114, % % Sun International Ltd 110, % % Pan African Resources Plc 82, % % Grindrod Ltd 75, % % Hosken Consolidated Investments Ltd 72, % % CLOVER INDUSTRIES LTD 67, % % Firstrand Limited Preference Shares 63, % % CLICKS GROUP LTD 62, % % JSE Ltd 62, % % Adcorp Holdings Ltd 60, % % Investec Ltd 59, % % Wilson Bayly Holmes-Ovcon Ltd 56, % % Investec Ltd (Preference Shares) 55, % % Palabora Mining Company Ltd 54, % % Ceramic Industries Ltd 35, % % ABSA Bank Ltd (Preference Share) 33, % % Hudaco Industries Ltd 25, % % Italtile Ltd 21, % % CAPEVIN INVESTMENTS LTD 21, % % Alexander Forbes Pref Share Inv Ltd 15, % % City Lodge Hotels Ltd 14, % % Nedbank Ltd (Non-cumulative Preference Shares) 9, % % Rainbow Chicken Ltd 1, % % Coal Of Africa Ltd 1, % % Allied Technologies Ltd % % JD Group Ltd % % Bell Equipment Ltd % % (iii) issuer market capitalisation of less than R 2 billion, or an amount or 4,969, % Foord Compass Ltd (Debenture) 1,512, % 5.00 % Spur Corporation Ltd 660, % 5.00 % RECM & CALIBRE PREFERENCE SHARES 367, % 5.00 % African Bank Investments Ltd (Preference Share) 274, % 5.00 % Amalgamated Appliance Holdings Ltd 253, % 5.00 % NED STUB AGL , % 5.00 % Hulamin Ltd 155, % 5.00 % MVELAPHANDA GROUP 131, % 5.00 % Stefanutti Stocks Holdings Limited 111, % 5.00 % Bowler Metcalf Ltd 109, % 5.00 % DISCOVERY NON CUM NON PART NON CONVE VOLUNTAR REDEEM B PREFS 106, % 5.00 % MVELASERVE LIMITED SHARES 104, % 5.00 % Basil Read Holdings Ltd 91, % 5.00 % Sentula Mining Ltd 88, % 5.00 % Iliad Africa Ltd 79, % 5.00 % Metmar Ltd 77, % 5.00 % Distribution and Warehousing Network Ltd 76, % 5.00 % YORK TIMBER ORGANISATION LTD 75, % 5.00 % Metrofile Holdings Ltd 64, % 5.00 % Telimatrix Ltd 61, % 5.00 %

8 EXEMPTED Business SECURITIES Connexion Group Ltd 53, % 5.00 % Investec Bank Ltd (Preference Shares) 52, % 5.00 % Astrapak Ltd 47, % 5.00 % Buildmax Ltd 34, % 5.00 % Country Bird Holdings Ltd 32, % 5.00 % Protech Khuthele Holdings Ltd 32, % 5.00 % BSI (SA) Ltd 26, % 5.00 % Kelly Group Ltd 20, % 5.00 % Digicore Holdings Ltd 18, % 5.00 % Delta EMD Ltd 13, % 5.00 % Sovereign Food Investments Ltd 12, % 5.00 % PSG Financial Services Ltd (Preference Shares) 6, % 5.00 % Money Web Holdings Ltd 6, % 5.00 % Netcare Ltd (Cumulative Preference Shares) 6, % 5.00 % Sea Kay Holdings Ltd 5, % 5.00 % Grindrod Ltd (Cumulative Preference Shares) 1, % 5.00 % Mobile Industries Ltd 1, % 5.00 % Business Connexion Group Ltd A % 5.00 % Gijima Group Limited % 5.00 % Astrapak Ltd (Preference Share) % 5.00 % UCS Group Ltd % 5.00 % Preference and ordinary shares in companies, excluding shares in property 38,164, % % (i) issuer market capitalisation of R 20 billion or more, or an amount or 31,429, % ishares MSCI World 5,993, % % ishares iboxx $ High Yield Cor 2,568, % % ishares MSCI Emerging Markets 992, % % Fomento Economico