HEADING STYLE. Private Wealth HEADING STYLE

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1 HEADING STYLE HEADING STYLE Lorem ipsum dolor sit amet, consectetur adipiscing ece quis nibh ipsum. In sed adipiscing vestibulum dui. Nam magna velit. Vivamus vitae quam at orci pharetra egestas. Etiam pulvinar rhoncus sem, vitae consequat augue sagittis eget. Sed ut enim quam, a ullamcorper diam. Nunc sodales, felis vitae accumsan lobortis, purus ipsum accumsan eros, et euismod tortor neque id risus. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Nulla sed magna justo, at congue massa. Quisque id neque risus, nec porta quam. Donec scelerisque diam eleifend nibh lacinia lacinia. Praesent dapibus commodo tristique. Nam vel sapien odio. Suspendisse potenti. Nullam eu velit vel quam tempor convallis. Nulla non diam eu sem consequat pharetra. Private Wealth Vivamus vitae quam at orci pharetra egestas. Etiam pulvinar rhoncus sem, vitae consequat augue sagittis eget. Sed ut enim quam, a ullamcorper diam. Nunc sodales, felis vitae accumsan lobortis, purus ipsum accumsan eros, et euismod tortor neque id risus. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Nulla sed magna justo, at congue massa. Quisque id neque risus, nec porta quam. Donec scelerisque diam eleifend nibh lacinia lacinia. Praesent dapibus commodo tristique. Nam vel sapien odio. Suspendisse potenti. Nullam eu velit vel quam tempor convallis. Nulla non diam eu sem consequat pharetra. Curabitur turpis purus, porttitor id posuere quis, cursus ut lacus. Donec placerat, tortor quis vulputate molestie, felis lacus porttitor diam, et sodales enim mi eu justo. Morbi et orci viverra mauris feugiat scelerisque. Mauris porta mollis velit sit amet mollis. Curabitur turpis purus, porttitor id posuere quis, Etiam at orci arcu. Praesent luctus aliquet tincidunt. cursus ut lacus. Donec placerat, tortor quis vulputate molestie, felis lacus porttitor diam, et sodales erat. Cras sed metus mauris. Phasellus varius eros Quisque nisi ligula, tincidunt ac mattis a, molestie et enim mi eu justo. Morbi et orci viverra mauris feugiat quis purus pellentesque id viverra tellus ullamcorper. Cras convallis, nulla ut feugiat porta, sem tellus scelerisque. Mauris porta mollis velit sit amet mollis. sodales lacus, id consequat odio ligula sed tortor. Etiam at orci arcu. Praesent luctus aliquet tincidunt. Quisque nisi ligula, tincidunt ac mattis a, molestie et Vivamus erat dui, vehicula id luctus in, tristique nec erat. Cras sed metus mauris. Phasellus varius eros quam. Etiam vestibulum, nunc et feugiat eleifend, sapien tort condimentum justo, at semper nisi massa quis purus pellentesque Private id viverra Wealth tellus ullamcor-managemenper. Cras convallis, nulla ut feugiat porta, sem tellus et ante. Donec ut magna ut nunc hendrerit facilisis sodales lacus, id House consequat View odio ligula Portfolio sed tortor. - November quis in odio Suspendisse sagittis aliquam vestibulum. Suspendisse urna quam, sodales eu facilisis Vivamus erat Unit dui, Trust vehicula Funds id luctus Private in, Wealth tristique Management nec quis, Institutional tristique Mates at dolor. Proin tempor lorem in nulla quam. Etiam vestibulum, Alternative Investments nunc et feugiat Discretionary eleifend, sa- Investment sollicitudin Management

2 Fund Information Fund Information Investor Profile The House View portfolio is suitable for private clients looking for something or than a traditional unit trust fund product, who would like to take more of an interest in what y are specifically invested in. With this particular offering client owns particular shares in a company directly, with ir own portfolio, instead of owning units in a particular fund as is case with a unit trust. Fund Objective The objective of is to provide investors with capital growth over medium to long term, by targeting returns in excess of FTSE/JSE All Share Index over stated investment horizon. Risk Profile Risk Profile

