The portfolio compliance process implemented by STANLIB consists of, but is not limited to, the following elements:

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1 STANLIB Multi-Manager Real Return Fund CERTIFICATE OF COMPLIANCE WITH REGARD TO REGULATION 28 OF THE PENSION FUNDS ACT, NO. 24 OF 1956, AS AT 31 May 2012: Scope This compliance certificate is compiled solely for the use of, and to assist Investor(s), in the abovementioned collective investment scheme portfolio, to assess whether the portfolio was managed satisfactorily in accordance with the Investment Policy in terms of the Supplemental Deed of the portfolio and the Investment Restrictions as contained in Regulation 28 of the Pension Funds Act, No. 24 of 1956, as amended from time to time ( agreed investment guidelines ). This compliance opinion is based on STANLIB s interpretation of the agreed investment guidelines, which may differ from the interpretation generally applied by Registrar of Collective Investment Schemes and/or the Registrar of Pension Funds and/or the Trustees of the STANLIB Collective Investment Scheme. Accordingly, some instances of non-compliance may be incorrectly detected or not detected at all. STANLIB Process The portfolio compliance process implemented by STANLIB consists of, but is not limited to, the following elements: Portfolio compliance requirements are monitored primarily systematically using the Charles River Investment Management System (CRD). monitoring is done on a pre-trade and post-trade basis. 17 Melrose Boulevard, Melrose Arch, 2196 P O Box 202, Melrose Arch, 2076 T + 27 (0) F /+ 27 (0) E contact@stanlib.com W Registration: STANLIB Collective Investments Limited Reg. No. 1969/003468/06. Liberty is a member of the Association for Savings and Investment of South Africa. The Manager is a member of the Liberty group of companies. Directors: T Dloti (Chief Executive Officer), I C Bennie, A Katakuzinos, B T G Mageba, N P Mamathuba, M Rabe, S C Rider, C M Sanqela Secretary: J M Parratt

2 Pre-trade compliance monitoring should to a large extent prevent trades that may cause instances of non-compliance with the agreed investment guidelines (subject to both practical and system limitations that may arise from time to time). Post-trade compliance monitoring is performed to ensure continued compliance with the agreed investment guidelines using both, systematic and, where appropriate, manual processes. Depending on whether the portfolio compliance requirements are monitored systematically or manually these requirements will be monitored either on a daily, weekly, monthly or quarterly basis. Whenever instances of non-compliance are detected, these are immediately reported to the Investment Manager for the appropriate corrective action. Any instance of non-compliance is recorded on an appropriate monitoring register and is monitored on a continued basis until resolved satisfactorily. Any instance of non-compliance due to market movement is reported to the investment manager for information. In such circumstances, monitors that no further purchases in the affected security occurs for as long as the instance of non-compliance exist. opinion to the agreed investment guidelines is the primary responsibility of the Investment Manager(s) responsible for the management of this portfolio. Because of the inherent limitations in any compliance system and/or process, errors or irregularities may occur and not be detected. However, every reasonable effort is made to ensure that our compliance system and/or process is adequately maintained to take into consideration any relevant changes that may occur and which may affect the monitoring of compliance to the agreed investment guidelines. Other than the instances of non-compliance specifically mentioned below, in our opinion and to the best of our knowledge, the portfolio mentioned above complied with the agreed investment

3 guidelines, subject to the assumptions and limitations mentioned in this certificate, during the period of review. The following instances of non-compliance with the agreed investment guidelines were detected and subsequently addressed: Date Detected Breach Date Corrected Comments No instances of non-compliance with the agreed investment guidelines were detected as at 31 May Date issued: 5 June 2012 Certified By: Quilia Cenci Manager Bernard Pieterse Head of

