monthly fund fact sheets

Transcription

1 investments monthly fund fact sheets month ended 31 may 2013 collective investments

2 International Funds Multi-Asset Funds Factor Series Funds Income Funds Best Blend Funds Property Funds Equity Funds Please note: The fact sheets for our Factor Series Funds are available on These will form part of the consolidated report in future. Multi-Asset Funds Best Blend Funds Income Funds Property Funds Equity Funds 02 Page 2 of 7 collective investments I monthly fund fact sheets I 31 may 2013

3 fund classification Multi-Asset Funds Momentum Balanced Fund Momentum Capital Enhancer Fund Momentum Conservative Fund Momentum Flexible Fund Momentum Positive Return Fund Income Funds Momentum Bond Fund Momentum Diversified Yield Fund Momentum Enhanced Yield Fund Momentum Income Plus Fund Momentum Inflation-linked Bond Fund Momentum Maximum Income Fund Momentum Money Market Fund Momentum Optimal Yield Fund Equity Funds Momentum Equity Fund Momentum Financials Fund Momentum Industrial Fund Momentum Resources Fund Momentum Small/Mid-Cap Fund Momentum Top 25 Fund Momentum Top 40 Index Fund Momentum Value Fund Property Funds Momentum Property Fund Best Blend Funds Momentum Best Blend Balanced Fund of Funds Momentum Best Blend Flexible Income Fund Momentum Best Blend Specialist Equity Fund Momentum Best Blend Stable Fund of Funds Momentum Multifocus Fund Factor Series Funds Momentum Factor 3 Fund of Funds Momentum Factor 5 Fund of Funds Momentum Factor 7 Fund of Funds Momentum Factor Equity Fund of Funds International Funds Momentum Africa Equity Fund Momentum International Balanced Feeder Fund Momentum International Conservative Feeder Fund Momentum International Equity Feeder Fund Momentum International Income Fund fund type relationship High Growth Longer Equity type funds Income type funds Risk Focus Term Low Income Shorter collective investments I monthly fund fact sheets I 31 may 2013 Page 3 of 7

4 Fund Risk Term NAV (cpu) TER Multi-Asset Funds Momentum Balanced Fund Moderate - High 3-5 years % Momentum Capital Enhancer Fund Moderate 3-5 years % Momentum Conservative Fund Low - Moderate 1-3 years % Momentum Flexible Fund High > 5 years % Momentum Positive Return Fund Low 1-3 years % Income Funds Momentum Bond Fund Low - Moderate 1-3 years % Momentum Diversified Yield Fund Low - Moderate 1-3 years % Momentum Enhanced Yield Fund Low 1-3 years % Momentum Income Plus Fund Low - Moderate 1-3 years % Momentum Inflation-linked Bond Fund Low - Moderate 1-3 years % Momentum Maximum Income Fund Low 1-3 years % Momentum Money Market Fund Low 1-3 months % Momentum Optimal Yield Fund Low 1-3 years % Equity Funds Momentum Equity Fund High > 5 years % Momentum Financials Fund High > 5 years % Momentum Industrial Fund High > 5 years % Momentum Resources Fund High > 5 years % Momentum Small/Mid-Cap Fund High > 5 years % Momentum Top 25 Fund High > 5 years % Momentum Top 40 Index Fund High > 5 years % Momentum Value Fund High > 5 years % Property Funds Momentum Property Fund Moderate - High > 5 years % Best Blend Funds Momentum Best Blend Balanced Fund of Funds Moderate - High 3-5 years % Momentum Best Blend Flexible Income Fund Low - Moderate 1-3 years % Momentum Best Blend Specialist Equity Fund High > 5 years % Momentum Best Blend Stable Fund of Funds Low - Moderate 1-3 years % Momentum Multifocus Fund Low > 5 years % Factor Series Funds Momentum Factor 3 Fund of Funds Low - Moderate 1-3 years % Momentum Factor 5 Fund of Funds Moderate 1-3 years % Momentum Factor 7 Fund of Funds Moderate - High 3-5 years % Momentum Factor Equity Fund of Funds High > 5 years % International Funds Momentum Africa Equity Fund High > 5 years % Momentum International Balanced Feeder Fund Moderate - High 3-5 years % Momentum International Conservative Feeder Fund Moderate 3-5 years % Momentum International Equity Feeder Fund High > 5 years % Momentum International Income Fund Moderate 3-5 years % Page 4 of 7 collective investments I monthly fund fact sheets I 31 may 2013

5 risk bands Annualised standard deviation* Risk Term 0% - 3% L 1-3 years 3% - 7% LM 3 months - 1 year 7% - 11% M 1-3 months 11% - 15% MH 3-5 years >15% H >5 years * Standard deviation numbers are based on monthly benchmark returns over a five-year period. collective investments I monthly fund fact sheets I 31 may 2013 Page 5 of 7

6 Momentum Balanced Fund Portfolio Class and Benchmark Sector Classification SA Multi - Asset High - Equity Benchmark CPI + 5% p.a. Performance Objective Outperform the benchmark over the medium to longer term Performance 3 year cumulative performance graph based to 100 Why Invest? The Momentum Balanced Fund aims to provide investors with a moderate income and high long term capital growth. Investment across asset classes and some offshore exposure underpin diversification. Substantial equity exposure which is limited at a maximum of 75% results in period of short term volatility meaning investors need to be risk tolerant and have a medium to long term investment horizon The fund complies with prudential investment guidelines. Portfolio Facts Portfolio Size R 3.81 billion Launch Date 1 February 1995 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RBFA RMBBALA Maximum Portfolio Charges Initial Management Fee 0% (incl. VAT) Initial Advisory Fee 0% % (incl. VAT) Annual Management Fee 1.43% p.a. (incl. VAT) Annual Advisory Fee Performance Fee Sharing Ratio 10% The performance fee applies to any excess performance of the fund relative to the benchmark measured over rolling two year periods. Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 22.89% 14.75% 9.21% 11.58% 17.16% Sector 21.62% 13.89% 9.08% 10.66% 16.31% Benchmark 11.20% 10.69% 11.17% - - Rank 40/101 33/75 32/62 14/43 8/23 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Effective Portfolio Exposure (%) Equivalent Sector Exposure (%) Class R Total Expense Ratio 1.73% 1.37% Price History (cpu) Class R Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution (Class R) Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Risk Classification Top Holdings (%) Standard Bank Group Ltd 3.57 Naspers Ltd -N BHP Billiton Plc 3.28 British American Tob PLC 3.05 Sasol Ltd 3.04 SABMiller Plc 2.89 FirstRand Ltd 2.48 MTN Group 2.35 Old Mutual Plc 2.09 Bidvest Group Ltd Year Risk Statistics Standard deviation 1) 6.90% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) 0.51 Largest negative monthly return -2.21% Number of positive months 25/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

7 Momentum Balanced Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Lynn van Coller MSc, PhD (Applied Mathematics) Head of portfolio construction at Momentum Asset Management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Lynn joined RMB Asset Management in 2007 and was responsible for risk budgeting and capital allocation across portfolios. She was appointed head of portfolio construction in Lynn began her career with NBS/BOE in the treasury department, where she managed the interest rate trading desk and the market risk function, in Sept 96. She then joined Investec, specialising in risk and structured investment products for life and institutional clients. Lynn worked for Wipcapital, where she was responsible for asset management initiatives and strategic investments. In 2005, she joined Investment Solutions as head of quantitative research. Lynn has been appointed head of portfolio construction for Momentum Asset Management. Patrick Mathidi BCom (Acc), HonsBCompt (Acc,) Fund manager at Momentum Asset Management Patrick joined Momentum Asset Management as a senior investment professional in 2007, his skill set and understanding of the dynamics of the market complemented the existing investment team skills. Patrick started his career as an articled clerk at Deloitte & Touche in 92 and then joined the Tongaat-Hullett Group for 2 years as an internal auditor. In May 98 he was appointed chief dealer at Investec Asset Management. Patrick joined Credit Suisse Securities in 2003 as CEO. Patrick was largely responsible for facilitating and concluding the deal between Standard Bank and Credit Suisse, subsequently becoming deputy CEO for Credit Suisse Standard Securities. Investment Objectives and Universe Investment Objective The Momentum Balanced Fund aims to provide the investor with a moderate income and high to long term capital growth. Investment Universe The portfolio conforms to regulations governing retirement portfolio investments and will comply with Prudential Investment Guidelines. The investments normally to be included in the portfolio may comprise a combination of assets in liquid form, money market instruments, corporate debt, equities, bonds, property securities, preference shares, convertible equities, derivatives, non-equity securities and any other securities which are considered to be consistent with the portfolio s primary objective and the Act or the Registrar may allow from time to time, all to be acquired at fair value. The portfolio may invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions. The manager may also 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. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. The Trustee shall ensure that the investment policy, as set out above, is adhered to, provided that nothing contained in the investment policy shall preclude the Manager from varying the ratio of the aforementioned securities relative to each other (except as required by the Act) or the assets themselves, should changing economic factors or market conditions so demand. Provided also that nothing contained in the investment policy shall preclude the Manager from retaining cash in the portfolio and/or placing cash on deposit in terms of the Deed. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

8 Momentum Bond Fund Portfolio Class and Benchmark Sector Classification SA - Interest Bearing - Variable Term Benchmark BEASSA All Bond Index (ALBI) Performance Objective Outperform the BEAASSA Bond Index through the interest rate cycle Performance 3 year cumulative performance graph based to 100 Why Invest? The Momentum Bond Fund aims to provide a regular source of income with the potential for capital appreciation through being correctly positioned on the yield curve and in terms of duration which is managed within a range of around the ALBI s duration. Credit provides a further underpin, while unexpected interest rate rises can result in relatively significant short term volatility the fund offers investors diversification benefits and the potential for additional yield and growth over the medium to long term. Portfolio Facts Portfolio Size R 1.36 billion Launch Date 1 February 1995 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMGF RMBGILT Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 0.86% p.a. (incl. VAT) Total Expense Ratio 0.87% Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 11.20% 10.94% 12.26% 9.10% 9.85% Sector 11.29% 10.86% 11.49% 8.75% 9.81% Benchmark 11.57% 11.36% 12.15% 8.96% 9.84% Rank 8/16 7/16 4/16 6/15 6/11 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Maturity Spread (%) Price History (cpu) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Jun` Sep` Dec` Mar` Distribution takes place Quarterly : March, June, September, December Portfolio Statistics Modified Duration 6.07 Risk Classification Sector (%) 3 Year Risk Statistics Standard deviation 1) 6.55% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return -4.61% Number of positive months 25/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

9 Momentum Bond Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Conrad Wood BCom (Economics), CFA Head of fixed income at Momentum Asset management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Conrad joined Momentum Asset Management in 94 after completing his degree. He started as a bond dealer and progressed into fixed income fund management, specialising in money market and income funds. He has managed the Momentum Money Market, Maximum Income and Diversified Yield Funds since their inception. These funds have performed well under his management. He was appointed as head of fixed income in late 2007 and reappointed as the head of the merged asset manager s fixed income team. His team currently supervises close to R70b in fixed income assets. Richard Klotnick BCom (Hons), CFA Fund manager at Momentum Asset Management Richard joined the fixed interest team at Momentum Asset Management in 2009 and was employed as a portfolio manager. Richard commenced his career at Global Credit Ratings in 2004 as a credit ratings analyst, rating companies across various sectors. He then moved to Nedbank Capital in 2006, working in credit research and ratings advisory in the debt capital market. Richard has been appointed as a portfolio manager at Momentum Asset Management. Investment Objectives and Universe Investment Objective In selecting investments for the portfolio, the Manager shall ensure that the Momentum Bond Fund will be a specialist portfolio, which will utilise an investment medium which has as its primary objective steady growth of capital and income. A further objective will be to maximise the capital portion of the overall return from the underlying investments. Investment Universe In order to achieve these objectives, the investments normally to be included in the Momentum Bond Fund will comprise a combination of securities, non-equity securities, gilts, semi gilts and assets in liquid form. The portfolio will be limited to a combination of gilts and interest bearing securities (including loan stock, semi-gilts financially sound debentures, debenture bonds and notes), cash, and any other assets of a similar nature that offer high returns on capital and income and any other securities that the Act or the Registrar may, from time to time allow, all to be acquired at fair market prices. 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. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