3 Fund Fund Information House View View Portfolio Meet your Managers Riaan Gerber Portfolio Manager BCom (US); PGDFP (UFS); CFP ; CAIA Riaan Gerber successfully completed CAIA examination in March In 2009 he completed a post graduate diploma in Financial Planning at University of Free State, is registered at FPI as a CFP member. He graduated from Stellenbosch University with a BCom degree in Riaan started his career in financial industry in 2007 worked as a portfolio manager for PSG Konsult before joining Efficient Select team in 2011 as a portfolio manager. Luis Levy Managing Director, PM BCom, CFA Luis obtained his B Com degree from University of Cape Town is a CFA Charter Holder. He started his financial services career in 1998 at Old Mutual has gained valuable experience in fund management at several leading financial institutions. Luis was one of founders of Mergence Investment Managers a company which he helped exp to assets under management in excess of R6 billion in institutional funds at time of his departure. During his career he has also managed numerous retirement funds. As Managing Director of Efficient Select, Luis oversees Specialist Manager Boutique progression of company in institutional market. Risk Rating: Benchmark: Objective: Fund Characteristics Investment Horizon: Income: Offshore/Local: Risk Rating: Benchmark: Objective: Investment Horizon: 3 years or longer Risk 7 = High FTSE/JSE All Share Price Return Index 1% fixed annual management fee (excl VAT) or 0.5% fixed annual management fee plus 20% of outperformance of benchmark (JSE ALSI) Risk 7 = High FTSE/JSE All Share Price Return Index Offshore/Local: Minimum Income: Investment: 100% R Local Equity Low Provide investors with capital growth over medium to long term, by targeting returns in excess of FTSE/JSE All Share Index over stated investment horizon 3 years or longer Low 100% Local Equity Minimum Investment: R Fee Structure: Risk Versus Return 1% fixed annual management fee (excl VAT) or 0.5% fixed annual management fee plus 20% of outperformance of benchmark (JSE ALSI) Date: 12 December 2013 Source: Morningstar Sector Allocation Industrials Basic Materials Financials Consumer Cyclical Consumer Defensive 6.80% 21.70% 18.71% 21.50% 12.92% 3.46% 3.88% 7.12% Date: 12 December 2013 Source: Morningstar

4 Fund Information TOP 5 ACTIVE WEIGHTS WEIGHTING IN PORTFOLIO FIRST RAND 7.31% BHP BILLITON 7.21% NEW EUROPE PROPERTY 6.50% OLD MUTUAL 5.93% RICHEMONT 5.56% Performance Since Inception As per Morningstar data 24.03% 3.17% 4.18% 4.85% 12.89% 3.66% 3.05% 3.82% Basic Materials Healthcare Telecommunications Technology Consumer Goods Consumer Services Industrials Real Estate 6.50% 7.21% 3.47% 23.17% Financials Oil & Gas Offshore Cash Annualised Performance (As per Morningstar on 30 November 2013) 3 Months 6 Months 1 Year Since Inception HOUSE VIEW PORTFOLIO FTSE/JSE ALL SHARE INDEX ALPHA Houseview Std Dev ¹ Benchmark Std Dev Information Ratio² Notes: 1 Stard Deviation - How widely returns varied over a certain period of time. E.g. When a fund has a high stard deviation, predicted range of performance is wide, implying greater volatility. 3 Month Return 6 Month Return YTD Return Since Inception 2 Information Ratio (IR) - A ratio of portfolio returns above returns of a benchmark (usually an index) to volatility of those returns. The IR measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify consistency of investor. This ratio will identify if a manager has beaten benchmark by a lot in a few months or a little every month. The higher IR more consistent a manager is consistency is an ideal trait.

