Quarterly Fund Guide

Quarterly Fund Performance Guide

December 2012

Max Investments | Max Income | Investment Frontiers | Fairbairn Capital

1 1

Contents

Page No.

Markets & Economics 2

Old Mutual MAX Investments Objective 3

Local Funds (Life)Old Mutual Flexible Life Fund 4Old Mutual Balanced Life Fund 6Old Mutual Balanced Life Fund with Guarantee 8Old Mutual Stable Growth Life Fund 10Optimised Growth Life Fund 12Optimised High Growth Life Fund 14Old Mutual Edge28 Life Fund 16Old Mutual Enhanced Income Life Fund 18Wealth Defender Life Fund 20Wealth Defender Income Life Fund 22Old Mutual Bond Life Fund 24Old Mutual Financial Services Life Fund 25Old Mutual Industrial Life Fund 26Old Mutual Mining & Resources Life Fund 27Old Mutual Money Market Life Fund 28Old Mutual Small Companies Life Fund 29Old Mutual SA Quoted Property Life Fund 30CoreGrowth Life Fund 31EBGF Life Fund 32Growth Preserver Life Fund 33Old Mutual Absolute Smooth Growth Life Portfolio 34Old Mutual Absolute Stable Growth Life Portfolio 35Secured Money Market Life Fund 36Smoothed Performance Life Fund 37Coronation Balanced Life Fund 38Coronation Capital Plus Life Fund 40Investec Opportunity Life Fund 42Old Mutual Real Income Life Fund 44

SYm|mETRY FundsSYm|mETRY Balanced Life Fund 46SYm|mETRY Defensive Life Fund 48SYm|mETRY Equity Life Fund 50SYm|mETRY Islamic Fund 52SYm|mETRY Money Market Fund 54

Offshore Life FundsOptimised World Active Life Fund 56Optimised World Balanced Life Fund 57Optimised World Defensive Life Fund 58Optimised World High Growth Life Fund 59Old Mutual Global Best Ideas Life Fund 60Old Mutual Global Currency Life Fund 61World Bonds Life Fund 62World Equity Life Fund 63World Diversified Plus Life Fund 64World Growth Plus Life Fund 65Multi-manager World Balanced Life Fund 66Multi-manager World Defensive Life Fund 67Multi-manager World High Growth Life Fund 68

Disclaimer 69

Notes 70

2 1. Return to contents page

Markets & Economics

30 SEPTEMBER 2012 TO 31 DECEMBER 2012

SOUTH AFRICA

Apart from lurking global concerns and risks, local investors faced home-

grown concerns, too, during the fourth quarter of 2012. These included

a wave of labour unrest, a serious disruption to mining production, a

very large and growing foreign trade shortfall, a slump in the rand,

slowing economic growth and considerable political uncertainty in

the run-up to the ruling party’s conference in Mangaung. Yet, despite

all these global and local concerns, the local equity market marched

relentlessly higher over the quarter, with the FTSE/JSE All Share Index

gaining almost 10%.

Key to the divergent behaviour of investor concerns and market

performance is that some of the key monetary transmission mechanisms

are still perceived to be “broken”. Importantly, the weaker rand has

not resulted in much higher inflation expectations or more bearish

views on interest rate prospects. As such, the weaker rand is actually

good for local producers as it is unlikely to trigger damage via higher

inflation and interest rates, as has typically been the pattern in the

past. Moreover, the ANC’s conference turned out far more market

friendly than investors had expected, not only with the election of

businessman Cyril Ramaphosa as the ANC’s deputy president, but also

through relatively pragmatic policy decisions and the acceptance of

the widely applauded National Development Plan as the backbone of

future government economic policy.

Still, despite a moderately improved global outlook, local macro-

economic prospects for 2013 are poor. Growth is expected to again

be sub-3%, a rate at which very few jobs will be created. This implies

that all eyes have now turned to Government to effect the necessary

policy changes to pave the way for higher growth over the medium

term. These include the faster roll-out of infrastructure expansion, a

far more effective public sector bureaucracy when it comes to service

delivery, ruthlessly stamping out corruption, creating a generally more

business-friendly environment by creating greater policy certainty, and

regaining full control over current government expenditure and the

fiscal situation in general.

OMIGSA Economic Research Unit view: 2013 will be another year

of subdued economic growth and limited job creation. However, the

ANC’s recent conference has paved the way for growth-enhancing policy

reforms. The coming year will prove whether or not Government is

committed to implement these.

Comments from Rian le Roux

Chief Economist

InTeRnATIOnAl

As was the case in the third quarter, the fourth quarter of 2012 presented

investors with lots of macro-economic cross-currents to navigate.

On the positive side, news flow about the European debt crisis has

gradually improved during the second half of 2012, while incoming

data suggests the giant economies of the USA and China continue to

grow at relatively acceptable paces, and on the policy front the US

Federal Reserve, Chinese policymakers and the Japanese government/

Bank of Japan have all promised solid policy support to encourage

economic growth and job creation. Against this background, investors’

two key fears of 2012, namely Eurozone disintegration (and financial

chaos flowing from that) and/or a global economic hard landing did

not materialise.

However, there were also a number of issues on the macro front that

kept investors concerned. On the growth front, the Eurozone remained

in deep recession, Japan continues to struggle with deflation and is

threatening to relapse into recession, and commodity producers are

struggling too, as commodity prices remain relatively depressed. The

biggest concern of the final quarter of the year was the approaching US

“fiscal cliff”, according to which US fiscal policy would effectively be

tightened by some 4% of GDP from 1 January 2013, unless existing US

legislation is changed. Such a fiscal shock would almost certainly tilt the

US economy back into recession. As the quarter progressed, investors’

concerns about a fiscal shock mounted as Democrats and Republicans

remained heavily divided over how to tackle the problem. These fears

were the prime reason for the sell-off in equity markets over the course

of the quarter. As concerns rose, markets worried and commentators

around the world urged US lawmakers to reach consensus. However, it

appeared that some kind of a deal would be reached at the last minute.

We continue to hold the view that US lawmakers will not allow the US

to flop back into recession due to an unacceptably severe tightening

in fiscal policy, and that fiscal tightening in 2013 will be of the order

of about 1.5% of GDP. Fiscal tightening of such a magnitude will act as

a drag on the US recovery, but not derail it.

OMIGSA Economic Research Unit view: Looking forward to 2013, we

expect global growth to accelerate moderately, central banks to provide

lots of monetary support, the Eurozone crisis to continue to gradually

fade as a prime concern for investors, and fiscal tightening to continue

over a broad front globally. This should provide a supportive backdrop

for growth assets in 2013.


NEW CLIENT INVESTMENT OBJECTIVE MODEL FOR PERSONALISED MAX INVESTMENTS AND MAX INCOME SOLUTIONS

Old Mutual Max Investments and Max Income Solutions have introduced a new investment model for clients, centred on the client’s

personal investment objectives. This represents a move away from the traditional investment model focusing on a client’s risk profile,

in recognition that this method is limited by typically only measuring short-term risk positioning.

By taking into account the client’s investment objective, the new investment model aligns the investor’s actual investment solution

with their long-term financial goals. It also creates improved consistency across products, and aligns Old Mutual’s retail investment

advice practices.

To implement the new investment model, Old Mutual’s Investment Analysis Tool now places clients into one of five investment objective

categories, and recommends certain funds or combinations of funds to meet each of these objectives. The choice of funds is based on

their risk ratings and on analyses of their historical returns, depending on asset class exposure.

The table below presents the new client investment objective model in a nutshell, highlighting the five client investment objectives

and the recommended combination of funds tailored to meet these objectives.

Max Investments

LIFE Funds Risk Rating LISP Funds Risk

Rating

High IncomeOld Mutual Money Market Life Fund 1 Old Mutual Money Market Fund 1

Marriot High Income FoF 1 Marriot High Income FoF 1

Real IncomeOld Mutual Enhanced Income Life Fund 2 Old Mutual Enhanced Income Fund 2

Old Mutual Stable Growth Life Fund 2 Old Mutual Stable Growth Fund 2

Stable GrowthOld Mutual Stable Growth Life Fund 2 Old Mutual Stable Growth Fund 2

SYm|mETRY Defensive Life Fund 2 SYm|mETRY Defensive FoF 2

Balanced Growth

Wealth Defender Life Fund 3 Old Mutual Dynamic Floor Fund 3

Old Mutual Balanced Life Fund 3 Old Mutual Balanced Fund 3

SYm|mETRY Balanced Life Fund 3 SYm|mETRY Balanced FoF 3

High Growth

Old Mutual Flexible Life Fund 4 Old Mutual Flexible Fund 4

Optimised Growth Life Fund 4 Old Mutual Investors’ Fund 4

SYm|mETRY Equity Life Fund 4 Old Mutual Top Companies Fund 4

Edge 28 Life Fund 5

Guaranteed Funds

Secured Money Market Life Fund 1

Smoothed Performance Life Fund 2

Absolute Stable Growth Life Fund* 2

Absolute Smoothed Growth Life Fund* 3

* Retirement annuities only


OLD MUTUAL FLEXIBLE LIFE FUnDPREVIOUSLY KNOWN AS OpTIMIsED AGGREssIVE FUnD

FUnD InFORMATIOn

RIsK RATInG

FUnD OBJECTIVE

The fund aims to deliver long-term equity-like returns, but at

lower levels of volatility than equity. The fund will predominantly

invest in shares, but the portfolio manager can invest in less risky

asset classes when they offer better value.

WHO Is THIs FUnD FOR?

This fund is suited to investors who want high long-term capital

growth, but who want some protection against short-term

fluctuations of the equity market. The fund is suitable for long-

term savings outside a retirement fund.

RECOMMEnDED MInIMUM InVEsTMEnT TERM

InVEsTMEnT MAnDATE

The fund manager may, within a very unconstrained mandate,

employ active trading, aggressive security selection and other

means available to boost performance. In order to achieve the

fund objective the portfolio manager may choose to gain exposure

to the described assets and asset classes by investing through

OMLACSA pooled portfolios, collective investment schemes or a

combination thereof.

BEnCHMARK: CPI

pERFORMAnCE TARGET: CPI + 8% p.a. (gross of fees)

RIsK OBJECTIVE: Lower volatility than the equity market.

FUnD MAnAGER(s):

Peter Brooke (OMIGSA - MacroSolutions)

LAUnCH DATE: 01/09/1998

sIZE OF FUnD: R1.2bn

OTHER InVEsTMEnT COnsIDERATIOns

InITIAL CHARGEs:

There is no initial administration charge on the fund.

OnGOInG:

Performance fees apply as follows:

Annual management fee (min./max.): 0.67% / 2.50% p.a.

Fee hurdle: CPI + 4%

Sharing rate: 15%

Fee at hurdle/target: 0.67% / 1.27% p.a.

Manager shares in any performance above the fee hurdle. The performance fee

is based on rolling one-year periods (details on website). It is accrued daily and

paid on a monthly basis. Additional charges that are deducted from the fund’s

portfolio will be included in the TER. The fees that could be included in the TER

which are not reflected in the annual management fee include fees charged for

the management of foreign assets, performance fees on alternatives, custodian

fees, bank charges and audit charges.

Total expense ratio (TER): 1.46%

TER is a historic measure and includes the annual service fee.

1 2 3 4 5

RIsK sTATIsTICs (5 YEARs p.A.) FUnD JsE ALL sHARE ALL BOnDAnnual Standard Deviation 12.6% 18.4% 7.5%

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Old Mutual Flexible Life Fund (5-Year Annualised Rolling)

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pRInCIpAL HOLDInGs

HOLDInG sECTOR % OF FUnDMTN Group Limited Telecommunications 5.6Sasol Ltd Oil & Gas 3.1AngloGold Ashanti Limited Basic Resources 2.9Old Mutual plc Life Insurance 2.4Compagnie Financière Richemont Personal & Household Goods 2.3Investec plc Financials 2.3BHP Billiton plc Basic Resources 2.2The Bidvest Group Ltd Industrials 2.2Anglo American plc Basic Resources 2.0Steinhoff International Holdings Personal & Household Goods 1.9

26.8

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FUnD pERFORMAnCE as at 31/12/2012

% pERF. % pERF. (p.a.)

3-Mth 6-Mth 1-Yr 3-Yr 5-Yr 7-Yr 10-Yrsince

InceptionTax-exempt Investor 5.8 11.7 17.7 11.5 7.3 11.2 15.7 18.4Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 6.3Retirement Fund 5.8 11.7 17.5 11.5 7.4 11.2 15.5 18.1Private Investor 5.4 10.9 16.4 10.5 6.4 10.4 14.7 17.4Corporate Investor 5.1 10.3 15.0 9.5 6.0 9.1 13.3 16.3

pRODUCT AVAILABILITY IF FC Max

Investment Plan (LIFE) ✓ ✓

Investment Plan (LISP) ✓

Retirement Annuity ✓ ✓

Preservation Fund

Living Annuity ✓ ✓

FUnD COMpOsITIOn

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SA Equities 51.1%SA Bonds 3.4%SA Cash 12.7%SA Property 7.1%Preference Shares 0.9%International Equity 20.0%International Property 2.7%International Bonds 2.0%International Cash 0.1%

December 2012


Funds are also available via:Fairbairn CapitalTel +27 (0)860 300 000 | Fax +27 (0)860 400 000 | Email [email protected] | Internet www.fairbairncapital.com

Max InvestmentsTel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email [email protected] | Internet www.oldmutual.co.za/max

Max IncomeTel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email [email protected] | Internet www.oldmutual.co.za/max

FUnD MAnAGER InFORMATIOn

CURREnT REspOnsIBILITY:

Peter joined Old Mutual in May 2005 and has been the Head of

MacroSolutions since 2007.

Peter has specific responsibility for third-party funds, including the

Profile range. He also manages a number of unit trusts including

the Old Mutual Flexible, Old Mutual Real Income and Old Mutual

Stable Growth Funds.

Having analysed countries and companies, Peter can integrate

top-down and bottom-up drivers and valuations to create an

optimal portfolio.

pREVIOUs EXpERIEnCE:

Peter is an award-winning analyst who has extensive experience

in the investment arena. He worked at a stockbroker for 10 years,

as an analyst and equity strategist, after which he was the Head

of Research and Head of Equities for Cazenove South Africa.

pETER BROOKE

QUALIFICATIOns:

BBusSc (Hons in Finance)

FUnD COMMEnTARY as at 31/12/2012The FTSE/JSE All Share Index (ALSI) had a very strong fourth quarter, gaining 10.3%,

with returns of 26.7% for the 2012 calendar year. Listed property enjoyed another

year of very strong returns, delivering 35.9% for the year. The All Bond Index and

the Inflation-linked Bond Index gained 16% and 19.4% respectively for the year. Cash

returned 5.5%. Globally, it was a good year for equities with the MSCI ACWI up 16.8%

measured in US dollars. Emerging markets outperformed developed markets for the

year with strong relative performance in the last quarter. Commodity prices were

generally higher for the year with Brent crude gaining 2.3%, copper was up by 4.2%

and gold was 5.6% higher. The rand had a volatile year losing 4.1% against the US

dollar and 5.7% against the euro.

In line with the excellent returns from growth assets the fund enjoyed an 18.2%

return for the year. The fund benefited from exposure to both local and international

property, an overweight position in emerging markets and the purchase of convertible

bonds. However, with the benefit of hindsight holding, any cash was a mistake as

that dragged on performance. During the year, the fund reduced exposure to certain

shares which had run hard, which increased the cash allocation. Over the last decade,

the fund has delivered an annual return of 16.4%, growing investor capital more than

four-fold. We do not expect such good returns in the next decade, but the fund will

strive to deliver decent real returns, enjoying the flexibility to invest across asset

classes and markets.

The information and opinions contained in this guide are made in good faith and are based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. The opinions expressed herein are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of own judgement. The price of shares/units and any income from them may fall as well as rise. Past performance or fund benchmark performance is not necessarily a guide to the future and investors may not get back the full amount invested. When a subscription involves a foreign exchange transaction, it may be subject to the fluctuations of currency values. Exchange rates may also cause the value of underlying overseas investments to go down or up. It should be noted that investments within the fund may not be readily marketable. It may therefore be difficult for an investor to withdraw from the fund or to obtain reliable information about its value and the extent of the risks to which it is exposed.

OLD MUTUAL FLEXIBLE LIFE FUnDPREVIOUSLY KNOWN AS OpTIMIsED AGGREssIVE FUnD


Old Mutual Balanced lIFe FundPREVIOUSLY KNOWN AS OptIMIsed Balanced Fund

Fund InFORMatIOn

RIsK RatInG

Fund OBJectIVe

This fund aims to achieve long-term inflation-beating growth.

The fund has a growth asset bias and will invest more heavily in

shares. The portfolio manager actively allocates to other asset

classes to take advantage of changing market conditions and to

manage the fund’s volatility.

WHO Is tHIs Fund FOR?

This fund is suitable for investors wanting moderate to high long-

term growth, with less volatility in the short term than pure equity.

It is suitable as a stand-alone retirement investment.

RecOMMended MInIMuM InVestMent teRM

InVestMent Mandate

The fund is exposed to all sectors of the market (shares, bonds

& property). This fund complies with Prudential Investment

Guidelines. In order to achieve the fund objective the portfolio

manager may choose to gain exposure to the described assets and

asset classes by investing through OMLACSA pooled portfolios,

collective investment schemes or a combination thereof.

BencHMaRK: CPI

peRFORMance taRGet: CPI + 6% p.a. (gross of fees)

RIsK OBJectIVe: Lower volatility than competitor funds

Fund ManaGeR(s):

Anil Thakersee (OMIGSA - MacroSolutions)

launcH date: 01/09/1998

sIZe OF Fund: R4.5bn

OtHeR InVestMent cOnsIdeRatIOns

InItIal cHaRGes:


OnGOInG:




Sharing rate: 15%











1 2 3 4 5

RIsK statIstIcs (3 YeaRs p.a.) Fund Jse all sHaRe all BOndAnnual Standard Deviation 7.2% 13.2% 6.0%

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Old Mutual Balanced life Fund (5-Year annualised Rolling)


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pRIncIpal HOldInGs

HOldInG sectOR % OF FundMTN Group Ltd Telecommunications 4.4BHP Billiton plc Basic Resources 3.0Anglo American plc Basic Resources 3.0Sasol Ltd Oil & Gas 2.9Old Mutual plc Life Insurance 2.2Compagnie Financière Richemont Personal & Household Goods 2.2FirstRand Ltd Banks 2.1Investec plc Financials 1.8AngloGold Ashanti Ltd Basic Resources 1.7Standard Bank Group Ltd Banks 1.6

25.1

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Fund peRFORMance as at 31/12/2012

% peRF. % peRF. (p.a.)



pROduct aVaIlaBIlItY IF Fc Max




Preservation Fund


Fund cOMpOsItIOn

SA Equities 44.0%SA Bonds 13.3%SA Cash 12.3%SA Property 5.3%Commodities 0.5%International Equities 20.4%International Cash 1.6%International Property 2.2%International Bonds 0.4%

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December 2012






Old Mutual Balanced lIFe FundPREVIOUSLY KNOWN AS OptIMIsed Balanced Fund

Fund ManaGeR InFORMatIOn

cuRRent RespOnsIBIlItY:

Anil joined MacroSolutions in August 2008, and is responsible for

the balanced funds.

His investment experience prior to joining the boutique was in the

fixed income and multi-management areas. He brings this experience

in portfolio construction and bond and money markets to the team.

pReVIOus eXpeRIence:

Anil has nine years of investment experience covering fixed income

markets and multi-asset class funds.

Prior to joining Old Mutual, Anil was a fund manager at Appleton

Asset Management and an analyst at BoE Private Bank.

anIl tHaKeRsee

QualIFIcatIOns:

BCom

CFA Charterholder

Fund cOMMentaRY as at 31/12/2012The FTSE/JSE All Share Index (ALSI) had a very strong fourth quarter, gaining 10.3%,



the Inflation-linked Bond Index gained 16% and 19.4% respectively for the year.

Cash returned 5.5%. Globally, it was a good year for equities with the MSCI ACWI up

16.8% measured in US dollars. Emerging markets outperformed developed markets

for the year with strong relative performance in the last quarter. Commodity prices

were generally higher for the year with Brent crude gaining 2.3%, copper was up by

4.2% and gold was 5.6% higher. The rand had a volatile year losing 4.1% against the

US dollar and 5.7% against the euro.

The fund performed well in 2012 on an absolute return basis, relative to the other

funds in its category and against its own performance objective of CPI + 6%. We have

been overweight to inflation-linked bonds for some time now and they performed

exceptionally well last year. Despite this outperformance, we continue to hold these

bonds as they offer inflation protection and we continue to see little scope for real

returns from cash. The fund remains fully invested in offshore assets as we continue

to find good value in international equities relative to other asset classes.


December 2012

OLD MUTUAL BALANCED LIFE FUND(with Guarantee) PREVIOUSLY KNOWN AS OpTIMIsED BALANCED FUND (WIth GUARANtEE)

FUND INFORMATION

RIsK RATING

FUND OBJECTIVE

This fund aims to achieve long-term inflation-beating growth.

the fund has a growth asset bias and will invest more heavily in

shares. The portfolio manager actively allocates to other asset

classes to take advantage of changing market conditions and to

manage the fund’s volatility.

WHO Is THIs FUND FOR?

this fund is suitable for investors wanting moderate to high long-

term growth, with less volatility in the short term than pure equity.

It is suitable as a stand-alone retirement investment.

RECOMMENDED MINIMUM INVEsTMENT TERM

INVEsTMENT MANDATE

The fund is exposed to all sectors of the market (shares, bonds

& property). This fund complies with Prudential Investment

Guidelines. In order to achieve the fund objective the portfolio




BENCHMARK: CPI

pERFORMANCE TARGET: CPI + 6% p.a. (gross of fees)

RIsK OBJECTIVE: Lower volatility than competitor funds

FUND MANAGER(s):

Anil thakersee (OMIGSA - MacroSolutions)

LAUNCH DATE: 01/09/2003

sIZE OF FUND: R4.5bn

OTHER INVEsTMENT CONsIDERATIONs

INITIAL CHARGEs:


ONGOING:




Sharing rate: 15%











1 2 3 4 5

RIsK sTATIsTICs (3 YEARs p.A.) FUND JsE ALL sHARE ALL BONDAnnual Standard Deviation 7.2% 13.2% 6.0%

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FUND pERFORMANCE as at 31/12/2012



InceptionTax-exempt Investor 5.2 11.1 16.8 11.2 7.0 10.4 - 14.7Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 5.8Retirement Fund 5.7 12.2 18.5 11.7 7.4 10.6 - 14.7Private Investor 4.8 10.3 15.7 10.1 6.0 9.4 - 13.4Corporate Investor 5.1 10.9 16.2 10.1 6.1 9.2 - 12.9


Investment Plan (LIFE) ✓

Investment Plan (LISP)

Retirement Annuity ✓

Preservation Fund

Living Annuity ✓

pRINCIpAL HOLDINGs

HOLDING sECTOR % OF FUNDMTN Group Ltd telecommunications 4.4BHP Billiton plc Basic Resources 3.0Anglo American plc Basic Resources 3.0Sasol Ltd Oil & Gas 2.9Old Mutual plc Life Insurance 2.2Compagnie Financière Richemont Personal & household Goods 2.2FirstRand Ltd Banks 2.1Investec plc Financials 1.8AngloGold Ashanti Ltd Basic Resources 1.7Standard Bank Group Ltd Banks 1.6

25.1

FUND COMpOsITION

SA Equities 44.0%SA Bonds 13.3%SA Cash 12.3%SA Property 5.3%Commodities 0.5%International Equities 20.4%International Cash 1.6%International Property 2.2%International Bonds 0.4%

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OLD MUTUAL BALANCED LIFE FUND(with Guarantee) PREVIOUSLY KNOWN AS OpTIMIsED BALANCED FUND (WIth GUARANtEE)

FUND COMMENTARY as at 31/12/2012The FTSE/JSE All Share Index (ALSI) had a very strong fourth quarter, gaining 10.3%,



the Inflation-linked Bond Index gained 16% and 19.4% respectively for the year.

Cash returned 5.5%. Globally, it was a good year for equities with the MSCI ACWI up

16.8% measured in US dollars. Emerging markets outperformed developed markets

for the year with strong relative performance in the last quarter. Commodity prices

were generally higher for the year with Brent crude gaining 2.3%, copper was up by

4.2% and gold was 5.6% higher. The rand had a volatile year losing 4.1% against the

US dollar and 5.7% against the euro.

The fund performed well in 2012 on an absolute return basis, relative to the other

funds in its category and against its own performance objective of CPI + 6%. We have

been overweight to inflation-linked bonds for some time now and they performed

exceptionally well last year. Despite this outperformance, we continue to hold these

bonds as they offer inflation protection and we continue to see little scope for real

returns from cash. The fund remains fully invested in offshore assets as we continue

to find good value in international equities relative to other asset classes.

