Monthly Fund Fact Sheets

Transcription

1 Monthly Fund Fact Sheets

2 CONTENTS STANLIB Money Market Fund STANLIB Enhanced Yield Fund STANLIB Income Fund STANLIB Flexible Income Fund STANLIB Aggressive Income Fund STANLIB Multi-Manager Absolute Income Fund STANLIB Absolute Plus Fund STANLIB Multi-Manager Real Return Fund STANLIB Balanced Fund STANLIB Balanced Cautious Fund STANLIB Property Income Fund STANLIB Risk Profiled Funds of Funds STANLIB Aggressive Fund of Funds STANLIB Moderately Aggressive Fund of Funds STANLIB Moderate Fund of Funds STANLIB Moderately Conservative Fund of Funds STANLIB Conservative Fund of Funds STANLIB Multi-Manager Balanced Fund STANLIB Multi-Manager Flexible Property Fund STANLIB Multi-Manager Low Equity Fund of Funds STANLIB Multi-Manager Medium Equity Fund of Funds STANLIB Global Balanced Cautious Fund STANLIB Global Balanced Cautious Feeder Fund STANLIB Global Balanced Fund STANLIB Global Balanced Feeder Fund STANLIB Global Equity Fund STANLIB Global Equity Feeder Fund

3 STANLIB Money Market Fund Investment Policy and Objectives The primary performance objective of the portfolio is to obtain as high a level of current income as is consistent with capital preservation and liquidity. Capital gains will be of an incidental nature. Minimum South African Exposure: % of the portfolio, Maximum Foreign Exposure: 0.00% of the portfolio, Tenor of any one asset: Maximum 12 months, Weighted Average Duration of portfolio: Maximum 90 days. Highlights. South Africa s third largest retail Money Market Fund.. Managed by STANLIB s highly rated and experienced team headed by Ansie van Rensburg. This portfolio may not have any direct and/or indirect foreign exposure. Performance (%) Asset Allocation (%) 1 year 3 years 5 years 10 years Since Inception Class R Sector Benchmark Rank (Class R) 10/28 14/27 12/26 10/17 - Lowest Return over 12 Rolling Highest Return over 12 Rolling (incl. ABIL) *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax. Figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. The performance calculation for money market funds uses an aggregate of the daily declaration figure which is compounded monthly by reinvesting on the reinvestment date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. 1 The performance of this fund was affected by the African Bank event and the investors would have been issued with units in a retention fund. The combined performance of the retention fund and the fund - for comparative purposes - is indicated above. Cumulative Performance - Last 5 years Top Ten Institutional Exposure (%) Portfolio Size Sector Classification Income Declaration Benchmark Minimum Investment ISIN No. JSE Code R 24' million South African - Interest Bearing - Money Market Net revenue is distributed daily and paid monthly. Monthly STeFI Composite Index Class R Launch Date 02 May 1997 Lump Sum R25,000 Debit Order Per Month R2,000 ZAE STMM Total Expense Ratio * 0.57% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 0.00% Total Service Charge 0.57% Service Charge Intermediary Portion 0.00% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Class R Jan cpu Feb cpu Mar cpu Apr cpu May cpu Jun cpu Jul cpu Aug cpu Sep cpu Oct cpu Nov cpu Dec cpu Paid in the last 12 months 6.27 cpu Paid during cpu As a % of 2014 year end price 5.69 Risk Rating Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

4 STANLIB Money Market Fund Franchise Portfolio Manager The STANLIB Cash Management team is always on the lookout for opportunities in the market for products that could maximise clients short-term cash returns and aims to offer liquidity. Fixed-interest portfolios are made up of varying investments in the bond, money market and other income securities. These portfolios aim to provide interest income over the short- to medium-term. Income and bond portfolios also provide the opportunity for capital growth. This interest rate view is the framework within which the team manages assets on a day-to-day basis Ansie van Rensburg Ansie served articles with Theron van der Poel before joining Volkskas Merchant Bank. She was involved in the 1987 founding of CM Interbank, a money broking operation. She joined SCMB Asset Management in 1991 and is a member of the investment strategy team. Mary Hartigan Mary trained as a money market dealer at CM Interbank in 1989 before moving to Brait, Decillion and Grindrod Bank. She joined STANLIB s institutional sales desk in 2008 before moving over to the dealing room as a money market dealer and assistant portfolio manager. Fund Features The Fund's objective is to achieve as high a level of current income as is consistent with capital preservation and liquidity. The Fund is a well-diversified portfolio of money market instruments. The Weighted Average Duration of the portfolio is a maximum of 90 days. Risk General market risks including: Inflation can outpace portfolio returns Interest rate fluctuations Duration risk if rates move in a direction contrary to what was expected General market conditions Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 11h30. Investments and repurchases will receive the price of the same day if received prior to 11h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. Quarterly Comments Markets were volatile for the last quarter under review. The Reserve Bank Governor raised the repo rate at the November MPC meeting by 25 basis points to 6.25%. This is the second 25 basis points repo rate hike in The governor commented that although volatility in global asset markets had moderated amid improving risk sentiment, emerging market foreign exchange markets have been volatile and vulnerable to capital outflows. South Africa has not been immune to capital outflows. The Governor also commented that the risks to the inflation forecast have increased and that inflation is expected to breach the target range in the first quarter of 2016 and is expected to average 6.4%. The reasons for inflation pressure being a depreciating rand, drought conditions which will impact on food prices, and the possibility of further electricity tariff hikes. Although the local economy has weakened even further the Governor re-iterated that the SARBs mandate was to manage inflation and that the reason for the rate hike was pre-emptive on the part of the MPC committee. The SARBs monetary policy actions are expected to continue to focus on anchoring inflation, while remaining sensitive to the fragile state of the South African economy. Early December Standard and Poor s rating agency revised South Africa s rating from a stable to a negative outlook and Fitch downgraded South Africa s rating to BBB-. Both agencies citied concerns of South Africa s debt to GDP ratio, especially the government increase in debt to GDP ratio, which has increased from 26% in 2008/2009 to 56% in 2015/2016.Fitch indicated that South Africa would be downgraded further if fiscal discipline was not maintained. A week later South African minister of finance Nhlanhla Nene was replaced in a surprise move with unknown David Van Rooyen. This event was not received well by the markets and foreign investors. The rand further depreciated to R15.40 to the US dollar from R David Van Rooyen was then replaced 4 days later with well-known Pravin Gordhan, this move was seen more favourably by foreign and local investors.the rand has however not recovered back to previous levels and remains a concern for further inflationary pressures. The rand closed the year at R15.49 to the US dollar in comparison to 31 December 2014 of R One year NCD rates are currently trading at 8.35%, this is up significantly from 30th September where one year NCD were at 7.40%. One year forward rate agreements are discounting the possibility of a 1.5% repo rate increase in a years time. Money market funds will continue to trade defensively as the risk to the upside on rates remains. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Contact Centre Compliance No : HX2346 Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: pg 2 of 2

5 STANLIB Enhanced Yield Fund Investment Policy and Objectives The investment objective of the portfolio is to maximise the current level of income within the restrictions set out in the investment policy, while providing maximum stability of capital. The portfolio will aim to achieve performance returns in excess of money market yields and current account yields. The portfolio will invest its assets in South African markets at all times and will be permitted to invest in a flexible mix of non-equity securities, including but not limited to money market instruments, bonds, fixed deposits, listed debentures, preference shares and other high yielding securities, as well as any other securities which may be approved by the Registrar from time to time and which are consistent with the investment policy of the portfolio, to the maximum levels permitted by the Collective Investment Schemes Control Act, No. 45 of 2002, and the Regulations thereto, as amended from time to time. In respect of the flexible nature of this portfolio, the portfolio may thus be fully invested in any of the above-mentioned asset classes at any particular time, Highlights. Managed by STANLIB s highly rated and experienced team headed by Ansie van Rensburg. Performance (%) Asset Allocation (%) 1 year 3 years 5 years 10 years Since Inception N/A 7.48 Sector Benchmark Rank () 18/29 18/28 15/22 0/0 - Lowest Return over 12 Rolling Highest Return over 12 Rolling (incl. ABIL) N/A 1 The performance of this fund was affected by the African Bank event and the investors would have been issued with units in a retention fund. The combined performance of the retention fund and the fund - for comparative purposes - is indicated above. *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. Cumulative Performance - Last 5 years Top Ten Institutional Exposure (%) Portfolio Size Sector Classification Income Declaration Benchmark Minimum Investment Debit Order Per Month ISIN No. JSE Code R 3' million South African - Interest Bearing - Short Term Net revenue is calculated daily and distributed monthly. Monthly STeFI Composite Index Launch Date 11 Oct 2006 Lump Sum R5,000 R500 ZAE SCPA Total Expense Ratio * 0.63% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 0.17% Total Service Charge 0.63% Service Charge Intermediary Portion 0.11% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Jan cpu Feb cpu Mar cpu Apr cpu May cpu Jun cpu Jul cpu Aug cpu Sep cpu Oct cpu Nov cpu Dec cpu Paid in the last 12 months 6.33 cpu Paid during cpu As a % of 2014 year end price 5.84 Risk Rating Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

6 STANLIB Enhanced Yield Fund Franchise The STANLIB Cash Management team is always on the lookout for opportunities in the market for products that could maximise clients short-term cash returns and aims to offer liquidity. Fixedinterest portfolios are made up of varying investments in the bond, cash (or non cash) and money markets. These portfolios aim to provide interest income over the short- to medium-term. Income and bond portfolios also provide the opportunity for capital growth. This interest rate view is the framework within which the team manages assets on a day-to-day basis. Portfolio Manager Ansie van Rensburg Ansie served articles with Theron van der Poel before joining Volkskas Merchant Bank. She was involved in the 1987 founding of CM Interbank, a money broking operation. She joined SCMB Asset Management in 1991 and is a member of the investment strategy team. Fund Features The Fund aims to achieve performance returns in excess of money market and current account yields. The Fund has a maximum weighted average duration of 180 days. The Fund is managed by our award winning cash and fixed interest team. Risk This portfolio can invest in assets up to three years and unexpected moves in interest rates can affect the capital value of the portfolio This risk, however, is limited in the sense that the maximum average duration of the portfolio cannot be higher than 180 days. Other risks include: Interest rate fluctuations Inflation Duration risk if rates move in a direction contrary to what was expected General market conditions. Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. Quarterly Comments Markets were volatile for the last quarter under review. The Reserve Bank Governor raised the repo rate at the November MPC meeting by 25 basis points to 6.25%. This is the second 25 basis points repo rate hike in The governor commented that although volatility in global asset markets had moderated amid improving risk sentiment, emerging market foreign exchange markets have been volatile and vulnerable to capital outflows. South Africa has not been immune to capital outflows. The Governor also commented that the risks to the inflation forecast have increased and that inflation is expected to breach the target range in the first quarter of 2016 and is expected to average 6.4%. The reasons for inflation pressure being a depreciating rand, drought conditions which will impact on food prices, and the possibility of further electricity tariff hikes. Although the local economy has weakened even further the Governor re-iterated that the SARBs mandate was to manage inflation and that the reason for the rate hike was pre-emptive on the part of the MPC committee. The SARBs monetary policy actions are expected to continue to focus on anchoring inflation, while remaining sensitive to the fragile state of the South African economy. Early December Standard and Poor s rating agency revised South Africa s rating from a stable to a negative outlook and Fitch downgraded South Africa s rating to BBB-. Both agencies citied concerns of South Africa s debt to GDP ratio, especially the government increase in debt to GDP ratio, which has increased from 26% in 2008/2009 to 56% in 2015/2016.Fitch indicated that South Africa would be downgraded further if fiscal discipline was not maintained. A week later South African minister of finance Nhlanhla Nene was replaced in a surprise move with unknown David Van Rooyen. This event was not received well by the markets and foreign investors. The rand further depreciated to R15.40 to the US dollar from R David Van Rooyen was then replaced 4 days later with well-known Pravin Gordhan, this move was seen more favourably by foreign and local investors.the rand has however not recovered back to previous levels and remains a concern for further inflationary pressures. The rand closed the year at R15.49 to the US dollar in comparison to 31 December 2014 of R One year NCD rates are currently trading at 8.35%, this is up significantly from 30th September where one year NCD were at 7.40%. One year forward rate agreements are discounting the possibility of a 1.5% repo rate increase in a years time. Money market funds will continue to trade defensively as the risk to the upside on rates remains. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Contact Centre Compliance No : HX2346 Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: pg 2 of 2

7 STANLIB Income Fund Investment Policy and Objectives The portfolio's primary objective is a reasonable level of current income and maximum stability for capital invested. Securities normally to be included in the portfolio will consist of fixed income securities embracing non equity securities, stock, financially sound preference shares, debenture stock, debenture bonds and unsecured notes to be acquired at fair market prices. Highlights ***. Winner of numerous Raging Bull and Standard & Poor s Awards. Launched in April 1987, this fund has long been the choice of investors looking for superior cash returns.. Managed by STANLIB s Award winning fixed Interest team headed by Henk Viljoen.. Fund Class R Yield as at 30 December 2015 = 7.54% Performance (%) Asset Allocation (%) 1 year 3 years 5 years 10 years Since Inception Class R Sector Benchmark Rank (Class R) 8/29 13/28 5/22 1/12 - Lowest Return over 12 Rolling Highest Return over 12 Rolling (incl. ABIL) *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. 1 The performance of this fund was affected by the African Bank event and the investors would have been issued with units in a retention fund. The combined performance of the retention fund and the fund - for comparative purposes - is indicated above. Cumulative Performance - Last 5 years Top Ten Institutional Exposure (%) Portfolio Size Sector Classification Income Declaration Benchmark R 19' million South African - Interest Bearing - Short Term Net revenue is calculated daily and distributed quarterly. 31 March, 30 June, 30 September & 31 December STeFI Composite Index Mar 2015 Jun 2015 Sep 2015 Dec 2015 Class R 2.34 cpu 2.39 cpu 2.45 cpu 2.59 cpu Launch Date 01 Apr 1987 Minimum Investment Lump Sum R5,000 Debit Order Per Month ISIN No. JSE Code Class R R500 ZAE GDBI Total Expense Ratio * 0.85% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 0.68% Total Service Charge 0.86% Service Charge Intermediary Portion 0.00% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Paid in the last 12 months 9.77 cpu Paid during cpu As a % of 2014 year end price 6.71 Risk Rating Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

