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

Similar documents
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:

Standard Bank Namibia Funds Financial Statements

Indexation at the Core

DOW JONES JSE ALL SHARE S&P JSE RESOURCES

FTSE JSE INDUSTRIALS NIKKEI GOLD AT 07H

STANLIB Namibia Unit Trust Management Company Limited and Standard Bank Namibia Funds Financial Statements

DOW JONES JSE ALL SHARE S&P JSE RESOURCES

DOW JONES JSE ALL SHARE S&P JSE RESOURCES

Understanding Exchange Traded Funds (ETFs) Investment Solutions for Retail Investors

The New World of Investing in Exchange Traded Products (ETPs)

20 December 2009 Updated on 30 August 2011 Updated on 30 September 2012 Updated on 21 August Investec Bank Limited

Building Up Your Wealth Through Investment In Exchange Traded Products (ETPs)

The World of ETFs: Diversification, Transparency, Low Cost and Access to All Asset Classes

Namibia Unit Trust Fund. Annual Financial Statements

United States Europe Hong Kong. Local. Japan 13 OCTOBER 2016 DAILY INVESTMENT UPDATE

20 December 2009 Updated on 30 August 2011 Updated on 30 September 2012 Updated on 21 August Investec Bank Limited

Introduction to Exchange Traded Products (ETPs)

THE EMPOWERMENT ENDOWMENT A study of trusts and foundations established from South Africa s black economic empowerment transactions

Exchange Traded Funds (ETFs) Investment Seminar

THIRD SUPPLEMENT ETF OVER THE FTSE / JSE MID CAP INDEX

Growth and Strategies of Large and Leading Firms - Top 50 firms on the Johannesburg Stock Exchange (JSE) 1

ETFs as an Investment Vehicle

Investing in ETFs. etfsa.co.za Seminar JSE Ltd. Mike Brown Managing Director etfsa.co.za. 31 August 2017

Key market performance drivers. Monthly charts to 31 March 2018

ANGLO AMERICAN PLC; BHP BILLTON PLC; MTN GROUP LIMITED; OLD MUTUAL PLC; SABMILLER PLC; SASOL LIMITED

Asset Allocation and Fee Breakdown. December 2015

EQUITY MARKET INFORMATION 2. Warrants listed on the JSE Main Board...

COMMODITY DERIVATIVES 8. FTSE/JSE AFRICA INDEX SERIES CONSTITUENTS Information of changes in weightings as at the last day of the month

Netwerk24 & Sanlam. itrade with a MILLION Competition. Terms and Conditions

Company Name CAPE Ratio (x) Return (%, 2012) Woolworths Mr Price Aspen Imperial Richemont

EQUITY MARKET INFORMATION 2. Warrants listed on the JSE Main Board... EQUITY MARKET INFORMATION 3-4

SEMI-ANNUAL FUND REPORT

EQUITY MARKET INFORMATION 2. Warrants listed on the JSE Main Board...

EQUITY MARKET INFORMATION 2. Warrants listed on the JSE Main Board...

9:00 EUR French Flash Services PMI Aug m % ytd % 1m % ytd %

EQUITY MARKET INFORMATION 2. Warrants listed on the JSE Main Board...

FTSE/ JSE Africa Index Series - Quarterly Review

Key market performance drivers

1m % ytd % 1m % ytd % Exp. Prev. 5d %

Corporate and municipal governance survey 2009 South Africa Listed entities by major grouping

NOTICE OF REQUEST FOR COMMENTS

FTSE/ JSE Africa Index Series - Quarterly Review

TRANSPARENCY IN CORPORATE REPORTING ASSESSING SOUTH AFRICAN COMPANIES

Key market performance drivers

FTSE/ JSE Africa Index Series - Quarterly Review

Total Tax Contribution

Sanlam Employee Benefits

1m % ytd % 1m % ytd %

20 December 2009 Updated on 30 August 2011 Updated on 30 September 2012 Updated on 21 August Investec Bank Limited

Portfolio watch: what fund managers have bought and sold

Financial Management. What is new in the 8th edition? Carlos Correia, David Flynn, Enrico Uliana, Michael Wormald & Johnathan Dillon

Weekly Market Report. South African Equity Markets. JSE All Share - Weekly Gainers & Losers. JSE All Share - Daily Chart. Top 10 New 52 Week Highs

