offshore investment platform fund list - … · 1 offshore investment platform fund list initial...

OFFSHORE INVESTMENT PLATFORM FUND L I ST

EFFECTIVE 9 MARCH 2015 VERSION 5.0

This information is subject to change. Please refer to www.allangray.co.za for up to date information. This brochure is printed quarterly.

Allan Gray represents Orbis in South Africa and does not endorse any of the other funds on the platform. These other funds are selected on the recommendation of financial advisers and are reviewed from time to time. Allan Gray derives the same financial benefit regardless of the funds chosen to be on the platform or to be included in the investor’s portfolio.

1 OFFSHORE INVESTMENT PLATFORM FUND LIST

IN I T IAL F EESInitial fees are deducted from the initial investment amount before the investment is made.

Investment platform administration fee: This fee is charged for investing on an investment platform. Allan Gray Investment Services Proprietary Limited currently charges no fee.

Fund fee: Allan Gray does not charge an initial fee for investing in Orbis funds. Other fund management companies may charge an initial fee. These may vary, but the current maximum initial fund fee on our investment platform is 1.00% (excl. VAT). This fee will be deducted from the initial investment amount before it is invested.

Negotiable adviser fee: You pay this fee to your adviser for financial advice and services provided. This fee is agreed between you and your adviser. When investing via our investment platform, initial adviser fees are subject to a maximum of 3.00% (incl. VAT).

ANNUAL F EESAnnual fees are expressed as a percentage of the value of the investment and are payable to the different entities as described below:

Investment platform administration fee: This fee is charged for ongoing administration on an investment platform. Allan Gray Investment Services Proprietary Limited currently charges a maximum of 0.50% less any fund manager discount received from the fund manager in whose fund you are investing.

Manager fee discount: This is a fee the fund management company pays to Allan Gray Investment Services Proprietary Limited. This fee is passed on to you as a discount by reducing the annual platform administration fee.

Please refer to the table below for an example of how the fund manager fee discount reduces your effective annual investment platform administration fee.

FUND MANAGER FEE DISCOUNT EXAMPLE

Annual investment platform administration fee 0.50% R500.00

Fund manager fee discount 0.40% R400.00

Effective annual investment platform administration fee 0.10% R100.00

If the value of your investment account is R100 000, the effective annual investment platform administration fee would be R100, as shown in the example above. This means R100 would be withdrawn from your investment account and paid to Allan Gray Investment Services Proprietary Limited.

Investment management fee: This fee is charged by the fund manager for investing your money. The fee structures vary between funds. Fees may be fixed or performance based

IMPORTANT DEF IN I T IONS AND NOTES

OFFSHORE INVESTMENT PLATFORM FUND LIST 2

(denoted by a PB in the fund list). Performance-based fees are dependent on the actual over- or underperformance of the investment in relation to its benchmark. A ’Fund of Funds’ typically invests in a combination of individual funds that each have their own fee structure. The underlying funds’ charges are not included in the stated amount in the table.

Adviser fee: You pay this fee to your adviser for ongoing financial advice and services provided. This fee may be fixed or negotiable, depending on which fund and class of fund is selected.

PREFERRED FEE UN I T TRUSTYou may choose to have your annual administration and financial adviser fees withdrawn:

�� Proportionately across all portfolios, or�� From any money market portfolio on the offshore platform

The foreign currency money market portfolios are any one of the:�� Franklin Templeton Liquid Reserve Funds, or�� Investec Money Funds

The Allan Gray Money Market Fund (ZAR) is also available for this purpose.

TRADE T IM INGSA `business day´ refers to any day other than a Saturday, Sunday, South African public holiday or any applicable foreign holiday. The cut-off time to receive investor instructions for processing is daily at 14:00 South African time. Instructions will only be processed once funds reflect in the Allan Gray Investment Services Proprietary Limited bank account and once supporting documents specified in the application form and proof of deposit have been received. Investors should allow three business days to transfer funds to the Allan Gray Investment Services Proprietary Limited bank account.

An investment or sale instruction for a fund which trades daily, as listed in the table on pages 3 - 8, will take a maximum of three business days from when it is processed by Allan Gray Investment Services Proprietary Limited to trade. For a sale instruction, proceeds will be paid to the investor upon receipt from the foreign scheme. This will normally be within nine business days after the shares/units are sold. The proceeds may take another three days to reflect in the investors bank account.

