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TABLE PAGE

Annual report of the Registrar of Pension Funds - 3-9

Statement of funds and net assets of self-administered funds 1 10

Revenue account for self-administered funds 2 11

Reconciliation of opening balance 3 12

Notes to the revenue account of self-administered funds 4 12

• Income from investments

• General administration expenses

Investments of self-administered funds 5 13+14

Assets of self-administered funds held in compliance with Regulation 28 6 15+16

Investment pattern of self-administered funds 7 17

Number of members of all pension funds 8 18

Number of all pension funds 9 19

Aggregate assets of all pension funds 10 19

Contributions received by all pension funds 11 20

Benefits paid by all pension funds 12 21

Registered administrators as at 30 September 2003 13 22-27

Hundred largest self-administered funds ranked in order of total assets 14 28+29

Self-administered funds with membership over 10 000 15 30

Self-administered funds in default for submission of financial returns 16 31-35

Members of the Pension Funds Advisory Committee 17 35

Allocation of administration to FSB teams 18 36+37

CONTENTS

REPORT BY THE REGISTRAR OF PENSION FUNDSTO THE MINISTER OF FINANCE

• A fund for the employees of Transnet was established by the

Transnet Pension Fund Act, 62 of 1990, with effect from 29

June 1990 (Transnet Fund).

• A fund for the employees of Telkom SA Limited was established

in terms of section 9(1) of the Post Office Act, 1958 (Act No. 44

of 1958), with effect from 1 October 1991 (Telkom Fund).

Another fund, the Telkom Retirement Fund, is supervised under

the Act.

• The Post Office Pension Fund, that was established in termsof section 10 of the aforementioned Act, with effect from1 October 1991 (Post Office Fund).

• Funds that have been established by collective agreementsconcluded by councils in terms of the Labour Relations Act, 66of 1995. The Department of Labour supervises these funds,which are exempted in terms of section 2(1) of the Act from theprovisions of the Act other than the requirement to furnishcertain statistical information (Bargaining Council Funds (BCF)).

STATISTICS

The tables in this report contain statistical information submitted tomy Office by funds that have their financial year-ends in 2002. Thetables summarise information on membership, assets, revenue andexpenditure for self-administered funds contained in reportssubmitted to my Office. The statistics also include information forunderwritten funds, bargaining council funds, official funds, theTransnet, Telkom and Post Office funds and foreign funds. Thestatistical information in respect of underwritten funds is furnishedby the relevant insurers. A phasing in period is allowed for thesefunds to comply with the provisions of section 15(4) of the Act interms of which individual returns in the format prescribed inSchedule B of the Regulations are submitted.

Although 3 252 self-administered funds were registered under theAct at 31 December 2002, statistical information in respect of only2 428 of these funds is included in this report (see Table 9).Information on the remaining 824 self-administered funds wasexcluded for the following reasons:

• 52 funds registered in 2002 were excluded because their firstfinancial year ended in 2003.

• 228 funds were in the process of liquidation in terms of section28 of the Act.

• 232 funds failed to submit financial returns on time. Acomplete list of these funds appears in Table 16.

• 296 funds were in the process of being transferred to otherfunds.

• 16 funds changed their financial year-end to a date in 2003.

INTRODUCTION

In terms of section 34 of the Pension Funds Act, 24 of 1956 (the Act),I hereby submit the 44th Annual Report for the 2002 calendar year.Where relevant to matters contained in this report, reference is alsomade to developments that occurred after this date. Retirementfunds in South Africa consist of defined benefit and definedcontribution funds (broadly known as pension and provident funds),retirement annuity, umbrella and preservation funds. The nature andextent of the supervision of such funds by the Financial ServicesBoard (FSB) are as follows:

(a) Funds which are supervised under the Act

• Funds with head offices, or head offices of the participatingemployers, located outside the Republic: In terms of section2(2) of the Act, these funds are exempt from certain provisions.They are required to apply for registration in terms of section 4of the Act and furnish security for the payment of benefitswhich may become payable to their members resident in theRepublic and who are South African residents (foreign funds).

• Funds which operate exclusively by means of policies ofinsurance issued by registered insurers in the Republic: Thesefunds are required to register under the Act, but in terms ofsection 2(3)(a) of the Act, they may be exempted from sections5(2), 9 or 9A as well as from any other provisions of the Actwhich the Registrar deems necessary (underwritten funds).

• Funds that invest their assets with bodies andinstitutions in the public and private sectors of theeconomy on their own behalf and to which the provisionsof the Act apply (self-administered funds).

(b) Funds which are not supervised under the Act

• Funds that have been established by special laws for employeesof the State and certain parastatal institutions. These funds aresupervised by National Treasury under the relevant laws(official funds). There are currently four official funds inexistence namely: Temporary Employees Pension Fund,Associated Institutions Pension Fund, Associated InstitutionsProvident Fund and Government Employees Pension Fund. Thesefunds can be contacted at the following address:

The Chief Director

Pensions Administration

Private Bag X63

Pretoria

0001

3

4

0.6%

52.7%

2.2%

14.6%

29.9%

UnderwrittenOfficial

BCFTransnet/Telkom/PO

Self-administered

UnderwrittenOfficial

BCFTransnet/Telkom/PO

Self-administered

1%

56.4%

2.1%

13.9%

26.6%

MEMBERSHIP OF FUNDS-2002 MEMBERSHIP OF FUNDS-2001

MEMBERSHIP

Total members: 9 779 884 Total members: 9 533 846

The total membership of a l l funds shown in Table 8 is 9 779 884 of which 8 567 479 are act ive members and1 212 405 are pensioners , deferred pensioners and dependants . These f igures do not ref lect the total numberof indiv iduals that are members of funds because some people are members of more than one fund.

ASSETS

The net assets of self-administered funds shown in Table 1 decreased by 4.9% from R370 bil l ion in 2001 to R352 bil l ion

in 2002. This is mainly as a result of two of the largest funds changing their year-end dates to dates in 2003. Table 10

provides information on the total assets of R867 bil l ion held by all pension funds. The largest 100 self-administered

funds, ranked by value of assets, are l isted in Table 14.

5

0.2%

22.6%

4.6%

32%

40.6%

UnderwrittenOfficial

BCFTransnet/Telkom/PO

Self-administered

AGGREGATE ASSETS OF ALL FUNDS-2002

Total assets: R 867 Billion

6

REVENUE

The analysis is as follows:2002 2001 %(R’m) (R’m) Increase

Contributions received 22 178 21 607 2.6Transfers received 11 308 9 876 14.5Income from investments 30 013 30 682 (2.2)Adjustment to fair value of investments 216 23 301 (99.1)Benefits awarded 33 077 33 524 (1.3)Transfers out 5 921 8 399 (29.5)

Total contributions increased by 2.6% due to an increase of 4.9% inemployer contributions and a decrease of 0.8% in membercontributions. Income from investments, inclusive of the adjustmentto fair value, decreased by 44.0%. It should however be mentionedthat not all funds account for investments at fair value.

EXPENDITURE

General administrative expenditure increased from R4 803 million in2001 to R4 916 million in 2002. It should be noted that manyemployers subsidise funds by bearing all or part of the administrationexpenses of the funds. (See Table 4 paragraph 2.)

CASH FLOW

Total net cash inflow increased by 41%, from R13 505 million in 2001to R19 043 million in 2002. The reason for this increase is that incomeincreased by 2.4% whilst expenses decreased by 5.5%.

INVESTMENTS

Table 5 gives a summary of investments by value in different assetcategories and Table 7 shows the investment pattern in percentagesof total assets of self-administered funds. The value of investments inshares and unit trusts decreased from 42.2% in 1998 to 35.5% in2002 (items 6 and 7 in Table 7) and the value of investments ininsurance policies increased from 26.1% in 1998 to 35.0% in 2002(item 8 in Table 7). A fund can invest up to a maximum of 15% of itsassets outside the Republic with the approval of the South AfricanReserve Bank. These foreign investments decreased by 7.8% to reach

a level of 9.5% of total investments (item 12 in Table 5). Table 6shows the breakdown of investments as required by Regulation 28 ofthe regulations made under the Act.

RETURN ON INVESTMENTS

The return made by pension funds on the value of investments shownin Table 1 is calculated by using the following formula:

R = 2iA + B - i

where R = Return on investments.A = Initial value of investments.B = End value of investments.i = Interest, dividends, rent, policy income, net profit or

losses on realisation of investments and the amountby which investments were written up or down tofair value. Funds are required to disclose in theirfinancial returns the method used for determiningaccrued, vested or provis ional income from insurance policies. Non-vested policy income isincluded in or excluded from the revenue accountat the discretion of funds.

By applying this formula to the total investments of allthe self-administered funds, the return on investments forthe past five years is calculated as follows:

1998 1999 2000 2001 2002% returns 9.2 16.6 15.2 16.4 8.7

REVENUE, EXPENDITURE AND CASH FLOW

Table 2 shows a summary of revenue and expenditure of self-administered funds. The main items are shown below.

Investment income and administration costs are shown in more detail in Table 4.

7

CONTRIBUTIONS

BENEFITS

0

10000

20000

30000

40000

50000

60000

70000

Self-administered Underwritten Official Transnet/Telkom/PO BCF Total

2001 2002

2160

7

2217

8

2233

8

2134

6

1489

0

1532

6

2124

1454

138

248

6109

7

6055

2

0

20000

40000

60000

80000

100000

120000

Self-administered Underwritten Official Transnet/Telkom/PO BCF Total

2001 2002

3352

4

3307

7

2752

0

2047

9

1316

0

1379

5

3680

8

4946

194

195

1112

06

7249

2

Table 11 shows a summary of contributions received by all pension funds. The total contributions received decreased by 0.9%,from R61 097 million in 2001 to R60 552 million in 2002. Total contributions to Official, Transnet, Telkom and Post Officefunds decreased by 1.4%, while total contributions to self-administered, underwritten and bargaining council funds in theprivate sector decreased by 0.7%.

Ta b l e 1 2 s h o w s a s u m m a r y o f b e n e f i t s p a i d b y a l l p e n s i o n f u n d s . T h e b e n e f i t s p a i d d e c r e a s e d b y 3 4 . 8 % , f r o mR 111 2 0 6 m i l l i o n i n 2 0 01 t o R 7 2 4 9 2 m i l l i o n i n 2 0 02 .

involving member-elected trustees. This places member-elected trustees

and members of the fund in a position where they cannot exercise

sufficient control over the benefits and investment of the funds’ assets.

• Some employers do not pay contributions to the fund as prescribed by

the rules of fund and the provisions of section 13A of the Act. In terms

of the amended section 13A, trustees are required to take legal action

against such employers and inform members about the employers’

behaviour. It is important that trustees act timelously in case an

employer goes into liquidation and leaves members with a loss.

• Some fund trustees still appoint unregistered administrators to do

administration on their funds and investments. This places fund

members at risk of losing their retirement savings with no prospect of

recovering anything. When making such decisions, trustees must ensure

that they have the correct information about the entity whose service

they want to use. Trustees can obtain such information from the FSB.

• Historically, funds were allowed to do their own administration, which

some still do. On the surface, there is nothing wrong with this as the

funds’ trustees are doing the administration. The problem arises when

these funds employ people to do the administration. The funds become

employers and are expected to pay competitive salaries to high ranking

officials. It is often forgotten that the money used for paying these

salaries is members’ retirement savings. Facilities such as car

schemes and employee entertainment budgets are normal human

resources benefits.

On-site visits

The department conducted on-site visits on funds and fund administrators

during the reporting period.

These on-site visits revealed the following:

• A few funds are still not administered in terms of the rules and therequirements of the Act. The reason for this is that some funds do nothave boards of trustees to ensure that they are administered andmanaged in terms of the rules and provisions of the Act.

• Funds still fail to submit annual returns as required in terms of the Act.

• The records of funds are not always maintained in a complete andaccurate manner as required in terms of Regulation 31.

• Participating employers are enlisted to umbrella funds without theconsent and agreement of employers.

• Assets are transferred between funds without the approval of theRegistrar in terms of section 14 of the Act.

