ABRIDGED ANNUAL REPORT 2008

Transcription

1 ABIDGED ANNUAL EPOT Superior returns at lower than market risk.

2 CHAIMAN S EPOT Mr. Mohamed Shaheen Ebrahim Safeguarding the rights of others is the most noble and beautiful (act) of a human being as (our ultimate) progress lies not in enhancing what is, but in advancing toward what will be. (Khalil Gibran: ) These very words, while written decades ago, resonate through Oasis philosophy of providing superior returns at lower than market risk and remains relevant today as it will forever. eflecting over the past ten years of Oasis presence in the financial industry, I am certainly proud of how Oasis has gone about its duty of preserving and growing its client s wealth and moreover the contributions that have been made to advance the lives of those we have been nominated to serve. The Financial year has been exceptional for Oasis Crescent Management Company where significant growth closely supported by our investment strategy has ensured remarkable returns for our unit holders. The Company continued to outperform in the South African unit trust industry and once again received accolades at both the aging Bull and Micropal Awards. Oasis was awarded a aging Bull Certificate for its performance in the Oasis Property Equity Fund and received recognition as one of South Africa s top three investment management companies. Oasis collected further awards at the Micropal ceremony for the Oasis Balanced Stable Fund of Funds and Oasis Bond Fund. Both funds were credited as best fund within their sectors. In light of Oasis performance, international rating agency, Failaka International awarded our flagship Oasis Crescent Equity Fund with the Best South African Equity Fund Accolade as a result of excellent performance since inception. Over the last nine years this Fund has continued to generate superior returns and outperform its peers. The fund generated an impressive cumulative return of % and an annualised return of 32.7% since its inception to. The FTSE/JSE All Share Index grew by a cumulative return of 520.5% and an annualised return of 20.8% over the same period. Oasis Crescent Management Company made further inroads with regard to product development and increased its client services capacity. The launch of the Oasis Crescent International Property Equity Feeder Fund

3 enables South African investors access to the global property market with all the benefits of a unit-trust based investment. Similarly the Oasis Crescent Worldwide Flexible Fund of Funds was also launched to provide investors with moderate capital appreciation through exposure to local and global equity as well as property investments. In August of Oasis opened its third South African office in the bustling city of Durban, home to many of its clients. The office is based within The Shallcross Shopping Centre, and offers a fully operational sales and client services center. The move to Durban has enhanced Oasis reach into the very community in which it operates and has ensured excellent and continued service delivery to all our clients within the region. Under the auspices of the Crescent Fund Trust, the non permissible funding channeled from the Oasis Crescent Management Company has been utilised in a number of significant community development projects, particularly within areas of healthcare, education and disaster relief. This year Oasis made one of the most significant contributions towards healthcare in South Africa by installing the first publicly available laser and hair removal unit in the country. The unit is housed within a refurbished ward at Groote Schuur hospital and will benefit patients from across the country in need of specialised dermatological treatment. The continued emphasis and support of community development and upliftment projects is central to the Crescent Fund Trust and the Trustees of the Fund will ensure that the revenue received is invested into empowering projects for the benefit of both local and global communities. As custodian of your wealth we are charged with a responsibility of enhancing, advancing and adding to your life, those dear to you as well as to the lives of those around all of us. It is a responsibility we have accepted wholeheartedly and one that we trust has indeed contributed towards humanity s progress. While significant milestones and exciting developments have made this a successful year for Oasis Crescent Management Company, it is to the Oasis Board of Directors, our dedicated staff, our astute Shari ah Advisory Committee and our cherished clients, that I am indeed thankful. Your contribution and support has made this organisation a truly remarkable one. With Kind egards Mohamed Shaheen Ebrahim Oasis Crescent Management Company Ltd Chairman