For a fund which trades weekly, as listed in the table, Allan Gray Investment Services Proprietary Limited needs to receive a valid investment or sale instruction two business days before the day that the fund trades. For a sale instruction, proceeds will be paid to the investor upon receipt from the foreign scheme. This will normally be within five business days after the shares/units are sold. The proceeds may take another three business days to reflect in the investor’s bank account.

Schedules of similarities and differences between the South African regulations and the regulations governing Foreign Collective Investment Schemes are available from the Allan Gray Client Service Centre on 0860 000 654 or via www.allangray.co.za.

3 OFFSHORE INVESTMENT PLATFORM FUND LIST OFFSHORE INVESTMENT PLATFORM FUND LIST 4

FUND NAME FUND CURRENCY

FUND CLASS1

FUND CODE FUND SECTOR

INITIAL FEES (EXCL. VAT) ANNUAL FEES EXIT FEES TRADE TIMINGS (T = TRADE DAY)4

FUND RATING6

PLATFORM INVESTMENT MANAGEMENT ADVISER PLATFORM INVESTMENT

MANAGEMENTADVISER

(EXCL. VAT)FUND FEE

TRADING FREQUENCY

CUT-OFF DAY

TRADE DAY

WITHDRAWAL SETTLEMENT

DAY5ADMINISTRATION FEE FEE NEGOTIABLE

FEE2

ADMINISTRATION FEE

(EXCL. VAT) (A)

FUND FEE DISCOUNT (EXCL. VAT)

(B)

EFFECTIVE ADMINISTRATION FEE (EXCL. VAT)

(A - B)

FEE3 NEGOTIABLE FEE2

Allan Gray Africa ex-SA Equity Fund7 USD A AGAEX Equity - Africa 0.00% 1.00% 0%-3.00% 0.50% 0.50% 0.00% 1.00%-uncapped PB 0%-1.00% 1.00% Weekly

(Thursday) T-2 T T plus 5 not rated

Allan Gray Australia Equity Fund8 AUD (inc) SMEF Equity -

International 0.00% 0.20% 0%-3.00% 0.50% 0.05% 0.45% 0.75%-uncapped PB 0%-1.00% 0.20% Daily T-2 T T plus 6 Tier 1

Allan Gray Australia Opportunity Fund8 AUD (Inc) SMSF Mixed Asset -

Balanced 0.00% 0.10% 0%-3.00% 0.50% 0.05% 0.45% 0.25%-uncapped PB 0%-1.00% 0.10% Daily T-2 T T plus 6 Tier 1

Ashburton Replica Dollar Asset Management Fund (USD) (Class R)

USD R(acc) ASRD Mixed Asset - Cautious 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% 0%-1.00% 0.00% Daily T-2 T T plus 7 Tier 3

Ashburton Replica Euro Asset Management Fund (EUR) (Class R)

EUR R(acc) ASRE Mixed Asset - Cautious 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% 0%-1.00% 0.00% Daily T-2 T T plus 7 Tier 3

Ashburton Replica Sterling Asset Management Fund (GBP) (Class R)

GBP R(acc) ASRG Mixed Asset - Cautious 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% 0%-1.00% 0.00% Daily T-2 T T plus 7 Tier 3

Catalyst Global Real Estate UCITS Fund (Class A)

USD A CGREF Property - International 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% PB 0%-1.00% 0.00% Daily T-2 T T plus 10 Tier 2

Coronation Global Capital Plus Fund (GBP Hedged) (Class G)

GBP G(acc) CGCG Mixed Asset - Flexible 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.75%-2.85% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier 2

Coronation Global Capital Plus Fund (USD Hedged) (Class F)

USD F(acc) CGCUH Mixed Asset - Cautious 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.75%-2.85% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier 2

Coronation Global Emerging Markets Fund (Class B)

USD B(acc) CGEBEquity -

Emerging Markets

0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.35%-3.00% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier 1

Coronation Global Managed (USD) Fund (Class A)

USD A(acc) CGMA Mixed Asset - Balanced 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.35%-3.00% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier 2

Coronation Global Opportunities Equity Fund (USD) (Class A)

USD A CGOE Equity - International 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.35%-3.00% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier 2

Coronation Global Strategic USD Income Fund (Class A)

USD A CGSU Fixed Interest - Global 0.00% 0.00% 0%-3.00% 0.50% 0.30% 0.20% 0.50%-0.95% PB 0%-1.00% 0.00% Daily T-3 T T plus 6 Tier 2

Fidelity Funds Emerging Markets Fund (USD) (Class Y)

USD Y(acc) YEMM Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier 1

Fidelity Funds European Growth Fund (EUR) (Class Y)

EUR Y(acc) YEUG Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier 1

Fidelity Funds World Fund (USD) (Class Y) USD Y(acc) YWLDY Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier1

Foord International Fund (Class R1) USD 1 FIFL Mixed Asset -

International 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 1.00% plus underlying funds 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier 1

Refer to page 9 for footnotes.