• Funds do not always have administration agreements with the benefitand/or investment administrators as required in terms of condition 3, setout in Board Notice 24 of 2002.

ADJUSTMENT OF OPENING BALANCES FROM PRIOR YEAR

The difference between the closing balance of the revenue account

in the previous year and the opening balance for the current year is

reconciled in Table 3.

ADMINISTRATION

There are four operating teams and one administration teamin the Pension Funds Department as shown in Table 18.

During 2002 my Office dealt, inter alia with the following matters:

• 189 new funds were registered in terms of section 4 of the Act.

• 8 035 consolidated and rule amendments were registered in terms of

section 12 of the Act.

• 4 589 transfers and amalgamations were approved in terms of section

14 of the Act.

• 2 049 new participating employers were registered under umbrella funds

and 1 064 participating employers were de-registered.

• 958 terminations and liquidations were completed in terms of sections

27 and 28 of the Act.

These figures do not include cases dealt with but not yet approved

REGULATORY DEVELOPMENTS

Legislative changesRegulation 2 has been amended to change the conditions in terms of whicha pension fund may be exempted from the provisions of sections 9A and 16of the Act.

SUPERVISORY ISSUES

Inspections

During the year under review, eight inspection reports were issued. The FSB

conducted five inspections on administrators registered in terms of section 13B,

two on retirement funds and one on an investment administrator that was not

approved in terms of section 13B.

Amongst others, the inspections revealed that:

• Some administrators still fail to comply with certain provisions of the Act

and conditions made under Board Notice 24 of 2002. Directors of

administration companies still serve as board members of the funds. This

results in conflict of interest situations.

• Employer-appointed trustees still appoint investment managers without

8

OUTLOOK

Surplus regulations and board notices were signed and Gazetted, and are being

implemented. The Registrar’s office is geared to deal with apportionment

schemes submitted by funds. Funds, members, former members and fund

administrators must work together when dealing with surplus matters. The

Registrar, with the co-operation of industry players, will embark on a national

information campaign to help members and former members of funds to

understand surplus issues.

There is a shortage of skills in the pensions industry among previously

disadvantaged members. To address this problem, the FSB has assisted with the

establishment of a Pensions Law Course at the University of South Africa

(UNISA). This course is due to start in the second semester of 2003. Fund

trustees and law practitioners are encouraged to enrol for this course to equip

themselves to be able to participate meaningfully in the industry.

PENSION FUNDS ADJUDICATOR

The determinations of the Adjudicator have an important influence on the

retirement industry and can be viewed on the FSB’s web-site.

The Pension Funds Adjudicator’s office issues an Annual Report. The office can

be reached at the following address or telephone number:

PO Box 23005 Tel: (021) 674-0209

CLAREMONT Fax: (021) 674-0185

7735 e-mail: enquiries@pfa.org.za

CONCLUSION

I wish to express my gratitude to the National Treasury, the management of

the Post Office, Telkom SA Limited, Transnet Limited, the bargaining councils

and insurers for their assistance in furnishing the statistical information to

complete the information contained in this report. I also wish to express my

appreciation for the co-operation received from individual funds, the Institute

of Retirement Funds of Southern Africa, the Life Offices’ Association of South

Africa, the Institute of Pension Consultants and Administrators, the Actuarial

Society of South Africa, South African Revenue Service, administrators,

organised labour and other bodies in the retirement industry.

J VAN ROOYEN

REGISTRAR OF PENSION FUNDS

OCTOBER 2003

CURATORSHIPS

SACCAWU National Provident Fund has been placed under curatorship as the

funds’ board of management did not act with proper care and diligence in

safeguarding its assets.

The Small and Medium Enterprise Independent Pension Fund (Umbrella Fund),

Small and Medium Enterprise Independent Preservation Pension Fund, Small

and Medium Enterprise Independent Preservation Provident Fund, Small and

Medium Enterprise Independent Retirement Annuity Fund and Small and

Medium Enterprise Independent Provident Fund (Umbrella Fund) together with

SME Benefit Administrators (Pty) Ltd have been placed under curatorship.

CIRCULARS

During the reporting period, the department reviewed Circular 111 which deals

with the voluntary dissolution of a fund in terms of section 28 of the Act. The

circular addresses the process and information required in the appointment of

the liquidator, surplus apportionment on liquidation, and the remuneration of

the liquidator.

PENSION FUNDS ADVISORY COMMITTEE

The committee met on 18 September 2002, where the following issues were

discussed:

• Pension Funds Amendment Act, 2001 regarding housing loans and the

impact of administration orders on the benefits

• Pension Funds Amendment Act, 2001 (Apportionment of surplus)

• Conflict of interests (Board of fund)

• Decapping of commission

• Section 14: Redrafting of Circular PF 78

• Proposed changes to Regulation 28

• Revision of statutory annual financial returns

• Unclaimed benefit funds

• Withdrawal of audit exempt status of retirement funds

• The inspection process

• Training of trustees

• Redrafting (technical) of the Pension Funds Act, 1956

• Code of conduct and good governance by boards of funds

• Policy on umbrella funds

• Compliance officers

9

2002 2001(R’m) (R’m)

1. FUNDS

1.1 ACCUMULATED FUNDS 334 316 350 920(a) Pension 265 407 281 827(b) Provident 64 855 63 666(c) Retirement annuity 4 054 5 427(d) Benefit - -

1.2 RESERVES 17 444 19 076(a) Reserve account 16 166 18 027(b) Pensioner reserve 298 415(c) Other (Provisions) 980 634

TOTAL FUNDS AND RESERVES 351 760 369 996

2. ASSETS2.1 FIXED ASSETS 11 162.2 INVESTMENTS (Note) 351 758 371 3602.3 CURRENT ASSETS 11 701 12 643

(a)Accounts receivable 2 733 2 561(b)Income accrued 724 1 194(c)Arrear contributions 837 875(d)Cash at bank 4 857 5 139(e)Other 2 550 2 874

TOTAL ASSETS 363 470 384 019

3. LESS: LIABILITIES 11 710 14 0233.1 LONG-TERM LIABILITIES 2 173.2 CURRENT LIABILITIES 11 708 14 006

(a)Contributions received in advance 8 12(b)Accounts payable 3 543 4 156(c)Benefits due 6 466 7 315(d)Bank overdraft 56 82(e)Other 1 635 2 441

NET ASSETS 351 760 369 996

Note:The investments are reflected on the basis of the accounting policy adopted by the fund which vary and includes cost,lower of cost and market value for each investment and fair value. Table 5 shows investments only at fair value.

10

TABLE 1 - STATEMENT OF FUNDS AND NET ASSETS OF SELF-ADMINISTERED FUNDS

TABLE 2 - REVENUE ACCOUNTFOR SELF-ADMINISTERED FUNDS

11

2002 2001(R’m) (R’m)

1. CONTRIBUTIONS RECEIVED 22 178 21 6071.1 Members contributions 8 570 8 636

(a) Normal 8 364 8 460(b) Other 206 176

1.2 Employers contributions 13 608 12 9711.3 Benefit fund - -

2. TRANSFERS RECEIVED 11 308 9 8762.1 Section 14 of the Act 8 867 7 0822.2 Individuals 1 600 2 5472.3 Other 841 247

3. UNCLAIMED BENEFITS FORFEITED 23 25

4. REINSURANCE RECOVERIES 1 548 1 367

5. INCOME FROM INVESTMENTS 30 013 30 682

SUB-TOTAL 65 070 63 557

6. LESS: ADMINISTRATION EXPENSES (Note 1) (7 041) (6 794)6.1 General administration expenses (4 916) (4 803)6.2 Reinsurance premiums (2 125) (1 991)

7. NET REVENUE 58 029 56 763

8. ADJUSTMENT TO FAIR VALUE OF INVESTMENTS (Note 2) 216 23 301SUB-TOTAL 58 245 80 064

9. ACCUMULATED FUNDS 313 640 314 6849.1 At beginning of the year - See Table 3 301 701 299 8749.2 Prior year adjustments 11 939 14 810

10. ACCUMULATED FUNDS - BEFORE BENEFITS AND TRANSFERS OUT 371 885 394 748

11. LESS: BENEFITS AND TRANSFERS OUT (38 998) (41 923)11.1 Benefits awarded (33 077) (33 524)11.2 Transfers out (5 921) (8 399)

(a) Section 14 of the Act (4 579) (7 341)(b) Individuals (1 118) (564)(c) Other (224) (494)

SUB-TOTAL 332 887 352 825

12. TRANSFER TO/FROM RESERVE ACCOUNTS 1 429 (1 905)(a) Reserve account 1 702 (2 163)(b) Pensioner reserve (72) 289(c) Other (201) (31)

13. ACCUMULATED FUNDS AT END OF THE YEAR 334 316 350 920

Notes:1) Many employers pay a substantial portion of the administration expenses without recovery from the pension funds.

This amount is consequently smaller than the total amount actually expended.2) All funds account for investments at fair value.

12

2002 2001(R’m) (R’m)

Closing balance shown in Table 2 of previous report 350 920Less: 49 219

Funds with outstanding returns 11 537Funds cancelled 157Funds changing year-ends 32 895Funds transferred 13 572Funds changed to 2(3)(a) exempt funds 1 206Funds outstanding in 2001 included in this report (13 866)Liquidations during the year 3 718Opening balance as per Table 2 301 701

2002 2001(R’m) (R’m)

1. INCOME FROM INVESTMENTSNet rental income from properties 2 353 1 439Dividends 5 077 4 474Interest 7 759 8 753Insurance policies 7 440 7 983Other income (Note) 7 384 8 033

30 013 30 682

2002 2001(R’m) (R’m)

2.GENERAL ADMINISTRATION EXPENSESAdministration fees 1 091 923Auditors fees 53 50Bank charges 13 12Consultancy fees 97 71Depreciation 12 32Investment advisors fees 1 096 912Rent and office expenses 44 49Salaries and wages 76 133Secretarial fees 27 128Valuators fees 48 37Retirement fund tax 2 012 2 063FSB levies 16 17Fidelity cover 12 14Other expenses 319 362

4 916 4 803

Note:This item consists mainly of the profit made on realisation of investments.

TABLE 3 - RECONCILIATIONOF OPENING BALANCE

TABLE 4 - NOTES TO THE REVENUE ACCOUNT FOR SELF-ADMINISTERED FUNDS

13

TABLE 5 - INVESTMENTS OF SELF-ADMINISTERED FUNDS

2002 2001(R’m) (R’m)

FAIR VALUE FAIR VALUE

1. IMMOVABLE PROPERTIES 3 771 9 866

2. SHARES IN COMPANIES

2.1 Ordinary shares 103 836 112 263(a) Listed shares 90 452 95 295(b) Unlisted shares 9 306 8 405(c) Shares in participating employer(s), subsidiaries or holding companies 4 078 8 563

2.2 Preference shares 114 135(a)Listed shares 91 91(b)Unlisted shares 23 44(c)Shares in participating employer(s), subsidiaries or holding companies 0 0

TOTAL SHARES IN COMPANIES 103 950 112 398

3. UNIT TRUST SCHEMES3.1 Property 2 965 1 9453.2 Bills, bonds & other securities 1 650 9093.3 Other unit trust schemes 17 462 15 708

TOTAL UNIT TRUST SCHEMES 22 077 18 562

4. DEBENTURES4.1 Listed debentures 27 284.2 Unlisted debentures 2 066 94.3 Debentures in participating employer(s), subsidiaries or holding companies 0 2

TOTAL DEBENTURES 2 093 39

5. LOANS5.1 Loans to companies 1 439 1 4435.2 Loans to members for housing (Note) 1 339 1 3695.3 Loans to individuals 4 115.4 Loans to participating employer(s), subsidiaries or holding companies 3 9

TOTAL LOANS 2 785 2 832

6. PARTICIPATING MORTGAGE BONDS 5 0

7. BILLS, BONDS AND SECURITIES7.1 Government or provincial administration 27 974 30 7177.2 Local authorities 1 233 1157.3 Approved in terms of section 19(1)(h) 1 083 1 3027.4 Approved in terms of section 19(1)(i) 0 37.5 Bills, bonds and securities in participating employer(s), subsidiaries or holding companies 203 1497.6 Other 6 727 8 188

TOTAL BILLS, BONDS AND SECURITIES 37 220 40 474

SUB-TOTAL (Carried forward) 171 901 184 171

2002 2001(R’m) (R’m)

FAIR VALUE FAIR VALUE

SUB-TOTAL (Brought forward) 171 901 184 171

8. DEPOSITS AND KRUGERRANDS8.1 Deposits 12 954 12 1608.2 Money on call 10 831 10 5628.3 Savings account 10 38.4 Krugerrands - -

TOTAL DEPOSITS AND KRUGERRANDS 23 795 22 725

9. INSURANCE POLICIES9.1 Linked policies 78 990 76 0649.2 Guaranteed policies 40 739 39 380 9.3 Other policies 4 478 2 365

TOTAL INSURANCE POLICIES 124 207 117 809

10. DERIVATIVE MARKET INSTRUMENTS 330 79

11. OTHER INVESTMENTS IN THE REPUBLIC 944 494

12. INVESTMENTS HELD OUTSIDE THE REPUBLIC 33 644 36 486

TOTAL INVESTMENTS 354 821 361 764

Note:In addi t ion to d i rect loans granted to members for hous ing purposes , funds guarantee amounts advanced by th i rdpart ies to members on the secur i ty of the member ’s res ignat ion benef i t . The amount of loans guaranteed i s not atpresent requi red to be d i sc losed in the annual returns of funds .