GUARANTEE DATE

The Guarantee Date is set five years from the day of first investment into the fund. On the Guarantee Date the full Fund Value is available without adjustment and a

new Guarantee Date is set for five years into the future. Guarantee Dates also come into effect on contractual recurring premium plans at the end of the premium-

paying term. There is no Guarantee Date where the premium-paying term is less than five years.

GUARANTEED MINIMUM FUND VALUE

On the Guarantee Date, the Guaranteed Minimum Fund Value equals the net premiums (premiums after premium charges) and/or net amount(s) invested into the

fund, increased by the guaranteed growth rate of 3% per annum, subject to the provisions below. Irregular payments invested less than two years before a Guarantee

Date will not be fully guaranteed, but will be guaranteed to the extent of 80% of the net irregular payment invested. Old Mutual is entitled to change the two-year

period to another period. Irregular payments include, but are not limited to, additional single premium payments, voluntary premium increases or payments in excess

of the 20% excess premium provisions of the regulations under section 54 of the Long-term Insurance Act 1998 in force as at 1 August 2002 (the 20% provisions),

switches into the fund and zero interest loan repayments. The 20% provisions as at 1 August 2002 shall continue to apply notwithstanding any subsequent amendment

or repeal. On each Guarantee Date, an amount equal to the excess (if any) of the Guaranteed Minimum Fund Value over the actual Fund Value will be credited to the

Investment Plan. please note that these returns exclude the 3% p.a. guarantee charge.

DIsINVEsTMENT VALUE

Any part disinvestment from the fund, including income payments and switches out of the fund (including switches to the Capital Secured Fund when a plan is ceded

as security to Old Mutual), will reduce the level of the Guaranteed Minimum Fund Value. The level of the Guarantee will reduce in the same proportion as the Fund

Value is decreased.

FUND MANAGER INFORMATION

CURRENT REspONsIBILITY:

Anil joined MacroSolutions in August 2008, and is responsible for

the balanced funds.

His investment experience prior to joining the boutique was in the

fixed income and multi-management areas. He brings this experience

in portfolio construction and bond and money markets to the team.

pREVIOUs EXpERIENCE:

Anil has nine years of investment experience covering fixed income

markets and multi-asset class funds.

Prior to joining Old Mutual, Anil was a fund manager at Appleton

Asset Management and an analyst at BoE Private Bank.

ANIL THAKERsEE

QUALIFICATIONs:

BCom

CFA Charterholder


December 2012

FUND INFORMATION

RISK RATING

FUND OBJECTIVE

The fund aims to outperform inflation and provide a modest level

of income while aiming not to lose money over any 18-month

period. The portfolio manager actively manages asset allocation

to take advantage of changing market conditions.

WHO IS THIS FUND FOR?

This fund is suited to investors who want their investment to

grow in real terms and deliver a moderate level of income, with

controlled risk of capital loss in the short term. It is typically

suited to investors close to, or in retirement.

RECOMMENDED MINIMUM INVESTMENT TERM

INVESTMENT MANDATE

The fund invests in cash, bonds, property (between 0% and 15%)

and shares (between 10% and 40% of the portfolio). In order to

achieve the fund objective the portfolio manager may choose to

gain exposure to the described assets and asset classes by investing

through OMLACSA pooled portfolios, collective investment schemes

or a combination thereof.

BENCHMARK: CPI

PERFORMANCE TARGET: CPI + 4% p.a. (gross of fees) over

3-year periods

FUND MANAGER(S):



SIZE OF FUND: R1.4bn

OTHER INVESTMENT CONSIDERATIONS

INITIAL CHARGES:


ONGOING:




Sharing rate: 15%











1 2 3 4 5

RISK STATISTICS (3 YEARS P.A.) FUND JSE ALL SHARE ALL BONDAnnual Standard Deviation 3.7% 13.2% 6.0%

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Old Mutual Stable Growth Life Fund (3-Year Annualised Rolling)


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PRINCIPAL HOLDINGS

HOLDING SECTOR % OF FUNDDipula Income Fund-A Financials 1.9MTN Group Ltd Telecommunications 1.0Growthpoint Properties Ltd Financials 1.0BHP Billiton plc Basic Resources 0.9Redefine Properties Ltd Financials 0.7Old Mutual plc Life Insurance 0.6Sasol Ltd Oil & Gas 0.5Capital Shopping Centres Group Financials 0.5AngloGold Ashanti Limited Basic Resources 0.5Compagnie Financière Richemont Personal & Household Goods 0.5

8.0

FUND PERFORMANCE as at 31/12/2012

% PERF. % PERF. (p.a.)

3-Mth 6-Mth 1-Yr 3-Yr 5-Yr 7-Yr 10-YrSince


PRODUCT AVAILABILITY IF FC Max




Preservation Fund ✓


FUND COMPOSITION

SA Bonds 29.7%SA Cash 28.9%SA Equities 10.2%SA Property 7.1%International Bonds 2.4%International Cash 0.1%International Property 3.0%International Equity 18.6%

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OLD MUTUAL STABLE GROWTH LIFE FUNDPREVIOUSLY KNOWN AS OPTIMISED DEFENSIVE FUND






FUND COMMENTARY as at 31/12/2012The FTSE/JSE All Share Index (ALSI) had a very strong fourth quarter, gaining 10.3%,


year of very strong returns, delivering 35.9% for the year. The All Bond Index and the

Inflation-linked Bond Index gained 16% and 19.4%, respectively for the year. Cash







The fund finished 2012 with its annual performance well ahead of cash and inflation.

The fund enjoyed exposure to the top performing asset classes of the year including SA

listed property, domestic equity and inflation-linked bonds. Within equities, exposure

to resources shares was a drag on performance, notwithstanding the selection of other

excellent equity performers including Richemont, Old Mutual and Life Healthcare.

During December, the fund bought holdings in Absa and Lonmin, both of which we

believe to be well positioned for recovery in 2013. The fund increased its global

exposure following a strong year in SA equities and property.

OLD MUTUAL STABLE GROWTH LIFE FUNDPREVIOUSLY KNOWN AS OPTIMISED DEFENSIVE FUND


CURRENT RESPONSIBILITY:









optimal portfolio.

PREVIOUS EXPERIENCE:

Peter is an award-winning analyst who has extensive experience

in the investment arena. He worked at a stockbroker for 10 years,

as an analyst and equity strategist, after which he was the Head

of Research and Head of Equities for Cazenove South Africa.

PETER BROOKE

QUALIFICATIONS:



December 2012

Optimised GROWtH LiFe Fund

Fund inFORmAtiOn

RisK RAtinG

Fund OBJeCtiVe

The fund aims to offer superior returns over the medium to longer

term through investing in a broad spectrum of mostly local shares.

WHO is tHis Fund FOR?

This fund is suited to investors seeking long-term capital growth

through a broadly diversified portfolio of shares. The investor can

tolerate stock market volatility.

ReCOmmended minimum inVestment teRm

inVestment mAndAte

It invests in shares across all sectors of the stock market, focusing

predominantly on blue chip shares. The fund invests in both growth

and value companies. The fund aims to achieve its performance

objectives through well-researched and superior share selection.

Derivatives may be used for risk management purposes. In order

to achieve the fund objective the portfolio manager may choose

to gain exposure to the described assets and asset classes by

investing through OMLACSA pooled portfolios, collective investment

schemes or a combination thereof.

BenCHmARK: 75% JSE All Share Index, 10% SA Bonds & 15% MSCI

World Index

peRFORmAnCe tARGet: Benchmark + 2% p.a. (gross of fees)

Fund mAnAGeR(s):

Peter Linley (OMIGSA - Equities)

LAunCH dAte: 01/09/1998

siZe OF Fund: R1.4bn

OtHeR inVestment COnsideRAtiOns

initiAL CHARGes:


OnGOinG:



Fee hurdle: Benchmark - 2%

Sharing rate: 15%











1 2 3 4 5

RisK stAtistiCs (5 YeARs p.A.) Fund Jse ALL sHAReAnnual Standard Deviation 14.7% 18.4%

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pRinCipAL HOLdinGs

HOLdinG seCtOR % OF FundSasol Ltd Oil & Gas 6.5Old Mutual plc Life Insurance 6.3MTN Group Ltd Telecommunications 6.3Naspers Ltd Media 5.7FirstRand Ltd Banks 5.6BHP Billiton plc Basic Resources 5.3British American Tobacco Personal & Household Goods 4.9Standard Bank Group Ltd Banks 4.3Remgro Ltd Financials 4.2The Bidvest Group Ltd Industrials 4.0

53.0

Fund peRFORmAnCe as at 31/12/2012


3-mth 6-mth 1-Yr 3-Yr 5-Yr 7-Yr 10-Yrsince

inceptionTax-exempt Investor 6.1 12.7 19.9 12.5 6.6 11.5 16.3 16.7Benchmark 8.8 16.6 25.1 15.1 9.0 13.5 16.7 17.7Retirement Fund 6.1 12.7 19.8 12.3 6.5 11.4 16.1 16.4Private Investor 5.7 11.8 18.6 11.6 5.9 10.8 15.3 15.7Corporate Investor 5.6 11.8 18.8 11.4 5.8 10.0 14.3 14.9

pROduCt AVAiLABiLitY iF FC max




Preservation Fund


Fund COmpOsitiOn

SA Equity 65.3%Cash 9.7%International Equity 25.1%

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Optimised GROWtH LiFe Fund

Fund COmmentARY as at 31/12/2012Looking at the returns of the various indices for the 2012 calendar year, the FTSE/JSE

All Share Index returned 26.7% with positive contributions from industrials (36.5%),

consumer goods (42.9%) and financials (38.1%) while resources shares dragged the

overall returns down, posting a mere 5.4% return for the 12 months. Despite the

market’s willingness to bid share prices higher, our valuations see limited opportunities

for much higher prices. We do, though, recognise that in the current environment of

low interest rates and concerted efforts by central banks around the world to support

economic growth, share prices are likely to continue to grind higher. For this reason,

we hold low levels of cash in our portfolios.

We remain cautious on the outlook for China and, therefore, on the outlook for

commodity prices, as China will continue to struggle to sort out a number of significant

imbalances in their economy. We do recognise that resources shares are beginning

to offer some value, based on long-term historical trend earnings, but conditions for

the miners are likely to remain tough.

Regarding South Africa, we are cautious on the outlook for the rand relative to

developed world currencies because of the sizeable current account deficit, which is

being financed to a large extent by foreign portfolio flows, leaving the rand vulnerable

to a change of heart by foreigners. It is for this reason that we have chosen to hold

a number of shares with varying degrees of rand-hedge qualities in the portfolio.

Appropriately valued, high quality shares fulfil an important core status in our funds,

including British American Tobacco (BAT), SABMiller, Sanlam, Bidvest and Remgro.

Our large holding in Old Mutual has served us well, as we identified early on that the

market was ignoring the significant changes in the dynamics of the group since 2008.

Well-considered diversification is as important as ever in the current market and

to our approach, which places significant emphasis on the risk return dynamic and

provides a steady framework, not only in these markets but in all market conditions.

Fund mAnAGeR inFORmAtiOn

CuRRent RespOnsiBiLitY:

Peter is the joint head of Old Mutual Investment Group | Equities.

He assumed management of Old Mutual Investors’ Fund in 2009. He

is supported by a team of analysts, who have extensive experience

in the industry.

Our universe of shares covers some 150 companies. Our overall

approach is a combination of fundamental and quantitative

analysis. Each company in which we invest is subject to a robust

research process which follows a cash flow return on investment

approach (CFROI). Emphasis is placed on a disciplined portfolio

construction process to ensure that the potential of our research

ideas is maximised in the funds we manage.

pReViOus eXpeRienCe:

Peter has extensive investment experience having worked in the

industry for 26 years as an equity analyst, a portfolio manager,

Head of Equity Research and Chief Investment Officer. He has been

with Old Mutual since 1988.

peteR LinLeY QuALiFiCAtiOns:BA (Economics)

BCom (Hons)


December 2012

Optimised HiGH GROWtH LiFe Fund

Fund inFORmAtiOn

RisK RAtinG

Fund OBJeCtiVe


term through investing in a broad spectrum of mostly local shares.



through a broadly diversified portfolio of shares. The investor can

tolerate stock market volatility.


inVestment mAndAte

The fund invests in shares across all sectors of the stock market,

focusing predominantly on blue chip shares. The fund invests in both

growth and value companies. It aims to achieve its performance


Derivatives may be used for risk management purposes. In order





BenCHmARK: 85% JSE All Share Index, 15% MSCI World Index

peRFORmAnCe tARGet: Benchmark + 2% p.a. (gross of fees)

Fund mAnAGeR(s):

Peter Linley (OMIGSA - Equities)


siZe OF Fund: R691m


initiAL CHARGes:


OnGOinG:



Fee hurdle: Benchmark - 2%

Sharing rate: 15%











1 2 3 4 5

RisK stAtistiCs (5 YeARs p.A.) Fund Jse ALL sHAReAnnual Standard Deviation 15.6% 18.4%

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pRinCipAL HOLdinGs

HOLdinG seCtOR % OF FundAnglo American plc Basic Resources 9.7Sasol Ltd Oil & Gas 7.1MTN Group Ltd Telecommunications 6.7Standard Bank Group Ltd Banks 5.1Trencor Ltd Industrials 4.7Naspers Ltd Media 4.4Netcare Ltd Healthcare 4.1Investec plc Financials 4.0Old Mutual plc Life Insurance 4.0Lonmin plc Basic Resources 3.8

53.5









Preservation Fund


Fund COmpOsitiOn

SA Equity 74.6%International Equity 25.4%

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Optimised HiGH GROWtH LiFe Fund

Fund COmmentARY as at 31/12/2012For the quarter ending 31 December 2012, the FTSE/JSE All Share Index (ALSI) and

the FTSE/JSE Shareholder Weighted All Share Index (SWIX) gained 10.3% and 10.1%,

respectively. Over the quarter, industrial shares performed the best, rising 13.2%,

while financials rose 11.2% and resources rose 7.1%. Large caps gained 10.9%, mid-

caps gained 7.7% and small caps gained 8.0%.

Within the resources sector, we continue to have a bias towards the large diversified

and high-quality mining companies, as they are typically low-cost producers with

diversified income streams across various commodities and geographies. We also hold

selected single-commodity shares in businesses that we believe have a competitive

position in their respective industries.

In the South African industrial sector, we have reduced the fund’s exposure to a few

of the domestic consumer industrials as they have now reached full value. With the

proceeds, we have slightly increased exposure to selected, high-quality and better-

value rand-hedge industrial shares. We have also purchased some great quality mid-

and small cap local industrial businesses that are trading at attractive valuations.

Within financials, based on our company valuations, we retain our preference for

selected banks and assurers where we continue to believe that more upside potential

exists in their restructuring initiatives.

At the end of December, the fund remained highly focused, with the top 15 shares

comprising over 60% of the fund.

Fund mAnAGeR inFORmAtiOn

CuRRent RespOnsiBiLitY:

Peter is the joint head of Old Mutual Investment Group | Equities.

He assumed management of Old Mutual Investors’ Fund in 2009. He

is supported by a team of analysts, who have extensive experience

in the industry.

Our universe of shares covers some 150 companies. Our overall

approach is a combination of fundamental and quantitative

analysis. Each company in which we invest is subject to a robust

research process which follows a cash flow return on investment

approach (CFROI). Emphasis is placed on a disciplined portfolio

construction process to ensure that the potential of our research

ideas is maximised in the funds we manage.

pReViOus eXpeRienCe:

Peter has extensive investment experience having worked in the

industry for 26 years as an equity analyst, a portfolio manager,

Head of Equity Research and Chief Investment Officer. He has been

with Old Mutual since 1988.

peteR LinLeY QuALiFiCAtiOns:BA (Economics)

BCom (Hons)


December 2012

OLD MUTUAL EDGE 28 LIFE FUND

FUND INFORMATION

RISK RATING

FUND OBJECTIVE

The fund aims to deliver long-term equity-like returns while still remaining

within the requirements of Regulation 28 of the Pension Funds Act. To

achieve this objective the fund will have a close to 100% allocation to

growth asset classes as permitted by Regulation 28.


This fund is suited to investors who want high long-term capital growth,

but who do not want to be limited to the general balanced nature of

Regulation 28 compliant funds. The fund is suitable for long-term savings

inside a retirement fund. It is aimed at customers at the start or middle

of their pre-retirement savings phase who still have an investment time

horizon exceeding 10 years.


INVESTMENT MANDATE

The fund will invest primarily in growth assets while still complying

with the maximum asset allocations under Regulation 28. The fund

will mostly invest in equities, property and alternatives, with a small

exposure to fixed interest and cash. The strategic asset allocation

will require most of the assets to be allocated to equity, property

and alternative investments. The fund manager can elect to hold less

risky asset classes should they offer better value from time to time.

BENCHMARK:

CPI

PERFORMANCE TARGET:

CPI + 8% p.a.

FUND MANAGER(S):

Graham Tucker & Warren van der Westhuizen (OMIGSA -

MacroSolutions)


SIZE OF FUND: R354m


INITIAL CHARGES:


ONGOING:



FEE HURDLE: CPI + 2% p.a.

SHARING RATE: 15%

FEE AT HURDLE/TARGET: 0.75% p.a. / 1.65% p.a.

Manager shares in any performance above the fee hurdle. The performance fee is based

on rolling one-year periods (details on website). It is accrued daily and paid on a monthly

basis. Additional charges that are deducted from the fund’s portfolio will be included

in the TER. The fees that could be included in the TER which are not reflected in the

annual management fee include fees charged for the management of foreign assets,

performance fees on alternatives, custodian fees, bank charges and audit charges.

Total expense ratio (TER): 1.72%TER is a historic measure and includes the annual service fee.

1 2 3 4 5

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PRODUCT AVAILABILITy

MANDATE

ASSET CLASS MANDATE STRATEGIC

Equities 0% - 75% 50%

Property 0% - 25% 15%

Private Equity 0% - 10% 0%

Hedge Funds 0% - 10% 5%

Commodities 0% – 10% 0%

Fixed Interest 0% - 50% 0%

Cash 0% - 50% 5%

Offshore Equity 0% – 25% 25%

IF FC Max

Investment Plan (LIFE) ✓ ✓ ✓


Retirement Annuity ✓ ✓ ✓

Preservation Fund ✓ ✓

Living Annuity ✓ ✓ ✓

PRINCIPAL HOLDINGS

HOLDING SECTOR % OF FUNDMTN Group Limited Telecommunications 6.3Sasol Limited Oil & Gas 3.4AngloGold Ashanti Ltd Basic Materials 3.1Investec plc Financials 2.8Old Mutual plc Financials 2.7Compagnie Financière Richemont Personal & Household Goods 2.5Anglo American plc Basic Materials 2.5The Bidvest Group Ltd Industrials 2.5BHP Billiton plc Basic Materials 2.4Growthpoint Properties Ltd Financials 2.2

30.5

FUND COMPOSITION

SA Equities 57.5%Private Equity 1.1%Property 11.3%Commodities 2.4%Bonds 1.0%Cash 2.8%International Equity 17.5%International Bonds 0.7%International Property 3.9%International Alternatives 1.9%�

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3-Mth 6-Mth 1-yr 3-yr 5-yr 7-yr 10-yrSince

InceptionTax-exempt Investor 6.1 12.9 20.8 - - - - 19.0Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 5.3Retirement Fund - - - - - - - - Private Investor 5.1 11.1 18.7 - - - - 17.3Corporate Investor - - - - - - - -





The information and opinions contained in this guide are made in good faith and are based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. The opinions expressed herein are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of own judgement. The price of shares/units and any income from them may fall as well as rise. Past performance or fund benchmark performance is not necessarily a guide to the future and investors may not get back the full amount invested. When a subscription involves a foreign exchange transaction, it may be subject to the fluctuations of currency values. Exchange rates may also cause the value of underlying overseas investments to go down or up. It should be noted that investments within the fund may not be readily marketable. It may therefore be difficult for an investor to withdraw from the fund or to obtain reliable information about its value and the extent of the risks to which it is exposed. In order to achieve the fund objective the portfolio manager may choose to gain exposure to the described assets and asset classes by investing through OMLACSA pooled portfolios, collective investment schemes or a combination thereof.

OLD MUTUAL EDGE 28 LIFE FUND

FUND COMMENTARy as at 31/12/2012The JSE/FTSE ALSI had a very strong fourth quarter, gaining 10.3%, with returns of 26.7%

for the 2012 calendar year. Listed property had another year of very strong returns,

delivering 35.9% for the year. The All Bond Index and the Inflation-linked Bond Index

gained 16% and 19.4% respectively for the year, while cash returned 5.6%. Globally

it was a good year for equities with the MSCI ACWI up 16.8% measured in US dollars.

Emerging markets outperformed developed markets for the year with strong relative

performance in the last quarter. Commodity prices were generally higher for the year

with Brent crude gaining 2.3%, copper was up by 4.2% and gold was 5.6% higher. The

rand had a volatile year losing 4.1% against the US dollar and 5.7% against the euro.

The fund has been heavily exposed to risk assets throughout the year. The strong

run of these assets resulted in the fund delivering a 23% return for the calendar

year, nearly 10% ahead of the long-term objective of inflation plus 8%. The 12-month

performance of the fund also compares favourably with many equity-only funds in

terms of return and volatility.

Equity and property remain our preferred asset classes over the next three to five

years. As such, the fund retains its pro-growth stance. As highlighted last quarter, the

fund moved to the maximum allowed in offshore assets. This position is driven by our

view on the currency and the attractive investment opportunities globally. The fund

continues to hold NewGold as it also offers protection against a weaker currency.


CURRENT RESPONSIBILITy:

While Graham’s primary role is the development and maintenance

of quantitative asset allocation models, he also heads up the

boutique’s research capability and monitors derivative structures

and the tactical asset allocation portfolio.

In addition, he ensures that MacroSolutions’ house view is

implemented across all portfolios and that their risks are within

acceptable limits. He is quantitatively driven and adds value through

his ability to develop systems/models that distinguish the noise

from the statistically significant relationships, thus ensuring that

ideas are tested thoroughly prior to implementation.


Prior to joining MacroSolutions, Graham was a quantitative

analyst in the Quantitative Research Unit (QRU). There he gained

experience in the various risk and data systems within OMIGSA

and assisted the team leader with the optimisation procedures

for the unit’s aggressive equity offering.

GRAHAM TUCKER

QUALIFICATIONS:

BSc (Hons in Actuarial Science), CFA

Charterholder


Warren is a portfolio manager and a member of MacroSolutions’

equity portfolio team. In addition to this, he is responsible for

analysing the boutique’s internal systems to source investment

ideas. He also undertakes research and analysis on behalf of the

equity team.


He was a performance analyst at OMIGSA for approximately three

years, prior to joining the boutique in 2005.

WARREN VAN DER WESTHUIZEN

QUALIFICATIONS:

CFA Charterholder, BCom (Hons in Financial

Analysis and Portfolio Management), BCom

(Economics and Business Management)


December 2012

product availability iF Fc Max






priNcipal HoldiNGS

HoldiNG SEctor % oF FuNdMoney Market 0 - 3 Year NCDS 15.4R186 10.5% 21/12/2026 12+ Year Bonds 7.6R204 8.00% 21/12/2018 3 - 7 Year Bonds 5.4R212 2.75% 31/01/2022 7 - 12 Year Bonds 4.7R210 2.60% 31/03/2028 12+ Year Bonds 3.7R197 5.5% 07/12/2023 7 - 12 Year Bonds 3.3R207 7.25% 15/01/2020 7 - 12 Year Bonds 3.0Republic of South Africa LLB 2.0 7 - 12 Year Bonds 2.6NED6 9.84% 20/09/2013 1 - 3 Year Bonds 2.5IV04 31/03/2013 1 - 3 Year Bonds 2.1

50.4

FuNd pErForMaNcE as at 31/12/2012

% pErF. % pErF. (p.a.)


inceptionTax-exempt Investor 2.3 5.3 10.1 8.7 9.1 8.9 - 8.9Benchmark 1.3 2.7 5.6 6.1 7.7 7.3 8.4 7.8Retirement Fund* 2.3 5.3 10.1 8.7 - - - 8.7Private Investor 1.7 3.9 7.3 6.6 6.3 6.4 - 6.4Corporate Investor - - - - - - - - * Inception: 30 June 2009

FuNd coMpoSitioN

FuNd iNForMatioN

riSK ratiNG

FuNd obJEctivE

The fund aims to outperform money market investments and

produce a relatively high level of income. It aims not to lose

money over any 6-month period.

WHo iS tHiS FuNd For?

