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STANLIB Offshore United Kingdom Fund STANLIB Offshore STANLIB Offshore United Kingdom Fund News Sectorial Portfolio Structure(Semi-Annual Comparison) Price   Ranking Sector: UK-Equity-General Size: (GBP) 3 100 000   Sector Rank: 2 out of 4 (lump sum over 3 years to 30 Sep 2011)   Overall Rank: 81 out of 175 (lump sum over 3 years to 30 Sep 2011)   R20000 invested on 30 Sep 2008 was worth R19 399 at 30 Sep 2011 ((1.01)% annual compound return)   R5000 per month since 30 Sep 2008 was worth R191 350 at 30 Sep 2011 (3.94% 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 Carlos Moreno   The Standard Bank Offshore United Kingdom Fund is a feeder fund, which invests directly into the Fidelity Fund United Kingdom Fund. The Standard Bank Offshore United Kingdom 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 The Fund is invested primarily in equities listed on the UK market. The fund is conservatively managed with Carlos Moreno focusing on stock-picking rather than sector rotation. The fund manager favours companies that have consistent track records in growing their profits, cash-flow and dividends. The fund tends to have a higher than index allocation to stocks where he has strong conviction. The style of the fund manager can be described as growth rather than value and he favours innovation and knowledge based companies and tends to avoid asset-intensive companies. The fund manager follows relatively tight rules in order to limit structural risks. He typically limits 'overweight' and 'underweight' positions in companies to3%either side of the benchmark weight and industry sectors to 5%either side. The fund will always have a high proportion of assets invested in the 100 largest UK companies but there will also be a slight bias towards medium-sized and smaller companies compared to the benchmark.   Technical Overview Benchmark: FTSE All Share index Gross of UK tax (internal calc from 7/1/02 to current) 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: GBP Min further amounts: US$1 000 Broker comm payable? Yes Min lump sum: US$2 500 Custodian fee: 0.10% Minimum lump sum: ú2 500 Domicile: Jersey Minimum monthly: ú1 000 Exit fee? No Original price: GBP 10.00 Formation date: 02 May 1997 Performance fee? No   Top holdings on 31 Mar 2011 Share (Sector) Value (GBP) % of fund HSBC (Financial Services) 243 750 7.50% BGGROUP (Utility Suppliers) 224 250 6.90% VODAFONE (Telecom) 198 250 6.10% GLAXOSMITHKUK (Healthcare) 178 750 5.50% RIOTINTO (Basic Resources) 175 500 5.40% TESCOCORP (Retail) 139 750 4.30% XSTRATAPLC (Basic Resources) 133 250 4.10% LLOYDS TS (Financial Services) 130 000 4.00% BHPBILLITONAU (Basic Resources) 126 750 3.90% ANGLO-UK (Basic Resources) 123 500 3.80% TOTALS 1 673 750 51.50%

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