8 STANLIB Income Fund Franchise Portfolio Manager The Fixed Interest Franchise seeks to invest in predominantly non equity securities. Fixed-interest portfolios are made up of varying investments in the bond, cash (or non cash) and money markets that offer a highly predictable level of current income and a reasonably moderate protection of capital depending on term invested. The team s target is to outperform the benchmark by between 1% and 2% per annum. The All Bond Index (ALBI) is the benchmark used for most bond portfolios. Victor Mphaphuli Victor joined SCMB Treasury in 1996 as a trainee dealer in the foreign exchange markets and later moved to Nedcor as a capital markets dealer. In early 2001, he joined Libam s (now STANLIB) fixed interest team as a capital markets dealer and assistant to Henk Viljoen. Henk Viljoen Henk joined Senbank as an economist from Telkom. As a bond trader he joined Libam in October 1990, where he became Head of Fixed Interest. He is now responsible for management of all fixed interest/bond portfolios. Fund Features The Fund is a traditional low risk income fund, offering a longer term income alternative to traditional money market funds. The weighted average duration of this fund may not exceed two years. The Fund is managed by our award winning fixed interest team. Risk Risks include the following Interest rate fluctuations Economic risk Inflation General market conditions Duration risk if rates move in a direction contrary to what was expected Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. *** Highlights The Plexus Survey ranks management companies based on consistency of performance of portfolios under management for the (one/two/three) year period ended 30 June Only companies with at least three portfolios under management in sectors comprising four or more ranked portfolios are considered, with index portfolios excluded. Based on a lump sum investment on a NAV-NAV basis with income reinvested. Awards details: Standard & Poors Fund Awards, 2005 and Best in sector over 3 and 5 years; Best in sector over 1, 3 and 5 years; domestic fixed interest income portfolios. Raging Bull Awards, 2002, Consistency of Performance, 2002, Best risk adjusted performance, 2002, 2004, 2005 and Top performance - domestic fixed interest income funds. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Quarterly Comments Fund review During the fourth quarter of 2015, the size of the Stanlib Income Fund decreased from R21.36 billion to R20.82 billion. Returns in the Fund look attractive compared to money market returns despite the defensive positioning, due to investments in high yielding securities. The modified duration of the portfolio remained defensive at 0.15 years due to expectations of a higher repo rate. The higher concentration to floating rate notes was maintained as short term interest rate increase. Looking Ahead The bond market had a torrid fourth quarter with the All Bond Index returning -6.4% which was the worst quarter in a long time. This brought the 12 month return into negative territory, ending the year at -3.9%, which was worse than what the market had initially expected. The dip into negative territory on the effective annual return was largely realised in the month of December where the ALBI was down -6.7%, following the unexpected removal of the minister of finance by the president. The South African 10 year bond opened the quarter at 8.44%, quickly raced to a high of 10.63% before settling back to end the year at 9.76%. During the fourth quarter, the Rand experienced large volatilities as risks in emerging market increased, but also due to South African specific events. The unit printed an all-time low of R16.00 before recovering to end the year at S&P rating agency surprised the market by downgrading the rating outlook from stable to negative, increasing the probability of the country being downgraded to sub investment grade. The Medium Term Budget Statement showed further fiscal slippage as debt-to-gdp ratios increased. For the year the currency lost 34% of its value against the US dollar which could be inflationary in future. During the quarter the SARB increased the Repo rate by 25 basis points. The South African 5 year credit default swap (CDS) spread widened substantially to a high of 360 basis points as a result of the December volatility. In the international markets, the US finally increased the Fed Funds rate by 0.25% for the first time in almost a decade as economic data improved. The move was fully discounted by the market and as a result did not lead the market to break out of its current short term range. US 10 year treasury notes averaged 2.2% during the quarter. Emerging markets had a mixed quarter, with the spread opening at 446 basis points following the downgrade of Brazil to junk status, touched a low of 375 basis point before ending the quarter at 410 basis points. The outlook for inflation has deteriorated as a result of the weak currency and the drought that the country is experiencing. As a result, the SARB will probably increase the Repo rate to contain inflation. The weakness in the bond market has created buying opportunities, but the market volatility still calls for prudency. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa Contact Centre PO Box Compliance No : HX2346 Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: pg 2 of 2

9 STANLIB Flexible Income Fund Investment Policy and Objectives The portfolio seeks to maximise overall return, in the form of both income and capital growth. It will be consistent with the investment of funds in a flexible mix of predominantly non-equity securities. The portfolio will invest its assets in South African investment markets at all times and will be permitted to make investments in a flexible mix of non-equity securities, and any other securities that are consistent with the portfolio s investment policy, which will include but will not be limited to preference shares. This portfolio may also invest in other similar collective investment schemes. Highlights ***. The fund is managed by our award winning fixed interest team.. Fund Yield as at 30 December 2015 = 7.35% Performance (%) Asset Allocation (%) 1 year 3 years 5 years 10 years Since Inception Sector Benchmark Rank () 58/69 41/51 22/38 6/20 - Lowest Return over 12 Rolling Highest Return over 12 Rolling (incl. ABIL) *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. 1 The performance of this fund was affected by the African Bank event and the investors would have been issued with units in a retention fund. The combined performance of the retention fund and the fund - for comparative purposes - is indicated above. Cumulative Performance - Last 5 years Top Ten Institutional Exposure (%) Portfolio Size Sector Classification Income Declaration Benchmark R million South African - Multi Asset - Income Net revenue is calculated daily and distributed quarterly. 31 March, 30 June, 30 September & 31 December BEASSA 1 to 3 Year Index Mar 2015 Jun 2015 Sep 2015 Dec cpu 1.93 cpu 2.01 cpu 2.04 cpu Launch Date 29 Apr 2004 Minimum Investment Lump Sum R5,000 Debit Order Per Month ISIN No. JSE Code R500 ZAE STFA Total Expense Ratio * 1.13% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 0.68% Total Service Charge 1.14% Service Charge Intermediary Portion 0.00% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Paid in the last 12 months 7.78 cpu Paid during cpu As a % of 2014 year end price 6.31 Risk Rating Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

10 STANLIB Flexible Income Fund Franchise Portfolio Manager The Fixed Interest Franchise seeks to invest in predominantly non equity securities. Fixed-interest portfolios are made up of varying investments in the bond, cash (or non cash) and money markets that offer a highly predictable level of current income and a reasonably moderate protection of capital depending on term invested. The team s target is to outperform the benchmark by between 1% and 2% per annum. The All Bond Index (ALBI) is the benchmark used for most bond portfolios. Victor Mphaphuli Victor joined SCMB Treasury in 1996 as a trainee dealer in the foreign exchange markets and later moved to Nedcor as a capital markets dealer. In early 2001, he joined Libam s (now STANLIB) fixed interest team as a capital markets dealer and assistant to Henk Viljoen. Henk Viljoen Henk joined Senbank as an economist from Telkom. As a bond trader he joined Libam in October 1990, where he became Head of Fixed Interest. He is now responsible for management of all fixed interest/bond portfolios. Fund Features The Fund offers a flexible exposure to income generating investments through various interest rate environments. The Fund has no duration limit. Property is managed towards a maximum of 10% of the portfolio. The Fund s flexible mandate offers a longer term alternative to money market and traditional income funds. Risk Interest rate fluctuations Economic risk Inflation Duration risk if rates move in a direction contrary to what was expected General market conditions Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. *** Highlights Awards details: Standard & Poors Fund Awards, 2005 and Best in sector over 3 and 5 years; Best in sector over 1, 3 and 5 years; domestic fixed interest income portfolios. Raging Bull Awards, 2002, Consistency of Performance, 2002, Best risk adjusted performance, 2002, 2004, 2005 and Top performance - domestic fixed interest income funds. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Quarterly Comments The size of the Stanlib Flexible Income Fund was R1.1 billion at the end of the fourth quarter of 2015 compared to R1.3 billion from the previous quarter. The Fund s exposure to floating rate notes was left unchanged, while the modified duration of the Fund was relatively unchanged at 1.12 years. The Fund s exposure to listed property was retained at zero as valuations in the listed property market were expensive. Returns in the listed property market were lower in the fourth quarter, due to the selloff in the bond market. Looking Ahead The bond market had a torrid fourth quarter with the All Bond Index returning -6.4% which was the worst quarter in a long time. This brought the 12 month return into negative territory, ending the year at -3.9%, which was worse than what the market had initially expected. The dip into negative territory on the effective annual return was largely realised in the month of December where the ALBI was down -6.7%, following the unexpected removal of the minister of finance by the president. The South African 10 year bond opened the quarter at 8.44%, quickly raced to a high of 10.63% before settling back to end the year at 9.76%. During the fourth quarter, the Rand experienced large volatilities as risks in emerging market increased, but also due to South African specific events. The unit printed an all-time low of R16.00 before recovering to end the year at S&P rating agency surprised the market by downgrading the rating outlook from stable to negative, increasing the probability of the country being downgraded to sub investment grade. The Medium Term Budget Statement showed further fiscal slippage as debt-to-gdp ratios increased. For the year the currency lost 34% of its value against the US dollar which could be inflationary in future. During the quarter the SARB increased the Repo rate by 25 basis points. The South African 5 year credit default swap (CDS) spread widened substantially to a high of 360 basis points as a result of the December volatility. In the international markets, the US finally increased the Fed Funds rate by 0.25% for the first time in almost a decade as economic data improved. The move was fully discounted by the market and as a result did not lead the market to break out of its current short term range. US 10 year treasury notes averaged 2.2% during the quarter. Emerging markets had a mixed quarter, with the spread opening at 446 basis points following the downgrade of Brazil to junk status, touched a low of 375 basis point before ending the quarter at 410 basis points. The outlook for inflation has deteriorated as a result of the weak currency and the drought that the country is experiencing. As a result, the SARB will probably increase the Repo rate to contain inflation. The weakness in the bond market has created buying opportunities, but the market volatility still calls for prudency. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Contact Centre Compliance No : HX2346 Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: pg 2 of 2

11 STANLIB Aggressive Income Fund Investment Policy and Objectives The investment objective of the portfolio is to provide an efficient investment medium whereby investors can participate in a portfolio that will seek to generate a high level of income, as well as the potential for capital growth. Securities normally to be included in this portfolio means cash, bonds, financially sound and appropriate preference shares, property shares, stock including property loan stock, debentures, debenture stock and debenture bonds, unsecured notes, collective investment schemes in property, non-equity and other securities listed on exchanges which are considered consistent with the portfolio s primary objective and that the Act or the Registrar may allow from time to time. The portfolio may be fully invested in any of the above-mentioned asset classes at any particular time. The portfolio may invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio s investment policy. The portfolio may Highlights. A unique income opportunity with both property and fixed interest investments.. Co-managed by one of the best fixed interest teams in the country.. Please note that this fund has changed sectors as a result of the recent ASISA sector updates. This has affected the rank of the fund negatively. Performance (%) Asset Allocation (%) 1 year 3 years 5 years 10 years Since Inception Sector Benchmark Rank () 26/65 38/53 27/46 11/28 - Lowest Return over 12 Rolling Highest Return over 12 Rolling (incl. ABIL) *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. 1 The performance of this fund was affected by the African Bank event and the investors would have been issued with units in a retention fund. The combined performance of the retention fund and the fund - for comparative purposes - is indicated above. Cumulative Performance - Last 5 years Top Ten Institutional Exposure (%) Portfolio Size Sector Classification Income Declaration Benchmark R 2' million South African - Multi Asset - Flexible Net revenue is calculated daily and distributed quarterly. 31 March, 30 June, 30 September & 31 December FTSE/JSE SA Listed Property Index (SAPY) 33.33%; BEASSA All Bond Index 33.33%; STeFI Composite Index 33.33% Mar 2015 Jun 2015 Sep 2015 Dec cpu 2.29 cpu 2.20 cpu 2.55 cpu Launch Date 25 Jul 2005 Minimum Investment Lump Sum R5,000 Debit Order Per Month ISIN No. JSE Code R500 ZAE SAFA Total Expense Ratio * 1.24% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 2.05% Total Service Charge 1.25% Service Charge Intermediary Portion 0.29% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Paid in the last 12 months 9.13 cpu Paid during cpu As a % of 2014 year end price 5.82 Risk Rating Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

12 STANLIB Aggressive Income Fund Franchise Portfolio Manager Fixed Interest The Fixed Interest Franchise seeks to invest in predominantly non equity securities. Fixed-interest portfolios are made up of varying investments in the bond, cash (or non cash) and money markets that offer a highly predictable level of current income and a reasonably moderate protection of capital depending on term invested The team s target is to outperform the benchmark by between 1% and 2% per annum. The All Bond Index (ALBI) is the benchmark used for most bond portfolios. Victor Mphaphuli Victor joined SCMB Treasury in 1996 as a trainee dealer in the foreign exchange markets and later moved to Nedcor as a capital markets dealer. In early 2001, he joined Libam s (now STANLIB) fixed interest team as a capital markets dealer and assistant to Henk Viljoen. Henk Viljoen Henk joined Senbank as an economist from Telkom. As a bond trader he joined Libam in October 1990, where he became Head of Fixed Interest. He is now responsible for management of all fixed interest/bond portfolios. Fund Features The Fund offers a flexible exposure to Property, Bonds and Money market instruments through different economic environments. The Fund has no duration limit. Property is managed towards a maximum of 50% of the portfolio. The Fund is managed by our award winning fixed interest team. Risk General market risks including: A decline in interest rates Price/demand fluctuations A decline in bond yields Economic conditions General market conditions Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Quarterly Comments Fund review The Fund s size remained unchanged at R2.4 billion during the fourth quarter of The Fund s modified duration was increased from 0.4 year to 0.6 years, still a defensive positioning in the face of increased volatility and the threat of further interest rate hikes by the SARB. The Fund s exposure to listed property was kept at benchmark as valuations in the listed property market were expensive Looking Ahead The bond market had a torrid fourth quarter with the All Bond Index returning -6.4% which was the worst quarter in a long time. This brought the 12 month return into negative territory, ending the year at -3.9%, which was worse than what the market had initially expected. The dip into negative territory on the effective annual return was largely realised in the month of December where the ALBI was down -6.7%, following the unexpected removal of the minister of finance by the president. The South African 10 year bond opened the quarter at 8.44%, quickly raced to a high of 10.63% before settling back to end the year at 9.76%. During the fourth quarter, the Rand experienced large volatilities as risks in emerging market increased, but also due to South African specific events. The unit printed an all-time low of R16.00 before recovering to end the year at S&P rating agency surprised the market by downgrading the rating outlook from stable to negative, increasing the probability of the country being downgraded to sub investment grade. The Medium Term Budget Statement showed further fiscal slippage as debt-to-gdp ratios increased. For the year the currency lost 34% of its value against the US dollar which could be inflationary in future. During the quarter the SARB increased the Repo rate by 25 basis points. The South African 5 year credit default swap (CDS) spread widened substantially to a high of 360 basis points as a result of the December volatility. In the international markets, the US finally increased the Fed Funds rate by 0.25% for the first time in almost a decade as economic data improved. The move was fully discounted by the market and as a result did not lead the market to break out of its current short term range. US 10 year treasury notes averaged 2.2% during the quarter. Emerging markets had a mixed quarter, with the spread opening at 446 basis points following the downgrade of Brazil to junk status, touched a low of 375 basis point before ending the quarter at 410 basis points. The outlook for inflation has deteriorated as a result of the weak currency and the drought that the country is experiencing. As a result, the SARB will probably increase the Repo rate to contain inflation. The weakness in the bond market has created buying opportunities, but the market volatility still calls for prudency. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Contact Centre Compliance No : HX2346 Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: pg 2 of 2