Mexicano SAB 561, % % APPLE INC 550, % % QUALCOMM Inc 524, % % priceline.com Inc 479, % % ishares MSCI Germany Index Fund 452, % % McKesson Corp 443, % % Celgene Corp 418, % % MICROSOFT CORP 406, % % Roper Industries Inc 401, % % Chevron Corporation 394, % % DIRECTV 393, % % Swedish Match AB 386, % % Deere & Co 374, % % TransDigm Group Inc 360, % % Dell Inc 359, % % Amgen Inc 354, % % Shire PLC 354, % % World Fuel Services Corp 343, % % CF Industries Holdings Inc 340, % % KDDI Corp 327, % % DISCOVER FINANCIAL SERVICES 324, % % INTEL CORPORATION 321, % % AGCO CORP 312, % % Cummins Inc 311, % % Mattel Inc 310, % % Polaris Industries Inc 305, % % Netease.com 297, % % Oil States International Inc 285, % % Johnson & Johnson 276, % % ABBOTT LABORATORIES 270, % % Berkshire Hathaway Inc - CL A 264, % % ISHARES DAX 257, % % Torchmark Corp 253, % % Petrofac Ltd 251, % % CNOOC Ltd 251, % % Vanguard Dividend Appreciation 251, % % DISH Network Corp 246, % % CISCO INTERNATIONAL 242, % % Towers Watson & Co 242, % % China Minsheng Banking Corp Lt 240, % % Otsuka Holdings Co Ltd 235, % % AFLAC INC 230, % % China Citic Bank Corp Ltd 228, % % PHILIP MORRIS INTERNATIONAL INC 225, % % Bridgestone Corp 224, % % Nomura Research Institute Ltd 220, % % SanDisk Corp 213, % % Daito Trust Construction Co Lt 206, % % Novartis AG 202, % % Hyundai Motor Co 200, % % Valeant Pharmaceuticals Intern 192, % % MTU Aero Engines Holding AG 189, % % London Stock Exchange Group PLC 187, % % Seagate Technology PLC 184, % % Dover Corp 183, % % PFIZER INC (USD) 183, % % AutoZone Inc 181, % % Check Point Software Technolog 176, % % Mapfre SA 174, % % Nu Skin Enterprises Inc 171, % %

9 EXEMPTED Hubbell SECURITIES Inc 170, % % GREE INC 164, % % JGC Corp 160, % % KT&G Corp 158, % % Biogen Idec Inc 157, % % Western Digital Corp 154, % % Dongfeng Motor Group Co Ltd 154, % % AVNET INC 153, % % ING Groep NV 150, % % Kennametal Inc 140, % % Helmerich & Payne Inc 135, % % United Tractors Tbk PT 134, % % Superior Energy Services Inc 131, % % Jabil Circuit Inc 129, % % Penn National Gaming Inc 128, % % Spectris PLC 128, % % Eli Lilly & Co 127, % % JARDINE CYCLE & CARRIAGE LTD 126, % % USS Co Ltd 122, % % ishares iboxx Investment Grade 121, % % Meggitt PLC 120, % % Joy Global Inc 117, % % Societe BIC SA 114, % % Hyundai Department Store Co Lt 114, % % Miraca Holdings Inc 108, % % FUJI MEDIA HOLDINGS INC 102, % % Weir Group PLC 96, % % Trican Well Service Ltd 95, % % Swedbank AB 81, % % TMX Group Inc 75, % % Expedia Inc 70, % % Centerra Gold Inc 60, % % ishares MSCI Japan Index Fund 36, % % Exelon Corp 29, % % Deutsche Bank AG 26, % % Japan Tobacco Inc 15, % % (ii) issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or 5,393, % ishares MSCI ACWI Index Fund 591, % % Aetna Inc 514, % % ishares MSCI Korea 411, % % CACI International