This fund is suited to investors who want high income and returns

in excess of those from money markets over time, but with limited

risk of capital loss in the short term. The investor understands

that inflation is likely to erode the value of their investment in

the long term.

rEcoMMENdEd MiNiMuM iNvEStMENt tErM

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iNvEStMENt MaNdatE

The fund invests in the full spectrum of fixed interest investments

as well as listed property shares when appropriate. It conforms

to retirement fund legislation. In order to achieve the fund

objective the portfolio manager may choose to gain exposure




bENcHMarK:

110% STeFI Call Deposit Index

FuNd MaNaGEr(S):

Wikus Furstenberg (OMIGSA - Futuregrowth Asset Management)

lauNcH datE:

01/09/2003

SiZE oF FuNd:

R294m

otHEr iNvEStMENt coNSidEratioNS

iNitial cHarGES:


oNGoiNG:

Annual management fee: 1.00% p.a. The fee is accrued daily and paid on a monthly basis. Additional charges that are

deducted from the fund’s portfolio will be included in the TER. The fees that

could be included in the TER which are not reflected in the annual management

fee include fees charged for the management of foreign assets, performance fees

on alternatives, custodian fees, bank charges and audit charges.


1 2 3 4 5

Bonds 1 - 3 Years 33.1%Bonds 3 - 7 Years 22.4%Bonds 7 - 12 Years 11.5%Bonds 12+ Years 14.1%Money Market Instruments* 18.8%

* Money market instruments include cash, NCDs and treasury bills

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riSK StatiSticS FuNd bENcHMarK

Annual Standard Deviation (3 Years Annualised) 1.3% 0.2%

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old Mutual Enhanced income life Fund (1-year rolling)

old Mutual ENHaNcEd iNcoME liFE FuNdPREVIOUSLY KNOWN AS capital dEFENdEr iNcoME FuNd





The information and opinions contained in this guide are made in good faith and are based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. The opinions expressed herein are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of own judgement. The price of shares/units and any income from them may fall as well as rise. Past performance or fund benchmark performance is not necessarily a guide to the future and investors may not get back the full amount invested. When a subscription involves a foreign exchange transaction, it may be subject to the fluctuations of currency values. Exchange rates may also cause the value of underlying overseas investments to go down or up. It should be noted that investments within the fund may not be readily marketable. It may therefore be difficult for an investor to withdraw from the fund or to obtain reliable information about its value and the extent of the risks to which it is exposed. The fund may also be involved in highly specialised forms of investment that involves risk and transaction costs not normally associated with standard investments in securities.

old Mutual ENHaNcEd iNcoME liFE FuNdPREVIOUSLY KNOWN AS capital dEFENdEr iNcoME FuNd

FuNd coMMENtary as at 31/12/2012Our overall stance remains one of greater caution, best reflected by the higher exposure

to inflation-linked bonds and the fact that we are reluctant holders of low-earning

cash. Our inflation-linked bond position is supported by a number of factors, some

of which are already playing out. Although real yields are very low, we continue to

view the risk of rising real yields as minimal, mainly on the back of upside risk to

headline consumer inflation over the next few months. This, in turn, is partly linked

to rand-unfriendly balance-of-payment developments, specifically the growing risk

that foreign capital flows fail to fill the void left by the widening current account

deficit. Although the fund’s duration is lower than it was six months ago, we opted

to retain some fixed rate bonds in maturities over 12 months, as the steep positively

sloped yield curve offers value relative to cash.

FuNd MaNaGEr iNForMatioN

currENt rESpoNSibility:

Wikus manages a range of fixed interest portfolios which include

the Enhanced Income Fund, Namibia Enhanced Income Fund and

the fixed interest component of the Real Income Fund.

prEviouS EXpEriENcE:

Wikus joined Old Mutual Investment Group South Africa (OMIGSA)

in August 1999 as a fixed interest portfolio manager from ABN

AMRO Securities. He started his career in the Economics

Department of the South African Reserve Bank. In 1995, he

joined ABSA Bank Treasury as a Treasury economist and pursued

this position until 1997.

WiKuS FurStENbErG

QualiFicatioNS:

MCom (Economics)


December 2012

Wealth DefenDer lIfe funD

Wealth Defender life fund (5-Year annualised rolling)

funD PerfOrManCe as at 31/12/2012

% Perf. % Perf. (p.a.)



PrODuCt avaIlabIlItY If fC Max




Preservation Fund ✓ ✓


funD InfOrMatIOn

rISK ratInG

funD ObJeCtIveThe fund strives for long-term capital growth as well as some level of capital protection. Through the use of a quantitative risk model, the fund aims to profit from a rising share market and protect against capital losses in a weak market.

WhO IS thIS funD fOr?This fund is suited to investors who strive for long-term capital growth as well as some level of capital protection.

reCOMMenDeD MInIMuM InveStMent terM

InveStMent ManDateThe fund invests across shares, bonds and cash — moving from shares into fixed interest investments when the fund’s value drops below a predetermined “floor”. When markets start to move up, the fund increases its holdings in shares, tapping into these growth opportunities. Derivatives may also be tactically used to manage and limit downside risk and to capture or lock in gains as and when they occur. The fund conforms to retirement fund legislation. In order to achieve the fund objective the portfolio manager may choose to gain exposure to the described assets and asset classes by investing through OMLACSA pooled portfolios, collective investment schemes or a combination thereof.

DYnaMIC flOOr teChnOlOGYEquities are the key driver of long-term after-tax returns in excess of inflation, but they introduce short-term capital risk. The manager therefore uses dynamic floor technology to reduce the risk of loss in the fund, whilst still allowing the fund to benefit from positive equity performance. In other words, dynamic asset allocation decisions are driven by a quantitative process that reduces exposure to riskier assets in a declining or volatile equity market in favour of more stable assets like cash. The opposite would apply in a rising equity market. Furthermore, as positive returns are generated above a certain level, so the floor is raised in order to protect these returns from future losses. The floor is typically set at 10% below the current fund value, with a one-year time horizon. It does not represent a guarantee but reflects a target maximum loss in any one year whilst still giving the fund uncapped upside potential.

benChMarK: CPI

PerfOrManCe tarGet: CPI + 6% p.a. (gross of fees)

rISK ObJeCtIve: The fund aims to protect at least 90% of the net investment over a 12-month period.

funD ManaGer(S): Saul Burman & Hanno Niehaus (OMIGSA – Absolute Return Investments)

launCh Date: 01/09/2003

SIZe Of funD: R3.7bn

Other InveStMent COnSIDeratIOnSInItIal CharGeS: There is no initial administration charge on the fund.

OnGOInG: Performance fees apply as follows:Annual management fee (min./max.): 0.90% / 3.00% p.a.

Fee hurdle: CPI + 2%Sharing rate: 15%Fee at hurdle/target: 0.90% / 1.50% p.a.

Manager shares in any performance above the fee hurdle. The performance fee is based on rolling one-year periods (details on website). It is accrued daily and paid on a monthly basis. Additional charges that are deducted from the fund’s portfolio will be included in the TER. The fees that could be included in the TER which are not reflected in the annual management fee include fees charged for the management of foreign assets, performance fees on alternatives, custodian fees, bank charges and audit charges.


1 2 3 4 5

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rISK StatIStICS (5 YearS P.a.) funD JSe all Share all bOnD

Annual Standard Deviation 5.4% 18.4% 7.5%Maximum 12-Month Loss since Inception* -6.0% -37.6% -3.2%

* Calculated based on monthly performance data.

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funD COMPOSItIOn

Equities 38.6%Bonds 2.5%Inflation-linked Bonds 20.7%Cash 23.8%Quoted Property 0.9%Alternative Investment Strategies 13.5%

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PrInCIPal hOlDInGS

hOlDInG SeCtOr % Of funDMTN Group Limited Telecommunications 1.3Standard Bank Group Limited Financials 0.9BHP Billiton plc Basic Materials 0.8Naspers Limited Consumer Services 0.7SABMiller plc Consumer Goods 0.7Omnia Holdings Ltd Basic Materials 0.7Sasol Limited Oil & Gas 0.6FirstRand Bank Ltd Financials 0.5Shoprite Holdings Ltd Consumer Goods 0.5Trencor Ltd Industrials 0.5

7.0






Wealth DefenDer lIfe funD

funD COMMentarY as at 31/12/2012December and the fourth quarter completed the trend experienced throughout the

year, which saw equity markets rallying despite numerous concerns across the globe.

In the face of worries over the US fiscal cliff, uncertainty around the path of Chinese

growth and a yet-to-be-conceived resolution to the European crisis, the FTSE/JSE All

Share Index (ALSI) produced a return of 3.2% for the month. The dedicated approach

to quantitative easing across developed markets was able to trump most short-term

market unease, driving the fourth quarter ALSI returns to 10.3%, meaning that the

ALSI finished the year up 26.7%.

Industrials were the big winners for the quarter and year, up 13.2% and 44.5% respectively,

although most equity sectors were strong with resources the only laggard, returning

7.1% for the quarter and 3.1% for the year. Inflation-linked bonds rounded off a good

year with a return of 3.02% for the month and 19.4% for the year.

Holdings in equities and inflation-linked bonds continued to be the main contributors

as the fund maintains its excellent, consistent positive returns. The positions have

been held for most of the year and have ensured that the fund has shared substantially

in the equity market upside. These strong return drivers remain married to a view on

capital protection ensuring that attention is paid to capital preservation at all times.

There were no major asset allocation shifts during the month.

The portfolio maintains a moderate holding in equities and is still well positioned

to participate in further equity rallies. We, however, remain somewhat cautious

and are well placed to protect capital if markets retrace. This approach has served

the portfolio well as it continues to provide the optimal blend of real returns and

capital protection.

funD ManaGer InfOrMatIOn

Current reSPOnSIbIlItY: Saul is responsible for the portfolio management of a range of products that target inflation-beating returns, in the Absolute Return Investments team. In addition, he is responsible for the business and portfolio management of the offshore fund of hedge fund products.

Saul’s wide range of experience gives him a good insight into the full gamut of asset classes and investment offerings in the market. His actuarial background is vital in understanding the liability side of the equation and is of great benefit in designing and running products for the benefit of clients.

PrevIOuS eXPerIenCe: Saul has been with OMIGSA (previously OMAM) since 2000. Although he has been a portfolio manager since 2003, he has had a number of roles in OMIGSA. These include heading up OMIGSA Product Development, providing a technical interface for the management of asset consultant relationships as well as managing the relationship and joint investment initiatives between OMIGSA and Old Mutual Life Assurance Company (OMLACSA).

Saul burMan

QualIfICatIOnS:

BBusSc (Hons in Actuarial Science)

FIA

CFA

Current reSPOnSIbIlItY: Hanno is currently part of the portfolio management team responsible for the managing of Old Mutual Investment Group (SA)’s absolute return product offering. His training as an economist and experience in equity derivatives are key assets in the risk framework we use to offer our clients targeted real returns.

PrevIOuS eXPerIenCe: Since joining Old Mutual in 1998, Hanno has been involved in structured products, equity derivatives and absolute return solutions. He was appointed as investment structuring analyst in 2004 and portfolio manager in 2006.

hannO nIehauS

QualIfICatIOnS:

BEcon (Hons)

CFA Charterholder


December 2012

Wealth DefenDer InCOMe lIfe funD

Wealth Defender Income life fund (5-Year annualised rolling)

funD PerfOrManCe as at 31/12/2012

% Perf. % Perf. (p.a.)


InceptionTax-exempt Investor 4.4 8.8 14.8 9.8 8.4 8.8 - 12.5Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 5.8Retirement Fund - - - - - - - - Private Investor 3.9 7.6 12.8 8.3 6.4 7.0 - 10.5Corporate Investor - - - - - - - -

PrODuCt avaIlabIlItY If fC Max



Retirement Annuity

Preservation Fund


funD InfOrMatIOn

rISK ratInG

funD ObJeCtIveThe fund strives for long-term capital growth as well as some level of capital protection. Through the use of a quantitative risk model, the fund aims to profit from a rising share market and protect against capital losses in a weak market.

WhO IS thIS funD fOr?This fund is suited to investors who strive for long-term capital growth as well as some level of capital protection.

reCOMMenDeD MInIMuM InveStMent terM

InveStMent ManDateThe fund invests across shares, bonds and cash — moving from shares into fixed interest investments when the fund’s value drops below a predetermined “floor”. When markets start to move up, the fund increases its holdings in shares, tapping into these growth opportunities. Derivatives may also be tactically used to manage and limit downside risk and to capture or lock in gains as and when they occur. The fund conforms to retirement fund legislation. In order to achieve the fund objective the portfolio manager may choose to gain exposure to the described assets and asset classes by investing through OMLACSA pooled portfolios, collective investment schemes or a combination thereof.

DYnaMIC flOOr teChnOlOGYEquities are the key driver of long-term after-tax returns in excess of inflation, but they introduce short-term capital risk. The manager therefore uses dynamic floor technology to reduce the risk of loss in the fund, whilst still allowing the fund to benefit from positive equity performance. In other words, dynamic asset allocation decisions are driven by a quantitative process that reduces exposure to riskier assets in a declining or volatile equity market in favour of more stable assets like cash. The opposite would apply in a rising equity market. Furthermore, as positive returns are generated above a certain level, so the floor is raised in order to protect these returns from future losses. The floor is typically set at 10% below the current fund value, with a one-year time horizon. It does not represent a guarantee but reflects a target maximum loss in any one year whilst still giving the fund uncapped upside potential.

benChMarK: CPI

PerfOrManCe tarGet: CPI + 5.5% p.a. (gross of fees)

rISK ObJeCtIve: The fund aims to protect at least 95% of the net investment over an 18-month period.

funD ManaGer(S): Saul Burman & Hanno Niehaus (OMIGSA – Absolute Return Investments)

launCh Date: 01/09/2003

SIZe Of funD: R423m

Other InveStMent COnSIDeratIOnSInItIal CharGeS: There is no initial administration charge on the fund.

OnGOInG: Performance fees apply as follows:Annual management fee (min./max.): 0.90% / 3.00% p.a.

Fee hurdle: CPI + 2%Sharing rate: 15%Fee at hurdle/target: 0.90% / 1.50% p.a.

Manager shares in any performance above the fee hurdle. The performance fee is based on rolling one-year periods (details on website). It is accrued daily and paid on a monthly basis. Additional charges that are deducted from the fund’s portfolio will be included in the TER. The fees that could be included in the TER which are not reflected in the annual management fee include fees charged for the management of foreign assets, performance fees on alternatives, custodian fees, bank charges and audit charges.


1 2 3 4 5

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rISK StatIStICS (5 YearS P.a.) funD JSe all Share all bOnD

Annual Standard Deviation 5.2% 18.4% 7.5%Maximum 18-Month Loss since Inception* -2.9% -23.1% -1.8%

* Calculated based on monthly performance data.

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fund floors since inception to 31 December 2012

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funD COMPOSItIOn

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PrInCIPal hOlDInGS

hOlDInG SeCtOr % Of funDMTN Group Limited Telecommunications 1.2Standard Bank Group Limited Financials 0.8Omnia Holdings Ltd Basic Materials 0.7BHP Billiton plc Basic Materials 0.6Naspers Limited Consumer Services 0.6Sasol Limited Oil & Gas 0.6SABMiller plc Consumer Goods 0.5Trencor Ltd Industrials 0.5Shoprite Holdings Ltd Consumer Goods 0.5Datatec Ltd Consumer Services 0.5

6.5

Equities 37.2%Bonds 2.4%Inflation-linked Bonds 20.0%Cash 26.4%Quoted Property 0.8%Alternative Investment Strategies 13.0%






Wealth DefenDer InCOMe lIfe funD

funD COMMentarY as at 31/12/2012December and the fourth quarter completed the trend experienced throughout the

year, which saw equity markets rallying despite numerous concerns across the globe.

In the face of worries over the US fiscal cliff, uncertainty around the path of Chinese

growth and a yet-to-be-conceived resolution to the European crisis, the FTSE/JSE All

Share Index (ALSI) produced a return of 3.2% for the month. The dedicated approach

to quantitative easing across developed markets was able to trump most short-term

market unease, driving the fourth quarter ALSI returns to 10.3%, meaning that the

ALSI finished the year up 26.7%.

Industrials were the big winners for the quarter and year, up 13.2% and 44.5% respectively,

although most equity sectors were strong with resources the only laggard, returning

7.1% for the quarter and 3.1% for the year. Inflation-linked bonds rounded off a good

year with a return of 3.02% for the month and 19.4% for the year.

Holdings in equities and inflation-linked bonds continued to be the main contributors

as the fund maintains its excellent, consistent positive returns. The positions have

been held for most of the year and have ensured that the fund has shared substantially

in the equity market upside. These strong return drivers remain married to a view on

capital protection ensuring that attention is paid to capital preservation at all times.

There were no major asset allocation shifts during the month.

The portfolio maintains a moderate holding in equities and is still well positioned

to participate in further equity rallies. We, however, remain somewhat cautious

and are well placed to protect capital if markets retrace. This approach has served

the portfolio well as it continues to provide the optimal blend of real returns and

capital protection.

funD ManaGer InfOrMatIOn

Current reSPOnSIbIlItY: Saul is responsible for the portfolio management of a range of products that target inflation-beating returns, in the Absolute Return Investments team. In addition, he is responsible for the business and portfolio management of the offshore fund of hedge fund products.

Saul’s wide range of experience gives him a good insight into the full gamut of asset classes and investment offerings in the market. His actuarial background is vital in understanding the liability side of the equation and is of great benefit in designing and running products for the benefit of clients.

PrevIOuS eXPerIenCe: Saul has been with OMIGSA (previously OMAM) since 2000. Although he has been a portfolio manager since 2003, he has had a number of roles in OMIGSA. These include heading up OMIGSA Product Development, providing a technical interface for the management of asset consultant relationships as well as managing the relationship and joint investment initiatives between OMIGSA and Old Mutual Life Assurance Company (OMLACSA).

Saul burMan

QualIfICatIOnS:

BBusSc (Hons in Actuarial Science)

FIA

CFA

Current reSPOnSIbIlItY: Hanno is currently part of the portfolio management team responsible for the managing of Old Mutual Investment Group (SA)’s absolute return product offering. His training as an economist and experience in equity derivatives are key assets in the risk framework we use to offer our clients targeted real returns.

PrevIOuS eXPerIenCe: Since joining Old Mutual in 1998, Hanno has been involved in structured products, equity derivatives and absolute return solutions. He was appointed as investment structuring analyst in 2004 and portfolio manager in 2006.

hannO nIehauS

QualIfICatIOnS:

BEcon (Hons)

CFA Charterholder


December 2012

OLD MUTUAL BOND LIFE FUND

Old Mutual Bond Life Fund (3-Year Annualised Rolling)





PRODUCT AvAILABILITY IF FC Max






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FUND COMPOSITION

PRINCIPAL HOLDINGS

HOLDING MATURITY % OF FUNDR186 10.5% 21/12/2026 12+ Year Bonds 13.7R213 7.00% 28/02/2031 12+ Year Bonds 11.6R207 7.25 15/01/2020 7 - 12 Year Bonds 6.2R209 6.25% 31/03/2036 12+ Year Bonds 5.7DV22 9.45% 07/02/2020 7 - 12 Year Bonds 5.3R208 6.75% 31/03/2021 7 - 12 Year Bonds 4.1Development Bank of SA 7 - 12 Year Bonds 3.8Transnet Limited 8.9% 14/11/2027 12+ Year Bonds 2.5Eskom Holdings Limited 10.00% 7 - 12 Year Bonds 2.3SA National Roads Agency 9.75% 7 - 12 Year Bonds 2.0

57.2

FUND INFORMATION

RISK RATING

FUND OBJECTIvE

The fund aims to offer a combination of capital growth and high

income yields. Capital growth is primarily achieved by actively

taking advantage of interest rate cycles.


This fund is suited to astute investors who have a particular view

on relative asset class performance. The investor understands the

impact of the interest rate cycle and accepts this risk in exchange

for moderate long-term growth potential.

RECOMMENDED MINIMUM INvESTMENT TERM

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INvESTMENT MANDATE

The fund invests across the full spectrum of the yield curve. It

invests in public and private sector bonds and deposits, with at least

50% invested in bonds with an effective government guarantee.

In order to achieve the fund objective the portfolio manager

may choose to gain exposure to the described assets and asset

classes by investing through OMLACSA pooled portfolios, collective

investment schemes or a combination thereof.

BENCHMARK: All Bond Index

FUND MANAGER(S):

Daphne Botha (OMIGSA – Futuregrowth Asset Management)


SIZE OF FUND: R140m

OTHER INvESTMENT CONSIDERATIONS

INITIAL CHARGES:


ONGOING:







1 2 3 4 5

RISK STATISTICS (3 YEARS ANNUALISED) FUND BENCHMARK

Annual Standard Deviation 5.3% 6.0%


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1 - 3 Year Bonds 9.6%3 - 7 Year Bonds 10.4%7- 12 Year Bonds 35.4%12+ Year Bonds 40.5%Cash 4.2%

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December 2012

OLD MUTUAL FINANCIAL SERVICES LIFE FUND





PRODUCT AVAILAbILITY IF FC Max




Preservation Fund


PRINCIPAL HOLDINGS

HOLDING SECTOR % OF FUNDStandard Bank Group Ltd Banks 18.1Old Mutual plc Life Insurance 10.6Absa Group Ltd Banks 10.3Nedbank Group Ltd Banks 9.7FirstRand Ltd Banks 8.6Discovery Holdings Ltd Life Insurance 7.4MMI Holdings Ltd Life Insurance 6.3African Bank Investments Ltd General Financial 4.8Investec plc General Financial 4.5Investec Ltd General Financial 4.1

84.4

FUND COMPOSITION

FUND INFORMATION

RISK RATING

FUND ObJECTIVE

The fund aims to achieve long-term capital growth through well-

researched and superior share selection in the financial sector.


This fund is suitable for investors who want to achieve long-term

capital growth and who have a particular view of relative market

sector performance. The investor can tolerate the volatility

associated with equity investments.


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INVESTMENT MANDATE

The fund selectively invests in a broad range of financial shares,

including banks, insurance and investment companies. In order





bENCHMARK:

Unit Trusts Category Average: South African - Equity - Financial

FUND MANAGER(S):

Tracey Brodziak (OMIGSA – Equities)

LAUNCH DATE:

01/09/1998

SIZE OF FUND:

R68m


INITIAL CHARGES:


ONGOING:

Annual management fee: 1.25% p.a.

The fee is accrued daily and paid on a monthly basis. Additional charges that are







1 2 3 4 5

RISK STATISTICS (5 YEARS ANNUALISED) FUND bENCHMARK


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Financials 98.1%Liquid Assets 1.9%

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December 2012

OLD MUTUAL INDUSTRIAL LIFE FUND





PRODUCT AvAILAbILITY IF FC Max




Preservation Fund


PRINCIPAL HOLDINGS

HOLDING SECTOR % OF FUNDBritish American Tobacco Personal & Household Goods 7.4The Foschini Group Ltd Retail 6.6Naspers Ltd Media 6.2MTN Group Ltd Telecommunications 6.0Imperial Holdings Ltd Industrials 4.9Vodacom Group Ltd Telecommunications 4.9Omnia Holdings Ltd Industrials 4.7The Bidvest Group Ltd Industrials 4.6Steinhoff International Holdings Personal & Household Goods 4.6Remgro Limited Financials 4.2

54.1



FUND INFORMATION

RISK RATING

FUND ObJECTIvE

The fund aims to offer superior returns over the medium to

longer term by investing in a focused portfolio of listed industrial

companies.


This fund suits investors seeking capital growth over the longer

term from a focused portfolio of listed industrial companies. The

investor can tolerate equity and sector volatility.


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The portfolio is fully invested in shares. In order to achieve the





bENCHMARK:

Unit Trusts Category Average: South African Equity - Industrial

FUND MANAGER(S):

Cavan Osborne (OMIGSA – Equities)

LAUNCH DATE:

01/05/2001

SIZE OF FUND:

R128m


INITIAL CHARGES:


ONGOING:







Total expense ratio (TER): 1.56% TER is a historic measure and includes the annual service fee.