13 STANLIB Multi-Manager Absolute Income Fund As at Investment Description The Fund is a flexible income solution which aims to provide investors with regular and stable income. It targets a higher return than a traditional money market fund and intends to manage the investor s exposure across the entire fixed interest yield curve, using a flexible duration strategy. The Fund does not rely solely on cash to generate income, nor does it rely on the investment view of any single manager. The Fund is regulation 28 compliant. The objective of the Fund is to outperform the average of the ASISA MA Income category, at risk levels consistent with that of the sector. Suitable Investors Who wish to diversify single manager risk Who are looking for a smart alternative to a typical money market portfolio Who seek a reasonable level of income and inflation beating returns over time Who have a low capacity for capital loss over the short term Who typically have an investment horizon over periods from 12 to 36 months Performance (%) Underlying Fund Managers 1 Year 3 Years 5 Years 10 Years Class B Benchmark Sector Average Investec Asset Management Momentum Asset Management Prescient Investment Management Physical See Through Asset Allocation % Portfolio Manager(s) Portfolio Size (NAV) Sector Income Declaration Benchmark Jennifer Henry and Malcolm Holmes R 1050 million South African Multi-Asset Income Net revenue is calculated on a daily basis and distributed quarterly. 31 March, 30 June, 30 September & 31 December JSE ALBI 1-3 Year Index Launch Date 02 Jan 2002 Minimum Investment ISIN No. Lump Sum R5,000 Debit Order Per Month JSE Code R500 ZAE STMI Class B1 Total Expense Ratio (TER)* Advisor Fee** Management Fee Underlying Fund Fees Underlying Performance Fees Other*** VAT * TER breakdown for the 12 months ended September 2015 ** The A Class includes an adviser fee *** Other includes: bank charges, levies, custody fees, sundry income, audit & trustee fees and other expenses. Risk Rating Cumulative Returns - Last 5 Years Indexed from 100 Fund Duration Benchmark Duration Declared in last 12 months 1.6 years 1.78 years Declared during cpu 6.32 cpu Class B cpu 6.79 cpu Class B1 Benchmark Holding Composition *Other is inclusive of Preference Shares, Property Shares, and Derivatives FUND INFORMATION TO BE CONSIDERED BEFORE INVESTING Collective Investment Schemes should be considered a medium to long term investments. The value of units (participatory interests) may go down as well as up and past performance is not necessarily a guide to the future performance. The Fund is traded at ruling prices using forward pricing and can engage in borrowing up to 10% of the market value of the portfolio to bridge insufficient liquidity as a result of the redemption of participatory interests and may engage in scrip lending. The yield on the Fund is calculated monthly based on the actual distributions declared in the last 12 months divided by the average daily net asset value, expressed as a nominal annual rate. It is provided to give an approximate indication of the achievable yield for an investment made at the reporting date. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manco). Commission and incentives may be paid and if so, would be included in the overall costs. Liberty is a full member of the Association for Savings and Investments of South Africa (ASISA). The Manco is a member of the Liberty Group of Companies. TRUSTEES Standard Chartered Bank, 4 Sandown Valley Crescent T Sandton, 2196 Contact Details - STANLIB COLLECTIVE INVESTMENTS LIMITED Reg. No. 1969/003468/06, 17 Melrose Boulevard,, 2196, PO Box 203,, 2076 T W stanlib.com and/or stanlibmultimanager.co.za COMPLIANCE NO: 11HX96

14 STANLIB Absolute Plus Fund Investment Policy and Objectives The portfolio shall be a specialist portfolio and shall aim to achieve capital growth, as well as some level of capital protection over the long-term. In the short-term the portfolio shall aim to profit from a rising equity market and protect investors against capital losses in a weak equity market. In order to achieve this objective, the portfolio will from time to time be invested in equity securities and/or non-equity securities to the maximum level permitted by the Act that will comply with prudential investment guidelines for retirement portfolios. The manager may from time to time invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio s investment policy. The manager will use a quantitative risk management model when selecting the securities that will be included in the portfolio. The model shall incrementally switch exposure from equities to non-equity instruments if the portfolio value drops towards a predetermined protective floor. Highlights. Managed with a protective floor investment model. Performance (%) 1 year 3 years 5 years 10 years Since Inception Sector Benchmark Rank () 94/128 80/93 61/72 36/39 - Lowest Return over 12 Rolling Highest Return over 12 Rolling Cumulative Performance - Last 5 years *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. Asset Allocation (%) Portfolio Deviation from Benchmark Sector (%) Portfolio Size Sector Classification Income Declaration Benchmark Minimum Investment Debit Order Per Month ISIN No. JSE Code R 2' million South African - Multi Asset - High Equity Net revenue is calculated daily and distributed bi-annually. 30 June & 31 December CPI Launch Date 19 Dec 2005 Lump Sum R5,000 R500 ZAE SBAA Total Expense Ratio * 1.69% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 3.42% Total Service Charge 1.71% Service Charge Intermediary Portion 0.57% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Top Holdings (%) MAR16 ALSI CALL /03/ MAR16 ALSI CALL /03/ STANDARD BANK FIXED RATE 10.50% 21/12/ STANLIB CAPPED PROPERTY INDEX TRACKER F 6.37 STANLIB Inst. Money Market Fund B MAR16 ETOP FUTURE 17/03/ SEP16 ALSI CALL /09/ FIRSTRAND BANK LIMITED 9.5% 01/10/ FIRSTRAND BANK 3M JIBAR+290BPS 30/01/ ABSA NCD 7.5% Risk Rating Paid in the last 12 months Paid during payments as a % of year end price 8.49 cpu 7.82 cpu 5.43 % Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

15 STANLIB Absolute Plus Fund Franchise Our philosophy to managing absolute return funds is to manage portfolios consisting of the widest possible array of Global and Domestic asset classes that exhibit low or negative correlations to each other, in such manner as to achieve the target performance and risk control objectives. Our views about financial markets can be summed up into three key points: 1. We believe that markets are reasonably, but not perfectly, efficient due to behavioural biases. As a result, we believe that active management can exploit the instances when the markets are wrong. 2. We believe that over time, financial markets revert to their means. As result we employ the past as a guide to the future in portfolio construction and security selection. 3. We believe that diversification reduces portfolio risk. However, we recognise that diversification has its limitations in addressing tail risks and so we complement it with bespoke protection in order to limit downside capture at the portfolio level. Our approach is simple; we believe that if we avoid/limit losses then we allow our clients the opportunity to compound returns on an increasingly higher capital base. Over time, this compounding then allows us to deliver on our clients objectives. History has shown that by limiting fund losses during the equity market downturn, we are able to compound fund returns to deliver comparable performance to the equity market post the recovery, but with substantially lower volatility and capital risk. Fund Features The Fund is a protected equity portfolio benchmarked against CPI and aims for 90% capital protection over a rolling one year period. The Fund uses financial instruments to protect the portfolio in down markets. The Fund can invest in a maximum of 75% in equities. The Fund is Regulation 28 compliant. Risk General market risks: Price/demand fluctuations Decline in bond yields Fluctuating interest rates Poor performance of underlying shares and unstable economic conditions. Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Portfolio Manager Marius Oberholzer Before STANLIB, Marius was Managing Partner at Sarala Capital, responsible for strategic direction. Prior to this he worked at TT International (London & Hong Kong) where he managed the Asian Opportunities Long Short Equity Hedge Fund. He holds a BCom and MSc(Global Finance). Quarterly Comments The will they, wont they debate is over. Nine years since the last time the U.S Federal Reserve raised rates Chairwoman Janet Yellen announced that rates would be increased, finally nailing the QE coffin shut, a door which has stood ajar since How markets behave with the re-pricing higher of the cost of capital by the worlds reserve currency remains to be seen. Initial effects appear muted although Emerging Market Bonds and especially currencies continue to show significant slides in value as Dollars are sucked back home. More noteworthy is how South African s (and the rest of the investment world) stood aghast as Jacob Zuma decided to replace our Minister of Finance with an unproven backbencher David van Rooyan. This action sent our currency spiralling ominously along with our heavily foreign held bond market; before thankfully Mr Zuma did an abrupt about turn and appointed Pravin Gordhan as the new Minster of Finance 48 hours later. The reaction by asset markets was predictably horrific until some semblance of reason returned (with the appointment of Gordhan) although leaving lasting cracks on a number of fronts. Performance for the final quarter of 2015 as follows: The Johannesburg All Share gained 1.68% (shows the offshore hedge equities are now providing), The All Bond Index lost 6.43%, Listed Property lost 4.66% and Cash (measured by STEFI) provided a return of 1.62% for the quarter (all on a Total Return basis). Over the same period the fund produced a return of 0.70%. For the 2015 calendar year the Fund Returned 7.78%. While shy of our medium term aim, the fund provided an excess return versus almost all assets classes in SA, beating Cash (STEFI) by 1.33%, Bonds (ALBI) by 11.47%, Equities (JALSH) by 2.65% and underperformed Listed Property by 0.22%. The fund also delivered an excess return relative to its Strategic Asset Allocation of 4.57%, a reasonable achievement relative to the opportunity set, providing our investors with equity type returns without equity type risk one of our stated aims. Going forward it is difficult to outline with real conviction what happens now that the Fed has moved and the repricing of global capital begins. Will the U.S Economy continue to show sufficient strength to merit further hikes, however slowly, how will currencies react and can emerging markets provide better growth prospects in the absence of commodity prices recovering? How will the SARB react to slower growth while inflation climbs toward 7% exacerbated by a very weak ZAR, and can our politicians ease the very real fears investors have? Of course we continue to see stimulus in Japan and Europe. China is pulling levers to cushion its own economic slowdown through rate cuts, a weaker currency and monetary stimulus. The great experiment continues but now that we have entered the stage of exiting the QE process by the FED, at the same time as growth is slowing globally, risk assets will continue to show volatility as we readjust to the new regime will not be a normal investment environment although it must be said that there appear to be pockets of value in SA which was difficult to say twelve months ago. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: Contact Centre Compliance No : HX2346 pg 2 of 2

16 STANLIB Multi-Manager Real Return Fund As at Investment Description The Fund is a multi-asset class portfolio that is diversified across asset classes, sectors, various strategies and asset managers - both in South Africa and internationally. The Fund aims to provide moderate long-term growth of capital and income with volatility at levels consistent with a medium equity ( 60% equity) portfolio. The objective of the Fund is to outperform the average of investable peers' returns i.e ASISA Multi-Asset Medium Equity category, at risk levels consistent with that of the sector. The Fund is Regulation 28 compliant. Suitable Investors Who wish to diversify single manager risk Who want a multi-asset class solution where asset allocation decisions are outsourced to specialist managers Who seek to enhance long-term capital growth Who are comfortable with taking on some risk of market fluctuation and possible drawdowns, in line with other medium equity funds Who typically have an investment horizon of at least five years Performance (%) Underlying Fund Managers ABSA Asset Management Coronation Fund Managers Prescient Investment Management Prudential Investment Managers STANLIB Multi-Manager (Global) Physical See Through Asset Allocation % 1 Year 3 Years 5 Years 10 Years Class B Benchmark Sector Average Portfolio Manager(s) Portfolio Size (NAV) Sector Income Declaration Benchmark Richo Venter and Malcolm Holmes R 1379 million South African Multi-Asset Medium Equity Net revenue is calculated on a daily basis and distributed bi-annually. 30 June & 31 December Consumer Price Inflation (CPI) Launch Date 31 Mar 2005 Minimum Investment ISIN No. Lump Sum R5,000 Debit Order Per Month JSE Code R500 ZAE SMRA Class B1 Total Expense Ratio (TER)* Advisor Fee** Management Fee Underlying Fund Fees Underlying Performance Fees Other*** VAT * TER breakdown for the 12 months ended September 2015 ** The A Class includes an adviser fee *** Other includes: bank charges, levies, custody fees, sundry income, audit & trustee fees and other expenses. Risk Rating Cumulative Returns - Last 5 Years Indexed from 100 Class B1 Benchmark Top 10 Equity Holdings Declared in last 12 months Declared during cpu 3.67 cpu Class B cpu 4.87 cpu Naspers Ltd 2.40% Sabmiller Plc 2.36% British American Tobacco Plc 2.34% Standard Bank Group Ltd 1.42% Sasol Ltd 1.41% Old Mutual Plc 1.40% Intu Properties Plc 1.25% Compagnie Financiere Richemont SA 1.17% STEINHOFF N.V. 1.05% BHP Billiton Plc 0.97% FUND INFORMATION TO BE CONSIDERED BEFORE INVESTING The STANLIB Multi-Manager Real Return Fund should be considered a medium to long term investment. The value of units (participatory interests) may go down as well as up and past performance is not necessarily a guide to the future. Where foreign securities are included in the Fund it may as a result be exposed to macroeconomic, political, tax, settlement and illiquidity risks factors that may be different to similar investments in the South African markets. The Fund is traded at ruling prices and can engage in borrowing up to 10% of the market value of the portfolio to bridge insufficient liquidity as a result of the redemption of participatory interests and may engage in scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manco). Commission and incentives may be paid and if so, would be included in the overall costs. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa (ASISA). The Manco is a member of the Liberty Group of Companies. TRUSTEES Standard Chartered Bank, 4 Sandown Valley Crescent T Sandton, 2196 Contact Details - STANLIB COLLECTIVE INVESTMENTS LIMITED Reg. No. 1969/003468/06 17 Melrose Boulevard,, 2196, PO Box 203,, 2076 T W stanlib.com and/or stanlibmultimanager.co.za COMPLIANCE NO: 11HX96

17 STANLIB Balanced Fund Investment Policy and Objectives The Portfolio's main objective is to generate a reasonable level of current income and capital growth for the investor. The portfolio will consist of a diversified spread of investments in securities and non-equity securities, in a manner which is similar to that usually employed by retirement schemes. The investments in securities would include shares and preference shares, including property shares and property loan stock, listed on exchanges, non-equity securities and participatory interests of other collective investment schemes. Highlights ***. An award winning three star rated fund from STANLIB s Multi- Asset Investment Franchise. PlexCrown Rating (3/5 crowns) Performance (%) 1 year 3 years 5 years 10 years Class B Sector Benchmark Rank (Class B1) 79/128 58/93 23/72 11/39 Lowest Return over 12 Rolling Highest Return over 12 Rolling Cumulative Performance - Last 5 years *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. Asset Allocation (%) Portfolio Deviation from Benchmark Domestic Equity Sector Allocation (%) Portfolio Size Sector Classification Income Declaration Benchmark R 7' million South African - Multi Asset - High Equity Net revenue is calculated daily and distributed bi-annually. 30 June & 31 December FTSE/JSE Shareholders Weighted All Share Index 60%; BEASSA All Bond Index 25%; MSCI World Index (USD) 9%; Barclays Global Aggregate Bond Index 6% Paid in the last 12 months Paid during payments as a % of year end price Class B cpu cpu 2.41 % Launch Date 01 Aug 1994 Minimum Investment Lump Sum R5,000 Debit Order Per Month ISIN No. JSE Code Class B1 R500 ZAE GDBS Total Expense Ratio * 1.30% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 3.42% Total Service Charge 1.14% Service Charge Intermediary Portion 0.00% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Top Domestic Equity Holdings (% of Fund) British American Tobacco Plc 4.14 STEINHOFF N.V New Gold 2.09 First Rand Ltd 2.02 Aspen Pharmacare Holdings Ltd 2.00 Vodacom Group PTY LTD 1.87 Medi-clinic Corp Barclays Africa Group Ltd 1.52 Sanlam Ltd 1.26 Compagnie Fin Richemont 1.20 Risk Rating Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

