STANLIB Balanced Fund CERTIFICATE OF COMPLIANCE WITH ...

guidelines, subject to the assumptions and limitations mentioned in this certificate, during the periodof review.The following instances of non-compliance with the agreed investment guidelines were detected andsubsequently addressed:Date Detected Breach Date Corrected CommentsNo instances of non-compliance withthe agreed investment guidelineswere detected as at31 May 2012.Date issued: 6 June 2012Certified By:Quilia CenciCompliance ManagerBernard PieterseHead of Compliance

Republic of South Africa, Pension Funds Act No. 24 of 1956ANNEXURE B TO SCHEDULE IMaximum % ofaggregate fair valueof total assets ofComplianceItem Categories or kinds of assets Actual (R) Actual (%)fund perTestissuer/entity, asapplicable, unlessotherwise stated0. EXEMPTED SECURITIES0.00 0.00 % 100.00 % √0.1 Inside the Republic:0.00 0.00 % 100.00 % √0.11 Collective investment scheme , in respect of which a fund obtained a certificate issued by the scheme at the end of0.00 0.00 % 100.00 % √0.12 a linked policy as defined under the Long-term Insurance Act, in respect of which a fund obtained a certificate0.00 0.00 % 100.00 % √0.13 a long-term insurance policy as defined in the Long-term Insurance Act, other than a policy referred to above, that0.00 0.00 % 100.00 % √0.2 Foreign assets:0.00 0.00 % 25.00 % √0.21 Collective investment scheme , in respect of which a fund obtained a certificate issued by the scheme at the end of0.00 0.00 % 100.00 % √0.22 a linked policy as defined under the Long-term Insurance Act, in respect of which a fund obtained a certificate0.00 0.00 % 100.00 % √0.23 a long-term insurance policy as defined in the Long-term Insurance Act, other than a policy referred to above, that0.00 0.00 % 100.00 % √1. CASH349'372'533.94 14.19 % 100.00 % √1.1 Inside the Republic:349'368'924.58 14.19 % 100.00 % √(a) Notes and coins; any balance or deposit in an account held with a South African bank;135'216'708.53 5.49 % 100.00 % √ABSA Group Ltd 131'570'006.78 5.34 % 25.00 % √Investec Ltd 1'868'021.49 0.08 % 25.00 % √Standard Bank Group Ltd 1'170'264.86 0.05 % 25.00 % √Firstrand Ltd 495'943.47 0.02 % 25.00 % √Citi Bank 111'961.52 0.00 % 25.00 % √Nedbank Group Ltd 510.41 0.00 % 25.00 % √(b) A money market instrument issued by a South African bank including an Islamic liquidity management financial214'152'216.05 8.70 % 100.00 % √Standard Bank Group Ltd 106'716'664.44 4.33 % 25.00 % √Nedbank Group Ltd 56'836'496.79 2.31 % 25.00 % √Investec Ltd 50'429'538.26 2.05 % 25.00 % √African Bank Investments Ltd 169'516.56 0.01 % 25.00 % √(c) Any positive net balance in a margin account with an exchange;0.00 0.00 % 100.00 % √(d) Any positive net balance in a settlement account with an exchange, operated for the buying and selling of assets.0.00 0.00 % 100.00 % √Reg. 28 (4)(b) Look-through exception where asset represent