4 INDEPENDENT AUDITOS EPOT To the unitholders of the Oasis Balanced Stable Fund of Funds, the Oasis International Feeder Fund, the Oasis Bond Fund, the Oasis Money ket Fund, the Oasis Balanced Fund, the Oasis Property Equity Fund, the Oasis General Equity Fund, the Oasis Crescent Worldwide Flexible Fund of Funds, the Oasis Crescent International Property Equity Feeder Fund, the Oasis Crescent Balanced Progressive Fund of Funds, the Oasis Crescent International Feeder Fund and the Oasis Crescent Equity Fund. The accompanying summarised financial statements have been derived from the financial statements of the above-mentioned portfolios managed by Oasis Crescent Management Company Limited (the Portfolios) for the year ended. These summarised financial statements are the responsibility of the Company s management. Our responsibility is to express an opinion on whether these summarised financial statements are consistent, in all material respects, with the financial statements from which they were derived. We have audited the financial statements of the Portfolios for the year ended, from which the summarised financial statements were derived, in accordance with International Standards on Auditing. In our report dated 24 June we expressed an unqualified opinion on the financial statements from which the summarised financial statements were derived. In our opinion, the accompanying summarised financial statements are consistent, in all material respects, with the financial statements from which they were derived. Without qualifying our opinion, we emphasise that the accompanying balance sheets and income statements do not comprise complete sets of financial statements in accordance with a recognised accounting framework. Information on net changes in assets attributable to unitholders for each portfolio is necessary to obtain a complete understanding of the financial position, performance and changes in financial position of the Portfolios. Furthermore, we have not audited the additional information presented with the summarised balance sheets and summarised income statements. For a better understanding of the Portfolios financial position and the results of their operations for the year and of the scope of our audit, the summarised financial statements should be read in conjunction with the financial statements from which the summarised financial statements were derived and our audit report thereon. PricewaterhouseCoopers inc Director: DG Malan egistered Auditor Cape Town Date 24 June

5 OASIS CESCENT EQUITY FUND The Oasis Crescent Equity Fund provides investors with the opportunity to invest in listed equities on both local and international stock exchanges within the ethical parameters of Shari ah governed investment. The Fund is an actively managed, Shari ah compliant collective investment scheme that adheres to the ethical investment guidelines prescribed by our Shari ah Board. CONSUME CYCLICALS 1% FOEIGN ASSETS 9% TMT 10% GDFI 13% CONSUME STAPLES 24% EXPOTES 43% Equity S.A. Theme Split of the Oasis Crescent Equity Fund ( ) in ZA 1998 (Aug- Dec) YTD Since Inception Cumulative Annualised elative out Oasis Crescent Equity Fund FTSE / JSE All Share Index Ave General Equity Fund Annualised (19.9) (8.3) (21.9) 51.8 (3.8) (2.4) Total Expense atio: 1.99% (% returns) net of fees of the Oasis Crescent Equity Fund since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS Non-current assets 3,791,251,471 2,574,514,980 3,791,251,471 2,574,514,980 CUENT ASSETS 100,124, ,792,780 Cash 95,313, ,494,938 Accrued interest 1,020,542 1,387,265 Accrued dividends 3,129,353 7,378,149 Accounts receivable 660,430 42,532,428 TOTAL ASSETS 3,891,375,515 2,791,307,760 EQUITY & Capital and reserves 3,819,190,866 2,746,836,802 Capital of participating 3,819,090,323 2,746,729,739 interests (divided into 589,697,115 units, : 480,540,615 units) Undistributed income 100, ,063 INCOME 90,173,359 71,546,244 Dividends 71,146,923 57,935,828 Interest 16,874,034 9,153,670 Permissible 624, ,594 income Income adjustments due to creation and liquidation of units 1,527,421 3,916,152 EXPENSES 57,203,044 30,983,004 Service charges 56,592,388 30,529,165 Bank charges 494, ,095 Audit fees 115,814 94,447 SC levies - 20,297 NET INCOME 32,970,315 40,563,240 CUENT 72,184,649 44,470,958 Accounts payable 33,607,195 - Service charges 5,563,553 3,830,211 Audit fees 9,236 10,582 Bank charges 27,829 21,960 Unitholders for distribution 32,976,836 40,608,205 3,891,375,515 2,791,307,760