10 Momentum Capital Enhancer Fund Portfolio Class and Benchmark Sector Classification Benchmark Performance Objective SA - Multi Asset - Medium Equity CPI + 4% p.a. Outperform the benchmark over rolling three year periods. Why Invest? The Momentum Capital Enhancer Fund aims to provide the investor with a total investment return of CPI plus 4% per annum over the medium to long term. Investment across asset classes and some offshore exposure underpin diversification. The fund complies with prudential investment guidelines. Performance 3 year cumulative performance graph based to 100 Portfolio Facts Portfolio Size R million Launch Date 1 July 2005 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMCA RMBMODA Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 1.43% p.a. (incl. VAT) Total Expense Ratio 1.66% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years Fund 16.63% 11.45% 6.27% 8.08% Sector 20.11% 13.42% 9.20% 9.97% Benchmark 10.14% 9.63% 10.11% - Rank 41/50 36/42 35/37 22/22 Cash 5.31% 5.76% 7.29% 7.84% Inflation 5.91% 5.41% 5.87% 6.64% Holdings Effective Portfolio Exposure (%) Equivalent Sector Exposure (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Jun` Sep` Dec` Mar` Distribution takes place Quarterly : March, June, September, December Risk Classification Top Holdings (%) Standard Bank Group Ltd 2.24 Naspers Ltd -N BHP Billiton Plc 1.93 Sasol Ltd 1.86 British American Tob PLC 1.86 SABMiller Plc 1.75 FirstRand Ltd 1.52 MTN Group 1.46 Old Mutual Plc 1.33 Remgro Ltd Year Risk Statistics Standard deviation 1) 4.37% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) 0.36 Largest negative monthly return -1.56% Number of positive months 27/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

11 Momentum Capital Enhancer Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Loftie Botha MCom (Business Man), BCom, (Hons)(Inv), BEng Fund manager at Momentum Asset Management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Loftie started his career as an engineer and moved into asset management in 1994 as an industrial analyst with the Mines Pension Fund. He joined ABSA Asset Management in 1998 as an analyst and later managed the ABSA General Equity Fund. He later became a senior portfolio manager at Huysamer Capital Investments. In 2006, he joined Umbono Fund Managers, an OMIGSA boutique, as a quantitative fund manager before being promoted to CIO of the boutique. Loftie joined Metropolitan Asset Managers in Feb 2010 as the head of absolute strategies and was appointed portfolio manager for Absolute Return Funds at Momentum Asset Management in Imtiaz Mohammed Alli BCompt (Unisa) Fund manager at Momentum Asset Management Imtiaz started at ABSA Consultants & Actuaries in Oct 1996 where he was responsible for the management/booking of national pension funds. He joined the Momentum Group in Jul 2000 as a dealing supervisor and was also involved in the planning and management of fund mergers. Imtiaz joined Momentum Asset management in Jun 2004 as a pricing analyst. In Mar 2006 he became the assistant to the portfolio manager and joined the investment team in Nov 2008 as a portfolio manager and research analyst. Investment Objectives and Universe Investment Objective The Momentum Capital Enhancer Fund aims to provide the investor with a total investment return of CPI plus 4% per annum over rolling three year periods. Investment Universe In order to achieve its objective, the investments normally to be included in the portfolio may comprise a combination of assets in liquid form, money market instruments, corporate debt, equities, bonds, property securities, preference shares, convertible equities, derivatives, non-equity securities and any other securities which are considered to be consistent with the portfolio s primary objective and the Act or the Registrar my allow from time to time. The portfolio may from time to time invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions. The manager may also 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. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. The portfolio confirms to regulations governing retirement portfolio investments and will comply with Prudential Investment Guidelines. The Trustee shall ensure that the investment policy, as set out above, is adhered to, provided that nothing contained in the investment policy shall preclude the Manager from varying the ratio of the aforementioned securities relative to each other (except as required by the Act) or the assets themselves, should changing economic factors or market conditions so demand. Provided also that nothing contained in the investment policy shall preclude the Manager from retaining cash in the portfolio and/or placing cash on deposit in terms of the Deed. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

12 Momentum Conservative Fund Portfolio Class and Benchmark Sector Classification SA - Multi Asset - Low Equity Benchmark CPI + 3% p.a. Performance Objective Outperform the benchmark over the medium to longer term Performance 3 year cumulative performance graph based to 100 Why Invest? The Momentum Conservative Fund is a conservative managed portfolio which aims to provide the investor with a degree of income and capital growth with a lower level of risk and volatility. Investment across asset classes and some offshore exposure underpin diversification. Equity content is limited to 40%. The fund complies with prudential investment guidelines. Portfolio Facts Portfolio Size R million Launch Date 1 July 2005 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RCCA RMBCONA Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 1.43% p.a. (incl. VAT) Total Expense Ratio 1.77% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years Fund 16.52% 11.32% 8.00% 9.06% Sector 16.61% 11.53% 9.49% 9.40% Benchmark 9.08% 8.58% 9.05% - Rank 45/84 34/68 48/55 17/28 Cash 5.31% 5.76% 7.29% 7.84% Inflation 5.91% 5.41% 5.87% 6.64% Holdings Effective Portfolio Exposure (%) Equivalent Sector Exposure (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Jun` Sep` Dec` Mar` Distribution takes place Quarterly : March, June, September, December Risk Classification Top Holdings (%) Vividend Income Fund Ltd 2.10 Naspers Ltd -N Sasol Ltd 1.59 Standard Bank Group Ltd 1.57 MTN Group 1.50 British American Tob PLC 1.27 BHP Billiton Plc 1.27 SABMiller Plc 1.19 FirstRand Ltd 1.07 Growthpoint Properties Lt Year Risk Statistics Standard deviation 1) 3.18% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) 0.73 Largest negative monthly return -0.87% Number of positive months 29/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

13 Momentum Conservative Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Norman MacKechnie BSc (Eng), MSc (Eng), DIC, MBA, CFA Fund manager Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Norman joined Momentum Asset Management in He started his career in investments in 1988 and has worked as an investment analyst and portfolio manager in various asset management divisions. He has been actively involved in setting up investment processes and held the position of chief investment officer in a previous company. Investment Objectives and Universe Investment Objective The portfolio is a conservative managed portfolio which aims to provide the investor with a high level of income and stable capital growth over the medium to long term. Investment Universe In order to achieve its objective, the investments normally to be included in the portfolio may comprise a combination of assets in liquid form, money market instruments, corporate debt, equities, bonds, property securities, preference shares, convertible equities, derivatives, non-equity securities and any other securities which are considered to be consistent with the portfolio s primary objective and the Act or the Registrar my allow from time to time, all to be acquired at fair value. The portfolio may from time to time invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions. The manager may also include 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. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and the trustee and of sufficient standard to provide investor protection at least equal to that in South Africa. The portfolio conforms to regulations governing retirement portfolio investments and will comply with Prudential Investment Guidelines. In order to provide a level of capital protection, the portfolio s equity exposure is limited to a maximum of 40% of the portfolio s net asset value. The trustee shall ensure that the investment policy, as set out above, is adhered to, provided that nothing contained in this supplemental deed shall preclude the manager from varying the proportion of the aforementioned securities relative to each other (except as required by the Act), or the assets themselves to attain the portfolio s objective and investment potential in a changing economic environment or market conditions, should this be deemed necessary to achieve the stated investment objective. Provided also that nothing contained in the investment policy shall preclude the manager from retaining cash in the portfolio and/or placing cash on deposit in terms of the Deed. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. The manager shall determine the critical size from time to time. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

14 Momentum Diversified Yield Fund Portfolio Class and Benchmark Sector Classification SA - Multi Asset - Income Benchmark SteFI + 2% p.a. Performance Objective Outperform the benchmark through the interest rate cycle Performance 3 year cumulative performance graph based to 100 Why Invest? The Momentum Diversified Yield Fund is an actively managed flexible fixed interest fund. It has the ability to invest in income enhancing instruments across the fixed interest universe as well as listed property and preference shares. Flexibility to invest offshore provides further yield opportunities. The mandate allows for positions to be taken across the yield curve in order to maximize returns with full flexibility on duration. Portfolio Facts Portfolio Size R million Launch Date 2 February 2004 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMBM RMBDIVA Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 1.14% p.a. (incl. VAT) Total Expense Ratio 1.17% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years Fund 9.14% 8.57% 9.92% 8.63% Sector 8.28% 7.93% 8.80% 8.47% Benchmark 7.42% 7.88% 9.43% 9.99% Rank 16/54 14/41 7/33 9/23 Cash 5.31% 5.76% 7.29% 7.84% Inflation 5.91% 5.41% 5.87% 6.64% Holdings Maturity Spread (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Jun` Sep` Dec` Mar` Distribution takes place Quarterly : March, June, September, December Portfolio Statistics Modified Duration 1.80 Risk Classification Sector (%) 3 Year Risk Statistics Standard deviation 1) 1.54% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) 1.75 Largest negative monthly return -0.42% Number of positive months 33/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

15 Momentum Diversified Yield Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Conrad Wood BCom (Economics), CFA Head of fixed income at Momentum Asset management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Conrad joined Momentum Asset Management in 94 after completing his degree. He started as a bond dealer and progressed into fixed income fund management, specialising in money market and income funds. He has managed the Momentum Money Market, Maximum Income and Diversified Yield Funds since their inception. These funds have performed well under his management. He was appointed as head of fixed income in late 2007 and reappointed as the head of the merged asset manager s fixed income team. His team currently supervises close to R70b in fixed income assets. Richard Klotnick BCom (Hons), CFA Fund manager at Momentum Asset Management Richard joined the fixed interest team at Momentum Asset Management in 2009 and was employed as a portfolio manager. Richard commenced his career at Global Credit Ratings in 2004 as a credit ratings analyst, rating companies across various sectors. He then moved to Nedbank Capital in 2006, working in credit research and ratings advisory in the debt capital market. Richard has been appointed as a portfolio manager at Momentum Asset Management. Investment Objectives and Universe Investment Objective The Momentum Diversified Yield Fund is an enhanced income portfolio. The investment objective of the portfolio is to provide investors with a high level of income from a diversified range of investments. Investment Universe Investments to be included in the portfolio may, apart from assets in liquid form, consist of non- equity securities, fixed interest instruments (including, but not limited to, bonds, cash deposits and money market instruments), debentures, preference shares of an income nature and property securities, as well as any other income enhancing securities which are considered consistent with the portfolio s primary objective and that the Act may allow from time to time. The portfolio may from time to time invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions. The Manager may also include participatory interests and other forms of participation of local and global collective investment schemes, or other similar schemes 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 and which is consistent with the portfolio s primary objective. In order to achieve the portfolio objective, the portfolio s asset allocation and instrument selection will be actively managed and will continually reflect the portfolio manager s view of the relative attractiveness of the investable asset classes. The portfolio s property exposure may range between 0% and 30% of the portfolio's market value. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the Manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The Manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the Manager. The trustee shall ensure that the investment policy, as set out above, is adhered to, provided that nothing contained in this supplemental deed shall preclude the manager from varying the proportion of the aforementioned securities relative to each other (except as required by the Act), or the assets themselves to obtain the portfolio s objective and investment potential in a changing economic environment or market conditions, should this be deemed necessary to achieve the stated investment objective. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