less than 5% of NAV - Cash: Inside the Republic0.00 0.00 % 100.00 % √1.2 Foreign assets:3'609.36 0.00 % 25.00 % √(a) Any balance or deposit held with a foreign bank;3'609.36 0.00 % 25.00 % √The Bank of New York, New York 3'609.36 0.00 % 5.00 % √(b) Any balance or deposit held with an African bank;0.00 0.00 % 25.00 % √(c) Any money market instrument issued by a foreign bank including an Islamic liquidity management financial0.00 0.00 % 25.00 % √(d) Any positive net balance in a margin account with an exchange;0.00 0.00 % 25.00 % √(e) Any positive net balance in a settlement account with an exchange, operated for the buying and selling of assets.0.00 0.00 % 25.00 % √Reg. 28 (4)(b) Look-through exception where asset represent less than 5% of NAV - Cash: Foreign assets2. A AGGREGATE EXPOSURE: DEBT INSTRUMENTS, INCLUDING MONEY MARKET INSTRUMENTS AND ISLAMIC2. B AGGREGATE EXPOSURE: DEBT INSTRUMENTS, INCLUDING MONEY MARKET INSTRUMENTS AND ISLAMIC0.00 0.00 % 25.00 % √432'415'651.15 17.56 % 100.00 % √37'048'024.47 1.50 % 75.00 % √395'367'626.68 16.06 % 100.00 % √2.1 Debt instruments issued by, and loans to, the government of the Republic, and any debt or loan guaranteed by theInside the Republic:(a)-1 Debt instruments issued by, and loans to, the government of the Republic, and any debt or loan guaranteed by the395'367'626.68 16.06 % 100.00 % √(Government) Republic Of South Africa 386'599'756.75 15.70 % 100.00 % √ESKOM HOLDINGS Ltd GOVERNMENT GUARANTEED 8'732'570.13 0.35 % 100.00 % √SA National Roads Agency (Government Guaranteed) 35'299.80 0.00 % 100.00 % √Foreign assets:(a)-2 Debt instruments issued by, and loans to, the government of the Republic, and any debt or loan guaranteed by the0.00 0.00 % 25.00 % √Foreign assets:(b) Debt instruments issued or guaranteed by the government of a foreign country0.00 0.00 % 25.00 % √Debt instruments issued or guaranteed by a South African bank against its balance sheet:-15'772'052.81 0.64 % 75.00 % √Inside the Republic:(c)-1 Debt instruments issued or guaranteed by a South African bank against its balance sheet:-15'772'052.81 0.64 % 75.00 % √(i)listed on an exchange with an issuer market capitalisation of R 20 billion or more, or an amount or conditionsas prescribed15'772'052.81 0.64 %ABSA Group Ltd 13'238'554.54 0.54 % 25.00 % √Firstrand Ltd 2'037'093.61 0.08 % 25.00 % √Standard Bank Group Ltd 496'404.66 0.02 % 25.00 % √(ii)listed on an exchange with an issuer market capitalisation of between R 2 billion and R 20 billion, or anamount or conditions as prescribed0.00 0.00 %(iii)listed on an exchange with an issuer market capitalisation of less than R 2 billion, or an amount or conditionsas prescribed0.00 0.00 %(iv) not listed on an exchange 0.00 0.00 % 25.00 % √Foreign assets:(c)-2 Debt instruments issued or guaranteed by a South African bank against its balance sheet:-0.00 0.00 % 75.00 % √(i)listed on an