6 OASIS CESCENT INTENATIONAL FEEDE FUND The Oasis Crescent International Feeder Fund is a Shari ah compliant and denominated foreign general equity fund that invests in offshore US Dollar-based equities via the Oasis Crescent Global Equity Fund (a top-performing Shari ah compliant global mutual fund that forms part of the Oasis Group s global product range). The objective of the Fund s portfolio is to achieve medium to longterm growth in US dollars. POPETY 3% ENEGY 5% CONSUME NON-CYCLICALS 6% UTILITIES 7% HEALTHCAE 11% INDUSTIAL 11% TECHNOLOGY 12% BASIC MATEIAL 13% COMMUNICATIONS 16% CONSUME CYCLICALS 16% Sectoral split of the Crescent International Feeder Fund ( ) in ZA 2001 (Oct-Dec) YTD Since Inception Cumulative Annualised elative out Oasis Crescent International Feeder Fund* Average Foreign General Equity Fund 40.7 (22.6) 2.2 (1.0) Annualised 43.8 (38.2) 0.1 (2.2) Total Expense atio: 2.79 % (% returns) net of fees of the Oasis Crescent International Feeder Fund since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS Non-current assets 494,610, ,271, ,610, ,271,718 CUENT ASSETS 643,514 1,259,153 Cash 636,988 1,203,270 Accrued interest 6,526 55,883 TOTAL ASSETS 495,253, ,530,871 EQUITY & Capital and reserves 494,953, ,942,913 Capital of participating interests ( (divided into 233,277,850 units : 212,864,225 units) 494,953, ,942,913 INCOME 101,423 1,028,880 Interest 247, ,474 Income adjustments due to creation & liquidation of units (145,798) 221,406 EXPENSES 3,010,687 6,441,673 Service charges 2,938,399 6,371,312 Bank charges 46,080 41,818 Audit fees 26,208 27,844 SC levies NET INCOME (2,909,264) (5,412,793) CUENT 300, ,958 Accounts payable 61,239 - Bank charges 3,282 3,062 Service charges 234, ,856 Audit fees 1,613 3, ,253, ,530,871

7 CESCENT BALANCED POGESSIVE FUND OF FUNDS The Crescent Balanced Progressive Fund of Funds is a prudential fund that invests in other funds to provide investors with an opportunity to hold a wide range of underlying asset classes within the ethical parameters of Shari ah governed investments. The Crescent Balanced Progressive Fund of Funds is managed in accordance with egulation 28 of the Pension Fund Act of These underlying asset classes comprise of domestic and international listed equities, property, long and short term Shari ah income products and Money ket instruments (for Pension Fund Act regulatory compliance.) CASH 10% OFFSHOE 17% POPETY 20% EQUITY SA 53% Asset Allocation Split of the Crescent Balanced Progressive Fund of Funds ( ) in ZA 2005 (-Dec) 2006 YTD Since Inception Cumulative Annualised elative out Crescent Balanced Progressive Fund of Funds Annualised Average Prudential Medium Equity Fund (0.5) Total Expense atio: 2.04 % (% returns) net of fees of the Crescent Balanced Progressive Fund of Funds since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS Non-current assets 719,259, ,620, ,259, ,620,471 CUENT ASSETS 81,826,668 65,510,806 Cash 80,577,421 65,072,922 Accrued interest 654, ,884 Accounts receivable 594,967 - TOTAL ASSETS 801,086, ,131,277 EQUITY & Capital and reserves 780,876, ,373,115 Capital of participating 780,877, ,375,541 interests (divided into 468,258,542 units : 218,991,377 units) Deficit (1,799) (2,426) INCOME 23,412,756 9,840,022 Dividends 2,409,472 1,246,528 Interest 11,087,802 3,099,886 Permissible 6,055,783 1,648,744 income Income adjustments due to creation and liquidation of units 3,859,699 3,844,864 EXPENSES 4,338,802 1,560,633 Service charges 4,232,095 1,509,872 Bank charges 74,657 27,848 Audit fees 32,050 18,431 SC levies - 4,482 NET INCOME 19,073,954 8,279,389 CUENT 20,209,905 8,758,162 Service charges 1,128, ,529 Audit fees 2,979 2,335 Bank charges 5,279 2,482 Unitholders for distribution 19,073,327 8,281, ,086, ,131,277

8 OASIS CESCENT INTENATIONAL POPETY EQUITY FEEDE FUND The Oasis Crescent International Property Equity Feeder Fund is a and denominated foreign property equity fund that offers exposure to offshore equities via its investment in the Oasis Crescent Global Property Equity Fund. The underlying Fund is a long term investment product, providing a competitive income yield in US Dollars. The investment objective of the Oasis Crescent Global Property Equity Fund is to provide income and to achieve medium to long term growth of capital from investments in high-quality property and property - related listed companies globally. This Shari ah compliant Property Fund provides investors with the opportunity to invest in a product that conforms to moral and cultural beliefs. APATMENT 7% ETAIL 10% DIVESIFIED 14% HEALTHCAE 16% OFFICE 22% INDUSTIAL 31% Sectoral Split of the Oasis Crescent Global Property Equity Fund ( ) in ZA (May-Dec) YTD Since Inception Cumulative Oasis Crescent International Property Equity Feeder Fund (6.3) OECD Inflation Total Expense atio: 1.84 % (% returns) of the Oasis Crescent International Property Equity Feeder Fund since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS Non-current assets 96,478,623-96,478,623 - CUENT ASSETS 357,422 - Cash 345,669 - Accrued interest 9,796 - Accounts receivable 1,957 - TOTAL ASSETS 96,836,045 - EQUITY & Capital and reserves 95,942,971 - Capital of participating interests (divided into 90,746,262 units) 95,942,971 - INCOME 976,678 - Dividends 732,964 - Permissible 58,866 - Investments Income Interest 98,342 - Income adjustments due to creation & liquidation of units 86,506 - EXPENSES 129,995 - Service charges 89,791 - Bank charges 20,542 - Audit fees 19,662 - NET INCOME 846,683 - CUENT 893,074 - Service charges 44,383 - Audit fees 1,385 - Bank charges Unitholders for distribution 846,683-96,836,045 -