TWENTY EIGHTH SUPPLEMENT. to the. Amended Note and Warrant Programme Offering Circular. dated. 20 December 2009

NewFunds Risk Premia ETFs

Allan Gray SA Equity Fund

Stock Select Monthly January 2017

The Weekly Focus. A Market and Economic Update 10 September 2018

A preferred asset class

Notes from the FTSE/JSE Advisory Committee Meeting held on Thursday, 2 March 2017

FTSE/JSE Africa Index Series All Share Factor Indices Review

Investor update

RECM MONEY MARKET FUND (Class A) Minimum Disclosure Document - Period ended 31 January 2015

JSE share code: STXMMT ISIN code: ZAE Abbreviated name: SATRIXMMT. Closing date of the initial offer at 12:00 on: Wednesday, 07 November 2018

Aon South Africa, Commercial Products Solutions

QUARTERLY REPORT TO MEMBERS 2nd Quarter 2011

TWENTY SIXTH SUPPLEMENT. to the. Amended Note and Warrant Programme Offering Circular. dated. 20 December 2009

RECM MONEY MARKET FUND (Class A) Minimum Disclosure Document - Period ended 28 February 2018

FTSE/ JSE Africa Index Series - Quarterly Review

DEBT CAPITAL MARKETS

Building a Legacy List. Grow. Lead

The Richard Cluver Investment Newsletter in continuous publication since 1987

The Weekly Focus. A Market and Economic Update 22 January 2018

Hollard Prime Dynamic Income Fund

SPDR S&P Emerging Middle East & Africa ETF (GAF) Summary. Description. Historical prices (1 year) DIAMONDS* RATINGS* ETFG RISK RATING 6.

RECM MONEY MARKET FUND (Class A) Minimum Disclosure Document - Period ended 31 August 2015

Allan Gray Tax-Free Balanced Fund

Impact of revised IAS 19 on Top 40 companies in South Africa

Beta Estimates of shares on the JSE Top 40 in the context of Reference-Day Risk

INVESTMENT REPORT ASSET MANAGEMENT. 4 th QUARTER CONTACT DETAILS

Hollard Prime Dynamic Income Fund

In a challenging 2014 economic environment, financial and industrial shares buoy the JSE

Hollard Prime Dynamic Income Fund

THE CORION REPORT. MONTHLY CIS INSIGHTS february 2019 PIONEERING. PARTNERING. PERFORMING. interactive PDF

PPC AfriSam Merger Presentation II. 23 October 2017

RECM MONEY MARKET FUND (Class A) Minimum Disclosure Document - Period ended 30 April 2015

NEDGROUP INVESTMENTS OPPORTUNITY FUND. Quarter One, 2018

AMENDMENTS TO THE QUARTERLY REVIEW OF TRADING LIQUIDITY RATING, EXCHANGE MARKET

Weekly Market Report. South African Equity Markets. JSE All Share - Weekly. JSE All Share - Daily Chart. Top 10 New 52 Week Lows

On fast track to success

Industry differences in respect of corporate environmental reporting in South Africa: A research note

RECM MONEY MARKET FUND (Class A) Minimum Disclosure Document - Period ended 30 September 2018

Market timing on the JSE using exchange rate fluctuations

FTSE/ JSE Africa Index Series - Quarterly Review

Weekly Market Report. South African Equity Markets. JSE All Share - Weekly. JSE All Share - Daily Chart. Top 10 New 52 Week Lows

dailyview Coal of Africa increased its sales of export coal by 148% to t in the June quarter, compared with the March quarter.

EXECUTIVE SUMMARY JULY 2017 THE CORION REPORT

1.23 Benefits Benefits expenses are recognised as the benefits occur, through the statement of changes in net assets and funds on an accrual basis.