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FUND COMPOSITION

Financials 4.2%Industrials 77.9%Resources 7.0%International Equities 7.4%Liquid Assets 3.5%

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December 2012

OLD MUTUAL MINING AND RESOURCES LIFE FUND




InceptionTax-exempt Investor 5.1 3.4 -3.4 -0.5 0.8 11.2 13.9 24.5Benchmark 3.9 7.3 -0.6 3.7 1.4 11.8 14.6 23.7Retirement Fund 5.1 3.5 -3.2 -0.5 0.7 11.0 13.7 24.4Private Investor 4.8 3.3 -3.1 -0.6 0.3 10.5 13.1 23.5Corporate Investor 4.5 3.1 -2.6 -0.5 0.6 10.9 13.2 23.0

PRODUCT AvAILAbILITY IF FC Max




Preservation Fund


PRINCIPAL HOLDINGS

HOLDING SECTOR % OF FUNDSasol Ltd Oil & Gas 17.0Anglo American plc General Mining 9.3BHP Billiton plc General Mining 9.0Rio Tinto Ord General Mining 8.1Exxaro Resources Ltd General Mining 6.01st Quantum Minls Com Npv General Mining 5.3AngloGold Ashanti Ltd Gold Mining 5.0Northam Platinum Ltd Platinum & Precious Metals 4.9Newgold Issuer Ltd Exchange Traded Funds 4.2Mondi Ltd Basic Resources 4.0

72.7

FUND INFORMATION

RISK RATING

FUND ObJECTIvE


term by investing in mining and resources companies showing

above average prospects for long-term capital growth.


This fund is suitable for investors seeking long-term capital growth

through investment in a focused portfolio of listed mining and

resources companies. The investor can tolerate stock market

and sector volatility.


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INvESTMENT MANDATE

The fund invests in mining and resources companies showing above

average prospects for growth. Up to 20% of the portfolio may

be invested offshore. The fund aims to achieve its performance






bENCHMARK:

Unit Trusts Category Average: South African - Equity - Resources

FUND MANAGER(S):

Ian Woodley (OMIGSA - Equities)

LAUNCH DATE:

01/09/1998

SIZE OF FUND:

R241m


INITIAL CHARGES:


ONGOING:







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Old Mutual Mining and Resources Life Fund (5-Year Annualised Rolling)


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FUND COMPOSITION

Industrials 3.0%Resources 64.4%Exchange Traded Funds 4.1%International Equities 24.7%Liquid Assets 3.8%

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December 2012

OLD MUTUAL MONEY MARKET LIFE FUND

pRODUcT AvAILAbILITY IF Fc Max






pRINcIpAL HOLDINGS

HOLDING SEcTOR % OF FUNDStandard FXD 5.125& 08/01/3013 1 - 3 Year Bonds 2.8Standard FXD 5.1% 07/01/2013 1 - 3 Year Bonds 2.5STDJBL83 FRN 02/09/2013 1 - 3 Year Bonds 2.2Investec NCD 5.225% 04/03/2013 0 - 3 Year NCDs 2.1STDJBL75 FRN 12/08/2013 1 - 3 Year Bonds 2.1Nedcor NCD 5.15% 04/02/2013 0 - 3 Year NCDs 2.1STDJBL76 FRN 16/08/2013 0 - 3 Year NCDs 2.0Nedcor NCD 5.25% 02/05/2013 0 - 3 Year NCDs 1.8STDJBL78 FRN 16/08/2013 1 - 3 Year Bonds 1.5ABSJBL53 FRN 08/08/2013 0 - 3 Year NCDs 1.4

20.6

FUND pERFORMANcE as at 31/12/2012




FUND INFORMATION

RISK RATING

FUND ObJEcTIvE

The fund aims to deliver a regular income and to outperform bank

deposits over time, while preserving capital.


This fund is suited to investors who want a liquid investment that

delivers a regular income and/or maximum capital protection,

but who understand that their investment is unlikely to keep pace

with inflation if held in the long term.

REcOMMENDED MINIMUM INvESTMENT TERM

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INvESTMENT MANDATE

The fund invests in money market securities with a maturity of

less than 12 months. The fund’s average maturity may not exceed

90 days. In order to achieve the fund objective the portfolio

manager may choose to gain exposure to the described assets

and asset classes by investing through OMLACSA pooled portfolios,


bENcHMARK:

Alexander Forbes Short Term Fixed Interest (STeFI) Index

FUND MANAGER(S):

Ameesha Chagan (OMIGSA - Futuregrowth Asset Management)

LAUNcH DATE: 01/09/1998


OTHER INvESTMENT cONSIDERATIONS

INITIAL cHARGES:


ONGOING:









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Old Mutual Money Market Life Fund (1-Year Rolling)

FUND cOMpOSITION

0 - 3 Months 51.5%3 - 6 Months 18.9%6 - 12 Months 21.5%Cash 8.0%

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December 2012

OLD MUTUAL SMALL COMPANIES LIFE FUND

PrODUCT AvAILAbILITy IF FC Max




Preservation Fund


PrINCIPAL HOLDINGS

HOLDING SECTOr % OF FUNDOmnia Holdings Ltd Chemicals 5.9City Lodge Hotels Ltd Travel & Leisure 5.1Trencor Ltd Industrial Transportation 4.8Wilson Bayly Holmes - Ovcon Ltd Construction & Materials 4.4Discovery Holdings Ltd Life Insurance 4.3Imperial Holdings Ltd Industrial Transportation 4.1Pioneer Food Group Ltd Food Producers 4.1Datatec Ltd Technology 4.1AECI Ltd Chemicals 4.0Hudaco Industries Ltd Industrial Engineering 3.9

44.8

FUND INFOrMATION

rISK rATING

FUND ObJECTIvE


term by investing in mid- and small-sized companies falling outside

the FTSE/JSE Top 40 Index.

WHO IS THIS FUND FOr?


by investing in a focused portfolio of established mid- and small-

sized companies. The investor can tolerate stock market volatility.

rECOMMENDED MINIMUM INvESTMENT TErM

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INvESTMENT MANDATE

The fund invests in established mid- and small-sized companies

falling outside the FTSE/JSE Top 40 Index. The fund aims to achieve

its performance objectives through superior share selection. In

order to achieve the fund objective the portfolio manager may

choose to gain exposure to the described assets and asset classes

by investing through OMLACSA pooled portfolios, collective


bENCHMArK:

Unit Trusts Category Average: South African - Equity - Mid &

Small Cap

FUND MANAGEr(S):

Warren Jervis (OMIGSA - ELECTUS)

LAUNCH DATE:

01/09/1998

SIZE OF FUND:

R46m

OTHEr INvESTMENT CONSIDErATIONS

INITIAL CHArGES:


ONGOING:









1 2 3 4 5

FUND PErFOrMANCE as at 31/12/2012

% PErF. % PErF. (p.a.)



rISK STATISTICS (5 yEArS ANNUALISED) FUND bENCHMArK


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FUND COMPOSITION

Financials 14.0%Industrials 67.8%Resources 16.3%Liquid Assets 1.9%

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December 2012

OLD MUTUAL SA QUOTED PROPERTY LIFE FUnD

PRODUcT AvAILAbILITY IF Fc Max




Preservation Fund


PRIncIPAL HOLDInGS

HOLDInG SEcTOR % OF FUnDGrowthpoint Properties Ltd Real Estate 23.2Redefine Properties Ltd Real Estate 14.7Capital Property Fund Ltd Real Estate 9.1Fountainhead Property Trust Real Estate 8.0Resilient Property Income Real Estate 6.6Hyprop Investments Ltd Real Estate 6.5Acucap Properties Ltd Real Estate 6.1SA Corporate Real Estate Fund Real Estate 5.3Emira Property Fund Real Estate 3.9Vukile Property Fund Ltd Real Estate 3.2

86.8

FUnD InFORMATIOn

RISK RATInG

FUnD ObJEcTIvE

The fund aims to remain fully invested at all times to generate

sustainable pre-tax income whilst growing the original capital

invested.

WHO IS THIS FUnD FOR?

This fund is suitable for investors seeking exposure to the property

market without the potential difficulties and capital outlay of

direct property investments. The investor can accept the volatility

of investing in the property sector.

REcOMMEnDED MInIMUM InvESTMEnT TERM

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InvESTMEnT MAnDATE

It invests in a selection of listed South African commercial and

industrial property shares. Income is derived from property

shares that offer a secure and an escalating income stream.

Capital growth comes from quality shares that show potential for

an upward share price movement. In order to achieve the fund





bEncHMARK:

FTSE/JSE Listed Property Index

FUnD MAnAGER(S):

Evan Robins (OMIGSA - MacroSolutions)

LAUncH DATE:

01/09/1998

SIZE OF FUnD:

R1.5bn

OTHER InvESTMEnT cOnSIDERATIOnS

InITIAL cHARGES:


OnGOInG:







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RISK STATISTIcS (5 YEARS AnnUALISED) FUnD bEncHMARK


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FUnD cOMPOSITIOn

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FUnD PERFORMAncE as at 31/12/2012




Real Estate 96.3%Liquid Assets 3.7%


COREGROWTH LIFE Fund

Fund InFORMATIOnRISK RATInG

Fund OBJECTIVEThis fund aims to provide stable investment returns in excess of cash. Although there is an underlying degree of stability in the smoothing process, the bonus rate may vary up or down relative to a particular month’s investment performance. Once declared, a bonus is guaranteed and cannot be reduced or removed. The declared bonus may be zero but will never be negative.

Capital may be reduced by management fees and taxes under adverse market conditions where a zero bonus is declared. The CoreGrowth Fund is accessed through Retirement Arrangements1 only.

note1 Retirement Arrangements include the FC Preservation Pension

and Provident Funds, the FC Retirement Annuity Fund or the combined participation of all GN18 annuitants in the CoreGrowth Fund.

WHO IS THIS Fund FOR?The fund may suit risk-averse investors who wish to protect capital for retirement or for those who wish to generate stable recurring income after retirement.

RECOMMEndEd MInIMuM InVESTMEnT TERM

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InVESTMEnT MAndATEThis is a pooled, smoothed bonus fund, which invests in a balanced portfolio of equities, interest-bearing assets, property and international assets. Investment returns are smoothed and passed on by way of a bonus declared monthly in advance.

BEnEFIT PAYMEnTS (This excludes switches.)Benefit payments (which include withdrawal benefits, death benefits, retirement benefits and annuity payments, etc., subject to the rules of the Retirement Arrangement) made up of capital and vested bonuses are fully guaranteed.

SWITCHESSwitches out of the CoreGrowth Fund will only be allowed on two days during the year (the first business day of April and the first business day of October) subject to a notice period of four months (by 30 November and 31 May respectively). Old Mutual reserves the right to change this process in the future.

Where the collective switches within a Retirement Arrangement on either of the days above are below 10% of the particular Retirement Arrangement’s total investment value in the CoreGrowth Fund, the amount requested will be fully guaranteed. However, should the 10% limit be exceeded, Old Mutual reserves the right to pay out less than the guarantee in times of adverse market conditions in respect of any excess amount requested above the 10%. This could result in an investor’s switch disinvestment value from the CoreGrowth Fund falling below the original amount invested.

Once a switch notice has been given it cannot be revoked.

LAunCH dATE: 01/10/2001

SIZE OF Fund: R119m

OTHER InVESTMEnT COnSIdERATIOnSInITIAL CHARGES: There is no initial administration charge on the fund.

OnGOInG: Investment admin fee: 0.50% p.a.Capital charge:1.80% p.a.

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CoreGrowth Life Fund (5-Year Annualised Rolling)

Fund PERFORMAnCE as at 31/12/2012

% PERF. (p.a.)

1-Yr 3-Yr 5-Yr 7-Yr 10-YrSince

InceptionTax-exempt Investor 9.0 6.9 6.0 9.7 8.9 8.6Retirement Fund 9.0 6.9 6.0 9.6 8.6 8.1

PROduCT AVAILABILITY IF FC Max

Investment Plan (LIFE)



Preservation Fund

Living Annuity ✓

December 2012

Fund COMPOSITIOn

SA Equity 30.0%SA Bonds 27.7%SA Property 8.6%SA Alternatives 4.9%International Equity 15.3%International Bonds 5.9%International Property 0.8%International Alternatives 3.1%Other 3.7%

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Funds are also available via:Fairbairn Capital: Tel +27 (0)860 300 000 | Fax +27 (0)860 400 000 | Email [email protected] | Internet www.fairbairncapital.com

Max Investments: Tel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email [email protected] | Internet www.oldmutual.co.za/max

Max Income: Tel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email [email protected] | Internet www.oldmutual.co.za/max

The information and opinions contained in this guide are made in good faith and are based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. The opinions expressed herein are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of own judgement. The price of shares/units and any income from them may fall as well as rise. Past performance or fund benchmark performance is not necessarily a guide to the future and investors may not get back the full amount invested. When a subscription involves a foreign exchange transaction, it may be subject to the fluctuations of currency values. Exchange rates may also cause the value of underlying overseas investments to go down or up. It should be noted that investments within the fund may not be readily marketable. It may therefore be difficult for an investor to withdraw from the fund.

CoreGrowth Fund BonusesJan-12 0.60%Feb-12 0.70%Mar-12 0.80%

Q1 2.11%Apr-12 0.80%May-12 0.80%Jun-12 0.80%

Q2 2.42%Jul-12 0.80%Aug-12 0.80%Sep-12 1.00%

Q3 2.62%Oct-12 1.10%Nov-12 1.10%Dec-12 1.10%

Q4 3.34%YTd 10.91%

YEAR-TO-dATE (YTd) BOnuSES

These bonus rates are before management fees and taxation.


EBGF LIFE Fund

Fund InFORMATIOnRISK RATInG

Fund OBJECTIVEThe EBGF aims for steady long-term growth in excess of inflation. Allocated returns are smoothed over a period of time by declaring bonuses annually in arrear. In years of positive investment performance, some of the returns are held back to boost bonuses in years of poor investment performance. This ensures that the exposure of the investor to volatility in investment markets will be reduced.

The EBGF is accessed through Retirement Arrangements1 only.

The total investment consists of a portion which is fully guaranteed and a portion which is not guaranteed. The non-guaranteed portion can vary between different Retirement Arrangements and generally lies between 5% and 25%. At any time, the percentage of investment guaranteed is the same for all individual members in the particular Retirement Arrangement, irrespective of when they invested. This percentage applies to both capital and any bonuses which may have been earned. In severe market downturns, part or all of the non-guaranteed portion may be temporarily suspended or permanently removed. This will result in a capital loss and could result in a client’s investment value in the EBGF within the particular Retirement Arrangement falling below the original amount invested.

Since bonuses are declared annually in arrear, interim bonuses (not guaranteed) are applied to determine the investment values for clients who exit the EBGF between bonus declaration dates.

note1 Retirement Arrangements include SARAF, Flexi-Provident Fund,

FC Preservation Pension and Provident Funds, FC Retirement Annuity Fund, etc. or the combined participation of all GN18 annuitants in the EBGF.

WHO IS THIS Fund FOR?The fund is suited to investors seeking real returns with more stability than market-linked funds.


InVESTMEnT MAndATEThe assets are invested in a balanced portfolio of equities, interest-bearing assets, property and international assets.

dISInVESTMEnTSWithdrawals from the EBGF will only be allowed on two days during the year (the 1st business day of April and the 1st business day of October) subject to a notice period of four months (by 30 November and 31 May respectively).


SIZE OF Fund: R2.4bn


OnGOInG:

Investment admin fee: 0.35% p.a.Annual management fee: +0.25% p.a.

Capital charge: 0.75% p.a.

1 2 3 4 5

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EBGF Life Fund (5-Year Annualised Rolling)

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% PERF. (p.a.)


InceptionTax-exempt Investor 6.9 6.9 6.1 10.4 11.0 11.0Retirement Fund 6.9 6.9 6.1 10.3 10.7 10.4







December 2012

Fund COMPOSITIOn

SA Equity 41.0%SA Bonds 17.2%SA Property 8.5%SA Alternatives 4.8%International Equity 17.5%International Bonds 3.5%International Property 0.8%International Alternatives 3.4%Other 3.7%

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To 30 June Total Bonus2000 16.00%2001 15.50%2002 12.00%2003 1.50%2004 10.00%2005 18.00%2006 26.00%2007 27.00%2008 13.00%2009 2.50%2010 6.00%2011 8.00%2012 10.00%

Current Interim 6.00%

HISTORICAL And CuRREnT TOTAL BOnuS RATES• The Total Bonus Rates reflected in the adjacent

Historical and Current Total Bonus Rates table are declared for the years ending 30 June. The rates quoted are before asset management fees and Retirement Fund Taxation (where applicable).

• Historical declared rates are applicable over the years ending 30 June. The interim bonus rate is the temporary rate, which applies between bonus declarations. The interim rate can be revised at any time and will be replaced by the declared rate for those clients still in the fund when the final rate is declared.

• The Retirement Fund Taxation rate is currently 0% of net rental income and gross interest earned.


GROWTH PRESERVER LIFE Fund

Fund InFORMATIOn

RISK RATInG

Fund OBJECTIVEThis bonus fund aims to combine the benefits of cash/fixed interest investments with the potential for positive equity market returns.

WHO IS THIS Fund FOR?The fund may suit those seeking to benefit from high cash returns, when they prevail, with a limited exposure to a portion of equity upside.


InVESTMEnT MAndATEThe fund’s asset composition consists predominantly of cash assets/fixed interest assets, with the remainder exposed to local equities.

GuARAnTEEd RETuRn OFFEREdThe Fund Value is guaranteed to grow on an annual basis at 50%** of the repo rate after tax and asset management fees. The repo rate is defined as the published rate at which the RSA Reserve Bank lends money to RSA commercial banks. In addition, if the overall return on assets exposed to the equity market is positive then the return credited to the Fund Value may be increased on an annual basis* at each Fund Year-end. The amount of increase in return is determined according to the proportion of equity exposure and the proportion of time invested in the fund during the year. The “new” Fund Value is locked in at every guarantee point and forms the basis on which the next guarantee is calculated. The Fund Value will vary with any repo rate fluctuations during the Fund Year.

GuARAnTEE APPLIES The guarantee applies at the following guarantee points:• at the end of every Fund Year• at five-year points from first investment into the fund• at the end of the premium-paying term for the Committed and

Transfer Committed Investment Plans.

dISInVESTMEnT VALuE On disinvestment (including switches) during a Fund Year, the Fund Value may be adjusted for any equity return (positive or negative) arising from the current Fund Year. This adjustment is at Old Mutual’s discretion. It may therefore be possible to receive a value on disinvestment that is greater or lesser than the guaranteed amount at the previous guarantee point. A negative adjustment will not apply on disinvestment (including switches) at the guarantee points. Any part disinvestment from the fund, including income payments and switches out of the fund (including switches to the Capital Secured Fund when your Plan is ceded as security to Old Mutual), will reduce the level of the Guaranteed Minimum Fund Value. The level of the guarantee will reduce in the same proportion as the Fund Value is decreased.* Annual basis means once, at the end of every Fund Year, which is a period of

twelve months calculated from the commencement date of the fund. Old Mutual is entitled to change the annual basis so that annual basis means once, at the end of every period of twelve months (Fund Year) calculated from 1 January to 31 December. When the annual basis is so changed any period in respect of which the fund value has already been increased to reflect an increased return and any period in respect of which the guarantee has already been applied, will not again be taken into account.

** In the event of:• a change in law, governmental or regulatory factors which causes a change in

the above definition of the repo rate or its replacement or abolition, or• a change in legislation governing the taxation of long-term insurers, or• any law, governmental or regulatory factors which will affect the investment

returns of this fund,Old Mutual will be entitled to adjust the guarantee and/or method of calculation and/or basis of the guarantee (determined by Old Mutual at its discretion).

COST OF GuARAnTEENo explicit guarantee charge.


SIZE OF Fund: R57m


OnGOInG: Annual management fee: 0.40% p.a.

1 2 3 4 5

R11 326

R12 012

R12 694

R13 416

R10 871

R11 638

R12 350

R13 068

R13 416

R9 500

R10 000

R10 500

R11 000

R11 500

R12 000

R12 500

R13 000

R13 500

R14 000

R14 500

Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Inve

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ent

Gro

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Fund Years

Fund Value + 50% Repo Rate*

Fund Value

R10 597

Growth Preserver Life Fund

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% PERF. (p.a.)


InceptionTax-exempt Investor 2.8 4.9 6.1 7.3 - 8.2Retirement Fund 2.8 4.9 6.1 7.2 - 7.9Private Investor 2.8 3.8 4.6 5.6 - 6.6Corporate Investor 2.8 3.8 4.6 5.6 - 6.6





Preservation Fund


December 2012

Fund COMPOSITIOn

Cash/Fixed Interest 80.0%SA Equity 20.0%

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* Guaranteed at the end of every Fund Year

The current repo rate is 5.0%.


Absolute smooth Growth lIFe PortFolIo

FuND INFormAtIoN

rIsK rAtING

FuND obJeCtIVe

The Absolute Smooth Growth Portfolio is a life fund that uses

enhanced smoothing technology to deliver stable, inflation-beating

returns to its investors in the most efficient manner. Returns

are awarded in the form of monthly bonuses, declared at the

beginning of each month.

boNus PhIlosoPhY AND smoothING

The investment returns earned on the underlying investment

mandate are smoothed and passed on to investors by way of

bonuses declared monthly in advance. Therefore, returns are

known at the start of each month.

This smoothing mechanism significantly reduces the short-term

volatility typically associated with market-related investments.

A Bonus Smoothing Reserve (BSR) is maintained, which absorbs

the impact of the peaks and troughs experienced with investing

in the market, while delivering real returns to investors in the

medium to long term.

GuArANtee

The Absolute Smooth Growth Portfolio offers a 50% guarantee on

capital, contributions and declared returns. These guarantees

apply on benefit payment and other specified events, and are

backed by Old Mutual’s shareholders’ capital.

(Old Mutual reserves the right to remove the non-guaranteed

element in poor markets, by declaring a negative bonus.)

reCommeNDeD mINImum INVestmeNt term

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beNChmArK: CPI

PerFormANCe tArGet: CPI + 6% p.a. (gross of fees with the

exception of a capital charge, over a rolling 3-year period)

FuND mANAGer(s): Old Mutual Investment Group (SA)

lAuNCh DAte: 01/04/2008

sIZe oF FuND: R595m

other INVestmeNt CoNsIDerAtIoNs

INItIAl ChArGes:


oNGoING:

Annual management fee (min./max.):

Max Income: 0.85% / 1.30% p.a.

FC (all-in fee): 2.31% / 2.76% p.a.


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Absolute smooth Growth life Portfolio (3-Year Annualised rolling)

FuND PerFormANCe as at 31/12/2012

% PerF. (p.a.)

1-Yr 3-Yr 5-Yr 7-Yr 10-Yrsince

Inception

Tax-exempt Investor 13.3 11.3 - - - 9.6Benchmark 5.7 5.1 6.4 6.5 5.8 6.0

ProDuCt AVAIlAbIlItY IF FC max






December 2012

FuND ComPosItIoN

SA Equity 49.2%SA Interest Bearing 11.6%SA Alternatives 4.9%Property 9.3%International Equity 18.8%International Interest Bearing 3.0%International Alternatives 3.2%

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max Investments: Tel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email [email protected] | Internet www.oldmutual.co.za/max

max Income: Tel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email [email protected] | Internet www.oldmutual.co.za/max



Absolute stAble Growth lIFePortFolIo

FuND INForMAtIoN

rIsK rAtING

FuND obJeCtIVe

The Absolute Stable Growth Portfolio is a life fund that uses

enhanced smoothing technology to deliver stable, inflation-beating

returns to its investors in the most efficient manner. Returns

are awarded in the form of monthly bonuses, declared at the

beginning of each month.

boNus PhIlosoPhY AND sMoothING

The investment returns earned on the underlying investment

mandate are smoothed and passed on to investors by way of

bonuses declared monthly in advance. Therefore, returns are

known at the start of each month.

This smoothing mechanism significantly reduces the short-term

volatility typically associated with market-related investments.

A Bonus Smoothing Reserve (BSR) is maintained, which absorbs

the impact of the peaks and troughs experienced with investing

in the market, while delivering real returns to investors in the

medium to long term.

GuArANtee

The Absolute Stable Growth Portfolio offers an 80% guarantee on

capital, contributions and declared returns. These guarantees

apply on benefit payment and other specified events, and are

backed by Old Mutual’s shareholders’ capital.

(Old Mutual reserves the right to remove the non-guaranteed

element in poor markets, by declaring a negative bonus.)

reCoMMeNDeD MINIMuM INVestMeNt terM

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beNChMArK: CPI

PerForMANCe tArGet: CPI + 5.5% p.a. (gross of fees with the

exception of a capital charge, over a rolling 3-year period)

FuND MANAGer(s): Old Mutual Investment Group (SA)

lAuNCh DAte: 01/12/2010

sIZe oF FuND: R46m

other INVestMeNt CoNsIDerAtIoNs

INItIAl ChArGes:


oNGoING:



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Absolute stable Growth life Portfolio (1-Year Annualised rolling)

FuND PerForMANCe as at 31/12/2012

% PerF. (p.a.)