5 Holdings Fund Information Anglo American Anglo American Anglo American, with its subsidiaries, joint ventures associates, is a global leader in mining natural Anglo American, with its subsidiaries, joint ventures associates, is a global leader in mining natural resources sectors. It has significant focused interests in gold, platinum, diamonds, coal, base ferrous metals, resources sectors. It has significant focused interests in gold, platinum, diamonds, coal, base ferrous metals, industrial minerals paper packaging ferrous metals, as well as financial technical strength. industrial minerals paper & packaging & ferrous metals, as well as financial technical strength. Anglo America Anglo America is currently cheaper from a valuation perspective than its peers. Historically looking it is also trading is currently cheaper from a valuation perspective than its peers. Historically looking it is also trading at a discount to its at a discount to its Net Asset Value. With a strong management team world economic growth improving, Anglo Net Asset Value. With a strong management team world economic growth improving, Anglo American is in a good American is in a good position to benefit from recovery in growing dem for resources. position to benefit from recovery in growing dem for resources. Remgro Remgro Remgro is an Investment Holding company. The Group's interests consist mainly of investments in tobacco products, banking Remgro is an financial Investment services, Holding printing company. packaging, The Group's engineering interests consist motor mainly components, of investments adhesives, in tobacco life assurance, products, medical banking services, financial mining, services, petroleum printing products, packaging, food, wine engineering spirits motor various components, or trade adhesives, mark products. life assurance, Remgro gives medical services, investor mining, opportunity petroleum to products, be invested food, in listed wine unlisted spirits companies various or at a discount trade mark to its products. market value Remgro gives we value investor business opportunity on its discount to be invested to its Net in listed Asset Value, unlisted which companies is currently at looking a discount attractive. to its market value we value business on its discount to its Net Asset Value, which is currently looking attractive. Old Mutual Old Mutual Old Mutual offers life assurance related products as well as banking, short term insurance asset Old management Mutual offers services, life assurance both locally related internationally. products as Old well Mutual as banking, has a short diverse term investment insurance portfolio asset with management services, significant both stakes locally in listed internationally. unlisted companies. Old Mutual Since has a OLM diverse sold investment its Nordic asset, portfolio with company significant is in a stakes very in listed favourable unlisted debt companies. position, Since largest OLM sold risk its to Nordic business asset, over company last is couple in a very of years. favourable The company debt position, is also largest risk restructuring to business itself towards over last emerging couple markets, of years. with The company strong dem is also restructuring for insurance itself within towards se economies; emerging markets, we believe with OML is strong in a good dem position for insurance to take advantage within se of economies; fast growing we markets. believe OML is in a good position to take advantage of fast growing markets. Pinnacle Pinnacle The Pinnacle Technology Holdings Group is a diversified Information Communication Technology distribution group, The Pinnacle active Technology in all areas Holdings of ICT Group hardware, is a diversified software Information services. The Communication Group offers Technology a world class distribution selection of international group, active bred in all areas products of ICT hardware, including Apacer, software CA, Canon, services. Dell, The Hewlett-Packard, Group offers a IBM, world Intel, class LG, selection Logitech, of McAfee, Microsoft, international Modrac, bred Novell, products Samsung, including Sony Apacer, VMWare, CA, Canon, along Dell, with Hewlett-Packard, ir own Proline IBM, range Intel, of LG, ICT Logitech, equipment. With McAfee, continuous Microsoft, growth Modrac, in technology, Novell, Samsung, Pinnacle Sony is our favoured VMWare, pick along with its with strong ir foothold own Proline South range Africa of ICT Africa within equipment. growing With technology continuous sector. growth in technology, Pinnacle is our favoured pick with its strong foothold in South Africa Africa within growing technology sector. Clover Clover is a bred foods beverages group with a strong emphasis on value-added products. The group believes in superior procurement, production, marketing, sales distribution of se bred consumer goods (BCG) to its loyal consumers. Clover has strong brs in dairy sector. The group's operations are seasonal with first half being Clover traditionally is a bred better foods than beverages second group half. with Trading a strong conditions emphasis are on expected value-added to remain products. challenging The group in believes short term, in with superior single procurement, biggest impact production, being inflationary marketing, sales costs pressures. distribution Subsequently, of se bred successful consumer implementation goods (BCG) of to its group's loyal consumers. expansion project Clover has is imperative strong brs in order in to dairy enhance sector. efficiencies The group's operations improve margins. are seasonal The with group has a healthy first half cash being flow, traditionally which toger better with than low gearing, second places half. Trading group conditions well for are expansion expected purposes. to remain challenging in short term, with single biggest impact being inflationary costs pressures. Subsequently, successful implementation of group's expansion project is imperative in order to enhance efficiencies improve margins. The group has a healthy cash flow, which toger with low gearing, places group well for expansion purposes.