Key Indices. US Market

Quarterly Strategy Note December 2011

FTSE/ JSE Africa Index Series - Quarterly Review

Transcription:

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)11 448 6000 F 086 727 7501/+ 27 (0)11 448 6666 E contact@stanlib.com W www.stanlib.com 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

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

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 2012. Date issued: 5 June 2012 Certified By: Quilia Cenci Manager Bernard Pieterse Head of

0. EXEMPTED SECURITIES 100.00 % 0.1 Inside the Republic: 100.00 % 0.11 Collective investment scheme, in respect of which a fund obtained a certificate issued 100.00 % 0.12 a linked policy as defined under the Long-term Insurance Act, in respect of which a fund 100.00 % 0.13 a long-term insurance policy as defined in the Long-term Insurance Act, other than a 100.00 % 0.2 25.00 % 0.21 Collective investment scheme, in respect of which a fund obtained a certificate issued 100.00 % 0.22 a linked policy as defined under the Long-term Insurance Act, in respect of which a fund 100.00 % 0.23 a long-term insurance policy as defined in the Long-term Insurance Act, other than a 100.00 % 1. CASH 150'101'681.16 12.48 % 100.00 % 1.1 Inside the Republic: 150'101'681.16 12.48 % 100.00 % (a) Notes and coins; any balance or deposit in an account held with a South African bank; 77'669'599.68 6.46 % 100.00 % ABSA Group Ltd 47'735'221.69 3.97 % 25.00 % Nedbank Group Ltd 20'893'865.66 1.74 % 25.00 % Firstrand Ltd 7'031'509.59 0.58 % 25.00 % Deutsche Bank 2'009'002.74 0.17 % 25.00 % (b) A money market instrument issued by a South African bank including an Islamic 65'240'663.48 5.43 % 100.00 % Nedbank Group Ltd 33'770'246.05 2.81 % 25.00 % Standard Bank Group Ltd 15'517'290.15 1.29 % 25.00 % Firstrand Ltd 10'768'267.00 0.90 % 25.00 % ABSA Group Ltd 4'299'565.00 0.36 % 25.00 % Capitec Bank Holdings Ltd 885'295.28 0.07 % 25.00 % (c) Any positive net balance in a margin account with an exchange; 7'191'418.00 0.60 % 100.00 % SAFEX - Non-Agricultural 7'191'418.00 0.60 % 25.00 % (d) Any positive net balance in a settlement account with an exchange, operated for the 100.00 % 100.00 % 1.2 25.00 % (a) Any balance or deposit held with a foreign bank; 25.00 % (b) Any balance or deposit held with an African bank; 25.00 % (c) Any money market instrument issued by a foreign bank including an Islamic liquidity 25.00 % (d) Any positive net balance in a margin account with an exchange; 25.00 % (e) Any positive net balance in a settlement account with an exchange, operated for the 25.00 % 2. A AGGREGATE EXPOSURE: DEBT INSTRUMENTS, INCLUDING MONEY MARKET 2. B AGGREGATE EXPOSURE: DEBT INSTRUMENTS, INCLUDING MONEY MARKET 25.00 % 457'582'808.47 38.06 % 100.00 % 393'213'520.86 32.70 % 75.00 % 64'369'287.61 5.35 % 100.00 % 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 64'369'287.61 5.35 % 100.00 % (Government) Republic Of South Africa 59'847'557.94 4.98 % 100.00 % ESKOM HOLDINGS Ltd GOVERNMENT GUARANTEED 2'495'337.40 0.21 % 100.00 % Transnet Ltd 2'026'392.27 0.17 % 100.00 % (a)-2 Debt instruments issued by, and loans to, the government of the Republic, and any debt 25.00 % (b) Debt instruments issued or guaranteed by the government of a foreign country 25.00 % Debt instruments issued or guaranteed by a South African bank against its balance 356'042'922.44 29.61 % 75.00 % Inside the Republic: (c)-1 Debt instruments issued or guaranteed by a South African bank against its balance 356'042'922.44 29.61 % 75.00 % listed on an exchange with an issuer market capitalisation of R 20 billion or more, or an amount or conditions as 280'579'073.38 23.34 % Standard Bank Group Ltd 111'701'745.88 9.29 % 25.00 % ABSA Group Ltd 79'579'443.90 6.62 % 25.00 % Firstrand Ltd 72'493'777.13 6.03 % 25.00 % Nedbank Group Ltd 12'706'300.38 1.06 % 25.00 % African Bank Investments Ltd 4'097'806.09 0.34 % 25.00 % listed on an exchange with an issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or conditions as 19'856'605.84 1.65 % Investec Ltd 19'856'605.84 1.65 % 15.00 % 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 55'607'243.22 4.62 % 25.00 % ABSA Group Ltd 40'473'424.00 3.37 % 5.00 % Standard Bank Group Ltd 15'133'819.22 1.26 % 5.00 % (c)-2 Debt instruments issued or guaranteed by a South African bank against its balance 75.00 % 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 25.00 % (d) Debt instruments issued or guaranteed by an entity that has equity listed on an 20'907'465.25 1.74 % 50.00 % Inside the Republic: Listed on an exchange 20'907'465.25 1.74 % 50.00 % Shoprite Holdings Ltd 8'083'890.40 0.67 % 10.00 % Airports Company South Africa Ltd 3'833'493.80 0.32 % 10.00 % Mtn Group Ltd 2'685'278.28 0.22 % 10.00 % Imperial Holdings Ltd (Imperial Group) 2'479'755.10 0.21 % 10.00 % Barloworld Ltd 2'243'665.15 0.19 % 10.00 % Sabmiller Plc 1'271'786.68 0.11 % 10.00 % Growthpoint Properties Ltd 309'595.84 0.03 % 10.00 % Not listed on an exchange 25.00 % Listed on an exchange 25.00 % Not listed on an exchange 25.00 % (e) Other debt instruments 16'263'133.17 1.35 % 25.00 % Inside the Republic: Listed on an exchange 7'292'727.40 0.61 % 25.00 % Home Obligors Mortgage Enhanced Securities (Pty) Ltd 5'041'793.35 0.42 % 5.00 %

