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Annual General Meeting 17 February 2013 1. Fund Options . Financial Repression . Performance Summary Fund changes & Focus Areas 5. Summary ABCDEF ABCDEF


  1. Annual General Meeting 17 February 2013

  2. ������ 1. Fund Options � . Financial Repression � . Performance Summary ���� Fund changes & Focus Areas 5. Summary

  3. �����ABCDE�F

  4. �����ABCDE�F Growth Moderate Moderate CPI +4% Pensioner Pensioner CPI +3% CPI Protection Protection STeFI

  5. �����C������F�� �����������F ������������ Growth Moderate Moderate Pensioner Pensioner 10,248,307,963 423,065,079 Protection Protection 546,504,810 12,115,933,551 473,608,096 291,844,277 581,383,253 243,816,201

  6. �D����D��� ��B��FFDE�

  7. ��������� ���F!�����"E��F������E#�$�DF�%�&&& High Equity Property Moderate Return Pensioner Bonds Cash Low Risk High

  8. '�C��EC�#!����E���E"(��CD���DF�CE��������C���F�!D�!��� C!���D�)��CDE��&&& High Equity Return above inflation Property Moderate Pensioner Bonds Cash Low Risk High Cash and Bonds may give returns below inflation, especially during periods of Financial Repression

  9. '�C��EC�#!����E���E"(��CD���DF�CE��������C���F�!D�!��� C!���D�)��CDE��&&& High Equity Return above inflation Property Moderate Risk High Pensioner Bonds Cash Low Cash and Bonds may give returns below inflation, especially during periods of Financial Repression

  10. �E����*��CF�����!D�!���D���"C���&&& Pensioner One way of reducing their debt is through financial repression ...

  11. +!�C�DF��D����D�����B��FFDE�, Moderate Pensioner Protection Source: JP Morgan, Shiller. Note: Past Performance is not indicative of future results E.g. Forcing pension funds to buy Government debt at low yields

  12. -���!�F���CD�����C��D���CE���ED��C!���))��CF�E)��D����D��� ��B��FFDE�

  13. .��)E�*����� /�**���

  14. 0E���������C�/�**���1�2�3�����DF��4���C����/��CC���.�EC Ended June 2012 Ended January 2013

  15. A))F!E��������C�/�**����56/781�2�3�����DF��4���C��� Ended June 2012 Ended January 2013

  16. �����C�/�**����5����F8�1���3������C����5������������8

  17. A))F!E��������C�59:F8�1���3������C����5������������8

  18. .��)E�*�����/�**���1��DF��.�E)D����/E��CDE�F Financial Year Period GP ProP PenP MP 2007 28.4% 2008 -1.0% 2009 2.0% 11.7% 2010 16.3% 7.3% 2011 15.6% 6.6% 2012 11.0% 7.4% 11.2% 9.3% FYTD* 16.5% 4.3% 10.1% 9.0% *Up to the end of January 2013

  19. .��)E�*�����/�**���1��DF��.�E)D����/E��CDE�F �������������A C� ��A� ���� ��� ����AB DE� DE�� DE� DE�� F����� ����� F�� F����� ���� ������ � � � ���� ������� � � � ���� ������ ����� � � ���� ����� ������ � � ���� ����� ����� � � ���� ����� ����� ����� ����� � �!" ������ ����� ����� ����� *Up to the end of January 2013

  20. ��E#C!� .E�C)E�DE

  21. ��E#C!�.E�C)E�DE1��"FE��C��.��)E�*���� Financial Year GP Period GP CPI + 4% vs. Target 2007 28.4% 11.3% 17.1% 2008 -1.0% 16.7% -17.7% 2009 2.0% 10.4% -8.4% 2010 16.3% 8.4% 7.9% 2011 15.6% 9.2% 6.4% 2012 11.0% 9.7% 1.3%

  22. ��E#C!�.E�C)E�DE1�.��)E�*�����;�������������� Absolute Performance Comparison GP Period GP CPI + 4% vs. Target 1 year 11.0% 9.7% 1.3% 2 years 13.3% 9.5% 3.9% 3 years 14.3% 9.1% 5.2% 5 years 8.6% 10.8% -2.3% Since July 2002 14.0% 9.8% 4.2%