6 Holdings Information Life Healthcare Life Life Healthcare is a leading private hospital operator in South Africa primarily serves market for privately insured individuals, representing approximately eight million people. LHC has two divisions: Hospital division: The hospital Life Healthcare division is provides a leading services private primarily hospital operator private in South medically Africa insured. primarily Healthcare serves services market division: for privately Includes insured provision individuals, of acute representing long term approximately chronic hospitalisation eight million services people. to LHC state has two patients divisions: through Hospital Life Esidimeni, division: The as well as hospital provision division provides of primary services primarily occupational to healthcare private medically services insured. to employer Healthcare groups services in commerce, division: Includes industry, parastatals, provision mining of acute correctional long term chronic services, hospitalisation through Life services Occupational to state Health. patients With through its Life presence Esidimeni, in emerging as well markets, as provision Life Healthcare of primary is well occupational positioned for healthcare future growth services within to employer Private groups Health in commerce, sector which industry, is defensive of nature, parastatals, with mining basically no correctional debt high services, margins through company Life Occupational is favoured Health. among With its its peers presence also in emerging provide a nice dividend markets, return Life Healthcare to its investors. is well positioned for future growth within Private Health sector which is defensive of nature, with basically no debt high margins company is favoured among its peers also provide a nice dividend return to its investors. Sasol Sasol is an integrated energy chemicals company which add value to coal, oil gas reserves, using se feed Discovery stocks to produce liquid fuels, fuel components chemicals through its unique proprietary technologies. The group mines The Discovery coal in South group Africa is a focused produce insurance gas in business Mozambique built around oil in Gabon. core purpose Its chemical of making manufacturing people healthier marketing & operations span globe. Sasol is a high quality company with an exceptional track record. Improved dem for enhancing & protecting ir lifestyles. This purpose has shaped evolution of organisation from its commodities toger with supply shocks due to political unrest should continue to drive commodity prices in period beginning ahead. in 1992 The group as a specialist has also health managed insurer to contain to creation costs of successfully four distinct deleveraged operations its today. balance With sheet, giving it room largest for medical future growth. scheme Sasol in South is also Africa vulnerable its to unique external innovative factors product like oil offering price within exchange financial rates among products ors. industry, Discovery is fast becoming a market leader. The company is trading at a 19% discount to its embedded value of 4845cps. A premium to embedded value can be argued due to growth still encountered in its established businesses expected from its emerging operations. The group's defensive characteristics add SAB furr Miller appeal PLC why we like business. SABMiller plc is one of world s largest brewers. It has a brewing presence in over six continents a portfolio of strong brs markets that range from developed economies such as USA to fast-growing developing markets such as China India. The group s wide portfolio of brs includes premium international beers such as Pilsner Urquell, Sasol Peroni Nastro Azzurro, Miller Genuine Draft Grolsch, as well as leading local brs such as Aguila, Castle, Miller Lite, Snow Tyskie. SABMiller plc is also one of largest bottlers of Coca- Cola products in world. Sasol is an integrated energy chemicals company which add value to coal, oil gas reserves, using se feed stocks to produce liquid fuels, fuel components chemicals through its unique proprietary technologies. The group mines coal in South Africa produce gas in Mozambique oil in Gabon. Its chemical manufacturing BRAIT marketing operations span globe. Sasol is a high quality company with an exceptional track record. Improved dem for commodities toger with supply shocks due to political unrest should continue to drive Brait commodity is a listed prices investment period company ahead. that The invests group capital has also in privately managed held to businesses contain costs by making successfully long-term deleveraged investments of significant its balance influence. sheet, giving Brait s room capital for future is mainly growth. raised Sasol through is also vulnerable its public to shareholder external factors base. like The company oil price recently restructured exchange rates from among an Alternative ors. investment manager to an Investment Company. The Group also has interests in management companies that oversee traditional private equity funds has largest stake in PEPKOR, which own PEP retails stores a stake in Premier Foods. The PEPKOR stake makes out 63% of Brait s total assets under management. Through this stake in PEPKOR we get access to lower end consumers across Africa, which we believe will grow immensely. SAB Miller PLC SABMiller plc is one of world s largest brewers. It has a brewing presence in over six continents a portfolio of strong brs markets that range from developed economies such as USA to fast-growing developing markets such as China India. The group s wide portfolio of brs includes premium international beers such as Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft Grolsch, as well as leading local brs such as Aguila, Castle, Miller Lite, Snow Tyskie. SABMiller plc is also one of largest bottlers of Coca- Cola products in world.