18 STANLIB Balanced Fund Franchise The STANLIB Multi-Asset Franchise currently offers exposure to seven different asset classes: domestic assets (equities, bonds, listed property and cash) and foreign assets (equities, bonds and cash). Value is added to funds through the implementation of both a strategic and tilt asset allocation strategies. The domestic equity comprises the Stanlib Core Equity offering. Bonds, property, cash and international are managed by the in-house specialists. The STANLIB Asset Allocation Process is housed in this investment franchise. The franchise manages domestic equities through the implementation of the STANLIB Core Equity investment philosophy and process. The management of other asset classes is outsourced to in-house specialists. Portfolio Manager Herman van Velze With a mining engineering background, Herman started his asset management career in 1993 as a mining analyst. Winner of several awards in 2007, he has successfully managed the STANLIB Balanced Fund since 2005 and is currently Head of Balanced Funds. Quarterly Comments The STANLIB Balanced Fund increased by 3.5% over the last quarter ended 31 December 2015, outperforming its relative benchmark by 2.1%. The domestic stock market, especially locally focused names, saw unprecedented volatility as the minister of finance was unexpectedly changed and then changed again a couple of days later. The local currency was dumped as an escape route from the heightened uncertainty, driving the rand to record low levels against the dollar. This saw local bond yield blowing out with unprecedented declines in the capital values of more than 6%. The underweight position in local bonds contributed 1.1% to the fund s total outperformance. Similarly to the previous quarter, the fund benefitted from its overweight positions in international equities and cash, which had a positive attribution of 3%. The US Federal Reserve finally decided to increase interest rates by 0.25% after advertising the event for some time. The benign inflation outlook coupled with a struggling global growth environment questions the follow through of this restrictive monetary policy action though. Worries over the extent of the slowdown in the Chinese economy kept commodity prices on the back foot and extended further pressure to other emerging markets currencies. Their strategy of weakening their local currency may also have far reaching consequences for the rest of the globe as they compete more aggressively in the export market. Closer to home, we saw the South African Reserve Bank also increasing interest rates in an environment, other than the developed world, where upward pressure on inflation is starting to intensify. Equity valuation levels remains at elevated levels, with a preference for income products which should still be able to deliver inflation beating returns without the risk of substantial capital losses in the former. Our preference remains skewed to offshore equities, where we find far more value and conviction relative to an expensive domestic equity market. Looking ahead We have a bias towards companies that can take advantage of the business cycle stage that we envisage with a strong reference to underlying intrinsic value. We have positioned your Fund conservatively, given the extent of equity market gains over the past six years, together with the level of valuations and continued uncertainty around the global growth path; we remain cautiously tilted to higher quality multi-national companies that have a long-term history of compounding returns over time. Robin Eagar Robin started his investment career in 1998 working in corporate finance & private equity. At STANLIB he began as an Industrial Analyst, transfering in 2006 to managing general equity funds. Robin has successfully managed Balanced Funds since 2007 and is currently Head of Balanced Funds. Warren Buhai Following 5 years in corporate finance at Standard Bank, Warren joined STANLIB in 2005 where he initially specialised in resources analysis and portfolio management. He has been a portfolio manager in the Multi-Asset Franchise since Fund Features The Fund s main objective is to generate a reasonable level of current income and capital growth. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. *** Highlights The Plexus Survey ranks management companies based on consistency of performance of portfolios under management for the (one/two/three) year period ended 30 June Only companies with at least three portfolios under management in sectors comprising four or more ranked portfolios are considered, with index portfolios excluded. Based on a lump sum investment on a NAV-NAV basis with income reinvested. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. The Fund invests in a diversified spread of cash, bonds, property, equity and offshore assets with a maximum of 75% in equities. The Fund is Regulation 28 compliant. Risk General market risks: A decline in property values Share price volatility Change in interest rates and economic conditions. Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: Trustees : Contact Centre Compliance No : pg 2 of 2

19 STANLIB Balanced Cautious Fund Investment Policy and Objectives Highlights To achieve a reasonable level of current income and long-term capital growth at average risk levels whilst complying with the prudential investments guidelines. The portfolio will consist of a diversified spread of investments in securities and non-equity securities, in a manner which is similar to that usually employed by retirement schemes with maximum equity exposure of 40%. The portfolio may also invest in participatory interest and other forms of participation in portfolios of collective investment schemes or other similar schemes operated in territories with regulator environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa. Performance (%) 1 year 3 years 5 years 10 years Since Inception N/A Sector Benchmark Rank () 38/108 50/89 33/73 0/0 - Lowest Return over 12 Rolling Highest Return over 12 Rolling Cumulative Performance - Last 5 years *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. Asset Allocation (%) Portfolio Deviation from Benchmark Domestic Equity Sector Allocation (%) Portfolio Size Sector Classification Income Declaration Benchmark R 9' million South African - Multi Asset - Low Equity Net revenue is calculated daily and distributed quarterly. 31 March, 30 June, 30 September & 31 December STeFI Call Deposit Rate Index 45%; FTSE/JSE Shareholders Weighted All Share Index 25%; BEASSA All Bond Index 15%; Barclays Global Aggregate Bond Index 6%; FTSE/JSE SA Listed Property Index (SAPY) 5%; MSCI AC World Index (in ZAR) 4% Paid in the last 12 months Paid during payments as a % of year end price 5.80 cpu 5.07 cpu 3.42 % Launch Date 31 Dec 2008 Minimum Investment Lump Sum R5,000 Debit Order Per Month R500 ISIN No. ZAE JSE Code SBCFA Total Expense Ratio * 1.79% Maximum Portfolio Charges ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 3.42% Total Service Charge 1.71% Service Charge Intermediary Portion 0.57% Top Domestic Equity Holdings (% of Fund) British American Tobacco Plc 3.29 Vodacom Group PTY LTD 2.68 STEINHOFF N.V Aspen Pharmacare Holdings Ltd 1.08 AVI Limited 0.92 New Gold 0.85 Barclays Africa Group Ltd 0.79 First Rand Ltd 0.74 Sanlam Ltd 0.67 Tsogo Sun Holdings 0.59 Risk Rating * ** Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

20 STANLIB Balanced Cautious Fund Franchise The STANLIB Multi-Asset Franchise currently offers exposure to seven different asset classes: domestic assets (equities, bonds, listed property and cash) and foreign assets (equities, bonds and cash). Value is added to funds through the implementation of both a strategic and tilt asset allocation strategies. The domestic equity comprises the Stanlib Core Equity offering. Bonds, property, cash and international are managed by the in-house specialists. The STANLIB Asset Allocation Process is housed in this investment franchise. The franchise manages domestic equities through the implementation of the STANLIB Core Equity investment philosophy and process. The management of other asset classes is outsourced to in-house specialists. Portfolio Manager Herman van Velze With a mining engineering background, Herman started his asset management career in 1993 as a mining analyst. Winner of several awards in 2007, he has successfully managed the STANLIB Balanced Fund since 2005 and is currently Head of Balanced Funds. Quarterly Comments The STANLIB Balanced Cautious Fund outperformed its relative benchmark by 2% over the last quarter ended 31 December The domestic stock market, especially locally focused names, saw unprecedented volatility as the minister of finance was unexpectedly changed and then changed again a couple of days later. The local currency was dumped as an escape route from the heightened uncertainty, driving the rand to record low levels against the dollar. This saw the local bond yield blowing out with unprecedented declines in the capital values of more than 6%. The underweight position in local bonds contributed 0.3% to the fund s total outperformance. Similarly to the previous quarter, the fund benefitted from its overweight positions in international equities, property and cash, which had a positive attribution of 1.2%. The US Federal Reserve finally decided to increase interest rates by 0.25% after advertising the event for some time. The benign inflation outlook coupled with a struggling global growth environment questions the follow through of this restrictive monetary policy action though. Worries over the extent of the slowdown in the Chinese economy kept commodity prices on the back foot and extended further pressure to other emerging markets currencies. Their strategy of weakening their local currency may also have far reaching consequences for the rest of the globe as they compete more aggressively in the export market. Closer to home, we saw the South African Reserve Bank also increasing interest rates in an environment, other than the developed world, where upward pressure on inflation is starting to intensify. Equity valuation levels remains at elevated levels, with a preference for income products which should still be able to deliver inflation beating returns without the risk of substantial capital losses in the former. Our preference remains skewed to offshore equities, where we find far more value and conviction relative to an expensive domestic equity market. Looking ahead We have a bias towards companies that can take advantage of the business cycle stage that we envisage with a strong reference to underlying intrinsic value. We have positioned your Fund conservatively, given the extent of equity market gains over the past six years, together with the level of valuations and continued uncertainty around the global growth path; we remain cautiously tilted to higher quality multi-national companies that have a long-term history of compounding returns over time. Robin Eagar Robin started his investment career in 1998 working in corporate finance & private equity. At STANLIB he began as an Industrial Analyst, transfering in 2006 to managing general equity funds. Robin has successfully managed Balanced Funds since 2007 and is currently Head of Balanced Funds. Warren Buhai Following 5 years in corporate finance at Standard Bank, Warren joined STANLIB in 2005 where he initially specialised in resources analysis and portfolio management. He has been a portfolio manager in the Multi-Asset Franchise since Fund Features The Fund is a low equity balanced portfolio. The Fund invests in a diversified spread of cash, bonds, property, equity and offshore assets with a maximum of 40% in equities. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. The Fund is Regulation 28 compliant. Risk General market risks: Share price volatility. Volatility of property values. Change in interest rates and economic conditions. Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: Trustees : Contact Centre Compliance No : HX2346 pg 2 of 2

21 STANLIB Property Income Fund Investment Policy and Objectives The Portfolio's primary objective is growth of capital and to provide an income source for investors. Investments to be acquired will consist of property shares, stock including property loan stock, debentures, debenture stock and debenture bonds, unsecured notes, property unit trusts and other securities listed on exchanges which is considered consistent with the portfolio's primary objective. The Portfolio may increase liquidity to 50% (percent) if it is deemed necessary by the Manager. The Portfolio s exposure to fixed interest securities shall be limited to 30% (thirty percent). The Portfolio may also invest in the participatory interests of collective investment schemes. Highlights ***. Raging Bull Award winner in 2005, 2008, 2009, 2010 and Morningstar/Micropal award winner in 2003, 2005, 2006, 2007, 2009 and It is important to look at the total distribution over the full year because most companies have December or June year-ends and pay out their distributions in the 1st and 3rd quarters of the year. Performance (%) 1 year 3 years 5 years 10 years Since Inception Sector Benchmark Rank () 24/31 17/23 15/19 5/14 - Lowest Return over 12 Rolling Highest Return over 12 Rolling Cumulative Performance - Last 5 years *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. Asset Allocation (%) Portfolio Deviation from Benchmark Sector (%) Portfolio Size Sector Classification Income Declaration Benchmark Minimum Investment Debit Order Per Month ISIN No. JSE Code R 7' million South African - Real Estate - General Net revenue is calculated daily and distributed quarterly. 31 March, 30 June, 30 September & 31 December FTSE/JSE SA Listed Property Index (SAPY) Launch Date 01 Jul 2002 Lump Sum R5,000 R500 ZAE STPI Total Expense Ratio * 1.48% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 3.42% Total Service Charge 1.48% Service Charge Intermediary Portion 0.34% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Top Holdings (%) Growthpoint Properties Redefine Income Fund Ltd New Europe Property Investment Hyprop Investments 7.20 FORTRESS INCOME FUND B 7.16 Resilient Property Income Fund 5.22 SA Corporate Real Estate Fund 4.71 Fortress Income Fund A 4.25 Vukile 3.65 Rebosis Property Fund 2.75 Risk Rating Paid in the last 12 months Paid during payments as a % of year end price cpu cpu 4.53 % Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

22 STANLIB Property Income Fund Franchise The STANLIB Property Franchise is committed to generating superior long-term risk adjusted returns based on thorough fundamental research. To achieve this, they invest with high conviction in companies that: Display quality long-term earnings prospects; Have a portfolio of assets with the potential to generate above average growth in their rental streams. Are trading at reasonable values relative to their growth prospects. The large, dedicated listed property team ensures that detailed analysis can be done and that short term yield is not unnecessarily chased. Portfolio Manager Keillen Ndlovu Beginning his property career at Standard Bank Properties in 2004, he became a listed property analyst at STANLIB in 2005 and now manages the STANLIB Property Income Fund, STANLIB Global Property Feeder Fund and co-manages the STANLIB Aggressive Income Fund. Fund Features The Fund offers an actively managed exposure to the South African Listed Property Market. Property has historically displayed income and capital growth characteristics. Property s characteristics further increase portfolio diversification. The Fund is managed by our award winning property team. Risk General market risks including: A decline in property values General market conditions A rise in interest rates Economic conditions Stock selection Bond yield fluctuations. Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. Quarterly Comments Fund Overview The fund outperformed the benchmark by 0.96% for the quarter. It achieved gross total returns of -3.70% versus the benchmark s -4.66%. For the 2015 calendar year, the fund delivered 9.33% ahead of the benchmark s 7.99%. Despite the market volatility, the fund remained fully invested. We keep minimal cash only for liquidity purposes and not to time the market. Our performance was boosted by the merger between Capital and Fortress Income Fund and overweight positions in MAS and Investec Australia. Having no exposure to Attacq was positive for the fund. Attacq continued to underperform the sector. The biggest detractors to performance were our underweight positions in Resilient and Rockcastle. We find these stocks overvalued. Market Overview The quarter was extremely volatile. This led to listed property delivering a negative return of 4.66%. Despite a tough 2015, the listed property sector was again the best performing asset class with a 7.99% total return. This was ahead of cash (6.46%), equities (5.13%), and bonds (-3.93%). The SA listed property sector continued to deliver positive distribution growth. Most companies are signalling challenging times ahead and are looking to increase their offshore exposure. There was no slowdown in terms of activity. There were two new listings in the form of specialised funds Stor-Age focussing on self-storage properties and Balwin Properties a residential focussed fund. Over R30bn of new equity was raised in Capital Property Fund was taken over by Fortress Income Fund. Tradehold, MAS and Stenprop were included in the benchmark. Capital Property, Delta Property Fund and Dipula B fell off the benchmark. MAS and Stenprop are 100% offshore property stocks. Their weighting has increased largely because of the weakening rand and increased offshore interest. There was increased interest in the rest of Africa too. Delta Africa and Pivotal have formed a partnership to create the largest sub-saharan (excluding South Africa) listed property fund called Mara Delta. Growthpoint has partneted with IFC to get rest of Africa property exposure. SA Corporate bought Zambian retail assets. Rockcastle sold some Zambian assets to Delta Africa. Attacq and Hyprop jointly bought a mall in Nigeria. Outlook We are forecasting income to grow by 9% to 10% in This has been largely boosted by increased offshore exposure. If we strip out offshore exposure, the income growth slows down to 6% to 7%. Listed property is offering a one-year forward yield of 7.2%. This is below the 10-year bond yield at 9.7%. The risk remains in the volatile bond and currency markets as well as slowing economic growth. However, some of this will be mitigated by the diversification in the region and offshore markets. *** Highlights Awards details: Morningstar/Micropal Awards, Best return over 1 year; 2005 and Best return over 3 years; Best return over 5 years; Best return over 3 years; Best return over 1 and 3 years. Raging Bull Awards, Best return over 3 years; Best return over 5 years; Best return over 3 and 5 years; Best return over 5 years; Best return over 3 and 5 years. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: Contact Centre Compliance No : HX2346 pg 2 of 2

