Allan Gray Equity Fund

Fund Overview

Risk Profile

Low	Medium	High

Objective

The Allan Gray Equity Fund aims to outperform the South African equity market (as represented by the FTSE/JSE All Share Index, including income) without assuming greater risk.

Investor Profile

• Seek long-term wealth creation
• Are comfortable with market fluctuation i.e. short-term volatility
• Typically have an investment horizon of five years plus
• Seek an equity 'building block' for a diversified multi-asset class portfolio

Offshore Exposure

No

The Allan Gray Equity Fund is limited to JSE listed shares so it has no direct offshore exposure. *

* In terms of Exchange Control Circular 22/2011 JSE inward listed shares (such as British American Tobacco) are now classified as domestic, with effect from 7 December 2011.

Inception Date

1 October 1998

Fund Code

AGEF

Fund Manager(s)

Ian Liddle, Duncan Artus, Delphine Govender, Andrew Lapping, Simon Raubenheimer

Top 10 Holdings at 30 June 2011 British American Tobacco PLC 10.90% Sasol 10.40% SABMiller 10.30% Remgro 7.50% Anglogold Ashanti 4.60% Sanlam 4.60% Standard Bank 4.20% MTN Group 4.10% Mondi 3.70% Impala Platinum 2.90% Total Holdings 63.20%

Asset Allocation at 30 June 2011

Top 10 Holdings at 31 March 2011 Sasol 11.70% British American Tobacco PLC 10.40% SABMiller 10.20% Remgro 7.20% Anglogold Ashanti 5.40% Sanlam 4.50% MTN Group 4.10% Standard Bank 3.60% Mondi 3.40% Harmony Gold 2.80% Total Holdings 63.30%

Asset Allocation at 31 March 2011

Top 10 Holdings at 31 December 2010 Sasol 10.70% SABMiller 10.30% British American Tobacco PLC 9.80% Remgro 7.40% Anglogold Ashanti 5.70% Sanlam 4.70% MTN Group 4.10% Mondi 3.60% Harmony Gold 2.70% Standard Bank 2.50% Total Holdings 61.50%

Asset Allocation at 31 December 2010

Top 10 Holdings at 30 September 2010 British American Tobacco PLC 10.70% Sasol 10.30% SABMiller 10.20% Remgro 7.70% Anglogold Ashanti 6.30% Sanlam 5.00% Mondi 4.80% MTN Group 4.40% Dimension Data 2.90% Harmony Gold 2.70% Total Holdings 65.00%

Asset Allocation at 30 September 2010

Top 10 Holdings at 30 June 2010 British American Tobacco PLC 10.80% SABMiller 10.50% Sasol 9.00% Anglogold Ashanti 7.70% Remgro 7.40% Sanlam 5.10% MTN Group 4.30% Mondi 4.00% Harmony Gold 3.20% Dimension Data 2.70% Total Holdings 64.70%

Asset Allocation at 30 June 2010

Top 10 Holdings at 31 March 2010 SABMiller 10.30% British American Tobacco PLC 10.30% Sasol 9.10% Remgro 7.20% Anglogold Ashanti 6.50% Money Market and Call Deposits 6.10% Sanlam 5.30% Mondi 4.60% MTN Group 4.40% Sappi 2.80% Total Holdings 66.60%

Asset Allocation at 31 March