1-Mth 3-Mth 6-Mth 1-Yr 3-Yrsince

Inception

Tax-exempt Investor 1.2 3.7 6.5 12.7 - 11.7Benchmark 0.2 1.1 2.6 5.7 5.1 12.3

ProDuCt AVAIlAbIlItY IF FC Max






December 2012





FuND CoMPosItIoN

SA Equity 49.2%SA Interest Bearing 11.6%SA Alternatives 4.9%Property 9.3%International Equity 18.8%International Interest Bearing 3.0%International Alternatives 3.2%

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SECURED MONEY MARKET LIFE FUND

FUND INFORMATION

RISK RATING

FUND OBJECTIVE

This is a bonus fund which aims to provide a capital-secure

investment, with returns relating to prevailing rates on money

market and other short-term interest-bearing assets.


The fund is suited to investors who want capital protection.


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INVESTMENT MANDATE

In line with a money market fund, this fund has an underlying

portfolio of money market and other short-term interest-

bearing assets.

GUARANTEED RETURN

Bonuses are declared 30 days in advance. The bonus rates

take into account the returns from the underlying assets and

the management fees. Each investor’s fund value is fully

guaranteed.

DISINVESTMENTS

On disinvestment (including income payments) or switches

out of the fund (including switches to the Capital Secured

Fund when your Plan is ceded as security to Old Mutual) the

guaranteed Minimum Fund Value will be reduced in the same

proportion that the Fund Value is reduced.




INITIAL CHARGES:


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Secured Money Market Life Fund (5-Year Annualised Rolling)





Preservation Fund


December 2012






% pERF. (p.a.)


InceptionTax-exempt Investor 5.4 5.8 7.4 7.6 7.9 7.7Retirement Fund 5.4 5.8 7.4 7.5 7.3 7.6Private Investor 3.8 4.2 5.4 5.6 5.9 5.6Corporate Investor 3.8 4.2 5.4 5.6 5.9 5.6

FUND COMpOSITION

Cash 0.2%SA Bonds (1-3 Years) 99.8%

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CURRENT BONUS RATES% p.m. % p.a.

Tax-exempt Investor 0.42% 5.10%

Retirement Fund 0.42% 5.10%

Private Investor 0.30% 3.60%

Corporate Investor 0.30% 3.60%


SMOOTHED PERFORMANCE LIFE FuND

FuND INFORMATION

RISK RATING

FuND OBJECTIVEThis fund aims to provide inflation-beating smoothed returns over the medium to long term.

WHO IS THIS FuND FOR?This fund may suit those seeking real returns with more stability than market-linked funds.

RECOMMENDED MINIMuM INVESTMENT TERM

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INVESTMENT MANDATEThe current asset allocation is approximately 65% equities, 25% interest-bearing assets and 10% property. The asset mix may be reviewed in the light of changing economic conditions.

LAuNCH DATE: 02/12/2002

SIZE OF FuND: R9.6bn

BONuS RATESBonuses are declared annually and added to the Fund Value. As the declared bonus is retrospective, an interim bonus rate is used to determine the fund’s current value until the next bonus declaration, i.e. the interim rate is applied on a daily basis to the fund, in order for the units to be priced daily. The interim rate may be revised at any time to reflect the fund’s value more accurately. The final rate will only apply once it is declared and provided that the Contracting Party is still invested in the fund on the date of declaration.

SMOOTHINGDuring periods of strong investment performance, a portion of investment growth is held in reserve for distribution during periods of weaker investment performance. Old Mutual is entitled to apply a fee to switches into the fund and limit, or not permit, transactions which may, in its opinion, be detrimental to other investors in the fund.

GuARANTEE DATEThe Guarantee Date is set 5 years from the day of first investment into the fund. On the Guarantee Date the full Fund Value is available without adjustment and a new Guarantee Date is set for 5 years into the future. Guarantee dates also come into effect on contractual recurring premium plans at the end of the premium-paying term. There is no guarantee date where the premium-paying term is less than five years.

GuARANTEED MINIMuM FuND VALuEOn the Guarantee Date, the Guaranteed Minimum Fund Value equals the net premiums (premiums after premium charges) and/or net amount(s) invested into the fund. Irregular payments invested less than two years before a guarantee date will not be fully guaranteed, but will be guaranteed to the extent of 80% of the net irregular payment invested. Old Mutual is entitled to change the 2-year period to another period. Irregular payments include, but are not limited to, additional single premium payments, voluntary premium increases or payments in excess of the 20% excess premium provisions of the regulations under section 54 of the Long-term Insurance Act 1998 in force as at 1 August 2002 (the 20% provisions), switches into the fund and zero interest loan repayments. The 20% provisions as at 1 August 2002 shall continue to apply notwithstanding any subsequent amendment or repeal. On each guarantee date, an amount equal to the excess (if any) of the Guaranteed Minimum Fund Value over the actual Fund Value will be credited to the Investment Plan.

MARKET VALuE ADJuSTERAny withdrawals from the fund (including income payments and switches) may result in a value adjustment to reflect current market conditions. These adjustments will not apply to the proceeds on the Guarantee Date, if applicable. Fund Values may be adjusted temporarily or permanently should market conditions prove extremely adverse.

DISINVESTMENT VALuEAny part disinvestment from the fund, including income payments and switches out of the fund (including switches to the Capital Secured Fund when a Plan is ceded as security to Old Mutual), will reduce the level of the Guaranteed Minimum Fund Value. The level of the guarantee will reduce in the same proportion as the Fund Value is decreased.

OTHER INVESTMENT CONSIDERATIONSINITIAL CHARGES: There is no initial administration charge on the fund.

ONGOING: Asset Management Fee: 1.00% p.a. Guarantee and Smoothing Fee: 0.85% Bonuses are net of these fees.

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Smoothed Performance Life Fund (5-Year Annualised Rolling)

FuND PERFORMANCE as at 31/12/2012

% PERF. (p.a.)


InceptionTax-exempt Investor 6.2 7.5 7.2 11.0 11.6 12.3Retirement Fund 6.2 7.5 7.2 11.0 11.4 12.0Private Investor 5.0 6.3 6.0 9.8 10.4 11.2Corporate Investor 4.8 6.1 5.8 9.6 10.2 11.0

PRODuCT AVAILABILITY IF FC Max

Investment Plan (LIFE) ✓ ✓ ✓





December 2012

FuND COMPOSITION

SA Equity 41.5%SA Bonds 17.4%Property 8.6%SA Alternatives 3.8%International Equity 17.5%International Bonds 1.8%International Property 0.6%International Alternatives 5.1%Other 3.7%

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Investment Frontiers Smoothed Fund and Investment Frontiers Stabilised Investment Fund rates applied prior to the launch of the Smoothed Performance Life Fund. Interim bonus rate applied for the period 31 December 2011 to 30 September 2012.

Investment Frontiers Smoothed Fund and Investment Frontiers Stabilised Investment Fund rates applied prior to the launch of the Smoothed Performance Fund. Interim bonus rate applied for the period 31 December 2011 to 30 September 2012.

HISTORICAL AND CuRRENT TOTAL BONuS RATES2008 2009 2010 2011 Interim

Tax-exempt Investor 6.20% 7.20% 8.20% 8.20% 6.20%Retirement Fund 6.20% 7.20% 8.20% 8.20% 6.20%Private Investor 5.00% 6.00% 7.00% 7.00% 5.00%Corporate Investor 4.80% 5.80% 6.80% 6.80% 4.80%

Investment Frontiers Smoothed Fund and Investment Frontiers Stabilised Investment Fund rates applied prior to the launch of the Smoothed Performance Life Fund. Historical declared rates applicable over years ending 30/06*. Interim bonus rate applied for the period 31 December 2011 to 31 December 2012.

* The declaration date has been changed from 30 June to 31 December.

38 1. Return to contents page1

Fact SheetDecember 2012

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PERFORMANCE DATA*Fund versus benchmark performance.

INCEPTION DATE: April 2012

ASSETS UNDER MANAGEMENT: R2.0 billion

BENChMARk: CPI

RISk PROFIlE:low low to Moderate Moderate Moderate to high high

1 2 3 4 5

DESCRIPTION

The Coronation Balanced mandate is aimed at investors that require an

actively managed balanced portfolio with an above-average risk. This fund

invests across all asset classes, including international, based on a rigorous

research process, and is managed without reference to a specific benchmark.

In order to achieve the fund objective the portfolio manager may choose to

gain exposure to the described assets and asset classes by investing through

OMlACSA pooled portfolios, collective investment schemes or a combination

thereof.

Manager Portfolio Manager Allocation

Charles de kock & Neville Chester 100.0%

FUND MANAGER(S)

Product AvAilAbility iF Fc Max

Investment Plan (lIFE)

Investment Plan (lISP)

Retirement Annuity

Preservation Fund

living Annuity ✓

Sources: OMIGSA & Morningstar as at 31/12/2012

PERFORMANCE DATA*

1-yr 3-yr 5-yr 7-yr 10-yrSince

inception

Fund 15.6% - - - - 13.6%

Benchmark: CPI 5.7% 5.1% 6.4% 6.5% 5.8% 4.9%

CPI +6% p.a. 11.7% 11.1% 12.4% 12.5% 11.8% 10.9%NAV-NAV fund performance and gross benchmark returns, both including reinvested income. lump sum basis. Performances are in ZAR and as at 31 December 2012.

MONThly PERFORMANCE hISTORy*

Jan Feb Mar Apr May Jun Jul Aug Sep oct Nov dec 1 year

2010 1.02% -2.54% -1.31% 5.46% -1.01% 4.93% 3.19% -0.30% 3.16%

2011 0.34% 1.42% 0.32% 1.44% 0.54% 0.01% -1.11% -0.25% -0.11% 5.73% 0.09% 0.13% 8.7%

2012 3.33% 1.59% 1.04% 1.71% -1.80% 0.62% 2.53% 3.05% 1.91% -2.69% 1.66% 1.81% 15.6%

coroNAtioN bAlANcEd liFE FuNd

RISk STATISTICS#

Fund SA Equity SA bondsMaximum drawdown -1.5% -40.4% -7.3%longest drawdown 3 months 29 months 9 months% positive months 73% 58% 82%Standard deviation 7.2% 12.8% 5.6%SA Equity - FTSE/JSE All Share Index

SA Bonds - All Bond Index

Risk statistics are calculated based on monthly performance data since the fund’s inception.

Over shorter periods losses are possible in this fund, especially during periods of significant market declines.

*The performance data before 1 May 2012 is based on the underlying corporate fund, which was not previously available to retail clients.



Funds are also available via:Fairbairn capitalTel +27 (0)860 300 000 | Fax +27 (0)860 400 000 | Email [email protected] | Internet www.fairbairncapital.com

Max investmentsTel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email [email protected] | Internet www.oldmutual.co.za/max

Max incomeTel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email [email protected] | Internet www.oldmutual.co.za/max

Fact SheetDecember 2012coroNAtioN bAlANcEd liFE FuNd

FUND COMMENTARy

The FTSE/JSE All Share Index (AlSI) gained a total return of 3.2% for the month of December. Resources were up strongly

at 3.0% for the month, industrials 2.4% and financials returned a strong 5.4%. For the month of December healthcare was

the best performing economic group at 8.9% whilst the worst performing economic group was technology at negative

5.1%. The best performing sectors were construction & materials (+13.8%), platinum mining (+13.3%) and healthcare

equipment & services (+10.7%). The worst were tobacco (-8%), software & computer services (-6.5%) and gold mining

(-4.2%). On the currency front, the rand strengthened about 5.6% relative to the US dollar and 4.3% against the euro.

The All Bond Index returned 2.3% while the Inflation-linked Bond Index gained 3%. Bonds at the long end were the

strongest with the 12+ year bonds returning 3.6%, 7-12 year bonds 2.2% and 3-7 year bonds 1.3%. The short end, 1-3 year

bonds, was up 0.8%. Cash returned 0.4%. Preference shares were negative at -1.5%. SA listed property returned 0.4%.

November inflation (CPI) came in at 5.6% year on year, driven by increases in housing & utilities, transport, food and

non-alcoholic beverages. It will be interesting to see what the potential electricity tariff increases are likely to be.

Coronation delivered a 12-month return of 15.6%. The manager chose to avoid relatively expensive domestic oriented

stocks, many of which performed exceptionally well through 2012. Coronation have exposure to unloved sectors like

construction and mining. While trading conditions for these sectors remain tough, Coronation remain convinced that

the investment theses will play out, albeit in a slightly longer time period than initially envisaged. The fixed interest

portion of the fund performed well, largely due to the portfolio’s corporate inflation-linked bond holdings. Coronation

remain concerned about the low yields currently available in the market, with a 10-year government bond yielding

around 7% (in nominal terms) and a 10-year inflation-linked bond below 1% (in real terms). If these bonds are held

to maturity, investors will earn the aforementioned returns, which they believe to be inadequate given the risk of

capital loss. The low yields (driven by the global search for yield) will make meeting real return targets much more

challenging over the next number of years.

ASSET ClASS hOlDINGS

INITIAl ChARGES

There is no initial administration charge on the

fund.

ONGOING:

Annual management charge: 1.00% p.a.

Total expense ratio (TER) annualised: 1.71%.

This includes all the underlying fees:

• Underlying funds’ service fee is approximately

0.71% (certain managers may have variable

fees and charges for performance). This

fee is accrued daily and paid on a monthly

basis.

• Other charges (including the underlying

funds’ foreign fee) incurred by the underlying

funds are deducted from the portfolio

and will be reflected in the TER.

• As the weightings of the underlying funds

may change from time to time the total

fees may vary.

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�� domestic Assets 73.2%Equities 42.7%

Resources 16.0%Financials 6.7%Industrials 20.0%

SA listed Property 7.0%Preference Shares 0.2%bonds 12.0%Inflation-linked Bonds 7.8%cash 3.3%other 0.2%

international Assets 26.8%Equities 22.0%Bonds 3.9%Cash 0.3%Other 0.6%

TOP 10 EqUITy hOlDINGS

Holding Sector % of Fund

MTN Group limited Telecommunications 10.6%

Naspers limited Consumer Services 7.8%

Anglo American plc Basic Materials 7.7%

Standard Bank Group limited Financials 7.5%

Sasol limited Oil & Gas 7.5%

British American Tobacco plc Consumer Goods 6.0%

BhP Billiton plc Basic Materials 4.7%

Impala Platinum holdings limited Basic Materials 3.8%

Mondi plc Basic Materials 3.8%

Investec plc Financials 3.1%

total 62.5%



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PERFORMANCE DATA*To achieve a total return that exceeds the inflation rate (CPI) by 4% per annum

(before fees and tax) over the long term.

InCePTIon DaTe: april 2012

aSSeTS UnDeR ManaGeMenT: R450m

BenChMaRk: CPI

RISk PRofIle:low low to Moderate Moderate Moderate to high high

1 2 3 4 5

DeSCRIPTIon

The Coronation Capital Plus mandate is aimed at investors requiring an income

over the longer term. With a dual objective of short-term capital preservation

and long-term growth, the fund managers focus on constructing a portfolio

that can deliver higher long-term real returns at a lower volatility. annual

volatility is limited to the maximum the managers believe will meet this goal.

In order to achieve the fund objective the portfolio manager may choose to

gain exposure to the described assets and asset classes by investing through

oMlaCSa pooled portfolios, collective investment schemes or a combination

thereof.


louis Stassen 100.0%

fUnD ManaGeR(S)


Investment Plan (lIfe)


Retirement annuity

Preservation Fund

living annuity ✓

Sources: OMIGSA & Morningstar as at 31/12/2012 Sources: OMIGSA & Morningstar as at 31/12/2012

PERFORMANCE DATA*


inception

Fund 16.4% 12.2% 9.8% 11.6% 14.5% 14.6%

Benchmark: CPI 5.7% 5.1% 6.4% 6.5% 5.8% 6.2%

CPI +4% p.a. 9.7% 9.1% 10.4% 10.5% 9.8% 10.2%naV-naV fund performance and gross benchmark returns, both including reinvested income. lump sum basis. Performances are in ZaR and as at 31 December 2012.

MonThly PeRfoRManCe hISToRy*


2007 4.19% -0.24% 2.70% 3.54% 0.13% -1.91% -0.75% 1.77% 0.41% 5.28% -3.14% -1.26% 10.9%

2008 -5.76% 3.72% -0.98% 0.47% 1.03% -4.67% 0.85% 3.67% -3.91% -2.79% 0.95% 2.51% -5.4%

2009 -1.54% -3.84% 3.70% 1.32% 4.82% -0.62% 5.79% 3.13% 1.08% 3.06% -0.68% 1.90% 19.2%

2010 0.01% 1.86% 2.47% 0.74% -1.12% -0.90% 4.21% -0.53% 3.68% 1.76% 0.52% 1.38% 14.8%

2011 0.51% 0.18% -0.10% 1.16% 0.80% -0.76% -0.61% -0.73% 1.06% 3.77% -0.44% 0.81% 5.7%

2012 2.40% 0.75% 1.27% 1.02% -0.58% -0.28% 1.88% 2.10% 1.07% 2.95% 0.62% 2.17% 16.4%

coroNAtioN cAPitAl PluS liFE FuNd

RISk STaTISTICS*

Fund SA Equity SA bondsMaximum drawdown -14.3% -40.4% -7.3%longest drawdown 23 months 29 months 9 months% positive months 67% 62% 72%Standard deviation 8.0% 18.0% 6.8%Sa equity - fTSe/JSe all Share Index

Sa Bonds - all Bond Index





The information and opinions contained in this guide are made in good faith and are based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. The opinions expressed herein are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of own judgement. The price of shares/units and any income from them may fall as well as rise. Past performance or fund benchmark performance is not necessarily a guide to the future and investors may not get back the full amount invested. When a subscription involves a foreign exchange transaction, it may be subject to the fluctuations of currency values. exchange rates may also cause the value of underlying overseas investments to go down or up. It should be noted that investments within the fund may not be readily marketable. It may therefore be difficult for an investor to withdraw from the fund or to obtain reliable information about its value and the extent of the risks to which it is exposed.




Fact SheetDecember 2012coroNAtioN cAPitAl PluS liFE FuNd

aSSeT ClaSS holDInGS

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domestic Assets 78.0%Equities 44.3%



international Assets 22.0%equities 17.4%Cash 4.6%

ToP 10 eqUITy holDInGS


anglo american plc Basic Materials 3.3%

MTn Group limited Telecommunications 2.2%

Remgro limited Financials 2.1%

Momentum Investments Financials 1.9%


Mediclinic Healthcare 1.5%

absa Bank Group Financials 1.5%

aveng limited Industrials 1.3%



total 18.1%

fUnD CoMMenTaRy

The fTSe/JSe all Share Index (alSI) gained a total return of 3.2% for the month of December. Resources were up strongly

at 3.0% for the month, industrials 2.4% and financials returned a strong 5.4%. for the month of December healthcare was




(-4.2%). on the currency front, the rand strengthened about 5.6% relative to the US dollar and 4.3% against the euro.

The all Bond Index returned 2.3% while the Inflation-linked Bond Index gained 3%. Bonds at the long end were the


bonds, was up 0.8%. Cash returned 0.4%. Preference shares were negative at -1.5%. Sa listed property returned 0.4%.

november inflation (CPI) came in at 5.6% year on year, driven by increases in housing & utilities, transport, food and


Coronation delivered a 12-month return of 16.4%. The manager chose to avoid relatively expensive domestic oriented

stocks, many of which performed exceptionally well through 2012. Coronation have exposure to unloved sectors like

construction and mining. While trading conditions for these sectors remain tough, Coronation remain convinced that the

investment theses will play out, albeit in a slightly longer time period than initially envisaged. The manager continued

to buy put protection on their local equity holdings, and is maintaining the high levels of protection that have been in

place throughout most of 2012. The fixed interest portion of the fund performed well, largely due to the portfolio’s

corporate inflation-linked bond holdings. Coronation remain concerned about the low yields currently available in the

market, with a 10-year government bond yielding around 7% (in nominal terms) and a 10-year inflation-linked bond below 1% (in real terms). If these bonds are held to

maturity, investors will earn the aforementioned returns, which they believe to be inadequate given the risk of capital loss. The low yields (driven by the global search for

yield) will make meeting real return targets much more challenging over the next number of years.

InITIal ChaRGeS


fund.

onGoInG:

annual management charge: 1.00% p.a.

Total expense ratio (TeR) annualised: 1.65%.






basis.

• other charges (including the underlying



and will be reflected in the TeR.

• as the weightings of the underlying funds


fees may vary.



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PERFORMANCE DATA*To achieve a total return that exceeds the inflation rate (CPI) by 6% per annum

(before fees and tax) over the long term.

InCePTIon DaTe: april 2012


BenChMaRk: CPI


1 2 3 4 5

DeSCRIPTIonThe Investec opportunity mandate aims to achieve consistent returns above inflation, measured over three- to five-year periods, while minimising downside risk. This is an actively managed balanced fund that invests across several asset classes, including South african equities, bonds and money market instruments, as well as international equity and fixed interest instruments. Currently, foreign exposure is limited to 25% of the portfolio, and total equity exposure to 75% of the portfolio, with the equity portion managed with a bias towards equities that are attractively priced compared to their inherent value. In order to achieve the fund objective, the portfolio manager may choose to gain exposure to the described assets and asset classes by investing through oMlaCSa pooled portfolios, collective investment schemes or a combination thereof.


Clyde Rossouw 100.0%

fUnD ManaGeR(S)


Investment Plan (lIfe)


Retirement annuity

Preservation Fund

living annuity ✓


PERFORMANCE DATA*


inception

Fund 19.5% 13.2% 10.8% 16.0% 19.9% 19.2%

Benchmark: CPI 5.7% 5.1% 6.4% 6.5% 5.8% 6.2%

CPI +6% p.a. 11.7% 11.1% 12.4% 12.5% 11.8% 12.2%naV-naV fund performance and gross benchmark returns, both including reinvested income. lump sum basis. Performances are in ZaR and as at 31 December 2012.

MonThly PeRfoRManCe hISToRy*


2007 2.45% 19.62% 2.57% 3.80% -0.29% -1.29% 0.61% 1.69% -0.83% 6.35% -1.61% -1.16% 34.8%

2008 -4.99% 6.25% -2.19% 2.30% 1.23% -4.13% -0.62% 3.35% -1.47% -4.11% -2.22% 3.84% -3.4%

2009 -2.03% -6.21% 3.61% 0.51% 5.27% -0.39% 7.67% 2.49% 0.51% 4.27% -0.76% 3.43% 19.1%

2010 -0.87% 1.31% 2.27% 0.39% -3.00% -0.01% 3.87% -1.74% 3.24% 1.87% 0.41% 2.85% 10.8%

2011 -0.58% -0.01% 0.80% 1.88% 0.60% -1.01% 1.01% 0.18% 0.91% 4.48% -0.21% 1.03% 9.4%

2012 0.82% 1.85% 1.18% 1.90% 0.15% -0.01% 3.24% 2.23% 0.41% 3.24% 2.05% 0.96% 19.5%

iNveStec oPPortuNity liFe FuNd

RISk STaTISTICS*

Fund SA equity SA bondsMaximum drawdown -13.7% -40.4% -7.3%longest drawdown 22 months 29 months 9 months% positive months 71% 62% 72%Standard deviation 10.3% 18.0% 6.8%Sa equity - fTSe/JSe all Share Index

Sa Bonds - all Bond Index





The information and opinions contained in this guide are made in good faith and are based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. The opinions expressed herein are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of own judgement. The price of shares/units and any income from them may fall as well as rise. Past performance or fund benchmark performance is not necessarily a guide to the future and investors may not get back the full amount invested. When a subscription involves a foreign exchange transaction, it may be subject to the fluctuations of currency values. exchange rates may also cause the value of underlying overseas investments to go down or up. It should be noted that investments within the fund may not be readily marketable. It may therefore be difficult for an investor to withdraw from the fund or to obtain reliable information about its value and the extent of the risks to which it is exposed.




Fact SheetDecember 2012iNveStec oPPortuNity liFe FuNd


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domestic Assets 77.5%equities 39.2%



international Assets 22.5%equities 13.4%Bonds 2.4%Cash 6.7%



assore limited Basic Materials 6.8%

British american Tobacco plc Consumer Goods 4.3%

MTn Group limited Telecommunications 3.8%

new Gold Issuer exchange Traded funds (eTf) 3.7%

Tiger Brands limited Consumer Goods 3.6%


Steinhoff International holdings Consumer Goods 3.2%



Compagnie financière Richemont Consumer Goods 2.0%

total 36.2%

fUnD CoMMenTaRy

The fTSe/JSe all Share Index (alSI) gained a total return of 3.2% for the month of December. Resources were up strongly

at 3.0% for the month, industrials 2.4% and financials returned a strong 5.4%. for the month of December healthcare was




(-4.2%). on the currency front, the rand strengthened about 5.6% relative to the US dollar and 4.3% against the euro.