exchange with an issuer market capitalisation of R 20 billion or more, or an amount or conditionsas prescribed0.00 0.00 %(ii)listed on an exchange with an issuer market capitalisation of between R 2 billion and R 20 billion, or anamount or conditions as prescribed0.00 0.00 %(iii)listed on an exchange with an issuer market capitalisation of less than R 2 billion, or an amount or conditionsas prescribed0.00 0.00 %(iv) not listed on an exchange 0.00 0.00 % 25.00 % √(d) Debt instruments issued or guaranteed by an entity that has equity listed on an exchange, or debt instruments4'237'203.49 0.17 % 50.00 % √Inside the Republic:(i) Listed on an exchange 3'115'704.27 0.13 % 50.00 % √Development Bank Of Southern Africa 3'094'453.73 0.13 % 10.00 % √Barloworld Ltd 21'250.54 0.00 % 10.00 % √(ii) Not listed on an exchange 1'121'499.22 0.05 % 25.00 % √Anglo American Plc 563'384.26 0.02 % 5.00 % √Land and Agricultural Development Bank Of SA 558'114.96 0.02 % 5.00 % √Foreign assets:(i) Listed on an exchange 0.00 0.00 % 25.00 % √(ii) Not listed on an exchange 0.00 0.00 % 25.00 % √(e) Other debt instruments17'038'768.17 0.69 % 25.00 % √Inside the Republic:(i) Listed on an exchange 15'600'860.49 0.63 % 25.00 % √CITY OF CAPE TOWN 6'591'540.48 0.27 % 5.00 % √City Of Johannesburg Metropolitan Municipality 4'240'147.43 0.17 % 5.00 % √Old Mutual Life Assurance Company (South Africa) Ltd 3'414'290.24 0.14 % 5.00 % √Ivusi Investments Ltd - F1+ 478'818.26 0.02 % 5.00 % √Indwa Investments Ltd 414'191.81 0.02 % 5.00 % √Toyota Financial Services SA (Pty) Ltd 242'304.76 0.01 % 5.00 % √Synthesis Funding Ltd 219'567.51 0.01 % 5.00 % √(ii) Not listed on an exchange 1'437'907.68 0.06 % 15.00 % √Blue Titanium 676'996.78 0.03 % 5.00 % √Inkotha Investments Limited 402'615.77 0.02 % 5.00 % √Thekwini Conduit 358'295.13 0.01 % 5.00 % √Reg. 28 (4)(b) Look-through exception where asset represent less than 5% of NAV - Debt: Inside the Republic0.00 0.00 % 100.00 % √Foreign assets:(i) Listed on an exchange 0.00 0.00 % 25.00 % √(ii) Not listed on an exchange 0.00 0.00 % 15.00 % √Reg. 28 (4)(b) Look-through exception where asset represent less than 5% of NAV - Debt: Foteign assets0.00 0.00 % 25.00 % √3. EQUITIES1'612'207'807.78 65.47 % 75.00 % √3.1 Inside the Republic:(a) Preference and ordinary shares in companies, excluding shares in property companies, listed on an exchange:-1'133'157'473.75 46.02 % 75.00 % √(i) issuer market capitalisation of R 20 billion or more, or an amount or conditions as prescribed 1'033'454'465.62 41.97 %MTN Group Ltd 98'128'908.00 3.98 % 15.00 % √