14

TABLE 5 - INVESTMENTS OF SELF-ADMINISTERED FUNDS (continued)

TABLE 6 - ASSETS OF SELF-ADMINISTERED FUNDSHELD IN COMPLIANCE WITH REGULATION 28

15

2002(R’m)

A Total assets of the fund as per statement of Funds and Net Assets 363 470B Less: Non-investment items of Statement of Funds and Net Assets (6 855)

(i) Fixed assets (11)(ii) Current assets (excluding cash at bank) (6 844)

SUB TOTAL (A-B) 356 615

C Less: Value of units in unit trust schemes and insurance policies excluded (139 039)(i) Units in unit trust schemes (Note 1) (15 504)(ii) Insurance policies (Note 2) (123 535)

Fair value of assets shown in column 2 of Annexure 217 576

2002 %ANALYSIS OF ASSETS MAX FAIR VALUE OF

% (R’m) FV

1. Deposits and balances 100% 29 087 13.4(a)Inside the Republic 100% 27 511 12.7(b)Outside the Republic 15% 1 576 0.7

2. Krugerrands 10% 1 0.0

3-5.Bills, bonds and securities 100% 12 451 5.7(a)Inside the Republic 100% 10 688 4.9(b)Outside the Republic 15% 1 763 0.8

6. Immovable property 25% 7 354 3.4(a)Inside the Republic 25% 7 338 3.4(b)Outside the Republic 10% 16 0

7. Preference and ordinary shares, debentures and unit trusts 75% 134 974 62.0(a) Inside the Republic 75% 103 738 47.7

(i) Unlisted shares, convertible debentures 5% 11 227 5.2(ii) Listed shares other than above 75% 92 511 42.5

(aa) Market cap below R2 000m 10% 20 684 9.5(bb) Market cap above R2 000m 15% 71 827 33.0

(b) Outside the Republic 15 % 6 222 2.8(i) Unlisted shares, convertible debentures 2.5% 276 0.1(ii) Listed shares other than above 15% 5 946 2.7

(aa) Market cap below R2 000m 10% 1 282 0.6(bb) Market cap above R2 000m 15% 4 664 2.1

(c ) Inside the Republic – Units in equity unit trust schemes 75% 4 729 2.2(d) Territories outside the Republic – Units in equity unit trusts 15% 20 285 9.3

Limitations in respect of investments in terms of 6 & 7 90% 142 328 65.4

8. Debentures, loans and income unit trusts 25% 2 242 1.0(a) Inside the Republic 25% 1 210 0.5

(i) Per any one individual 0.25% 106 0.0(ii) Per any one company 5% 1 104 0.5

(b) Outside the Republic 15 % 1 032 0.5(i) Per any one individual 0.25% 241 0.1(ii) Per any one company 5% 791 0.4

16

TABLE 6 - ASSETS OF SELF-ADMINISTERED FUNDSHELD IN COMPLIANCE WITH REGULATION 28 (continued)

2002 %MAX FAIR VALUE OF

% (R’m) FV

9. Investments in participating employers 5% 4 323 2.0

10. Assets not referred to in this Annexure excluding - 2.5% 2 342 1.1(a)Money in hand in the Republic 95% 70 0.0(b)Loans granted to members 95% 1 932 0.9

Limitations for investments in items 6-10, and 10(a) and (b) 95% 153 237 70.4

(c) Bills, bonds or securities issued or guaranteed by theGovernment of the Republic or by a provincial administration 100% 21 794 10.0

(d) Units in unit trust schemes consisting only of - 100% 1 006 0.5(i) Assets in item 1 100% 493 0.3(ii) Assets in item 10 (c) 100% 440 0.2(iii) Assets in item 3 – 5 100% 73 0.0

TOTAL (equal to fair value of assets) 100% 217 576 100.0

Notes:1) Units in unit trust schemes as defined in the Unit Trusts Control Act, 1981 in respect of which the fund obtained a

certif icate or certif icates that the scheme has met, throughout the period covered by its income and e x p e n d i t u r eaccount, the distribution requirements of assets referred to in the Annexure to Regulation 28

2) Investments in insurance policies which -(i) are not linked policies; or(ii) are linked policies, in respect of which the fund has obtained a certificate from the insurer confirming that the assets

held by the insurer in respect of its net liabilities under the said policy meet the distribution requirements of assetsreferred to in the Annexure to Regulation 28, are not deemed to be assets of the fund and were accordingly excludedfrom the above schedule.

TABLE 7 - INVESTMENT PATTERNOF SELF-ADMINISTERED FUNDS

17

ASSETS PERCENTAGE OF TOTAL ASSETS

1998 1999 2000 2001 2002

Immovable properties 4.2 3.6 3.6 2.7 1.1

Bills, bonds and securities 14.3 12.0 11.9 11.2 10.5

Participation mortgage bonds 0.0 0.0 0.0 0.0 0.0

Debentures 0.2 0.2 0.1 0.0 0.6

Loans 0.6 0.6 0.7 0.8 0.8

Shares in companies 37.4 34.3 31.1 31.1 29.3

Unit trusts 4.8 5.8 5.2 5.1 6.2

Insurance policies 26.1 28.2 31.5 32.6 35.0

Deposits and Krugerrands 6.4 7.0 6.7 6.3 6.7

Other assets 6.0 8.3 9.2 10.2 9.8

100 100 100 100 100

INVESTMENT PATTERN OF SELF-ADMINISTERED FUNDS

0

5

10

15

20

25

30

35

40

1998 1999 2000 2001 2002

Prop

ertie

s

Bills

Debe

ntur

es

Loan

s

Shar

es

Unit

Trus

ts

Insu

ranc

e po

licie

s

Depo

sits

Oth

er

18

TABLE 8 - NUMBER OF MEMBERS OF ALL PENSION FUNDS (Note 1)

2002 2001

FUND TYPE

SELF-ADMINISTERED FUNDS 2 605 944 2 847 985(a) Active members 2 209 429 2 275 535(b) Deferred pensioners 77 920 223 492(c) Pensioners in receipt of regular payments 243 255 283 514

- Resident 238 720 278 871- Non-resident 4 535 4 643

(d) Dependants and nominees in receipt of regular payments 75 340 65 444

2. SECTION 2(3)(a) EXEMPT FUNDS 5 510 894 5 024 090(a) Active members 5 103 605 4 727 303(b) Pensioners/Dependants 407 289 296 787

3. OFFICIAL FUNDS 1 356 500 1 395 398(a) Active members 1 055 977 1 088 618(b) Pensioners 300 523 306 780

4. TRANSNET FUND 177 485 182 826(a) Active members 78 705 81 669(b) Pensioners 98 780 101 157

5. TELKOM FUND 450 553(a) Active members 450 553(b) Pensioners 0 0

6. POST OFFICE FUND 28 988 30 355(a) Active members 23 500 25 775(b) Pensioners 5 488 4 580

7. BARGAINING COUNCIL FUNDS 99 516 52 521(a) Active members 95 710 52 521(b) Pensioners 3 806 0

8. FOREIGN FUND (Note 2) 107 118(a) Active members 103 118(b) Pensioners 4 0

TOTAL 9 779 884 9 533 846

Notes:1) Because some persons are members of more than one pension fund, these figures do not reflect the number of

individuals who are members of pension funds.2) The statistics include only South African residents.

19

TABLE 9 - NUMBER OF ALL PENSION FUNDS

TABLE 10 - AGGREGATE NET ASSETSOF ALL PENSION FUNDS

FUND TYPE

2002 ADDITIONS CANCELLATIONS CONVERSIONS 2001

1. Self-administered funds 3 252 91 71 34 3 198

2. Section 2(3)(a) exempt funds 10 987 98 887 (32) 11 808

3. Official funds 4 4

4. Transnet Pension funds 1 1

5. Telkom Pension Fund 1 1

6. Post Office Fund 1 1

7. Bargaining Council funds 9 1 8

8. Foreign funds 2 2

TOTAL 14 257 190 958 2 15 023

FUND TYPE

2002 2001(Note3)(R’m) (Note3)(R’m)

1. Self-administered funds 351 760 369 996

2. Section 2(3)(a) exempt funds (Note 1) 196 077 188 581

3. Official Funds 277 452 238 745

4. Transnet Fund 34 076 32 874

5. Telkom Fund 190 185

6. Post Office Fund 5 914 4 580

7. Bargaining Council funds 1 927 613

8. Foreign funds (Note 2) - -

TOTAL 867 396 835 574

Notes:1) This represents estimated value of the assets held by insurers to cover their liabilities to these funds.2) Foreign funds furnish guarantees to cover their liabilities to South African residents.3) Some funds still use an accounting policy other than fair value to determine the values of the investments.

20

TABLE 11 - CONTRIBUTIONS RECEIVEDBY ALL PENSION FUNDS (Note 1)

FUND TYPE

2002 2001(R’m) (R’m)

1. SELF-ADMINISTERED FUNDS 22 178 21 607-Members 8 570 8 634-Employers 13 608 12 971-Benefit fund - -

2. SECTION 2(3)(a) EXEMPT FUNDS(PREMIUMS) (Note 2 & 3) 21 346 22 338

3. OFFICIAL FUNDS 15 326 14 890-Members 5 172 4 724-Employers 10 154 10 166

4. TRANSNET FUND 1 201 1 849-Members 486 454-Employers 715 1 395

5. TELKOM FUND 20 39-Members 3 5-Employers 17 34

6. POST OFFICE FUND 233 236-Members 83 91-Employers 150 145

7. BARGAINING COUNCIL FUNDS 248 138-Members 143 72-Employers 105 66

TOTAL 60 552 61 097

Notes:1) Foreign funds do not submit this information.2) Funds underwritten by insurers do not distinguish between contributions by members and those by employers but show

them only as premiums received.3) As an individual return for each fund is in the process of being implemented, it is not possible to verify total

contributions for these funds as provided by insurers.