  23. ��E#C!�.E�C)E�DE1�� 3����;�������������

  24. ��E#C!�.E�C)E�DE1���3���F�;�������������

  25. ��E#C!�.E�C)E�DE1����3���F�;��������������

  26. �E����C�� .E�C)E�DE

  27. �E����C��.E�C)E�DE1�.��)E�*�����;�������������� Absolute Performance Comparison MP Period vs. MP CPI + 3% Target 3 months 1.5% 1.5% 0.0% 6 months 4.8% 4.5% 0.2% 12 months 9.2% 8.6% 0.6%

  28. �E����C��.E�C)E�DE1�.��)E�*�����;������������� Absolute Performance Comparison MP Period vs. MP CPI + 3% Target 3 months 4.4% 1.5% 2.9% 6 months 7.6% 4.0% 3.5% 12 months 12.4% 8.5% 3.9%

  29. .�EC��CDE�� .E�C)E�DE

  30. .�EC��CDE��.E�C)E�DE1����������������� Absolute Performance Comparison ProP Period ProP STeFI vs. Benchmark 1 year 7.3% 5.6% 1.6% 2 years 6.9% 5.9% 1.0% 3 years 7.0% 6.4% 0.5% Since Inception 8.8% 8.1% 0.6%

  31. .�EC��CDE��.E�C)E�DE1���������������� Absolute Performance Comparison ProP Period ProP STeFI vs. Benchmark 1 year 7.5% 5.5% 2.0% 2 years 7.2% 5.6% 1.6% 3 years 7.2% 6.0% 1.2% Since Inception 8.7% 7.9% 0.8%

  32. .��FDE����.E�C)E�DE

  33. .��FDE����.E�C)E�DE�����.�EC��CDE��.E�C)E�DE�� ���������

  34. .��FDE����.E�C)E�DE�����.�EC��CDE��.E�C)E�DE�� 7�������

  35. .��FDE����.E�C)E�DE�����.�EC��CDE��.E�C)E�DE�� ���������

  36. .��FDE����.E�C)E�DE�����.�EC��CDE��.E�C)E�DE�� 7�������

  37. .��FDE����.E�C)E�DE Sound investment strategy – focus on liabilities and risk Pensioner Portfolio has remained in surplus 100% CPI increases granted every year Ad-hoc pensioner bonuses paid in 2011 and 2012 200% bonus in Nov 2007, 100% in December 2008, 100% in Nov 2009, 100% in February 2011, 100% in December 2012

  38. �����-!����F� <��E��F�����F

  39. ��E#C!�.E�C)E�DE�-!����F1�������������� ������������ Switched from Investec Trio to Investec Global Managed in December 2011 to tactically increase global equity exposure Appointed Coronation Global Absolute Return mandate in May 2012 to avoid effects of financial repression

  40. ��E#C!�.E�C)E�DE�-!����F1�=���FC�����E"���������� �������� ��������������ABCD Switch from Investec Trio (40% equity) to Investec Global Managed Fund (60% equity) Source: MSCI

  41. ��E#C!�.E�C)E�DE�-!����F1�=���FC�����E"���������� �������� ��������������ABCD �AB�D Switch from Investec Trio (40% equity) to Investec Global Managed Fund (60% equity) Source: MSCI

  42. ��E#C!�.E�C)E�DE�-!����F1�-E�E��CDE���"FE��C����C��� Used cash to buy exposure to all asset classes By end June, local equity was just slightly ahead of cash Source: Inet-Bridge

  43. ��E#C!�.E�C)E�DE�-!����F1�-E�E��CDE���"FE��C����C��� Used cash to buy exposure to all asset classes By end June, local equity was just slightly ahead of cash Source: Inet-Bridge

  44. ����/��D��F ������� ������ABCDEF� �������C����� �������E��������� ������������AB��C DEDF� ����DF����D�F��E�D ��F�����FE�� ������������ � DE�D� ����������!�!!FE"" ����������!E!F �#��$��� DE�D� ��!����FF�FF�EDD ��"�F����E�D %�#����� DEDF� �������FF�!�"EDD ���������E�� �����!D�!��EF�

  45. �E��F�����F Consideration of Africa excl. SA Consideration of Asia, BRICS and Emerging Markets

  46. ;�E�E*D����E#C!

  47. ;�E�E*D����E#C!

  48. /�**���

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