A division of Efficient Group

SENATE GROUP PRESENTATION

25 March 2011

AGENDA

1. The Efficient Group (EF Group) 2. Efficient Select (EF Select)

3. Single Manager Boutique

4. Multi Manager Boutique

5. Private Client Boutique

6. Questions

EF GROUP

• The EF Group is a diversified financial services business that provides a wide range of professional services and products

• EF Group was born from the merger of a number of financial entities in September 2007

• The company was successfully listed on the Johannesburg Stock Exchange on 20 April 2009

KEY PLAYERS

Steve Booysen – Chairman

Heiko Weidhase - Chief Executive Officer

Dawie Roodt – Chief Economist

ORGANOGRAM

EF GROUP

EF ADVISE EF TRANSACT EF ACCESS EF CAPITAL EF SELECT

FORWARD

PHILOSOPHY

FORWARD

ROLE PLAYERS

Harold Hopking – Managing Director Founding member of the EF Group, with over 20 years investment experience

Brendan Vadas – Chief Investment Officer Is a CFA Charter Holder, Airline Transport Pilot and US Commercial flight Instructor

Our team consists of 10 investment professionals

ACHIEVEMENTS

• Standard and Poor’s Award in 2005

• Raging Bull certificate in 2006

• 2 Micropal Award in 2008

FUNDS UNDER

MANAGEMENT

Single Manager: R 750 million

Multli-Manager: R 1 500 million

Private Clients: R 300 million

Outsourced: R 450 million

Total FUM: R 3 billion

A division of Efficient Group

EFFICIENT SELECT SINGLE MANAGER

BOUTIQUE

PEOPLE

Jean-Pierre du Plessis. Head of Single Managers B.Business Science (Finance) (UCT)

Rob Enslin. Dealer, Assistant fund manager B.Comm Hons (Financial Analysis) (Stellenbosch) CFA level 2 candidate

Stuart Sinclair. Analyst, Assistant fund manager B.Comm Hons (Inv man. & Ecos) (Stellenbosch) Enrolled in the CIMA programme

Marius Van Wyk. Analyst, Assistant fund manager B.Eng (Electric & Electronic) (Stellenbosch) MSC.Eng Cum Laude (Stellenbosch) Passed CFA level 2

Ryan McCaughey Intern B Com Financial Analysis (Honours)

FORWARD

PHILOSOPHY

Earnings Growth Rate

Forward PE

FORWARD Philosophy:Growth at a Reasonable Price

Value Stocks

Growth Stocks

INVESTMENT

PROCESS

FORWARD

PHILOSOPHY

IDEAS

ANALYSIS

PRESENTATION AND

DISCUSSION

EXECUTION

MONITORING

RISK ASSESMENT

FORWARD

ANALYSIS

How we apply the FORWARD Investment Philosophy to analyzing stocks:

F Fundamentals

O Opportunities

R Risks

W Wealth creation

A Assets

R Reliability of Management

D Dividends

THE 6 CATEGORIES

OF STOCKS

A unique but logical approach to how we view all listed shares:

1. Fast growers

2. Slow Growers

3. Stalwarts

4. Asset Plays

5. Cyclicals

6. Turnarounds

* Inspired by Peter Lynch

RISK

MANAGEMENT

A division of Efficient Group

EFFICIENT SELECT SINGLE

MANAGER FUNDS

EFFICIENT EQUITY

FUND

• Category: General Equity

• Benchmark:J203T

• Fund Size: R240m

• The focus of this fund is to provide the investor with above average capital growth by being fully invested in SA equities at all times

• We aim to do this by applying our FORWARD investment philosophy to South African equities and property companies