Republic of South Africa, Pension Funds Act No. 24 of 1956ANNEXURE B TO SCHEDULE IMaximum % ofaggregate fair valueof total assets ofComplianceItem Categories or kinds of assets Actual (R) Actual (%)fund perTestissuer/entity, asapplicable, unlessotherwise statedEXEMPTED Anglo American SECURITIES Plc 84'111'890.40 3.42 % 15.00 % √BHP Billiton Plc 83'795'222.00 3.40 % 15.00 % √LIFE HEALTHCARE GROUP HOLDINGS PTE LTD 65'543'809.20 2.66 % 15.00 % √Compagnie Financiere Richemont SA 54'737'430.86 2.22 % 15.00 % √British American Tobacco Plc 52'950'045.00 2.15 % 15.00 % √Woolworths Holdings Ltd 50'507'047.50 2.05 % 15.00 % √Firstrand Ltd 50'178'355.50 2.04 % 15.00 % √Vodacom Group (Pty) Ltd 48'775'216.00 1.98 % 15.00 % √The Bidvest Group Ltd 47'765'155.05 1.94 % 15.00 % √Imperial Holdings Ltd 44'995'386.15 1.83 % 15.00 % √ABSA Group Ltd 35'136'150.00 1.43 % 15.00 % √African Bank Investments Ltd 32'847'699.04 1.33 % 15.00 % √African Rainbow Minerals Ltd 30'123'442.60 1.22 % 15.00 % √Sanlam Ltd 29'341'002.00 1.19 % 15.00 % √Aspen Pharmacare Holdings Ltd 28'813'232.61 1.17 % 15.00 % √Mr Price Group Ltd 27'450'031.20 1.11 % 15.00 % √Nedbank Group Ltd 26'424'564.66 1.07 % 15.00 % √Shoprite Holdings Ltd 26'129'431.62 1.06 % 15.00 % √Netcare Ltd 24'626'617.47 1.00 % 15.00 % √Impala Platinum Holdings Ltd 24'452'052.00 0.99 % 15.00 % √Sabmiller Plc 23'970'665.55 0.97 % 15.00 % √MMI Holdings Limited 20'115'288.70 0.82 % 15.00 % √Truworths International Ltd 20'057'870.52 0.81 % 15.00 % √Kumba Iron Ore Ltd 2'477'951.99 0.10 % 15.00 % √(ii) issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or conditions as prescribed 99'703'008.13 4.05 %AVI Ltd 43'247'555.40 1.76 % 10.00 % √The Spar Group Ltd 16'471'280.38 0.67 % 10.00 % √Pretoria Portland Cement Company Ltd 16'054'708.59 0.65 % 10.00 % √Lewis Group Ltd 9'499'154.76 0.39 % 10.00 % √Royal Bafokeng Platinum Ltd 7'709'307.00 0.31 % 10.00 % √Famous Brands Ltd 6'721'002.00 0.27 % 10.00 % √(iii) issuer market capitalisation of less than R 2 billion, or an amount or conditions as prescribed 0.00 0.00 %Foreign assets:Preference and ordinary shares in companies, excluding shares in property companies, listed on an exchange:-479'050'334.03 19.45 % 25.00 % √(i) issuer market capitalisation of R 20 billion or more, or an amount or conditions as prescribed 384'751'885.34 15.62 %APPLE INC 8'978'603.36 0.36 % 15.00 % √McKesson Corp 8'864'480.81 0.36 % 15.00 % √Chevron Corporation 8'824'995.37 0.36 % 15.00 % √Shire PLC 8'617'937.59 0.35 % 15.00 % √Celgene Corp 8'217'786.38 0.33 % 15.00 % √Roper Industries Inc 7'934'165.37 0.32 % 15.00 % √World Fuel Services Corp 7'920'201.01 0.32 % 15.00 % √DIRECTV 7'675'102.38 0.31 % 15.00 % √MICROSOFT CORP 7'365'478.76 0.30 % 15.00 % √Dell Inc 7'121'343.19 0.29 % 15.00 % √priceline.com Inc 6'949'918.60 0.28 % 15.00 % √Biogen Idec Inc 6'944'140.24 0.28 % 15.00 % √Check Point Software Technolog 6'650'407.11 0.27 % 15.00 % √Novartis AG 6'551'211.98 0.27 % 15.00 % √QUALCOMM Inc 6'506'429.72 0.26 % 15.00 % √KDDI Corp 6'426'977.31 0.26 % 15.00 % √Oil States International Inc 6'287'333.69 0.26 % 15.00 % √INTEL CORPORATION 6'256'515.79 0.25 % 15.00 % √CF Industries Holdings Inc 6'062'940.84 