7 Holdings Information First R FirstR provides a comprehensive range of products services to South African market niche products in certain BRAIT African international markets. The Group is differentiated by its portfolio bring approach re are a Brait number is a listed of leading investment financial company services that franchises invests within capital in privately Group, such held as businesses R Merchant by making Bank long-term (RMB), First National Bank investments (FNB) of significant WestBank. influence. FirstR Brait s is a premier capital is financial mainly raised services through provider its public with a shareholder strong, diversified base. The portfolio of businesses company recently that remains restructured poised for from long an Alternative term growth. investment The gradual manager economic to an recovery Investment Company. cost management The Group should continue also has to interests support in group's management results in companies short that term. oversee traditional private equity funds has largest stake in PEPKOR, which own PEP retails stores a stake in Premier Foods. The PEPKOR stake makes out 63% of Brait s total assets under management. Through this stake in PEPKOR we get access to lower end consumers New European Property across Africa, which we believe will grow immensely. New Europe Property Investments plc is an Isle of Man company established to invest primarily in high quality office, retail industrial property market initially in Romania reafter in or Central Eastern European countries. The company s objective is to provide shareholders with an opportunity to invest in a dividend paying, long term closed-ended fund that could serve as a vehicle for institutional investors seeking Central Eastern European First R investment opportunities that yield stable absolute returns portfolio diversification. With a current yield of 6% it s FirstR well diverse provides quality a comprehensive property portfolio, range we of see products an opportunity services for furr to South capital African growth market for property niche group. products in certain African international markets. The Group is differentiated by its portfolio bring approach re are a number of leading financial services franchises within Group, such as R Merchant Zeder Bank Investments (RMB), First National Ltd Bank (FNB) WestBank. FirstR is a premier financial services provider with a strong, diversified portfolio of businesses that remains poised for long term growth. The gradual economic Zeder Investments Ltd. is an investment company, which invests in agricultural related sectors in South recovery cost management should continue to support group's results in short term. Africa. The firm focuses on food, beverages, food processing sectors. It has investments in unlisted companies as well as listed blue chips companies. The investment approach is value-oriented contrarian, what is considered vital for generating attractive long-term investment returns of a highly cyclical nature. The South African agricultural sector is characterised by asset-rich, well-managed profit-producing companies. The sector has, however, remained neglected by investment community due to barriers to entry that makes investment New European in se Property entities difficult for any party outside of agricultural arena. New Europe Property Investments plc is an Isle of Man company established to invest primarily in high quality office, retail industrial property market initially in Romania reafter in or Central Eastern Steinhoff European countries. The company s objective is to provide shareholders with an opportunity to invest in a dividend paying, long term closed-ended fund that could serve as a vehicle for institutional investors seeking Central Steinhoff Eastern European International investment is a holding opportunities company with that diversified yield stable operational absolute returns interests in portfolio United diversification. Kingdom, With a continental current yield Europe, of 6% it s Pacific well Rim diverse quality Sourn property Africa. portfolio, It has strong we see brs an opportunity in its artillery for furr including capital JD growth Group, Unitrans, for property Conforama, group. PG Bision more. It is a holding company which we value through a discount or premium to its Net Asset Value. Currently discount of stock trading to its NAV looks very attractive. The company reported its first results since acquisition of Conforama (European low cost general retailer) in February 2012, indicating its strong foothold in Europe dominance of market share in retails space. Current European conditions are supporting Conforama from a consumer perspective; as consumers tend to increase spend towards lower end goods. Zeder Investments Ltd Zeder Investments