EXEMPTED Mercedes-Benz SECURITIES South Africa (Pty) Ltd 2'250'934.05 0.19 % 5.00 % Not listed on an exchange 15.00 % 8'970'405.77 0.75 % 100.00 % Prescient Management Company Ltd 8'970'405.77 0.75 % 4.99 % Listed on an exchange 25.00 % Not listed on an exchange 15.00 % 25.00 % 3. EQUITIES 521'998'156.76 43.41 % 75.00 % 3.1 Inside the Republic: (a) Preference and ordinary shares in companies, excluding shares in property companies, 521'998'156.76 43.41 % 75.00 % issuer market capitalisation of R 20 billion or more, or an amount or conditions as 364'966'694.15 30.35 % Anglo American Plc 34'879'051.00 2.90 % 15.00 % BHP Billiton Plc 34'671'395.00 2.88 % 15.00 % Sasol Ltd 25'779'248.15 2.14 % 15.00 % MTN Group Ltd 25'435'529.28 2.12 % 15.00 % Standard Bank Group Ltd 20'375'562.00 1.69 % 15.00 % Sabmiller Plc 16'209'005.23 1.35 % 15.00 % Remgro Ltd 16'178'839.76 1.35 % 15.00 % Anglogold Ashanti Ltd 13'780'078.00 1.15 % 15.00 % Naspers Ltd (N Shares) 11'437'717.20 0.95 % 15.00 % Mr Price Group Ltd 11'155'547.80 0.93 % 15.00 % ABSA Group Ltd 10'349'850.00 0.86 % 15.00 % British American Tobacco Plc 10'175'375.00 0.85 % 15.00 % MMI Holdings Limited 10'001'649.40 0.83 % 15.00 % Impala Platinum Holdings Ltd 8'960'312.00 0.75 % 15.00 % Medi-Clinic Corporation Ltd 7'526'362.42 0.63 % 15.00 % Arcelormittal Sa Ltd 7'113'588.40 0.59 % 15.00 % Old Mutual Plc 6'610'921.45 0.55 % 15.00 % Tiger Brands Ltd 6'151'729.50 0.51 % 15.00 % Investec Plc 6'048'107.52 0.50 % 15.00 % Nedbank Group Ltd 5'857'094.88 0.49 % 15.00 % Compagnie Financiere Richemont SA 5'557'105.29 0.46 % 15.00 % Firstrand Ltd 5'504'011.00 0.46 % 15.00 % Reinet Investments S.C.A 5'483'222.00 0.46 % 15.00 % Netcare Ltd 5'124'507.57 0.43 % 15.00 % The Bidvest Group Ltd 4'811'249.70 0.40 % 15.00 % Gold Fields Ltd 4'663'291.22 0.39 % 15.00 % LIFE HEALTHCARE GROUP HOLDINGS PTE LTD 4'472'797.60 0.37 % 15.00 % African Rainbow Minerals Ltd 4'371'013.40 0.36 % 15.00 % Liberty Holdings Ltd 4'364'378.70 0.36 % 15.00 % Sanlam Ltd 3'768'109.05 0.31 % 15.00 % Kumba Iron Ore Ltd 3'570'000.00 0.30 % 15.00 % Vodacom Group (Pty) Ltd 2'927'361.50 0.24 % 15.00 % Mondi Plc 2'601'318.10 0.22 % 15.00 % African Bank Investments Ltd 2'195'398.72 0.18 % 15.00 % RMB Holdings Ltd 2'019'096.80 