OFFSHORE INVESTMENT PLATFORM FUND LIST EFFECTIVE 9 MARCH 2015 VERSION 5.0

Transcription

1 OFFSHORE INVESTMENT PLATFORM LIST EFFECTIVE 9 MARCH 2015 VERSION 5.0

2 This information is subject to change. Please refer to for up to date information. This brochure is printed quarterly. Allan Gray represents Orbis in South Africa and does not endorse any of the other funds on the platform. These other funds are selected on the recommendation of financial advisers and are reviewed from time to time. Allan Gray derives the same financial benefit regardless of the funds chosen to be on the platform or to be included in the investor s portfolio.

3 IMPORTANT DEFINITIONS AND NOTES INITIAL S Initial fees are deducted from the initial investment amount before the investment is made. Investment platform administration fee: This fee is charged for investing on an investment platform. Allan Gray Investment Services Proprietary Limited currently charges no fee. Fund fee: Allan Gray does not charge an initial fee for investing in Orbis funds. Other fund management companies may charge an initial fee. These may vary, but the current maximum initial fund fee on our investment platform is 1.00% (excl. VAT). This fee will be deducted from the initial investment amount before it is invested. Negotiable adviser fee: You pay this fee to your adviser for financial advice and services provided. This fee is agreed between you and your adviser. When investing via our investment platform, initial adviser fees are subject to a maximum of 3.00% (incl. VAT). ANNUAL S Annual fees are expressed as a percentage of the value of the investment and are payable to the different entities as described below: Investment platform administration fee: This fee is charged for ongoing administration on an investment platform. Allan Gray Investment Services Proprietary Limited currently charges a maximum of 0.50% less any fund manager discount received from the fund manager in whose fund you are investing. Manager fee discount: This is a fee the fund management company pays to Allan Gray Investment Services Proprietary Limited. This fee is passed on to you as a discount by reducing the annual platform administration fee. Please refer to the table below for an example of how the fund manager fee discount reduces your effective annual investment platform administration fee. MANAGER DISCOUNT EXAMPLE Annual investment platform administration fee 0.50% R Fund manager fee discount 0.40% R Effective annual investment platform administration fee 0.10% R If the value of your investment account is R , the effective annual investment platform administration fee would be R100, as shown in the example above. This means R100 would be withdrawn from your investment account and paid to Allan Gray Investment Services Proprietary Limited. Investment management fee: This fee is charged by the fund manager for investing your money. The fee structures vary between funds. Fees may be fixed or performance based 1 OFFSHORE INVESTMENT PLATFORM LIST

4 (denoted by a PB in the fund list). Performance-based fees are dependent on the actual over- or underperformance of the investment in relation to its benchmark. A Fund of Funds typically invests in a combination of individual funds that each have their own fee structure. The underlying funds charges are not included in the stated amount in the table. Adviser fee: You pay this fee to your adviser for ongoing financial advice and services provided. This fee may be fixed or negotiable, depending on which fund and class of fund is selected. PREFERRED UNIT TRUST You may choose to have your annual administration and financial adviser fees withdrawn: Proportionately across all portfolios, or From any money market portfolio on the offshore platform The foreign currency money market portfolios are any one of the: Franklin Templeton Liquid Reserve Funds, or Investec Money Funds The Allan Gray Money Market Fund (ZAR) is also available for this purpose. TRADE TIMINGS A `business day refers to any day other than a Saturday, Sunday, South African public holiday or any applicable foreign holiday. The cut-off time to receive investor instructions for processing is daily at 14:00 South African time. Instructions will only be processed once funds reflect in the Allan Gray Investment Services Proprietary Limited bank account and once supporting documents specified in the application form and proof of deposit have been received. Investors should allow three business days to transfer funds to the Allan Gray Investment Services Proprietary Limited bank account. An investment or sale instruction for a fund which trades daily, as listed in the table on pages 3-8, will take a maximum of three business days from when it is processed by Allan Gray Investment Services Proprietary Limited to trade. For a sale instruction, proceeds will be paid to the investor upon receipt from the foreign scheme. This will normally be within nine business days after the shares/units are sold. The proceeds may take another three days to reflect in the investors bank account. For a fund which trades weekly, as listed in the table, Allan Gray Investment Services Proprietary Limited needs to receive a valid investment or sale instruction two business days before the day that the fund trades. For a sale instruction, proceeds will be paid to the investor upon receipt from the foreign scheme. This will normally be within five business days after the shares/units are sold. The proceeds may take another three business days to reflect in the investor s bank account. Schedules of similarities and differences between the South African regulations and the regulations governing Foreign Collective Investment Schemes are available from the Allan Gray Client Service Centre on or via OFFSHORE INVESTMENT PLATFORM LIST 2