Ltd. is an investment company, which invests in agricultural related sectors in South Richemont Africa. The firm focuses on food, beverages, food processing sectors. It has investments in unlisted companies as well as listed blue chips companies. The investment approach is value-oriented contrarian, Richemont what is considered is a Swiss vital luxury for goods generating group attractive managed with long-term a view investment to long-term returns development of a highly cyclical of successful nature. international The South African brs. agricultural It has several sector of is characterised most prestigious by asset-rich, names in well-managed luxury industry profit-producing including Cartier, companies. Van Cleef & Arpels, The sector Piaget, has, Vacheron however, Constantin, remained neglected Jaeger-LeCoultre, by investment IWC, Panerai community Montblanc. due to barriers Richemont to entry is that a high makes quality company investment that in is se well placed entities within difficult for luxury any party goods outside market. of The group's agricultural results arena. remain influenced by global Economic conditions consumer confidence. With Asian luxury market continuously growing we believe strong growth numbers will come from this region as well as growing number of Asian tourists visiting Europe will support sales going forward.

8 Holdings Information House Fund View Information Portfolio MTN Group Steinhoff The Steinhoff MTN Group International Limited is (MTN a holding Group) company is a multinational with diversified telecommunications operational interests group in offering United cellular Kingdom, network access continental business Europe, solutions. It Pacific has mobile Rim licences Sourn across Africa. 21 It countries has strong in brs Africa in its artillery Middle including East. MTN JD Group, is a quality company Unitrans, Conforama, offers healthy PG Bision cash generation, more. It is high a holding margins, company above which average we ROE value through a strong a discount balance sheet. or premium The low to levels its Net of Asset mobile Value. penetration Currently across discount markets of in which stock trading group operates to its NAV should looks support very attractive. continued The subscriber company growth, which reported combined its first results with increased since focus acquisition data of Conforama service (European related revenue low cost should general negate retailer) in effects February of increasing 2012, competition indicating its strong high foothold regulatory in Europe burden. dominance of market share in retails space. Current European conditions are supporting Conforama from a consumer perspective; as consumers tend to increase spend towards lower end goods. DBX US Tracker Fund Richemont The Richemont MSCI USA is a Index Swiss reflects luxury goods performance group managed of with United a view States to of long-term America development equity markets. of successful The Index contains about international 600 constituent brs. It securities has several representing of most companies prestigious with names a total in market luxury capitalisation industry including of approximately Cartier, Van US$14 Cleef trillion. & Arpels, The Piaget, MSCI USA Vacheron Index Constantin, is recognised Jaeger-LeCoultre, as a barometer of IWC, Panerai United States Montblanc. of America Richemont economy is a high as quality holder of company db x-trackers that is MSCI well USA placed Index within ETF; an investor luxury goods will essentially market. The track group's United results States remain of influenced America equity by global markets. Economic conditions consumer confidence. With Asian luxury market continuously growing we believe strong growth numbers will come from this region as well as growing number of Asian tourists visiting Europe Shoprite will support Holdings sales LTD going forward. The holding company is involved in supermarket chains, property, fresh produce furniture. Its brs include Shoprite MTN Group Checkers supermarkets, OK Furniture; House & Home stores; Hungry Lion fast food outlets. Shoprite is a high The quality MTN Group company Limited with (MTN a strong Group) balance is a multinational sheet, a consistently telecommunications high ROE in excess group of offering 40% cellular is well network positioned access in a defensive business industry. solutions. Shoprite's It has historically mobile licences strong across cash generative 21 countries profile, in Africa low debt exposure Middle East. good MTN growth is a quality prospects company have offers provided healthy investors cash with generation, a reasonably high margins, safe investment above average during ROE times a of strong economic balance uncertainty sheet. The low levels of mobile penetration across