4 0. EXEMPTED SECURITIES % 0.1 Inside the Republic: % 0.11 Collective investment scheme, in respect of which a fund obtained a certificate issued % 0.12 a linked policy as defined under the Long-term Insurance Act, in respect of which a fund % 0.13 a long-term insurance policy as defined in the Long-term Insurance Act, other than a % % 0.21 Collective investment scheme, in respect of which a fund obtained a certificate issued % 0.22 a linked policy as defined under the Long-term Insurance Act, in respect of which a fund % 0.23 a long-term insurance policy as defined in the Long-term Insurance Act, other than a % 1. CASH 150'101' % % 1.1 Inside the Republic: 150'101' % % (a) Notes and coins; any balance or deposit in an account held with a South African bank; 77'669' % % ABSA Group Ltd 47'735' % % Nedbank Group Ltd 20'893' % % Firstrand Ltd 7'031' % % Deutsche Bank 2'009' % % (b) A money market instrument issued by a South African bank including an Islamic 65'240' % % Nedbank Group Ltd 33'770' % % Standard Bank Group Ltd 15'517' % % Firstrand Ltd 10'768' % % ABSA Group Ltd 4'299' % % Capitec Bank Holdings Ltd 885' % % (c) Any positive net balance in a margin account with an exchange; 7'191' % % SAFEX - Non-Agricultural 7'191' % % (d) Any positive net balance in a settlement account with an exchange, operated for the % % % (a) Any balance or deposit held with a foreign bank; % (b) Any balance or deposit held with an African bank; % (c) Any money market instrument issued by a foreign bank including an Islamic liquidity % (d) Any positive net balance in a margin account with an exchange; % (e) Any positive net balance in a settlement account with an exchange, operated for the % 2. A AGGREGATE EXPOSURE: DEBT INSTRUMENTS, INCLUDING MONEY MARKET 2. B AGGREGATE EXPOSURE: DEBT INSTRUMENTS, INCLUDING MONEY MARKET % 457'582' % % 393'213' % % 64'369' % % 2.1 Debt instruments issued by, and loans to, the government of the Republic, and any debt Inside the Republic: (a)-1 Debt instruments issued by, and loans to, the government of the Republic, and any debt 64'369' % % (Government) Republic Of South Africa 59'847' % % ESKOM HOLDINGS Ltd GOVERNMENT GUARANTEED 2'495' % % Transnet Ltd 2'026' % % (a)-2 Debt instruments issued by, and loans to, the government of the Republic, and any debt % (b) Debt instruments issued or guaranteed by the government of a foreign country % Debt instruments issued or guaranteed by a South African bank against its balance 356'042' % % Inside the Republic: (c)-1 Debt instruments issued or guaranteed by a South African bank against its balance 356'042' % % listed on an exchange with an issuer market capitalisation of R 20 billion or more, or an amount or conditions as 280'579' % Standard Bank Group Ltd 111'701' % % ABSA Group Ltd 79'579' % % Firstrand Ltd 72'493' % % Nedbank Group Ltd 12'706' % % African Bank Investments Ltd 4'097' % % listed on an exchange with an issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or conditions as 19'856' % Investec Ltd 19'856' % % listed on an exchange with an issuer market capitalisation of less than R 2 billion, or an amount or conditions as (iv) not listed on an exchange 55'607' % % ABSA Group Ltd 40'473' % 5.00 % Standard Bank Group Ltd 15'133' % 5.00 % (c)-2 Debt instruments issued or guaranteed by a South African bank against its balance % listed on an exchange with an issuer market capitalisation of R 20 billion or more, or an amount or conditions as listed on an exchange with an issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or conditions as listed on an exchange with an issuer market capitalisation of less than R 2 billion, or an amount or conditions as (iv) not listed on an exchange % (d) Debt instruments issued or guaranteed by an entity that has equity listed on an 20'907' % % Inside the Republic: Listed on an exchange 20'907' % % Shoprite Holdings Ltd 8'083' % % Airports Company South Africa Ltd 3'833' % % Mtn Group Ltd 2'685' % % Imperial Holdings Ltd (Imperial Group) 2'479' % % Barloworld Ltd 2'243' % % Sabmiller Plc 1'271' % % Growthpoint Properties Ltd 309' % % Not listed on an exchange % Listed on an exchange % Not listed on an exchange % (e) Other debt instruments 16'263' % % Inside the Republic: Listed on an exchange 7'292' % % Home Obligors Mortgage Enhanced Securities (Pty) Ltd 5'041' % 5.00 %