ALLAN GRAY OFFSHORE INVESTMENT PLATFORM FUND L I ST - E F FECT IVE 9 MARCH 2015




FUND CLASS1



FUND RATING6


MANAGEMENTADVISER

(EXCL. VAT)FUND FEE

TRADING FREQUENCY

CUT-OFF DAY

TRADE DAY



FEE2

ADMINISTRATION FEE

(EXCL. VAT) (A)


(B)


(A - B)


FTIF Franklin Euro Liquid Reserve Fund (EUR) (Class A)

EUR A(acc) FELR Currency - Euro 0.00% 0.00% 0%-3.00% 0.50% 0.10% 0.40% 0.40% 0%-1.00% 0.00% Daily T-2 T T plus 4 not rated

FTIF Franklin US Dollar Liquid Reserve Fund (USD) (Class A)

USD A(acc) FULR Currency - US Dollar 0.00% 0.00% 0%-3.00% 0.50% 0.10% 0.40% 0.40% 0%-1.00% 0.00% Daily T-2 T T plus 4 not rated

FTIF Franklin US Opportunities Fund (USD) (Class W)

USD W(acc) FUOF Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 4 Tier 1

FTIF Templeton Asian Growth Fund (USD) (Class W)

USD W(acc) FAGC Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 1.00% 0%-1.00% 0.00% Daily T-2 T T plus 4 Tier 2

FTIF Templeton Emerging Markets Fund (USD) (Class W)

USD W(acc) FEMC Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 1.25% 0%-1.00% 0.00% Daily T-2 T T plus 4 Tier 2

FTIF Templeton Global Balanced Fund (USD) (Class W)

USD W(acc) FTGB Asset Allocation 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.70% 0%-1.00% 0.00% Daily T-2 T T plus 4 Tier 2

GinsGlobal Global Bond Index Fund USD (acc) GGBI

Foreign Government

Bonds0.00% 0.10% 0%-3.00% 0.50% 0.00% 0.50% 0.15% 0%-1.00% 0.00% Daily T-2 T T plus 8 Tier 1

GinsGlobal Global Equity Index Fund USD (acc) GGEI Foreign Equity 0.00% 0.10% 0%-3.00% 0.50% 0.30% 0.20% 0.60% 0%-1.00% 0.05% Daily T-3 T T plus 9 Tier 2

Investec Euro Money Fund (EUR) (Class A) EUR A(acc) IEUM Currency - Euro 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.50% 0%-1.00% 0.00% Daily T-2 T T plus 6 not rated

Investec Global Franchise Fund (USD) (Class I ) USD I(acc) IFRC Equity -

International 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% plus underlying funds 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier 1

Investec Global Strategic Equity Fund (USD) (Class I)

USD I(acc) ISEC Equity - International 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier 1

Investec Global Strategic Managed Fund (USD) (Class I)

USD I(acc) ISMC Mixed Asset - Aggressive 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% plus

underlying funds 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier 3

Investec Sterling Money Fund (GBP) (Class A) GBP A(acc) IGBM Currency -

Sterling 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.50% 0%-1.00% 0.00% Daily T-2 T T plus 6 not rated

Investec US Dollar Money Fund (USD) (Class A) USD A(acc) IUSM Currency - US

Dollar 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.50% 0%-1.00% 0.00% Daily T-2 T T plus 6 not rated

M&G Recovery Fund (GBP) (Class I) GBP I(acc) MGRF Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.90% 0%-1.00% 0.00% Daily T-2 T T plus 10 Tier 1

Marriott International Real Estate Fund (USD) (Class A)

USD A(acc) MIRE Property - International 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.00% 0%-1.00% 0.00% Daily T-2 T T plus 7 Tier 3

Nedgroup Investments Global Equity Fund (USD) (Class A)

USD A(acc) NIGE Equity - International 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% 0%-1.00% 0.00% Daily T-3 T T plus 8 Tier 1

Nedgroup Investments Global Flexible Fund (USD) (Class A)