16 Momentum Enhanced Yield Fund Portfolio Class and Benchmark Sector Classification SA - Interest Bearing - Short Term Benchmark Top quartile money market fund Performance Objective To Outperform the benchmark over rolling one year periods Performance 3 year cumulative performance graph based to 100 Why Invest? The fund will endeavour to provide the highest possible income yield while carefully monitoring capital stability. The portfolio retains many of the characteristics of a typical money market fund, but a more flexible mandate increases the universe of investable securities. This should allow for some additional yield pick-up overtime. A still relatively conservative minimum credit (A ) rating and the ability to capture term premiums in longer-dated instruments provide the potential for enhanced returns with a commensurate increase in risk. A modified duration limit of 180 days and the credit exposure limit mean that the fund still remains a conservative fixed-interest investment alternative. Portfolio Facts Portfolio Size R 8.66 billion Launch Date 17 April 2008 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number ZAE JSE Code RMIS Bloomberg Code - Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 0.57% p.a. (incl. VAT) Annualised Performance 1 year 3 years 5 years Fund 6.16% 6.71% 8.29% Sector 6.34% 6.80% 8.34% Benchmark 5.27% 5.71% 7.35% Rank 12/26 9/19 8/16 Cash 5.31% 5.76% 7.29% Inflation 5.91% 5.41% 5.87% Monthly Performance (%) May'13 Apr'13 Mar'13 Feb'13 Jan'13 Dec'12 Nov'12 Oct'12 Sep'12 Aug'12 Jul'12 Jun'12 Fund Benchmark Holdings Maturity Spread (%) Sector (%) Total Expense Ratio 0.57% Price History (cpu) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Feb` Mar` Apr` May` Distribution takes place Monthly Portfolio Statistics Modified Duration 0.14 Risk Classification 3 Year Risk Statistics Standard deviation 1) 0.22% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return 0.43% Number of positive months 36/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

17 Momentum Enhanced Yield Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Conrad Wood BCom (Economics), CFA Head of fixed income at Momentum Asset management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Conrad joined Momentum Asset Management in 94 after completing his degree. He started as a bond dealer and progressed into fixed income fund management, specialising in money market and income funds. He has managed the Momentum Money Market, Maximum Income and Diversified Yield Funds since their inception. These funds have performed well under his management. He was appointed as head of fixed income in late 2007 and reappointed as the head of the merged asset manager s fixed income team. His team currently supervises close to R70b in fixed income assets. Richard Klotnick BCom (Hons), CFA Fund manager at Momentum Asset Management Richard joined the fixed interest team at Momentum Asset Management in 2009 and was employed as a portfolio manager. Richard commenced his career at Global Credit Ratings in 2004 as a credit ratings analyst, rating companies across various sectors. He then moved to Nedbank Capital in 2006, working in credit research and ratings advisory in the debt capital market. Richard has been appointed as a portfolio manager at Momentum Asset Management. Investment Objectives and Universe Investment Objective The Momentum Enhanced Yield Fund is a specialist income portfolio with an objective to provide a high income yield while carefully monitoring capital stability. The portfolio aims to actively manage exposures to the entire South African yield curve without being constrained by any particular fixed-interest benchmark weighting. Investment Universe To achieve this objective, the securities to be included in the portfolio will comprise a combination of assets in liquid form and securities of an interest bearing nature, including loan stock, debentures, debenture stock, debenture bonds, unsecured notes, preference shares, financial instruments and any other non-equity securities which are considered consistent with the portfolio s primary objective and that the Act or the Registrar may from time to time allow, all to be acquired at fair market value. The manager may also make use of derivatives for efficient portfolio management purposes. The portfolio may also include participatory interest in portfolios of collective investment schemes registered in South Africa as legislation permits. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the fund in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. The Trustee shall ensure that the investment policy set out in this supplemental deed is carried out. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

18 Momentum Equity Fund Portfolio Class and Benchmark Sector Classification Benchmark Performance Objective SA - Equity - General FTSE/JSE SWIX J403T Outperform the benchmark over the medium to longer term Why Invest? The Momentum Equity Fund s objective is to maximise returns over the FTSE/JSE SWIX Index without necessarily incurring a higher level of risk. The fund is benchmark cognisant with a strong focus on portfolio construction and risk budgeting. The fund offers investors the potential for long term capital growth. Performance 3 year cumulative performance graph based to 100 Portfolio Facts Portfolio Size R 2.71 billion Launch Date 16 November 1987 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE REFA RMBEQTY Maximum Portfolio Charges Initial Management Fee 0% (incl. VAT) Initial Advisory Fee 0% % (incl. VAT) Annual Management Fee 1.43% p.a. (incl. VAT) Annual Advisory Fee Performance Fee Sharing Ratio 10% The performance fee applies to any excess performance of the fund relative to the benchmark measured over rolling two year periods. Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 20.68% 15.71% 7.74% 10.61% 19.70% Sector 22.85% 16.09% 9.00% 12.11% 20.12% Benchmark 28.63% 19.71% 10.63% 14.60% 21.61% Rank 78/113 54/91 57/82 44/63 24/45 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Portfolio (%) Top Holdings (%) Standard Bank Group Ltd 6.31 Naspers Ltd -N BHP Billiton Plc 5.86 Sasol Ltd 5.43 British American Tob PLC 5.38 SABMiller Plc 5.11 FirstRand Ltd 4.41 MTN Group 4.25 Bidvest Group Ltd 3.72 Old Mutual Plc 3.69 Class R Total Expense Ratio 1.44% 1.14% Price History (cpu) Class R Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution (Class R) Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Portfolio Statistics Underweights/Overweights Relative to SWIX J403T (%) Equity Sector Allocation (%) Portfolio PE Dividend Yield 2.97% Risk Classification 3 Year Risk Statistics Standard deviation 1) 11.46% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return -4.17% Number of positive months 23/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

19 Momentum Equity Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Patrick Mathidi BCom (Acc), HonsBCompt (Acc,), MScFin Fund manager at Momentum Asset Management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Patrick joined Momentum Asset Management as a senior investment professional in 2007, his skill set and understanding of the dynamics of the market complemented the existing investment team skills. Patrick started his career as an articled clerk at Deloitte & Touche in 92 and then joined the Tongaat-Hullett Group for 2 years as an internal auditor. In May 98 he was appointed chief dealer at Investec Asset Management. Patrick joined Credit Suisse Securities in 2003 as CEO. Patrick was largely responsible for facilitating and concluding the deal between Standard Bank and Credit Suisse, subsequently becoming deputy CEO for Credit Suisse Standard Securities. Investment Objectives and Universe Investment Objective In selecting securities for the Momentum Equity Fund, the Manager shall seek to achieve an investment medium for investors which shall have as its primary objective to deliver high long term capital growth to investors. Investment Universe The portfolio s investment universe will apart from assets in liquid form, consist of equity and property securities, as well as preference shares. The portfolio may from time to time invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions. The manager may also invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective schemes as the Act may allow from time to time, and which are consistent with the portfolio s investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the fund in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. The Trustee shall ensure that the investment policy, as set out above, is adhered to, provided that nothing contained in the investment policy shall preclude the Manager from varying the ratio of equity securities within the portfolio in terms of changing economic factors or stock exchange conditions and from retaining cash in the portfolio and/or placing on deposit in terms of the Deed. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

20 Momentum Financials Fund Portfolio Class and Benchmark Sector Classification Benchmark Performance Objective SA - Equity - Financial FTSE/JSE Financials Index J580T Outperfom the index over the medium to longer term Why Invest? The Momentum Financials Fund objective is to maximise equity portfolio returns over the FTSE/JSE Financials Index over time. The fund offers investors the potential for long term capital growth through exposure to insurance and banking counter and other stocks with financial services exposure. Performance 3 year cumulative performance graph based to 100 Portfolio Facts Portfolio Size R million Launch Date 1 July 1998 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMFS RMBFNSV Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 1.43% p.a. (incl. VAT) Total Expense Ratio 1.43% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 23.62% 16.87% 16.45% 12.42% 19.03% Sector 25.11% 17.91% 16.35% 13.14% 19.87% Benchmark 28.74% 20.83% 16.08% 12.06% 19.40% Rank 4/6 3/6 3/6 4/6 4/6 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Portfolio (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Portfolio Statistics Portfolio PE Dividend Yield 3.57% Risk Classification Top Holdings (%) Old Mutual Plc Standard Bank Group Ltd FirstRand Ltd ABSA Group Ltd 7.59 RMB Holdings Ltd 7.06 NEDBANK LIMITED 5.81 Sanlam Ltd 4.17 Coronation Fund Managers 3.47 Reinet Investments SCA 3.25 Discovery Holdings Ltd Year Risk Statistics Standard deviation 1) 12.30% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return -5.62% Number of positive months 21/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

21 Momentum Financials Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Louis Chetty CA (SA), CFA Equity research analyst at Momentum Asset Management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Louis joined Momentum Asset Management s equity research team in January 2013 to oversee banks and other financials. He joined us from ABSA Asset Management, where he worked as a banking/diversified financials and credit analyst for the fixed-income team. Prior to that, he spent four years as an equity analyst at RMB Morgan Stanley. Louis also worked as a liquidity risk analyst for FirstRand Bank. He began his working career in 2001 at Deloitte & Touche, Durban, as a trainee accountant. Investment Objectives and Universe Investment Objective The Momentum Financials Fund is a specialist portfolio focusing on the financial services sector and will seek to achieve an investment medium for investors, which will aim to achieve high capital growth as its primary objective. Investment Universe In order to achieve this objective, the Manager will invest in local and international securities of companies whose business operations involve the provision of insurance, banking or other financial services. Other shares that attribute a significant portion of their income to financial services may also be included. The Momentum Financials Fund will also invest in related sectors to the financial services sector on recognised stock exchanges, with the focus being on stock selection and growth opportunities worldwide in the financial services sector. Securities for this purpose will include stock, financially sound preference shares, debenture stock, debenture bonds, convertible bonds traded on recognised stock exchanges, unsecured notes and other securities listed on any recognised stock exchange which is considered consistent with the portfolio s primary objective and that the Act or the Registrar may allow from time to time, all to be acquired at fair market value. 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. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

22 Momentum Flexible Fund Portfolio Class and Benchmark Sector Classification Benchmark Performance Objective SA - Multi Asset - Flexible CPI + 6% p.a. Outperform the benchmark over the medium to longer term Why Invest? The Momentum Flexible Fund is an actively managed flexible portfolio that will allocate portfolio capital to those asset classes which reflect the best relative value to achieve a high long term total return. Performance 3 year cumulative performance graph based to 100 Portfolio Facts Portfolio Size R million Launch Date 1 October 1999 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMHT RMBHITD Maximum Portfolio Charges Initial Management Fee 0% (incl. VAT) Initial Advisory Fee 0% % (incl. VAT) Annual Management Fee 1.71% p.a. (incl. VAT) Annual Advisory Fee Performance Fee Sharing Ratio 20% The performance fee applies to any excess performance of the fund relative to the benchmark measured over rolling two year periods. Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 14.33% 11.86% 8.28% 9.96% 17.15% Sector 21.73% 14.79% 9.95% 11.09% 15.42% Benchmark 12.26% 11.74% 12.23% - - Rank 55/69 44/61 34/52 19/37 6/14 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Effective Portfolio Exposure (%) Equivalent Sector Exposure (%) Total Expense Ratio 1.97% Price History (cpu) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Risk Classification Top Holdings (%) Redefine Properties Intnl 3.19 SIBANYE GOLD MINING LTD 2.05 Lonmin Plc 1.83 Harmony Gold Mining Co Lt 1.58 Phumelela Gamin & Leisure 1.06 Pick 'n Pay Holdings Ltd 0.97 Sun International Ltd 0.96 Telkom SA SOC 0.86 Lewis Group Ltd 0.84 ESOR Year Risk Statistics Standard deviation 1) 7.08% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) 0.01 Largest negative monthly return -2.80% Number of positive months 24/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