FUND TYPE2002 2001(R’m) (R’m)

1. SELF-ADMINISTERED FUNDS 33 077 33 524(a) Pensions 7 868 8 563(b) Lump sum payments 25 209 24 961

- On retirement or death 9 904 9 592- Resignations and terminations 14 411 14 019- Other 894 1 350

2. SECTION 2(3)(a) EXEMPT FUNDS 20 479 27 520(a) Pensions 7 330 6 803(b) Lump sum payments 13 149 20 717

- On retirement or death 5 916 5 435- Resignations and terminations 7 233 15 282- Other - -

3. OFFICIAL FUNDS 13 795 13 160(a) Pensions 8 303 7 701(b) Lump sum payments 5 492 5 459

- On retirement or death 3 077 3 327- Resignations and terminations - -- Other 2 415 2 132

4. TRANSNET FUND 4 421 36 453(a) Pensions 2 409 2 328(b) Lump sum payments 2 012 34 125

- On retirement or death 1 913 1 433- Resignations and terminations 99 32 692- Other - -

5. TELKOM FUND 14 26(a) Pensions 11 23(b) Lump sum payments 3 3

- On retirement or death 2 2- Resignations and terminations 1 1- Other - -

6. POST OFFICE FUND 511 329(a) Pensions 143 110(b) Lump sum payments 368 219

- On retirement or death 67 56- Resignations and termination 301 163- Other - -

7. BARGAINING COUNCIL FUNDS 195 194(a) Pensions 8 8(b) Lump sum payments 187 186

- On retirement or death 35 52- Resignations and terminations 135 134- Other 17 -

8. FOREIGN FUNDS (Note) - -(a) Pensions - -(b) Lump sum payments -

- On retirement or death - -- Resignations and terminations - -- Other - -

TOTAL 72 492 111 206

Note:The foreign funds benefits in respect of South African residents were less than R1m.

21

TABLE 12 - BENEFITS PAID BY ALL PENSION FUNDS

TABLE 13 REGISTERED ADMINISTRATORSAS AT 30 SEPTEMBER 2003

22

(A) BENEFIT ADMINISTRATORS

NAME POSTAL ADDRESS

1 ABSA Consultants & Actuaries (Pty) Ltd PO Box 8480 Johannesburg 20002 ABSA Investment Management Services (Pty) Ltd PO Box 974 Johannesburg 20003 AKA Financial Services (Pty) Ltd Private Bag X042 Benoni 15004 Alexander Forbes Financial Services PO Box 787240 Sandton 21465 Alexander Forbes Life Ltd PO Box 787240 Sandton 21466 Aon Consulting SA (Pty) Ltd PO Box 1874 Parklands 21217 Arcay Private Financial Services Employee Benefits (Pty) Ltd PO Box 751687 Garden View 20478 Automated Outsourcing Services Employee Benefits (Pty) Ltd PO Box 41259 Craighall 21969 Bambanani Benefit Administrators (Pty) Ltd PO Box 19749 Pretoria West 011710 Bensure Management Services (Pty) Ltd PO Box 3315 Randburg 212511 Biz Africa 1312 (Pty) Ltd Private Bag X041 Benoni 150012 BOE Investment Administrators (Pty) Ltd PO Box 5408 Cape Town 800013 BOE Life Assurance PO Box 149175 East End 401814 Brefco (Pty) Ltd PO Box 2793 Wilropark 173115 Broksure Administrators CC PO Box 16254 Vlaeberg 801816 BT Fund Administrators PO Box 784202 Sandton 214617 Capital Alliance Life Ltd PO Box 260569 Excom 202318 Cassie Nell Attorney Notary & Conveyance 44 Congo Road Emmarentia 219519 CCI Integrated Administration (Pty) Ltd PO Box 76470 Wendywood 214420 Chamber Corporate Services (Pty) Ltd PO Box 2221 North End Port Elizabeth 605621 Champagne Trust (The) PO Box 74519 Turffontein 214022 Channel Financial Services CC PO Box 503 Uvongo 427023 Channel Life Ltd PO Box 1273 Parklands 212124 Channel Management Services PO Box 9142358 Wingate Park 015325 Comprehensive Financial Solutions CC PO Box 40877 Arcadia 000726 Consolidated Benefit Consultants (Pty) Ltd PO Box 4232 Randburg 212527 CRP Employee Benefits (Pty) Ltd PO Box 95452 Grant Park 205128 Crystal Retirement Benefits (Pty) Ltd Postnet Suite 77 Private Bag X6 Norwood 211729 Deloitte & Touche Actuaries and Consultants (Pty) Limited PO Box 1986 Gallo Manor 205230 Du Rand Jurgens & Associates (Pty) Ltd PO Box 2537 Vanderbijlpark 190031 Edge Employee Benefits (Pty) Ltd Private Bag X9 Benmore 201032 Enigma Solutions (Pty) Ltd PO Box 1659 Randburg 212533 Fairsure Fund Administrators (Pty) Ltd PO Box 15499 Panorama 750634 Fame Trust (Pty) Ltd PO Box 6717 Westgate 173435 Financial Administration Solutions (Pty) Ltd 18 Grotto Road Rondebosch 770036 Financial Services Corporation (Transvaal) (Pty) Ltd PO Box 87463 Houghton 204137 First Light Administration Services (Pty) Ltd Postnet Suite 64 Private Bag X1005 Claremont 773538 Fundwise Management Services (Pty) Ltd PO Box 37382 Overport 406739 Fussell & Associates Employee Benefits (Pty) Ltd PO Box 391766 Bramley 201840 GIB Financial Services (Pty) Ltd PO Box 7887 Johannesburg 200041 Glenrand - MIB Benefit Services (Pty) Ltd PO Box 3529 Randburg 212542 Global Asset Management & Financial Services (Pty) Limited PO Box 73614 Fairland 203043 Goodsure Employee Benefits (Pty) Ltd PO Box 434 Rondebosch 770144 Grant Thornton Kessel Feinstein Financial

Planning Services (Pty) Ltd Private Bag X28 Benmore 201045 Hibiscus Financial Brokers (Pty) Ltd PO Box 357 Margate 427546 Hollard Life Assurance Company Ltd PO Box 2697 Randburg 212547 Imbewu Fund Administrators (Pty) Ltd PO Box 2452 Johannesburg 200048 Intergrated Portfolio Management CC PO Box 28661 Kensington 210149 Investec Employee Benefits Ltd PO Box 666 Johannesburg 200050 Investec Private Trust Limited PO Box 785700 Sandton 2146

TABLE 13 REGISTERED ADMINISTRATORSAS AT 30 SEPTEMBER 2003 (continued)

23

NAME POSTAL ADDRESS

51 Iota Group Benefits PO Box 37223 Birnam Park 201552 ISS Employee Benefits Administration (Pty) Ltd PO Box 1699 Saxonwold 213253 Jeremy Gallet & Associates (Pty) Ltd PO Box 359 Saxonwold 213254 Key Trends Employee Benefits Administrators (Pty) Ltd PO Box 25415 Monument Park 010555 Lance Van Driel & Associates CC PO Box 16350 Veganview 161256 Lefika Employee Benefits (Pty) Ltd PO Box 1588 Pretoria 000157 Lifesense Financial Services Private Bag X135 Bryanston 202158 M Cubed Capital Ltd PO Box 41259 Craighall 202459 MBT Employee Benefits Administrators PO Box 35346 Menlopark 010260 Metropolitan Odyssey Ltd PO Box 71 Cape Town 800061 Momentum Group Limited PO Box 786600 Sandton 214662 Momentum Wealth (Pty) Ltd PO Box 7286 Pretoria 000163 Moriting Employee Benefits PO Box 260226 Excom 202364 Multilect Administrators (Pty) Ltd PO Box 359 Saxonwold 213265 Multisure (Pty) Ltd PO Box 1611 Hougton 204166 NBC Employee Benefits (Pty) Ltd PO Box 78756 Sandton 214667 NBC Fund Administration Services (Pty) Ltd PO Box 78756 Sandton 214668 NBC Negotiated Benefits Consultants (Pty) Ltd PO Box 78756 Sandton 214669 Nicol Laidlaw Dynes & Associates CC PO Box 5721 Walmer 606570 Oasis Administration (Pty) Ltd PO Box 1217 Cape Town 800071 Ovation Global Investment Services (Pty) Ltd PO Box 98 Newlands 772572 P & D Financial Services CC PO Box 13454 Northmead Benoni 151173 Penpro Administrators (Pty) Limited PO Box 14656 Farramere 151874 People Human Resource and Payroll Management Services (Pty) Ltd PO Box 3075 Randburg 212575 Profmin PO Box 3129 Northcliff 211576 Providence Consultants, Actuaries & Fund Managers PO Box 35465 Northway 406577 PSI Consulting (Pty) Ltd PO Box 652849 Benmore 201078 Regent Life Assurance Company Limited PO Box 4155 Edenvale 161079 Rentmeester Assurance Ltd PO Box 403 Pretoria 000180 Retfund Consultants and Administrators CC PO Box 2313 Wingate Park 015381 Retirement Fund Solutions (Pty) Ltd PO Box 13355 Hatfield Pretoria 002882 RNE Financial Services (Pty) Ltd PO Box 2915 Beacon Bay 520583 Robson Savage (Pty) Ltd PO Box 3041 Houghton 204184 Roxburgh Administrators CC PO Box 47107 Parklands 212185 Sage Life Ltd PO Box 290 Johannesburg 200086 Sasfin Financial Advisory Services (Pty) Ltd PO Box 95104 Grant Park 205187 Self Assurance Employee Benefit Administrator PO Box 87343 Houghton 204188 SME Benefit Administrators (Pty) Ltd (Under Curatorship) PO Box 1252 Lonehill 206289 South City Employee Benefit Consultants (Pty) Ltd PO Box 1470 Port Elizabeth 600090 Southern Africa Quantum Employee Benefits (Pty) Ltd PO Box 781687 Sandton 214691 Sovereign Fairsure Employee Benefits (Gauteng) (Pty) Ltd PO Box 76470 Wendywood 214492 Sovereign Fairsure Employee Benefits (Pty) Ltd PO Box 1463 Cape Town 800093 Specialist Fund Administrators CC PO Box 1007 Ballito 442094 Sterling Alliance Fund Administrators PO Box 4300 Tyger Valley 753695 Ten-50-Six Funds Administrators (Pty) Ltd PO Box 23204 Cape Town 800096 Tennant Benefit Consultants (Pty) Ltd PO Box 64 Buccleuch 206697 Theron Du Plessis Management Services (Pty)Ltd PO Box 48 Middelburg Eastern Cape 590098 TMA Investment Products Services (Pty) Ltd PO Box 783113 Sandton 219699 Total Care Strategy (Cape) (Pty) Ltd PO Box 18403 Wynberg 7824100 Trilogy Benefits Group (Pty) Ltd Private Bag X87 Bryanston 2021101 Ukwena Provident Fund Administrators (Pty) Ltd PO Box 18237 Sunward Park 1470102 Ultimate Fund Administrators (Pty) Ltd PO Box 721 Cramerview 2060103 Umbrella Management Services Company PO Box 411589 Craighall 2024104 Van Der Linde De Villiers Actuaries & Consultants (Pty) Ltd PO Box 880 Randburg 2125

TABLE 13 REGISTERED ADMINISTRATORSAS AT 30 SEPTEMBER 2003 (continued)

24

NAME POSTAL ADDRESS

105 Vic Glassock & Associates CC PO Box 72280 Parkview 2122106 Wilfred Dutton (Pty) Ltd T/A Reef Assurance PO Box 1558 Benoni 1500107 Witwatersrand Pension Administrators (Pty) Ltd PO Box 1760 Northcliff 2115108 Wynne-Jones & Company Employee Benefits