USD A(acc) NGBF Mixed Asset - Balanced 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.50% 0%-1.00% 0.00% Daily T-3 T T plus 8 Tier 2

Orbis Global Equity Fund (USD)9 USD - OGEF Equity -

International 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.50%-2.50% PB 0%-1.00% 0.00% Weekly (Thursday) T-2 T T plus 5 Tier 1





FUND CLASS1



FUND RATING6


MANAGEMENTADVISER

(EXCL. VAT)FUND FEE

TRADING FREQUENCY

CUT-OFF DAY

TRADE DAY



FEE2

ADMINISTRATION FEE

(EXCL. VAT) (A)


(B)


(A - B)


Orbis Optimal SA Fund (EUR)9 EUR - OSAE

Hedge/Structured

Product - Mixed0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.00%-uncapped PB 0%-1.00% 0.00% Weekly

(Thursday) T-2 T T plus 5 Tier 2

Orbis Optimal SA Fund (USD)9 USD - OSAD

Hedge/Structured

Product - Mixed0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.00%-uncapped PB 0%-1.00% 0.00% Weekly


Orbis SICAV Asia Ex-Japan Equity Fund (USD)9 USD - XJEF

Equity - Asia Pacific ex

Japan0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.50%-2.50% PB 0%-1.00% 0.00% Weekly


Orbis SICAV Global Balanced Fund (USD)9 USD - GBSAI Mixed Asset -

Flexible 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.50%-2.50% PB 0%-1.00% 0.00% Weekly (Thursday) T-2 T T plus 5 not rated

Orbis SICAV Japan Equity Fund (EUR)9 EUR - OJEU Equity - Japan 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.50%-2.50% PB 0%-1.00% 0.00% Weekly


Orbis SICAV Japan Equity Fund (JPY)9 JPY - OJEF Equity - Japan 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.50%-2.50% PB 0%-1.00% 0.00% Weekly


RECM Global Fund (USD) (Class D) USD D(acc) REGC Equity -

International 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.90%-uncapped PB 0%-1.00% 0.00% Daily T-3 T T plus 7 Tier 2

Sarasin IE GlobalSar - Dynamic (GBP) (Class P) GBP P(acc) SBGC Asset

Allocation 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 1.00% plus underlying funds 0%-1.00% 0.00% Daily T-2 T T plus 6 not rated

Sarasin IE GlobalSar - Dynamic (USD) (Class P) USD P(acc) SBUC Asset

Allocation 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 1.00% plus underlying funds 0%-1.00% 0.00% Daily T-2 T T plus 6 not rated

Sarasin IE Real Estate Equity - Global (GBP) (Class P)

GBP P(acc) SREC Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 1.00% plus underlying funds 0%-1.00% 0.00% Daily T-2 T T plus 6 Tier 3

Stanlib Global Balanced Cautious Fund (USD) USD Acc SBCF Asset

Allocation 0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 1.95% including underlying funds 0%-1.00% 0.00% Daily T-2 T T plus 9 Tier 2

Stanlib Global Bond Fund (USD) USD Acc SGOB Fixed Interest 0.00% 0.00% 0%-3.00% 0.50% 0.25% 0.25% 1.75% including

underlying funds 0%-1.00% 0.00% Daily T-2 T T plus 9 Tier 1

Vulcan Value Equity Fund (USD) (Class II) USD II(acc) VVEF Equity 0.00% 0.00% 0%-3.00% 0.50% 0.00% 0.50% 0.75% 0%-1.00% 0.00% Daily T-2 T T plus 7 Tier 2

Allan Gray Money Market Fund10 ZAR A OAGMF

South African - Interest Bearing

- Money Market

0.00% 0.00% 0%-3.00% 0.50% 0.50% 0.00% 0.29% 0%-1.00% 0.00% Daily T-2 T T plus 2 not rated




Wherever the term `Fund´ is used in the table it refers to a portfolio of a Collective Investment Scheme.