23 Momentum Flexible Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Fund Managers Sam Houlie CA(SA), CFA Head of the Unconstrained Strategies at Momentum Asset Management Sam has been appointed head of the Unconstrained Strategies team at Momentum Asset Management and brings 16 years of domestic and global investment experience to the firm. Sam was at Investec Asset Management until September 2011, where he held the positions of director, head of South African equities and portfolio manager in the Global Contrarian team. He started his career in the investment management industry at Allan Gray and moved to Abvest (now ABSA Asset Management), where he fulfilled the roles of portfolio manager, chief investment officer and, ultimately, chief executive officer, before leaving to join Investec Asset Management in early He headed a team of investment professionals responsible for well over R100 billion in equities across the full spectrum of portfolios, from pure equity to multi-asset mandates. He was the lead portfolio manager and key decision maker for close on R40 billion in client assets, including the Investec Global Franchise Fund and Investec Cautious Managed Fund. He also managed the Discovery Equity Fund from its inception in November Investment Objectives and Universe Investment Objective The Momentum Flexible Fund is an actively managed flexible portfolio that will seek to achieve an investment medium for investors which will aim to achieve a high long term total return. Investment Universe In order to achieve this objective, the Manager will invest in a portfolio of local and international equity - and property securities, bonds, preference shares, money market instruments, debentures, nonequity securities and assets in liquid form with the focus being on ensuring that the weightings between the asset classes are ideally suited to current market conditions. The portfolio may from time to time invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions. The Manager may also include participatory interests and other forms of participation of local and global collective investment schemes, or other similar schemes 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 and which is consistent with the portfolio s primary objective. The trustee shall ensure that the investment policy, as set out above, is adhered to, provided that nothing contained in the investment policy shall preclude the manager from varying the ratio of the aforementioned securities relative to each other (except as required by the Act), or the assets themselves, should changing economic factors or market conditions so demand. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. The manager shall determine the critical size from time to time. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

24 Momentum Income Plus Fund Portfolio Class and Benchmark Sector Classification SA - Multi Asset - Income Benchmark SteFI + 3% Performance Objective Outperform the benchmark through the interest rate cycle Performance 3 year cumulative performance graph based to 100 Why Invest? The Momentum Income Plus Fund aims to maximize yield with the flexibility to invest in a diverse range of securities. The dominant strategy is exposure to credit including structured credit assets. Duration risk is low and low volatility of returns can be expected barring credit defaults or substantial widening in credit spreads Its low correlation to other asset classes makes it an excellent building block for other funds. The fund hold offshore credit but currency hedges offset the impact of currency volatility. Portfolio Facts Portfolio Size R 3.68 billion Launch Date 1 July 2005 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RICA RMBINCA Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 1.14% p.a. (incl. VAT) Total Expense Ratio 1.14% Annualised Performance 1 year 3 years 5 years 7 years Fund 9.34% 9.26% 8.09% 9.44% Sector 8.28% 7.93% 8.80% 8.47% Benchmark 8.47% 8.94% 10.50% 11.07% Rank 14/54 7/41 25/33 5/23 Cash 5.31% 5.76% 7.29% 7.84% Inflation 5.91% 5.41% 5.87% 6.64% Holdings Portfolio (%) Portfolio Structure (%) Price History (cpu) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Jun` Sep` Dec` Mar` Distribution takes place Quarterly : March, June, September, December Portfolio Statistics Modified Duration 0.28 Risk Classification Effective Currency Allocation (%) 3 Year Risk Statistics Standard deviation 1) 0.90% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) 3.74 Largest negative monthly return 0.30% Number of positive months 36/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

25 Momentum Income Plus Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Paul Crawford BSc Eng (Elec), MBA, CFA Senior portfolio manager at Fairtree Capital Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. After graduating Paul spent 5yrs at Eskom in the engineering field. He moved into the financial sector, working for SCMB's interest rate products division for 2yrs and then at 2 asset managers. After 5yrs at Momentum Asset Management, Paul moved on to the newly-formed Momentum Alternative Investments, where he managed numerous hedge funds, Momentum Income Plus and a few specialised segregated mandates. Paul joined Fairtree Capital in Feb'13 as a senior portfolio manager after a successful 10yrs with Momentum. His responsibilities include the management of various portfolios, as well as setting investment strategy for the credit unit, and he continues his partnership with Momentum by co-managing Momentum Income Plus. Conrad Wood BCom (Economics), CFA Head of fixed income at Momentum Asset management Conrad joined Momentum Asset Management in 94 after completing his degree. He started as a bond dealer and progressed into fixed income fund management, specialising in money market and income funds. He has managed the Momentum Money Market, Maximum Income and Diversified Yield Funds since their inception. These funds have performed well under his management. He was appointed as head of fixed income in late 2007 and reappointed as the head of the merged asset manager s fixed income team. His team currently supervises close to R70b in fixed income assets. Investment Objectives and Universe Investment Objective The portfolio will aim to deliver an enhanced level of sustainable income and stability on capital invested. Investment Universe The investable universe of the portfolio will include fixed-interest instruments (including, but not limited to, bonds, cash deposits and money market), preference shares, debentures, equity linked notes, derivative instruments including futures and options linked to underlying indices in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective and equity securities, as well as assets in liquid form. The portfolio has the flexibility to hold a maximum of 10% effective equity exposure. The portfolio is positioned as an income plus portfolio to correctly reflect the portfolios flexible mandate in terms of accessing a broad spectrum of high yielding assets including fixed interest and equities (from time to time) with due consideration being given to the lower risk mandate of the portfolio. The manager may use appropriate risk hedging strategies where necessary and may also include 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. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and the trustee and of sufficient standard to provide investor protection at least equal to that in South Africa. The portfolio may invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time and may also include unlisted forward currency, interest rate and exchange rate swap transactions for efficient portfolio management purposes. The trustee shall ensure that the investment policy is adhered to, provided that nothing shall preclude the manager from varying the proportion of the securities relative to each other (except as required by the Act), or the assets themselves to maximize investment potential, should this be deemed necessary. Provided also that nothing contained in the investment policy shall preclude the manager from retaining cash and/or placing cash on deposit in terms of the Deed. The manager shall reserve the right to close the portfolio to new investors and may, once a portfolio has been closed, open that portfolio again. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

26 Momentum Industrial Fund Portfolio Class and Benchmark Sector Classification Benchmark Performance Objective SA - Equity - Industrial FTSE/JSE Industrials Index J257T Outperform the benchmark over the medium to longer term. Why Invest? The fund s objective is to maximise equity portfolio returns over the FTSE/JSE Industrial Index. The fund offers investors the potential for long term capital growth primarily through exposure to stocks falling within the industrial sector of the FTSE/JSE. Performance 3 year cumulative performance graph based to 100 Portfolio Facts Portfolio Size R million Launch Date 1 July 1998 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMCF RMBINDF Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 1.71% p.a. (incl. VAT) Total Expense Ratio 1.74% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 28.14% 21.83% 14.42% 15.39% 23.11% Sector 35.38% 25.82% 17.49% 17.88% 25.19% Benchmark 47.91% 30.91% 19.74% 21.33% 27.44% Rank 5/5 5/5 5/5 5/5 4/4 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Portfolio (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Feb` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Portfolio Statistics Portfolio PE Dividend Yield 2.50% Risk Classification Top Holdings (%) Naspers Ltd -N Bidvest Group Ltd 8.20 British American Tob PLC 8.02 Aveng Ltd 6.32 AECI Ltd 5.42 Steinhoff International Holdings ltd 4.70 Remgro Ltd 4.54 Datatec Ltd 4.45 SABMiller Plc 4.33 The Foschini Grp Ltd Year Risk Statistics Standard deviation 1) 9.86% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) 0.00 Largest negative monthly return -3.63% Number of positive months 27/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

27 Momentum Industrial Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Nicole Agar BCom, BAcc, CA(SA) Equity analyst at Momentum Asset Management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Nicole started her career with Momentum Asset Management in 1997 as a research analyst responsible for the IT, telecommunications and media sectors. From 2000 to 2004, she managed and co-managed numerous funds in the Momentum stable, whilst also managing several third-party pension fund clients. She won a Raging Bull award and a Standard and Poor s award for two funds under her management during this time. From 2004 to 2009, she was responsible for marketing institutional business to clients, as well as maximising institutional client retention. From August 2009, she occupied the roles of senior equity analyst for the industrial sector as well as the Balanced Funds assistant portfolio manager. She currently manages the Momentum Industrial Fund. Leon Michaelides BCom (Honours) Head of equity research at Momentum Asset Management Leon joined RMB Asset Management in November Prior to this, Leon worked for RMB Morgan Stanley, starting in 2006 as head of research for the joint venture between Morgan Stanley and Rand Merchant Bank. During this time, Leon also covered the South African construction sector as a research analyst. In 2007, he presented to the International Corporate Governance Network on the relevance of international financial reporting standards in protecting investors interests. Before joining the joint venture Leon worked for Morgan Stanley s London equity research department from March 2000, where he analysed European engineering companies and was also a member of the firm's global valuation and accounting team, which looked at international financial reporting and accounting-based valuation issues. He played a key role in the development and implementation of Morgan Stanley s proprietary system aimed at assisting investors and analysts uncover value. Prior to joining Morgan Stanley, Leon worked for the London School of Economics after qualifying as a chartered accountant with Deloitte & Touche. Investment Objectives and Universe Investment Objective The Momentum Industrial Fund is a specialist portfolio predominately focusing on the industrial sector of the JSE and will seek to achieve an investment medium for investors that will aim to achieve high capital growth as its primary objective Investment Universe In order to achieve this objective, the portfolio will, apart from assets in liquid form, invest in equity securities, preference shares, debenture stock, debenture bonds, convertible bonds traded on recognised stock exchanges, unsecured notes and any other security listed on any recognised stock exchange which is considered consistent with the portfolio s primary objective and that the Act or the Registrar may allow from time to time, all to be acquired at fair market value. The portfolio may from time to time invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective. The manager may also include unlisted forward currency agreements, interest rate and exchange rate swap transactions. The portfolio may also 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. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

28 Momentum Inflation Linked Bond Fund Portfolio Class and Benchmark Sector Classification SA - Multi Asset - Income Benchmark 60% BEASSA Composite Inflation-Linked Index / 30% ALBI / 10% STeFI Call Deposit Performance Objective Outperform the benchmark through the interest rate cycle Performance 3 year cumulative performance graph based to 100 Why Invest? The Momentum Inflation Linked Bond Fund aims to provide investors with consistent growth in income and capital in real terms through exposure to fixed-interest securities, predominately those that offer inflation protection. Tolerance for volatility in the short term is recommended given interest rate risk on high duration inflation linkers. The fund is consequently best utilised as al long term building block for investment portfolios given its core inflation-linked bond holdings and focus on providing real returns over time. Portfolio Facts Portfolio Size R million Launch Date 21 October 2002 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE MILB METILBD Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 1.14% p.a. (incl. VAT) Total Expense Ratio 1.35% Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 16.66% 11.77% 10.78% 10.47% 10.12% Sector 8.28% 7.93% 8.80% 8.47% 9.00% Benchmark 14.92% 12.31% 11.55% 10.49% 10.52% Rank 1/54 1/41 4/33 1/23 3/10 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Maturity Spread (%) Price History (cpu) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Portfolio Statistics Modified Duration 7.17 Risk Classification Sector (%) 3 Year Risk Statistics Standard deviation 1) 3.44% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) - Largest negative monthly return -0.71% Number of positive months 31/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

