ASISA ClassificationsTier 1where

Tier 2in what

Tier 3 - Details Notes Proposed BM

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Equity min 80% in equity

Equity - General all industries, all capitalisations FTSE / JSE ALSI (J203T)

Equity - Large Cap min 80% in large caps FTSE / JSE Top 40 (J200T)

Equity - Mid & Small cap min 80% on co's with MV less than smallest top40 FTSE / JSE Mid Cap (J201T)

Equity - Resources min 80% in FTSE / JSE Oil & Gas and Basic Materials, max 10% in sectors of companies with similar business FTSE / JSE Resources (J258T)

Equity - Financial min 80% in FTSE / JSE Financials, max 10% in sectors of companies with similar business FTSE / JSE Industrials (J257T)

Equity - Industrial min 80% in Industrials FTSE / JSE Financials (J580T)

Equity - Unclassified single industry or sector, other than above, as defined in mandate performance cannot be compared

Multi Asset equity, bonds, money, property

Multi Asset - Flexible assets can shift btw classes and markets

Multi Asset - High Equity max 75% equity (incl int'al), max 25% property (incl int'al)

Multi Asset - Medium Equity max 60% equity (incl int'al), max 25% property (incl int'al)

Multi-Asset Low Equity max 40% equity (incl int'al), max 25% property (incl int'al)

Multi Asset - Income max 10% equity (incl int'al), max 25% property (incl int'al)

Interest Bearing

excludes equity, real estate & preference shares

Interest Bearing - Variable Term bonds, fixed deposits & interest bearing securities; short, medium or long dates; allocation actively managed Real Estate

Interest Bearing - Short Termbonds, fixed deposits & interest bearing securities with fixed maturity date; weighted ave. modified duration less than 2

STeFI Composite

Interest Bearing - Money MarketMomey market instruments with maturity less than 13 mnths, ave duration less than 90 days, weighted ave. legal maturity of 120 days

STeFI 3-months index

Real Estate Real Estate - Generalmin 80% in listed property shares; also collective investment schemes in property, property loan sticks, real estate intestment trusts, max 10% in companies with similar business

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its Equtiy min 80% in equities Equity - Unclassified single industry or sector, as per mandate

Multi Asset equity, bonds, money, propertyMulti Asset - Flexible complete or stipulated flexibility

Multi Asset - Income max 10% equity, max 25% property

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Equtiy min 80% in equitiesEquity - General no particular theme, across all markets and capitalisations MSCI World Index (total return)

Equity - Unclassified single industry or sector, other than above, as defined in mandate performance cannot be compared

Multi Asset equity, bonds, money, property

Multi Asset - Flexible assets can shift btw classes and markets

Multi Asset - High Equity max 75% equity (incl int'al), max 25% property (incl int'al)

Multi Asset - Medium Equity max 60% equity (incl int'al), max 25% property (incl int'al)

Multi-Asset Low Equity max 40% equity (incl int'al), max 25% property (incl int'al)

Multi Asset - Income max 10% equity (incl int'al), max 25% property (incl int'al)

Interest Bearing

excludes equity, real estate & preference shares

Interest Bearing - Variable Term bonds, fixed deposits & interest bearing securities; short, medium or long dates; allocation actively managed

Interest Bearing - Short Termbonds, fixed deposits & interest bearing securities with fixed maturity date; weighted ave. modified duration less than 2

Real Estate Real Estate - Generalmin 80% in listed property shares; also collective investment schemes in property, property loan sticks, real estate intestment trusts, max 10% in companies with similar business

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n Equtiy min 80% in equitiesEquity - General no particular theme, across all markets and capitalisations

Equity - Unclassified single industry or sector, other than above, as defined in mandate

Multi Asset equity, bonds, money, property Multi Asset - Flexible assets can shift btw classes and markets

Interest Bearing

excludes equity, real estate & preference shares

Interest Bearing - Variable Term bonds, fixed deposits & interest bearing securities; short, medium or long dates; allocation actively managed

Interest Bearing - Short Termbonds, fixed deposits & interest bearing securities with fixed maturity date; weighted ave. modified duration less than 2