Consultants (Pty) Ltd PO Box 2140 Houghton 2041

(B) INVESTMENT MANAGERS

NAME POSTAL ADDRESS

1 ABSA Asset Management (A Division of ABSA Bank Ltd) PO Box 1064 Auckland Park 20062 African Harvest Fund Managers (Pty) Ltd PO Box 23855 Claremont 77353 Allan Gray Ltd PO Box 51318 V&A Waterfront 80204 Alliance Capital Management (Pty) Ltd PO Box 131186 Bryanston 20215 AMB Foord Asset Management (Pty) Ltd PO Box 135 Howard Place Cape Town 74506 Ansbacher (South Africa) PO Box 78243 Sandton 21467 Appleton Asset Management Ltd PO Box 2105 Johannesburg 20008 Aurica Financial Services Group (Pty) Ltd PO Box 811 Saxonwold 21329 BOE Asset Management Ltd PO Box 86 Cape Town 800010 BOE Bank Ltd PO Box 86 Cape Town 800011 BOE (Pty) Ltd PO Box 86 Cape Town 800012 Calibre Asset Management (Pty) Ltd Private Bag X033 Rivonia 212813 Capital Alliance Securities (Pty) Ltd PO Box 833 Newtown 211314 Commercial Union Investment Management (SA) Ltd PO Box 2858 Cape Town 800015 Consilium Capital SA (Pty) Ltd PO Box 2512 Parklands 212116 Cornerstone Fund Managers (Pty) Ltd PO Box 4301 Pretoria 000117 Coronation Asset Management (Pty) Ltd PO Box 993 Cape Town 800018 Cortal Direct (Pty) Ltd PO Box 2322 Johannesburg 200019 DWM Asset Management (Pty) Ltd PO Box 11657 Erasmuskloof 004820 Fairheads Asset Managers (Pty) Ltd PO Box 4392 Cape Town 800021 Fame Portfolios (Pty) Ltd PO Box 6717 Westgate 173422 Fedsure Asset Management Company (Pty) Ltd PO Box 666 Johannesburg 200023 Fenestra Asset Management (Pty) Ltd PO Box 45085 Claremont 773524 Finance Futures & Options Nominees (Pty) Ltd PO Box 5242 Horison 173025 First National Asset Management & Trust Company (Pty) Ltd PO Box 6901 Johannesburg 200026 Fleming Martin Asset Management Ltd PO Box 1843 Saxonwold 213227 Foord & Meintjes (Pty) Ltd PO Box 135 Howard Place 745028 Franklin Templeton NIB Investment Limited PO Box 206 Cape Town 800029 Frater, Luyt & Associates (Pty) Ltd PO Box 13 Cape Town 800030 Gensec Asset Management (Pty) Limited Private Bag X8 Tyger Valley 753631 Huysamer Stals (Pty) Ltd PO Box 11585 Johannesburg 200032 Interneuron (Pty) Ltd Terrace No T8 The Village Beach Road Hout Bay 780633 Investec Asset Management (Pty) Ltd PO Box 1655 Cape Town 800034 IPAC South Africa Limited PO Box 44604 Claremont 773535 Mawenzi Asset Managers (Pty) Ltd Private Bag X23736 Claremont 773536 Melville Douglas Investment Management (Pty) Ltd PO Box 411184 Craighall 202437 Momentum International Multimanagers (Pty) Ltd PO Box 8370 Centurion 004638 NBS Life Assurance Company Ltd PO Box 49175 East End 401839 Nedcor Investment Bank Ltd PO Box 206 Cape Town 800040 New Republic Bank Asset Management (Pty) Ltd PO Box 784647 Sandton 214641 Norwich Investments SA Ltd PO Box 1226 Cape Town 800042 Oasis Asset Management (Pty) Ltd PO Box 1217 Cape Town 800043 Old Mutual Asset Managers (South Africa) (Pty) Ltd PO Box 878 Cape Town 800044 Optivest Plexus Asset Management (Pty) Ltd PO Box 863 Durbanville 7551

TABLE 13 REGISTERED ADMINISTRATORSAS AT 30 SEPTEMBER 2003 (continued)

25

NAME POSTAL ADDRESS

45 Peregrinequant (Proprietary) Limited PO Box 44586 Claremont 773546 PJDJ Investments (Pty) Ltd PO Box 73022 Fairland 203047 PLJ Financial Services Ltd PO Box 61465 Marshalltown 210748 Prudential Portfolio Managers (SA) (Pty) Ltd PO Box 44813 Claremont 773549 PSG Asset Management (Pty) Ltd PO Box 7917 Roggebaai 801250 Quantitative Asset Management Company (Pty) Ltd PO Box 206 Cape Town 800051 Quyn Martin Asset Management (Pty) Ltd PO Box 78055 Sandton 214652 Real Africa Asset Management (Pty) Ltd PO Box 44946 Claremont 773553 Regarding Capital Management (Pty) Ltd PO Box 51615 Waterfront 800254 RMB Asset Management (Pty) Ltd PO Box 786130 Sandton 214655 RMB Properties (Pty) Ltd PO Box 786130 Sandton 214656 Robert Cowen Investments (Pty) Ltd PO Box 52784 Saxonwold 213257 Simeka Financial Services PO Box 790 Parklands 212158 Southern Asset Management (Pty) Ltd PO Box 20 Newlands 772559 Standard Corporate & Merchant Bank PO Box 61344 Marshalltown 210760 Stanlib Asset Management Ltd PO Box 203 Melrose Arch 207661 Tri-Linear Asset Management (Pty) Ltd PO Box 819 Howard Place 745062 Umbono Fund Managers (Pty) Ltd Postnet Suite 201 Private Bag X30500 Houghton 204163 Value Portfolio Managers (Pty) Ltd PO Box 2356 Bedfordview 200864 Velocity Asset Management (Pty) Ltd Private Bag X1005 Claremont 770065 Viking Investments & Asset Management Ltd PO Box 71337 Bryanston 2021

(C) BENEFIT ADMINISTRATORS & INVESTMENT MANAGERS

NAME POSTAL ADDRESS

1 Anglo American Corporation of SA Ltd PO Box 61587 Marshalltown 21072 Capro Ltd PO Box 9384 Johannesburg 20003 Citadel Administration Services (Pty) Ltd PO Box 23388 Claremont 77354 Coris Capital (Pty) Ltd PO Box 1588 Pretoria 00015 Finsource (Pty) Ltd PO Box 3149 Cape Town 80006 First National Bank Holdings Ltd PO Box 9773 Johannesburg 20007 Galaxy Portfolio Services Limited PO Box 460 Howard Place 74508 Golding & Slabbert (Pty) Ltd PO Box 2514 Johannesburg 20009 Highveld Steel & Vanadium Corporation Ltd PO Box 111 Witbank 103510 Independent Newspapers Holdings Ltd PO Box 1014 Johannesburg 200011 Independent Securities (Pty) Ltd PO Box 2849 Houghton 204112 Investec Investment Management Services PO Box 785700 Sandton 214613 Investment Solutions Ltd PO Box 786055 Sandton 214614 JR Winson Trading and Investments (Pty) Ltd 20 Pitchford Road Northcliff 219515 Johannesburg Stock Exchange PO Box 1174 Johannesburg 200016 Liberty Group Limited PO Box 10499 Johannesburg 200017 Liberty Healthcare (Pty) Ltd Private Bag X62 Braamfontein 201718 Liberty Specialised Investments (Pty) Ltd PO Box 78757 Sandton 214619 Marriott Trust (Pty) Ltd PO Box 207 Durban 400020 Messina Investments Ltd PO Box 132 Maraisburg 170021 Metal Industries Benefit Funds Administrators PO Box 7507 Johannesburg 200022 Metropolitan Life Ltd PO Box 2212 Bellville 753523 Migration Financial Services (Pty) Ltd Private Bag X140 Rivonia 212824 Old Mutual Employee Benefits PO Box 1014 Cape Town 800025 Pietermaritzburg-Msunduzi Transitional Local Council PO Box 261 Pietermaritzburg 3200

TABLE 13 REGISTERED ADMINISTRATORSAS AT 30 SEPTEMBER 2003 (continued)

26

NAME POSTAL ADDRESS

26 Public Servants Association of SA PO Box 40404 Arcadia 000727 Regal Employee Benefits Ltd PO Box 3215 Rivonia 212828 Sanlam PO Box 1 Sanlamhof 753229 Sanlam Personal Portfolios (Pty) Ltd Private Bag X5 Tyger Valley 763630 Sefalana Employee Benefits Organisation (Sebo) Private Bag X1 Mmabatho 273531 South African Reserve Bank PO Box 427 Pretoria 000132 Stanlib Wealth Management Limited PO Box 2 Melrose Arch 207633 Transitional Local Council of the Greater Germiston PO Box 3 Bedfordview 200834 UAL Investment Planning Services (Pty) Ltd PO Box 582 Johannesburg 2000

(D) EMPLOYER ADMINISTRATORS

NAME POSTAL ADDRESS

1 Adcock Ingram Ltd PO Box 2499 Halfway House 16852 Administratiewe Buro Van Die Gereformeerde Kerke In SA PO Box 20004 Noordbrug 25223 AECI Ltd PO Box 1122 Johannesburg 20004 African Oxygen Ltd - Retirement Funds Division PO Box 5404 Johannesburg 20005 Amalgamated Beverage Industries Ltd PO Box 76202 Wendywood 21446 Andrag (Pty) Ltd PO Box 364 Bellville 75357 Anglo Platinum Management Services (Pty) Ltd PO Box 62179 Marshalltown 21078 Avfin Marketing (Pty) Limited PO Box 2867 Randburg 21259 Bay Union Administrators (Pty)Ltd PO Box 795 Durban 400010 Beacon Registrars (Pty) Ltd PO Box 414041 Craighall 202411 Bell Dewar & Hall Incorporated PO Box 1972 Houghton 204112 BOE Bank Besigheidsdivisie van BOE Bank Beperk PO Box 4 Paarl 762213 Bongani Economic Empowerment Trust PO Box 7320 Halfway House 168514 Brink Cohen Le Roux & Roodt Inc PO Box 2404 Houghton 204115 CGU Insurance Limited PO Box 3555 Johannesburg 200016 Chamber of Mines of SA PO Box 61809 Marshalltown 210717 Commlife Retirement Fund Administrators (Pty) Ltd Private Bag X1 Mowbray 770518 Coopers & Lybrand Incorporated PO Box 2536 Johannesburg 200019 Crocodile Valley Citrus Company (Pty) Ltd Private Bag 11210 Nelspruit 120020 CTP Ltd PO Box 6060 Parow East 750121 Deutsche Securities (Pty) Ltd Private Bag X9933 Sandton 214622 Edgars Stores Ltd PO Box 200 Crown Mines 202523 Ellerine Holdings Ltd PO Box 458 Germiston 140024 Eskom Pension and Provident Fund Private Bag X50 Bryanston 202125 Eskort Limited PO Box 1 Estcourt 331026 First Bowring Insurance Brokers (Pty) Ltd PO Box 61787 Marshalltown 210727 Foschini Group (Pty) Ltd PO Box 6020 Parow East 750128 Fuelectric Management Co (Pty) Ltd PO Box 773 Vereeniging 193029 GD Financial Services PO Box 2556 Northcliff 211530 Glass SA (Pty) Ltd PO Box 52561 Saxonwold 213231 Grant Thornton Kessel Feinstein Private Bag X28 Benmore 201032 Heindill Dienste Bk PO Box 925 Nelspruit 120033 Hospitality Industry Pension Provident Fund PO Box 62244 Marshalltown 210734 Hymans Robertson & Company (Pty) Ltd PO Box 1818 Randburg 212535 ICL (SA) (Pty) Ltd PO Box 3467 Rivonia 212836 Igolide Health Networks (Pty) Ltd Private Bag X2053 Carletonville 250037 Industrial Development Corporation of SA Ltd PO Box 784055 Sandton 214638 Interoc (Pty) Ltd PO Box 607 Springs 1560

TABLE 13 REGISTERED ADMINISTRATORSAS AT 30 SEPTEMBER 2003 (continued)

