HEADING STYLE. Efficient BCI Prudential Medium. Core Solution HEADING STYLE

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1 HEADING STYLE HEADING STYLE Core Solution 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. 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 id viverra tellus ullamcorper. Cras convallis, nulla ut feugiat porta, sem tellus et ante. Donec ut magna ut nunc hendrerit facilisis RISK 4: Low-Med Fund of Funds sodales lacus, id consequat odio ligula sed tortor. 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 Mandates at dolor. Proin Alternative tempor Investments lorem in nulla quam. Etiam vestibulum, Discretionary nunc Investment et feugiat Management eleifend, sa- sollicitudin

2 Meet your Managers Meet your Managers Luis Levy Managing Director, PM BCom, CFA Brendan Vadas Chief Investment Officer, PM CFA, CAA ATPL, FAA MEI T: +27 (21) C: +27 (82) T: +27 (21) C: +27 (82) Luis obtained his B Com degree from the University of Cape Town and is a CFA Charter Holder. He started his financial services career in 1998 at Old Mutual and has gained valuable experience in fund management at several leading financial institutions. Luis was one of the founders of Mergence Investment Managers a company which he helped expand to assets under management in excess of R6 billion in institutional funds at the time of his departure. During his career he has also managed numerous retirement funds. As Managing Director of Efficient Select, Luis oversees the Specialist Manager Boutique and the progression of the company in the institutional market. After matriculating from Rondebosch Boys High School in Cape Town, Brendan attended the Delta Airlines Training Academy in the USA, where he qualified as both a commercial pilot and flight instructor. Upon his return to South Africa he obtained his South African Airlines captains licence and gathered in excess of 3000 flying hours. In 2006 Brendan commenced his financial services career at Valugro Capital as junior analyst, and later as a portfolio manager. Subsequent to a merger in 2007 with Efficient Select, he progressed up the ranks to Chief Investment Officer of the combined businesses in He is a CFA Charter Holder and is responsible for the multi-boutique asset management philosophy, processes and investment team. Find us on:

3 Fund Details Investment Objectives Fund Information The objective of this prudential medium equity portfolio is to provide the investor with reasonable income and real capital growth over the medium to long term, by targeting returns of CPI + 3% over the stated investment horizon. Benchmark: Investment Horizon: Income: Reporting: Average of the (ASISA) South African MA Medium Equity 3 to 5 years High Monthly Inception Date: 10 November 2004 Base Currency: South African Rand TER: Class A 4.35% (December 2013) TER: Class B 4.84% (December 2013) TER: Class C 3.39% (December 2013) Fund Size: ZAR Minimum Lump Sum ZAR Minimum Monthly Investment ZAR 500 Initial Fee 0.00% Annual Service Fee (Excl. VAT) 1.20% Class A Annual Service Fee (Excl. VAT) 1.325% Class B Annual Service Fee (Excl. VAT) 1.50% Class C Performance Fee: No performance fees are charged. The total fee is capped at 1.50% p.a.

4 Fund Type Equity Fund TOP HOLDINGS Efficient BCI Prudential Medium Efficient BCI Equity 22.52% Efficient BCI Quality Smaller Co. 3.05% Pru High Efficient BCI Balanced 35.41% Real Estate Efficient BCI Property 3.03% WW AA Flexible Efficient BCI Worldwide Flexible 8.54% Efficient BCI Fixed Income 19.95% Fixed Interest Efficient BCI Worldwide Flexible Income 4.17% Money Market Efficient BCI Money Market 2.93% Cash Investec Call 0.42% % Fund Info Top 10 Stock Holding Weight (%) BHP Billiton 4.16% Sasol 3.31% Old Mutual Plc 2.83% MTN Group 2.76% Compagnie Richemont 2.75% Firstrand 2.71% British American Tabacco 2.57% Anglo American 2.24% Pinnacle 2.09% Impala Platinum 1.99% Market Cap Weight (%) Large Cap 71.59% Mid Cap 28.18% Small Cap 0.23% Rand Hedge 47.07% *Source: Morningstar