1. Fund class: acc = No income distribution declared by the fund. Inc = Income distribution will be re-invested by Allan Gray Investment Services Proprietary Limited.2. Initial adviser fees: A maximum of 3.00% (excl. VAT) deducted prior to the investment being made. Annual adviser fees: A maximum of 1.00% p.a. (excl. VAT) of the investment portfolio, calculated daily, charged and paid monthly in arrears. If an initial adviser fee is in excess of 1.50% the maximum annual fee permitted is 0.50%.3. When performance-based fees apply, the limits and details vary and may not be directly comparable with other funds’ fees.4. All timings are in business days before or after the trade day.5. The withdrawal settlement day is the day on which proceeds are paid to the investor. It may take another three days for proceeds to reflect in the investor’s bank account.6. Fund ratings are provided by independent financial services group Fundhouse. The rating is not an indication of the fund’s future performance. For more information, please refer to ‘Fundhouse ratings’ on the following page.7. The Allan Gray Africa ex-SA Equity Fund currently has limited capacity. As a result, subscriptions may be declined or phased into the Fund over a number of dealing days (shares are normally subscribed for and redeemed every Thursday). Similarly, redemptions may be limited to US$5m or 2.5% of the Fund (whichever is less) per dealing day.8. The Allan Gray Australia Equity Fund has a buy/sell spread which is 0.20% of the cost of a unit when investing or withdrawing. The Allan Gray Australia Opportunity Fund has a buy/sell spread of 0.10%. Allan Gray Australia has its annual financial and tax audit from 1 July to 15 July. During this time it is unable to provide us with confirmed fund prices. We are therefore unable to process any transactions for the duration of the audit. Goods and Services Tax (GST) and Reduced Input Tax Credit (RITC) are applicable to funds registered in Australia.9. All distributions from this Fund will be automatically reinvested, any declaration will result in an increase in the unit price.10. The Allan Gray Money Market Fund is only available to offshore investors as a means of deducting fees.

FOOTNOTES

OFFSHORE INVESTMENT PLATFORM FUND LIST 10

Fund ratings are provided by independent financial services group Fundhouse. Fundhouse’s research process focuses on all elements which drive long-term investment success, including the business structure within which the fund operates, the fund management team (their beliefs and the principles they follow in making decisions), team dynamics and culture, as well as evidence of the investment process being followed consistently. This qualitative approach offers the highest degree of comfort that the fund is being managed appropriately. Fundhouse compiles detailed evidence by engaging in face-to-face interviews with investment teams and conducting due diligences. Fundhouse gathers as much information as possible to make sure that the evidence is related to future outcomes, and not based on past returns.

Fund ratings are merely informative, do not constitute advice and do not relate to the future performance of the fund.

Source: Fundhouse

UNDERSTANDING FUNDHOUSE RATINGS

Tier 1 This is Fundhouse’s highest rating and indicates that Fundhouse is satisfied that the offering is managed according to a well-considered, consistently applied process.

Tier 2 Reflects that there is a well-considered process, but Fundhouse has some minor concerns, which may be people or business related.

Tier 3 This is a negative rating and signals that Fundhouse has fundamental concerns about aspects of this fund and believes there are better alternatives.

WHY ARE NOT ALL THE FUNDS ON THE ALLAN GRAY INVESTMENT PLATFORM RATED? Some funds on our investment platform are described as ‘not rated’. There are various reasons why a fund is not rated:

�� Fundhouse may still be in the process of rating some funds�� Money market funds are not rated, as Fundhouse focuses on assessing the process and

structure behind investment research and stock selection, rather than credit ratings relevant to money market investments

�� Fund of funds that invest in funds managed by a different investment management company are not rated, as the current ratings methodology focuses on assessing fund management teams and their funds, rather than a manager’s ability to assess and select underlying funds. As Orbis is associated with Allan Gray, the Allan Gray-Orbis funds can be rated

�� Some fund managers have opted not to participate in the rating process for various reasons, e.g. the fund manager may feel that the fund does not have a long enough track record to be fairly rated

FUNDHOUSE RAT INGS


IMPORTANT INFORMATION FOR INVESTORS

Allan Gray Unit Trust Management (RF) Proprietary Limited (the ‘Management Company’) is registered as a management company under the Collective Investment Schemes Control Act 45 of 2002. The Management Company is a member of the Association for Savings & Investment SA (ASISA). Allan Gray Investment Services Proprietary Limited is an authorised financial services provider. Collective Investment Schemes in Securities (unit trusts or funds) are generally medium- to long-term investments. Except for the Allan Gray Money Market Fund, where a constant unit price will be maintained, the value of units may go down as well as up. Past performance is not necessarily a guide to future performance. The Management Company does not provide any guarantee regarding the capital or the performance of its unit trusts. Funds may be closed to new investments at any time in order for them to be managed according to their mandates. Unit trusts are traded at ruling prices and can engage in borrowing and scrip lending.