23 STANLIB Aggressive Fund of Funds Investment Policy and Objectives The primary investment objective of the portfolio will be to achieve higher than average capital growth over the longer term at the risk of greater short-term volatility of capital values, with income generation as a secondary objective. The following asset allocation limitations will apply to the portfolio: Equity Funds - 75% to 95%, Property Funds - 0% to 20%, Bond Funds - 0% to 10%, Money Market and Income Funds - 0% to 10% of the value of the Portfolio. The Portfolio will not invest in participatory interests of portfolios where the value of the foreign assets included in such portfolio exceeds 10% of the net asset value of such portfolio. Highlights. Managed by STANLIB s highly talented Group Retail Investment Team. Performance (%) 1 year 3 years 5 years 10 years Since Inception Sector Benchmark Rank () 48/65 37/53 29/46 13/28 - Lowest Return over 12 Rolling Highest Return over 12 Rolling Cumulative Performance - Last 5 years *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. Asset Allocation (%) Portfolio Deviation from Benchmark Sector (%) Portfolio Size Sector Classification Income Declaration Benchmark Minimum Investment Debit Order Per Month ISIN No. JSE Code R million South African - Multi Asset - Flexible Net revenue is calculated daily and distributed bi-annually. 30 June & 31 December FTSE/JSE All Share Index 85%; FTSE/JSE SA Listed Property Index (SAPY) 5%; BEASSA All Bond Index 5%; STeFI Composite Index 5% Launch Date 25 Jul 2005 Lump Sum R5,000 R500 ZAE STAA Total Expense Ratio * 1.38% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 3.42% Total Service Charge 0.57% Service Charge Intermediary Portion 0.57% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Top Holdings (%) STANLIB ALSI 40 Fund A Class STANLIB SA Equity Fund R Class STANLIB Growth Fund R Class STANLIB Global Equity Feeder Fund R 6.80 STANLIB Bond Fund - Class R 4.01 STANLIB Global Property Fund A 4.01 STANLIB Resources Fund R Class 3.77 STANLIB Institutional Property Fund B STANLIB Money Market Fund 1.29 STANLIB Income Fund R Class 1.21 Risk Rating Paid in the last 12 months Paid during payments as a % of year end price 5.35 cpu 6.64 cpu 0.00 % Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

24 STANLIB Aggressive Fund of Funds Franchise The five risk profiled Fund of Funds range from Conservative to Aggressive and cater to provide an optimal investment solution. The asset allocation between different asset classes is a key determinant of investment performance and the Funds of Funds are actively managed in conjunction with STANLIB Asset Management. In keeping with the risk profiles selected by the client, the asset allocation will be strictly controlled within the ranges as shown on the opposite page. The process in which the funds are managed reflects STANLIB s Best Investment View and the latest recommendations in the Fund Focus document. Changes in global or local macro and micro economic conditions, which might necessitate adjustments to the underlying fund composition, will be actioned immediately. Portfolio Manager Paul Hansen After completing articles at Alex Aiken and Carter, Paul joined UAL Merchant Bank in He then worked in the US, mainly with Shearson Lehman Bros and returning to SA in 1992, joined Old Mutual and then RMB Asset Management. He joined SCMB Asset Management in Fund Features STANLIB s Risk Profiled Fund of Funds provides a managed solution for conservative to aggressive risk profiles. The asset allocation is actively managed within the specified asset class ranges for each fund. The process in which the funds are managed reflects STANLIB s best investment view and the latest recommendations in the Fund Focus document. Risk General market risks: A decline in property values Share price volatility A change in interest rates and economic conditions. Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. Quarterly Comments Fund Review In the 3rd quarter to end September, only SA Listed Property, with a return of +6.2%, beat Cash s +1.6% returns. However, in the final quarter of 2015, the All Share Index had the best return of +1.7%, followed by Cash s +1.1% return. The Finance Minister changes caused havoc for the rand and for bonds, with the All Bond Index losing -6.7% in December and -6.4% in the final quarter, followed closely by SA Listed Property, which lost -6.1% in December and -4.7% in the final quarter. The fund remains neutral relative to benchmark in local equities, although in late October went underweight local equities, then back to neutral in early December after equities fell -4.8%. We remain underweight bonds and overweight in cash. In late October we halved our property holdings to 3.5% of portfolio after property had gained +6.1% since purchase in July. Although the rand fell sharply during the quarter, by another -10.8% against the dollar, we did not add further to our offshore investments (10% of fund), because of being cautious of a possible bounce in emerging market currencies, including the rand. After 4.8 years of the rand declining, we are wary of overcommitting at this stage, although with the benefit of hindsight that has clearly been a mistake so far. On the equity side, the STANLIB ALSI 40 Fund, our core equity fund holding, gained +2.5% in the quarter. The SA Equity Fund returned +0.5% in the quarter, but the Capital Growth Fund was dismal with a return of -4.2% (17% of equities). Looking Ahead Bonds, property and equities all suffered badly from both the switching of Finance Ministers and the late December/early January fall in global stock markets, leaving all three asset classes overdue a rally and offering some value. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: Contact Centre Compliance No : HX2346 pg 2 of 2

25 STANLIB Moderate Fund of Funds Investment Policy and Objectives The primary investment objective of the portfolio will be to achieve income generation and capital growth over the longer term at a moderate risk of short-term volatility of capital values. Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interests of Portfolios of the STANLIB Collective Investment Scheme. The Portfolio will not invest in participatory interests of portfolios where the value of the foreign assets included in such portfolio exceeds 10% of the net asset value of such portfolio. Highlights. Managed by STANLIB s highly talented Group Retail Investment Team. Performance (%) 1 year 3 years 5 years 10 years Since Inception Sector Benchmark Rank () 61/64 49/50 34/41 13/20 - Lowest Return over 12 Rolling Highest Return over 12 Rolling Cumulative Performance - Last 5 years *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. Asset Allocation (%) Portfolio Deviation from Benchmark Sector (%) Portfolio Size Sector Classification Income Declaration Benchmark Minimum Investment Debit Order Per Month ISIN No. JSE Code R million South African - Multi Asset - Medium Equity Net revenue is calculated daily and distributed bi-annually. 30 June & 31 December FTSE/JSE All Share Index 50%; BEASSA All Bond Index 25%; STeFI Composite Index 20%; FTSE/JSE SA Listed Property Index (SAPY) 5% Launch Date 25 Jul 2005 Lump Sum R5,000 R500 ZAE SFFA Total Expense Ratio * 1.35% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 3.42% Total Service Charge 0.57% Service Charge Intermediary Portion 0.57% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Top Holdings (%) STANLIB ALSI 40 Fund A Class STANLIB Bond Fund - Class R STANLIB SA Equity Fund R Class STANLIB Global Property Fund A 8.93 STANLIB Income Fund R Class 7.06 STANLIB Growth Fund R Class 7.05 STANLIB Global Equity Feeder Fund R 4.13 STANLIB ALBI INDEX TRACKER FUND CLASS A 2.39 STANLIB Money Market Fund 2.37 STANLIB Extra Income Fund R Class 2.35 Risk Rating Paid in the last 12 months Paid during payments as a % of year end price 6.80 cpu 7.72 cpu 0.00 % Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

26 STANLIB Moderate Fund of Funds Franchise The five risk profiled Fund of Funds range from Conservative to Aggressive and cater to provide an optimal investment solution. The asset allocation between different asset classes is a key determinant of investment performance and the Funds of Funds are actively managed in conjunction with STANLIB Asset Management. In keeping with the risk profiles selected by the client, the asset allocation will be strictly controlled within the ranges as shown on the opposite page. The process in which the funds are managed reflects STANLIB s Best Investment View and the latest recommendations in the Fund Focus document. Changes in global or local macro and micro economic conditions, which might necessitate adjustments to the underlying fund composition, will be actioned immediately. Portfolio Manager Paul Hansen After completing articles at Alex Aiken and Carter, Paul joined UAL Merchant Bank in He then worked in the US, mainly with Shearson Lehman Bros and returning to SA in 1992, joined Old Mutual and then RMB Asset Management. He joined SCMB Asset Management in Fund Features STANLIB s Risk Profiled Fund of Funds provides a managed solution for conservative to aggressive risk profiles. The asset allocation is actively managed within the specified asset class ranges for each fund. The portfolio is compliant with Regulation 28 and the investment limits are determined by this legislation. The process in which the funds are managed reflects STANLIB s best investment view and the latest recommendations in the Fund Focus document. Risk General market risks: A decline in property values Share price volatility A change in interest rates and economic conditions. Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. Quarterly Comments Fund Review In the 3rd quarter to end September, only SA Listed Property, with a return of +6.2%, beat Cash s +1.6% returns. However, in the final quarter of 2015, the All Share Index had the best return of +1.7%, followed by Cash s +1.1% return. The Finance Minister changes caused havoc for the rand and for bonds, with the All Bond Index losing -6.7% in December and -6.4% in the final quarter, followed closely by SA Listed Property, which lost -6.1% in December and -4.7% in the final quarter. The fund remains neutral relative to benchmark in local equities, although in late October went underweight local equities, then back to neutral in early December after equities fell -4.8%. We remain underweight bonds and overweight in cash. In late October we halved our property holdings to 3.5% of portfolio after property had gained +6.1% since purchase in July. Although the rand fell sharply during the quarter, by another -10.8% against the dollar, we did not add further to our offshore investments (10% of fund), because of being cautious of a possible bounce in emerging market currencies, including the rand. After 4.8 years of the rand declining, we are wary of overcommitting at this stage, although with the benefit of hindsight that has clearly been a mistake so far. On the equity side, the STANLIB ALSI 40 Fund, our core equity fund holding, gained +2.5% in the quarter. The SA Equity Fund returned +0.5% in the quarter, but the Capital Growth Fund was dismal with a return of -4.2% (17% of equities). Looking Ahead Bonds, property and equities all suffered badly from both the switching of Finance Ministers and the late December/early January fall in global stock markets, leaving all three asset classes overdue a rally and offering some value. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: Contact Centre Compliance No : HX2346 pg 2 of 2

27 STANLIB Moderately Conservative Fund of Funds Investment Policy and Objectives The primary investment objective of the portfolio will be to obtain a reasonably high level of income generation and to achieve capital growth over the longer term at a moderate to low risk of short term volatility of capital values Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interests of Portfolios of the STANLIB Collective Investment Scheme. The Portfolio will not invest in participatory interests of portfolios where the value of the foreign assets included in such portfolio exceeds 10% of the net asset value of such portfolio. Highlights. Managed by STANLIB s highly talented Group Retail Investment Team. Performance (%) 1 year 3 years 5 years 10 years Since Inception Sector Benchmark Rank () 98/108 80/89 52/73 9/24 - Lowest Return over 12 Rolling Highest Return over 12 Rolling Cumulative Performance - Last 5 years *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. Asset Allocation (%) Portfolio Deviation from Benchmark Sector (%) Portfolio Size Sector Classification Income Declaration Benchmark Minimum Investment Debit Order Per Month ISIN No. JSE Code R 1' million South African - Multi Asset - Low Equity Net revenue is calculated daily and distributed bi-annually. 30 June & 31 December FTSE/JSE All Share Index 35%; STeFI Composite Index 30%; BEASSA All Bond Index 25%; FTSE/JSE SA Listed Property Index (SAPY) 10% Launch Date 25 Jul 2005 Lump Sum R5,000 R500 ZAE SMFA Total Expense Ratio * 1.28% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 3.42% Total Service Charge 0.57% Service Charge Intermediary Portion 0.57% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Top Holdings (%) STANLIB Bond Fund - Class R STANLIB ALSI 40 Fund A Class STANLIB Income Fund R Class STANLIB Global Property Fund A 9.30 STANLIB SA Equity Fund R Class 9.12 STANLIB Money Market Fund 6.35 STANLIB Growth Fund R Class 5.73 STANLIB Extra Income Fund R Class 4.46 STANLIB Global Equity Feeder Fund R 3.99 STANLIB Institutional Property Fund B Risk Rating Paid in the last 12 months Paid during payments as a % of year end price 6.97 cpu 7.56 cpu 0.00 % Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

28 STANLIB Moderately Conservative Fund of Funds Franchise The five risk profiled Fund of Funds range from Conservative to Aggressive and cater to provide an optimal investment solution. The asset allocation between different asset classes is a key determinant of investment performance and the Funds of Funds are actively managed in conjunction with STANLIB Asset Management. In keeping with the risk profiles selected by the client, the asset allocation will be strictly controlled within the ranges as shown on the previous page. The process in which the funds are managed reflects Stanlib s Best Investment View and the latest recommendations in the Fund Focus document. Changes in global or local macro and micro economic conditions, which might necessitate adjustments to the underlying fund composition, will be actioned immediately. Portfolio Manager Paul Hansen After completing articles at Alex Aiken and Carter, Paul joined UAL Merchant Bank in He then worked in the US, mainly with Shearson Lehman Bros and returning to SA in 1992, joined Old Mutual and then RMB Asset Management. He joined SCMB Asset Management in Fund Features STANLIB s Risk Profiled Fund of Funds provides a managed solution for conservative to aggressive risk profiles. The asset allocation is actively managed within the specified asset class ranges for each fund. The portfolio is compliant with Regulation 28 and the investment limits are determined by this legislation. The process in which the funds are managed reflects STANLIB s best investment view and the latest recommendations in the Fund Focus document. Risk General market risks: A decline in property values Share price volatility A change in interest rates and economic conditions. Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. Quarterly Comments Fund Review In the 3rd quarter to end September, only SA Listed Property, with a return of +6.2%, beat Cash s +1.6% returns. However, in the final quarter of 2015, the All Share Index had the best return of +1.7%, followed by Cash s +1.1% return. The Finance Minister changes caused havoc for the rand and for bonds, with the All Bond Index losing -6.7% in December and -6.4% in the final quarter, followed closely by SA Listed Property, which lost -6.1% in December and -4.7% in the final quarter. The fund remains neutral relative to benchmark in local equities, although in late October went underweight local equities, then back to neutral in early December after equities fell -4.8%. We remain underweight bonds and overweight in cash. In late October we halved our property holdings to 3.5% of portfolio after property had gained +6.1% since purchase in July. Although the rand fell sharply during the quarter, by another -10.8% against the dollar, we did not add further to our offshore investments (10% of fund), because of being cautious of a possible bounce in emerging market currencies, including the rand. After 4.8 years of the rand declining, we are wary of overcommitting at this stage, although with the benefit of hindsight that has clearly been a mistake so far. On the equity side, the STANLIB ALSI 40 Fund, our core equity fund holding, gained +2.5% in the quarter. The SA Equity Fund returned +0.5% in the quarter, but the Capital Growth Fund was dismal with a return of -4.2% (17% of equities). Looking Ahead Bonds, property and equities all suffered badly from both the switching of Finance Ministers and the late December/early January fall in global stock markets, leaving all three asset classes overdue a rally and offering some value. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: Contact Centre Compliance No : HX2346 pg 2 of 2