5 Fund Details Asset Allocation *Source: Morningstar

6 Fund Details Fund Performance Return vs Benchmark 1 Month 3 Month 6 Month YTD 1 Year 1.25% 1.18% 6.27% -0.29% 12.28% CPI plus 3% over 1 year 1.22% 2.65% 4.18% 2.12% 8.77% (ASISA) South African MA Medium Equity 1.43% 2.83% 7.76% 0.74% 13.91% Return vs Risk Return Std deviation 12.28% 6.28% CPI plus 3% over 1 year 8.77% 1.50% (ASISA) South African MA Medium Equity 13.91% 6.33% *Source: Morningstar

7 Fund Details Top 5 Fund Information Efficient BCI Equity Fund The objective of this domestic equity portfolio is to provide investors with capital growth over the medium to long term, by targeting returns of the FTSE/JSE All Share Index over the stated investment horizon. Efficient BCI Fixed Income Fund The objective of this fixed income portfolio is to provide investors with reasonable real income while preserving the investor s capital. The fund targets a return in line with the STeFI Composite Index over the stated investment horizon. Efficient BCI Worldwide Flexible Fund The objective of this worldwide flexible portfolio is to provide investors with offshore exposure, reasonable income and capital growth over the medium to long term, by targeting returns of CPI+ 4% over the stated investment horizon. Efficient BCI Balanced Fund The objective of this prudential high equity portfolio is to provide the investor with balanced capital growth and will seek to follow an investment policy that will reflect a spread of investments aiming at income and capital growth, normally associated with the investment structure of a retirement fund. Efficient BCI Worldwide Flexible Income Fund The Efficient Worldwide Flexible Income Fund is suitable for investors who are looking to generate foreign currency returns in excess of inflation as measured in the United States. This fund will meet the objectives of investors seeking to hedge their rand exposure without taking significant exposure to equities.

8 Fund Administration How to invest with Efficient Select Specialist Manager Funds Available Direct Fixed Management Fee (Incl. VAT) *Performance Fee P A:0.94% B:1.51% C:1.71% P Core Solution Fund Name Efficient BCI Prudential Medium Management Fees (Excl. VAT) Fixed Fee A:0.83% B:1.33% C:1.50% ¹Perf. Fee Aims (B+C) Glacier Fairbairn Capital LISP AVAILABILITY Stanlib Momentum Wealth³ Old Mutual⁴ Allan Gray⁵ Evergreen Momentum Funds at Work 0.35% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% P 0.25% 0.25% (A+B+C) (C) (A+B+C) (A+C) (A+B+C) (C) (C) (A) (A+C) 1 Please refer to Fund Fact Sheet for details of performance fees 3 Momentum Wealth: Fund Shop All Efficient Core Fund of Funds available 4 Old Mutual: Efficient BCI Flexible, Prudential Medium on Investment Frontiers and Old Mutual Max 5 Allan Gray: Efficient BCI Balanced Fund, Equity Fund, Property Fund, Worldwide Flexible Fund, Fixed Income Fund, Prudential High, Prudential Medium, and Prudential Low available. P Pending Rebate Investec Fund Reabte

9 DISCLAIMER All information used in this presentation and any material referred to herein is subject to copyright and may not be reproduced or used (other than for information purposes) in any way, unless prior written permission has been granted by Efficient Select (Pty) Ltd or the appropriate copyright owner. This presentation is intended for information purposes only and none of the information contained in this presentation constitutes investment advice or a recommendation, solicitation or offer by Efficient Select (Pty) Ltd to buy or sell any financial product. The information contained in this presentation has been prepared without consideration of the investment objectives, financial situation or particular needs of any particular recipient. Any transactions described in this presentation may give rise to substantial risk, including the possible loss of principal value, and are not necessarily suitable for all investors. This presentation should accordingly not be considered as a substitute for the exercise of your own judgment or for obtaining independent advice based on your personal preferences and circumstances. Although all precautions have been made to ensure reliability of data and information contained in this presentation, Efficient Select (Pty) Ltd cannot guarantee the reliability or accuracy thereof. Past performance referred to in this presentation is not necessarily indicative of future performance. Similarly, forecasts contained in this presentation involve risks and uncertainties which may result in future performance, outcomes and results which differ materially from such forecasts. You are accordingly cautioned not to place undue reliance on any historical data, general information or forecasts used in this presentation. Efficient Select (Pty) Ltd accepts no liability whatsoever for any loss, damage (direct or consequential) or expense suffered by a recipient as a result of undue reliance placed on any information contained in this presentation. Authorised Financial Services Provider FSP No: 859