• The portfolio is managed in a benchmark agnostic manner

EFFICIENT EQUITY

FUND

TOP 10 HOLDINGS

1. BHPBilliton

2. Clicks

3. Pinnacle

4. Famous Brands

5. Steinhoff

6. Old Mutual

7. Woolworths

8. ABSA

9. ABIL

10. Discovery

EFFICIENT EQUITY

FUND

41%

29%

26%

4%

STOCK CATEGORIES

Cyclical

Stalwart

Fast Grower

Slow Grower

STYLES %

VALUE STOCKS 57.69%

GROWTH STOCKS 38.46%

DIVIDEND YIELD 3.85%

OPPORTUNITES 0.00%

TOTAL NUMBER OF STOCKS 32

MARKET CAP %

LARGE CAP 52.24%

MID CAP 20.60%

SMALL CAP 27.16%

AVERAGE MARKET CAP (BN) R 52.35

CRISIS TRADES

NAME SHARES % OF FUND

BIL 863 586 2.5%

MTN 128 594 2.0%

SOL 127 979 2.0%

ASA 144 264 1.5%

OML 63 243 2.0%

TOTAL 10.0%

EFFICIENT

PROPERTY FUND

• Category: Real Estate

• Benchmark:J253T

• Fund Size: R200m

• The focus of this fund is to provide the investor with income as well capital growth

• We aim to do this by applying our FORWARD investment philosophy to South African property companies

• The portfolio is managed in a benchmark agnostic manner

TOP 10 HOLDINGS 1. Growthpoint 2. Hyprop 3. Resilient 4. Acucap 5. Unibail Rodamco 6. Pangbourne 7. Redefine 8. Capital 9. Hospitality A 10. SA Corporate

7%

50% 18%

19%

6%

0%

SECTOR ALLOCATION

Cash

Retail

Office

Industrial

Hotels

Residential

EFFICIENT

PROPERTY FUND

EFFICIENT ACTIVE

ALLOCATION FUND

• Category: Worldwide Flexible

• Benchmark: CPI+4

• Fund Size: R180m

• The focus of this fund is to provide the investor with long term capital growth through global diversification

• The focus of this fund is to provide South African investors with a vehicle for global equity exposure and diversification

• The fund aims to have at least 50% of it’s assets offshore at any one time

• The management of this fund consists of 2 parts – domestic and offshore. Our FORWARD philosophy is utilised in selecting both SA equities and

global companies

EFFICIENT ACTIVE

ALLOCATION FUND

TOP 10 HOLDINGS:

1. Templeton Asian Growth 2. Templeton Latin America 3. Templeton Eastern Europe 4. Swatch 5. Unibail Rodamco 6. Yum Brands 7. New Gold 8. Monsanto 9. Hyundai 10. GlaxoSmithKline

35%

18%

14%

10%

9%

8%

6%

COUNTRY ALLOCATION

SOUTH AFRICA

USA

UK

EUROPE

ASIA EX JAPAN

AUSTRALIA

LATIN AMERICA

DELVOPED VS DEVELOPING %

DEVELOPED 47.91%

DEVELOPING 52.09%

EFFICIENT

PRUDENTIAL FUND

• Category: Prudential Variable

• Benchmark: 65% ALSI, 35% Cash

• Fund Size: R105m

• The focus of this fund is to provide the investor with capital growth within the risk parameters associated with retirement funding investments

• The fund achieves this objective through the use of derivatives, a minimum cash holding and stock picking

EFFICIENT

PRUDENTIAL FUND

TOP 10 HOLDINGS

• Efficient Property • Efficient Active Allocation • Clicks • Pinnacle • Steinhoff • Lewis • Old Mutual • Famous Brands • Discovery • ABIL