0.17 % 15.00 % Imperial Holdings Ltd 1'885'753.98 0.16 % 15.00 % Steinhoff International Holdings Ltd 1'864'367.00 0.16 % 15.00 % Woolworths Holdings Ltd 1'700'205.00 0.14 % 15.00 % Exxaro Resources Ltd 1'261'574.73 0.10 % 15.00 % Anglo Platinum Ltd 1'206'488.08 0.10 % 15.00 % Shoprite Holdings Ltd 1'156'171.98 0.10 % 15.00 % Harmony Gold Mining Company Ltd 1'014'204.51 0.08 % 15.00 % Aspen Pharmacare Holdings Ltd 984'766.32 0.08 % 15.00 % Truworths International Ltd 931'090.29 0.08 % 15.00 % The Foschini Group Limited 763'394.28 0.06 % 15.00 % Massmart Holdings Ltd 502'445.30 0.04 % 15.00 % Assore Ltd 425'040.00 0.04 % 15.00 % Pick 'n Pay Stores Ltd 417'284.46 0.03 % 15.00 % RMI HOLDINGS LTD 415'123.50 0.03 % 15.00 % Discovery Holdings Ltd 308'960.08 0.03 % 15.00 % issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or conditions as 133'445'626.69 11.10 % Aveng Ltd 9'773'225.00 0.81 % 10.00 % ABSA Bank Ltd (Preference Share) 9'185'066.00 0.76 % 10.00 % The Spar Group Ltd 8'963'351.06 0.75 % 10.00 % AVI Ltd 6'773'675.96 0.56 % 10.00 % Tongaat Hulett Ltd 6'387'325.00 0.53 % 10.00 % Barloworld Ltd 5'558'493.49 0.46 % 10.00 % Sappi Ltd 5'441'358.60 0.45 % 10.00 % Trencor Ltd 5'032'658.00 0.42 % 10.00 % Aeci Ltd 4'584'871.38 0.38 % 10.00 % Allied Electronics Corporation Ltd (Participating Preference Share) 4'150'475.20 0.35 % 10.00 % ADCOCK INGRAM HOLDINGS LIMITED 4'132'101.00 0.34 % 10.00 % Investec Ltd (Preference Shares) 4'107'318.80 0.34 % 10.00 % Nedbank Ltd (Non-cumulative Preference Shares) 3'636'759.60 0.30 % 10.00 % Murray and Roberts Holdings Ltd 3'615'909.60 0.30 % 10.00 % Northam Platinum Ltd 3'517'696.00 0.29 % 10.00 % Datatec Ltd 3'431'410.62 0.29 % 10.00 % Pick 'n Pay Holdings Ltd 3'361'674.40 0.28 % 10.00 % Pioneer Food Group Ltd 3'072'074.04 0.26 % 10.00 % Zeder Investments Ltd 2'693'039.36 0.22 % 10.00 % Stefanutti Stocks Holdings Limited 2'629'696.20 0.22 % 10.00 % Allied Technologies Ltd 2'485'470.96 0.21 % 10.00 % Reunert Ltd 2'174'215.88 0.18 % 10.00 % Raubex Group Ltd 2'145'854.20 0.18 % 10.00 % Standard Bank Group Ltd (Preference Shares) 2'140'787.00 0.18 % 10.00 % Firstrand Limited Preference Shares 2'088'306.00 0.17 % 10.00 % Wilson Bayly Holmes-Ovcon Ltd 1'942'731.00 0.16 % 10.00 %