Inc 311, % % Coinstar Inc 308, % % China Petroleum & Chemical Corporation 247, % % TSRC Corp 188, % % ValueClick Inc 177, % % Viacom Inc-Class B 175, % % Steven Madden Ltd 173, % % LG International Corp 167, % % Questcor Pharmaceuticals Inc 158, % % Quest Software Inc 158, % % Par Pharmaceutical Cos Inc 157, % % Freenet AG 154, % % Digital China Holdings Ltd 148, % % Daum Communications Corp 144, % % Teledyne Technologies Inc 138, % % Tech Data Corp 133, % % Zeon Corp 125, % % CVB Financial Corp 122, % % SYNNEX Corp 121, % % CJ Corp 107, % % Haier Electronics Group Co Ltd 97, % % Neo Material Technologies Inc 95, % % MEDICINES CO/THE 90, % % Horiba Ltd 89, % % Deluxe Corp 80, % % (iii) issuer market capitalisation of less than R 2 billion, or an amount or 1,341, % SAMSUNG ELECTRONICS CO LTD 411, % 5.00 % Humana Incorporated 345, % 5.00 % Wright Express Corp 305, % 5.00 % Tempur-Pedic International 180, % 5.00 % ishares MSCI Japan Acc 71, % 5.00 % Pallinghurst Resources LD 17, % 5.00 % PowerShares S&P 500 High Quality 9, % 5.00 % (b) Preference and ordinary shares in companies, excluding shares in property 893, % % Inside the Republic: 893, % Elementone Ltd 79, % 2.50 % Metorex Ltd 78, % 2.50 % Marriott Dividend Growth Fund (Class R) 735, % 2.50 % 20,087, % % Prudential Money Market Fund (Class B) 9,786, % 4.99 % Regarding Capital - CM Global 129, % 4.99 % Coronation Global Capital Plus Fund B3 101, % 4.99 % Sanlam Universal Funds PLC - S 30, % 4.99 % Foord Unit Trusts Ltd 10,039, % 4.99 % 40,104, % %

10 EXEMPTED FOORD SECURITIES INTERNATIONAL TRUST 13,029, % 4.99 % Coronation Global Opportunitie 9,800, % 4.99 % Global Mutual Fund PCC Ltd - N 4,794, % 4.99 % Coronation Global Emerging Markets Flexible Fund 3,192, % 4.99 % M&G Investment Funds 1 - North 1,076, % 4.99 % M&G Investment Funds 7 - Europ 434, % 4.99 % M&G Euro Strat Valu Gbp A 320, % 4.99 % M&G JAPAN FUND POUND CLASS A INC 210, % 4.99 % Coronation Africa Fund % 4.99 % ORBIS Global Equity Fund (Bermuda) 7,244, % 4.99 % 4. IMMOVABLE PROPERTY 54,456, % % 4.1 Inside the Republic: (a) Preference shares, ordinary shares and linked units comprising shares linked to 52,995, % % (i) issuer market capitalisation of R 10 billion or more, or an amount or 30,819, % Growthpoint Properties Ltd 10,659, % % Redefine Income Fund Ltd 8,776, % % Capital Property Fund 5,303, % % Resilient Property Income Fund Ltd 3,122, % % Hyprop Investments Ltd 2,958, % % (ii) issuer market capitalisation of between R 3 billion and R 10 billion, or an amount or 17,728, % Fountainhead Property Trust 3,743, % % SA Corporate Real Estate Fund 3,000, % % Acucap Properties Ltd 2,802, % % Vukile Property Fund Ltd 2,782, % % Emira Property Fund 2,733, % % FORTRESS A 1,118, % % New Europe Property Investment 833, % % SYCOM PROPERTY FUND 713, % % (iii) issuer