29 Momentum Inflation Linked Bond Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Conrad Wood BCom (Economics), CFA Head of fixed income at Momentum Asset management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Conrad joined Momentum Asset Management in 94 after completing his degree. He started as a bond dealer and progressed into fixed income fund management, specialising in money market and income funds. He has managed the Momentum Money Market, Maximum Income and Diversified Yield Funds since their inception. These funds have performed well under his management. He was appointed as head of fixed income in late 2007 and reappointed as the head of the merged asset manager s fixed income team. His team currently supervises close to R70b in fixed income assets. Richard Klotnick BCom (Hons), CFA Fund manager at Momentum Asset Management Richard joined the fixed interest team at Momentum Asset Management in 2009 and was employed as a portfolio manager. Richard commenced his career at Global Credit Ratings in 2004 as a credit ratings analyst, rating companies across various sectors. He then moved to Nedbank Capital in 2006, working in credit research and ratings advisory in the debt capital market. Richard has been appointed as a portfolio manager at Momentum Asset Management. Investment Objectives and Universe Investment Objective The Momentum Inflation Linked Bond Fund is a specialist actively managed fix interest portfolio which seeks to provide investors with an inflation beating total return. Investment Universe In order to achieve this objective, the investments to be held consist of a mix of inflation linked bonds, corporate bonds, government and other bonds, other interest bearing securities, preference shares, nonequity securities, debenture stock, debenture bonds, convertible bonds traded on property shares and property related securities, money market instruments and assets in liquid form. The manager will strive to retain the portfolio s investment exposure to inflation-linked bonds to a range between 35% and 85%, depending on the interest rate cycle. Exposure to property related securities will be capped to 10% of the portfolio s net asset value. The portfolio may invest in participatory interests and other forms of participation in portfolios of collective investment schemes or other similar schemes 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 and which is consistent with the portfolio s primary objective. The Manager may make active use of listed and unlisted derivatives for efficient portfolio management purposes and invest in financial instruments, in accordance with the provisions of the Act and applicable legislation, as amended from time to time, in order to achieve the portfolio s investment objective. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions for efficient portfolio management purposes. Nothing in this Supplemental Deed shall preclude the manager from varying the ratios of securities, non-equity securities or assets in liquid form in changing economic environment or market conditions, or to meet the requirements in terms of legislation and from retaining cash or placing cash on deposit in the name of the portfolio in terms of the Deed and this Supplemental Deed. The Trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

30 Momentum International Balanced Feeder Fund Portfolio Class and Benchmark Sector Classification Global - Multi Asset - High Equity Benchmark 60% MSCI World GR /40% Citi WBig USD in ZAR Performance Objective Outperform the benchmark over the medium to longer term Performance 3 year cumulative performance graph based to 100 Why Invest? The Momentum International Balanced Feeder Fund is a rand denominated fund offering offshore exposure across asset classes and regions. Relatively substantial equity which is limited to 75% and rand appreciation can result in relatively significant short term volatility. The fund provides investors with protection against rand depreciation and the potential to grow their income and capital in hard currency over time. Portfolio Facts Portfolio Size R million Launch Date 1 July 2006 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RIBA RMBIBAB Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 0.912% p.a. (incl. VAT) Total Expense Ratio 2.40% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years Fund 38.13% 17.89% 6.71% 9.97% Sector 41.00% 18.83% 6.48% 9.21% Benchmark 35.36% 19.92% 8.86% 11.47% Rank 5/6 4/6 3/5 2/5 Cash 5.31% 5.76% 7.29% 7.84% Inflation 5.91% 5.41% 5.87% 6.64% Holdings Portfolio (%) Currency Allocation (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Risk Classification Top Holdings (%) Momentum Global Managed Fund B Foreign Cash/MMkt Year Risk Statistics Standard deviation 1) 13.42% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return -2.61% Number of positive months 20/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

31 Momentum International Balanced Feeder Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Momentum Global Investment Management Momentum Investments provides clients with access to global investment diversification through its London-based business. Momentum Global Investment Management (MGIM) has been providing global investment solutions from the UK for more than 12 years. By developing and managing investment solutions on a multiasset, active, passive and best-of-breed basis, MGIM is able to satisfy the specific investment needs of its partners. Investment Objectives and Universe Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission and incentives may be paid and if so, would be included in the overall costs. A Feeder fund is a portfolio that, apart from assets in liquid form, consists solely of participatory interest in a single portfolio of a collective investment scheme. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Momentum Limited reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Investment Objective The objective of the Momentum International Balanced Feeder Fund is to provide investors with a moderate total return over the long term by providing them with exposure to a diversified portfolio of global assets classes and exposure to various currencies. Investment Universe The portfolio will apart from assets in liquid form, invest solely in the participatory interests of the Momentum Global Managed Fund. The Momentum Global Managed Fund will invest in participatory interests of underlying portfolios that provide exposure to investments across a broad range of asset classes, currencies and market sectors. Nothing in this Supplemental Deed shall preclude the manager and the underlying manager from varying the ratios of securities or assets in liquid form in a changing economic environment or market conditions, or to meet the requirements in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and this Supplemental Deed. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

32 Momentum International Conservative Feeder Fund Portfolio Class and Benchmark Sector Classification Global - Multi Asset - Low Equity Benchmark 30% MSCI World GR / 70% Citi WBig USD in ZAR Performance Objective Outperform the benchmark over the medium to longer term Performance 3 year cumulative performance graph based to 100 Why Invest? The Momentum International Conservative Feeder Fund is a rand denominated fund offering offshore exposure across asset classes and regions. It is managed on a conservative basis with a fixed interest bias and equity limited to 40%. The fund provides investors with protection against rand depreciation and the potential to grow their income and capital modestly but with relatively low volatility in hard currency over time. Portfolio Facts Portfolio Size R million Launch Date 1 July 2001 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMIH RMBINTC Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 0.912% p.a. (incl. VAT) Total Expense Ratio 2.10% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 28.29% 14.87% 7.13% 9.10% 5.76% Sector 29.80% 14.52% 4.96% 7.60% 5.40% Benchmark 25.93% 17.07% 9.49% 11.65% 8.57% Rank 6/7 3/7 1/4 1/4 1/2 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Portfolio (%) Currency Allocation (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Risk Classification Top Holdings (%) Momentum Global Cautious Fund B Local Cash/MMkt 5.06 Foreign Cash/MMkt Year Risk Statistics Standard deviation 1) 13.81% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return -5.64% Number of positive months 17/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

33 Momentum International Conservative Feeder Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Momentum Global Investment Management Momentum Investments provides clients with access to global investment diversification through its London-based business. Momentum Global Investment Management (MGIM) has been providing global investment solutions from the UK for more than 12 years. By developing and managing investment solutions on a multiasset, active, passive and best-of-breed basis, MGIM is able to satisfy the specific investment needs of its partners. Investment Objectives and Universe Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission and incentives may be paid and if so, would be included in the overall costs. A Feeder fund is a portfolio that, apart from assets in liquid form, consists solely of participatory interest in a single portfolio of a collective investment scheme. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Momentum Limited reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Investment Objective The objective of the Momentum International Conservative Feeder Fund is to provide investors with global income and capital preservation over the long term by providing them with exposure to a diversified portfolio of global assets classes and exposure to various currencies. Investment Universe The portfolio will, apart from assets in liquid form, invest solely in the participatory interests of the Momentum Global Cautious Fund. The Momentum Global Cautious Fund will invest in participatory interests of underlying portfolios that provide exposure to investments across a broad range of asset classes, currencies and market sectors. Nothing in this Supplemental Deed shall preclude the manager and the underlying manager from varying the ratios of securities or assets in liquid form in a changing economic environment or market conditions, or to meet the requirements in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and this Supplemental Deed. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

34 Momentum International Equity Feeder Fund Portfolio Class and Benchmark Sector Classification Global - Equity - General Benchmark MSCI World GR USD Performance Objective To outperform the benchmark over the medium to longer term Performance 3 year cumulative performance graph based to 100 Why Invest? The Momentum International Equity Feeder Fund is a rand denominated fund offering offshore exposure to equities across regions. Global equity declines and rand appreciation can result in relatively significant short term volatility. The fund provides investors with protection against rand depreciation and the potential to grow their and capital significantly in hard currency over time. Portfolio Facts Portfolio Size R 1.00 billion Launch Date 3 May 1999 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMBI RMBIEFF Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 0.912% p.a. (incl. VAT) Total Expense Ratio 2.47% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 50.92% 21.25% 4.41% 9.08% 9.69% Sector 48.55% 22.20% 6.14% 8.98% 9.32% Benchmark 51.02% 24.66% 7.89% 10.56% 10.67% Rank 7/23 15/20 14/17 8/15 5/11 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Portfolio (%) Currency Allocation (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Feb` Mar` Aug` Feb` Distribution takes place Semi-annually : February, August Risk Classification Top Holdings (%) Momentum Global Equity Fund B Local Cash/MMkt Year Risk Statistics Standard deviation 1) 14.95% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return -3.99% Number of positive months 21/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

35 Momentum International Equity Feeder Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Momentum Global Investment Management Momentum Investments provides clients with access to global investment diversification through its London-based business. Momentum Global Investment Management (MGIM) has been providing global investment solutions from the UK for more than 12 years. By developing and managing investment solutions on a multiasset, active, passive and best-of-breed basis, MGIM is able to satisfy the specific investment needs of its partners. Investment Objectives and Universe Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission and incentives may be paid and if so, would be included in the overall costs. A Feeder fund is a portfolio that, apart from assets in liquid form, consists solely of participatory interest in a single portfolio of a collective investment scheme. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Momentum Limited reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Investment Objective The objective of the Momentum International Equity Feeder Fund is to generate long term capital growth and offer investors offshore diversification and exposure to global equity markets. Investment Universe The portfolio will apart from assets in liquid form, invest solely in the participatory interests of the Momentum Global Equity Fund. The Momentum Global Equity Fund will invest in participatory interests of underlying portfolios that provide exposure to investments across a broad range of asset classes, currencies and market sectors, 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. Nothing in this Supplemental Deed shall preclude the manager and the underlying manager from varying the ratios of securities or assets in liquid form in a changing economic environment or market conditions, or to meet the requirements in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and the Supplemental Deed. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

36 Momentum Maximum Income Fund Portfolio Class and Benchmark Sector Classification SA - Interest Bearing - Short Term Benchmark SteFI + 1% Performance Objective Outperform the benchmark through the interest rate cycle Performance 3 year cumulative performance graph based to 100 Why Invest? The fund s objective is to generate a regular, reliable source of income, while attempting to grow capital prudently by monitoring the fund s positioning on the local yield curve. Duration will be limited to a maximum of 2 years and various yield enhancement strategies, including exposure to credit, will be employed with the aim of enhancing returns. Portfolio Facts Portfolio Size R 1.17 billion Launch Date 1 February 1995 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMMF RMBINCM Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 0.86% p.a. (incl. VAT) Total Expense Ratio 0.87% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 8.10% 7.84% 9.25% 8.66% 8.70% Sector 6.34% 6.80% 8.34% 8.27% 8.41% Benchmark 6.36% 6.82% 8.36% 8.92% 9.02% Rank 1/26 2/19 3/16 2/11 3/8 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Maturity Spread (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Feb` Mar` Apr` May` Distribution takes place Monthly Portfolio Statistics Modified Duration 1.14 Risk Classification Sector (%) 3 Year Risk Statistics Standard deviation 1) 1.03% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) 0.97 Largest negative monthly return 0.04% Number of positive months 36/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