5 ALLAN GRAY OFFSHORE INVESTMENT PLATFORM LIST - EFFECTIVE 9 MARCH 2015 INITIAL S (EXCL. VAT) ANNUAL S EXIT S TRADE TIMINGS (T = TRADE DAY) 4 NAME CURRENCY CLASS 1 CODE SECTOR PLATFORM INVESTMENT MANAGEMENT ADVISER NEGOTIABLE 2 (EXCL. VAT) (A) PLATFORM DISCOUNT (EXCL. VAT) (B) EFFECTIVE (EXCL. VAT) (A - B) INVESTMENT MANAGEMENT 3 ADVISER (EXCL. VAT) NEGOTIABLE 2 Allan Gray Africa ex-sa Equity Fund 7 USD A AGAEX Africa 0.00% 1.00% 0%-3.00% 0.50% 0.50% 0.00% 1.00%-uncapped PB 0%-1.00% 1.00% TRADING FREQUENCY CUT-OFF DAY TRADE DAY WITHDRAWAL SETTLEMENT DAY 5 RATING 6 T-2 T T plus 5 not rated Allan Gray Australia Equity Fund 8 AUD (inc) SMEF Allan Gray Australia Opportunity Fund 8 AUD (Inc) SMSF Balanced 0.00% 0.20% 0%-3.00% 0.50% 0.05% 0.45% 0.75%-uncapped PB 0%-1.00% 0.20% Daily T-2 T T plus 6 Tier % 0.10% 0%-3.00% 0.50% 0.05% 0.45% 0.25%-uncapped PB 0%-1.00% 0.10% Daily T-2 T T plus 6 Tier 1 Ashburton Replica Dollar Asset Management Fund (USD) (Class R) USD R(acc) ASRD Cautious 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% 0%-1.00% 0.00% Daily T-2 T T plus 7 Tier 3 Ashburton Replica Euro Asset Management Fund (EUR) (Class R) Ashburton Replica Sterling Asset Management Fund (GBP) (Class R) Catalyst Global Real Estate UCITS Fund (Class A) Coronation Global Capital Plus Fund (GBP Hedged) (Class G) Coronation Global Capital Plus Fund (USD Hedged) (Class F) Coronation Global Emerging Markets Fund (Class B) Coronation Global Managed (USD) Fund (Class A) Coronation Global Opportunities Equity Fund (USD) (Class A) Coronation Global Strategic USD Income Fund (Class A) Fidelity Funds Emerging Markets Fund (USD) (Class Y) Fidelity Funds European Growth Fund (EUR) (Class Y) Fidelity Funds World Fund (USD) (Class Y) Foord Fund (Class R1) EUR R(acc) ASRE GBP R(acc) ASRG USD A CGREF GBP G(acc) CGCG USD F(acc) CGCUH USD B(acc) CGEB USD A(acc) CGMA USD A CGOE USD A CGSU Cautious Cautious Property - Flexible Cautious Emerging Markets Balanced Fixed Interest - Global 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% 0%-1.00% 0.00% Daily T-2 T T plus 7 Tier % 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% 0%-1.00% 0.00% Daily T-2 T T plus 7 Tier % 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% PB 0%-1.00% 0.00% Daily T-2 T T plus 10 Tier % 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.75%-2.85% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier % 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.75%-2.85% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier % 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.35%-3.00% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier % 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.35%-3.00% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier % 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.35%-3.00% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier % 0.00% 0%-3.00% 0.50% 0.30% 0.20% 0.50%-0.95% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier 2 USD Y(acc) YEMM Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier 1 EUR Y(acc) YEUG Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier 1 USD Y(acc) YWLDY Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier1 USD 1 FIFL 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 1.00% plus 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier 1 Refer to page 9 for footnotes. 3 OFFSHORE INVESTMENT PLATFORM LIST OFFSHORE INVESTMENT PLATFORM LIST 4

