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STANLIB Global Bond Fund STANLIB Offshore STANLIB Global Bond Fund News Regional Portfolio Structure(Semi-Annual Comparison) Price   Ranking Sector: Global-Fixed Interest-Bond Size: (USD) 9 800 000   Sector Rank: 1 out of 8 (lump sum over 3 years to 31 Jan 2012)   Overall Rank: 72 out of 161 (lump sum over 3 years to 31 Jan 2012)   R20000 invested on 31 Jan 2009 was worth R22 393 at 31 Jan 2012 (3.84% annual compound return)   R5000 per month since 31 Jan 2009 was worth R220 954 at 31 Jan 2012 (12.96% 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 Andy Weir   The Standard Bank Offshore International Bond Fund is a feeder fund, which invests directly into the Fidelity Funds II International Bond Fund. The Standard Bank Offshore International Bond 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 aims to provide an attractive income with the possibility of capital growth by investing in a diversified international portfolio of Government and Non-Government bonds. The Non-Government portion of the portfolio includes bonds issued by government agencies and 'supranational entities' - international organisations formed by two or more governments. In addition, the fund holds a diversified range of Corporate bonds. Portfolio Characteristics The fund manager manages the fund using a process that aims to produce higher returns with lower volatility than the benchmark index on a consistent basis. The duration of the fund is kept broadly neutral relative to its benchmark. The emphasis is very much on adding value through individual bond selection, and attaches a great deal of importance to detailed credit analysis. An in-house team of credit research professionals assists the manager to analyse and identify corporate bonds that may offer attractive yields with the opportunity for capital growth. Investment Style Fidelity employs a multi-strategy approach to fixed income management. Where other managers may limit themselves to macro-economic bets on the direction of interest or currency rates, Fidelity employs a variety of key strategies which seek to ensure no single decision has a dominant impact on the fund relative to other active decisions. Primary strategies include, but are not limited to: o Credit Analysis - Fundamental analysis of individual issuers. o Sector Strategies -Credit rating (AAA, vs. AA vs. A vs. BBB) and Industry (e.g. Telecom vs. Utilities) o Cross currency-hedged positions - Taking active non-benchmark currency positions that are hedged to eliminate currency risk. o Yield curve strategies - Taking active maturity positions without allowing duration to swamp the process.   Technical Overview Benchmark: International Bond Fund Composite Index Allows debit orders? No Is this fund a roll-up fund? Yes Annual trailer fee: 0.25% Management fee (p.a.): 1.25% 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

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