EXEMPTED CAPEVIN SECURITIES INVESTMENTS LTD 1'893'944.00 0.16 % 10.00 % City Lodge Hotels Ltd 1'787'596.25 0.15 % 10.00 % Allied Electronics Corporation Ltd 1'736'224.00 0.14 % 10.00 % Group Five Ltd 1'591'588.10 0.13 % 10.00 % Coronation Fund Managers Ltd 1'575'567.84 0.13 % 10.00 % Avusa Ltd 1'563'039.10 0.13 % 10.00 % Grindrod Ltd 1'417'530.12 0.12 % 10.00 % Investec Ltd 1'277'892.00 0.11 % 10.00 % Pretoria Portland Cement Company Ltd 1'133'723.73 0.09 % 10.00 % JD Group Ltd 962'185.68 0.08 % 10.00 % Nampak Ltd 781'149.00 0.06 % 10.00 % Mondi Ltd 727'321.14 0.06 % 10.00 % Telkom SA Ltd 709'797.62 0.06 % 10.00 % Brait SE 639'742.59 0.05 % 10.00 % Illovo Sugar Ltd 622'814.50 0.05 % 10.00 % Pan African Resources Plc 555'750.00 0.05 % 10.00 % CLICKS GROUP LTD 422'279.75 0.04 % 10.00 % Lewis Group Ltd 297'281.16 0.02 % 10.00 % Distell Group Ltd 270'385.00 0.02 % 10.00 % Adcorp Holdings Ltd 211'860.80 0.02 % 10.00 % Sun International Ltd 101'722.50 0.01 % 10.00 % Eqstra Holdings Ltd 96'369.96 0.01 % 10.00 % Lonmin Plc 44'317.50 0.00 % 10.00 % issuer market capitalisation of less than R 2 billion, or an amount or conditions as 23'585'835.92 1.96 % DISCOVERY NON CUM NON PART NON CONVE VOLUNTAR REDEEM B PREFS 4'214'900.00 0.35 % 5.00 % DEUTSCHE BANK STUBNPN 03/08/2012 2'838'402.00 0.24 % 5.00 % Esor Ltd 2'598'942.35 0.22 % 5.00 % Business Connexion Group Ltd 1'878'786.41 0.16 % 5.00 % Sentula Mining Ltd 1'726'835.95 0.14 % 5.00 % RECM & CALIBRE PREFERENCE SHARES 1'456'560.00 0.12 % 5.00 % NED STUB AGL 200712 1'369'409.91 0.11 % 5.00 % Distribution and Warehousing Network Ltd 1'331'501.20 0.11 % 5.00 % Digicore Holdings Ltd 1'199'391.12 0.10 % 5.00 % Spur Corporation Ltd 1'167'274.00 0.10 % 5.00 % Basil Read Holdings Ltd 1'022'110.11 0.09 % 5.00 % YORK TIMBER ORGANISATION LTD 1'006'737.80 0.08 % 5.00 % Iliad Africa Ltd 738'406.60 0.06 % 5.00 % Comair Ltd 437'025.65 0.04 % 5.00 % Astrapak Ltd 265'930.00 0.02 % 5.00 % Investec Bank Ltd (Preference Shares) 245'125.00 0.02 % 5.00 % PSG Financial Services Ltd (Preference Shares) 59'878.00 0.00 % 5.00 % Delta EMD Ltd 28'619.82 0.00 % 5.00 % Preference and ordinary shares in companies, excluding shares in property companies, 25.00 % 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, 10.00 % Inside the Republic: 75.00 % 25.00 % 70'885'359.07 5.90 % 25.00 % 4. IMMOVABLE PROPERTY 4.1 Inside the Republic: (a) Preference shares, ordinary shares and linked units comprising shares linked to 70'885'359.07 5.90 % 25.00 % issuer market capitalisation of R 10 billion or more, or an amount or conditions as 33'693'165.89 2.80 % Growthpoint Properties Ltd 10'527'461.10 0.88 % 15.00 % Capital Shopping Centres Group Plc 8'108'991.00 0.67 % 15.00 % Capital and Counties Properties Plc 4'662'868.49 0.39 % 15.00 % Capital Property Fund 4'255'591.50 0.35 % 15.00 % Redefine Income Fund Ltd 3'238'253.80 0.27 % 15.00 % Hyprop Investments Ltd 2'900'000.00 0.24 % 15.00 % issuer market capitalisation of between R 3 billion and R 10 billion, or an amount or conditions as 21'674'354.00 1.80 % Fountainhead Property Trust 7'706'300.00 0.64 % 10.00 % Emira Property Fund 6'869'500.00 0.57 % 10.00 % FORTRESS A 2'856'542.00 0.24 % 10.00 % Vukile Property Fund Ltd 2'437'314.60 0.20 % 10.00 % Acucap Properties Ltd 1'227'000.00 0.10 % 10.00 % SYCOM PROPERTY FUND 577'697.40 0.05 % 10.00 % issuer market capitalisation of less than R 3 billion, or an amount or conditions as 15'517'839.18 1.29 % Hospitality Property Fund Ltd (A Shares) 4'756'962.50 0.40 % 5.00 % DIPULA INCOME FUND A 2'640'820.00 0.22 % 5.00 % Vividend Income Fund Ltd 2'629'585.00 0.22 % 5.00 % INVESTEC PROPERTY FUND LIMITED 2'498'000.00 0.21 % 5.00 % VUNANI PROPERTY INVESTMENT 2'184'000.00 0.18 % 5.00 % Hospitality Property Fund Ltd (B Shares) 808'471.68 0.07 % 5.00 % Preference shares, ordinary shares and linked units comprising shares linked to 25.00 % 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

