Allan Gray-Orbis Global Equity Feeder Fund

Fund Overview

Risk Profile

Low	Medium	High

Objective

The Allan Gray-Orbis Global Equity Feeder Fund remains fully invested in global equities. The objective of the Fund is to outperform the FTSE World Index at no greater-than average risk of loss in its sector.

Investor Profile

• Investors who would like to invest in global shares and benefit from offshore exposure
• Want to gain exposure to markets and industries that are not necessarily available locally

Offshore Exposure

Yes

Inception Date

1 April 2005

Fund Code

AGOE

Fund Manager(s)

Ian Liddle
(The underlying Orbis Global Equity Fund is managed by Orbis)

Top 10 Holdings at 30 June 2011 WellPoint 5.10% Cisco Systems 4.70% Samsung Electronics 3.80% NetEase.com 3.40% NRG Energy 3.40% CVS/Caremark 2.80% Rakuten 2.70% QUALCOMM 2.70% Aetna 2.60% Safeway 2.50% Total Holdings 33.70%

Country Exposure (Shares) at 30 June

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Top 10 Holdings at 31 March 2011 WellPoint 4.50% Cisco Systems 4.30% Samsung Electronics 4.20% NetEase.com 3.40% CVS/Caremark 3.10% NRG Energy 3.10% Aetna 2.70% QUALCOMM 2.60% Rakuten 2.30% Weatherford International 2.30% Total Holdings 32.50%

Country Exposure (Shares) at 31 March 2011

Top 10 Holdings at 31 December 2010 WellPoint 4.90% Samsung Electronics 4.70% CVS/Caremark 3.60% NetEase.com 2.80% NRG Energy 2.70% QUALCOMM 2.70% Dai-ichi Mutual Life Insurance 2.50% Aetna 2.20% SBI Holdings 2.10% Intel 2.10% Total Holdings 30.30%

Country Exposure (Shares) at 31 December 2010

Top 10 Holdings at 30 September 2010 WellPoint 5.00% QUALCOMM 4.20% Samsung Electronics 4.20% CVS/Caremark 3.50% Research in Motion 3.40% NetEase.com 3.30% NRG Energy 2.50% Banco Bilbao Vizcaya Argentaria 2.40% Aetna 2.20% Intel 2.10% Total Holdings 32.80%

Country Exposure (Shares) at 30 September 2010

Top 10 Holdings at 30 June 2010 WellPoint 4.60% Samsung Electronics 4.50% Research in Motion 3.40% NetEase.com 3.00% NRG Energy 2.90% Johnson & Johnson 2.80% Intel 2.70% QUALCOMM 2.50% Banco Bilbao Vizcaya Argentaria 2.30% H&R Block 2.10% Total Holdings 30.80%

Country Exposure (Shares) at 30 June 2010

Top 10 Holdings at 31 March 2010 Samsung Electronics 4.50% WellPoint 3.60% Research in Motion 3.40% Johnson & Johnson 3.40% SBI Holdings 3.00% CVS/Caremark 2.70% Toyota Motor 2.60% Intel 2.50% SAP 2.30% NetEase.com 2.30% Total Holdings 30.30%

Country Exposure (Shares) at 31 March 2010