0.25 % 15.00 % √Endo Pharmaceuticals Holdings 5'768'726.17 0.23 % 15.00 % √Mattel Inc 5'758'132.52 0.23 % 15.00 % √TransDigm Group Inc 5'658'455.86 0.23 % 15.00 % √ABBOTT LABORATORIES 5'565'039.10 0.23 % 15.00 % √Hyundai Mobis 5'517'849.18 0.22 % 15.00 % √Eli Lilly & Co 5'399'392.87 0.22 % 15.00 % √CIGNA Corp 5'348'832.25 0.22 % 15.00 % √Polaris Industries Inc 5'329'571.06 0.22 % 15.00 % √Netease.com 5'164'887.89 0.21 % 15.00 % √Otsuka Holdings Co Ltd 5'011'279.91 0.20 % 15.00 % √GREE INC 5'010'798.38 0.20 % 15.00 % √Torchmark Corp 4'968'423.76 0.20 % 15.00 % √Towers Watson & Co 4'931'345.97 0.20 % 15.00 % √Seagate Technology PLC 4'861'524.16 0.20 % 15.00 % √DISH Network Corp 4'798'925.30 0.19 % 15.00 % √SanDisk Corp 4'779'182.58 0.19 % 15.00 % √Bridgestone Corp 4'697'804.05 0.19 % 15.00 % √CISCO INTERNATIONAL 4'665'060.03 0.19 % 15.00 % √Petrofac Ltd 4'562'975.73 0.19 % 15.00 % √Nomura Research Institute Ltd 4'495'080.04 0.18 % 15.00 % √China Minsheng Banking Corp Lt 4'456'076.13 0.18 % 15.00 % √Eisai Co Ltd 4'420'442.93 0.18 % 15.00 % √Daito Trust Construction Co Lt 4'412'738.45 0.18 % 15.00 % √Deckers Outdoor Corp 4'291'874.49 0.17 % 15.00 % √Samsung Engineering Co Ltd 4'213'866.67 0.17 % 15.00 % √VF Corp 4'193'160.89 0.17 % 15.00 % √Henkel AG & Co KGaA 4'069'889.28 0.17 % 15.00 % √Hyundai Motor Co 4'048'701.97 0.16 % 15.00 % √Mapfre SA 3'894'130.93 0.16 % 15.00 % √Reinsurance Group of America I 3'862'831.50 0.16 % 15.00 % √Dena Co Ltd 3'817'086.17 0.16 % 15.00 % √Dover Corp 3'809'863.23 0.15 % 15.00 % √AutoZone Inc 3'552'726.35 0.14 % 15.00 % √KT&G Corp 3'543'095.76 0.14 % 15.00 % √MTU Aero Engines Holding AG 3'411'156.61 0.14 % 15.00 % √Dongfeng Motor Group Co Ltd 3'318'221.37 0.13 % 15.00 % √Helmerich & Payne Inc 3'302'330.89 0.13 % 15.00 % √Accenture PLC 3'287'403.47 0.13 % 15.00 % √Hubbell Inc 3'263'808.51 0.13 % 15.00 % √Nu Skin Enterprises Inc 3'247'436.50 0.13 % 15.00 % √Hormel Foods Corp 3'145'833.73 0.13 % 15.00 % √Herbalife Ltd 3'000'893.28 0.12 % 15.00 % √Healthspring Inc 2'947'443.48 0.12 % 15.00 % √ING Groep NV 2'933'960.65 0.12 % 15.00 % √Deere & Co 2'792'390.91 0.11 % 15.00 % √JGC Corp 2'780'834.19 0.11 % 15.00 % √William Hill PLC 2'757'239.24 0.11 % 15.00 % √JARDINE CYCLE & CARRIAGE LTD 2'742'793.35 0.11 % 15.00 % √

Republic of South Africa, Pension Funds Act No. 24 of 1956ANNEXURE B TO SCHEDULE IMaximum % ofaggregate fair valueof total assets ofComplianceItem Categories or kinds of assets Actual (R) Actual (%)fund perTestissuer/entity, asapplicable, unlessotherwise statedEXEMPTED Joy Global SECURITIES Inc 2'700'900.26 0.11 % 15.00 % √Industrial Bank of Korea 2'612'298.79 0.11 % 15.00 % √Western Digital Corp 2'608'928.08 0.11 % 15.00 % √Kennametal Inc 2'582'925.47 0.10 % 15.00 % √Penn National Gaming Inc 2'572'331.82 0.10 % 15.00 % √Trican Well Service Ltd 2'524'660.38 0.10 % 15.00 % √Miraca Holdings Inc 