27

NAME POSTAL ADDRESS

39 Irvin & Johnson Ltd PO Box 1628 Cape Town 800040 Iscor Employees Provident Fund PO Box 19749 Pretoria 011741 JIC Mining & Construction (Pty) Ltd PO Box 9446 Pretoria 000142 Klerksdorp Medical Benefit Society PO Box 326 Klerksdorp 257043 Kwazulu Natal Master Builders & Allied Industries Association PO Box 582 Westville 363044 KWV of SA Ltd PO Box 528 South Paarl 762445 Land & Agricultural Bank of SA (Land Bank) PO Box 375 Pretoria 000146 Lion Match Company Ltd PO Box 918 Durban 400047 Lonmin Management Services (Pty) Ltd PO Box 1146 Johannesburg 200048 Marley (SA) (Pty) Ltd PO Box 6684 Johannesburg 200049 Martin Von Fintel PO Box 1390 Pietermaritzburg 320050 Mercantile Bank Ltd PO Box 782699 Sandton 214651 Methodist Connexional Office PO Box 50216 Musgrave 406252 Motor Industry Fund Administrators (Pty) Ltd Private Bag X10095 Randburg 212553 Municipal Employees Pension Fund Private Bag X041 Benoni 150054 Nederduitse Gereformeerde Kerk In SA PO Box 144 Cape Town 800055 Nestlé Pension Trust (SA) (Pty) Ltd PO Box 50616 Randburg 212556 Newcastle Transitional Local Council Private Bag X6621 Newcastle 294057 Newcomen Trust CC PO Box 11748 Hatfield 002858 NWK Limited PO Box 107 Lichtenburg 274059 Oranje Vrouevereniging PO Box 3104 Bloemfontein 930060 Potchefstroom City Council PO Box 113 Potchefstroom 252061 Power Pack Pension Fund PO Box 1822 Florida Hills 171662 Presbyterian Church of Southern Africa PO Box 96188 Brixton 201963 Primetank (Pty) Ltd PO Box 55398 Northlands 211664 Pro Therm Systems (Pty) Ltd PO Box 1109 Bramley 201865 Quality Springs (Pty) Ltd PO Box 16032 Doornfontein 202866 Rand Water PO Box 1127 Johannesburg 200067 SA Typographical Union (SATU) PO Box 1993 Pretoria 000168 South African Institute of Chartered Accountants (SAICA) PO Box 59875 Kengray 210069 South African Police Assurance Fund PO Box 35900 Menlo Park 010270 Specialized Engineering Products CC PO Box 2837 Kempton Park 162071 St Anne's Diocesan College PO Hilton 3245 Kwazulu-Natal72 Standard Bank of SA Ltd PO Box 7758 Johannesburg 200073 The Wanderers Club PO Box 55019 Northlands 211674 Thompsons Tours (Pty) Ltd PO Box 41032 Craighall 202475 Thor Chemicals SA (Pty) Ltd PO Box 67 Cato Ridge 368076 Tongaat-Hulett Group Ltd PO Box 3 Tongaat 440077 Transnet Ltd Private Bag X41 Braamfontein 201778 Transvaal Municipal Pension Fund Private Bag X041 Benoni 150079 Truworths Ltd PO Box 600 Cape Town 800080 Vrystaat Munisipale Pensioenfonds PO Box 843 Kroonstad 950081 Wooltru Finance (Pty) Ltd PO Box 680 Cape Town 800082 Woolworths (Pty) Ltd PO Box 680 Cape Town 800083 ZAI Incorporated PO Box 3540 Durban 4000

TABLE 14 – HUNDRED LARGEST SELF-ADMINISTERED FUNDSRANKED IN ORDER OF TOTAL ASSETS

28

FUND NUMBER FUND NAME TOTAL ASSETS

(R’m)

Assets from R1 billion upwards – 62 funds

12/8/1215 Sentinel Mining Industry Retirement Fund 22 98312/8/564 Eskom Pension and Provident Fund 22 56312/8/1216 Mine Employees Pension Fund 13 96212/8/31505 Telkom Retirement Fund 11 27912/8/1373 Standard Bank Group Retirement Fund 9 79512/8/27324 ABSA Group Pension Fund 9 64012/8/3130 FNB Pension Fund 9 57412/8/559 De Beers Pension Fund 6 79112/8/363 Yskor - Pensioenfonds 6 63712/8/23053 Mineworkers Provident Fund 6 32812/8/998 AECI Pension Fund 4 56412/8/33661 Old Mutual Staff Retirement Fund 4 13712/8/909 Cape Municipal Pension Fund 4 10512/8/32435 Durban Pension Fund 4 04612/8/32689 Cape Joint Retirement Fund 3 40912/8/2134 Anglo American Corporation Pension Fund 3 27712/8/318 Joint Municipal Pension Fund 3 10112/8/35423 Iscor Selector Voorsorgfonds 2 95012/8/19727 South African Local Authorities Pension Fund 2 93112/8/30624 Denel Retirement Fund 2 91512/8/689 Barlow’s Pension Fund 2 85212/8/1278 Cape Joint Pension Fund 2 78712/8/2451 Tongaat-Hulett Pension Fund 2 74612/8/7394 Denel Pensioenfonds 2 65512/8/385 Unilever SA Pension Fund 2 62312/8/1070 Sauk-Pensioenfonds 2 60412/8/23803 Printing Industry Pension Fund For Satu Members 2 50012/8/16350 Murray and Roberts Retirement Fund 2 46712/8/429 Nedcor Pension Fund 2 18412/8/3720 Altron Group Pension Fund 2 08112/8/30878 National Technikon Retirement Fund 2 03212/8/5625 Municipal Employees Pension Fund 2 02312/8/565 Motor Industry Pension Fund 1 86212/8/553 Natal Joint Municipal Pension Fund - (Superannuation) 1 77212/8/35064 National Fund For Municipal Workers 1 73512/8/5085 Palabora Mining Pension Fund 1 71312/8/15227 Investment Solutions Preservation Pension Fund 1 69912/8/5812 Wooltru Group Retirement Fund 1 66312/8/29609 Investec Investment Linked Preservation Pension Plan 1 59912/8/1652 Sappi Pension Fund 1 56812/8/16669 Auto Workers’ Pension Fund 1 56112/8/21267 Chemical Industries National Provident Fund 1 53312/8/5410 Engen Pension Fund 1 45112/8/29493 Nedcor Defined Contribution Provident Fund 1 42512/8/376 Nestlé Pension Fund 1 38712/8/35421 Iscor Selector Pensioenfonds 1 32712/8/29161 Investment Solutions Preservation Provident Fund 1 32612/8/327 Tshwane Municipal Pension Fund 1 31012/8/1273 Port Elizabeth Municipal Pension Fund 1 28312/8/32820 Galaxy Preservation (Pension) Fund 1 277

TABLE 14 – HUNDRED LARGEST SELF-ADMINISTERED FUNDSRANKED IN ORDER OF TOTAL ASSETS (continued)

29

FUND NUMBER FUND NAME TOTAL ASSETS(R’m)

12/8/8900 Nampak Group Pension Fund 1 24012/8/9472 Toyota South Africa Pension Fund 1 19812/8/12419 BP Southern Africa Pension Fund 1 10912/8/27484 Iscor Employees Provident Fund 1 08512/8/551 African Oxygen Limited Pension Fund 1 08012/8/10150 Foschini Group Retirement Fund 1 07912/8/12403 Anglo American Group Pension Fund 1 07112/8/32783 Auto Workers Provident Fund 1 06712/8/29607 Investec Investment Linked Preservation Provident Fund 1 05812/8/26512 Mondi Pension Fund 1 05012/8/22622 Investec Investment Linked Retirement Annuity 1 03412/8/31320 University of South Africa Retirement Fund 1 010

Assets between R500 million and R1 billion – 38 funds

12/8/31796 South African Municipal Workers’ Union National Provident Fund 94812/8/412 Vrystaat Munisipale Pensioenfonds 90812/8/29492 Nedcor Defined Contribution Pension Fund 88012/8/9968 Siemens Superannuation Fund 86812/8/6473 Misa Pension Fund 85412/8/26475 Bidcorp Group Provident Fund 85212/8/16489 Amplats Group Provident Fund 83412/8/16176 Liberty Pension Fund 83012/8/35733 Anglogold Pension Fund 82212/8/34554 Naspers Retirement Fund 79312/8/17317 Group Five Pension Fund 78112/8/34384 Edcon Provident Fund 74412/8/468 Shell SA Pension Fund 74112/8/31495 South African Reserve Bank Retirement Fund 73312/8/35100 Personal Portfolio Preservation Pension Fund 69712/8/16271 Bidcorp Group Pension Fund 69412/8/36043 Santam-Aftreefonds B 68612/8/30519 Automakers Retirement Fund 67912/8/858 Boart Longyear Pension Fund 67512/8/30965 Universiteit van Stellenbosch Aftreefonds 67212/8/864 Amplats Officials Pension Fund 66812/8/382 Germiston Municipal Retirement Fund 65912/8/21490 Investment Solutions Pension Fund 65912/8/3615 Predikante- en Weduwee-Pensioenfonds van die NG Kerk in SA 65312/8/1183 Edcon Pension Fund 64912/8/36983 KZN Municipal Pension Fund 64912/8/3699 Predikante Pensioenfonds 64912/8/30951 Univesity of Pretoria Provident Fund 64812/8/27946 British American Tobacco Retirement Fund 64312/8/30920 Barloworld (South Africa) Retirement Fund (Provident Section) 63712/8/31582 University of Cape Town Retirement Fund 61812/8/9345 Mutual and Federal Pension Fund 60512/8/1315 Rand Water Superannuation Fund 60412/8/32005 Impala Platinum Workers’ Provident Fund 60212/8/1057 Retail Retirement Fund 59612/8/32821 Galaxy Preservation (Provident) Fund 58012/8/3301 VW Pension Fund 56712/8/6676 Natal Joint Municipal Pension Fund (Retirement) 565

TABLE 15 – SELF-ADMINISTERED FUNDS

WITH MEMBERSHIP OVER 10 000

30

FUND NUMBER FUND NAME MEMBERS

12/8/23053 Mineworkers Provident Fund 217 52712/8/32783 Auto Workers Provident Fund 76 23512/8/564 Eskom Pension and Provident Fund 68 78412/8/7705 Mines 1970 Provident Fund 61 81412/8/31505 Telkom Retirement Fund 51 98812/8/36998 Contract Cleaning National Provident Fund 49 87712/8/1216 Mine Employees Pension Fund 49 31212/8/1215 Sentinel Mining Industry Retirement Fund 48 76812/8/16669 Auto Workers` Pension Fund 45 58412/8/5751 Iscor Retirement Fund 44 26812/8/27324 ABSA Group Pension Fund 40 88212/8/3130 FNB Pension Fund 34 73112/8/16489 Amplats Group Provident Fund 34 25712/8/1373 Standard Bank Group Retirement Fund 32 24112/8/32005 Impala Platinum Workers’ Provident Fund 30 69112/8/19727 South African Local Authorities Pension Fund 25 43112/8/31796 South African Municipal Workers’ Union National

Provident Fund 25 10312/8/21267 Chemical Industries National Provident Fund 23 85212/8/35064 National Fund for Municipal Workers 21 12712/8/32435 Durban Pension Fund 20 29112/8/32689 Cape Joint Retirement Fund 20 05012/8/559 De Beers Pension Fund 19 55212/8/27139 Masakhane Provident Fund (1998) 18 74612/8/29100 Anglogold Medical Benefit Provident Fund 17 31712/8/909 Cape Municipal Pension Fund 16 49712/8/5625 Municipal Employees Pension Fund 15 33212/8/35093 JIC Retirement Fund 15 06512/8/32184 Bargaining Council for the Contract Cleaning

Industry (Natal) Provident Fund 13 99712/8/23803 Printing Industry Pension Fund for Satu Members 13 77912/8/26585 PPWAWU National Provident Fund 12 85912/8/33661 Old Mutual Staff Retirement Fund 12 70512/8/22553 Johannesburg Municipal Group Life Assurance and

Provident Fund Scheme 12 65912/8/26475 Bidcorp Group Provident Fund 11 91912/8/27484 Iscor Employees Provident Fund 11 52812/8/565 Motor Industry Pension Fund 11 51212/8/1278 Cape Joint Pension Fund 10 95412/8/6676 Natal Joint Municipal Pension Fund (Retirement) 10 88412/8/5812 Wooltru Group Retirement Fund 10 58812/8/363 Yskor – Pensioenfonds 10 58412/8/29493 Nedcor Defined Contribution Provident Fund 10 50812/8/31013 Imperial Group Provident Fund 10 45912/8/21917 Reinforced Provident Fund 10 26012/8/35421 Iscor Selector Pensioenfonds 10 05512/8/36041 Provsave Provident Fund 10 048