29 STANLIB Conservative Fund of Funds Investment Policy and Objectives The primary investment objective of the portfolio will be to obtain a high level of income with capital growth over the longer term as a secondary objective, at a low risk of short to medium term volatility of capital values. Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interests of Portfolios of the STANLIB Collective Investment Scheme. The Portfolio will not invest in participatory interests of portfolios where the value of the foreign assets included in such portfolio exceeds 10% of the net asset value of such portfolio. Highlights. Managed by STANLIB s highly talented Group Retail Investment Team. Performance (%) 1 year 3 years 5 years 10 years Since Inception Sector Benchmark Rank () 94/108 81/89 61/73 18/24 - Lowest Return over 12 Rolling Highest Return over 12 Rolling Cumulative Performance - Last 5 years *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. Asset Allocation (%) Portfolio Deviation from Benchmark Sector (%) Portfolio Size Sector Classification Income Declaration Benchmark Minimum Investment Debit Order Per Month ISIN No. JSE Code R 1' million South African - Multi Asset - Low Equity Net revenue is calculated daily and distributed bi-annually. 30 June & 31 December STeFI Composite Index 50%; BEASSA All Bond Index 25%; FTSE/JSE All Share Index 15%; FTSE/JSE SA Listed Property Index (SAPY) 10% Launch Date 25 Jul 2005 Lump Sum R5,000 R500 ZAE SCFA Total Expense Ratio * 1.23% Maximum Portfolio Charges ** * ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 3.42% Total Service Charge 0.57% Service Charge Intermediary Portion 0.57% Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Top Holdings (%) STANLIB Bond Fund - Class R STANLIB Income Fund R Class STANLIB Money Market Fund STANLIB Extra Income Fund R Class STANLIB Global Property Fund A 8.94 STANLIB ALSI 40 Fund A Class 7.19 STANLIB SA Equity Fund R Class 4.15 STANLIB Global Equity Feeder Fund R 3.98 STANLIB Institutional Property Fund B STANLIB ALBI INDEX TRACKER FUND CLASS A 2.83 Risk Rating Paid in the last 12 months Paid during payments as a % of year end price 6.77 cpu 7.01 cpu 0.00 % Conservative Moderate Aggressive Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

30 STANLIB Conservative Fund of Funds Franchise The five risk profiled Fund of Funds range from Conservative to Aggressive and cater to provide an optimal investment solution. The asset allocation between different asset classes is a key determinant of investment performance and the Funds of Funds are actively managed in conjunction with STANLIB Asset Management. In keeping with the risk profiles selected by the client, the asset allocation will be strictly controlled within the ranges as shown on the previous page. The process in which the funds are managed reflects STANLIB s Best Investment View and the latest recommendations in the Fund Focus document. Changes in global or local macro and micro economic conditions, which might necessitate adjustments to the underlying fund composition, will be actioned immediately. Portfolio Manager Paul Hansen After completing articles at Alex Aiken and Carter, Paul joined UAL Merchant Bank in He then worked in the US, mainly with Shearson Lehman Bros and returning to SA in 1992, joined Old Mutual and then RMB Asset Management. He joined SCMB Asset Management in Fund Features STANLIB s Risk Profiled Fund of Funds provides a managed solution for conservative to aggressive risk profiles. The asset allocation is actively managed within the specified asset class ranges for each fund. The portfolio is compliant with Regulation 28 and the investment limits are determined by this legislation. The process in which the funds are managed reflects STANLIB s best investment view and the latest recommendations in the Fund Focus document. Risk General market risks: A decline in property values Share price volatility A change in interest rates and economic conditions. Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. Quarterly Comments Fund Review In the 3rd quarter to end September, only SA Listed Property, with a return of +6.2%, beat Cash s +1.6% returns. However, in the final quarter of 2015, the All Share Index had the best return of +1.7%, followed by Cash s +1.1% return. The Finance Minister changes caused havoc for the rand and for bonds, with the All Bond Index losing -6.7% in December and -6.4% in the final quarter, followed closely by SA Listed Property, which lost -6.1% in December and -4.7% in the final quarter. The fund remains neutral relative to benchmark in local equities, although in late October went underweight local equities, then back to neutral in early December after equities fell -4.8%. We remain underweight bonds and overweight in cash. In late October we halved our property holdings to 3.5% of portfolio after property had gained +6.1% since purchase in July. Although the rand fell sharply during the quarter, by another -10.8% against the dollar, we did not add further to our offshore investments (10% of fund), because of being cautious of a possible bounce in emerging market currencies, including the rand. After 4.8 years of the rand declining, we are wary of overcommitting at this stage, although with the benefit of hindsight that has clearly been a mistake so far. On the equity side, the STANLIB ALSI 40 Fund, our core equity fund holding, gained +2.5% in the quarter. The SA Equity Fund returned +0.5% in the quarter, but the Capital Growth Fund was dismal with a return of -4.2% (17% of equities). Looking Ahead Bonds, property and equities all suffered badly from both the switching of Finance Ministers and the late December/early January fall in global stock markets, leaving all three asset classes overdue a rally and offering some value. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: Contact Centre Compliance No : HX2346 pg 2 of 2

31 STANLIB Multi-Manager Balanced Fund As at Investment Description The Fund is a multi-asset class portfolio that is diversified across asset classes, sectors, various strategies and asset managers - both in South Africa and internationally. The Fund aims to provide long-term growth of capital and income with volatility at levels consistent with a high equity ( 75% equity) portfolio. The objective of the Fund is to produce returns in excess of the ASISA Multi-Asset High Equity category average, at risk levels consistent with that of the sector. The Fund is Regulation 28 compliant. Suitable Investors Who wish to diversify single manager risk Who want a multi-asset class solution where asset allocation decisions are outsourced to specialist managers Who seek to accumulate long-term capital growth and real returns in the context of a multi-asset (high equity) portfolio Who are comfortable with taking on some risk of market fluctuation and possible drawdowns, but less than that of the equity market Who typically have an investment horizon of at least five years Performance (%) Underlying Fund Managers / Funds Allan Gray Investments Coronation Fund Managers Foord Domestic Balanced Fund Investec Asset Management Prudential Investment Managers STANLIB Multi-Manager (Global) Physical See Through Asset Allocation % 1 Year 3 Years 5 Years 10 Years Class B Benchmark Sector Average Portfolio Manager(s) Portfolio Size (NAV) Sector Income Declaration Benchmark Richo Venter and Malcolm Holmes R 4772 million South African Multi-Asset High Equity Net revenue is calculated on a daily basis and distributed bi-annually. 30 June & 31 December South African Multi-Asset High Equity Median Launch Date 02 Jan 2002 Minimum Investment ISIN No. Lump Sum R5,000 Debit Order Per Month JSE Code R500 ZAE STHE Class B1 Total Expense Ratio (TER)* Advisor Fee** Management Fee Underlying Fund Fees Underlying Performance Fees Other*** VAT * TER breakdown for the 12 months ended September 2015 ** The A Class includes an adviser fee *** Other includes: bank charges, levies, custody fees, sundry income, audit & trustee fees and other expenses. Risk Rating Cumulative Returns - Last 5 Years Indexed from 100 Class B1 Benchmark Top 10 Equity Holdings Declared in last 12 months Declared during cpu 5.18 cpu Class B cpu 7.38 cpu British American Tobacco Plc 4.36% Naspers Ltd 3.21% Sasol Ltd 3.14% Old Mutual Plc 2.38% Sabmiller Plc 2.34% Standard Bank Group Ltd 2.23% STEINHOFF N.V. 2.10% Compagnie Financiere Richemont SA 1.44% Capital and Counties Properties Plc 1.12% Firstrand Ltd 0.93% FUND INFORMATION TO BE CONSIDERED BEFORE INVESTING The STANLIB Multi-Manager Balanced Fund should be considered a medium to long term investment. The value of units (participatory interests) may go down as well as up and past performance is not necessarily a guide to the future. Where foreign securities are included in the Fund it may as a result be exposed to macroeconomic, political, tax, settlement and illiquidity risks factors that may be different to similar investments in the South African markets. The Fund is traded at ruling prices and can engage in borrowing up to 10% of the market value of the portfolio to bridge insufficient liquidity as a result of the redemption of participatory interests and may engage in scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manco). Commission and incentives may be paid and if so, would be included in the overall costs. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa (ASISA). The Manco is a member of the Liberty Group of Companies. TRUSTEES Standard Chartered Bank, 4 Sandown Valley Crescent T Sandton, 2196 Contact Details - STANLIB COLLECTIVE INVESTMENTS LIMITED Reg. No. 1969/003468/06 17 Melrose Boulevard,, 2196, PO Box 203,, 2076 T W stanlib.com and/or stanlibmultimanager.co.za COMPLIANCE NO: 11HX96

32 STANLIB Multi-Manager Flexible Property As at Investment Description The Fund is a diversified income portfolio with a bias to listed property shares. It will be invested in domestically listed property shares, as well as other high-yielding income producing assets (namely bonds and money market instruments); with the flexibility to adjust the property weight according to market conditions. It aims to generate a reasonably high level of income and moderate capital growth. Given that it has around 40% and 85% exposure to listed property, with the balance exposed to fixed interest securities, it will be a more conservative Fund than a fully invested property portfolio. Through time, the Fund is designed to provide most of the upside of listed property with significantly less volatility. Suitable Investors Who wish to diversify single manager risk Who are seeking a steady long-term income stream and moderate capital growth Who are not concerned about short-term capital fluctuations from the capital component of the Fund (both the property shares and longer maturity bonds) Who typicaly have an investment horizon of at least three years Performance (%) Underlying Fund Managers Coronation Fund Managers STANLIB Asset Management (Active) STANLIB Asset Management (Passive) Physical See Through Asset Allocation % 1 Year 3 Years 5 Years 10 Years Class B Benchmark Sector Average Portfolio Manager(s) Portfolio Size (NAV) Sector Income Declaration Benchmark Malcolm Holmes and Naweed Hoosenmia R 1563 million South African Multi-Asset Flexible Net revenue is calculated on a daily basis and distributed quarterly. 31 March, 30 June, 30 September & 31 December FTSE/JSE SA Listed Property Index (SAPY) Launch Date 24 Dec 2004 Minimum Investment ISIN No. Lump Sum R5,000 Debit Order Per Month JSE Code R500 ZAE SMCI Class B1 Total Expense Ratio (TER)* Advisor Fee** Management Fee Underlying Fund Fees Underlying Performance Fees Other*** VAT * TER breakdown for the 12 months ended September 2015 ** The A Class includes an adviser fee *** Other includes: bank charges, levies, custody fees, sundry income, audit & trustee fees and other expenses. Risk Rating Cumulative Returns - Last 5 Years Indexed from 100 Declared in last 12 months Declared during cpu cpu Class B cpu cpu Class B1 Benchmark Top 10 Equity Holdings Growthpoint Properties Ltd 10.36% Redefine Properties Ltd 7.22% New Europe Property Investment 5.78% Hyprop Investments Ltd 4.21% Resilient Property Income Fund Ltd 3.95% FORTRESS INCOME FUND B 3.02% Rockcastle Global Real Estate 2.82% Atterbury Investment Holdings Ltd 2.15% SA Corporate Real Estate Fund 2.05% Vukile Property Fund Ltd 1.95% FUND INFORMATION TO BE CONSIDERED BEFORE INVESTING The STANLIB Multi-Manager Flexible Property Fund should be considered a medium to long term investment. The value of units (participatory interests) may go down as well as up and past performance is not necessarily a guide to future performance. The Fund is traded at ruling prices using forward pricing, and can engage in borrowing of up to 10% of the market value of the portfolio to bridge insufficient liquidity as a result of the redemptions of participatory interests and may engage in scrip lending. A schedule of fees, charges and maximum commissions is available upon request from STANLIB Collective Investments Limited (the Manco). Commissions and incentives may be paid and if so, would be included in the overall costs of the Fund. Liberty is a full member of the Association for Savings and Investments South Africa (ASISA). The Manco is a member of the Liberty Group of Companies. TRUSTEES Standard Chartered Bank, 4 Sandown Valley Crescent T Sandton, 2196 Contact Details - STANLIB COLLECTIVE INVESTMENTS LIMITED Reg. No. 1969/003468/06 17 Melrose Boulevard,, 2196, PO Box 203,, 2076 T W stanlib.com and/or stanlibmultimanager.co.za COMPLIANCE NO: 11HX96

33 STANLIB Multi-Manager Low Equity Fund of Funds As at Investment Description The Fund adopts the specialist approach whereby exposure to each asset class is gained via a multi-managed building block. It is well diversified across domestic and foreign asset classes. Its main objective is to provide modest long-term growth of capital and income, with a low probability of capital loss over the short term. The Fund aims to achieve CPI+3% p.a over 3-year rolling periods. The Fund is exposed to multiple best-of-breed managers, investment styles, asset classes and strategies providing investors with additional diversification benefits. The tactical exposure to each asset class is actively managed expected total equity content of between 20% and 30%. The Fund is regulation 28 compliant. Suitable Investors Who wish to diversify single manager risk Who want a multi-asset class solution Who seek inflation beating returns with conservative levels of risk Who typically have an investment horizon of at least three years Performance (%) Underlying Building Blocks 1 Year 3 Years 5 Years 10 Years Class B Benchmark Sector Average Portfolio Manager(s) Portfolio Size (NAV) Sector Income Declaration Benchmark Malcolm Holmes and Naweed Hoosenmia R 2064 million South African Multi-Asset Low Equity Net revenue is calculated on a daily basis and distributed bi-annually. 30 June & 31 December SA Equity 15%; SA Property 5%; SA Fixed Interest 35%; SA Cash 25%; Global Equity 10%; Global Bonds 7%; Global Cash 3% Launch Date 01 Jan 2002 Minimum Investment ISIN No. Lump Sum R5,000 Debit Order Per Month JSE Code R500 ZAE STLE Class B1 Total Expense Ratio (TER)* Advisor Fee** Management Fee Underlying Fund Fees Underlying Performance Fees Other*** VAT * TER breakdown for the 12 months ended September 2015 ** The A Class includes an adviser fee *** Other includes: bank charges, levies, custody fees, sundry income, audit & trustee fees and other expenses. Risk Rating Cumulative Returns - Last 5 Years Physical See Through Asset Allocation % Indexed from 100 Class B1 Benchmark Top 10 Equity Holdings Declared in last 12 months Declared during cpu 7.24 cpu Class B cpu 8.71 cpu Naspers Ltd 1.59% British American Tobacco Plc 0.81% Growthpoint Properties Ltd 0.73% STEINHOFF N.V. 0.62% Sabmiller Plc 0.58% Old Mutual Plc 0.58% Sasol Ltd 0.56% Standard Bank Group Ltd 0.53% Redefine Properties Ltd 0.53% New Europe Property Investment 0.49% FUND INFORMATION TO BE CONSIDERED BEFORE INVESTING The STANLIB Multi-Manager Low Equity Fund of Funds (FoF) should be considered a medium to long term investment. A FoF invests in other collective investment schemes (CISs), which levy their own charges and which could result in a higher fee structure for the FoF. The value of units (participatory interests) may go down as well as up and past performance is not necessarily a guide to future performance. Where foreign securities are included in the FoF it may as a result be exposed to macroeconomic, political, tax, settlement and illiquidity risks factors that may be different to similar investments in the South African market. The FoF is traded at ruling prices using forward pricing, and can engage in borrowing up to 10% of the market value of the portfolio to bridge insufficient liquidity as a result of the redemptions and may engage in scrip lending. A schedule of fees, charges and maximum commissions is available on request from STANLIB Collective Investments Limited (the Manco). Commission and incentives may be paid and if so, would be included in the overall costs of the Fund. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments South Africa (ASISA). The Manco is a member of the Liberty Group of Companies. TRUSTEES Standard Chartered Bank, 4 Sandown Valley Crescent T Sandton, 2196 Contact Details - STANLIB COLLECTIVE INVESTMENTS LIMITED Reg. No. 1969/003468/06 17 Melrose Boulevard,, 2196, PO Box 203,, 2076 T COMPLIANCE NO: 11HX96 W stanlib.com and/or stanlibmultimanager.co.za