2'481'804.23 0.10 % 15.00 % √Open Text Corp 2'362'866.39 0.10 % 15.00 % √Hyundai Department Store Co Lt 2'359'014.15 0.10 % 15.00 % √Societe BIC SA 2'307'972.00 0.09 % 15.00 % √Meggitt PLC 2'307'008.94 0.09 % 15.00 % √FUJI MEDIA HOLDINGS INC 2'275'227.98 0.09 % 15.00 % √CNOOC Ltd 2'273'783.39 0.09 % 15.00 % √Korea Zinc Co Ltd 1'973'308.84 0.08 % 15.00 % √ORACLE CORPORATION 1'648'757.80 0.07 % 15.00 % √TMX Group Inc 1'549'562.67 0.06 % 15.00 % √Centerra Gold Inc 1'541'376.67 0.06 % 15.00 % √Swedbank AB 1'538'005.96 0.06 % 15.00 % √Expedia Inc 1'371'396.67 0.06 % 15.00 % √TRIPADVISOR INC 1'192'267.61 0.05 % 15.00 % √(ii) issuer market capitalisation of between R 2 billion and R 20 billion, or an amount or conditions as prescribed 73'738'092.25 2.99 %Aetna Inc 9'743'754.10 0.40 % 10.00 % √CACI International Inc 6'273'850.86 0.25 % 10.00 % √Zeon Corp 4'718'991.36 0.19 % 10.00 % √Esterline Technologies Corp 4'681'913.57 0.19 % 10.00 % √CyberAgent Inc 4'077'112.23 0.17 % 10.00 % √TSRC Corp 4'059'295.63 0.16 % 10.00 % √Complete Production Services I 3'992'844.53 0.16 % 10.00 % √LG International Corp 3'406'341.31 0.14 % 10.00 % √Daum Communications Corp 3'221'433.90 0.13 % 10.00 % √Steven Madden Ltd 3'163'168.80 0.13 % 10.00 % √Freenet AG 2'800'095.38 0.11 % 10.00 % √Tech Data Corp 2'733'644.28 0.11 % 10.00 % √Teledyne Technologies Inc 2'716'309.21 0.11 % 10.00 % √ValueClick Inc 2'492'879.42 0.10 % 10.00 % √Wolverine World Wide Inc 2'484'693.41 0.10 % 10.00 % √j2 Global Inc 2'479'396.58 0.10 % 10.00 % √CJ Corp 2'148'585.66 0.09 % 10.00 % √MEDICINES CO/THE 1'895'301.02 0.08 % 10.00 % √Horiba Ltd 1'772'992.47 0.07 % 10.00 % √Deluxe Corp 1'768'658.70 0.07 % 10.00 % √Haier Electronics Group Co Ltd 1'722'431.85 0.07 % 10.00 % √Neo Material Technologies Inc 1'384'397.98 0.06 % 10.00 % √(iii) issuer market capitalisation of less than R 2 billion, or an amount or conditions as prescribed 20'560'356.44 0.83 %Humana Incorporated 7'368'849.47 0.30 % 5.00 % √Wright Express Corp 5'750'909.57 0.23 % 5.00 % √SAMSUNG ELECTRONICS CO LTD 4'905'824.90 0.20 % 5.00 % √Tempur-Pedic International 2'534'772.50 0.10 % 5.00 % √(b) Preference and ordinary shares in companies, excluding shares in property companies, not listed on an exchange:-0.00 0.00 % 10.00 % √Inside the Republic: 0.00 0.00 %Foreign assets: 0.00 0.00 %Reg. 28 (4)(b) Look-through exception where asset represent less than 5% of NAV - Equities: Inside the Republic0.00 0.00 % 75.00 % √Reg. 28 (4)(b) Look-through exception where asset represent less than 5% of NAV - Equities: Foteign assets0.00 0.00 % 25.00 % √4. IMMOVABLE PROPERTY0.00 0.00 % 25.00 % √4.1 Inside the Republic:(a) Preference shares, ordinary shares and linked units comprising shares linked to debentures in property0.00 0.00 % 25.00 % √(i) issuer market capitalisation of R 10 billion or more, or an amount or conditions as prescribed 0.00 0.00 %(ii) issuer market capitalisation of between R 3 billion and R 10 billion, or an amount or conditions as prescribed 0.00 0.00 %(iii) issuer market capitalisation of less than R 3 billion, or an amount or conditions as prescribed 0.00 0.00 %Foreign assets:Preference shares, ordinary shares and linked units comprising shares linked to debentures in property0.00 0.00 % 25.00 % √(i) issuer market capitalisation of R 10 billion or more, or an amount or conditions as prescribed 0.00 0.00 %(ii) issuer market capitalisation of between R 3 billion and R 10 billion, or an amount or conditions as prescribed 0.00 0.00 %(iii) issuer market capitalisation of less than R 3 billion, or an amount or conditions as prescribed 0.00 0.00 %(b) Immovable property, preference and ordinary shares in property companies, and linked units comprising shares0.00 0.00 % 15.00 % √Inside the Republic0.00 0.00 %Foreign Assets:0.00 0.00 %Reg. 28 (4)(b) Look-through exception where asset represent less than 5% of NAV - Immovable property: Inside the0.00 0.00 % 25.00 % √Reg. 28 (4)(b) Look-through exception where asset represent less than 5% of NAV - Immovable property: Foteign0.00 0.00 % 25.00 % √5. COMMODITIES68'067'648.60 2.76 % 10.00 % √5.1 Inside the Republic:(a) Kruger Rands and other commodities listed on an exchange, including exchange traded commodities:-68'067'648.60 2.76 % 10.00 % √(i) gold 68'067'648.60 2.76 %New Gold Issuer Ltd 68'067'648.60 2.76 % 10.00 % √(ii) each other commodity 0.00 0.00 %Foreign Assets:Kruger Rands and other commodities listed on an exchange, including exchange traded commodities:-0.00 0.00 % 10.00 % √(i) gold 0.00 0.00 %(ii) each other commodity 0.00 0.00 %6. INVESTMENTS IN THE BUSINESS OF A PARTICIPATING EMPLOYER INSIDE THE REPUBLIC IN TERMS OF:-0.00 0.00 %(a) Section 19(4) of the Pension Funds Act0.00 0.00 % 5.00 % √(b) To the extent it has been allowed by an exemption in terms of section 19(4A) of the Pension Funds Act0.00 0.00 % 10.00 % √7. HOUSING LOANS GRANTED TO MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 19(5)0.00 0.00 % 95.00 % √8. HEDGE FUNDS, PRIVATE EQUITY FUNDS AND ANY OTHER ASSET NOT REFERRED TO IN THIS SCHEDULE477'504.00 0.02 % 15.00 % √8.1 Inside the Republic:(a) Hedge Funds0.00 0.00 % 10.00 % √(i) Fund of hedge funds 0.00 0.00 %(ii) Hedge funds 0.00 0.00 %(b) Private equity funds0.00 0.00 % 10.00 % √(i) Fund of private equity funds 0.00 0.00 %(ii) Private equity funds 0.00 0.00 %(c) Other assets not referred to in this schedule and excluding a hedge fund or private equity fund477'504.00 0.02 % 2.50 % √Outstanding Settlements 477'504.00 0.02 % 2.50 % √Foreign assets:(a) Hedge Funds0.00 0.00 % 10.00 % √(i) Fund of hedge funds 0.00 0.00 %(ii) Hedge funds 0.00 0.00 %(b) Private equity funds0.00 0.00 % 10.00 % √(i) Fund of private equity funds 0.00 0.00 %(ii) Private equity funds 0.00 0.00 %