TABLE 16 - SELF-ADMINISTERED FUNDS IN DEFAULT FOR SUBMISSION OF FINANCIAL RETURNS AS AT CUT-OFF DATE30 SEPTEMBER 2003

31

REFERENCE FUND NAME YEAR-ENDNUMBER

12/8/36620 11(K) Pension Plan 30/09/200212/8/36621 11(K) Provident Plan 30/09/200212/8/36669 11(K) Provident Preservation Plan 30/09/200212/8/36670 11(K) Pension Preservation Plan 30/09/200212/8/36446 ABSA Compak Pension Fund (The) 31/10/200212/8/36447 ABSA Compak Provident Fund (The) 31/10/200212/8/29041 Ackermans Pensioenfonds 30/06/200212/8/29743 Adcock Ingram Provident Fund 30/09/200212/8/25007 ADT Security Provident Fund 30/06/200212/8/9229 AECI Employees Pension Fund 28/02/200212/8/35450 African Bank Limited Pension Fund 30/09/200212/8/9657 Amplats Provident Fund 31/12/200212/8/16871 Amrel Pension Fund 31/03/200212/8/32004 Amrel Provident Fund 30/04/200212/8/30202 Anchor Provident Fund 28/02/200212/8/4291 AON Staff Pension Fund 31/12/200212/8/7922 Apostoliese Geloof Sending Van Suid Afrika

Personeel Voorsorgfonds 31/12/200212/8/35595 Armed Response Group Provident Fund 30/06/200212/8/16048 Associated Furniture Companies Ltd Retirement Benefit Fund 28/02/200212/8/4725 Aventura Pension Fund 31/12/200212/8/29148 BANP Negotiated Provident Fund 31/07/200212/8/35796 Barloworld Logistics Provident Fund 31/08/200212/8/23728 BAT No2 Pension fund 31/12/200212/8/33279 Bateleur Provident Fund 28/02/200212/8/35586 Bergman-Ingerop Staff Pension Fund 31/08/200212/8/31611 BOE / NBS Retirement Fund 30/04/200212/8/25712 Border Tin and Steel Provident Fund 30/04/200212/8/30857 Bosal Afrika Group Provident Fund 31/12/200212/8/37022 Bosele National Provident Fund 30/06/200212/8/21583 BSP Provident Fund 28/02/200212/8/12908 CA Brand Pension Fund 31/12/200212/8/29932 Capital Alliance Holdings Ltd Pension Fund 31/12/200212/8/494 Cementation Company Provident Fund 31/12/200212/8/23684 CGU Holdings Limited Provident Fund 31/12/200212/8/35566 Champagne Preservation Pension Fund 30/04/200212/8/35565 Champagne Preservation Provident Fund 30/04/200212/8/35567 Champagne Umbrella Pension Fund 30/04/200212/8/35081 Channel Pension Fund 28/02/200212/8/35084 Channel Provident Fund 28/02/200212/8/35835 Channel Provider Provident Fund 28/02/200212/8/3722 City of Johannesburg Pension Fund 30/06/200212/8/33523 Cliffe Dekker Directors Provident Fund 31/07/200212/8/36323 Computershare Services Retirement Fund 30/06/200212/8/34756 Consilium Capital (SA) (Pty) Ltd Pension Fund 31/03/200212/8/25621 Consolidated Provident Fund 31/10/200212/8/21021 Corporate Management Services Pension Fund 30/06/200212/8/31388 De Leuw Incorporated Provident Fund 28/02/200212/8/33863 Decentralised Clothing Industry Provident Fund 31/12/200212/8/34222 Degremont Pension Fund 31/12/200212/8/26103 Denkavit (SA) Pension Fund 30/06/200212/8/36710 Destiny Umbrella Provident Fund 31/12/200212/8/25838 Distell Retirement Fund 31/05/200212/8/35846 Docex Retirement Fund 30/06/200212/8/36703 DWM Preservation Pension Fund 31/10/2002

TABLE 16 - SELF-ADMINISTERED FUNDS IN DEFAULT FOR SUBMISSION OF FINANCIAL RETURNS AS AT CUT-OFF DATE

30 SEPTEMBER 2003 (continued).

32

REFERENCE FUND NAME YEAR-ENDNUMBER

12/8/36702 DWM Preservation Provident Fund 31/10/200212/8/36935 Dyefin Pension Fund 30/06/200212/8/6458 E Schweicker DT Pension Fund 31/12/200212/8/12991 Echo Foundation Pension Fund 31/03/200212/8/34031 Ecolab South Africa Provident Fund 31/12/200212/8/19236 Eda Trust Pension Fund 30/06/200212/8/36961 Ejoburg Retirement Fund 30/06/200212/8/12121 ELC Pension Fund 31/12/200212/8/35010 Elite Medistrat Pension Fund 31/10/200212/8/29696 EVN Services Provident Fund 30/06/200212/8/35499 Exatrade Retirement (Provident) Fund 31/10/200212/8/18847 Fairheads Group Pension Fund 31/12/200212/8/16873 Fairheads Group Provident Fund 31/12/200212/8/33901 Fedstone Retail Retirement Fund 31/12/200212/8/36494 Finstruct Stakeholders Pension Fund 30/04/200212/8/35274 First Central Insurance Pension Fund 31/12/200212/8/9274 Foldo Blinds Pension and Life Assurance Fund 28/02/200212/8/23083 Food and Allied Workers Provident Fund 31/12/200212/8/30758 Forgeweld Engineering Group Provident Fund 31/08/200212/8/22060 Free State Co-operative Limited Provident Fund 31/03/200212/8/34860 Gallagher Estate Pension Fund 31/03/200212/8/32027 Garden Route Carriers Provident Fund 31/12/200212/8/17838 GEA SA Pension Scheme 31/12/200212/8/34092 Genbel Provident Fund 28/02/200212/8/13019 GEO Kristalmyne Pensioenfonds 28/02/200212/8/35070 GEO Voorsorgfonds 31/10/200212/8/29410 Gilbey Group Retirement Fund 28/02/200212/8/6153 Gilbey Pension Scheme 28/02/200212/8/19454 Gray Security Services Group Provident Fund 31/08/200212/8/36636 Group Workers Provident Fund 31/10/200212/8/3018 Guardian Assurance South African Pension Fund 28/02/200212/8/35978 Guardian Pharmacy Group Provident Fund 31/12/200212/8/3774 Guinness United Distillers SA Pension Fund 31/03/200212/8/6978 Halsted and Co Pension Fund 30/06/200212/8/16080 Hawker Siddeley Africa Pension Fund 28/02/200212/8/33508 Health Management Institute (Pty) Ltd and

Associated Companies Provident Fund 28/02/200212/8/35687 Highveld Personnel Provident Fund 28/02/200212/8/18200 Hollard Employee Pension Fund 30/11/200212/8/35885 Hollard Employees Provident Fund 30/11/200212/8/28239 Hudaco Friction Provident Fund 31/12/200212/8/33203 Hymans Robertson Provident fund 31/12/200212/8/36180 Icas Southern Africa Pension Fund 30/04/200212/8/31240 Ikhwezi Transport Provident Fund 31/01/200212/8/36548 IMG Provident Fund 31/03/200212/8/16483 Infinity Provident Fund 31/08/200212/8/32075 Informark Pension Fund 31/12/200212/8/35838 Interim Private Security Services Industry Provident Fund 31/05/200212/8/30113 Interwil Pension Fund 30/04/200212/8/37006 IOTA Employers Provident Fund 30/04/200212/8/35942 IQ Business Pension Fund 31/03/200212/8/3190 JD Group Defined Contribution Pension Fund 31/12/200212/8/25261 JGA Umbrella Pension Fund 31/12/200212/8/390 Johannesburg Municipal Pension Fund 30/06/2002

TABLE 16 - SELF-ADMINISTERED FUNDS IN DEFAULT FOR SUBMISSION OF FINANCIAL RETURNS AS AT CUT-OFF DATE30 SEPTEMBER 2003 (continued).

33

REFERENCE FUND NAME YEAR-ENDNUMBER

12/8/20698 John Moffat Prolock Pension Fund 30/11/200212/8/31022 Justine-Avon Pension Fund 31/12/200212/8/7355 Kaymac Holdings Pension 31/03/200212/8/35849 Kevin Pickard Projects Provident Fund 30/06/200212/8/12434 Knorr-Bremse Provident Fund 31/12/200212/8/23625 Kwazulu Natal Provident Fund 31/10/200212/8/29163 LabelPak Provident Fund 31/08/200212/8/34083 Lagric Voorsorgfonds 28/02/200212/8/12478 Laser Group Pension Fund (The) 30/09/200212/8/21680 Laser Group Provident Fund (The) 30/09/200212/8/6680 Le Carbone Pension Fund 30/11/200212/8/32986 Le Carbone Provident Fund 30/11/200212/8/34864 Leisurenet Provident Fund 28/02/200212/8/3603 Llanwarne Estates Provident Fund 31/12/200212/8/23721 Lustre Group Pension Fund 30/09/200212/8/36572 M&I Pension Fund 31/03/200212/8/17791 Magalies Water Retirement Fund 31/03/200212/8/29455 Maizey's Provident Fund 31/07/200212/8/14771 Man-Dirk Group Pension and Life Assurance Scheme 30/06/200212/8/35691 Marriott Preservation Provident Fund 30/06/200212/8/30960 Marriott Provident Fund 31/12/200212/8/4026 Maskew Miller Longman Pension Fund 31/05/200212/8/26446 MBS Provident Fund 28/02/200212/8/19580 Merck Group Pension Fund 30/09/200212/8/20196 Metmar Provident Fund 30/06/200212/8/11653 Mitek South Africa Pension Fund 31/12/200212/8/17318 Monitor Engineering Pension Fund 31/12/200212/8/35269 Moregro Profile Fund 31/03/200212/8/25217 Morkels Group Pension Fund 31/03/200212/8/36672 Multi-Linked Provident Enhancement Fund 31/03/200212/8/30672 Multi-Linked Continuum Pension Fund 31/07/200212/8/36564 Multi-Linked Pension Fund 31/03/200212/8/30144 Multi-Linked Continuum Provident Fund 28/02/200212/8/36673 Multi-Linked Pension Enhancement Fund 31/03/200212/8/36428 Multirand Umbrella Defined Benefit Pension Fund 30/09/200212/8/36577 National Defined Contribution Benefit Fund 30/04/200212/8/32666 NCD Voorsorgfonds 28/02/200212/8/24599 Nettex Group Pension Fund 31/03/200212/8/36345 New Millenium Retirement Annuity Fund 28/02/200212/8/5650 Newmarket Pension Fund 31/12/200212/8/36249 Northerns Cricket Union Provident Fund 30/11/200212/8/33816 NWWSA Pension Fund 30/06/200212/8/21389 OK Bazaars (1929) Limited Retirement Fund 31/10/200212/8/34622 Otis (South Africa) Provident Fund 31/12/200212/8/35685 Ovation Pension Fund 31/12/200212/8/35684 Ovation Provident Fund 31/12/200212/8/35336 P & D Provident Fund 30/06/200212/8/36661 P2 Construction Projects Provident Fund 30/06/200212/8/9384 Paragon Business Forms Retirement Fund 31/12/200212/8/18599 Perskor (Tegniese Personeel) Pensioenfonds 28/02/200212/8/36533 Phumelela Pension Fund 31/07/200212/8/36534 Phumelela Provident Fund 31/07/200212/8/32056 Power Pack Pension Fund 31/10/200212/8/31663 Pretoria Portland Cement Defined Contribution Pension Fund 28/02/2002

