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STANLIB Global Equity Fund STANLIB Offshore STANLIB Global Equity Fund News Regional Portfolio Structure(Semi-Annual Comparison) Sectorial Portfolio Structure(Semi-Annual Comparison) Price   Ranking Sector: Global-Equity-General Size: (USD) 36 570 000   Sector Rank: 11 out of 41 (lump sum over 3 years to 31 Jul 2011)   Overall Rank: 57 out of 176 (lump sum over 3 years to 31 Jul 2011)   R20000 invested on 31 Jul 2008 was worth R19 662 at 31 Jul 2011 ((0.57)% annual compound return)   R5000 per month since 31 Jul 2008 was worth R205 251 at 31 Jul 2011 (8.38% annual return compounded monthly)   Please note that offshore fund performance figures are calculated from NAV prices (ie, equivalent to sell-to-sell) and therefore not directly comparable to domestic fund performance figures on this site.   Management Richard Skelt   The Standard Bank Offshore International Fund is a feeder fund, which invests directly into the Fidelity Fund International Fund. The Standard Bank Offshore International Fund is managed by Standard Bank Unit Trusts Jersey Limited, the Management Company, which is a subsidiary of Standard Bank Offshore Group and ultimately Stanbic.   Focus and Objective Objective The Fund Invests principally in equities in markets throughout the world including major markets and smaller emerging markets. Portfolio Characteristics The fund comprises a wide range of securities across the world's stock markets and is benchmarked against the MSCI World Index. The portfolio's geographical split is broadly in line with the regional weights of the benchmark, but may be tilted in order to add incremental value to performance through asset allocation decisions. The resulting portfolio provides diversity in terms of investment approach, company size, as well as geography. Investment Style The lead managers believe the optimal way to deal with a global benchmark is to adopt a sub-manager approach, where individual sub-fund managers with differing investment styles are responsible for stock selection within each region. Indeed, in some cases it may be prudent to have more than one sub-manager within each region. Intensive, bottom-up research through company meetings and balance sheet analysis helps the individual sub-managers choose the top-performing companies within each region. It is the responsibility of the lead managers to identify the sub-managers that will add the most value and decide which global markets they consider will generate the greatest relative returns. The lead managers must then decide the proportion of assets to be allocated to each manager and each region, based on the level of risk they are willing to accept in the fund. The Fund aims to generate a greater proportion of returns through stock selection and as a result, regional weightings are normally within +/-3% of the benchmark weighting with a maximum deviation of 5%. This limits the impact of returns derived from asset allocation decisions. The overall strategy is set following the recommendations of the 'Asset Allocation Group' while taking into account the fund's benchmark and investment objective. This dual-level approach allows investors to benefit from the strong stock selection expertise of Fidelity's analysts and regional managers, as well as the asset allocation skills of the lead manager in selecting the appropriate combination of managers in the correct proportion to generate outperformance.   Technical Overview Benchmark: MSCI World index Allows debit orders? No Is this fund a roll-up fund? Yes Annual trailer fee: 0.50% Management fee (p.a.): 1.75% Base currency: USD Min further amounts: US$1 000 Broker comm payable? Yes Min lump sum: US$2 500 Custodian fee: 0.10% Minimum lump sum: $2 500 Domicile: Jersey Minimum monthly: $1 000 Exit fee? No Original price: USD 10.00 Formation date: 02 May 1997 Performance fee? No   Top holdings on 31 Mar 2011 Share (Sector) Value (USD) % of fund LGCHEMICAL (Chemicals) 669 231 1.83% WHITINGPETE (Equities) 629 004 1.72% NITTODENKO (Chemicals) 592 434 1.62% PATTERSONUTIE (Energy) 570 492 1.56% CNOOC (Utility Suppliers) 544 893 1.49% ALTERA (Cyclical Goods & Services) 537 579 1.47% BIOGENINC (Healthcare) 508 323 1.39% DENACOMPANY (Cyclical Goods & Services) 482 724 1.32% TOTALS 4 534 680 12.40%

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