The all Bond Index returned 2.3% while the Inflation-linked Bond Index gained 3%. Bonds at the long end were the


bonds, was up 0.8%. Cash returned 0.4%. Preference shares were negative at -1.5%. Sa listed property returned 0.4%.

november inflation (CPI) came in at 5.6% year on year, driven by increases in housing & utilities, transport, food and


Investec returned 19.5% over the past year. Investec retain their view that the local equity market is fully priced. The

manager continues to seek opportunities that will produce returns significantly in excess of inflation. The portfolio

saw little change across its asset allocation mix. The largest local equity holdings are assore limited, British american

Tobacco and MTn Group limited. on the fund’s offshore positioning, the manager has been able to purchase high

quality multinational companies trading at multi-decade lows and with dividend yields in excess of long-bond yields.

International equity makes up approximately 17% of the portfolio; within this basket they favour quality, long-established

businesses with strong franchise value — these include apple Inc., Chevron Corp. and Pfizer Inc.

InITIal ChaRGeS


fund.

onGoInG:

annual management charge: 1.00% p.a.







basis.

• other charges (including the underlying



and will be reflected in the TeR.



fees may vary.


OLD MUTUAL REAL INCOME LIFE FUND

FUND INFORMATION

RISK RATING

FUND OBJECTIVE

The fund aims to provide an income that grows in line with

inflation, while sustaining the level of capital over time and

minimising any losses over a 12-month period. The portfolio

manager actively manages asset allocation to take advantage of

changing market conditions.


This fund is suited to investors who can accept a lower initial

income in return for inflation-matching growth in income over

time, while maintaining the value of their capital. It is suitable

as a low risk investment in retirement.


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INVESTMENT MANDATE

The fund invests in the full spectrum of fixed interest investments,

selected listed property and equities and may invest up to 25% of

its portfolio offshore in line with Treasury guidelines. The combined

listed property and equity exposure is carefully managed and may

not exceed 35% of the overall portfolio, but a maximum of 25%

can be held in either asset class.

REGULATION 28 COMPLIANCE

The fund complies with retirement fund legislation. It is therefore

suitable as a stand-alone fund in retirement products where

Regulation 28 compliance is specifically required.

BENCHMARK: CPI

PERFORMANCE TARGET: CPI + 3% p.a. (gross of fees)

RISK OBJECTIVE:

The fund aims to protect capital over 12 months.

FUND MANAGER(S):



SIZE OF FUND: R19m


INITIAL CHARGES:


ONGOING:






Total expense ratio (TER):

This will be published 12 months from launch date.


1 2 3 4 5

PRODUCT AVAILABILITy IF FC Max



Retirement Annuity

Preservation Fund

Living Annuity ✓




Inception

Tax-exempt Investor 2.7 7.6 - - - - - 12.5Benchmark 1.1 2.6 5.7 5.1 6.4 6.5 5.8 3.3Retirement Fund* - - - - - - - - Private Investor 2.3 6.4 - - - - - 9.3Corporate Investor - - - - - - - -

December 2012

FUND COMPOSITION

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�� SA Equities 11.0%SA Bonds 35.8%SA Property 8.1%Commodities 1.8%Preference Shares 1.2%Money Market Instruments 33.1%International Equity 1.4%International Bonds 2.6%International Property 2.9%International Cash 2.1%

* Money market instruments include cash, NCDs and treasury bills

PRINCIPAL HOLDINGS

HOLDING SECTOR % OF FUNDMoney Market 0 - 3 Year NCDs 12.1R197 5.5% 07/12/2023 7 - 12 Year Bonds 6.5R212 2.75% 31/01/2022 7 - 12 Year Bonds 5.3R204 8.00% 21/12/2018 3 - 7 Year Bonds 4.0Bermuda Global Reit Fnd Series 2 Om CIS International 3.0R186 10.5% 21/12/2026 12+ Year Bonds 2.6R207 7.25% 15/01/2020 7 - 12 Year Bonds 2.2Dipula Income Fund-A Real Estate 2.1NewGold Issuer Limited Exchange Traded Funds 1.8Steinhoff Finance 26/05/2017 3 - 7 Year Bonds 1.8

41.5





OLD MUTUAL REAL INCOME LIFE FUND











optimal portfolio.


Peter is an award-winning analyst who has extensive experience in

the investment arena. He worked at a stockbroker for 10 years, as

an analyst and equity strategist, after which he was the Head of

Research and Head of Equities for Cazenove South Africa.

PETER BROOKE

QUALIFICATIONS:


FUND COMMENTARy as at 31/12/2012The FTSE/JSE All Share Index (ALSI) had a very strong fourth quarter, gaining 10.3%,



the Inflation-linked Bond Index gained 16% and 19.4% respectively for the year. Cash







The good showing from bonds in December ensured that the fund ended the year

strongly. The fund’s return lagged the equity market, but this is in line with its

conservative mandate. The fund outperformed the Prudential Low Equity category

average return, which is a surprise. Typically it would underperform when the share

market runs strongly as it has a lower equity holding. The fund holds just over 12% in

listed shares, predominantly for their yield. Investments in listed property and active

buying of bonds at the beginning of the year helped deliver the outperformance.


1. Return to contents page 46 46

HELPLINE +27 21 509 6566 | FACSIMILE +27 21 503 4079 | EMAIL [email protected] | INTERNET www.symmetry.co.za

1


Monthly PerForMance hiStory

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2007 3.34% 0.98% 3.31% 3.27% -0.02% -1.64% 0.69% 0.42% 2.49% 3.96% -2.72% -1.46% 13.1%

2008 -5.31% 6.17% -2.85% 0.17% 0.89% -3.35% -0.11% 3.20% -4.42% -0.83% -0.19% 2.39% -4.7%

2009 -0.48% -5.05% 3.07% 0.82% 3.62% -0.73% 6.34% 2.49% 0.30% 3.41% -0.50% 2.06% 15.9%

2010 -0.87% 1.27% 3.41% 0.57% -1.88% -1.05% 3.71% -1.10% 3.83% 1.82% 0.54% 2.29% 13.0%

2011 -0.32% 0.39% 0.13% 1.25% 0.44% -0.89% -0.22% 1.07% 1.10% 4.43% 0.05% 0.54% 8.2%

2012 2.03% 1.01% 0.94% 0.86% -0.37% 0.32% 2.16% 2.18% -0.08% 2.50% 1.14% 1.50% 15.1%

PerForMance Data riSk StatiSticS*

Fund SA Equity* SA Bonds*Maximum drawdown -13.7% -40.4% -7.3%longest drawdown 22 months 29 months 9 months% positive months 66% 61% 74%Standard deviation 10.8% 18.7% 7.3%

* Sa equity - FtSe/JSe all Share index* Sa Bonds - all Bond index

* risk statistics are calculated based on monthly performance data since the Fund’s inception.


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return oBJectiveTo achieve a total return that exceeds the inflation rate (CPI) by 6% per annum (before fees and tax) over the long term.

riSk oBJectiveTo avoid capital losses measured over any 18-month period. (This does not mean that capital is guaranteed.)

incePtion Date: September 1998

aSSetS unDer ManaGeMent: r3.1 billion

BenchMark: cPi

riSk ProFile:low low to Moderate Moderate Moderate to high high

1 2 3 4 5

DeScriPtionThis is a flexible asset allocation fund aimed at long-term capital growth, with

a bias towards absolute returns and capital preservation in the shorter term.

Over longer periods the fund attempts to produce significant inflation-beating

returns. this is achieved through stock selection and an asset allocation

strategy capable of achieving the performance target. in order to achieve

the fund objective the portfolio manager may choose to gain exposure to

the described assets and asset classes by investing through oMlacSa pooled

portfolios, collective investment schemes or a combination thereof.


louis Stassen 21.2%

clyde rossouw 30.6%

Michael Moyle 30.1%

Daniel Malan 18.1%

FunD ManaGerS

PrODuct AvAilABilitY iF Fc Max



retirement annuity ✓ ✓

Preservation Fund

living annuity ✓ ✓


inception

tax-exempt investor 15.1% 12.1% 9.2% 12.1% 15.7% 16.4%

Performance target: cPi +6% 11.7% 11.1% 12.4% 12.5% 11.8% 12.3%

Benchmark: cPi 5.7% 5.1% 6.4% 6.5% 5.8% 6.3%

retirement Fund 15.1% 12.1% 9.2% 12.1% 15.5% 15.6%

Private investor 15.1% 11.7% 8.3% 11.2% 14.4% 14.6%Sell-to-sell fund performance and gross benchmark returns, both including reinvested income. Lump sum basis. Performances are in Zar and as at 31 December 2012.

SYm|mEtrY BAlANcED liFE FuNDPreviouSly known aS Multi-MANAgEr BAlANcED FuND




2


SYm|mEtrY BAlANcED liFE FuNDPreviouSly known aS Multi-MANAgEr BAlANcED FuND

DiverSiFication

While SYm|mETRY researches, appoints and monitors the underlying managers, the managers have flexibility to decide which underlying assets to buy and in what

proportions. SYm|mETRY carefully blends managers with complementary investment styles to achieve a well-diversified but dynamic mix of equities, money market

instruments, conventional bonds, inflation-linked bonds and listed property. The maximum offshore allocation of this fund is 25%.

FunD coMMentary

the fund produced 15.1% over 2012. this is against the target cPi+6% return of 11.7%. the economic scenario remains uncertain; although the issues prevailing in europe

seem to be resolved, the global economy is at the precipice of what some perceive to be a possible slowdown in the Chinese economy. Although inflation reached 5.6% in

November, it is expected to remain within the target band until the end of 2013. Declining food, and possibly oil, prices are likely to keep inflation contained into late 2013.

investec generated 18.7% over the past year. investec retain their view that the local equity market is fully priced.

The manager continues to seek opportunities that will produce returns significantly in excess of inflation. The

portfolio saw little change across its asset allocation mix. The largest local equity holdings are Assore Limited,

British American Tobacco and MTN Group Limited. On the fund’s offshore positioning, the manager has been able

to purchase high quality multinational companies trading at multi-decade lows and with dividend yields in excess

of long-bond yields. international equity makes up approximately 17% of the portfolio. within this basket they

favour quality, long-established businesses with strong franchise value — these include Apple Inc., Chevron Corp.

and Pfizer Inc.

Prudential yielded a 12-month return of 23.3%. the portfolio continues to be heavily invested in equities. local

equities make up about 39% of the portfolio with a tilt towards industrials (with large allocations to stocks such as

MTN and Naspers). The fund also holds close to 25% in bonds with inflation-linked bonds (offering diversification

and inflation protection) making up approximately 7% and nominal bonds the remaining 18%. Offshore exposure

is gained via unit trusts managed by Prudential’s offshore parent asset management company, M&G Investment

Managers. Offshore is currently at the maximum allowed limit, split 20% to equities and 5% to cash and bonds.

initial charGeSthere is no initial administration charge on

the Fund.

onGoinG: annual management fee: 1.20% / 1.80% p.a.

Total expense ratio (TER) annualised: 1.69%.

this includes all the underlying fees:

• Service fee: 0% p.a.

• Underlying funds’ service fees: 1.71%

(certain managers may charge performance

fees). This fee is accrued daily and paid

on a monthly basis.

• Other charges incurred by the underlying

funds are deducted from their portfolios.



fees may vary.

toP 10 equity holDinGS


Mtn Group limited telecommunications 3.0%

assore limited Basic Materials 2.1%


British american tobacco plc consumer Goods 1.8%


impala Platinum holdings Basic Materials 1.4%

compagnie Financière richemont consumer Goods 1.2%

tiger Brands limited consumer Goods 1.2%



total 16.2%

aSSet claSS holDinGS

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Domestic Assets 76.2%Equities 40.8%

resources 13.6%Financials 7.8%industrials 19.4%

SA listed Property 3.7%Preference Shares 0.5%Bonds 10.7%Inflation-linked Bonds 3.8%cash 15.6%Other 1.1%

international Assets 23.8%equities 19.0%Bonds 1.6%cash 3.2%



1


RiSk StatiSticS*

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RetuRn ObjectiveTo achieve a total return that exceeds the inflation rate (CPI) by 4% per annum (before fees and tax) over the long term.

RiSk ObjectiveTo avoid capital losses measured over any 12-month period. (This does not mean that capital is guaranteed.)

InCePTIon DaTe: October 2001


BenChMaRk: CPI


1 2 3 4 5

DeSCRIPTIonThis is a flexible asset allocation fund aimed at long-term capital growth, with a bias towards absolute returns and capital preservation. The flexible mandate is employed not to strive for maximum performance but to allow the portfolio to be biased towards absolute returns and capital preservation in the shorter term. over longer periods the fund attempts to produce inflation-beating returns. This is achieved through stock selection and an active asset allocation strategy capable of achieving the performance target. In order to achieve the fund objective the portfolio manager may choose to gain exposure to the described assets and asset classes by investing through oMlaCSa pooled portfolios, collective investment schemes or a combination thereof.


louis Stassen 29.3%

Clyde Rossouw 30.4%

Philip liebenberg 39.7%

FunD ManageRS

Fund SA Equity* SA Bonds*Maximum drawdown -4.5% -40.4% -7.3%longest drawdown 21 months 29 months 9 months% positive months 74% 63% 72%Standard deviation 5.5% 17.7% 6.9%

* Sa equity - fTSe/JSe all Share Index* Sa Bonds - all Bond Index

* Risk statistics are calculated based on monthly performance data since the fund’s inception.


Product AvAilABility iF Fc Max

Investment Plan (lIfe) ✓ ✓

Investment Plan (lISP) ✓

Retirement annuity ✓ ✓

Preservation fund ✓



PeRfoRManCe DaTa


inception

Tax-exempt Investor 12.5% 9.8% 8.0% 9.3% 11.9% 11.6%

Performance Target: CPI +4% 9.7% 9.1% 10.4% 10.5% 9.8% 10.2%

Benchmark: CPI 5.7% 5.1% 6.4% 6.5% 5.8% 6.2%

Retirement Fund 12.5% 9.8% 8.0% 9.2% 11.4% 10.9%

Private Investor 11.3% 8.3% 6.6% 7.7% 9.8% 9.2%Sell-to-sell fund performance and gross benchmark returns, both including reinvested income. lump sum basis. Performances are in ZaR and as at 31 December 2012.

MonThly PeRfoRManCe hISToRy

Jan Feb Mar Apr May Jun Jul Aug Sep oct Nov dec year

2007 2.31% 1.04% 1.46% 2.23% -0.46% -1.41% 0.72% 0.57% 1.86% 2.35% -1.46% -0.22% 9.3%

2008 -2.07% 2.70% -2.06% 0.68% 1.14% -2.52% -0.15% 2.63% -1.79% 0.09% 0.18% 1.69% 0.3%

2009 0.16% -3.37% 1.84% 0.00% 2.25% -0.10% 4.05% 1.94% 0.04% 2.78% -0.40% 1.23% 10.7%

2010 0.07% 1.10% 1.91% 0.69% -0.75% -0.46% 2.26% -0.67% 2.24% 1.32% 0.43% 1.43% 9.9%

2011 0.29% 0.11% 0.07% 0.73% 0.70% -0.78% -0.19% 1.08% 1.16% 3.13% 0.60% 0.00% 7.1%

2012 1.47% 0.84% 0.56% 0.94% -0.18% 0.02% 1.41% 1.63% 0.52% 2.30% 1.31% 1.00% 12.5%

Sym|mEtry dEFENSivE liFE FuNdPRevIoUSly known aS Multi-MANAgEr dEFENSivE FuNd



2



Sym|mEtry dEFENSivE liFE FuNdPRevIoUSly known aS Multi-MANAgEr dEFENSivE FuNd

DiveRSiFicatiOnwhile Sym|meTRy researches, appoints and monitors the underlying managers, the managers have flexibility to decide which underlying assets to buy and in

what proportions. Sym|meTRy carefully blends managers with complementary investment styles to achieve a well-diversified but dynamic mix of equities,

money market instruments, conventional bonds, inflation-linked bonds and listed property. The maximum offshore allocation of this fund is 25%.

fUnD CoMMenTaRyThe fund produced 12.5% over the past year to the end of December 2012. This is against the target CPI+4% return of 9.7%. The economic scenario remains

uncertain; although the issues prevailing in europe seem to be resolved, the global economy is at the precipice of what some perceive to be a possible slowdown

in the Chinese economy. although inflation reached 5.6% in november, it is expected to remain within the target band until the end of 2013. Declining food,

and possibly oil, prices are likely to keep inflation contained into late 2013.

SIM delivered 13.9% over 2012. The fund’s effective equity exposure, less property, is lower as some of the

derivative structures reached their caps. SIM reduced exposure to long-dated nominal bonds slightly during

the month. although credit spreads are becoming expensive, they continue to find selected opportunities

to enhance the yield of the fund’s money market and bond assets. from a long-term value perspective,

using the summation of individual company valuations as calculated by their equity analysts, the equity

market is now trading above SIM’s house view assessment of its fair intrinsic value. This is reflected in the

fund’s more defensive positioning, with a higher hedged equity component exposure that was increased

over the month, with increased allocations to international equity and cash. Top offshore holdings include

apple Inc., exxon Mobil Corp. and Microsoft Corp.

Coronation delivered a 12-month return of 17.3%. The manager chose to avoid relatively expensive domestic

oriented stocks, many of which performed exceptionally well through 2012. Coronation have exposure to

unloved sectors like construction and mining. while trading conditions for these sectors remain tough,

they remain convinced that the investment theses will play out, albeit in a slightly longer time period

than initially envisaged. The manager continued to buy put protection on their local equity holdings, and

are maintaining the high levels of protection that have been in place throughout most of 2012. The fixed

interest portion of the fund performed well, largely due to the portfolio’s corporate inflation-linked bond

holdings. Coronation remain concerned about the low yields currently available in the market, with a 10-

year government bond yielding around 7% (in nominal terms) and a 10-year inflation-linked bond below 1%

(in real terms). If these bonds are held to maturity, investors will earn the aforementioned returns, which

they believe to be inadequate given the risk of capital loss. The low yields (driven by the global search

for yield) will make meeting real return targets much more challenging over the next number of years.


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�� domestic Assets 79.5%Equities 31.3%

Resources 8.5%Financials 5.7%industrials 17.1%

SA listed Property 2.5%Preference Shares 0.6%Bonds 10.0%Inflation-linked Bonds 7.2%cash 26.8%other 1.1%

international Assets 20.5%equities 14.8%bonds 1.0%cash 4.7%



MTn Group limited telecommunications 2.9%

assore limited basic Materials 2.1%

Sasol limited Oil & gas 2.0%

British american Tobacco plc consumer goods 2.0%


anglo american plc basic Materials 1.6%

Impala Platinum holdings basic Materials 1.4%

Tiger Brands limited consumer goods 1.2%

Steinhoff International holdings consumer goods 1.2%

BhP Billiton plc basic Materials 1.1%

total 17.3%

InITIal ChaRGeS

There is no initial administration charge on

the fund.

onGoInG:

annual management fee: 1.20% / 1.80% p.a.






fees). This fee is accrued daily and paid

on a monthly basis.

• other charges incurred by the underlying




fees may vary.



1

Fact SheetDecember 2012SYm|mETRY EquiTY LiFE Fund

PreviouSly known aS MuLTi-ManagER gRowTh Fund

riSk StatiSticS*

Fund BenchmarkMaximum drawdown -33.1% -39.4%longest drawdown 35 months 31 months% positive months 65% 59%Standard deviation 14.3% 17.5%* risk statistics are calculated based on monthly performance data since the Fund’s inception.


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Source: Morningstar as at 31/12/2012

PerForMance DataFund versus benchmark performance over the long term.

incePtion Date: September 1998

aSSetS unDer ManaGeMent: r985m

BenchMark: composite: 85% JSe all Share & 15% MSci world index


1 2 3 4 5

DeScriPtionthis fund may suit investors who seek capital growth, but can tolerate short-term volatility. it has exposure to a wide range of blue chip JSe and international equities, as well as other securities if appropriate. the security selection is performed by a range of asset management companies chosen for their specialist skills. in order to achieve the fund objective the portfolio manager may choose to gain exposure to the described assets and asset classes by investing through oMlacSa pooled portfolios, collective investment schemes or a combination thereof.

Manager Portfolio Manager allocation

omri thomas 25.1%

ricco Friedrich 21.0%

Gavin wood 9.7%

terence craig 24.5%

ian heslop 19.7%

FunD ManaGerS

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PRoducT avaiLaBiLiTY iF Fc Max

investment Plan (liFe) ✓ ✓

investment Plan (liSP) ✓


Preservation Fund


PerForMance Data


inception

tax-exempt investor 14.9% 10.7% 6.0% 10.8% 16.0% 14.0%

Benchmark: SwiX 26.1% 15.3% 8.7% 14.0% 17.4% 15.3%

retirement Fund 14.9% 10.7% 6.0% 10.8% 15.9% 13.8%

Private investor 15.3% 11.0% 6.0% 10.8% 15.4% 13.3%Sell-to-sell fund performance and gross benchmark returns, both including reinvested income. lump sum basis. Performances are in Zar and as at 31 December 2012.


Jan Feb Mar apr May Jun Jul aug Sep oct nov dec Year

2007 3.90% 0.82% 4.34% 3.73% 0.28% -1.57% 0.75% 0.37% 2.66% 4.75% -3.08% -2.14% 15.4%

2008 -6.65% 8.09% -3.16% 2.33% 1.41% -6.12% -4.57% 3.40% -7.56% -8.89% -4.98% 3.45% -22.2%

2009 -0.50% -8.81% 6.11% 2.63% 7.60% 0.04% 7.33% 4.32% 1.45% 3.42% -0.95% 2.52% 26.9%

2010 -2.56% 0.53% 4.90% 0.32% -3.53% -2.43% 5.61% -2.17% 6.78% 2.73% 0.22% 3.91% 14.5%

2011 -0.75% 1.80% 0.33% 1.98% 0.05% -2.12% -2.27% -1.37% -1.16% 6.76% 0.67% -0.47% 3.2%

2012 3.99% 1.33% -0.23% 0.71% -1.90% 0.15% 1.19% 1.40% 1.54% 3.20% 0.67% 2.07% 14.9%



2


Fact SheetDecember 2012SYm|mETRY EquiTY LiFE Fund

PreviouSly known aS MuLTi-ManagER gRowTh Fund

DiverSiFication

While SYm|mETRY researches, appoints and monitors the underlying managers, the managers have flexibility to decide which underlying shares to buy and

in what proportions. SYm|mETRY carefully blends managers with complementary investment styles to achieve a well-diversified but dynamic mix of shares.

the Fund invests in shares within the Shareholder weighted index (SwiX), a broad-based index of highly liquid shares, which allows for active stock selection.

FunD coMMentary

the fund ended the year on the back foot lagging its benchmark over both the quarter and year. however,

some of the managers in the solution ended the year with good performance in December. kagiso had

their best month of the year. their overweight positions in lonmin, kagiso Media and impala contributed

positively to performance. Detractors from performance were overweight positions in tongaat and aeci,

and underweight exposure to richemont.

SiM, who also ended the year strongly in December, had their best quarter in two years. the biggest

contributors to returns were their investments in northam, absa, PPc and Sun international whereas their

positions in abil, lewis, Sasol and Gold Fields were a drag on short-term returns. with the exception of

Gold Fields, SiM used the share price weakness to add to their positions in the above companies.

abax and element were weaker in December and this consequently hurt their quarter performance. Both

managers are overweight to gold shares, which did poorly during the quarter and in December in particular.

abax’s holdings in absa, anglo Platinum and Mediclinic did particularly well and for element lonmin, Sappi

and tsogo Sun did well.

the international portion of the fund, which is managed by investec, enjoyed a great quarter when

compared to the peer group average in the Morningstar Survey. a rally in global equities was behind the

positive performance by the manager, despite the strong rand.

toP 10 equity holDinGSaSSet claSS holDinGS

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domestic assets 80.4%Equities 76.6%

resources 29.3%Financials 16.3%industrials 31.0%

cash & other 3.8%international assets 19.6%

equities 19.6%

holding Sector % of Fund

Sasol limited oil & Gas 7.6%


Mtn Group limited telecommunications 5.7%

angloGold ashanti limited Basic Materials 4.4%

old Mutual plc Financials 4.4%

naspers limited consumer Services 3.2%

Gold Fields limited Basic Materials 3.1%

absa Bank Financials 3.1%



Total 43.6%

initial charGeS

there is no initial administration charge on

the Fund.

onGoinG:

annual management fee: 1.20% / 1.80% p.a.

total expense ratio (ter) annualised: 1.23%.

this includes all the underlying fees:




fees). this fee is accrued daily and paid

on a monthly basis.

• Other charges incurred by the underlying




fees may vary.