5 EXEMPTED Mercedes-Benz SECURITIES South Africa (Pty) Ltd 2'250' % 5.00 % Not listed on an exchange % 8'970' % % Prescient Management Company Ltd 8'970' % 4.99 % Listed on an exchange % Not listed on an exchange % % 3. EQUITIES 521'998' % % 3.1 Inside the Republic: (a) Preference and ordinary shares in companies, excluding shares in property companies, 521'998' % % issuer market capitalisation of R 20 billion or more, or an amount or conditions as 364'966' % Anglo American Plc 34'879' % % BHP Billiton Plc 34'671' % % Sasol Ltd 25'779' % % MTN Group Ltd 25'435' % % Standard Bank Group Ltd 20'375' % % Sabmiller Plc 16'209' % % Remgro Ltd 16'178' % % Anglogold Ashanti Ltd 13'780' % % Naspers Ltd (N Shares) 11'437' % % Mr Price Group Ltd 11'155' % % ABSA Group Ltd 10'349' % % British American Tobacco Plc 10'175' % % MMI Holdings Limited 10'001' % % Impala Platinum Holdings Ltd 8'960' % % Medi-Clinic Corporation Ltd 7'526' % % Arcelormittal Sa Ltd 7'113' % % Old Mutual Plc 6'610' % % Tiger Brands Ltd 6'151' % % Investec Plc 6'048' % % Nedbank Group Ltd 5'857' % % Compagnie Financiere Richemont SA 5'557' % % Firstrand Ltd 5'504' % % Reinet Investments S.C.A 5'483' % % Netcare Ltd 5'124' % % The Bidvest Group Ltd 4'811' % % Gold Fields Ltd 4'663' % % LIFE HEALTHCARE GROUP HOLDINGS PTE LTD 4'472' % % African Rainbow Minerals Ltd 4'371' % % Liberty Holdings Ltd 4'364' % % Sanlam Ltd 3'768' % % Kumba Iron Ore Ltd 3'570' % % Vodacom Group (Pty) Ltd 2'927' % % Mondi Plc 2'601' % % African Bank Investments Ltd 2'195' % % RMB Holdings Ltd 2'019' % % Imperial Holdings Ltd 1'885' % % Steinhoff International Holdings Ltd 1'864' % % Woolworths Holdings Ltd 1'700' % % Exxaro Resources Ltd 1'261' % % Anglo Platinum Ltd 1'206' % % Shoprite Holdings Ltd 1'156' % % Harmony Gold Mining Company Ltd 1'014' % % Aspen Pharmacare Holdings Ltd 984' % % Truworths International Ltd 931' % % The Foschini Group Limited 763' % % Massmart Holdings Ltd 502' % % Assore Ltd 425' % % Pick 'n Pay Stores Ltd 417' % % RMI HOLDINGS LTD 415' % % Discovery Holdings Ltd 308' % % issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or conditions as 133'445' % Aveng Ltd 9'773' % % ABSA Bank Ltd (Preference Share) 9'185' % % The Spar Group Ltd 8'963' % % AVI Ltd 6'773' % % Tongaat Hulett Ltd 6'387' % % Barloworld Ltd 5'558' % % Sappi Ltd 5'441' % % Trencor Ltd 5'032' % % Aeci Ltd 4'584' % % Allied Electronics Corporation Ltd (Participating Preference Share) 4'150' % % ADCOCK INGRAM HOLDINGS LIMITED 4'132' % % Investec Ltd (Preference Shares) 4'107' % % Nedbank Ltd (Non-cumulative Preference Shares) 3'636' % % Murray and Roberts Holdings Ltd 3'615' % % Northam Platinum Ltd 3'517' % % Datatec Ltd 3'431' % % Pick 'n Pay Holdings Ltd 3'361' % % Pioneer Food Group Ltd 3'072' % % Zeder Investments Ltd 2'693' % % Stefanutti Stocks Holdings Limited 2'629' % % Allied Technologies Ltd 2'485' % % Reunert Ltd 2'174' % % Raubex Group Ltd 2'145' % % Standard Bank Group Ltd (Preference Shares) 2'140' % % Firstrand Limited Preference Shares 2'088' % % Wilson Bayly Holmes-Ovcon Ltd 1'942' % %