37 Momentum Maximum Income Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Conrad Wood BCom (Economics), CFA Head of fixed income at Momentum Asset management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Conrad joined Momentum Asset Management in 94 after completing his degree. He started as a bond dealer and progressed into fixed income fund management, specialising in money market and income funds. He has managed the Momentum Money Market, Maximum Income and Diversified Yield Funds since their inception. These funds have performed well under his management. He was appointed as head of fixed income in late 2007 and reappointed as the head of the merged asset manager s fixed income team. His team currently supervises close to R70b in fixed income assets. Richard Klotnick BCom (Hons), CFA Fund manager at Momentum Asset Management Richard joined the fixed interest team at Momentum Asset Management in 2009 and was employed as a portfolio manager. Richard commenced his career at Global Credit Ratings in 2004 as a credit ratings analyst, rating companies across various sectors. He then moved to Nedbank Capital in 2006, working in credit research and ratings advisory in the debt capital market. Richard has been appointed as a portfolio manager at Momentum Asset Management. Investment Objectives and Universe Investment Objective In selecting investments for the portfolio, the Manager will seek to achieve an investment medium for investors, which shall have as its primary objective maximum income return from interest bearing instruments. Investment Universe In order to achieve these objectives, the investments normally to be included in the portfolio will comprise a combination of securities, nonequity securities and assets in liquid form. The portfolio will be limited to a combination of gilts and interest bearing securities (including loan stock, semi-gilts and financially sound debentures, debenture bonds, preference shares and notes), cash, convertible equities, securities that offer a high income stream and any other securities which are considered to be consistent with the portfolio s primary objective and the Act or the Registrar my allow from time to time. The manager may also 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. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. The portfolio may from time to time invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions. The trustee shall ensure that the investment policy, as set out above, is adhered to, provided that nothing contained in the investment policy shall preclude the manager from varying the proportions of the aforementioned securities and assets in liquid form, or the assets themselves, should changing economic factors or market conditions so demand. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

38 Momentum Money Market Fund Portfolio Class and Benchmark Sector Classification SA - Interest Bearing - Money Market Benchmark SteFI Performance Objective STeFI net of fees Performance 3 year cumulative performance graph based to 100 Why Invest? The Momentum Money Market Fund s objective is to provide investors with a high, regular income without exposing capital to undue risk. The fund provides investors with an alternative to banking deposits and is ideal as a short term parking bay. The fund will be managed in compliance with prudential investment guidelines for retirement funds in South Africa. Portfolio Facts Portfolio Size R 8.77 billion Launch Date 6 January 1999 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMMM RMBMNKT Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 0.57% p.a. (incl. VAT) Total Expense Ratio 0.57% Price (cpu) & Yield (%) History Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 5.07% 5.57% 7.19% 7.77% 7.80% Sector 5.21% 5.61% 7.20% 7.80% 7.83% Benchmark 5.31% 5.76% 7.29% 7.84% 7.94% Rank 25/26 14/25 11/22 10/18 12/17 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Maturity Spread (%) Nominal Effective Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Feb` Mar` Apr` May` Distribution takes place Monthly Portfolio Statistics Modified Duration 0.14 Risk Classification Sector (%) 3 Year Risk Statistics Standard deviation 1) 0.17% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return 0.38% Number of positive months 36/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

39 Momentum Money Market Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Conrad Wood BCom (Economics), CFA Head of fixed income at Momentum Asset management Disclaimer The price of each unit is aimed at a constant value. The total return to the investor is primarily made up of interest received but, may also include any gain or loss made on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but in an extreme case it can have the effect of reducing the capital value of the fund. All CIS are traded at ruling prices and can engage in borrowing and scrip lending. The yield is calculated using an annualised seven day rolling average as at (date). A schedule of fees and charges and maximum commissions is available on request from. Commission may be paid and if so, would be included in the overall costs. Forward pricing is used. Past performance is not necessarily a guide to the future. Momentum Collective Investments Limited reserves the right to close certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. Momentum Collective Investments Limited s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. This yield shown on the previous page is calculated on a current basis as at the date of this factsheet. For the period from 01 April 2012 to 31 March 2013 each TER is the annualized percentage of the NAV of the portfolio incurred as charges, levies and fees. 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. Momentum Limited is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Conrad joined Momentum Asset Management in 94 after completing his degree. He started as a bond dealer and progressed into fixed income fund management, specialising in money market and income funds. He has managed the Momentum Money Market, Maximum Income and Diversified Yield Funds since their inception. These funds have performed well under his management. He was appointed as head of fixed income in late 2007 and reappointed as the head of the merged asset manager s fixed income team. His team currently supervises close to R70b in fixed income assets. Richard Klotnick BCom (Hons), CFA Fund manager at Momentum Asset Management Richard joined the fixed interest team at Momentum Asset Management in 2009 and was employed as a portfolio manager. Richard commenced his career at Global Credit Ratings in 2004 as a credit ratings analyst, rating companies across various sectors. He then moved to Nedbank Capital in 2006, working in credit research and ratings advisory in the debt capital market. Richard has been appointed as a portfolio manager at Momentum Asset Management. Investment Objectives and Universe Investment Objective The investment objective of the Momentum Money Market Fund is to provide a medium whereby investors can obtain undivided participation in diversified portfolio of such money market instruments as defined from time to time. Investment Universe 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. The portfolio will be managed in compliance with prudential investment guidelines for retirement funds in South Africa. The Trustee shall ensure that the investment policy set out in this supplemental deed is carried out. The portfolio shall be subject to all relevant provisions of the Deed, as amended by this supplemental trust deed, the regulations and any relevant further supplemental deeds entered into in the future. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

40 Momentum Optimal Yield Fund Portfolio Class and Benchmark Sector Classification SA - Multi Asset - Income Benchmark STeFi Call deposit Index Performance Objective Outperform the benchmark over rolling one year periods Performance 3 year cumulative performance graph based to 100 Why Invest? The Momentum Optimal Yield Fund is a conservatively managed market-neutral equity portfolio and the investment policy followed by the manager will focus on outperforming the portfolio's benchmark with low volatility and little correlation to the movements of the underlying market. The fund offers the potential for measured additional yield in excess of cash with low volatility of returns. Portfolio Facts Portfolio Size R million Launch Date 31 December 2002 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMFA RMBABSF Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 0.91% p.a. (incl. VAT) Total Expense Ratio 1.06% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 3.90% 3.66% 4.88% 5.66% 6.26% Sector 8.28% 7.93% 8.80% 8.47% 9.00% Benchmark 4.80% 5.27% 6.73% 7.37% 7.43% Rank 53/54 41/41 33/33 23/23 10/10 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Monthly Performance (%) May'13 Apr'13 Mar'13 Feb'13 Jan'13 Dec'12 Nov'12 Oct'12 Sep'12 Aug'12 Jul'12 Jun'12 Fund Benchmark Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Risk Classification Holdings Portfolio (%) 3 Year Risk Statistics Standard deviation 1) 0.88% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return -0.32% Number of positive months 31/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark Relative Positions Overweights Naspers Ltd -N- Impala Platinum Holdings African Rainbow Minerals Tiger Brands Ltd Sanlam Ltd Underweights Anglo American Plc AngloGold Ashanti Ltd ABSA Group Ltd Vodacom Group Ltd Truworths International L

41 Momentum Optimal Yield Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Loftie Botha MCom (Business Man), BCom, (Hons)(Inv), BEng Fund manager at Momentum Asset Management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Loftie started his career as an engineer and moved into asset management in 1994 as an industrial analyst with the Mines Pension Fund. He joined ABSA Asset Management in 1998 as an analyst and later managed the ABSA General Equity Fund. He later became a senior portfolio manager at Huysamer Capital Investments. In 2006, he joined Umbono Fund Managers, an OMIGSA boutique, as a quantitative fund manager before being promoted to CIO of the boutique. Loftie joined Metropolitan Asset Managers in Feb 2010 as the head of absolute strategies and was appointed portfolio manager for Absolute Return Funds at Momentum Asset Management in Imtiaz Mohammed Alli BCompt (Unisa) Fund manager at Momentum Asset Management Imtiaz started at ABSA Consultants & Actuaries in Oct 1996 where he was responsible for the management/booking of national pension funds. He joined the Momentum Group in Jul 2000 as a dealing supervisor and was also involved in the planning and management of fund mergers. Imtiaz joined Momentum Asset management in Jun 2004 as a pricing analyst. In Mar 2006 he became the assistant to the portfolio manager and joined the investment team in Nov 2008 as a portfolio manager and research analyst. Investment Objectives and Universe Investment Objective The Momentum Optimal Yield Fund is a conservatively managed market neutral equity portfolio and the investment policy followed by the manager will focus on outperforming the portfolio s benchmark with low volatility and little correlation to the movements of the underlying market. Investment Universe The portfolio will predominately invest in FTSE JSE ALSI 40 listed equity securities and the balance of the portfolio will be invested in cash and or money market instruments. Any exposure to equities falling outside the FTSE JSE ALSI 40 will be a marginal component of the portfolio. Derivatives will be used to neutralise a major portion of the market risk attributable to the equity securities held in the portfolio. Equity securities held in the portfolio will be over-weighted or underweighted relative to the underlying securities of the derivative instrument. The cash return resulting from the derivative position is complemented if the portfolio outperforms the FTSE JSE ALSI 40 index or detracted from if the equity portfolio underperforms the FTSE JSE ALSI 40 index. The overweight and underweight positions taken by the manager will be relatively conservative with an aim to deliver a performance variance of up to 1.5% from the benchmark. The Manager may make active use of derivatives to reduce market risk and will only be limited by the statutory limitations placed on the inclusion of financial instruments in portfolios. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

42 Momentum Positive Return Fund Portfolio Class and Benchmark Sector Classification SA - Multi Asset - Income Benchmark CPI + 2% Performance Objective Returns that outperform inflation by at least 3.5% p.a. over a rolling 36- month period while eliminating any negative returns over a rolling 12-month period. Performance Inception cumulative performance graph based to 100 Why Invest? The primary objective of the Momentum Positive Return Fund is to offer stable returns mainly in the form of capital growth. The portfolio aims to deliver positive returns in all market circumstance (rising and falling markets) by investing in positions and hedges that allow for equity upside but that protect against downside market risk by the way of investing in derivatives. Portfolio Facts Portfolio Size R million Launch Date 1 July 2011 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number ZAE JSE Code MPRF Bloomberg Code - Maximum Portfolio Charges Initial Management Fee 0% (incl. VAT) Initial Advisory Fee 0% % (incl. VAT) Annual Management Fee 1.43% p.a. (incl. VAT) Annual Advisory Fee Performance Fee Uncapped Sharing Ratio 10% The performance fee applies to any excess performance of the fund relative to the benchmark measured over rolling twelve month periods. Cumulative Performance 1 month 3 months 6 months 1 year Inception Fund 1.92% 2.38% 3.37% 6.50% 10.42% Sector 0.13% 1.68% 3.35% 8.28% 16.11% Benchmark 0.55% 3.09% 4.41% 8.03% 15.45% Rank 2/59 10/58 27/57 46/54 41/46 Cash 0.43% 1.27% 2.54% 5.31% 10.79% Inflation 0.39% 2.59% 3.39% 5.91% 11.34% Monthly Performance (%) May'13 Apr'13 Mar'13 Feb'13 Jan'13 Dec'12 Nov'12 Oct'12 Sep'12 Aug'12 Jul'12 Jun'12 Fund Benchmark Holdings Total Expense Ratio 1.47% Price History (cpu) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Risk Classification Effective Portfolio Exposure (%)

43 Momentum Positive Return Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Jozua Booysen PhD, MBA, CFA Fund manager at RMB Bank Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Jozua joined RMB in 1999 as equity risk manager and progressed into equity structuring. In this role he co-managed the option book and has over time been instrumental in providing clients with tailor made investment solutions in several product areas, such as equity derivatives, taxation, index tracking, CPPI enhanced products and hedge funds. He also co-manages various on balance sheet capital guaranteed funds on behalf of third part clients and assists clients on a daily basis with pricing, trading/hedging and risk management of the numerous investment instruments associated with these products. Jozua is currently also overseeing all other products being managed on the Structuring desk Craig Kenmuir B.Sc Statistics, FRM Fund manager at RMB Bank Craig joined RMB in January 2000 in the market risk department and was responsible for the capital markets, equity and soft commodities and base metals front office market risk reporting. During 2001 Craig joined the equities division and was involved in various activities including quantitative work, index arbitrage, options trading and structuring. During 2003 he took over the responsibility for the bank's equity option book and continued to be involved on the structured solutions side of the equities business. Currently Craig is Head of the Equity Options Business, is involved in investing the bank own capital in the equities space and is still heavily involved with all aspects of the Equities Structuring Business. Investment Objectives and Universe Investment Objective The primary objective of the Momentum Positive Return Fund is to offer stable returns mainly in the form of capital growth and will focus on active equity risk management and maximising the capital return earned from the portfolio at the discretion of the Manager. Investment Universe The portfolio aims to deliver positive returns in all market circumstance (rising and falling markets) by investing in positions and hedges that allow for equity upside while protecting the investor on the downside this is achieved through investing in equities and or hedging market risk by the way of investing in derivatives. In order to achieve its objective, the investments normally to be included in the portfolio may comprise a combination of assets in liquid form, money market instruments, corporate debt, listed equities, listed property portfolios, convertible equities, listed equity derivatives, non-equity securities and any other securities which are considered to be consistent with the portfolio s primary objective and the Act or the Registrar my allow from time to time, all to be acquired at fair market value. The portfolio may from time to time invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective. The portfolio may also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes in the Republic of South Africa. Where the aforementioned schemes are operating in territories other than South Africa, participatory interests or any other form of participation in these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and trustee as being of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio s primary objective. The portfolio will be actively managed with exposure to various asset classes being varied to reflect changing economic and market circumstances, in order to maximize returns to investors. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