SCENARIO ANALYSIS

% Ret (P) % Ret (B) % Ret +/-

Euro Weakens (Sovereign Debt Crisis) -0.92 -4.23

3.31

9/11 Event (Terrorist Attack) -2.65 -5.92

3.27

Dotcom Bubble Bursts (Market Bubble) 2.29 4.4

-2.11

Invasion of Iraq (Major War) -3.05 -5.59

2.54

Flight to Quality (Flight to Dev Mkts) -2.98 -4.54

1.56

Economic Recovery Falters (Double-dip) -4.02 -5.77

1.75

US in Recession (Growth Concerns) -3.3 -5.18

1.88

Interest Rates up 100bps (Inflation Rises) 0.02 0

0.02

EFFICIENT MONEY

MARKET FUND

• Category: Money Market

• Benchmark: 3 Month Jibar

• Fund Size: R73m

• The focus of this fund is to provide the investor with cash beating returns over time while ensuring capital preservation

RANKINGS

FUND 6 MONTHS 1 YEAR

Rank No. of funds

Rank No. of funds

EFFICIENT EQUITY FUND 22 85 55 85

EFFICIENT ACTIVE ALLOCATION FUND 2 16 1 15

EFFICIENT PROPERTY FUND 6 22 6 21

EFFICIENT PRUDENTIAL FUND 13 63 13 58

MARKET OUTLOOK

• Japanese recession concerns; Euro area uncertainty and global political instability will add to market volatility

• US recovery on track

• Emerging markets will continue to drive global growth and consumption

• Market Volatility will continue providing us with great opportunities to buy our favourite stocks at discounted prices

A division of Efficient Group

EFFICIENT SELECT MULTI MANAGER

BOUTIQUE

Manager Diversification

Reduced Asset Correlation

MULTI MANAGER

PHILOSOPHY

Reduced Portfolio Risk

INVESTMENT

PROCESS (A)

Daily Investment

Meeting

Quarterly Houseview Asset Class

Ranges

Market Watch

Idea Generation

Daily See-Through

Asset Alloc Monitoring

Quarterly Houseview

Meeting

Strategic Asset Class

Ranges

Tactical Asset

Allocation

Q1-2011

HOUSEVIEW NEGATIVE CAUTIOUS NEUTRAL OPTMISTIC POSITIVE

LOCAL

CASH

(-) Relatively better value

in Property and Equity

(+) SA yields still more

attractive than DM’s

LOCAL

BONDS

(-) Inflation has bottomed

(+) Rate hikes expected

only in H2 (not Q1 or Q2)

LOCAL

PROPERTY

(-) May have peaked

(+) Vacancies decreasing

(+) Positive GDP growth

expected

LOCAL

EQUITY

(+) “BRICS” invite

emphasises

Gateway to Africa;

(+) Commodities up-cycle

under way

OFFSHORE

CASH

(-) Zero Rates

OFFSHORE

BONDS

(-) Inflation concerns

OFFSHORE

PROPERTY

(+) Attractive valuations

OFFSHORE

EQUITY

(+) Attractive valuations

STRATEGIC

RANGES

5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100

Efficient Inflation + 2 FoF

Efficient Inflation + 4 FoF

Efficient Inflation + 6 FoF

5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100

Efficient Inflation + 2 FoF

Efficient Inflation + 4 FoF

Efficient Inflation + 6 FoF

EQUITY

CASH + FIXED INTEREST

CURRENT

ASSET ALLOC

72%

18%

10%

EFFICIENT INFLATION + 6 FoF

EQUITY PROPERTY CASH and BONDS

66%

16%

17%

EFFICIENT INFLATION + 4 FoF

EQUITY PROPERTY CASH and BONDS

41%

17%

42%

EFFICIENT INFLATION + 2 FoF

EQUITY PROPERTY CASH and BONDS

INVESTMENT

PROCESS (B)

EQUITY

Manager Universe Absa Cadiz

Efficient Old Mutual

Fund Universe

Asset Allocation General Equity

Sector Tilts

PROPERTY

Manager Universe Efficient Stanlib

Fund Universe Listed Property

FIXED INTEREST

Manager Universe Prudential

RMB SIM

Fund Universe Varied Specialist

Qualitative Manager Assessment: Bi-Annual Due Diligence and Scoring Process Quantitative Fund Analysis: Morningstar Portfolio Construction: Correlation