6 EXEMPTED CAPEVIN SECURITIES INVESTMENTS LTD 1'893' % % City Lodge Hotels Ltd 1'787' % % Allied Electronics Corporation Ltd 1'736' % % Group Five Ltd 1'591' % % Coronation Fund Managers Ltd 1'575' % % Avusa Ltd 1'563' % % Grindrod Ltd 1'417' % % Investec Ltd 1'277' % % Pretoria Portland Cement Company Ltd 1'133' % % JD Group Ltd 962' % % Nampak Ltd 781' % % Mondi Ltd 727' % % Telkom SA Ltd 709' % % Brait SE 639' % % Illovo Sugar Ltd 622' % % Pan African Resources Plc 555' % % CLICKS GROUP LTD 422' % % Lewis Group Ltd 297' % % Distell Group Ltd 270' % % Adcorp Holdings Ltd 211' % % Sun International Ltd 101' % % Eqstra Holdings Ltd 96' % % Lonmin Plc 44' % % issuer market capitalisation of less than R 2 billion, or an amount or conditions as 23'585' % DISCOVERY NON CUM NON PART NON CONVE VOLUNTAR REDEEM B PREFS 4'214' % 5.00 % DEUTSCHE BANK STUBNPN 03/08/2012 2'838' % 5.00 % Esor Ltd 2'598' % 5.00 % Business Connexion Group Ltd 1'878' % 5.00 % Sentula Mining Ltd 1'726' % 5.00 % RECM & CALIBRE PREFERENCE SHARES 1'456' % 5.00 % NED STUB AGL '369' % 5.00 % Distribution and Warehousing Network Ltd 1'331' % 5.00 % Digicore Holdings Ltd 1'199' % 5.00 % Spur Corporation Ltd 1'167' % 5.00 % Basil Read Holdings Ltd 1'022' % 5.00 % YORK TIMBER ORGANISATION LTD 1'006' % 5.00 % Iliad Africa Ltd 738' % 5.00 % Comair Ltd 437' % 5.00 % Astrapak Ltd 265' % 5.00 % Investec Bank Ltd (Preference Shares) 245' % 5.00 % PSG Financial Services Ltd (Preference Shares) 59' % 5.00 % Delta EMD Ltd 28' % 5.00 % Preference and ordinary shares in companies, excluding shares in property companies, % issuer market capitalisation of R 20 billion or more, or an amount or conditions as issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or conditions as issuer market capitalisation of less than R 2 billion, or an amount or conditions as (b) Preference and ordinary shares in companies, excluding shares in property companies, % Inside the Republic: % % 70'885' % % 4. IMMOVABLE PROPERTY 4.1 Inside the Republic: (a) Preference shares, ordinary shares and linked units comprising shares linked to 70'885' % % issuer market capitalisation of R 10 billion or more, or an amount or conditions as 33'693' % Growthpoint Properties Ltd 10'527' % % Capital Shopping Centres Group Plc 8'108' % % Capital and Counties Properties Plc 4'662' % % Capital Property Fund 4'255' % % Redefine Income Fund Ltd 3'238' % % Hyprop Investments Ltd 2'900' % % issuer market capitalisation of between R 3 billion and R 10 billion, or an amount or conditions as 21'674' % Fountainhead Property Trust 7'706' % % Emira Property Fund 6'869' % % FORTRESS A 2'856' % % Vukile Property Fund Ltd 2'437' % % Acucap Properties Ltd 1'227' % % SYCOM PROPERTY FUND 577' % % issuer market capitalisation of less than R 3 billion, or an amount or conditions as 15'517' % Hospitality Property Fund Ltd (A Shares) 4'756' % 5.00 % DIPULA INCOME FUND A 2'640' % 5.00 % Vividend Income Fund Ltd 2'629' % 5.00 % INVESTEC PROPERTY FUND LIMITED 2'498' % 5.00 % VUNANI PROPERTY INVESTMENT 2'184' % 5.00 % Hospitality Property Fund Ltd (B Shares) 808' % 5.00 % Preference shares, ordinary shares and linked units comprising shares linked to % issuer market capitalisation of R 10 billion or more, or an amount or conditions as issuer market capitalisation of between R 3 billion and R 10 billion, or an amount or conditions as issuer market capitalisation of less than R 3 billion, or an amount or conditions as