34 STANLIB Multi-Manager Medium Equity Fund of Funds As at Investment Description The Fund adopts the specialist approach whereby exposure to each asset class is gained via a multi-managed building block. It is well diversified across domestic and foreign asset classes. Its main objective is to provide modest long-term growth of capital and income, with a low probability of capital loss over the short to medium term. The Fund aims to achieve CPI+4% p.a over 4-year rolling periods. The Fund is exposed to multiple best-of-breed managers, investment styles, asset classes and strategies providing investors with additional diversification benefits. The tactical exposure to each asset class is actively managed expected total equity content of between 45% and 55%. The Fund is regulation 28 compliant. Suitable Investors Who wish to diversify single manager risk Who want a multi-asset class solution Who seek inflation beating returns with moderately conservative levels of risk Who typically have an investment horizon of at least four years Performance (%) Underlying Building Blocks 1 Year 3 Years 5 Years 10 Years Class B Benchmark Sector Average Portfolio Manager(s) Portfolio Size (NAV) Sector Income Declaration Benchmark Malcolm Holmes and Naweed Hoosenmia R 1475 million South African Multi-Asset Medium Equity Net revenue is calculated on a daily basis and distributed bi-annually. 30 June & 31 December SA Equity 40%; SA Property 5%; SA Fixed Interest 25%; SA Cash 10%; Global Equity 10%; Global Bonds 7%; Global Cash 3% Launch Date 01 Jan 2002 Minimum Investment ISIN No. Lump Sum R5,000 Debit Order Per Month JSE Code R500 ZAE STEM Class B1 Total Expense Ratio (TER)* Advisor Fee** Management Fee Underlying Fund Fees Underlying Performance Fees Other*** VAT * TER breakdown for the 12 months ended September 2015 ** The A Class includes an adviser fee *** Other includes: bank charges, levies, custody fees, sundry income, audit & trustee fees and other expenses. Risk Rating Cumulative Returns - Last 5 Years Physical See Through Asset Allocation % Indexed from 100 Class B1 Benchmark Top 10 Equity Holdings Declared in last 12 months Declared during cpu 7.48 cpu Class B cpu 9.83 cpu Naspers Ltd 4.25% British American Tobacco Plc 2.17% STEINHOFF N.V. 1.67% Sabmiller Plc 1.56% Old Mutual Plc 1.54% Sasol Ltd 1.48% Standard Bank Group Ltd 1.43% MTN Group Ltd 1.30% Compagnie Financiere Richemont SA 0.92% MONDI PLC 0.91% FUND INFORMATION TO BE CONSIDERED BEFORE INVESTING The STANLIB Multi-Manager Medium Equity Fund of Funds (FoF) should be considered a medium to long term investment. A FoF invests in other collective investment schemes (CISs), which levy their own charges and which could result in a higher fee structure for the FoF. The value of units (participatory interests) may go down as well as up and past performance is not necessarily a guide to future performance. Where foreign securities are included in the FoF it may as a result be exposed to macroeconomic, political, tax, settlement and illiquidity risks factors that may be different to similar investments in the South African market. The FoF is traded at ruling prices using forward pricing, and can engage in borrowing up to 10% of the market value of the portfolio to bridge insufficient liquidity as a result of the redemptions and may engage in scrip lending. A schedule of fees, charges and maximum commissions is available on request from STANLIB Collective Investments Limited (the Manco). Commission and incentives may be paid and if so, would be included in the overall costs of the Fund. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments South Africa (ASISA). The Manco is a member of the Liberty Group of Companies. TRUSTEES Standard Chartered Bank, 4 Sandown Valley Crescent T Sandton, 2196 Contact Details - STANLIB COLLECTIVE INVESTMENTS LIMITED Reg. No. 1969/003468/06 17 Melrose Boulevard,, 2196, PO Box 203,, 2076 T COMPLIANCE NO: 11HX96 W stanlib.com and/or stanlibmultimanager.co.za

35 STANLIB Global Balanced Cautious Fund The fund is a class fund of STANLIB Offshore Unit Trusts which invests exclusively in the STANLIB Funds Limited - STANLIB Global Balanced Cautious Fund. STANLIB Collective Investments Limited. Registration number 1969/003468/06 Investment Manager STANLIB Asset Management Limited Underlying Investment Manager Columbia-Threadneedle Asset Management Launch Date 1 October 1999 Fund Size $ million Denominated in US Dollars Min. Investment Amount US$2,500 Min. Subsequent Investment US$1,000 Upfront Charge (Maximum) 3.00% Annual Management Charge 1.35% TER 1.47% Underlying AMC 0.60% NAV per share $14.58 Benchmark Index Manager and Administrator Trustee Class Funds are valued on a daily basis using 23:59 (UK Time) prices. Transaction requests received before 14h30 (UK Time) will receive the following day unit price. This is an accumulation portfolio and does not distribute income. Please refer to Statutory Disclosure and General Terms and Conditions. Geographic Allocation 30% MSCI AC World Index 40% Barclays Global Aggregate Bond Index 10% S&P developed REIT index 10% LIBID USD 1M 5% LIBID EUR 1M 5% LIBID GBP 1 M STANLIB Fund Managers Jersey Limited Capita Trust Company (Jersey) Limited Risk Profile Conservative Moderate Aggressive Risk Rating Explanation The risk rating seen above is designed to give an indication of the level of risk measured by volatility, associated with this specific portfolio. In order to arrive at the specific risk rating of the portfolio in question, STANLIB measuresthe volatility of the fund, in the form of standard deviation, over a three year rollin g period, and compares the result to internal risk parameters Please note that these risk ratings are designed as guide only. Target Market STANLIB promotes using the services of an accredited Financial Adviser when making investment decisions. Please contact either your accredited Financial Adviser or our Contact Centre on if you have any questions about this product. The information below relates to the STANLIB Global Balanced Cautious Fund a Class Fund of STANLIB Funds Limited. Asset Allocation Far East ex Japan 0.75% Property 10.66% Cash 2.00% Japan 6.01% Cash 24.31% United Kingdom 6.67% Emerging Markets 10.44% Fixed Income 32.40% Europe ex UK 15.90% North America 58.23% Equity 32.63% Industry Breakdown Utilities Materials Cash Telecommunication Services Energy Consumer Staples Industrials Consumer Discretionary Health Care Financials 0.99% 1.62% 2.00% 2.10% 3.34% Information Technology 24.35% Performance Performance in Class Funds Currency 7.39% 8.95% 12.94% 16.80% 19.53% Largest Holdings Gov of Australia 3.25% 21/10/ % Alphabet Inc. 5.19% Federal Home Loan Banks 0.75% 28/08/ % Gov of United States 0.38% 31/01/ % Federal National Mortgage Association 0.63% 26/08/ % Gov of Mexico 10.00% 05/12/ % Gov of United Kingdom 2.00% 07/09/ % Gilead Sciences, Inc. 2.71% Priceline Group Inc 2.68% Gov of Italy 2.00% 01/12/ % 1 year 3 years 5 years 10 years 01/01/15-31/12/15 01/01/13-31/12/15 01/01/11-31/12/15 01/01/06-31/12/15 Class Funds Cumulative Performance -2.97% -0.96% 0.61% 5.59% Index Cumulative Performance -2.73% 4.48% 11.83% 43.64% Class Funds Annualised Performance -2.97% -0.32% 0.12% 0.55% Index Annualised Performance -2.73% 1.47% 2.26% 3.69% The reported performance of the fund is net of fees, while the performance of the benchmark is gross of fees. Fund Performance: Morningstar Benchmark: Bloomberg *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance may differ as a result of initial fees, the actual investment date, the date or reinvestment and dividend withholding tax. NOTE: Please refer to page 2 for more details regarding this Class Funds as well as other important information for consideration. COMPLIANCE NO PAGE 1 OF 2

36 STANLIB Global Balanced Cautious Fund The fund is a class fund of STANLIB Offshore Unit Trusts which invests exclusively in the STANLIB Funds Limited - STANLIB Global Balanced Cautious Fund. STANLIB Collective Investments Limited. Registration number 1969/003468/06 Fund Approach and Style Objective The STANLIB Global Balanced Cautious Fund invests as a feeder fund into a class fund of STANLIB Funds Limited STANLIB Global Balanced Cautious Fund, which seeks to achieve its investment objective by investing in a conservatively balanced and well-diversified portfolio of international equities, fixed interest securities including government and corporate bonds. Investments may also be made in regulated collective investment schemes, money market instruments, cash deposits and real property to provide further diversification. It also seeks to limit downside risk, through a prudent asset allocation strategy. Fund Commentary: 4th Quarter Fund Review The fund returned +1.5% in dollars in the quarter to end December, equal to the benchmark. In the year to end December the fund returned -3% in dollars (benchmark -4.7%), which translates to +5.5% in euros and +1.3% in pounds, after the dollar gained quite strongly against most currencies. The fund has been managed by Columbia Threadneedle Investments of London since early The equity portion of the fund (32.6% at the end of December, despite some selling of equities) is identical to the STANLIB Global Equity Fund portfolio, which had an excellent quarter and year, beating its benchmark cleanly. The equity portion of the fund did +7.7% in dollars in the quarter, contributing most of the 1.5% return of the fund. The overweight in technology (24.7% of portfolio versus 14.9% for the benchmark) helped relative returns, returning +13.3% in the quarter. During the quarter, property (overweight at 10.6%) performed next best (+5.5%), while fixed interest did worst with -0.55%. Looking Ahead Stock and property markets have corrected sharply in the first three weeks of January, undoing much of the good work of the 4th quarter, reflecting tensions in the Middle East, further weakness in crude oil prices and additional currency and stock market weakness in China. This has created buying opportunities in both equities and in property. Market volatility is picking up and earnings growth globally is likely to be quite modest. In this environment the value generated by skilled active managers is likely to be an important component of total portfolio returns. Fund Management STANLIB Global Balanced Cautious Fund is managed by Columbia-Threadneedle Asset Management, a London based management firm wholly owned by Ameriprise Financial - a publicly quoted company listed on the NYSE. Founded in 1994, Threadneedle Investments is fully-owned by Ameriprise Financial (NYSE: AMP), a publicly quoted investment company that is listed on the NYSE. With origins in the U.K. insurance industry, they have continued to innovate and now manage assets on behalf of clients across Europe, Asia and the US, including pension schemes, insurance companies, private investors, corporations, mutual funds and affiliate companies. Risk Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax riks, settlement risks and potential limitations on the availability of market inflormation. Additional information Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge and from the website The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager s website ( and in the South African printed news media. Statutory Disclosure and General Terms & Conditions Collective investment schemes in securities are generally medium to long-term investments. The value of participatory interests may go down as well as up and investors may get back less cash than originally invested. Past performance is not necessarily a guide to the future. An investment in the participations of a collective investment scheme in securities is not the same as a deposit with a banking institution. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Participatory interest prices are calculated on a net asset value basis, which i the total value of all assets less liabilities in the Class Funds including any provisions made for any purchase, fiscal or other charges that would have been incurred had all the assets of the relevant class fund been bought or sold at that time, divided by the number of participatory interests in issue. Please refer to the prospectus for more details on the charges and expenses that may be recovered from the Class Funds. Participatory interests are priced daily using the forward pricing method. The Class Funds may borrow up to 10% of the market value of the Class Funds to bridge insufficient liquidity as a result of the redemption of participatory interests. A schedule of fees and charges and maximum commissions is available on request from STANLIB Fund Managers Jersey Limited, ( the Manager ). The Class Funds of the STANLIB Offshore Unit Trusts scheme, with the exception of the Managed Fund Class Funds, are Feeder Funds which only invest in the participatory interests of a single Class Fund of a collective investment scheme. The Managed Fund Class Funds within the STANLIB Offshore Unit Trusts scheme are Fund of Funds Class Funds which only invest in other collective investment schemes, which levy their own charges, which could result in a higher fee structure for these funds. In addition to the annual management charge, other fees are incurred by the trust (trustee, custodian and general expenses). There is no sales tax applicable in Jersey. Commission and incentives may be paid and if so, are included in the overall costs. The Class Funds of STANLIB Offshore Unit Trusts scheme are accumulation Class Funds and do not distribute income. Please refer to the prospectus of this scheme for more details, a copy of which is available on request from STANLIB Collective Investments (RF) Limited, ( STANLIB ), the address of which is 17 Melrose Boulevard, Melrose Arch, 2196, South Africa. The registered office of the Manager is Standard Bank House, La Motte Street, St Helier, Jersey, Channel Islands. The Trustee is Capita Trust Company (Jersey) Limited, 12 Castle Street, St. Helier, Jersey, Channel Islands. The Manager and Trustee are approved by the Jersey Financial Services Commission to conduct Fund services business. The Trust is regulated as a Collective Investment Fund by the Jersey Financial Services Commission. Figures quoted are from Morningstar for the period ending 31/12/2015 for a lump sum investment using NAV-NAV prices. Liberty is a member of the Association of Savings and Investment of South Africa. STANLIB is a member of the Liberty group of companies. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate. 17 Melrose Boulevard,, 2196 PO Box 203,, 2076 T W stanlib.com COMPLIANCE NO: 7HX410 PAGE 2 OF 2

37 STANLIB Global Balanced Cautious Feeder Fund Investment Policy and Objectives The STANLIB Global Balanced Cautious Feeder Fund shall be a general equity feeder fund portfolio. STANLIB Global Balanced Cautious Feeder Fund is a feeder fund seeking to achieve an investment medium for investors, which shall have as its main objective, to maximise long term total return. Apart from assets in liquid form, it will consist solely of participatory interests in a single portfolio of a collective investment scheme operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa, namely the STANLIB Global Balanced Cautious Fund, under the STANLIB Funds Limited Scheme domiciled in Jersey. Highlights. Part of STANLIB's risk-profiled range of international investment options.. This fund is a feeder fund that invests in an underlying roll-up fund. A roll-up fund does not regularly distribute dividends or interest because income is used to buy additional shares. This fund would therefore not usually pay a dividend to investors. Cumulative Performance - Last 5 years Performance in ZAR (%) 1 year 3 years 5 years 10 years Since Inception Sector Benchmark Rank () 5/7 7/7 7/7 4/4 - Lowest Return over 12 Rolling Highest Return over 12 Rolling *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. Asset Allocation (%) Portfolio Deviation from Benchmark Paid in the last 12 months Paid during payments as a % of year end price 0.00 cpu 0.00 cpu 0.00 % Top Holdings (%) STANLIB Global Balanced Cautious Fund - Class B STANLIB Inst. Money Market Fund B STANLIB INSTITUTIONAL MONEY MARKET ABIL R 0.00 Portfolio Size Sector Classification Income Declaration Benchmark R million Global - Multi Asset - Low Equity This fund will not usually pay a dividend to investors. 30 June & 31 December Barclays Global Aggregate Bond Index 40%; MSCI AC World Index 30%; S&P Developed REIT 10%; LIBID USD 1m 10%; LIBID GBP 1m 5%; LIBID EUR 1m 5% Launch Date 01 Feb 2001 Minimum Investment Lump Sum R5,000 Debit Order Per Month R500 ISIN No. ZAE JSE Code STCA Total Expense Ratio * 2.48% Risk Rating Conservative Moderate Aggressive Maximum Portfolio Charges ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 3.42% Total Service Charge 1.53% Service Charge Intermediary Portion 0.57% * ** Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2