9 OASIS CESCENT WOLDWIDE FLEXIBLE FUND OF FUNDS The Oasis Crescent Worldwide Flexible Fund of Funds is a specialist Shari ah compliant fund that seeks to provide investors with moderate capital appreciation and income growth. The Fund provides investors with an opportunity to hold a wide range of underlying asset classes comprising of domestic and international equities property, local and Global Shari ah Income products and Money market Instruments. GLOBAL SHAI AH INCOME 1% CASH 1% GLOBAL POPETY 24% GLOBAL EQUITY 34% EQUITY SA 40% Asset Allocation Split of the Oasis Crescent Worldwide Flexible Fund of Funds ( ) in ZA (May-Dec) YTD Since Inception Cumulative Oasis Crescent Worldwide Flexible Fund of Funds Average Worlwide Flexible Fund (2.0) Total Expense atio: 2.19 % (% returns) net of fees of the Oasis Crescent Worldwide Flexible Fund of Funds since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS Non-current assets 42,524,679-42,524,679 - CUENT ASSETS 496,152 - Cash 482,927 - Accrued interest 4,627 - Accounts receivable 8,598 - TOTAL ASSETS 43,020,831 - EQUITY & Capital and reserves 42,904,770 - Capital of participating interests (divided into 38,297,889 units) 42,904,644 - INCOME 107,663 - Permissible Investments Income 3,337 - Interest 28,661 - Income adjustments due to creation & liquidation of units 75,665 - EXPENSES 12,774 - Service charges 9,806 - Bank charges 1,365 - Audit fees 1,603 - NET INCOME 94,889 - Undistributed income CUENT 116,061 - Service charges 20,187 - Audit fees Bank charges Unitholders for distribution 94,763-43,020,831 -

10 OASIS GENEAL EQUITY FUND The Oasis General Equity Fund is an actively managed investment vehicle that provides investors with the opportunity to invest in listed domestic equities to generate capital appreciation over the medium to long term. CONSUME CYCLICALS 2% TMT 8% GDFI 10% FINANCIALS 15% CONSUME STAPLES 18% FOEIGN ASSETS 19% EXPOTES 28% Sectoral split of the Oasis General Equity Fund ( ) in ZA 2001 (Oct-Dec) YTD eturn Since Inception Cumulative Annualised elative Out Oasis General Equity Fund* FTSE / JSE All Share Index Ave General Equity Fund (3.4) Annualised 31.3 (8.3) (2.4) Total Expense atio: 1.73 % (% returns) net of fees of the Oasis General Equity Fund since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS Non-current assets 441,109, ,872, ,109, ,872,392 CUENT ASSETS 12,690,974 17,664,141 Cash 12,317,720 11,428,066 Accrued interest 98,091 89,942 Accrued dividends 275,163 1,207,416 Accounts receivable - 4,938,717 TOTAL ASSETS 453,800, ,536,533 EQUITY & Capital and reserves 442,672, ,223,128 Capital of participating 442,672, ,222,888 interests interests (divided into 91,879,245 units, : 79,510,573 units) Undistributed income INCOME 11,989,697 11,090,776 Dividends 10,595,816 10,446,930 Interest 1,202, ,537 Income adjustments due to creation & liquidation of units 191,573 56,309 EXPENSES 7,311,977 5,282,269 Service charges 7,216,705 5,188,921 Bank charges 71,104 64,348 Audit fees 24,168 25,082 SC levies - 3,918 NET INCOME 4,677,720 5,808,507 CUENT 11,127,614 6,313,405 Accounts payable 5,811,250 - Service charges 633, ,688 Audit fees 1,919 2,207 Bank charges 3,320 2,987 Unitholders for distribution 4,677,720 5,808, ,800, ,536,533