Republic of South Africa, Pension Funds Act No. 24 of 1956ANNEXURE B TO SCHEDULE IMaximum % ofaggregate fair valueof total assets ofComplianceItem Categories or kinds of assets Actual (R) Actual (%)fund perTestissuer/entity, asapplicable, unlessotherwise stated(c) EXEMPTED Other assets SECURITIESnot referred to in this schedule and excluding a hedge fund or private equity fund0.00 0.00 % 2.50 % √TOTAL (equal to the fair value of total assets of fund) 2'462'541'145.47 100.00 % 100.00 % √REGULATION 28(3)(f): CATEGORIES OR KINDS OF ASSETS THE AGGREGATE OF WHICH MAY NOT EXCEED 35% OF THE FUND:2.(e)(ii) Other debt instruments not listed on an exchange1'437'907.68 0.06 %3.1(b) Preference and ordinary shares in companies, excluding shares in property companies, not listed on an exchange0.00 0.00 %4.1(b) Immovable property, preference and ordinary shares in property companies, and linked units comprising shares0.00 0.00 %8. Hedge Funds, Private Equity Funds and Any Other Asset not referred to in this schedule477'504.00 0.02 %TOTAL 1'915'411.68 0.08 % 35.00 % √REGULATION 28(3)(g): CATEGORIES OR KINDS OF ASSETS THE AGGREGATE OF WHICH MAY NOT EXCEED 15% OF THE FUND:3.1(b) Preference and ordinary shares in companies, excluding shares in property companies, not listed on an exchange0.00 0.00 %8.1(b) Private equity funds0.00 0.00 %TOTAL 0.00 0.00 % 15.00 % √REGULATION 28(3)(h): THE SUM OF THE AGGREGATE EXPOSURES TO ISSUERS/ENTITIES UNDER ITEM 1.1 AND 2.1(c) NO TO EXCEED 25% OF THE FUND:1.1 (a) ABSA Group Ltd131'570'006.78 5.34 %1.2 (c)-1 ABSA Group Ltd13'238'554.54 0.54 %144'808'561.32 5.88 % 25.00 % √1.1 (a) Investec Ltd1.1 (b) Investec Ltd1.1 (a) Standard Bank Group Ltd1.1 (b) Standard Bank Group Ltd1.2 (c)-1 Standard Bank Group Ltd1.1 (a) Firstrand Ltd1.2 (c)-1 Firstrand Ltd1.1 (a) Citi Bank1.1 (a) Nedbank Group Ltd1.1 (b) Nedbank Group Ltd1'868'021.49 0.08 %50'429'538.26 2.05 %52'297'559.75 2.12 % 25.00 % √1'170'264.86 0.05 %106'716'664.44 4.33 %496'404.66 0.02 %108'383'333.96 4.40 % 25.00 % √495'943.47 0.02 %2'037'093.61 0.08 %2'533'037.08 0.10 % 25.00 % √111'961.52 0.00 %111'961.52 0.00 % 25.00 % √510.41 0.00 %56'836'496.79 2.31 %56'837'007.20 2.31 % 25.00 % √REGULATION 28(3)(i): INVESTMENTS OUTSIDE THE REPUBLIC:1. CASH3'609.36 0.00 %3. EQUITIES479'050'334.03 19.45 %TOTAL 479'053'943.39 19.45 % 25.00 % √NOTES:1. Credit balance in current accounts must be included in item 1.2. If the investments exceed the limit per institution/company/individual and no exemption has been obtained, the details below must be completed for each institution/company/individual in each categoryInvestments in institution/company/individual Item % of Fair Value Fair Value (R)0.00 % 0.000.00 % 0.000.00 % 0.000.00 % 0.003. EXEMPTIONS GRANTED BY THE REGISTRARItem Max % Date of letter Expiry Date0.00 %0.00 %0.00 %0.00 %NOTICE NO. 5 OF 2011 - CONDITIONS FOR SECURITIES LENDING TRANSACTIONS