PerformanceActual investor performance may differ as a result of the investment date, the date of reinvestment and dividend withholding tax. Movements in exchange rates may also be the cause of the value of underlying international investments going up or down. Unit trust prices are calculated on a net asset value basis, which is the total market value of all assets in the Fund including any income accruals and less any permissible deductions from the Fund, divided by the number of units in issue. Forward pricing is used. Unit trust prices are available daily on www.allangray.co.za. Permissible deductions may include management fees, brokerage, Securities Transfer Tax (STT), auditor’s fees, bank charges and trustee fees. A schedule of fees, charges and maximum commissions is available on request from the Management Company.

BenchmarksThe FTSE/JSE All Share Index is calculated by FTSE International Limited (‘FTSE’) in conjunction with the JSE Limited (‘JSE’) in accordance with standard criteria. The FTSE/JSE All Share Index is the proprietary information of FTSE and the JSE. All copyright subsisting in the FTSE/JSE All Share Index values and constituent lists vests in FTSE and the JSE jointly. All their rights are reserved. FTSE is a trademark of the London Stock Exchange Group of Companies. The FTSE World Index is calculated by FTSE International Limited (‘FTSE’) in accordance with standard criteria and is the proprietary information of FTSE. All copyright subsisting in the FTSE World Index values and constituent lists vests in FTSE. All its rights are reserved.

Total expense ratios (TERs)The total expense ratio (TER) is the percentage of the Fund’s average assets under management that has been used to pay the Fund’s operating expenses over the past year. The TER includes the annual management fees that have been charged (both the fee at benchmark and any performance component charged), trading costs (including brokerage, STT, STRATE and FSB Investor Protection Levy), VAT and other expenses. Since unit trust expenses vary, the current TER cannot be used as an indication of future TERs. The Fund’s performance figures are quoted after the deduction of costs incurred within the Fund so the TER is not a new cost. A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. Instead, when investing, the investment objective of the Fund should be aligned with the investor’s objective and compared against the performance of the Fund. TERs should then be used to evaluate whether the Fund performance offers value for money.

© A l l an G ray I nve s tmen t S e r v i c e s P rop r i e t a ry L im i t ed , 2015 .

D i r e c t o r s ExecutiveR J Formby BSc (Eng) MBA J C Marais BSc

Non-ExecutiveR W Dower BSc (Eng) MBA E D Loxton BCom (Hons) MBAS A Raubenheimer BCom (Hons) CFAS P C Terblanche BCom (Hons)

Company Se c r e t a ry T Pickering BBusSc (Hons) CA (SA)

Reg i s t r a t i on Numbe r 2004/015145/07

Bus i ne s s Add re s s 1 Silo Square V&A Waterfront Cape Town 8001 P O Box 51605 V&A Waterfront Cape Town 8002 South Africa

C l i en t S e r v i c e Cen t r e Tel: 0860 000 654 / +27 (0)21 415 2301Fax: 0860 000 655 / +27 (0)21 415 2492Email: [email protected]: www.allangray.co.zaOffice hours: Monday to Friday 7:30 - 17:30

© 2015 Allan Gray Proprietary LimitedAll rights reserved. The content and information may not be reproduced or distributed without the prior written consent of Allan Gray Proprietary Limited (Allan Gray).

The information and content of this publication/presentation is provided by Allan Gray as general information about the company and its products and services. Allan Gray does not guarantee the suitability or potential value of any information or particular investment source. The information provided is not intended to nor does it constitute financial, tax, legal, investment, or other advice. Before making any decision or taking any action regarding your finances, you should consult a qualified financial adviser. Nothing contained in this publication/presentation constitutes a solicitation, recommendation, endorsement or offer by Allan Gray, but is merely an invitation to do business.

Allan Gray has taken and will continue to take care that all information provided, in so far as this is under its control, is true and correct. However, Allan Gray shall not be responsible for and therefore disclaims any liability for any loss, liability, damage (whether direct or consequential) or expense of any nature whatsoever, which may be suffered as a result of or which may be attributable, directly or indirectly, to the use of or reliance upon any information provided.

1 Silo Square V&A Waterfront Cape Town 8001P O Box 51605 V&A Waterfront Cape Town 8002 South AfricaClient Service Centre Tel: 0860 000 654 or +27 (0)21 415 2301Client Service Centre Fax: 0860 000 655 or +27 (0)21 415 2492

Email: [email protected] www.allangray.co.za

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