market capitalisation of less than R 3 billion, or an amount or 4,447, % REBOSIS PROPERTY FUND 869, % 5.00 % Octodec Investments Ltd 514, % 5.00 % INVESTEC PROPERTY FUND LIMITED 464, % 5.00 % Premium Properties Ltd 462, % 5.00 % Hospitality Property Fund Ltd (A Shares) 442, % 5.00 % Vividend Income Fund Ltd 325, % 5.00 % DIPULA INCOME FUND A 278, % 5.00 % VUNANI PROPERTY INVESTMENT 236, % 5.00 % REDEFINE PROPERTY INTERNATIONAL LIMITED 178, % 5.00 % ARROWHEAD PROPERTIES LIMITED A 163, % 5.00 % ASCENSION PROPERTIES LIMITED B LINKED UNITS 145, % 5.00 % ARROWEHEAD PROPERTIES LIMITED B 116, % 5.00 % SYNERGY INCOME FUND 110, % 5.00 % ASCENSION PROPERTIES LIMITED A LINKED UNITS 84, % 5.00 % Hospitality Property Fund Ltd (B Shares) 52, % 5.00 % Preference shares, ordinary shares and linked units comprising shares linked to 1,461, % % (i) issuer market capitalisation of R 10 billion or more, or an amount or 1,370, % CAPITAL SHOPPING CENTRES GROUP PLC 1,113, % % CAPITAL & COUNTIES PROPERTIES PLC 257, % % (ii) issuer market capitalisation of between R 3 billion and R 10 billion, or an amount or 90, % GROWTHPOINT PROPERTIES AUSTRALIA 90, % % (iii) issuer market capitalisation of less than R 3 billion, or an amount or (b) Immovable property, preference and ordinary shares in property companies, and % Inside the Republic Foreign Assets: % % 5. COMMODITIES 11,635, % % 5.1 Inside the Republic: (a) Kruger Rands and other commodities listed on an exchange, including 11,635, % % (i) gold 11,635, % New Gold Issuer Ltd 11,635, % % (ii) each other commodity Foreign Assets: Kruger Rands and other commodities listed on an exchange, including % (i) gold (ii) each other commodity 6. INVESTMENTS IN THE BUSINESS OF A PARTICIPATING EMPLOYER INSIDE THE (a) Section 19(4) of the Pension Funds Act 5.00 % (b) To the extent it has been allowed by an exemption in terms of section 19(4A) of % 7. HOUSING LOANS GRANTED TO MEMBERS IN ACCORDANCE WITH THE % 8. HEDGE FUNDS, PRIVATE EQUITY FUNDS AND ANY OTHER ASSET NOT 8,090, % % 8.1 Inside the Republic: (a) Hedge Funds % (i) Fund of hedge funds (ii) Hedge funds (b) Private equity funds % (i) Fund of private equity funds (ii) Private equity funds (c) Other assets not referred to in this schedule and excluding a hedge fund or 7,238, % 2.50 % Regulation 28 Other Securities ZAR 7,851, % 2.50 %

11 EXEMPTED Outstanding SECURITIES Settlements (613,128.01) (0.11 %) 2.50 % (a) Hedge Funds % (i) Fund of hedge funds (ii) Hedge funds (b) Private equity funds % (i) Fund of private equity funds (ii) Private equity funds (c) Other assets not referred to in this schedule and excluding a hedge fund or 852, % 2.50 % Outstanding Settlements (1,838,950.02) (0.32 %) 2.50 % Regulation 28 Other Securities USD 2,691, % 2.50 % TOTAL (equal to the fair value fund) 578,358, % % REGULATION 28(3)(f): CATEGORIES OR KINDS OF ASSETS THE AGGREGATE OF WHICH MAY NOT EXCEED 35% OF THE FUND: 2.