11 OASIS POPETY EQUITY FUND The Oasis Property Equity Fund provides investors with the opportunity to invest in high quality property equity and property related listed companies and is diversified through the holding of different property types. CASH 6% POPETY 94% Asset Allocation of the Oasis Property Equity Fund ( ) in ZA 2000 (Oct-Dec) YTD eturn Since Inception Cumulative Annualised elative Out Oasis Property Equity Fund Ave Property Equity Fund (7.4) Annualised (9.4) Total Expense atio: 1.70 % (% returns) net of fees of the Oasis Property Equity Fund since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS Non-current assets 680,456, ,713, ,456, ,713,865 CUENT ASSETS 42,489,013 39,481,749 Cash 40,772,191 38,650,051 Accrued interest 252, ,698 Accounts receivable 1,464,164 - TOTAL ASSETS 722,945, ,195,614 EQUITY & Capital and reserves 685,099, ,414,351 Capital of participating interests (divided into 204,091,359 units, : 203,133,213 units) 684,972, ,287,207 INCOME 49,980,103 39,978,188 Dividends 6,882,901 5,407,200 Interest 43,410,545 35,730,342 Income adjustments due to creation & liquidation of units (313,343) (1,159,354) EXPENSES 13,146,909 11,256,279 Service charges 12,995,277 11,086,109 Bank charges 116, ,541 Audit fees 34,820 39,076 SC levies - 26,553 NET INCOME 36,833,194 28,721,909 Undistributed income 127, ,144 CUENT 37,845,582 29,781,263 Service charges 1,004,265 1,049,232 Audit fees 2,449 3,622 Bank charges 5,675 6,500 Unitholders for distribution 36,833,193 28,721, ,945, ,195,614

12 OASIS BALANCED FUND The Oasis Balanced Fund is an actively managed prudential Fund that provides investors with the opportunity to invest in a range of asset classes, comprising of domestic and international listed equities; property; bonds and money market assets. The Oasis Balanced Fund is managed in accordance with egulation 28 of the Pension Fund Act. POPETY 6% FIXED INTEEST 8% CASH 16% OFFSHOE 18% EQUITY 52% Asset Allocation split of the Oasis Balanced Fund ( ) in ZA 2001 (-Dec) YTD eturn Since Inception Cumulative Annualised elative Out Oasis Balanced Fund Ave Prudential Equity Fund (0.5) Annualised (0.5) Total Expense atio: 2.05 % (% returns) net of fees of the Oasis Balanced Fund since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS Non-current assets 1,216,211,798 1,364,994,841 1,216,211,798 1,364,994,841 CUENT ASSETS 239,009, ,263,495 Cash 237,386, ,168,540 Accrued interest 799, ,296 Accrued dividends 823,577 3,780,904 Accounts receivable - 8,926,755 TOTAL ASSETS 1,455,221,036 1,572,258,336 EQUITY & Capital and reserves 1,416,177,674 1,534,691,472 Capital of participating interests (divided into 383,868,725 units, : 433,753,979 units) 1,415,750,529 1,534,264,066 INCOME 59,120,524 55,226,041 Dividends 26,462,420 32,229,097 Interest 34,632,584 25,410,995 Income adjustments due to creation & liquidation of units (1,974,480) (2,414,051) EXPENSES 23,644,489 19,852,040 Service charges 23,374,851 19,545,613 Bank charges 207, ,085 Audit fees 61,712 74,070 SC levies - 31,272 NET INCOME 35,476,035 35,374,001 Undistributed income 427, ,406 CUENT 39,043,362 37,566,864 Accounts payable 1,481,110 - Service charges 2,071,050 2,181,017 Audit fees 4,222 6,594 Bank charges 10,683 12,473 Unitholders for distribution 35,476,297 35,366,780 1,455,221,036 1,572,258,336

13 OASIS MONEY MAKET FUND The Oasis Money ket Fund seeks to provide investors with a vehicle for capital preservation and a high degree of liquidity, while providing a sustainable level of income to investors in the form of a steady income stream, with coinciding low risk parameters. in ZA 2001 (Sep-Dec) YTD eturn Since Inception Cumulative Annualised Oasis Money ket Fund Average Money ket Fund Total Expense atio: 0.30 % (% returns) net of fees of the Oasis Money ket Fund since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS CUENT ASSETS 1,110,866, ,106,012 Cash 79,120,378 40,813,680 Accrued interest 797, ,917 Investments in Money ket 1,030,949, ,012,415 TOTAL ASSETS 1,110,866, ,106,012 EQUITY & Capital and reserves 1,100,843, ,529,307 Capital of participating 1,100,844, ,529,307 interests (divided into 1,101,528,091 units, :789,529,766 units) Deficit (21) - INCOME 113,015,953 57,013,543 Interest 113,015,953 57,013,543 EXPENSES 3,426,720 2,155,103 Service 3,244,651 2,016,919 charges Bank charges 135,380 79,744 Audit fees 46,689 38,586 SC levies - 19,854 NET INCOME 109,589,233 54,858,440 CUENT 10,022,782 6,576,705 Service charges 262, ,682 Audit fees 4,385 3,346 Bank charges 7,362 6,715 Unitholders for distribution 9,748,770 6,353,962 1,110,866, ,106,012