markets in which group operates should support continued subscriber growth, which combined with increased focus on data service related revenue should negate effects of increasing competition high regulatory burden. BHP Billiton The Investec group occupies significant positions in major commodity businesses, including aluminium, energy coal metallurgical coal, copper, manganese, iron ore, uranium, nickel, silver titanium minerals, has substantial Investec is an international, specialist banking group that provides a diverse range of financial products services interests in oil, gas, liquefied natural gas diamonds. The group has a high quality portfolio of assets that spans a to a niche client base in three principal markets, United Kingdom, South Africa, Australia. The group focuses wide range of commodities countries. It also boasts a strong balance sheet good cash generation that allows on delivering distinctive profitable solutions for its clients in six core areas of activity namely, Asset Management, it add to add additional assets to its portfolio when prices are depressed. The group is, however, vulnerable to a Private Wealth, Property Activities, Private Banking, Investment Banking Capital Markets. The group has a wide number of external variables like commodity prices exchange rates, which has a significant effect on group geographic spread diverse business portfolios, which has proven itself during economic downturn. We feel profitability, but is not under control of management. This leads to significantly higher forecasting risk. The increased that impairment losses should start to decrease given a high base, leading to improved returns from Private capacity utilisation broad based growth in United States, Germany France bode well for future growth. Banking operations in medium term. The share offers reasonable value trading at a 10% discount to its Net Asset This growth should be furr aided by approval of new projects. Value. We also favour Investec as our preferred holding in Investment banking. DBX US Tracker Fund The MSCI USA Index reflects performance of United States of America equity markets. The Index contains about 600 constituent securities representing companies with a total market capitalisation of approximately US$14 trillion. The MSCI USA Index is recognised as a barometer of United States of America economy as holder of db x-trackers MSCI USA Index ETF; an investor will essentially track United States of America equity markets.

9 Holdings Information House Fund View Information Portfolio Ellies Shoprite Holdings Holdings LTD The holding company is involved in supermarket chains, property, fresh produce furniture. Its brs include Ellies Shoprite has become Checkers a leading supermarkets, sourn OK African Furniture; manufacturer, House & wholesaler Home stores; distributor Hungry Lion of electronic fast food products outlets. related to television reception, including satellite terrestrial aerial ranges. The group is also a market leader in domestic Shoprite is a high quality company with a strong balance sheet, a consistently high ROE in excess of 40% is well electrical industrial audio products, a major importer of associated products. Ellies has trading divisions in all positioned in a defensive industry. Shoprite's historically strong cash generative profile, low debt exposure good growth major centres prospects throughout have provided South investors Africa as with well as a reasonably Windhoek, safe Gaborone investment Maputo. during Ellies times got of an economic excellent product diversification is a leading br in South African electronics market. The business is well positioned for uncertainty growth opportunities in Sourn Africa has a wide geographic diversification. The management team is highly experienced with leading distribution capabilities company has ability to identify market opportunities. With ir unique business model which controls packaging, marketing, sale distribution of both own BHP manufactured Billiton as well as imported products, company is leading it peers in electronic market. The group occupies significant positions in major commodity businesses, including aluminium, energy coal Impala Platinum metallurgical coal, copper, manganese, iron ore, uranium, nickel, silver titanium minerals, has substantial interests in oil, gas, liquefied natural gas diamonds. The group has a high quality portfolio of assets that spans a Impala Platinum Holdings Limited (Implats) is in business of mining, refining marketing of platinum group wide range of commodities countries. It also boasts a strong balance sheet good cash generation that allows metals (PGMs), as well as nickel, copper cobalt. Impala Refining Services (IRS) uses Impala s excess smelting it add to add additional assets to its portfolio