6 ALLAN GRAY OFFSHORE INVESTMENT PLATFORM LIST - EFFECTIVE 9 MARCH 2015 NAME FTIF Franklin Euro Liquid Reserve Fund (EUR) (Class A) FTIF Franklin US Dollar Liquid Reserve Fund (USD) (Class A) FTIF Franklin US Opportunities Fund (USD) (Class W) FTIF Templeton Asian Growth Fund (USD) (Class W) FTIF Templeton Emerging Markets Fund (USD) (Class W) FTIF Templeton Global Balanced Fund (USD) (Class W) GinsGlobal Global Bond Index Fund GinsGlobal Global Equity Index Fund Investec Euro Money Fund (EUR) (Class A) Investec Global Franchise Fund (USD) (Class I ) Investec Global Strategic Equity Fund (USD) (Class I) Investec Global Strategic Managed Fund (USD) (Class I) Investec Sterling Money Fund (GBP) (Class A) Investec US Dollar Money Fund (USD) (Class A) M&G Recovery Fund (GBP) (Class I) Marriott Real Estate Fund (USD) (Class A) Nedgroup Investments Global Equity Fund (USD) (Class A) Nedgroup Investments Global Flexible Fund (USD) (Class A) CURRENCY CLASS 1 CODE Orbis Refer Global to page Equity 7 for Fund footnotes. USD - OGEF (USD) 9 Refer to page 9 for footnotes. SECTOR PLATFORM INITIAL S (EXCL. VAT) ANNUAL S EXIT S TRADE TIMINGS (T = TRADE DAY) 4 INVESTMENT MANAGEMENT ADVISER NEGOTIABLE 2 (EXCL. VAT) (A) PLATFORM DISCOUNT (EXCL. VAT) (B) EFFECTIVE (EXCL. VAT) (A - B) INVESTMENT MANAGEMENT EUR A(acc) FELR Currency - Euro 0.00% 0.00% 0%-3.00% 0.50% 0.10% 0.40% 0.40% 0%-1.00% 0.00% Daily T-2 T T plus 4 not rated USD A(acc) FULR Currency - US Dollar 3 ADVISER (EXCL. VAT) NEGOTIABLE 2 TRADING FREQUENCY CUT-OFF DAY TRADE DAY WITHDRAWAL SETTLEMENT DAY % 0.00% 0%-3.00% 0.50% 0.10% 0.40% 0.40% 0%-1.00% 0.00% Daily T-2 T T plus 4 not rated USD W(acc) FUOF Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 4 Tier 1 USD W(acc) FAGC Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 1.00% 0%-1.00% 0.00% Daily T-2 T T plus 4 Tier 2 USD W(acc) FEMC Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 1.25% 0%-1.00% 0.00% Daily T-2 T T plus 4 Tier 2 USD W(acc) FTGB USD (acc) GGBI Asset Allocation Foreign Government Bonds 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.70% 0%-1.00% 0.00% Daily T-2 T T plus 4 Tier % 0.10% 0%-3.00% 0.50% 0.00% 0.50% 0.15% 0%-1.00% 0.00% Daily T-2 T T plus 8 Tier 1 USD (acc) GGEI Foreign Equity 0.00% 0.10% 0%-3.00% 0.50% 0.30% 0.20% 0.60% 0%-1.00% 0.05% Daily T-3 T T plus 9 Tier 2 EUR A(acc) IEUM Currency - Euro 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.50% 0%-1.00% 0.00% Daily T-2 T T plus 6 not rated USD I(acc) IFRC USD I(acc) ISEC USD I(acc) ISMC GBP A(acc) IGBM USD A(acc) IUSM Aggressive Currency - Sterling Currency - US Dollar 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% plus RATING 6 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier % 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier % 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% plus 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier % 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.50% 0%-1.00% 0.00% Daily T-2 T T plus 6 not rated 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.50% 0%-1.00% 0.00% Daily T-2 T T plus 6 not rated GBP I(acc) MGRF Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.90% 0%-1.00% 0.00% Daily T-2 T T plus 10 Tier 1 USD A(acc) MIRE USD A(acc) NIGE USD A(acc) NGBF Property - Balanced 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.00% 0%-1.00% 0.00% Daily T-2 T T plus 7 Tier % 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% 0%-1.00% 0.00% Daily T-3 T T plus 8 Tier % 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% 0%-1.00% 0.00% Daily T-3 T T plus 8 Tier % 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.50%-2.50% PB 0%-1.00% 0.00% T-2 T T plus 5 Tier 1 5 OFFSHORE INVESTMENT PLATFORM LIST OFFSHORE INVESTMENT PLATFORM LIST 6