14 OASIS BOND FUND The Oasis Bond Fund objective is to ensure long term capital protection and sustainable yields. The Oasis Bond Fund is managed under a prudent mandate with a focus on quality and selection of instruments with impeccable credit ratings. in ZA 2002 (Jun-Dec) YTD eturn Since Inception Cumulative Annualised Oasis Bond Fund (0.2) Average Bond Fund (1.4) Total Expense atio: 0.02 % (% returns) net of fees of the Oasis Money ket Fund since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS Non-current assets 341,508, ,289, ,508, ,289,877 CUENT ASSETS 45,515,445 37,484,040 Cash 44,726,693 37,200,639 Accrued interest 788, ,401 TOTAL ASSETS 387,024, ,773,917 EQUITY & Capital and reserves 377,087, ,729,800 Capital of participating 376,997, ,559,498 interests (divided into 374,303,877 units, : 281,867,770 units) Undistributed income 89, ,302 INCOME 35,922,171 29,834,693 Interest 35,203,621 30,641,229 Fee Adjustment 80,373 - Creation and liquidation of units 638,177 (806,536) EXPENSES 72,025 1,745,835 Service charges - 1,648,778 Bank charges 51,105 51,051 Audit fees 20,920 27,325 SC levies - 18,681 NET INCOME 35,850,146 28,088,858 CUENT 9,936,719 7,044,117 Accounts payable 4,741 - Service charges - 30,087 Audit fees 1,580 2,020 Unitholders for distribution 9,926,394 7,008,199 Bank charges 4,004 3, ,024, ,773,917

15 OASIS INTENATIONAL FEEDE FUND The Oasis International Feeder Fund is a randdenominated foreign general equity fund that invests in offshore dollar-based equities via the Oasis Global Equity Fund (a top-performing global mutual fund that forms part of the Oasis Group s global product range). The objective of the underlying Fund s portfolio is to achieve medium to long-term growth in US dollars. UTILITIES 4% ENEGY 8% TECHNOLOGY 9% CONSUME NON-CYCLICALS 8% FINANCIAL 10% HEALTHCAE 11% INDUSTIAL 11% BASIC MATEIAL 11% COMMUNICATIONS 13% CONSUME CYCLICALS 15% Sectoral split of the Oasis International Feeder Fund ( ) in ZA 2003 Dec YTD eturn Since Inception Cumulative Annualised elative Out Oasis International Feeder Fund Annualised Average Foreign General Equity Fund 7.6 (2.2) Total Expense atio: 2.90 % (% returns) net of fees of the Oasis International Feeder Fund since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS Non-current assets 268,862, ,751, ,862, ,751,502 CUENT ASSETS 532,628 3,130,226 Cash 528,630 3,080,628 Accrued interest 3,985 49,598 Accounts receivable 13 - TOTAL ASSETS 269,395, ,881,728 EQUITY & Capital and reserves 269,264, ,506,411 Capital of participating interests (divided into 133,857,346 units : 132,331,659 units) 269,264, ,506,411 INCOME 123, ,649 Interest 131, ,859 Income adjustments due to creation & liquidation of units (8,598) (7,210) EXPENSES 1,748,672 3,915,069 Service charges 1,701,245 3,867,105 Bank charges 27,776 26,600 Audit fees 19,651 21,353 SC levies - 11 NET LOSS (1,625,567) (3,747,420) CUENT 130, ,317 Service charges 127, ,184 Audit fees 1,279 2,178 Bank charges 1,775 1, ,395, ,881,728