44 Momentum Property Fund Portfolio Class and Benchmark Sector Classification Benchmark Performance Objective SA - Real Estate - General FTSE/JSE Listed Property Index J253T To outperform the benchmark over the medium to longer term Why Invest? The Momentum Property Fund aims to maximise income yield and longterm capital growth through investments in listed property stocks, predominately listed on the FTSE/JSE. Performance 3 year cumulative performance graph based to 100 Portfolio Facts Portfolio Size R 1.21 billion Launch Date 1 September 2004 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RBPF RMBPROP Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 1.43% p.a. (incl. VAT) Total Expense Ratio 1.42% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years Fund 25.40% 19.72% 19.79% 14.78% Sector 24.26% 19.47% 19.54% 14.81% Benchmark 27.01% 22.25% 22.68% 17.46% Rank 10/20 9/18 11/17 10/14 Cash 5.31% 5.76% 7.29% 7.84% Inflation 5.91% 5.41% 5.87% 6.64% Holdings Portfolio (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Jun` Sep` Dec` Mar` Distribution takes place Quarterly : March, June, September, December Risk Classification 3 Year Risk Statistics Standard deviation 1) 12.21% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return % Number of positive months 29/36 Top Holdings (%) Growthpoint Properties Lt Redefine Properties Ltd Capital Property Fund Ltd 8.36 Resilient Property Income 7.42 New Europe Property Inv 5.15 Hyprop Investments Ltd 4.78 Emira Property Fund 4.23 Acucap Properties Ltd 3.89 Vividend Income Fund Ltd 3.63 Vukile Property Fund ) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

45 Momentum Property Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Nesi Chetty BCom (Hons) Finance (Cum Laude), CFA Fund manager at Momentum Asset Management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Nesi joined RMB Asset Management in 2002 after completing his finance honours degree. On joining RMBAM, he was a member of the consumer industrial team but also assumed non-consumer research responsibilities. In January 2007, he was promoted to senior analyst for the life assurance sector, in addition to his industrial research and fund management responsibilities. Nesi was subsequently appointed head of financials in 2009 and fund manager of the Momentum Financials Fund. In 2011, Nesi was appointed as a fund manager and head of property for the merged asset management company. He currently manages the Momentum Property Fund and is responsible for property, beverage and leisure sector research. Investment Objectives and Universe Investment Objective The portfolio will endeavour to provide investors with the combination of high income and long term capital appreciation by investing in a portfolio of listed property collective investment schemes, property unit trusts, property loan stock, other equity listed in a real estate sector of Johannesburg Securities Exchange and cash. Investment Universe The investable universe of the portfolio will be listed property collective investment schemes, property loan stock, Real Estate equity and cash. The portfolio will only invest in domestic counters and will not invest offshore. The portfolio can hold up to 50% of the portfolio in cash during periods when suitably priced property instruments are not available. The portfolio is a domestic asset allocation flexible property portfolio and will invest in listed property collective investment schemes, property unit trusts, property loan stock, other equity listed in the Real Estate sector of the Johannesburg Securities Exchange and cash. The portfolio will invest in a portfolio of listed property collective investment schemes, property unit trusts, property loan stock, other equity listed in a real estate sector of Johannesburg Securities Exchange and cash. The portfolio will not be permitted to invest in any foreign instruments. It will maintain a 100% domestic exposure. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the Manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The Manager may, once a portfolio has been closed, open that portfolio again to new investors on date determined by the Manager. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

46 Momentum Resources Fund Portfolio Class and Benchmark Sector Classification Benchmark Performance Objective SA - Equity - Resources FTSE/JSE Resources Index J258T Outperform the benchmark over the medium to longer term Why Invest? The Momentum Resources Fund s objective is to maximise equity portfolio returns over the FTSE/JSE Resources Index. The fund provides investors exposure to the volatile but potentially substantial return opportunities provided by companies exposed to commodities. Performance 3 year cumulative performance graph based to 100 Portfolio Facts Portfolio Size R million Launch Date 10 August 1987 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE SAGR RMBRESO Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 1.71% p.a. (incl. VAT) Total Expense Ratio 1.74% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 8.35% 6.63% -2.87% 9.27% 16.41% Sector 3.20% 3.05% -4.22% 6.77% 13.38% Benchmark 7.10% 3.41% -5.19% 6.05% 13.76% Rank 5/9 4/8 2/8 5/8 5/8 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Portfolio (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Feb` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Portfolio Statistics Portfolio PE Dividend Yield 2.57% Risk Classification Top Holdings (%) BHP Billiton Plc Sasol Ltd Anglo American Plc Impala Platinum Holdings 5.23 Mondi Ltd 4.98 African Rainbow Minerals 4.40 Lonmin Plc 3.14 Anglo American Platinum C 2.48 AngloGold Ashanti Ltd 2.39 Pallinghrst Resources Ltd Year Risk Statistics Standard deviation 1) 18.38% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) 0.44 Largest negative monthly return -9.08% Number of positive months 16/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

47 Momentum Resources Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Simon Hudson-Peacock BEng (Mining), MBA, CFA Senior Resource Analyst and Portfolio Manager Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Until recently, Simon was head of specialist equities and resource portfolio management at Cadiz Asset Management. Prior to Cadiz acquiring African Harvest Fund Managers (AHFM) in 2006, Simon was a founding member and director of AHFM, the chief investment officer and he managed specialist resource mandates. He also held the role of portfolio manager at Prudential Portfolio Managers for three years before joining AHFM. Simon started his career at Impala Platinum where he worked as a mining engineer for four years. In 1993 he entered the financial services industry at Investec Asset Management as an analyst specialising in mining company research. Simon holds a BEng in mining, an MBA and he is a CFA charterholder. Investment Objectives and Universe Investment Objective The Momentum Resources Fund will seek to secure for investors a high total return. The portfolio will invest in resource based securities. Investment Universe These include mining houses, financial and prospecting companies or otherwise exploiting primary natural resources, and beneficiating, converting or otherwise turning the same to account as well as agriculture, fishing and forestry products. Although it would not normally invest in manufacturing industries, it may invest in primary beneficiation of resources such as primary metal producers, pulp and paper manufacturers and fishing factories. In order to achieve these objectives the investments normally to be acquired for the portfolio will comprise a mix of securities, non-equity securities and assets in liquid form. 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. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. The portfolio may from time to time invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective. The manager may also include unlisted forward currency agreements, interest rate and exchange rate swap transactions. The Trustee shall ensure that the investment policy set out in this supplemental deed is carried out. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

48 Momentum Small/Mid-Cap Fund Portfolio Class and Benchmark Sector Classification Benchmark Performance Objective SA - Equity - Mid & Small Cap FTSE/JSE SWIX J403T Outperform the index over the medium to longer term Why Invest? The Momentum Small/Mid-Cap Fund s objective is to maximise returns over time through investment in small and mid-cap shares primarily listed on the FTSE/JSE. The fund offers investors the potential for long term capital growth. Performance 3 year cumulative performance graph based to 100 Portfolio Facts Portfolio Size R million Launch Date 2 May 2000 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMEC RMBECOS Maximum Portfolio Charges Initial Management Fee 0% (incl. VAT) Initial Advisory Fee 0% % (incl. VAT) Annual Management Fee 1.71% p.a. (incl. VAT) Annual Advisory Fee Performance Fee Sharing Ratio 15% The performance fee applies to any excess performance of the fund relative to the benchmark measured over rolling two year periods. Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 8.71% 18.26% 12.76% 16.56% 25.84% Sector 21.92% 18.71% 8.54% 11.49% 21.90% Benchmark 28.63% 19.71% 10.63% 14.60% 21.61% Rank 7/7 4/7 3/7 2/7 2/7 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Portfolio (%) Total Expense Ratio 1.73% Price History (cpu) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Portfolio Statistics Portfolio PE Dividend Yield 2.42% Risk Classification Top Holdings (%) Pallinghrst Resources Ltd 5.45 Rainbow Chicken Ltd 4.28 African Bank Ltd 4.12 Afgri Ltd 3.67 Lonmin Plc 3.61 Telkom SA SOC 3.41 Sun International Ltd 3.07 Adcorp Holdings Ltd 3.01 Zeder Investments Ltd 2.98 Stefanutti Stocks Hldgs Year Risk Statistics Standard deviation 1) 8.45% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) - Largest negative monthly return -4.88% Number of positive months 26/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

49 Momentum Small/Mid-Cap Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Fund Managers Sam Houlie CA(SA), CFA Head of the Unconstrained Strategies at Momentum Asset Management Sam has been appointed head of the Unconstrained Strategies team at Momentum Asset Management and brings 16 years of domestic and global investment experience to the firm. Sam was at Investec Asset Management until September 2011, where he held the positions of director, head of South African equities and portfolio manager in the Global Contrarian team. He started his career in the investment management industry at Allan Gray and moved to Abvest (now ABSA Asset Management), where he fulfilled the roles of portfolio manager, chief investment officer and, ultimately, chief executive officer, before leaving to join Investec Asset Management in early He headed a team of investment professionals responsible for well over R100 billion in equities across the full spectrum of portfolios, from pure equity to multi-asset mandates. He was the lead portfolio manager and key decision maker for close on R40 billion in client assets, including the Investec Global Franchise Fund and Investec Cautious Managed Fund. He also managed the Discovery Equity Fund from its inception in November Shawn Stockigt BCom (Law) Portfolio manager and research analyst at Momentum Asset Management Shawn Stockigt joined the Momentum Asset Management Unconstrained Strategies team as a portfolio manager and research analyst in October Shawn has been employed in the asset management industry since He has extensive experience in various facets of asset management, having been involved in trading, research and portfolio management during various stages of his career. He joins us from Stanlib, where he was head of the Value Equity Franchise and responsible for the Value Unit Trust, Shari ah Unit Trust and the Small-Cap Fund, in addition to managing Institutional mandates. Investment Objectives and Universe Investment Objective The Momentum Small/Mid-Cap Fund is a specialist portfolio, having the primary objective of growth of capital for investors. Investment Universe The Manager will focus on achieving this objective where the securities to be acquired for the Momentum Small/Mid-Cap Fund will be comprised, in the main, of those companies, both local and international, offering special opportunities, such as smaller market capitalisation and emerging companies that offer above average growth potential, as well as established companies with sound recovery prospects from a low earnings base, and any other securities which are considered consistent with the portfolio s investment objectives, cash, and any other securities that the Act may from time to time allow, all to be acquired at fair market prices. Interest bearing instruments in a currency other than the Republic of South Africa, may only be included in this portfolio if they comply with a credit rating of investment grade by the credit rating agencies approved by the Registrar, provided further that if the grading of an instrument differs between the rating agencies, the lower of the two gradings will apply. 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. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