7 ALLAN GRAY OFFSHORE INVESTMENT PLATFORM LIST - EFFECTIVE 9 MARCH 2015 NAME CURRENCY CLASS 1 CODE Orbis Optimal SA Fund (EUR) 9 EUR - OSAE Orbis Optimal SA Fund (USD) 9 USD - OSAD Orbis SICAV Asia Ex- Japan Equity Fund (USD) 9 USD - XJEF Orbis SICAV Global Balanced Fund (USD) 9 USD - GBSAI SECTOR Hedge/ Structured Product - Mixed Hedge/ Structured Product - Mixed Asia Pacific ex Japan Flexible PLATFORM INITIAL S (EXCL. VAT) ANNUAL S EXIT S TRADE TIMINGS (T = TRADE DAY) 4 INVESTMENT MANAGEMENT ADVISER NEGOTIABLE 2 (EXCL. VAT) (A) PLATFORM DISCOUNT (EXCL. VAT) (B) EFFECTIVE (EXCL. VAT) (A - B) INVESTMENT MANAGEMENT 3 ADVISER (EXCL. VAT) NEGOTIABLE % 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.00%-uncapped PB 0%-1.00% 0.00% 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.00%-uncapped PB 0%-1.00% 0.00% 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.50%-2.50% PB 0%-1.00% 0.00% 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.50%-2.50% PB 0%-1.00% 0.00% Orbis SICAV Japan Equity Fund (EUR) 9 EUR - OJEU Japan 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.50%-2.50% PB 0%-1.00% 0.00% Orbis SICAV Japan Equity Fund (JPY) 9 JPY - OJEF Japan 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.50%-2.50% PB 0%-1.00% 0.00% RECM Global Fund (USD) (Class D) Sarasin IE GlobalSar - Dynamic (GBP) (Class P) Sarasin IE GlobalSar - Dynamic (USD) (Class P) Sarasin IE Real Estate Global (GBP) (Class P) Stanlib Global Balanced Cautious Fund (USD) Stanlib Global Bond Fund (USD) Vulcan Value Equity Fund (USD) (Class II) USD D(acc) REGC GBP P(acc) SBGC USD P(acc) SBUC Asset Allocation Asset Allocation TRADING FREQUENCY CUT-OFF DAY TRADE DAY WITHDRAWAL SETTLEMENT DAY 5 RATING 6 T-2 T T plus 5 Tier 2 T-2 T T plus 5 Tier 2 T-2 T T plus 5 Tier 1 T-2 T T plus 5 not rated T-2 T T plus 5 Tier 1 T-2 T T plus 5 Tier % 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.90%-uncapped PB 0%-1.00% 0.00% Daily T-3 T T plus 7 Tier % 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% GBP P(acc) SREC Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% USD Acc SBCF Allan Gray Money Market Fund 10 ZAR A OAGMF Refer to page 9 for footnotes. Asset Allocation 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% USD Acc SGOB Fixed Interest 0.00% 0.00% 0%-3.00% 0.50% 0.25% 0.25% 1.00% plus 1.00% plus 1.00% plus 1.95% including 1.75% including 0%-1.00% 0.00% Daily T-2 T T plus 6 not rated 0%-1.00% 0.00% Daily T-2 T T plus 6 not rated 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier 3 0%-1.00% 0.00% Daily T-2 T T plus 9 Tier 2 0%-1.00% 0.00% Daily T-2 T T plus 9 Tier 1 USD II(acc) VVEF Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 7 Tier 2 South African - Interest Bearing - Money Market 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.29% 0%-1.00% 0.00% Daily T-2 T T plus 2 not rated 7 OFFSHORE INVESTMENT PLATFORM LIST OFFSHORE INVESTMENT PLATFORM LIST 8