1

Fact SheetSeptember 2012SYm|mETRY ISlamIc Fund


Jan Feb mar apr may Jun Jul aug Sep Oct nov dec Year2007 1.84% 1.28% 3.96% 1.63% 2.89% -0.76% -0.80% 0.83% 4.77% 1.98% -2.55% -3.00% 12.4%2008 -0.97% 6.98% -0.37% 0.91% 2.11% -2.42% -3.90% 1.47% -5.29% -4.57% -4.28% 5.21% -5.8%2009 -0.20% -4.92% 5.45% 0.69% 4.96% 0.28% 4.86% 3.53% 0.25% 1.88% -1.24% 0.62% 16.9%2010 -1.30% 0.10% 2.87% 0.81% -1.25% -0.62% 0.79% -0.20% 1.89% 1.01% 0.39% 1.65% 6.2%2011 0.02% 1.13% -0.06% 1.86% -0.43% -1.24% -1.01% -0.28% -0.04% 5.52% 0.68% -1.18% 4.9%2012 2.22% 0.37% -0.64% 0.33% -0.66% 0.28% 0.07% 0.47% 1.03%

% performance (p.a.)

1 year 3 years 5 yearsSince

inceptiontax-exempt investor 8.6% 5.3% 4.1% 9.6%Benchmark 17.5% 12.5% 7.5% 12.2%Private investor 8.7% 5.1% 4.2% 9.3%retirement Fund 8.2% 5.2% 4.1% 9.6%Sell-to-sell fund performance and gross benchmark returns, both including reinvested income. lump sum basis. Performances are in Zar and as at 30 September 2012. Source: oMiGSa

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incePtion Date: December 2005

aSSetS UnDer ManaGeMent: r383 million

BenchMark: 50% JSe all Share index, 15% Dow Jones islamic index & 35% SteFi less 0.5% p.a.

cateGory: life Fund


1 2 3 4 5

DeScriPtionthis Fund is managed to satisfy the principles of islamic law while remaining regulation 28 compliant. it is suitable for retirement funds and individual investment plans. the Fund has been designed to target an investment return, over the long term, comparable to that of a traditional balanced fund. however, as islamic law does not permit interest-bearing asset classes, sukuk instruments are used as an alternative. Sukuks provide a similar risk-return profile to fixed interest assets, without earning interest. The Fund will be subject to the conditions, guidelines and guidance set on the Sym|metry islamic Fund by the appointed Shari’ah Supervisory Board. an example of this is the decision on how any non-permissible income earned in the Fund will be disposed of. if the Fund is purchased via a retail platform, the Fund (and not the platform) is still strictly managed as above. the Fund is not restricted to individuals of the Muslim faith.

manager Portfolio manager allocation

Mohamed Shafee loonat 85.0%*

* the remaining 15% is currently in transition residing in a non-interest bearing account.

FUnD ManaGerS

ManaGeMent Fee: 1.50% p.a.

riSk StatiSticS*

Fund Sa Equity*Maximum drawdown -17.7% -40.4%longest drawdown 17 months 29 months% positive months 63% 63%Standard deviation 9.1% 17.2%* Sa equity - FtSe/JSe all Share index

* risk statistics are calculated based on monthly performance data since the Fund’s inception.

Over shorter periods, losses are possible in this fund, especially during periods of significant market declines.

PROducT avaIlabIlITY IF Fc max


investment Plan (liSP)


Preservation Fund

living annuity


SYm|mETRY Multi-Manager; PO Box 1014, Cape Town 8000, South Africa; Tel: +27 (0)21 509 6566; Fax: +27 (0)21 503 4079; www.symmetry.co.za

SYm|mETRY Multi-Manager is a division of Old Mutual Life Assurance Company (South Africa) Limited. Registration number 1999/004643/06. Old Mutual Life Assurance Company (South Africa) Limited is a licensed financial services provider, authorised in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 to furnish advice and render intermediary services.

The investment portfolios are market linked. Investors’ rights and obligations are set out in the relevant policy contracts. Market fluctuations and changes in rates of exchange or taxation may have an effect on the value, price or income of investments. Since the performance of financial markets fluctuates, an investor may not get back the full amount invested. Past performance is not necessarily a guide to future investment performance.


2

Fact SheetSeptember 2012SYm|mETRY ISlamIc Fund

DiverSiFication

While SYm|mETRY researches, appoints and monitors the underlying managers, the managers have flexibility to decide which underlying assets to buy and in

what proportions. Sym|metry determines the strategic asset allocation between equities, international assets and synthetic cash.

FUnD coMMentary

the FtSe/JSe all Share index posted another positive month, rising 1.6%, driven largely by resources shares. the resources index rose 5.7% outperforming

the financial and industrial indices, which returned 0.3% and -0.1% respectively. However, when measured over 12 months resources shares gained 3.0% while

industrials and financials returned 37.0% and 26.0% respectively.

the local equity portion of the islamic Fund enjoyed a good month with most of their high conviction positions paying off. Positions that contributed the

most to outperformance were an overweight exposure to gold shares, as well as not holding any imperial, Mr Price and Shoprite. they have increased their

exposure to stocks like Sasol, angloGold and BhP Billiton at the expense of Mondi Packaging (M-Pact) and emira Property Fund.

the manager continues to seek shares that are trading below their estimate of fair value and reduce those that have reached fair value. this is currently

playing out in their underweight position to the industrial sector and the overweight tilt to resources counters.

toP 10 eqUity holDinGSaSSet claSS holDinGS

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domestic assets 86.0%Equities 50.3%

element islamic equity 50.3%cash & Other 35.7%

element Sukuks 35.7%International assets* 14.0%

international cash 14.0%

* offshore assets are currently in transition residing in a non-interest bearing account.



angloGold ashanti limited Basic Materials 4.8%

Gold Fields limited Basic Materials 2.6%


allied electronics corporation industrials 2.2%

Group Five limited industrials 1.5%

allied technologies limited industrials 1.4%

astrapak limited industrials 1.0%

Datatec limited technology 1.0%

emira Property Fund Financials 0.9%

Total 22.7%



1

Fact SheetSeptember 2012SYm|mETRY MonEY MaRkET Fund


Jan Feb Mar apr May Jun Jul aug Sep oct nov dec Year2007 0.75% 0.65% 0.70% 0.72% 0.72% 0.69% 0.78% 0.77% 0.71% 0.85% 0.79% 0.84% 9.3%2008 0.85% 0.81% 0.88% 0.87% 0.89% 0.94% 0.97% 0.92% 1.01% 0.98% 0.89% 1.05% 11.6%2009 0.93% 0.84% 0.96% 0.82% 0.74% 0.77% 0.68% 0.65% 0.61% 0.61% 0.62% 0.62% 9.2%2010 0.58% 0.57% 0.66% 0.58% 0.59% 0.56% 0.55% 0.58% 0.52% 0.50% 0.53% 0.50% 6.9%2011 0.48% 0.42% 0.46% 0.43% 0.46% 0.43% 0.41% 0.48% 0.43% 0.44% 0.43% 0.43% 5.4%2012 0.45% 0.41% 0.45% 0.43% 0.45% 0.43% 0.45% 0.43% 0.41%

riSk StatiSticS*

FundWeighted average maturity (days) 103% positive months 100%Standard deviation 0.6%* risk statistics are calculated based on monthly performance data since the Fund’s inception.

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incePtion Date: June 2001

aSSetS UnDer ManaGeMent: r654 million

BenchMark: SteFi composite rand cash return index

cateGory: Domestic - Fixed interest - Money Market


1 2 3 4 5

DeScriPtion

this is a low volatility fund aiming to provide investors with high levels of income

and capital preservation and, in doing so, can run the risk of underperforming

the inflation rate. The Fund aims to outperform its benchmark over rolling

one-year periods. the Fund is fully invested in money market instruments

including highly secure bank-issued instruments and short-dated government

guaranteed instruments as well as issues by central, provincial and local

governments and companies and banks. the Fund does not comply with the

asset allocation sublimits set out in regulation 28 of the Pension Funds act,

and therefore the Fund is not regulation 28 compliant.

Manager Portfolio Manager allocation

abri du Plessis 42.8%

ameesha chagan 57.2%

FUnD ManaGerS

% performance (p.a.)

1 year 3 years 5 years 7 years 10 yearsSince

inceptiontax-exempt investor 5.3% 6.1% 7.9% 7.9% 8.3% 8.5%Benchmark: STeFI 5.6% 6.2% 8.0% 8.0% 8.5% 8.7%corporate investor 3.8% 4.3% 5.6% 5.6% 5.9% 6.0%Private investor 3.7% 4.2% 5.5% 5.5% 5.8% 5.9%retirement Fund 5.3% 6.1% 7.9% 7.7% 7.6% 7.6%naV-naV fund performance and gross benchmark returns, both including reinvested income. lump sum basis. Performances are in Zar and as at 30 September 2012. Due to the association for Savings & investment Sa code on advertising, no unit trust fund is allowed to report on performance for less than one year.

the Fund of Funds is available via iF, Fc and Max investments. if invested via a product that is regulated by the long-term insurance act, the above tax classes apply. if invested via a unit trust platform, the investor is responsible for declaring and paying any income tax due.

PRoducT availabiliTY iF Fc Max


investment Plan (liSP) ✓ ✓


Preservation Fund




2

Unit trusts are generally medium- to long-term investments. Past performance is no indication of future performance. Shorter term fluctuations can occur as your investment moves in line with the markets. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Unit trusts can engage in borrowing and scrip lending. The fund’s TER reflects the percentage of the average Net Asset Value of the portfolio that was incurred as charges, levies and fees related to the management of the portfolio. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. A schedule of fees, charges and maximum adviser fees is available from Old Mutual Unit Trust Managers Ltd (OMUT). You may sell your investment at the ruling price of the day (calculated at 15h00 on a forward pricing basis and 17h00 at month-end for Old Mutual RAFI® 40 Tracker Fund, Old Mutual Top 40 Fund and SYm|mETRY Equity Fund of Funds). The Old Mutual Money Market Fund unit price aims to be static but investment capital is not guaranteed. The total return is primarily made up of interest (declared daily at 13h00), but may also include any gain/loss on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but in an extreme case it can have the effect of reducing the capital value of the fund. Specialist equity funds may hold a greater risk as exposure limits to a single security may be higher. A feeder fund is a portfolio that, apart from assets in liquid form, consists solely of participatory interests in a single portfolio of a collective investment scheme. A fund of funds unit trust invests only in other collective investment schemes, which may levy their own charges. Certain funds may be capped to be managed in accordance with their mandates. Different classes of units apply to these portfolios and are subject to different fees and charges. The portfolio performance is calculated on a NAV-NAV basis and does not take any initial fees into account. Income is reinvested on the ex-dividend date. Actual investment performance will differ based on the initial fees applicable, the actual investment date and the date of reinvestment of income. Old Mutual is a member of the Association for Savings and Investment South Africa (ASISA).

Fact SheetSeptember 2012SYm|mETRY MonEY MaRkET Fund

DiVerSiFicationWhile SYm|mETRY researches, appoints and monitors the underlying managers, the managers have flexibility to decide which underlying assets to buy and

in what proportions. SYm|mETRY carefully blends managers with complementary investment styles to achieve a well-diversified but dynamic mix of assets.

FUnD coMMentarythe FtSe/JSe all Share index gained a total return of 1.6% for the month of September 2012. resources were up strongly at 5.7% for the month, industrials

flat and financials returned about 0.3%. For the month of September basic materials and technology were the best performing economic groups at 6.2% whilst

the worst performing economic group was consumer goods at negative 3.0%. the best performing sectors were forestry & paper (9.5%), coal mining (8.9%)

and gold mining (8.7%). The worst were fixed-line telecommunications (-8.4%), tobacco (-4.8%) and industrial transportation (-4.7%). On the currency front,

the rand strengthened about 1.0% relative to the US dollar and weakened 1.2% against the euro.

the all Bond index gained 0.9% and the inflation-linked Bond index gained 2.7%. 12+ year bonds gained 0.4%, whilst the 7-12 and 3-7 year bonds were up

strongly at 1.6% and 1.1% respectively. the short end, 1-3 years, was up 0.5%. cash returned 0.5%. Preference shares returned a strong 2.2%. Sa listed property

returned a negative 3.3%.

August inflation (CPI) came in at 5.0% year on year, driven by an increase in the housing and utilities sub-component and a decrease in the food sub-component.

the Sym|metry Money Market Fund delivered 5.3% over the past year. the portfolio’s term exposure saw a shift with increased exposure to 3-6 month

instruments while cash holdings were reduced significantly. The Fund maintains a low credit risk profile with over 64% of instruments being rated A1+/F1+

while producing a running yield of 5.3%.

Gryphon continued to outperform the benchmark — the manager produced a 12-month return of 5.6%. the manager actively increased exposure to 3-6 month

and 6-9 month instruments while reducing exposure to cash. consequently, the portfolio experienced an increase in its weighted average maturity from

81 to 86 days.

the Futuregrowth portfolio experienced increased exposure to cash and 3-6 month instruments over September while 0-3 and 6-9 month instruments were

lightened. this resulted in the portfolio’s weighted average maturity remaining unchanged at 116 days. the fund ended the month producing a running yield

of 5.2%.

DUration allocation

0% 10% 20% 30% 40% 50% 60%

Cash/call

0-3 Months

3-6 Months

6-9 Months

9-12 Months10%

Money Market Fund

Benchmark

% of Fund

10%

11%

10%

22%

35%

50%

30%

7%

15%

DiStriBUtionSMonthly for the last 12 months: 5.21c per unit 30/09/2012: Distribution 0.41c per unit31/08/2011: Distribution 0.43c per unit 31/07/2012: Distribution 0.45c per unit 30/06/2012: Distribution 0.43c per unit31/05/2012: Distribution 0.45c per unit30/04/2012: Distribution 0.43c per unit 31/03/2012: Distribution 0.45c per unit29/02/2012: Distribution 0.41c per unit 31/01/2012: Distribution 0.45c per unit 31/12/2011: Distribution 0.43c per unit 30/11/2011: Distribution 0.43c per unit 31/10/2011: Distribution 0.44c per unit

charGeS (all fees are Vat inclusive)total expense ratio (ter) annualised: 0.59%.

tax reFerence nUMBer: 9696/687/14/5


Optimised WORLd ACtiVe LiFe Fund

Fund inFORmAtiOn

RisK RAtinG 1 2 3 4 5

Fund OBJeCtiVe

The fund aims to deliver long-term equity-like returns.


It is suitable for investors who seek extraordinary capital growth

and are willing to take the associated high risks.


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inVestment mAndAte

The mandate allows for a limited deviation from the fund’s

benchmark with respect to investment style, US exposure and large

versus mid-cap shares. In order to achieve the fund objective the

portfolio manager may choose to gain exposure to the described

assets and asset classes by investing through OMLACSA pooled

portfolios, collective investment schemes or a combination thereof.

BenCHmARK: MSCI All Country World Index

Fund mAnAGeR(s):

Urvesh Desai (OMIGSA - MacroSolutions)


siZe OF Fund: R6m


initiAL CHARGes:


OnGOinG:


Additional charges that are deducted from the fund’s portfolio will be included in

the TER. The fees that could be included in the TER which are not reflected in the





RisK stAtistiCs (5 YeARs) Fund BenCHmARKAnnual Standard Deviation 15.3% 13.9%

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pRinCipAL HOLdinGs

HOLdinG % OF FundUSA 34.3Asia Pacific 17.8Europe (ex UK) 17.6Japan 12.5Other 9.8UK 8.0

100.0




inceptionTax-exempt Investor 6.5 14.1 21.8 9.6 -1.0 3.4 4.3 1.5Benchmark 5.9 14.3 22.7 12.0 3.4 7.7 7.8 5.0Retirement Fund 6.4 14.0 21.7 9.9 -0.7 3.7 4.4 1.6Private Investor 5.9 12.9 19.9 9.1 -0.9 3.2 4.0 1.3Corporate Investor 5.2 11.1 16.9 7.7 -1.1 2.9 4.0 1.4





Preservation Fund


Fund COmpOsitiOn

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�� Cash 1.5%Consumer 20.1%Energy 10.5%Financials 19.3%Healthcare 8.5%Industrials 13.3%Information Technology 13.7%Materials 5.9%Telecommunication Services 4.6%Utilities 2.5%Other 0.1%

December 2012


Optimised WORLd BALANCed LiFe FuNd

FuNd iNFORmAtiON

RisK RAtiNG

FuNd OBJeCtiVe

The fund aims to deliver long-term returns, with exposure to

international bond and equity markets.

WHO is tHis FuNd FOR?

This fund is suitable for risk-neutral investors seeking an optimal

balance between medium-term capital growth and stability in

foreign currency terms.

ReCOmmeNded miNimum iNVestmeNt teRm

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iNVestmeNt mANdAte

The underlying assets will be made up of 65% global equities and

35% global fixed income securities. In order to achieve the fund





BeNCHmARK:

65% MSCI AC World Index, 17.5% JP Morgan Global Bond Index &

17.5% Barclays Capital Global Aggregate Index

FuNd mANAGeR(s):


LAuNCH dAte: 26/08/2002

siZe OF FuNd: R71m

OtHeR iNVestmeNt CONsideRAtiONs

iNitiAL CHARGes:


ONGOiNG:








1 2 3 4 5

pROduCt AVAiLABiLity iF FC max




Preservation Fund


December 2012

RisK stAtistiCs (5 yeARs) FuNd BeNCHmARKAnnual Standard Deviation 12.4% 12.0%

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Optimised World Balanced Life Fund (5-year Annualised Rolling)


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pRiNCipAL HOLdiNGs

HOLdiNG % OF FuNdUSA 31.9Europe (ex UK) 28.4Asia Pacific 12.9Japan 10.3Other 8.9UK 7.7

100.0

FuNd peRFORmANCe as at 31/12/2012


3-mth 6-mth 1-yr 3-yr 5-yr 7-yr 10-yrsince


FuNd COmpOsitiON

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��Cash 1.0%Consumer 13.0%Energy 7.2%Financials 12.1%Healthcare 6.2%Industrials 9.1%Information Technology 8.6%Materials 3.6%Other 0.1%Telecommunication Services 2.6%Utilities 1.4%Bonds 35.0%


Optimised WORLd deFeNsiVe LiFe FuNd

FuNd iNFORmAtiON

RisK RAtiNG

FuNd OBJeCtiVe

This is a globally invested fund aiming to deliver long-term returns.

WHO is tHis FuNd FOR?

This fund is suitable for risk-averse investors who want stability

and international diversification.

ReCOmmeNded miNimum iNVestmeNt teRm

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iNVestmeNt mANdAte

The fund holds 20% in international equities, 40% in global fixed

income securities and 40% in US dollar cash instruments. In order





BeNCHmARK:

20% MSCI AC, 20% JP Morgan Global Bond Index, 20% Barclays

Capital Global Aggregate Index, 40% US Federal Funds Effective

Rate, 7-day Average

FuNd mANAGeR(s):


LAuNCH dAte: 26/08/2002

siZe OF FuNd: R21m

OtHeR iNVestmeNt CONsideRAtiONs

iNitiAL CHARGes:


ONGOiNG:








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Preservation Fund


December 2012

RisK stAtistiCs (5 yeARs) FuNd BeNCHmARKAnnual Standard Deviation 14.7% 15.4%

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Optimised World defensive Life Fund (5-year Annualised Rolling)


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pRiNCipAL HOLdiNGs

HOLdiNG % OF FuNdUSA 54.6Europe (ex UK) 22.2Asia Pacific 6.9Japan 6.0Other 5.3UK 5.0

100.0

FuNd peRFORmANCe as at 31/12/2012




FuNd COmpOsitiON

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��Cash 0.3%Consumer 4.0%Energy 2.2%Financials 3.7%Healthcare 1.9%Industrials 2.8%Information Technology 2.7%Materials 1.1%Telecommunication Services 0.8%Utilities 0.4%Bonds 40.0%US Dollar Money Market 40.0%


Optimised WORLd HiGH GROWtH LiFe Fund

Fund inFORmAtiOn

RisK RAtinG

Fund OBJeCtiVe

The fund aims to deliver long-term equity-like returns within

developed market equities.


This is a relatively high risk fund which is suitable for investors

who seek high capital growth.


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inVestment mAndAte

The fund has exposure to developed market equities only, with

an approximately style-neutral position to benchmark. In order





BenCHmARK:

MSCI All Country World Index

Fund mAnAGeR(s):



siZe OF Fund: R127m


initiAL CHARGes:


OnGOinG:








1 2 3 4 5





Preservation Fund


December 2012

RisK stAtistiCs (5 yeARs) Fund BenCHmARKAnnual Standard Deviation 15.0% 13.9%

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Optimised World High Growth Life Fund (5-year Annualised Rolling)


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pRinCipAL HOLdinGs

HOLdinG % OF FundUSA 40.2Europe (ex UK) 18.7Asia Pacific 14.4Japan 10.6UK 9.0Other 7.0

100.0




inceptionTax-exempt Investor 6.5 14.3 22.0 11.0 -0.6 4.2 5.0 2.4Benchmark 5.9 14.3 22.7 12.0 3.4 7.7 7.8 5.0Retirement Fund 6.5 14.2 22.0 10.6 -0.7 4.0 4.9 2.2Private Investor 6.0 12.9 19.8 9.6 -0.9 3.6 4.4 1.9Corporate Investor 5.6 12.1 17.9 8.7 -1.0 3.2 4.3 1.9

Fund COmpOsitiOn

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Old Mutual GlObal best Ideas lIFe Fund

Fund InFORMatIOn

RIsK RatInG

Fund ObJeCtIVe

The fund aims to provide long-term total returns from capital

growth through investments in global securities.

WHO Is tHIs Fund FOR?

This fund is suited to investors who want long-term capital growth

in global securities.

ReCOMMended MInIMuM InVestMent teRM

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InVestMent Mandate

This rand-denominated offshore life fund is a pure global equity

fund presently managed by Skandia Investment Management

Limited. The fund has hand-picked 10 managers, chosen on the

basis of their ability, specialist expertise, philosophy, investment

process and strong track records. The fund has global exposure, but

has a core weighting towards the UK. The UK exposure is divided

between five different managers who have a range of investment

styles, aiming to take advantage of the best opportunities in

different areas of the market. Five managers have each been

selected to manage a specialist overseas area.

benCHMaRK:

The fund does not aim to compete with any specific benchmark in

the industry, due to its nature. The MSCI World Index (total rand

return basis) has been used for illustrative purposes.

Fund ManaGeR(s):

Skandia Investment Management Limited (SIML)

Old Mutual plc acquired SIML in December 2005.

launCH date: 30/04/2008

sIZe OF Fund: R56m

OtHeR InVestMent COnsIdeRatIOns

InItIal CHaRGes:


OnGOInG:


Annual management fee:

Investment Frontiers: 1.50% p.a.

FC (all-in fee): 3.21% p.a. Additional charges that are deducted from the fund’s portfolio will be included in




Total expense ratio (TER):

Fund: 2.34%

FC (all-in fee): 4.05% TER is a historic measure and includes the annual service fee.

1 2 3 4 5

RIsK statIstICs (5 YeaRs) Fund MsCI WORld IndeXAnnual Standard Deviation 14.2% 11.9%

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Global best Ideas life Fund (3-Year annualised Rolling)


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PRInCIPal HOldInGs

HOldInG seCtOR % OF FundSky Deutschland AG Consumer 2.9 Renaissance Holding Financials 2.5 Standard Bank Group Ltd Financials 2.4 Cervecerias Unidas Consumer 2.4 Aveva Group Information Technology 2.1 Sports Direct International plc Consumer 2.0 Davita Inc Healthcare 2.0 John Wood Group plc Energy 1.8 Tata Power Industrials 1.7 Samsung Fire & Marine Insurance Financials 1.7

21.5

Fund PeRFORManCe as at 31/12/2012

% PeRF. % PeRF. (p.a.)


InceptionTax-exempt Investor 8.9 19.1 29.1 12.8 - - - 2.9MSCI World Index 5.5 13.7 22.5 12.7 3.8 8.0 8.0 2.8

PROduCt aVaIlabIlItY IF FC Max






December 2012

Fund COMPOsItIOn

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��Consumer 33.9%Energy 3.4%Financials 13.9%Healthcare 5.9%Industrials 7.7%Information Technology 15.7%Materials 6.2%Telecommunication Services 2.9%Utilities 1.7%Cash 8.7%


OLD MUTUAL GLOBAL CURRENCY LIFE FUND

FUND INFORMATION

RISK RATING

FUND OBJECTIVE

The fund is a rand-denominated life fund, offering investors

relatively stable returns through investments in non-volatile money

market instruments with a medium to low level of investment risk.


The fund is an actively managed diversified portfolio of short-term

debt securities in a mix of currencies.


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INVESTMENT MANDATE

This fund is suitable for investors who want diversification from

the rand and who want a global investment that is more stable

than global equity or global bonds. In order to achieve the fund





INVESTMENT OBJECTIVE

The benchmark of the fund will be a composite money market

basket of 3-month instruments, where the instrument weights are

the currency weights in the International Monetary Fund’s (IMF)

Special Drawing Rights (SDR) basket.

