Allan Gray Stable Fund

Fund Overview

Risk Profile

Low	Medium	High

Objective

The Allan Gray Stable Fund aims to provide a return that exceeds the return on call deposits plus 2%, on an after-tax basis, at an assumed rate of 25%. It also seeks to provide a high level of capital stability and to minimise the risk of loss over any two-year period.

Investor Profile

• Are risk-averse and require a high degree of capital stability
• Require a reasonable income but also some capital growth
• Are retired or nearing retirement
• Seek to preserve capital over any two-year period

Offshore Exposure

Yes

Inception Date

1 July 2000

Fund Code

AGSF

Fund Manager(s)

Ian Liddle
(Foreign assets are invested in Orbis funds)

Top 10 Holdings at 30 June 2011 Money Market and Call Deposits 37.10% Orbis Absolute Return Funds 13.10% RSA Government Bonds 8.80% Orbis Equity Funds 7.60% New Gold ETF 4.60% British American Tobacco Plc 4.20% SABMiller 3.40% Sasol 3.30% Remgro 1.80% Anglogold Ashanti 1.50% Total Holdings 85.40%

Asset Allocation at 30 June 2011

Top 10 Holdings at 31 March 2011 Money Market and Call Deposits 37.20% Orbis Absolute Return Funds 12.80% RSA Government Bonds 8.40% Orbis Equity Funds 8.00% New Gold ETF 4.80% Sasol 3.80% SABMiller 3.50% Remgro 1.80% Anglogold Ashanti 1.80% Sanlam 1.20% Total Holdings 83.30%

Asset Allocation at 31 March 2011

Top 10 Holdings at 31 December 2010 Money Market and Call Deposits 39.30% Orbis Absolute Return Funds 11.70% RSA Government Bonds 8.10% Orbis Equity Funds 7.70% New Gold ETF 4.50% SABMiller 3.40% Sasol 3.30% Foreign Deposits 2.90% Remgro 1.90% Anglogold Ashanti 1.90% Total Holdings 84.70%

Asset Allocation at 31 December 2010

Top 10 Holdings at 30 September 2010 Money Market and Call Deposits 46.10% Orbis Absolute Return Funds 12.80% RSA Government Bonds 7.50% Orbis Equity Funds 4.90% New Gold ETF 4.00% SABMiller 3.00% Sasol 2.70% Remgro 2.00% British American Tobacco Plc 2.00% Anglogold Ashanti 1.80% Total Holdings 86.80%

Asset Allocation at 30 September 2010

Top 10 Holdings at 30 June 2010 Money Market and Call Deposits 49.20% Orbis Absolute Return Funds 12.80% RSA Bonds 6.90% Orbis Equity Funds 5.20% New Gold ETF 4.10% SABMiller 2.80% Sasol 2.10% Anglogold Ashanti 2.00% British American Tobacco Plc 1.80% Remgro 1.70% Total Holdings 88.60%

Asset Allocation at 30 June 2010

Top 10 Holdings at 31 March 2010 Money Market and Call Deposits 53.60% Orbis Absolute Return Funds 12.60% Orbis Equity Funds 5.40% New Gold ETF 3.60% RSA Bonds 3.30% SABMiller 2.90% Sasol 2.10% British American Tobacco Plc 1.90% Anglogold Ashanti 1.70% Remgro 1.60% Total Holdings 88.70%

Asset Allocation at 31 March 2010