16 OASIS BALANCED STABLE FUND OF FUNDS The Oasis Balanced Stable Fund of Funds seeks to provide investors with moderate capital appreciation and moderate income growth based on a selection of underlying investments. To achieve this objective, the portfolio will be well diversified by asset class in accordance with existing prudential investment regulations. The Oasis Balanced Stable Fund of Funds is managed in accordance with egulation 28 of the Pension Funds Act of FIXED INTEEST 7% POPETY 11% OFFSHOE 17% EQUITY SA 26% CASH 39% Asset Allocation of the Oasis Balanced Stable Fund of Funds ( ) in ZA 2004 (Apr-Dec) YTD eturn Since Inception Cumulative Annualised elative Out Oasis Balanced Stable Fund of Funds Annualised CPIX + 2% Average Prudential Low Equity Fund Total Expense atio: 2.16 % (% returns) net of fees of the Oasis Balanced Stable Fund of Funds since inception to (Source: Oasis esearch using S&P Micropal, I-Net Bridge) ASSETS Non-current assets 16,214,545 15,752,962 16,214,545 15,752,962 CUENT ASSETS 10,284,551 4,867,163 Cash 10,190,459 4,839,465 Accrued interest 94,032 27,698 Accounts receivable 60 - TOTAL ASSETS 26,499,096 20,620,125 EQUITY & Capital and reserves 25,375,832 20,012,600 Capital of participating 25,352,125 19,988,892 interests (divided into 15,789,772 units, : 12,729,935 units) Undistributed income 23,707 23,708 INCOME 1,310, ,293 Dividends 123, ,257 Interest 1,114, ,553 Income adjustments due to creation & liquidation of units 72,722 21,483 EXPENSES 225,411 99,330 Service charges 189,152 74,817 Bank charges 24,091 11,668 Audit fees 12,168 12,089 SC levies NET INCOME 1,085, ,963 CUENT 1,123, ,525 Service charges 37,231 27,126 Audit fees 828 1,293 Bank charges Unitholders for distribution 1,085, ,963 26,499,096 20,620,125

17 Income Distribution Oasis Crescent Equity Fund Oasis Crescent International Feeder Fund Dividend 2.71 There was no income distributed for DISTIBUTION AND CHAGES DISTIBUTION OF INCOME IN THE FUNDS The following distribution of income occurred for the Collective Investment Schemes during the financial year ended All amounts quoted in cents per unit Oasis Crescent Worldwide Flexible Fund of Funds Crescent Balanced Progressive Fund of Funds Oasis Crescent International Property Equity Feeder Fund Interest 2.89 n/a NPI 2.96 n/a Total 5.60 n/a e-investment date 01 April n/a 01 April 01 April 01 April Income Distribution Oasis Balanced Stable Fund of Funds Oasis Property Equity Fund Dividend Interest Total e-investment date 01 April 01 April Income Distribution Oasis Balanced Fund Oasis International Feeder Fund Oasis General Equity Fund Dividend 3.83 n/a 4.58 Interest 5.41 n/a 0.51 Total 9.24 n/a 5.09 e-investment date 01 April n/a 01 April Oasis Money ket Fund Income Distribution Monthly e-investment date 30 April May 31 May June 30 June July 31 July August 31 August September 30 September October 31 October November 30 November December 31 December January 31 January February 29 February ch April Oasis Bond Fund Income Distribution Quarterly e-investment date 30 June July 30 September October 31 December January April CHAGES The charges for investing in any of the Oasis Funds includes an initial fee of 5.13%* except for the Money ket Fund, which has no administration charge, and the Bond Fund that charges an administration fee of 2.28%* The charges are applied on a sliding scale according to the amount invested. An annual management fee of 1.71%* is levied on all Oasis Funds, except on the Money ket Fund management fee which is %*, the Bond Fund fee of 0.0%*, and the Feeder funds and Oasis Crescent Worldwide Flexible Fund of Funds fee of 0.57%*. Each investor is allowed to make one free switch between the Oasis funds in a given calendar year. This however excludes switches made out of the Oasis Money ket Fund and Oasis Bond Fund where a differential fee will apply. However, any subsequent switches for that year will attract a charge of 0.25% on the market of the amount switched. * Including VAT

18 TUSTEES EPOT O A S I S C E S C E N T M A N A G E M E N T C O M P A N Y L I M I T E D TUSTEES EPOT for the year ended OASIS CESCENT EQUITY FUND UNIT TUST SCHEME CIS ACT NO. 45, 2002 SECTION 70(1)(f) As Trustees of the above Scheme, we advise that we have controls in place to give us reasonable assurance that the limitations imposed on the investment and borrowing powers of the Manager by this Act and the provisions of the Act and Deed are being complied with, by the Manager. No breaches occured during the period 1st April to 31st ch. TO T H E OA S I S C E S C E N T M A N AG E M E N T C O M PA N Y LIMITED( THE MANAGE ) eport in terms of Section 70(1)(f) of the Collective Investment Scheme Control Act (act), Act 45 of 2002 for the period 01 April to - Oasis Crescent Equity Unit Trust Scheme As Trustees of the above Collective Investment Scheme, we advise that we have controls in place to give us reasonable assurance that the following are being complied with by (you), the Manager: - The limitations imposed on the investment and borrowing powers of the Managers by this Act and - The provisions of the Act and Deed There were no contraventions. Yours Faithfully MP Geale (Mrs) Standard Bank of South Africa Limited Trustee 23 rd May