(e)(ii) Other debt instruments not listed on an exchange 868, % 3.1(b) Preference and ordinary shares in companies, excluding shares in property 893, % 4.1(b) Immovable property, preference and ordinary shares in property companies, and 8. Hedge Funds, Private Equity Funds and Any Other Asset not referred to in this 8,090, % TOTAL 9,852, % % REGULATION 28(3)(g): CATEGORIES OR KINDS OF ASSETS THE AGGREGATE OF WHICH MAY NOT EXCEED 15% OF THE FUND: 3.1(b) Preference and ordinary shares in companies, excluding shares in property 893, % 8.1(b) Private equity funds TOTAL 893, % % REGULATION 28(3)(h): THE SUM OF THE AGGREGATE EXPOSURES TO ISSUERS/ENTITIES UNDER ITEM 1.1 AND 2.1(c) NO TO EXCEED 25% OF THE FUND: 1.1 (a) ABSA Group Ltd 27,601, % 1.1 (b) ABSA Group Ltd 1,032, % 1.2 (c)-1 ABSA Group Ltd 3,206, % 1.2 (c)-1 ABSA Group Ltd 591, % 32,432, % % 1.1 (a) Nedbank Group Ltd 1.1 (b) Nedbank Group Ltd 1.2 (c)-1 Nedbank Group Ltd 1.1 (a) Standard Bank Group Ltd 1.1 (b) Standard Bank Group Ltd 1.2 (c)-1 Standard Bank Group Ltd 1.2 (c)-1 Standard Bank Group Ltd 1.1 (b) Capitec Bank Holdings Ltd 1.2 (c)-1 Capitec Bank Holdings Ltd 1.2 (c)-1 Capitec Bank Holdings Ltd 1.1 (a) Firstrand Ltd 1.1 (b) Firstrand Ltd 1.2 (c)-1 Firstrand Ltd 1.2 (c)-1 Firstrand Ltd 1.1 (a) Citi Bank 1.1 (a) Deutsche Bank 1.1 (a) Investec Ltd 1.1 (b) Investec Ltd 1.2 (c)-1 Investec Ltd 1.2 (c)-1 Investec Ltd 1.1 (a) China Construction Bank Corporation 1.1 (a) African Bank Investments Ltd 1.1 (b) African Bank Investments Ltd 1.2 (c)-1 African Bank Investments Ltd 1.2 (c)-1 African Bank Investments Ltd 1.1 (a) Standard Chartered 17,668, % 3,096, % 4,415, % 25,180, % % 7,297, % 3,123, % 6,924, % 168, % 17,514, % % 89, % 1,123, % 120, % 1,333, % % 5,994, % 984, % 7,542, % 46, % 14,568, % % 4,137, % 4,137, % % 2,618, % 2,618, % % 2,186, % 1,468, % 14,775, % 15, % 18,446, % % 731, % 731, % % 288, % 168, % 4,589, % 1,716, % 6,762, % % 118, % 118, % % REGULATION 28(3)(i): INVESTMENTS OUTSIDE THE REPUBLIC: 1. CASH 1,854, % 2. DEBT INSTRUMENTS, INCLUDING MONEY MARKET INSTRUMENTS AND 13,516, % 3. EQUITIES 78,268, % 4. IMMOVABLE PROPERTY 1,461, % 8. HEDGE FUNDS, PRIVATE EQUITY FUNDS AND ANY OTHER ASSET NOT 852, %

12 EXEMPTED SECURITIES TOTAL 95,952, % % NOTES: 1. Credit balance in current accounts must be included in item If the investments exceed the limit per institution/company/individual and no exemption has been obtained, the details below must be completed for each Investments in institution/company/individual Item % of Fair Value Fair Value (R) 0.00 % % % % EXEMPTIONS GRANTED BY THE REGISTRAR Item Max % Date of letter Expiry Date 0.00 % 0.00 % 0.00 % 0.00 % NOTICE NO. 5 OF CONDITIONS FOR SECURITIES LENDING TRANSACTIONS