UNDERLYING

FUNDS

OLD MUTUAL MINING & RES R………………………………….257.22 ABSA SELECT EQUITY…………………………………………………194.12 EFFICIENT EQUITY……………………………………………………..149.61 EFFICIENT PROPERTY…………………………………………………143.08 FTSE/JSE ALL SHARE PR ZAR………………………………………122.21 RMB INCOME PLUS A………………………………………………..81.43

CUMULATIVE RETURN

GROWTH OVER 6 YEARS TO 23 MARCH 2011

A division of Efficient Group

EFFICIENT INTERNATIONAL FoF

ASSET + FUND ALLOCATION

EFFICIENT INTERNATIONAL FOF (USD) 28 FEBRUARY 2011

79%

9%

7%

4% 1%

ASSET ALLOCATION

Equity

Real Estate

Fixed Interest

Gold

Cash

0.00% 5.00% 10.00% 15.00%

Cash 1%

SPDR Gold Exchange Traded Fund 4%

ACPI Global Credit Fund 2%

Fidelity Emerging Market Debt Fund 5%

VAM-Funds International Real Estate Fund 9%

Templeton Latin America Fund 3%

Franklin Mid-East North Africa Fund 5%

Franklin Technology Fund 6%

Fidelity Global Technology Fund 7%

Orbis Asia ex Japan Fund 7%

Templeton Brazil Russia India China Fund 8%

Fidelity Australia Fund 9%

Fidelity China Focus Fund 11%

VAM-Funds US Microcap Growth Fund 11%

Templeton Emerging Markets Small Cap Fund 12%

FUND ALLOCATION

REGIONAL ALLOCATION

EFFICIENT INTERNATIONAL FOF (USD) 28 FEBRUARY 2011

38% 62%

REGIONAL OVERVIEW

Developed Markets Emerging Markets0.00% 10.00% 20.00% 30.00% 40.00%

UNSPECIFIED 4%

MID-EAST & AFRICA 6%

AUSTRALIA 9%

LATIN AMERICA 10%

ASIA ex JAPAN & CHINA 10%

CHINA 23%

JAPAN 3%

EUROPE 5%

US & CANADA 30%

REGIONAL BREAKDOWN

PERFORMANCE (USD)

OMGB EFFICIENT INTERNATIONAL FOF (USD) 28 FEBRUARY 2011

$5 000.00

$7 000.00

$9 000.00

$11 000.00

$13 000.00

$15 000.00

$17 000.00

20 SEP 2005 (INCEPTION) - 28 FEB 2011 PERFORMANCE IN BASE CURRENCY (USD)

OMGB Efficient International FoF : +29% MSCI World Index : 10% High Water Mark USD 3M LIBOR

PERFORMANCE (ZAR)

OMGB EFFICIENT INTERNATIONAL FOF (USD) 28 FEBRUARY 2011

R9 000.00

R10 000.00

R11 000.00

R12 000.00

R13 000.00

R14 000.00

R15 000.00

R16 000.00

R17 000.00

R18 000.00

R19 000.00

20 SEP 2005 (INCEPTION) - 28 FEB 2011 PERFORMANCE IN LOCAL CURRENCY (ZAR)

OMGB Efficient International FoF : +68% MSCI World Index : +24%

RANKINGS

OMGB EFFICIENT INTERNATIONAL FOF (USD) 28 FEBRUARY 2011

GIFS* Rankings to 28 Feb 2011 5 YEARS 4 YEARS 3 YEARS 2 YEARS 1 YEAR

USD Aggressive Allocation Return Rank Return Rank Return Rank Return Rank Return Rank

