Performance in Portfolio Currency

STANLIB Offshore Australia Fund

about the portfolio

performance

performance year by year since inception

Portfolio Cumulative -12.6% -7.5% 49.8%

Index Cumulative -8.1% 0.0% 57.3%

Portfolio Annualised Growth -12.5% -2.6% 8.4%

Index Annualised -8.1% 0.1% 9.5%

Portfolios are valued on a daily basis at 17h00 (UK Time). Transaction requests received before12h00 (UK time) will receive the following days unit price. This is an accumulation portfolio anddoes not distribute income. Please refer to Statutory Disclosure and General Terms andConditions**.

Launch Date

Fund Size

Denominated in

Min. Investment Amount

Min. Subsequent Investment

Initial Charge

Benchmark Index*

Fund Manager*

Trustee

1 October 1999

A$3.7 million

Australian Dollars

US$2,500

US$1,000

5.5%

S&P ASX 200 Index

Paul Taylor

Capita Trust Company (Jersey) LtdVictoria Chambers1/3 The EsplanadeLiberation SquareSt Helier, Jersey

Aggregate Service Fee 1.75%

industry breakdown* (as at 30/06/2009)

**statutory disclosure and general terms and conditions ^^Cumulative performance for the three months since 1 October 1999Source: Figures quoted are from Micropal from inception on a year to year basis for a lump sum investment using NAV/NAV prices

STANLIB Collective Investments Limited. Registration number 1969/003468/06

* Fidelity Fund Facts

Only appointed and approved representative in South AfricaCollective InvestmentsSTANLIB Limited, Offshore Support Desk

PO Box 202, Melrose Arch, 2076, Republic of South AfricaTelephone: (011) 448 6569, Fax: 086 72 77 507

Contact Centre (South Africa only): 0860 123 003Africa Help Desk: (011) 448 6303

Issued by STANLIB Collective Investments Limited

Standard Bank Fund Managers Jersey LimitedStandard Bank House, 47-49 La Motte Street, St HelierJersey JE48XR, Channel IslandsPhone: +44 (1534) 881 188, Fax: +44 (1534) 881 119

Standard Bank Fund Managers Jersey Limited is a wholly ownedsubsidiary of the Standard Bank Offshore Group Limited.S

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Risk rating explanationThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5)funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its current holdings.

risk profile*

E-2 E-3 E-4 E-5E-1

The fund is a feeder fund portfolio which invests exclusively in the corresponding Fidelity Funds Australia Fund.

largest holdings (as at 30/06/2009* )