50 Momentum Top 25 Fund Portfolio Class and Benchmark Sector Classification SA - Equity - General Benchmark FTSE/JSE SWIX Top 40 Index J400T Performance Objective Outperform the benchmark over the medium to longer term Performance Inception cumulative performance graph based to 100 Why Invest? The Momentum Top 25 Fund is a specialist large cap equity fund with the objective to maximise returns over the FTSE/JSE SWIX 40 at a slightly higher level of risk. The fund will be precluded to a maximum of 25 stocks which can only include the top 50 stocks by market capitalisation on the JSE. The fund offers the investor the potential for long term capital growth. Portfolio Facts Portfolio Size R million Launch Date 1 April 2012 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RSOA RMBSTOB Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 1.43% p.a. (incl. VAT) Class R Total Expense Ratio 1.46% 1.18% Price History (cpu) Cumulative Performance 1 month 3 months 6 months 1 year Inception Fund 4.85% 6.08% 10.08% 29.20% 27.61% Sector 5.89% 5.01% 10.35% 22.85% 21.37% Benchmark 8.86% 7.12% 11.85% 30.31% 29.49% Rank 88/123 54/120 64/115 24/113 25/112 Cash 0.43% 1.27% 2.54% 5.31% 6.29% Inflation 0.39% 2.59% 3.39% 5.91% 6.34% Holdings Portfolio (%) Top Holdings (%) Naspers Ltd -N Standard Bank Group Ltd 7.03 Bidvest Group Ltd 6.22 BHP Billiton Plc 6.11 Sasol Ltd 5.67 Aspen Pharmacare Holdings 5.08 British American Tob PLC 4.88 FirstRand Ltd 4.80 Old Mutual Plc 4.45 Kumba Iron Ore Ltd 4.41 Class R Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution (Class R) Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Portfolio Statistics Portfolio PE Dividend Yield 2.72% Risk Classification Underweights/Overweights Relative to SWIX J403T (%) Equity Sector Allocation (%)

51 Momentum Top 25 Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Patrick Mathidi BCom (Acc), HonsBCompt (Acc,), MScFin Fund manager at Momentum Asset Management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Patrick joined Momentum Asset Management as a senior investment professional in 2007, his skill set and understanding of the dynamics of the market complemented the existing investment team skills. Patrick started his career as an articled clerk at Deloitte & Touche in 92 and then joined the Tongaat-Hullett Group for 2 years as an internal auditor. In May 98 he was appointed chief dealer at Investec Asset Management. Patrick joined Credit Suisse Securities in 2003 as CEO. Patrick was largely responsible for facilitating and concluding the deal between Standard Bank and Credit Suisse, subsequently becoming deputy CEO for Credit Suisse Standard Securities. Investment Objectives and Universe Investment Objective The Momentum Top 25 Fund is a specialist large cap equity portfolio that seeks to provide investors with high long-term capital growth. Investment Universe The portfolio s investment universe consists, apart from assets in liquid form, of equity securities listed on the FTSE/JSE Securities Exchange. The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes, registered in South Africa. The portfolio will invest in up to 25 equity securities and such equity securities will not include companies outside of the top 50 companies by market capitalization on the FTSE/JSE Securities Exchange. The portfolio s equity exposure will always exceed 80% of the portfolio s net asset value. The portfolio may from time to time invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio s investment objective. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions. Nothing in this Supplemental Deed shall preclude the manager from varying the ratios of securities or assets in liquid form in changing economic environment or market conditions, or to meet the requirements in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and this Supplemental Deed. The Trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

52 Momentum Top 40 Index Fund Portfolio Class and Benchmark Sector Classification Benchmark Performance Objective Performance 3 year cumulative performance graph based to 100 SA - Equity - Large Cap FTSE/JSE Top 40 Index J200T The fund s objective is to replicate, not outperform, the return of the FTSE/JSE Top 40 Index with the lowest possible discrepancy in the performance of the fund relative to the index Why Invest? The Momentum Top 40 Index Fund offers growth potential over the medium to longer term through exposure to the top 40 shares by market capitalisation on the FTSE/JSE All Share. These shares are well established blue chip companies and in many cases have a wide geographical footprint. A low TER makes the fund an ideal core of a portfolio. Portfolio Facts Portfolio Size R million Launch Date 18 June 1996 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMBT RMBT40I Maximum Portfolio Charges Initial Management Fee Initial Advisory Fee Annual Management Fee Annual Advisory Fee 0% (incl. VAT) 0% % (incl. VAT) 0.57% p.a. (incl. VAT) Total Expense Ratio 0.60% Price History (cpu) Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund 30.42% 17.84% 6.40% 12.22% 18.58% Sector 28.06% 18.21% 7.17% 13.21% 19.18% Benchmark 32.67% 19.26% 7.62% 13.54% 20.06% Rank 7/9 6/7 6/7 7/7 5/6 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Portfolio (%) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Jun` Sep` Dec` Mar` Distribution takes place Quarterly : March, June, September, December Portfolio Statistics Portfolio PE Dividend Yield 2.75% Tracking Error Two years Three years One year (Annualised) (Annualised) Tracking Error 0.22% 0.17% 0.20% Risk Classification Top Holdings (%) BHP Billiton Plc SABMiller Plc Compagnie Finan Richemont 7.77 Anglo American Plc 6.84 MTN Group 6.74 Naspers Ltd -N Sasol Ltd 5.46 Old Mutual Plc 3.20 Standard Bank Group Ltd 2.96 British American Tob PLC Year Risk Statistics Standard deviation 1) 14.02% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return -4.54% Number of positive months 22/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark

53 Momentum Top 40 Index Fund Market Performance Benchmark YTD 1 Year 3 Year 5 Year ALBI TR Index 0.23% 11.57% 11.36% 12.15% Alexander Forbes STeFI (Cash) 2.10% 5.31% 5.76% 7.29% ALSI TR Index 8.43% 30.70% 19.16% 8.86% FTSE/JSE Listed Prop TR 4.19% 27.01% 22.25% 22.68% JPM GBI Global Traded TR USD 12.45% 12.25% 13.41% 9.58% MSCI World GR USD 32.19% 51.02% 24.66% 7.89% Fund Managers Loftie Botha MCom (Business Man), BCom, (Hons)(Inv), BEng Fund manager at Momentum Asset Management Disclaimer Collective Investment Schemes (CIS) in securities 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. All 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 the. Commission 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. reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. The Fund may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Different classes of participatory interests apply to certain portfolios, which are subject to different fees and charges. The exposure limit to a single security, in certain Specialist Equity portfolios, can be greater than is permitted for other portfolios in terms of the Schemes Control Act. s portfolios are valued daily at 15h00. Instructions must reach Momentum Limited before 13h00 to ensure same day value. Performance figures quoted are from Morningstar, as at the date of this factsheet, for a lump sum investment, using NAV-NAV prices with income distributions reinvested. CPI/Inflation figures are lagged by one month. For the period from 01 April 2012 to 31 March 2013 the Total Expense Ratio (TER) is the percentage of the average Net Asset Value (NAV) of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TER 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. is the Manager of the Momentum Scheme, and a full member of the Association for Savings and Investment SA. The Standard Bank of South Africa Limited (PO Box 54, Cape Town, 8000) is the Trustee of Momentum Scheme. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of s product. Loftie started his career as an engineer and moved into asset management in 1994 as an industrial analyst with the Mines Pension Fund. He joined ABSA Asset Management in 1998 as an analyst and later managed the ABSA General Equity Fund. He later became a senior portfolio manager at Huysamer Capital Investments. In 2006, he joined Umbono Fund Managers, an OMIGSA boutique, as a quantitative fund manager before being promoted to CIO of the boutique. Loftie joined Metropolitan Asset Managers in Feb 2010 as the head of absolute strategies and was appointed portfolio manager for Absolute Return Funds at Momentum Asset Management in Imtiaz Mohammed Alli BCompt (Unisa) Fund manager at Momentum Asset Management Imtiaz started at ABSA Consultants & Actuaries in Oct 1996 where he was responsible for the management/booking of national pension funds. He joined the Momentum Group in Jul 2000 as a dealing supervisor and was also involved in the planning and management of fund mergers. Imtiaz joined Momentum Asset management in Jun 2004 as a pricing analyst. In Mar 2006 he became the assistant to the portfolio manager and joined the investment team in Nov 2008 as a portfolio manager and research analyst. Investment Objectives and Universe Investment Objective The Momentum Top-40 Index Fund is a specialist capital growth portfolio and the investment policy followed by the Manager will be to focus on achieving a total compound annual return which will substantially equate the total compound annual return of the Johannesburg Stock Exchange All Share Top-40 Index (JSE Top-40 Index) as adjusted to take into account transaction and other costs, and to comply with the statutory requirements to invest in assets in liquid form. Investment Universe In order to achieve this investment objective, the securities to be acquired for the Momentum Top-40 Index Fund portfolio will substantially consist of a selection of financially sound ordinary shares, to be acquired at fair market prices, as included in the JSE Top-40 Index at proportions so determined as to best replicate the performance of the JSE Top-40 Index and will include a minimum of assets in liquid form investments as required by the Act from time to time. 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. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. Contact Details Client services line: Client services ci.clientservice@momentum.co.za Or visit our website:

54 Momentum Value Fund Portfolio Class and Benchmark Sector Classification Benchmark Performance Objective SA - Equity - General FTSE/JSE SWIX J403T Outperform the benchmark over the medium to longer term Why Invest? The Momentum Value Fund s objective is to maximise returns over the FTSE/JSE SWIX Index over time. The fund is not benchmark cognisant and can differ substantially from other equity funds and market indices given its contrarian approach and its focus on absolute value. The fund offers investors the potential for long term capital growth. Performance 3 year cumulative performance graph based to 100 Portfolio Facts Portfolio Size R million Launch Date 1 July 1998 Minimum Investment Lump Sum R 5,000 Monthly R 500 Codes ISIN Number JSE Code Bloomberg Code ZAE RMVF RMBVALF Maximum Portfolio Charges Initial Management Fee 0% (incl. VAT) Initial Advisory Fee 0% % (incl. VAT) Annual Management Fee 1.43% p.a. (incl. VAT) Annual Advisory Fee Performance Fee Sharing Ratio 20% The performance fee applies to any excess performance of the fund relative to the benchmark measured over rolling two year periods. Annualised Performance 1 year 3 years 5 years 7 years 10 years Fund -1.61% 7.92% 3.17% 9.79% 19.00% Sector 22.85% 16.09% 9.00% 12.11% 20.12% Benchmark 28.63% 19.71% 10.63% 14.60% 21.61% Rank 112/113 89/91 79/82 53/63 32/45 Cash 5.31% 5.76% 7.29% 7.84% 7.94% Inflation 5.91% 5.41% 5.87% 6.64% 5.32% Holdings Portfolio (%) Top Holdings (%) Anglo American Plc 8.69 Anglo American Platinum C 6.68 SIBANYE GOLD MINING LTD 5.69 Harmony Gold Mining Co Lt 5.56 African Bank Ltd 5.15 Telkom SA SOC 4.87 Impala Platinum Holdings 4.75 Lonmin Plc 4.01 AngloGold Ashanti Ltd 3.89 Gold Fields Ltd 3.18 Total Expense Ratio 1.47% Price History (cpu) Jan` Feb` Mar` Apr` May` Income Distribution (cpu) Distribution () Dividend Interest Total Yield % Dec` Mar` Jun` Dec` Distribution takes place Semi-annually : June, December Portfolio Statistics Portfolio PE Dividend Yield 2.15% Risk Classification Underweights/Overweights Relative to SWIX J403T (%) Equity Sector Allocation (%) 3 Year Risk Statistics Standard deviation 1) 13.67% Return per unit of risk - Sharpe Ratio 2) Information Ratio 3) Largest negative monthly return -9.59% Number of positive months 22/36 1) Standard deviation - measures the volatility of returns 2) Sharpe ratio - (fund return minus cash return) / Std Dev(fund returns) 3) Information ratio - Return per unit of risk against the benchmark