Fidelity RMT-Balanced 40.67 1 23.20 2 6.68 8 66.83 13 14.36 28

SCB MPF Ad-Fidelity GIF Bal 39.56 2 22.23 4 5.97 9 66.02 15 14.07 30

Sun Life First State MPF Progrs Gr A 39.26 3 22.42 3 7.37 7 63.79 19 15.66 14

OMGB Efficient International USD 38.31 4 24.98 1 20.15 2 39.74 54 12.36 48

Principal 600 Glbl Growth 36.08 5 15.51 6 1.57 17 64.30 16 17.29 10

Principal 800 Glbl Growth 36.05 6 15.61 5 1.64 16 64.30 17 17.30 9

Principal 500 Balanced Growth A 31.80 7 11.77 16 -0.91 29 61.68 25 16.06 13

SCB MPF Ad-Schroder Bal Inv 31.67 8 15.31 7 4.98 10 61.39 26 14.89 19

SCB MPF-Balanced 31.49 9 13.76 9 2.20 15 53.93 39 14.78 21

Invesco MPF Balanced A 31.28 10 12.24 13 1.56 18 50.09 47 12.40 47

SCB MPF Ad-Balanced 31.18 11 13.75 10 2.28 14 53.63 40 14.67 22

ING MPF MT Basic Bal Growth 31.02 12 13.09 11 4.35 11 57.34 33 13.86 33

Schroder MPF Balanced Invmt - A 30.43 13 13.91 8 3.66 13 61.91 24 14.50 26

ING MPF MT Comp Bal Growth 30.17 14 12.52 12 3.92 12 56.96 35 13.62 37

Bank Consortium E70 Mixed Asset 29.68 15 11.34 17 0.29 21 55.23 38 14.57 24

RCM Balanced A 29.30 16 12.15 14 -0.68 28 52.72 43 14.79 20

BEA (IS) Growth 28.94 17 10.91 19 1.30 19 58.87 29 13.20 40

SCB MPF Ad-RCM Bal 28.06 18 11.29 18 -1.24 30 52.01 44 14.50 25

SCB MPF Ad Invesco Glbl Bal 26.37 19 9.30 21 -0.15 26 48.22 48 11.53 51

BEA (MPF) Growth 26.11 20 8.95 22 0.16 24 57.41 32 12.72 45

Number of investments ranked 45 50 53 65 68

Peer Group Average 19.34 4.34 -0.53 56.70 12.43

*GIFS = Global Investment Fund Sector

A division of Efficient Group

EFFICIENT PRIVATE CLIENT BOUTIQUE

QUESTIONS?

THANK YOU

Contact us on : 012 460 9580 (Pretoria) 021 410 6000 (Cape Town) www.efselect.co.za

All information used in this presentation and any material referred to herein is subject to copyright and may not be reproduced or used (other than for information purposes) in any way, unless prior written permission has been granted by Efficient Select (Pty) Ltd or the appropriate copyright owner. This presentation is intended for information purposes only and none of the information contained in this presentation constitutes investment advice or a recommendation, solicitation or offer by Efficient Select (Pty) Ltd to buy or sell any financial product. The information contained in this presentation has been prepared without consideration of the investment objectives, financial situation or particular needs of any particular recipient. Any transactions described in this presentation may give rise to substantial risk, including the possible loss of principal value, and are not necessarily suitable for all investors. This presentation should accordingly not be considered as a substitute for the exercise of your own judgment or for obtaining independent advice based on your personal preferences and circumstances. Although all precautions have been made to ensure reliability of data and information contained in this presentation, Efficient Select (Pty) Ltd cannot guarantee the reliability or accuracy thereof. Past performance referred to in this presentation is not necessarily indicative of future performance. Similarly, forecasts contained in this presentation involve risks and uncertainties which may result in future performance, outcomes and results which differ materially from such forecasts. You are accordingly cautioned not to place undue reliance on any historical data, general information or forecasts used in this presentation. Efficient Select (Pty) Ltd accepts no liability whatsoever for any loss, damage (direct or consequential) or expense suffered by a recipient as a result of undue reliance placed on any information contained in this presentation. Authorised Financial Services Provider • FSP No: 859