8 FOOTNOTES Wherever the term `Fund is used in the table it refers to a portfolio of a Collective Investment Scheme. 1. Fund class: acc = No income distribution declared by the fund. Inc = Income distribution will be re-invested by Allan Gray Investment Services Proprietary Limited. 2. Initial adviser fees: A maximum of 3.00% (excl. VAT) deducted prior to the investment being made. Annual adviser fees: A maximum of 1.00% p.a. (excl. VAT) of the investment portfolio, calculated daily, charged and paid monthly in arrears. If an initial adviser fee is in excess of 1.50% the maximum annual fee permitted is 0.50%. 3. When performance-based fees apply, the limits and details vary and may not be directly comparable with other funds fees. 4. All timings are in business days before or after the trade day. 5. The withdrawal settlement day is the day on which proceeds are paid to the investor. It may take another three days for proceeds to reflect in the investor s bank account. 6. Fund ratings are provided by independent financial services group Fundhouse. The rating is not an indication of the fund s future performance. For more information, please refer to Fundhouse ratings on the following page. 7. The Allan Gray Africa ex-sa Equity Fund currently has limited capacity. As a result, subscriptions may be declined or phased into the Fund over a number of dealing days (shares are normally subscribed for and redeemed every Thursday). Similarly, redemptions may be limited to US$5m or 2.5% of the Fund (whichever is less) per dealing day. 8. The Allan Gray Australia Equity Fund has a buy/sell spread which is 0.20% of the cost of a unit when investing or withdrawing. The Allan Gray Australia Opportunity Fund has a buy/sell spread of 0.10%. Allan Gray Australia has its annual financial and tax audit from 1 July to 15 July. During this time it is unable to provide us with confirmed fund prices. We are therefore unable to process any transactions for the duration of the audit. Goods and Services Tax (GST) and Reduced Input Tax Credit (RITC) are applicable to funds registered in Australia. 9. All distributions from this Fund will be automatically reinvested, any declaration will result in an increase in the unit price. 10. The Allan Gray Money Market Fund is only available to offshore investors as a means of deducting fees. 9 OFFSHORE INVESTMENT PLATFORM LIST

9 HOUSE RATINGS Fund ratings are provided by independent financial services group Fundhouse. Fundhouse s research process focuses on all elements which drive long-term investment success, including the business structure within which the fund operates, the fund management team (their beliefs and the principles they follow in making decisions), team dynamics and culture, as well as evidence of the investment process being followed consistently. This qualitative approach offers the highest degree of comfort that the fund is being managed appropriately. Fundhouse compiles detailed evidence by engaging in face-to-face interviews with investment teams and conducting due diligences. Fundhouse gathers as much information as possible to make sure that the evidence is related to future outcomes, and not based on past returns. Fund ratings are merely informative, do not constitute advice and do not relate to the future performance of the fund. UNDERSTANDING HOUSE RATINGS Tier 1 Tier 2 Tier 3 This is Fundhouse s highest rating and indicates that Fundhouse is satisfied that the offering is managed according to a well-considered, consistently applied process. Reflects that there is a well-considered process, but Fundhouse has some minor concerns, which may be people or business related. This is a negative rating and signals that Fundhouse has fundamental concerns about aspects of this fund and believes there are better alternatives. Source: Fundhouse WHY ARE NOT ALL THE S ON THE ALLAN GRAY INVESTMENT PLATFORM RATED? Some funds on our investment platform are described as not rated. There are various reasons why a fund is not rated: Fundhouse may still be in the process of rating some funds Money market funds are not rated, as Fundhouse focuses on assessing the process and structure behind investment research and stock selection, rather than credit ratings relevant to money market investments Fund of funds that invest in funds managed by a different investment management company are not rated, as the current ratings methodology focuses on assessing fund management teams and their funds, rather than a manager s ability to assess and select. As Orbis is associated with Allan Gray, the Allan Gray-Orbis funds can be rated Some fund managers have opted not to participate in the rating process for various reasons, e.g. the fund manager may feel that the fund does not have a long enough track record to be fairly rated OFFSHORE INVESTMENT PLATFORM LIST 10