Commonwealth Bank of Australia 8.2%

BHP Billiton 7.5%

Woolworths (AU) 6.3%

Westpac Banking 5.8%

Wesfarmers 4.4%

National Australia Bank 4.3%

Rio Tinto (AU) 4.3%

Oil Search 3.5%

Australia & New Zealand Banking Group (AU) 3.3%

QBE Insurance Group 3.1%

1 year 3 years 5 years31/08/08-31/08/09 31/08/06-31/08/09 31/08/04-31/08/09

442CA8

31 August 2009

9.2

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2.9

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4.5

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-16

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14

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% 27

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25

.20

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23

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14

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-41

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10

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4.8

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10

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-8.7

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14

.60

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22

.80

%

24

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%

16

.10

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-38

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%-50.00%

-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

1999^^ 2000 2001 2002 2003 2004 2005 2006 2007 2008

Fund Index

Collective investment schemes in securities are generally medium to long-term investments.The value of participatory interests may go down as well as up and investors may get back lesscash than originally invested. Past performance is not necessarily a guide to the future. Aninvestment in the participations of a collective investment scheme in securities is not the sameas a deposit with a banking institution. Fluctuations or movements in exchange rates may causethe value of underlying international investments to go up or down. Participatory interest pricesare calculated on a net asset value basis, which is the total value of all assets less liabilities in theportfolio including any provisions made for any purchase, fiscal or other charges that would havebeen incurred had all the assets of the relevant class fund been bought or sold at that time,divided by the number of participatory interests in issue. Please refer to the prospectus for moredetails on the charges and expenses that may be recovered from the portfolios. Participatoryinterests are priced daily using the forward pricing method. The portfolios may borrow up to10% of the market value of the portfolio to bridge insufficient liquidity as a result of theredemption of participatory interests, and may also engage in scrip lending. A schedule of feesand charges and maximum commissions is available on request from Standard Bank FundManagers Jersey Limited, the Manager. The Portfolios of the STANLIB Offshore Unit Trustsscheme, with the exception of the Managed Fund and Global Equity Fund Portfolios, are FeederFund Portfolios which only invests in the participatory interests of a single Portfolio of a collectiveinvestment scheme. The Managed Fund and Global Equity Fund Portfolios within the STANLIBOffshore Unit Trusts scheme are Fund of Funds Portfolios which only invest in other collectiveinvestment schemes, which levy their own charges, which could result in a higher fee structurefor these funds. The anticipated aggregate service fee levied by the Manager and by the otherportfolio(s) is: 2% p.a. for all managed fund portfolios, 1.75% p.a. for all equity portfolios, 1.25%p.a. for all bond portfolios and 1% p.a. for all currency portfolios. There is no sales tax applicablein Jersey. Commission and incentives may be paid and if so, are included in the overall costs.Figures quoted are from Micropal for the period ending 31/08/2009 for a lump sum investmentusing NAV-NAV prices. The portfolios of STANLIB Offshore Unit Trusts scheme areaccumulation portfolios and do not distribute income. Please refer to the prospectus of thisscheme for more details, a copy of which is available on request from STANLIB CollectiveInvestments Limited, the address of which is 17 Melrose Boulevard, Melrose Arch, 2196, SouthAfrica. Standard Bank Fund Managers Jersey Limited is regulated by the Jersey FinancialServices Commission to conduct Funds Service Business. The above entity is a wholly ownedsubsidiary of Standard Bank Offshore Group Limited whose registered office is 47-49 La MotteStreet, St Helier, Jersey, JE4 8XR. Telephone calls may be recorded. The Manager is anassociate member of the Association of Collective Investments.

The Fund aims to achieve long-term capital growth through investment primarily in a diversified portfolio ofAustralian equities.

The manager’s bottom-up stock picking approach drives the portfolio construction process. He favours large andmedium sized companies as they tend to have better track records, management and creditworthiness. However,he will consider smaller companies that meet his investment criteria. The top ten holdings comprise approximately50% of the portfolio with the total number of stocks being approximately 40.

The fund manager’s approach is driven by fundamental research focusing on both value and growth. He invests instocks whose earnings potential is undiscovered by the broad investment community, and favours companies withsuperior management, a competitive edge, strong brand name or technological advantage, sound balance sheet,strong free cashflow and low gearing. He will take substantial active positions in companies where he has strongconviction. He uses regular company visits in his stock selection process in order to assess a company’s corporategovernance, business quality, earnings quality, financing strategy and long-term growth outlook.

fund approach and style*

quarterly update (30/06/2009* )

target market

Targeted at the more experienced investor, due to the portfolio’s specialist nature.

The fund underperformed its benchmark over the quarter.

Individual positions within the materials sector dragged relative performance. For instance, exposure to gold producerLihir Gold detracted from returns, as its share price was hampered by the weakened demand for gold followingimproved global economic outlook. A lack of exposure to Orica, a supplier of explosive and blasting services to themining sector, was counterproductive after it announced healthy revenue growth.

Selected stocks in the energy firms Oil Search and Origin Energy also hurt returns. I, however, continue to hold thesenames in view of their potential for increasing production volumes. Conversely, the position in online employmentclassifieds company Seek was the top contributor. The stock was preferred given the firm’s growth in market share andits foray into the education business. Similarly, a position in Macquarie Airports contributed after the company sought tosell its loss-making stake in Japan’s terminal and lower its debt levels.

as at 30.06.09(as at 31.03.09 in brackets) % TNA Deviation from index

Information Technology (17.7%)

Financials (11.6%)

Health Care (14.6%)

Consumer Staples (10.3%)

Energy (12.6%)

Consumer Discretionary (10.8%)

Industrials (9.2%)

Materials (7.8%)

Other (3.6%)

Cash (1.9%)

20.2%

15.1%

12.3%

12.0%

11.7%

11.4%

8.0%

4.8%

3.6%

0.9%

1.9%

1.5%

-1.7%

0.0%

-0.7%

2.4%

-1.9%

1.6%

-4.0%

0.9%