These 3-month instruments are the 3-month Euro Interbank Offered

Rate, Japanese Government 13-week Financing bills, 3-month UK

Treasury bills and 3-month US Treasury bills.

FUND MANAGER(S):

Manager selection is done by MacroSolutions.


SIZE OF FUND: R159m


INITIAL CHARGES:


ONGOING:






TOTAL ExpENSE RATIO (TER):

This will be published 12 months from the launch date.


1 2 3 4 5





Preservation Fund


December 2012




InceptionTax-exempt Investor 3.0 6.2 6.4 - - - - 15.0Retirement Fund 3.0 6.2 6.4 - - - - 15.0Private Investor 2.7 5.6 5.9 - - - - 13.9Corporate Investor 2.5 5.1 5.2 - - - - 12.7

ASSET ANALYSIS

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US Dollar 39.6%Euro 35.8%UK Sterling 7.9%Japanese Yen 6.4%Norwegian Krone 3.0%Australian Dollar 3.0%Malaysian Ringgit 1.8%Mexican Peso 1.5%New Zealand Dollar 1.0%

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Old Mutual Global Currency Life Fund (1-Year Annualised Rolling)


WORLD BONDS LIFE FuND

FuND INFORMATION

RISK RATING

FuND OBJECTIVE

This fund aims to deliver long-term returns, but at lower levels

of volatility than equity.

WHO IS THIS FuND FOR?

This fund is suited to investors who want a more stable and secure

investment in foreign currency.

RECOMMENDED MINIMuM INVESTMENT TERM

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INVESTMENT MANDATE

The fund has exposure to a well-diversified mix of bonds and

interest-bearing investments from markets around the world.





BENCHMARK:

50% JP Morgan Global Government Bond Index & 50% Barclays

Capital Global Aggregate Index

FuND MANAGER(S):


LAuNCH DATE: 01/09/1998

SIZE OF FuND: R31m


INITIAL CHARGES:


ONGOING:


Performance fee: 0.20% p.a.







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pRODuCT AVAILABILITy IF FC Max




Preservation Fund


December 2012

RISK STATISTICS (5 yEARS) FuND BENCHMARKAnnual Standard Deviation 17.7% 18.0%

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World Bonds Life Fund (5-year Annualised Rolling)


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FuND pERFORMANCE as at 31/12/2012



InceptionTax-exempt Investor 2.1 6.5 9.8 10.9 10.0 10.2 5.1 7.0Benchmark 1.6 5.6 8.0 10.1 10.2 10.8 6.0 7.9Retirement Fund -4.2 -0.1 2.8 8.3 8.1 8.5 4.0 6.0Private Investor 1.6 5.4 8.0 9.3 8.5 8.6 4.2 6.0Corporate Investor 1.8 5.8 8.4 10.2 9.0 8.8 4.4 5.0

FuND COMpOSITION

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USA 16.5%Europe (ex UK) 46.2%Japan 9.7%UK 9.0%Asia Pacific 10.0%Other 8.6%

HOLDING MATuRITy SECTOR % OF FuNDSEI Global High Yield Mutual Fund USD 4.9US Treasury N/B 1.5% 2018 USD 4.3Queensland Treasury Corp 6% 2017 AUD 3.7Development Bk of Japan 1.6% 2014 JPY 3.4Bundesrepub. Deutschland 3.5% 2016 EUR 3.3Bundesobligation 2.5% 2014 EUR 3.2Bundesobligation 1.75% 2015 EUR 3.1France (Govt of) 4.25% 2019 EUR 2.9Japan 113 (20 Yr Issue) 2.1% 2029 JPY 1.9US Treasury Bill 0.01% 2012 USD 1.8

32.6

pRINCIpAL HOLDINGS


WORLD EQUITY LIFE FUnD

FUnD InFORMATIOn

RISK RATInG

FUnD OBJECTIVE

This fund aims to deliver long-term equity-like returns.


This fund is suited to investors seeking capital growth in foreign

currency.

RECOMMEnDED MInIMUM InVESTMEnT TERM

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InVESTMEnT MAnDATE

The fund has exposure to a well-diversified mix of equity investments

from markets around the world. A systematic approach to asset

allocation and security selection is employed to maximise returns

from medium- to long-term investments. In order to achieve the





BEnCHMARK: MSCI All Country World Index

FUnD MAnAGER(S):



SIZE OF FUnD: R333m

OTHER InVESTMEnT COnSIDERATIOnS

InITIAL CHARGES:


OnGOInG:


Performance fee: 0.40% p.a.







1 2 3 4 5





Preservation Fund


December 2012

RISK STATISTICS (5 YEARS) FUnD BEnCHMARKAnnual Standard Deviation 15.5% 13.9%

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World Equity Life Fund (5-Year Annualised Rolling)


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pRInCIpAL HOLDInGS

HOLDInG % OF FUnDUSA 40.2Europe (ex UK) 18.7Asia Pacific 14.4Japan 10.6UK 9.0Other 7.0

100.0

FUnD pERFORMAnCE as at 31/12/2012



InceptionTax-exempt Investor 5.0 16.1 20.8 9.9 -1.4 3.3 4.5 3.6Benchmark 5.9 14.3 22.7 12.0 3.4 7.7 7.8 6.8Retirement Fund 4.9 16.2 21.0 10.1 -0.8 3.6 4.6 3.8Private Investor 4.7 15.7 20.2 9.5 -1.2 3.2 4.2 3.4Corporate Investor 5.6 18.9 24.5 11.4 -0.9 3.7 4.6 3.4

FUnD COMpOSITIOn

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WORLD DIVERSIFIED PLUS LIFE FUnD

FUnD InFORMATIOn

RISK RATInG

FUnD OBJECTIVE

This fund aims to achieve absolute returns in excess of US

CPI + 4% p.a. over rolling 3-year periods, with low levels of volatility.


This fund is only suitable for the sophisticated investor who is willing

and able to accept the risks associated with having a proportion

of their assets invested in Alternative Investment Strategies.


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InVESTMEnT MAnDATE

The fund actively diversifies risk across managers, regions and

5 asset classes (cash, bonds, property, equities and alternative

investments) to achieve this. The fund retains exposure to the 5

asset classes at all times, to maintain maximum diversification, and

may have a maximum of 45% of its assets invested in Alternative

Investment Strategy funds at any point in time. Monies may have

exposure to underlying managers that borrow (gear) against the

assets of the fund with the objective of enhancing returns. Any

exposure to borrowing is subject to strict risk controls. Currently, at

least 35% of the fund must be held in daily dealing and redeeming

assets. Investments and disinvestments are restricted to a fortnightly

trading basis. In order to achieve the fund objective the portfolio




BEnCHMARK: US CPI

PERFORMAnCE TARGET: US CPI + 4% p.a. over rolling 7-year

periods

FUnD MAnAGER(S):



SIZE OF FUnD: R142m


InITIAL CHARGES:


OnGOInG:


1 2 3 4 5





Preservation Fund


December 2012

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World Diversified Plus Life Fund (5-Year Annualised Rolling)

FUnD PERFORMAnCE as at 31/12/2012




FUnD COMPOSITIOn

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Cash 14.7%Bonds 15.6%Property 2.8%Equities 63.8%Alternatives 3.1%

MAnAGER RESPOnSIBILITIES % OF FUnDSkandia Global Dynamic Equity Equity 34.4T Rowe Price Asia ex Japan Equity 4.6Dimensional Emerging Market Equity 4.1Templeton Global Bond Fund Bonds 4.1Blackrock Continental Europe Equity Tracker Equity 3.5Nordea European High Yield Bond Bonds 3.4Skandia IM Property Acc Property 3.4JPM Income Opportunities Bonds 3.4Skandia High Yield Bond Bonds 3.1SGF Investment Grade Corporate Bond Bonds 3.0

66.8

PRInCIPAL HOLDInGS

FUnD AnALySIS SInCE InCEPTIOnDP (ZAR) DP ($) MSCI ($)

Max. Losing Month -6.1% -8.7% -18.9%Max. Drawdown -15.6% -15.7% -40.7%Months to Recover 40 - -Average Monthly Return 0.5% 0.4% 0.7%% Positive Months 48.7% 63.7% 61.1%Average Gain 3.4% 1.9% 3.5%Average Loss -2.3% -2.1% -3.7%Max. Gain 20.2% 11.8% 45.5%

Stats since 31/08/2003 (113 months)


WORLD GROWTH PLUS LIFE FUnD

FUnD InFORMATIOn

RISK RATInG

FUnD OBJECTIVE

This fund aims to achieve absolute returns in excess of US

CPI + 5% p.a. over rolling 10-year periods, with low levels of volatility.


This fund is only suitable for the sophisticated investor who is willing

and able to accept the risks associated with having a proportion

of their assets invested in Alternative Investment Strategies.


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InVESTMEnT MAnDATE

The fund actively diversifies risk across managers, regions and

5 asset classes (cash, bonds, property, equities and alternative

investments) to achieve this. The fund retains exposure to the 5

asset classes at all times, to maintain maximum diversification, and

may have a maximum of 45% of its assets invested in Alternative

Investment Strategy funds at any point in time. Monies may have

exposure to underlying managers that borrow (gear) against the

assets of the fund with the objective of enhancing returns. Any

exposure to borrowing is subject to strict risk controls. Currently, at

least 35% of the fund must be held in daily dealing and redeeming

assets. Investments and disinvestments are restricted to a fortnightly

trading basis. In order to achieve the fund objective the portfolio




BEnCHMARK: US CPI

PERFORMAnCE TARGET: US CPI + 5% p.a. over rolling 10-year

periods

FUnD MAnAGER(S):



SIZE OF FUnD: R34m


InITIAL CHARGES:


OnGOInG:


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Preservation Fund

Living Annuity ✓

December 2012

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World Growth Plus Life Fund (5-year Annualised Rolling)

FUnD PERFORMAnCE as at 31/12/2012




FUnD COMPOSITIOn

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Cash 9.3%Bonds 5.0%Property 3.2%Equities 81.3%Alternatives 1.3%

MAnAGER RESPOnSIBILITIES % OF FUnDSkandia Global Dynamic Equity Equity 33.8Dimensional Emerging Market Equity 8.7T Rowe Price Asia ex Japan Equity 6.8Skandia Global Best Ideas Equity 5.3Skandia European Best Ideas Equity 5.2Blackrock Continental Europe Equity Tracker Equity 4.8Skandia Asian Equity Equity 3.9Skandia IM Property Acc Property 3.8JPM Russia Bonds 3.6BSF Latin American Opportunities Equity 3.0

78.9

PRInCIPAL HOLDInGS

FUnD AnALySIS SInCE InCEPTIOnGP (ZAR) GP ($) MSCI ($)

Max. Losing Month -5.9% -11.1% -18.9%Max. Drawdown -16.8% -21.8% -40.7%Months to Recover 41 46 -Average Monthly Return 0.5% 0.5% 0.7%% Positive Months 52.2% 67.3% 61.1%Average Gain 3.2% 2.2% 3.5%Average Loss -2.4% -3.1% -3.7%Max. Gain 16.4% 26.0% 45.5%

Stats since 31/08/2003 (113 months)


MULTI-MANAGER WORLD BALANCED LIFE FUND

FUND INFORMATION

RISK RATING

FUND OBJECTIVE

This is a globally invested fund aiming to deliver medium- to

long-term capital growth and stability in foreign currency terms.


This fund is suited to investors who want an optimal balance

between medium- to long-term capital growth and stability in

foreign currency terms.


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INVESTMENT MANDATE

SEI’s process of selecting and blending style-specific asset

managers provides access to the world’s leading security selection

expertise. The benchmark has a 65% weighting in global equities

and a 35% weighting in global fixed income securities. This fund

has no emerging market exposure. In order to achieve the fund





BENCHMARK:

65% MSCI All Country World Index & 35% Barclays Capital Global

Aggregate Index (total rand return basis)

FUND MANAGER(S):

Asset allocation by SEI and security selection by appointed

asset managers


SIZE OF FUND: R260m


INITIAL CHARGES:


ONGOING:








1 2 3 4 5

pRODUCT AVAILABILITy IF FC Max




Preservation Fund


December 2012

RISK STATISTICS (5 yEARS) FUND BENCHMARKAnnual Standard Deviation 12.5% 11.9%

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FUND COMpOSITION

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Global Developed Market Equity 13.1%

Japanese Equity 4.5%Pacific Basin Equity 3.3%UK Equity 5.4%US Large Companies Equity 27.1%US Small Companies Equity 2.3%Global Fixed Income 15.4%Global Opportunistic Fixed Income 15.6%

High Yield Fixed Income 3.6%

pRINCIpAL HOLDINGS

HOLDING SECTOR % OF FUNDAlliance Global Fixed Income 5.9Wellington Global Fixed Income 5.7Aronson+Johnson+Ortiz, LP US Large Companies Equity 4.9LSV Asset Management US Large Companies Equity 4.2Wellington Global Opportunistic Fixed Income 4.1Alliance Bernstein Global Opportunistic Fixed Income 4.1AQR Capital Management US Large Companies Equity 4.0Acadian Asset Management Pan European Equity 4.0Schroders Global Fixed Income 3.8Waddell & Reed US Large Companies Equity 3.7

44.4


MULTI-MANAGER WORLD DEFENSIVE LIFE FUND

FUND INFORMATION

RISK RATING

FUND OBJECTIVE

This is a globally invested fund aiming to deliver stability and

international diversification.


This fund is suited to investors who want stability and international

diversification.


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INVESTMENT MANDATE

SEI’s process of selecting and blending style-specific asset managers

provides access to the world’s leading security selection expertise.

The benchmark has a 20% weighting in global equities, 40% in global

fixed income securities and 40% in US money market instruments.

This fund has no emerging market exposure. In order to achieve

the fund objective the portfolio manager may choose to gain

exposure to the described assets and asset classes by investing

through OMLACSA pooled portfolios, collective investment schemes

or a combination thereof.

BENCHMARK:

20% MSCI All Country World Index, 40% Barclays Capital Global

Aggregate Index, 40% US Federal Funds Effective Rate, 7-day

Average (total rand return basis)

FUND MANAGER(S):


asset managers


SIZE OF FUND: R111m


INITIAL CHARGES:


ONGOING:








1 2 3 4 5





Preservation Fund


December 2012


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FUND COMpOSITION

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US Dollars 40.0%

Pan European Equity 3.0%


Japanese Equity 1.4%

Pacific Basin Equity 1.0%UK Equity 1.6%US Large Companies Equity 8.3%US Small Companies Equity 0.7%Global Fixed Income 17.9%Global Opportunistic Fixed Income 18.0%

High Yield Fixed Income 4.0%pRINCIpAL HOLDINGS

HOLDING SECTOR % OF FUNDAlliance Global Fixed Income 6.8Wellington Global Fixed Income 6.6Wellington Global Opportunistic Fixed Income 4.8Alliance Bernstein Global Opportunistic Fixed Income 4.7Schroders Global Fixed Income 4.4Jennison Global Opportunistic Fixed Income 3.7Schroders - Global Credit Global Opportunistic Fixed Income 2.5Schroders - Government Global Opportunistic Fixed Income 2.5Aronson+Johnson+Ortiz, LP US Large Companies Equity 1.5LSV Asset Management US Large Companies Equity 1.3

38.7


MULTI-MANAGER WORLD HIGH GROWTH LIFE FUND

FUND INFORMATION

RISK RATING

FUND OBJECTIVE

This is a globally invested fund aiming to deliver long-term capital

growth in foreign currency terms.


This fund is suited to risk-tolerant investors who want long-term

capital growth in foreign currency.


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INVESTMENT MANDATE

SEI’s process of selecting and blending style-specific asset managers

provides access to the world’s leading security selection expertise.

The fund invests primarily in the US, and developed European,

Pacific and emerging market equities with some exposure to small

companies. In order to achieve the fund objective the portfolio




BENCHMARK:

MSCI All Country World Index

FUND MANAGER(S):


asset managers


SIZE OF FUND: R87m


INITIAL CHARGES:


ONGOING:








1 2 3 4 5





Preservation Fund


December 2012


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InceptionTax-exempt Investor 6.5 14.3 21.1 9.8 0.2 4.7 5.5 1.8Benchmark 5.9 14.3 22.7 12.4 3.8 8.5 8.5 4.5Retirement Fund 6.5 14.3 21.4 9.9 0.2 4.7 5.5 1.7Private Investor 6.1 13.3 19.7 9.1 0.1 4.3 5.1 1.5Corporate Investor 5.3 11.3 16.2 7.6 -0.8 3.4 4.4 0.7

FUND COMpOSITION

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Pan European Equity 17.5%


Japanese Equity 10.1%Pacific Basin Equity 2.1%UK Equity 8.5%US Large Companies Equity 34.3%US Small Companies Equity 2.6%Emerging Markets Equity 4.9%

pRINCIpAL HOLDINGS

HOLDING SECTOR % OF FUNDAcadian Asset Management, Inc. Pan European Equity 7.2Aronson+Johnson+Ortiz, LP US Large Companies Equity 6.2LSV Asset Management US Large Companies Equity 5.3AQR Capital Management US Large Companies Equity 5.1Intech Mathematical Inc Global Developed Market Equity 4.8Waddell & Reed US Large Companies Equity 4.8Delaware Investments US Large Companies Equity 4.5Wellington Management Company, LLP Global Developed Market Equity 4.3Janus Capital Management Global Developed Market Equity 4.1Hexavest Global Developed Market Equity 4.0

50.2


Disclaimer

A measure of the 3-year historical volatility of monthly fund returns around the mean – expressed as an annual percentage. The greater the volatility of a fund’s performance, the sharper the short-term fluctuation in its price. A fund price exhibiting straight-line growth would have zero volatility. Theory suggests investors should be compensated for higher short-term volatility, with higher longer term returns. The information contained in this Fund Guide is compiled in good faith and based on sources believed to be reliable, accurate and up to date, but no representations or warranties, express or implied, are made as to the accuracy, completeness or suitability of the information and no responsibility or liability is accepted by OLD MUTUAL1 for any damages or losses which may flow, directly or indirectly, from any use of any information obtained from the Fund Guide.

The contracts issued in terms of the provisions of the long-term Insurance Act, No. 52 of 1998, as amended from time to time (the LTI Act), to which this Fund Guide relates, are issued and underwritten by Old Mutual Life Assurance Company (South Africa) Ltd, as part of its long-term insurance business under the provisions of the LTI Act.

Old Mutual Guernsey (OMG) issues and underwrites policies in terms of the Insurance Business (Bailiwick of Guernsey) Law 2002, as amended from time to time, and is governed by the laws of Guernsey. OMG is the name under which Old Mutual is trading in Guernsey.

The contracts/policies provide investors with the opportunity to access a comprehensive range of flexible investment options including selected funds within the Investment Frontiers International Portfolio (a US dollar-denominated policy issued by OMG), unit trust funds and other investment options including options that offer exposure to Alternative Investment Strategies (AIS).

Past performance is not necessarily a guide to the future and investors may not get back the full amount invested. Asset class information is as at the stated date. However, asset allocations could change considerably over time subject to mandate parameters.

Unit trusts are medium- to long-term investments. The value of units may go down as well as up and past performance is not necessarily a guide to the future. Unit trusts are traded at ruling prices and can engage in borrowing and scrip lending. Different classes of units may apply to funds and are subject to different fees and charges. A schedule of fees and charges and maximum commissions is available from the management company/scheme. Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. A fund of funds unit trust invests in other unit trusts, which levy their own charges. This could result in a higher fee structure for these funds.

Management company for the SYm|mETRY Multi-Manager Unit Trust Funds: Old Mutual Unit Trust Managers Ltd, PO Box 207, Cape Town 8000.

Save for a guarantee provided by a specific investment option, no representation, guarantee or warranty is made by OLD MUTUAL1 as to the performance or investment returns of the underlying investment options selected by the client, and OLD MUTUAL1 accepts no responsibility or liability for any direct, indirect or consequential loss:

Arising from the investment in the underlying investment options selected by the client.

As a result of the client’s failure: to appreciate the nature of investment in the underlying investment options; to have obtained (or, having obtained, to have acted upon) advice concerning the appropriateness of the contract for the client’s financial circumstances including,

but not limited to, the legislative and fiscal regimes of the country of the client’s citizenship, domicile or residence which might affect the contract; to have reviewed regularly the continued suitability of the contract.

In respect of certain options, technical notes are provided. Clients considering such options should ensure that they obtain a copy of these technical notes and read and understand them.

Investments in Alternative Investment Strategies (AIS) should be considered only suitable for the sophisticated investor who is able to accept the unique risks associated with such an investment. On application, investors are required to confirm that the unique characteristics, liquidity constraints, notice periods and risks have been explained to them and that they understand the implications thereof. Investors are further required to confirm and guarantee that they have received copies of and have read and understood the AIS brochure, where applicable.

With regard to options investing monies in non-South African, global developed markets: In addition to the performance of the underlying assets, the total investment return in SA rand experienced by each option will be directly affected by prevailing currency exchange rates. The categorisation of different options, for example regarding risk ratings, returns and the level of capital fluctuations, has been made with regard to the dominant, underlying foreign currency that an option is exposed to. Adjustments have not been made to reflect the fact that the total investment returns will be subject to foreign currency exchange rate movements if converted to rands.

As indicated on the fact sheets, certain of the investment options selected by the client may have restrictions as to switching and withdrawal flexibility.

Old Mutual Guernsey has its principal office at Fairbairn House, P.O. Box 121, Rohais, St. Peter Port, Guernsey, GY1 3HE, Channel Islands. It is licensed to write long-term business under the Insurance Business (Bailiwick of Guernsey) Law 2002. The statutory functions of regulation under the legislation are carried out by the Guernsey Financial Services Commission. To protect policyholders, the Insurance Business (Licensing) Regulations 2002 require Old Mutual Guernsey to hold assets representing at least 90% of policyholders’ liabilities in trusteeship with an approved third party trustee. In common with industry practice, and in order to protect the interests of all investors, Old Mutual Guernsey may, in exceptional circumstances, defer the realisation of any investment, other than to pay death claims, for a period of up to 12 months. Old Mutual Guernsey is the name under which the Old Mutual Life Assurance Company (South Africa) Ltd (also known as Old Mutual) is trading in Guernsey. The registered office of the Old Mutual Life Assurance Company (South Africa) Ltd is located at Mutualpark, Jan Smuts Drive, Pinelands 7405, Cape Town, Republic of South Africa.

Client confidentiality is protected at all times – Old Mutual Guernsey complies with the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations 2002 but otherwise has no duty of disclosure of clients’ records to any statutory or government body within Guernsey. The information given in this brochure is based on Old Mutual Guernsey’s understanding of current law and practice in the jurisdictions referred to in the text. No liability can be accepted for any personal tax consequences or for the effect of any future tax or legislative changes. Investors should remember that past performance is no guarantee of future returns and that fund prices will reflect the value of their underlying securities. As a result of the nature of investments and possible exchange or interest rate fluctuations, the value of investments may go down as well as up.

Old Mutual Guernsey investments are not available to residents of the Bailiwick of Guernsey or the United States of America (or any of its territories) or of any jurisdiction where such investments would be unlawful. This document does not constitute an offer or a solicitation to anyone in any jurisdiction in which an offer is not authorised or to any persons to whom it is unlawful to make such an offer or such a solicitation. These policies are regarded by the South African Revenue Service (SARS) as being resident in South Africa for tax purposes. The policy in which policyholders invest is therefore subject to South African income and capital gains tax. Deductions in respect of tax will be taken from the fund.

Tax deductions may be reduced by the amount of any foreign withholding tax already incurred on non-South African income that would be subject to South African tax. Published fund prices, as always, will reflect the price after any deduction in respect of tax and management fees. Currently, for South African residents, no further tax arises when the policy is surrendered or reaches maturity. The tax status described is based on our current understanding of South African and Guernsey tax rules and Old Mutual Guernsey cannot be held responsible for any future tax or legislative changes that may affect this position. It is recommended that investors contact their financial adviser to discuss any tax implications before making any investment.

1 OLD MUTUAL refers to Old Mutual Life Assurance Company (SA) Limited, Old Mutual Investment Services (Pty) Ltd, Old Mutual Unit Trust Managers Ltd and other companies in the Old Mutual Group whose products are or may be involved.


Notes

Fairbairn Capitaltel +27 (0)860 300 000 | Fax +27 (0)860 400 000 | Email [email protected] | internet www.fairbairncapital.com

Max invEstMEntstel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email [email protected] | internet www.oldmutual.co.za/max

Max inCoMEtel +27 (0)860 605 500 | Fax +27 (0)860 60 7500 / 9500 | Email [email protected] | internet www.oldmutual.co.za/max

Documents

Quarterly Fund Guide