10 IMPORTANT INFORMATION FOR INVESTORS Allan Gray Unit Trust Management (RF) Proprietary Limited (the Management Company ) is registered as a management company under the Collective Investment Schemes Control Act 45 of The Management Company is a member of the Association for Savings & Investment SA (ASISA). Allan Gray Investment Services Proprietary Limited is an authorised financial services provider. Collective Investment Schemes in Securities (unit trusts or funds) are generally medium- to long-term investments. Except for the Allan Gray Money Market Fund, where a constant unit price will be maintained, the value of units may go down as well as up. Past performance is not necessarily a guide to future performance. The Management Company does not provide any guarantee regarding the capital or the performance of its unit trusts. Funds may be closed to new investments at any time in order for them to be managed according to their mandates. Unit trusts are traded at ruling prices and can engage in borrowing and scrip lending. Performance Actual investor performance may differ as a result of the investment date, the date of reinvestment and dividend withholding tax. Movements in exchange rates may also be the cause of the value of underlying international investments going up or down. Unit trust prices are calculated on a net asset value basis, which is the total market value of all assets in the Fund including any income accruals and less any permissible deductions from the Fund, divided by the number of units in issue. Forward pricing is used. Unit trust prices are available daily on Permissible deductions may include management fees, brokerage, Securities Transfer Tax (STT), auditor s fees, bank charges and trustee fees. A schedule of fees, charges and maximum commissions is available on request from the Management Company. Benchmarks The FTSE/JSE All Share Index is calculated by FTSE Limited ( FTSE ) in conjunction with the JSE Limited ( JSE ) in accordance with standard criteria. The FTSE/JSE All Share Index is the proprietary information of FTSE and the JSE. All copyright subsisting in the FTSE/JSE All Share Index values and constituent lists vests in FTSE and the JSE jointly. All their rights are reserved. FTSE is a trademark of the London Stock Exchange Group of Companies. The FTSE World Index is calculated by FTSE Limited ( FTSE ) in accordance with standard criteria and is the proprietary information of FTSE. All copyright subsisting in the FTSE World Index values and constituent lists vests in FTSE. All its rights are reserved. Total expense ratios (TERs) The total expense ratio (TER) is the percentage of the Fund s average assets under management that has been used to pay the Fund s operating expenses over the past year. The TER includes the annual management fees that have been charged (both the fee at benchmark and any performance component charged), trading costs (including brokerage, STT, STRATE and FSB Investor Protection Levy), VAT and other expenses. Since unit trust expenses vary, the current TER cannot be used as an indication of future TERs. The Fund s performance figures are quoted after the deduction of costs incurred within the Fund so the TER is not a new cost. A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. Instead, when investing, the investment objective of the Fund should be aligned with the investor s objective and compared against the performance of the Fund. TERs should then be used to evaluate whether the Fund performance offers value for money. 11 OFFSHORE INVESTMENT PLATFORM LIST

11 Allan Gray Investment Services Proprietary Limited, Directors Executive R J Formby J C Marais Non-Executive R W Dower E D Loxton S A Raubenheimer S P C Terblanche BSc (Eng) MBA BSc BSc (Eng) MBA BCom (Hons) MBA BCom (Hons) CFA BCom (Hons) Company Secretary T Pickering BBusSc (Hons) CA (SA) Registration Number 2004/015145/07 Business Address 1 Silo Square V&A Waterfront Cape Town 8001 P O Box V&A Waterfront Cape Town 8002 South Africa Client Service Centre Tel: / +27 (0) Fax: / +27 (0) info@allangray.co.za Website: Office hours: Monday to Friday 7:30-17: Allan Gray Proprietary Limited All rights reserved. The content and information may not be reproduced or distributed without the prior written consent of Allan Gray Proprietary Limited (Allan Gray). The information and content of this publication/presentation is provided by Allan Gray as general information about the company and its products and services. Allan Gray does not guarantee the suitability or potential value of any information or particular investment source. The information provided is not intended to nor does it constitute financial, tax, legal, investment, or other advice. Before making any decision or taking any action regarding your finances, you should consult a qualified financial adviser. Nothing contained in this publication/presentation constitutes a solicitation, recommendation, endorsement or offer by Allan Gray, but is merely an invitation to do business. Allan Gray has taken and will continue to take care that all information provided, in so far as this is under its control, is true and correct. However, Allan Gray shall not be responsible for and therefore disclaims any liability for any loss, liability, damage (whether direct or consequential) or expense of any nature whatsoever, which may be suffered as a result of or which may be attributable, directly or indirectly, to the use of or reliance upon any information provided.

12 1 Silo Square V&A Waterfront Cape Town 8001 P O Box V&A Waterfront Cape Town 8002 South Africa Client Service Centre Tel: or +27 (0) Client Service Centre Fax: or +27 (0) info@allangray.co.za