TABLE 16 - SELF-ADMINISTERED FUNDS IN DEFAULT FOR SUBMISSION OF FINANCIAL RETURNS AS AT CUT-OFF DATE

30 SEPTEMBER 2003 (continued).

34

REFERENCE FUND NAME YEAR-ENDNUMBER

12/8/31664 Pretoria Portland Cement Defined Contribution Provident Fund 28/02/200212/8/35682 Private Enterprises Retirement Fund 28/02/200212/8/33450 Pro-Fortune Provident Fund 31/08/200212/8/35944 Protarp Provident Fund 30/11/200212/8/21339 Pure Cane Molasses Company Staff Pension Fund 31/10/200212/8/31368 Radford Provident Fund 28/02/200212/8/20454 Rand Aid Association Pension Fund 31/12/200212/8/3066 Randse Kooperatiewe Voorsorgfonds 31/12/200212/8/25458 RBCT Executive Provident Fund 31/12/200212/8/25068 Rennies Group Staff Provident Fund 30/06/200212/8/33208 Retail Corporation Pension Fund 28/02/200212/8/22496 Retail Corporation Provident Fund 28/02/200212/8/29514 RJ Southey Provident Fund 30/06/200212/8/6925 Robertsons Pension Fund 30/06/200212/8/27419 Robertsons Provident Fund 30/06/200212/8/1751 Rock Pension Fund 31/12/200212/8/22027 SGFM Provident Fund 31/05/200212/8/29720 SA Stamboekvoorsorgfonds 31/12/200212/8/20395 Sabre Retirement Fund 30/06/200212/8/35642 Sammy G Provident Fund 28/02/200212/8/1562 Santam Pensioenfonds 31/12/200212/8/30549 Satu National Provident Fund 31/12/200212/8/35805 Selector Bewaringspensioenfonds 31/12/200212/8/35806 Selector Bewaringsvoorsorgfonds 31/12/200212/8/36936 Sentry Group Pension Scheme 30/06/200212/8/31886 Serenity Nursing Home Pension Fund 31/10/200212/8/20541 Serina Provident Fund 30/06/200212/8/36334 SGA Intergrators Provident Fund 31/07/200212/8/35624 Shaft Sinkers Provident Fund (1997) 31/03/200212/8/36202 Sheraton Group Retirement Fund 31/12/200212/8/21914 Sherwood Pension Scheme 28/02/200212/8/35895 Silk and Textile Industries (Pty) Ltd Provident Fund 31/12/200212/8/36131 Small and Medium Enterprise Independent Pension

Fund (Umbrella) 30/06/200212/8/36132 Small and Medium Enterprise Independent Preservation

Pension Fund 30/06/200212/8/36126 Small and Medium Enterprise Independent Preservation

Provident Fund 30/06/200212/8/36130 Small and Medium Enterprise Independent Provident

Fund (Umbrella) 30/06/200212/8/36128 Small and Medium Enterprise Independent Retirement

Annuity Fund 30/06/200212/8/36714 Sonae Pension fund 31/12/200212/8/36713 Sonae Provident fund 31/12/200212/8/29219 South African Breweries Staff Provident Fund (The) 31/03/200212/8/2454 South African Press Association Pension Fund 31/12/200212/8/13562 Speedy Pension Fund 31/12/200212/8/36029 Spier Group Retirement Fund 31/07/200212/8/30910 St Paulus School Pension Fund 31/05/200212/8/24548 Stirflow Provident Fund 30/11/200212/8/29935 Stirling Securities Provident Fund 28/02/200212/8/36944 Supaswift Provident Fund 30/11/200212/8/25122 Super Group Pension Fund 30/09/200212/8/28382 Super Group Provident Fund 30/09/200212/8/36897 Sybase South Africa Provident Fund 31/08/2002

TABLE 16 - SELF-ADMINISTERED FUNDS IN DEFAULT FOR SUBMISSION OF FINANCIAL RETURNS AS AT CUT-OFF DATE30 SEPTEMBER 2003 (continued).

35

REFERENCE FUND NAME YEAR-ENDNUMBER

12/8/29807 System 16 Staff Provident Fund 31/12/200212/8/26836 TAB Provident Fund 31/12/200212/8/24917 TAC Provident Fund 30/11/200212/8/29206 Teljoy Provident Fund 30/09/200212/8/33117 TNT Container Logistics Pension Funds 31/12/200212/8/36373 Top Form Packaging Pension Fund 28/02/200212/8/33112 Trans-50-Pensioensfonds 31/12/200212/8/32766 Trilogy Benefits Group (Past Service Pension Fund) 28/02/200212/8/21779 Trilogy Benefits Group Preservation Pension Fund 28/02/200212/8/34225 UPD Retirement Fund 28/02/200212/8/36761 Umtata Municipality Provident Fund 31/08/200212/8/28200 Unibank Provident Fund 31/10/200212/8/29072 Unirom Technologies (Pty) Ltd 28/02/200212/8/32271 Unispin Provident Fund 28/02/200212/8/32086 Unisys Retirement Fund 31/12/200212/8/32630 Unisys Supplementary Provident Fund 31/12/200212/8/35420 University of Fort Hare's Employees Provident Fund 31/12/200212/8/33819 University of the North West Pension Fund 31/12/200212/8/21396 Vanguard Rigging Pension Fund 28/02/200212/8/35478 Vibro Group Provident Fund 31/12/200212/8/36801 Volvo (Southern Africa) Retirement Fund 31/12/2002

CHAIRPERSON MEMBERS SECRETARY

Mr J van Rooyen Mr K Davies Ms A MaraisMr M DeyselMs GC GouldMr MJ GroblerMs N HowardMs RT HunterMr A LamprechtMr ZE LetjaneMr BF MahlanguMr J MahlanguMr C ManzanaMr J MaqhekeniMr J MoalusiMr H QanguleMr JF ReynekeMr GH SkinnerMr AM SitholeMr CL SoutheyMs DR Terblanche

TABLE 17 PENSION FUND ADVISORY COMMITTEE

TABLE 18 - ALLOCATION OF ADMINISTRATORS TO FSB TEAMS

36

TEAM 1

Corlia Buitendag Team Manager (X8030) corliab@fsb.co.zaMagriet Booysen (X8067) magrietb@fsb.co.za

Gloria Seletela (X2824) glorias@fsb.co.zaJohn Mackay (X2817) johnm@fsb.ca.zaDanny Kgaka (X8188) dannyk@fsb.co.za

Edwin Tshabalala (X8154) edwint@fsb.co.zaRekha Sewpersad (X2813) rekhas@fsb.co.za

Susan Chauke (X8069) susanc@fsb.co.zaAnita Pullen (X8022) anitap@fsb.co.za

Administrators:

SANLAMOLD MUTUAL

METLIFEABSA

TEAM 2

Charles Pretorius Team Manager (X8134) charlesp@fsb.co.zaPapi Kekana (X8132) papik@fsb.co.za

Conny Molefe (X8125) connym@fsb.co.zaBenny Moloko (X8005) bennym@fsb.co.zaSonto Nhlapo (X8073) sonton@fsb.co.za

Charles Mathumo (X8189) charlesm@fsb.co.zaTebogo Tlatsana (X8171) tebogot@fsb.co.zaKaveer Ramesar(X2842) kaveerr@fsb.co.za

Administrators:

ALEXANDER FORBESNBC

MOMENTUM

TEAM 3

Fikile Mosoma Team Manager (X8072) fikilem@fsb.co.zaDineo Mankga (X8115) dineom@fsb.co.zaMpho Morake(X8180) mphom@fsb.co.za

Flomi van Zyl (X8093) flomiv@fsb.co.zaThabo Maponya (X8169) thabom@fsb.co.za

Sibongile Komati (X8166) sibongilek@fsb.co.zaGrant Young (X8173) granty@fsb.co.za

Mamiki Motale (X8035) mamikim@fsb.co.za

Administrators:

LIBERTYINVESTEC

GLENRAND MIB CBC

TABLE 18 - ALLOCATION OF ADMINISTRATORS TO FSB TEAMS (continued)

37

TEAM 4

Matome Thulare Team Manager (X8071) matomet@fsb.co.zaAshley Indurjith(X8165) ashleyi@fsb.co.za

Winston Matlala (X8159) winstonm@fsb.co.zaGrace Mofokeng (X8031) gracem@fsb.co.za

Annie Rakoma (X8153) annier@fsb.co.zaSunnyboy Masangu (X2833) sunnyboy@fsb.co.za

Ryan Neale (X8157) ryann@fsb.co.zaPortia Matle (X8034) portiam@fsb.co.zaBetty Lesufi (X2843) bettyl@fsb.co.za

Administrators:

OWN ADMINISTERED FUNDSCAPITAL ALLIANCE

SAGEHOLLARD

WYNNE-JONESALL SMALL ADMINISTRATORS

TEAM 5: SYSTEMS AND ADMINISTRATION

Loraine de Swart Team Manager (X8020) lorained@fsb.co.zaMagdil Blignaut (X8187) magdilb@fsb.co.za

Ronald Kekana (X8195) ronaldk@fsb.co.zaMaureen Masilela (X8177) maureenm@fsb.co.za

Carol Roestorf (X8011) carolr@fsb.co.zaLizelle de Koning (X8172) liz@fsb.co.zaMoses Mahlangu (X8033) mosesm@fsb.co.za

Victoria Mabunda (X8086) vickym@fsb.co.zaCecillia Steyn (X2855) cecilias@fsb.co.za

NOTES

38

12/8/1215 Sentinel Mining Industry Retirement Fund 22 98312/8/564 Eskom Pension and Provident Fund 22 56312/8/1216 Mine Employees Pension Fund 13 96212/8/31505 Telkom Retirement Fund 11 27912/8/1373 Standard Bank Group Retirement Fund 9 79512/8/27324 Absa Group Pension Fund 9 64012/8/3130 FNB Pension Fund 9 57412/8/559 De Beers Pension Fund 6 79112/8/363 Yskor - Pensioenfunds 6 63712/8/23053 Mineworkers Provident Fund 6 32812/8/998 AECI Pension Fund 4 56412/8/33661 Old Mutual Staff Retirement Fund 4 13712/8/909 Cape Municipal Pension Fund 4 10512/8/32435 Durban Pension Fund 4 04612/8/32689 Cape Joint Retirement Fund 3 40912/8/2134 Anglo American Corporation Pension Fund 3 27712/8/318 Joint Municipal Pension Fund 3 10112/8/35423 Iscor Selector Voorsorgfonds 2 95012/8/19727 South African Local Authorities Pension Fund 2 93112/8/30624 Denel Retirement Fund 2 91512/8/689 Barlow’s Pension Fund 2 85212/8/1278 Cape Joint Pension Fund 2 78712/8/2451 Tongaat-Hulett Pension Fund 2 74612/8/7394 Denel Pensioenfonds 2 65512/8/385 Unilever SA Pension Fund 2 62312/8/1070 Sauk-Pensioenfonds 2 60412/8/23803 Printing Industry Pension Fund For Satu Members 2 50012/8/16350 Murray and Roberts Retirement Fund 2 46712/8/429 Nedcor Pension Fund 2 18412/8/3720 Altron Group Pension Fund 2 08112/8/30878 National Technikon Retirement Fund 2 03212/8/5625 Municipal Employees Pension Fund 2 02312/8/565 Motor Industry Pension Fund 1 86212/8/553 Natal Joint Municipal Pension Fund - (Superannuation) 1 77212/8/35064 National Fund For Municipal Workers 1 73512/8/5085 Palabora Mining Pension Fund 1 71312/8/15227 Investment Solutions Preservation Pension Fund 1 69912/8/5812 Wooltru Group Retirement Fund 1 66312/8/29609 Investec Investment Linked Preservation Pension Plan 1 59912/8/1652 Sappi Pension Fund 1 56812/8/16669 Auto Workers’ Pension Fund 1 56112/8/21267 Chemical Industries National Provident Fund 1 53312/8/5410 Engen Pension Fund 1 45112/8/29493 Nedcor Defined Contribution Provident Fund 1 42512/8/376 Nestle Pension Fund 1 38712/8/35421 Iscor Selector Pensioen Fonds 1 32712/8/29161 Investment Solutions Preservation Provident Fund 1 32612/8/327 Tshwane Municipal Pension Fund 1 31012/8/1273 Port Elizabeth Municipal Pension Fund 1 28312/8/32820 Galaxy Preservation (Pension) Fund 1 277