when prices are depressed. The group is, however, vulnerable to a refining capacity to process concentrate matte produced by various mine-to-market group operations as number of external variables like commodity prices exchange rates, which has a significant effect on group well as material purchased from third party companies. Toll-refining is also undertaken on behalf of or companies. profitability, but is not under control of management. This leads to significantly higher forecasting risk. The increased Implats is one of largest auto catalyst recyclers in world. The group's earnings will remain dependent on capacity utilisation broad based growth in United States, Germany France bode well for future growth. sustainability of an economic recovery. Mining flexibility remains a key issue which will continue to place reliance on This growth should be furr aided by approval of new projects. mining activities at older shafts, resulting in reduced efficiencies necessitating an on-going high level of remnant mining. The illegal strike that took place subsequent to interim period will also negatively impact short term production. Neverless, developments at Impala Rustenburg expansion at Zimplats sets well for a stable long-lasting production platform going forward. Ellies Holdings Ellies has become a leading sourn African manufacturer, wholesaler distributor of electronic products related Oceana to television reception, including satellite terrestrial aerial ranges. The group is also a market leader in domestic electrical industrial audio products, a major importer of associated products. Ellies has trading divisions Oceana Group in all major Ltd. is centres engaged throughout in fishing South Africa allied as well services as Windhoek, sector. The Gaborone company is Maputo. involved Ellies in got catching, an excellent processing, product procurement diversification of marine is a leading species, br which in include South pilchard, African sardine electronics anchovy, market. redeye The business herring, is lobster, well positioned horse mackerel, for growth squid, opportunities tuna, hake, in Sourn or deep-sea Africa species. has a Its wide products geographic are sold diversification. through international local The marketing management channels. team The is highly company experienced operates with through leading distribution following divisions: capabilities Lucky Star, company Blue Continent, has ability Oceana to Lobster, identify Calamari market opportunities. Fishing, Lamberts With Bay ir Foods unique business CCS Logistics. model which Oceana controls Group was packaging, founded marketing, 1918 sale is headquartered distribution in of Cape both Town, manufactured South Africa as well as imported products, company is leading it peers in electronic market. Impala Platinum Impala Platinum Holdings Limited (Implats) is in business of mining, refining marketing of platinum group metals (PGMs), as well as nickel, copper cobalt. Impala Refining Services (IRS) uses Impala s excess smelting refining capacity to process concentrate matte produced by various mine-to-market group operations as well as material purchased from third party companies. Toll-refining is also undertaken on behalf of or companies. Implats is one of largest auto catalyst recyclers in world. The group's earnings will remain dependent on sustainability of an economic recovery. Mining flexibility remains a key issue which will continue to place reliance on mining activities at older shafts, resulting in reduced efficiencies necessitating an on-going high level of remnant mining. The illegal strike that took place subsequent to interim period will also negatively impact short term production. Neverless, developments at Impala Rustenburg expansion at Zimplats sets well for a stable long-lasting production platform going forward.

10 Efficient Select (Pty) Ltd is a registered financial services provider, FSP 859 a subsidiary of Efficient Group Ltd. Think Efficient. Realise potential. Contact us: 15th Floor Triangle House 22 Riebeek Street Cape Town 8001 South Africa Tel: +27 (21) Fax: +27 (21) info@efselect.co.za Efficient The icon in our logo symbolises company s ambition for growth expansion, both for our investors for our company. DISCLAIMER: Although every effort has been made to ensure accuracy of content of this brochure, Efficient Select (Pty) Ltd accepts no liability in respect of any errors or omissions contained herein. The contents of this brochure cannot be construed as financial advice does not confer any rights whatsoever, enforceable against any party does not replace any legal contract or policy which may be subject to terms conditions. Efficient Select (Pty) Ltd retains right to amend any information contained in this brochure at any time without prior notice.