7 (b) EXEMPTED Immovable property, SECURITIES preference and ordinary shares in property companies, and linked % Inside the Republic Foreign Assets: % % 5. COMMODITIES % 5.1 Inside the Republic: (a) Kruger Rands and other commodities listed on an exchange, including exchange traded % gold each other commodity Foreign Assets: Kruger Rands and other commodities listed on an exchange, including exchange traded % gold each other commodity 6. INVESTMENTS IN THE BUSINESS OF A PARTICIPATING EMPLOYER INSIDE THE (a) Section 19(4) of the Pension Funds Act 5.00 % (b) To the extent it has been allowed by an exemption in terms of section 19(4A) of the % 7. HOUSING LOANS GRANTED TO MEMBERS IN ACCORDANCE WITH THE PROVISIONS % 8. HEDGE FUNDS, PRIVATE EQUITY FUNDS AND ANY OTHER ASSET NOT REFERRED 1'777' % % 8.1 Inside the Republic: (a) Hedge Funds % Fund of hedge funds Hedge funds (b) Private equity funds % Fund of private equity funds Private equity funds (c) Other assets not referred to in this schedule and excluding a hedge fund or private 1'777' % 2.50 % Outstanding Settlements 1'777' % 2.50 % (a) Hedge Funds % Fund of hedge funds Hedge funds (b) Private equity funds % Fund of private equity funds Private equity funds (c) Other assets not referred to in this schedule and excluding a hedge fund or private 2.50 % TOTAL (equal to the fair value fund) 1'202'345' % % REGULATION 28(3)(f): CATEGORIES OR KINDS OF ASSETS THE AGGREGATE OF WHICH MAY NOT EXCEED 35% OF THE FUND: 2.(e) Other debt instruments not listed on an exchange 3.1(b) Preference and ordinary shares in companies, excluding shares in property companies, 4.1(b) Immovable property, preference and ordinary shares in property companies, and linked 8. Hedge Funds, Private Equity Funds and Any Other Asset not referred to in this 1'777' % TOTAL 1'777' % % REGULATION 28(3)(g): CATEGORIES OR KINDS OF ASSETS THE AGGREGATE OF WHICH MAY NOT EXCEED 15% OF THE FUND: 3.1(b) Preference and ordinary shares in companies, excluding shares in property companies, 8.1(b) Private equity funds TOTAL % REGULATION 28(3)(h): THE SUM OF THE AGGREGATE EXPOSURES TO ISSUERS/ENTITIES UNDER ITEM 1.1 AND 2.1(c) NO TO EXCEED 25% OF THE FUND: 1.1 (a) ABSA Group Ltd 47'735' % 1.1 (b) ABSA Group Ltd 4'299' % 1.2 (c)-1 ABSA Group Ltd 79'579' % 1.2 (c)-2 ABSA Group Ltd 40'473' % 172'087' % % 1.1 (a) Nedbank Group Ltd 1.1 (b) Nedbank Group Ltd 1.2 (c)-1 Nedbank Group Ltd 1.1 (a) Firstrand Ltd 1.1 (b) Firstrand Ltd 1.2 (c)-1 Firstrand Ltd 1.1 (a) Deutsche Bank 1.1 (b) Standard Bank Group Ltd 1.2 (c)-1 Standard Bank Group Ltd 1.2 (c)-2 Standard Bank Group Ltd 1.1 (b) Capitec Bank Holdings Ltd 1.2 (c)-1 African Bank Investments Ltd 1.2 (c)-1 Investec Ltd 20'893' % 33'770' % 12'706' % 67'370' % % 7'031' % 10'768' % 72'493' % 90'293' % % 2'009' % 2'009' % % 15'517' % 111'701' % 15'133' % 142'352' % % 885' % 885' % % 4'097' % 4'097' % % 19'856' % 19'856' % % 1.2 (c)-1 ABSA Group Ltd 40'473' % 40'473' % %

8 EXEMPTED SECURITIES REGULATION 28(3): INVESTMENTS OUTSIDE THE REPUBLIC: NOTES: 1. Credit balance in current accounts must be included in item If the investments exceed the limit per institution/company/individual and no exemption has been obtained, the details below must be completed for each Investments in institution/company/individual Item % of Fair Value Fair Value (R) 0.00 % % % % EXEMPTIONS GRANTED BY THE REGISTRAR Item Max % Date of letter Expiry Date 0.00 % 0.00 % 0.00 % 0.00 % NOTICE NO. 5 OF CONDITIONS FOR SECURITIES LENDING TRANSACTIONS

Noble PP Balanced Fund of Funds CERTIFICATE OF COMPLIANCE WITH REGARD TO REGULATION 28 OF THE PENSION FUNDS ACT, NO. 24 OF 1956, AS AT 31 July 2012:

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