38 STANLIB Global Balanced Cautious Feeder Fund Franchise STANLIB's International Franchise offers portfolios to retail investors across various asset classes (cash, bonds, equities and property) as well as risk-profiled managed solutions to suit investors' risk profiles. It goes without saying that the managers selected in this franchise have to be best of breed in their areas of specialisation. But most importantly, they must also reflect our client service ethos and our passion for investments. Portfolio Manager Paul Hansen After completing articles at Alex Aiken and Carter, Paul joined UAL Merchant Bank in He then worked in the US, mainly with Shearson Lehman Bros and returning to SA in 1992, joined Old Mutual and then RMB Asset Management. He joined SCMB Asset Management in Fund Features STANLIB promotes using the services of an accredited Financial Adviser when making investment decisions. Please contact either your accredited Financial Adviser or our Contact Centre if you have any questions about this product. Risk Risks associated with this portfolio wil be the following: - general market and economic risk - exchange rate fluctuations - geograghical risk - globalisation risk (companies are invested globally and can be affected by conditions out of their home base economy.) Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information. Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. This is a current yield as at 31 December The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. Quarterly Comments Fund Review The fund returned +15% in rands in the last quarter of 2015, or +2.8% in dollars (beating the benchmark s 1.45%) as the rand fell -10.8% against the dollar, -8.3% against the pound and -8.3% against the euro. Over the twelve months to end December the fund did +30.2% in rands and -3.6% in dollars, which translates to +8.4% in euros and +3.6% in pounds, as the dollar beat most currencies. The fund has been managed by Columbia Threadneedle Investments of London since early The equity portion of the fund (32.6% at the end of December, despite some selling of equities) is identical to the STANLIB Global Equity Feeder Fund portfolio, which had an excellent quarter and year, beating its benchmark cleanly. The equity portion of the fund did +7.7% in dollars in the quarter, contributing most of the 2.8% return of the fund. The overweight in technology (24.7% of portfolio versus 14.9% for the benchmark) helped relative returns, returning +13.3% in the quarter. During the quarter, property (overweight at 10.6%) performed next best (+5.5%), while fixed interest did worst with -0.55%. Looking Ahead Stock and property markets have corrected sharply in the first two weeks of January, undoing much of the good work of the 4th quarter, reflecting tensions in the Middle East, further weakness in crude oil prices and additional currency and stock market weakness in China. Market volatility is picking up and earnings growth globally is likely to be quite modest. In this environment the value generated by skilled active managers is likely to be an important component of total portfolio returns. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media. The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2014 to 30 Sep A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Johannesburg South Africa PO Box Contact Centre Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: Compliance No : HX2346 pg 2 of 2

39 STANLIB Global Balanced Fund The fund is a class fund of STANLIB Offshore Unit Trusts which invests exclusively in the STANLIB Funds Limited - STANLIB Global Balanced Fund. STANLIB Collective Investments Limited. Registration number 1969/003468/06 Investment Manager STANLIB Asset Management Limited Underlying Investment Manager Columbia-Threadneedle Asset Management Launch Date 1 October 1999 Fund Size US $ million Denominated in US Dollars Min. Investment Amount US$2.500 Min. Subsequent Investment US$1,000 Upfront Charge (Maximum) 3.00% Annual Management Charge 1.35% TER 1.47% Underlying AMC 0.60% NAV per share $18.62 Benchmark Index 60% MSCI AC World Index 20% Barclays Global Aggregate Bond Index 10% S&P developed REIT index 5% LIBID USD 1M 2.5% LIBID EUR 1M 2.5% LIBID GBP 1 M Manager and Administrator STANLIB Fund Managers Jersey Limited Trustee Capita Trust Company (Jersey) Limited Class Funds are valued on a daily basis using 23:59 (UK Time) prices. Transaction requests received before 1 4h30 (UK Time) will receive the following day unit price. This is an accumulation portfolio and does not distribute income. Please refer to Statutory Disclosure and General Terms and Conditions. Geographic Allocation Risk Profile Conservative Moderate Aggressive Risk Rating Explanation The risk rating seen above is designed to give an indication of the level of risk, measured by volatility, associated with this specific portfolio. In order to arrive at the specific risk rating of the portfolio in question, STANLIB measures the volatility of the fund, in the form of standard deviation, over a three year rolling period, and compares the result to internal risk parameters. Please note that these risk ratings are designed as guide only. Target Market STANLIB promotes using the services of an accredited Financial Adviser when making investment decisions. Please contact either your accredited Financial Adviser or our Contact Centre on if you have any questions about this product. The information below relates to the STANLIB Global Balanced Cautious Fund a Class Fund of STANLIB Funds Limited. Asset Allocation Far East ex Japan 0.75% Property 10.77% Cash 2.05% Japan 5.93% Cash 12.39% United Kingdom 6.68% Emerging Markets 10.46% Fixed income 13.48% Europe ex UK 15.93% North America 58.20% Equity 63.36% Industry Breakdown Utilities 0.99% Materials Cash Telecommunication Services Energy Consumer Staples Industrials Consumer Discretionary Health Care Financials Information Technology 1.61% 2.05% 2.11% 3.35% 7.39% 10.84% 12.95% 16.78% 17.63% 24.28% Performance Performance in Class Funds Currency Largest Holdings Gov of Australia 3.25% 21/10/ % Alphabet Inc. 5.17% Federal Home Loan Mortgage Corp 0.88% 14/10/ % Federal National Mortgage Association 0.63% 26/08/ % Gov of Mexico 10.00% 05/12/ % Federal Home Loan Banks 0.63% 28/12/ % Gov of United Kingdom 2.00% 07/09/ % Gov of United States 3.00% 15/05/ % Gilead Sciences, Inc. 2.71% Priceline Group Inc 2.68% 1 year 3 years 5 years 10 years 01/01/15-31/12/15 01/01/13-31/12/15 01/01/11-31/12/15 01/01/06-31/12/15 Class Funds Cumulative Performance -0.55% 9.58% 13.39% 26.76% Index Cumulative Performance -2.02% 12.57% 23.40% 54.59% Class Funds Annualised Performance -0.55% 3.09% 2.55% 2.40% Index Annualised Performance -2.02% 4.02% 4.29% 4.45% The reported performance of the fund is net of fees, while the performance of the benchmark is gross of fees. Fund Performance: Morningstar Benchmark: Bloomberg *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance may differ as a result of initial fees, the actual investment date, the date or reinvestment and dividend withholding tax. NOTE: Please refer to page 2 for more details regarding this Class Funds as well as other important information for consideration. COMPLIANCE NO PAGE 1 OF 2

40 STANLIB Global Balanced Fund The fund is a class fund of STANLIB Offshore Unit Trusts which invests exclusively in the STANLIB Funds Limited - STANLIB Global Balanced Fund. STANLIB Collective Investments Limited. Registration number 1969/003468/06 Fund Approach and Style Objective The STANLIB Global Balanced Fund invests as a feeder fund into a class fund of STANLIB Funds Limited STANLIB Global Balanced Fund, which seeks to achieve its investment objective by investing in a balanced and well-diversified portfolio of international equities, fixed interest securities including government and corporate bonds. Investments may also be made in regulated collective investment schemes, money market instruments, cash deposits and real property to provide further diversification. It will also seek to limit downside risk, through a prudent asset allocation strategy. Fund Commentary: 4th Quarter Fund Review The fund returned +4.3% in dollar terms in the quarter to end December 2015, ahead of the benchmark s +3.3%. For the year to end December the fund returned -0.6% in dollars (benchmark -2.5%), which translates into +7.9% in euros and +3.7% in pounds, after the dollar gained against most currencies. The fund has been managed by Threadneedle Investments of London since early The equity portion of the fund (higher at 63.4% at end December simply due to market movements, despite some selling of equities) is identical to the STANLIB Global Equity Fund portfolio, which had an excellent quarter and year, beating its benchmark cleanly. The equity portion of the fund did +7.7% in dollars in the quarter, contributing 4% of the 4.3% return of the fund. The overweight in technology (24.7% of portfolio versus 14.9% for the benchmark) boosted returns, returning +13.3% in the quarter. During the quarter to end December, property did next best with a return of +5.3% (10.8% of fund versus 10% for the benchmark, which did 5.17%) followed by cash s -1.2% (12.4% of portfolio versus 10% for the benchmark, which did -1.7%), then the fixed interest return of -1.5% (13.5% of fund versus 20% for the benchmark, which did -0.9%). Looking Ahead Stock and property markets have corrected sharply in the first three weeks of January, undoing much of the good work of the 4th quarter, reflecting tensions in the Middle East, further weakness in crude oil prices and additional currency and stock market weakness in China. This appears to have created good buying opportunities, with many regions down 20% or more from their 2015 highs. Market volatility is picking up and earnings growth globally is likely to be quite modest. In this environment the value generated by skilled active managers is likely to be an important component of total portfolio returns. Fund Management STANLIB Global Balanced Fund is managed by Columbia-Threadneedle Asset Management, a London based management firm wholly owned by Ameriprise Financial - a publicly quoted company listed on the NYSE. Founded in 1994, Threadneedle Investments is fully-owned by Ameriprise Financial (NYSE: AMP), a publicly quoted investment company that is listed on the NYSE. With origins in the U.K. insurance industry, they have continued to innovate and now manage assets on behalf of clients across Europe, Asia and the US, including pension schemes, insurance companies, private investors, corporations, mutual funds and affiliate companies. Risk Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax riks, settlement risks and potential limitations on the availability of market inflormation. Additional information Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge and from the website The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager s website ( and in the South African printed news media. Statutory Disclosure and General Terms & Conditions Collective investment schemes in securities are generally medium to long-term investments. The value of participatory interests may go down as well as up and investors may get back less cash than originally invested. Past performance is not necessarily a guide to the future. An investment in the participations of a collective investment scheme in securities is not the same as a deposit with a banking institution. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Participatory interest prices are calculated on a net asset value basis, which i the total value of all assets less liabilities in the Class Funds including any provisions made for any purchase, fiscal or other charges that would have been incurred had all the assets of the relevant class fund been bought or sold at that time, divided by the number of participatory interests in issue. Please refer to the prospectus for more details on the charges and expenses that may be recovered from the Class Funds. Participatory interests are priced daily using the forward pricing method. The Class Funds may borrow up to 10% of the market value of the Class Funds to bridge insufficient liquidity as a result of the redemption of participatory interests. A schedule of fees and charges and maximum commissions is available on request from STANLIB Fund Managers Jersey Limited, ( the Manager ). The Class Funds of the STANLIB Offshore Unit Trusts scheme, with the exception of the Managed Fund Class Funds, are Feeder Funds which only invest in the participatory interests of a single Class Fund of a collective investment scheme. The Managed Fund Class Funds within the STANLIB Offshore Unit Trusts scheme are Fund of Funds Class Funds which only invest in other collective investment schemes, which levy their own charges, which could result in a higher fee structure for these funds. In addition to the annual management charge, other fees are incurred by the trust (trustee, custodian and general expenses). There is no sales tax applicable in Jersey. Commission and incentives may be paid and if so, are included in the overall costs. The Class Funds of STANLIB Offshore Unit Trusts scheme are accumulation Class Funds and do not distribute income. Please refer to the prospectus of this scheme for more details, a copy of which is available on request from STANLIB Collective Investments (RF) Limited, ( STANLIB ), the address of which is 17 Melrose Boulevard, Melrose Arch, 2196, South Africa. The registered office of the Manager is Standard Bank House, La Motte Street, St Helier, Jersey, Channel Islands. The Trustee is Capita Trust Company (Jersey) Limited, 12 Castle Street, St. Helier, Jersey, Channel Islands. The Manager and Trustee are approved by the Jersey Financial Services Commission to conduct Fund services business. The Trust is regulated as a Collective Investment Fund by the Jersey Financial Services Commission. Figures quoted are from Morningstar for the period ending 31/12/2015 for a lump sum investment using NAV-NAV prices. Liberty is a member of the Association of Savings and Investment of South Africa. STANLIB is a member of the Liberty group of companies. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate. 17 Melrose Boulevard,, 2196 PO Box 203,, 2076 T W stanlib.com COMPLIANCE NO: 7HX410 PAGE 2 OF 2

41 STANLIB Global Balanced Feeder Fund Investment Policy and Objectives The STANLIB Global Balanced Feeder Fund shall be a general equity feeder fund portfolio. STANLIB Global Balanced Feeder Fund is a feeder fund seeking to achieve an investment medium for investors, which shall have as its main objective, to maximise long term total return. Apart from assets in liquid form, it will consist solely of participatory interests in a single portfolio of a collective investment scheme operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa, namely the STANLIB Global Balanced Fund, under the STANLIB Funds Limited Scheme domiciled in Jersey. Highlights. Part of STANLIB's risk-profiled range of international investment options.. This fund is a feeder fund that invests in an underlying roll-up fund. A roll-up fund does not regularly distribute dividends or interest because income is used to buy additional shares. This fund would therefore not usually pay a dividend to investors. Cumulative Performance - Last 5 years Performance in ZAR (%) 1 year 3 years 5 years 10 years Since Inception Sector Benchmark Rank () 1/2 1/2 1/2 1/1 - Lowest Return over 12 Rolling Highest Return over 12 Rolling *Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.figures quoted are from Morningstar for the period ending 31 December 2015 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income. Asset Allocation (%) Portfolio Deviation from Benchmark Paid in the last 12 months Paid during payments as a % of year end price 0.00 cpu 0.00 cpu 0.00 % Top Holdings (%) STANLIB Global Balanced Fund - Class B STANLIB Inst. Money Market Fund B STANLIB INSTITUTIONAL MONEY MARKET ABIL R 0.00 Portfolio Size Sector Classification Income Declaration Benchmark R 1' million Global - Multi Asset - Medium Equity This fund will not usually pay a dividend to investors. 30 June & 31 December MSCI AC World Index 60%; Barclays Global Aggregate Bond Index 20%; S&P Developed REIT 10%; LIBID USD 1m 5%; LIBID GBP 1m 2.5%; LIBID EUR 1m 2.5% Launch Date 01 Feb 2001 Minimum Investment Lump Sum R5,000 Debit Order Per Month R500 ISIN No. ZAE JSE Code STIB Total Expense Ratio * 2.29% Risk Rating Conservative Moderate Aggressive Maximum Portfolio Charges ** Upfront Charge: Manager 0.00% Upfront Charge: Intermediary 3.42% Total Service Charge 1.53% Service Charge Intermediary Portion 0.57% * ** Please refer to page 2 under Statutory Disclosure and General Terms & Conditions Additional Information can be obtained from Portfolio Charges Brochure on Factsheet ID : Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 2