19 CONTACT INFOMATION S T A T U T O Y & C O N T A C T I N F O M A T I O N Oasis Collective Investments are managed by Oasis Crescent Management Company Ltd & marketed by authorised financial services providers including leading Independent Financial Advisors. COPIES OF THE AUDITED FINANCIAL STATEMENTS AND SHAI AH CETIFICATES IN ESPECT OF ELEVANT POTFOLIOS AE AVAILABLE UPON EQUEST CONTACT INFOMATION CLIENT SEVICES info@oasiscrescent.com WEBSITE SOUTH AFICA Cape Town 20th Floor, Triangle House 22 iebeek Street Cape Town 8000 PO Box 1217 Tel: +27 (0) Fax:+27 (0) Johannesburg Suite 408, 4th Floor, West Office Tower Nelson Mandela Square Sandton, Gauteng Tel: +27 (11) Fax:+27 (11) Durban Shop 49, The idge@shallcross 90 Shallcross oad Durban 4134, KwaZulu-Natal Tel: +27 (31) Fax:+27 (31)

20 COMPANY INFOMATION DIECTOS Mohamed Shaheen Ebrahim (Chairman), Adam Ismail Ebrahim (Chief Executive Officer), Nazeem Ebrahim (Deputy Chairman), oshin-ara Ebrahim. COMPANY SECETAY Nazeem Ebrahim EGISTATION NUMBE 1997/004764/06 CUSTODIAN Standard Bank of South Africa Ltd PO Box 57. Cape Town 8000 AUDITOS PricewaterhouseCoopers Inc. egistered Auditors PO Box Cape Town 8000 DISCLAIME Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The of participatory interests (units) may go down as well as up and past performance is not necessarily a guide to the future. A schedule of fees and charges and maximum commissions is available from the management company on request. Commission and incentives may be paid and if so, would be included in the overall costs. CIS are traded at ruling prices and forward pricing is used. CIS can engage in borrowing and scrip lending. Fluctuations or movements in exchange rates may cause the of underlying international investments to go up or down. Portfolios are d at 16h00 daily. All necessary documentation must be received before 10h00. CIS are calculated on a net asset basis which is the total of all assets in the portfolio including any income accruals and less any permissible deductions from the portfolio which may include brokerage, commissions, UST, auditors fees, bank charges, trustee and custodian fees. The maximum initial fee is 5.13% including VAT and maximum annual management fee is 1.71% including VAT. The manager may borrow up to 10% of the market of the portfolio to bridge insufficient liquidity. For Money ket Funds a constant price is maintained. While a constant price is maintained, investment capital is not guaranteed. A Fund of Funds is a portfolio that invests in portfolios of other Collective Investment Schemes which levy their own charges which could result in a higher fee structure for these portfolios. A Feeder Fund is a portfolio that, apart from assets in liquid form, consists solely of participatory interests in a single portfolio of a Collective Investment Scheme Member of the Association of Collective Investments. Full details and basis of awards referred to are available from Oasis Crescent Management Company Ltd. The Total Expense atio s (TE) are for the period from 1 April to. The TE shows the percentage of the average Net Asset Value of the portfolio incurred as charges, levies and fees related to the management of the portfolio. A higher TE does not necessarily imply a poor return, nor does a low TE imply a good return. The current TE can not be regarded as an indication of future TEs. The ratio does not include transactions costs. All information and opinions provided are of a general nature and the document contains no express or implied recommendation, warranty, guidance, advice or proposal that the product is appropriate to the investment objectives, financial situation or needs of any individual or entity. No warranty as to the accuracy, correctness or completeness of the information or opinions contained herein is provided. Figures quoted are from Micropal and I Net Bridge for the period ending for a lump sum investment using NAV-NAV prices with income distributions reinvested. Actual returns may vary depending on the amount and date of investments, reinvestments, and costs. Data sourced from Oasis esearch using S&P Micropal (14 April ), I-Net Bridge (1 April ). The TE calculations did not form part of the annual audit.