(b) EXEMPTED Immovable property, SECURITIES preference and ordinary shares in property companies, and linked 15.00 % Inside the Republic Foreign Assets: 25.00 % 25.00 % 5. COMMODITIES 10.00 % 5.1 Inside the Republic: (a) Kruger Rands and other commodities listed on an exchange, including exchange traded 10.00 % gold each other commodity Foreign Assets: Kruger Rands and other commodities listed on an exchange, including exchange traded 10.00 % 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 10.00 % 7. HOUSING LOANS GRANTED TO MEMBERS IN ACCORDANCE WITH THE PROVISIONS 95.00 % 8. HEDGE FUNDS, PRIVATE EQUITY FUNDS AND ANY OTHER ASSET NOT REFERRED 1'777'588.53 0.15 % 15.00 % 8.1 Inside the Republic: (a) Hedge Funds 10.00 % Fund of hedge funds Hedge funds (b) Private equity funds 10.00 % Fund of private equity funds Private equity funds (c) Other assets not referred to in this schedule and excluding a hedge fund or private 1'777'588.53 0.15 % 2.50 % Outstanding Settlements 1'777'588.53 0.15 % 2.50 % (a) Hedge Funds 10.00 % Fund of hedge funds Hedge funds (b) Private equity funds 10.00 % 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) 1'202'345'593.99 100.00 % 100.00 % 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 1'777'588.53 0.15 % TOTAL 1'777'588.53 0.15 % 35.00 % 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 15.00 % 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 47'735'221.69 3.97 % 1.1 (b) ABSA Group Ltd 4'299'565.00 0.36 % 1.2 (c)-1 ABSA Group Ltd 79'579'443.90 6.62 % 1.2 (c)-2 ABSA Group Ltd 40'473'424.00 3.37 % 172'087'654.59 14.31 % 25.00 % 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 20'893'865.66 1.74 % 33'770'246.05 2.81 % 12'706'300.38 1.06 % 67'370'412.09 5.60 % 25.00 % 7'031'509.59 0.58 % 10'768'267.00 0.90 % 72'493'777.13 6.03 % 90'293'553.72 7.51 % 25.00 % 2'009'002.74 0.17 % 2'009'002.74 0.17 % 25.00 % 15'517'290.15 1.29 % 111'701'745.88 9.29 % 15'133'819.22 1.26 % 142'352'855.25 11.84 % 25.00 % 885'295.28 0.07 % 885'295.28 0.07 % 25.00 % 4'097'806.09 0.34 % 4'097'806.09 0.34 % 25.00 % 19'856'605.84 1.65 % 19'856'605.84 1.65 % 25.00 % 1.2 (c)-1 ABSA Group Ltd 40'473'424.00 3.37 % 40'473'424.00 3.37 % 25.00 %

EXEMPTED SECURITIES REGULATION 28(3): INVESTMENTS OUTSIDE THE REPUBLIC: NOTES: 1. Credit balance in current accounts must be included in item 1. 2. 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 % 0.00 0.00 % 0.00 0.00 % 0.00 0.00 % 0.00 3. EXEMPTIONS GRANTED BY THE REGISTRAR Item Max % Date of letter Expiry Date 0.00 % 0.00 % 0.00 % 0.00 % NOTICE NO. 5 OF 2011 - CONDITIONS FOR SECURITIES LENDING TRANSACTIONS