STANLIB Equity Fund

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Total Expense Ratio,Transaction Costs & Total Investment Charge Total Expense Ratio (TER): This shows the charges, levies and fees relating to the management of
STANLIB Equity Fund Factsheet / Minimum Disclosure Document as at 31 December 2016 Investment Policy and Objectives

Highlights

The Portfolio's main objective is steady growth of income and capital, a reasonable level of current income and the maximum stability for capital invested. The securities to be included will consist of securities, non equity securities and participatory interest of collective investment schemes in securities.

. STANLIB’s oldest fund and the investment of choice for over 50'000 investors.

Annualised Performance (%)* 1 year

3 years

5 years

10 years

Class R

-5.28

4.10

12.95

8.72

Class A

-5.82

3.46

12.26

8.06

Sector

3.07

4.72

10.46

8.79

Benchmark

4.13

7.58

14.16

11.34

Rank (Class R)

144/162

85/122

35/98

35/59

Lowest Return over 12 Rolling Months

-5.28

-5.28

-5.28

-43.62

Highest Return over 12 Rolling Months

9.71

25.53

34.37

38.80

Cumulative Performance - Last 5 years

*Annualized Return: is the weighted average compound growth rate over the performance period measured. The performance is calculated for the portfolio. The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding tax.Figures quoted are from Morningstar for the period ending 31 December 2016 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of income.

Domestic Equity Sector Allocation (%) Asset Allocation (%) Portfolio

Deviation from Benchmark

Portfolio Facts

Income Distribution

R 3'523.91 million

Portfolio Size Sector Classification Income Distribution Income Declaration

South African - Equity - General Net revenue is calculated daily and distributed bi-annually.

Benchmark

FTSE/JSE Shareholders Weighted All Share Index

Paid in the last 12 months

Paid during 2015

297.06 cpu 95.45 cpu

434.66 cpu 207.02 cpu

30 June & 31 December

Launch Date

Class R

Class A

01 Jan 1970

01 Jan 2000

Debit Order Per Month ISIN No. JSE Code Total Expense Ratio **

R500 R50 ZAE000020087 GDBK 1.28%

Top Domestic Equity Holdings (% of Fund) Naspers Ltd

6.74

R500

STEINHOFF N.V.

5.72

R50

First Rand Ltd

4.57

ZAE000025078

British American Tobacco Plc

4.26

Aspen Pharmacare Holdings Ltd

3.93

Sasol Ltd

3.02

MTN Group Limited

3.02

Anglo American Plc

2.92

Sanlam Ltd

2.63

Barclays Africa Group Ltd

2.48

Minimum Investment Lump Sum

Class R Class A

2015 payments as a % of year end price 1.62 % 0.00 %

LIWA 1.86%

Maximum Portfolio Charges

Upfront Charge: Manager

0.00%

0.00%

Upfront Charge: Intermediary

3.42%

3.42%

Total Service Charge

1.14%

1.71%

Service Charge Intermediary Portion

0.00%

0.57%

Risk Rating

Fees are quoted inclusive of VAT. **

Please refer to page 2 under “Statutory Disclosure and General Terms & Conditions”

Factsheet ID : 79210

Conservative

Please refer to page 2 for more details regarding this portfolio as well as other important information for consideration pg 1 of 3

Moderate

Aggressive

STANLIB Equity Fund Factsheet / Minimum Disclosure Document as at 31 December 2016 Franchise

Portfolio Manager

The STANLIB Core Equity Franchise’s primary objective is to grow and preserve capital over a longterm period. The Franchise incorporates the following beliefs: • Is style agnostic – combining value and growth; • Is benchmark conscious with a tracking error of 3 to 5% • Uses the STANLIB research team as its primary input for stock selection • Invests in companies that are growing earnings above the market, generating economic profit, distributing cash and are attractively valued.

Herman van Velze

Quarterly Comments

Robin Eagar Robin started his investment career in 1998 working in corporate finance & private equity. At STANLIB he began as an Industrial Analyst, transfering in 2006 to managing general equity funds. Robin has successfully managed Balanced Funds since 2007 and is currently Head of Balanced Funds.

What the numbers say The JSE Shareholder Weighted All Share Index returned a negative 3.2% during the fourth quarter of 2016. Within that Resources delivered negative 1.2%, Industrials negative 4.7% and Financials 2.9%. The Equity Fund delivered a negative 3.1% during the quarter, outperforming the benchmark. The international component of the fund delivered a negative 3% and the Africa component delivered a negative 0.4%. The one year performance of the fund is a negative 3.8% compared to the benchmark that delivered 4.1%. Global equities finished the year strongly in a quarter dominated by political developments. The oil price surged after OPEC and a number of other oil producing states agreed to curtail production. Following Trump’s win, US market sentiment was buoyed by the potential for increased infrastructure and defence spending, and looser regulations for banks and energy firms. With GDP growth and corporate results remaining strong, the Federal Reserve raised interest rates by 25 basis points in December. Fund activity We sold our holdings in Mediclinic International, Vodacom, Santam, Richemont, Grindrod and Mpact. We used the proceeds to add new holdings in Remgro, Anglo American, Coronation Fund Managers, Curro Holdings and Kumba Iron Ore. We also increased our holdings in Naspers. We retained our exposure to non- SA equities at 30%. Within that our Rest of Africa exposure is a notable at 3.5% of fund. Looking ahead Political uncertainty, rising populism and policy divergence will continue to dominate in 2017. Interest rates have started to move up from their emergency setting in the USA but this is isolated compared to the rest of the world.

With a mining engineering background, Herman started his asset management career in 1993 as a mining analyst. Winner of several awards in 2007, he has successfully managed the STANLIB Balanced Fund since 2005 and is currently Head of Balanced Funds.

Warren Buhai Following 5 years in corporate finance at Standard Bank, Warren joined STANLIB in 2005 where he initially specialised in resources analysis and portfolio management. He has been a portfolio manager in the Multi-Asset Franchise since 2009.

Factors in South Africa are actually changing for the better: Eskom’s excess capacity is back in vogue, and our currency is trending stronger with the economy looking to return to modest growth. We expect investment opportunities for active, discerning investors to increase. In this world, a focus on valuations and fundamentals – ‘old school’ investing if you like – should be more important than it has been in recent years. We prefer SA domestic names listed on the JSE rather than the global defensives, portfolio exposure to food retailers and SA industrials, Pick and Pay, Tongaat, AVI and Famous Brands

Statutory Disclosure and General terms & Conditions Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h00. Investments and repurchases will receive the price of the same day if received prior to 15h00. The Total Expense Ratio (TER) of a portfolio is a measure of the portfolio’s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate. Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: www.stanlib.com. The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media.

The Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Oct 2013 to 30 Sep 2016. A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs.

Fund Features The Fund is a general equity fund whose objective is steady growth of income and capital. The Fund uses a bottom up stock picking approach and can invest in both local and offshore equities (max 25% offshore and 5% Africa). The Fund has a mandate that is not restricted to any specific investment style. The Fund can be used as a primary equity building block for a portfolio. The securities to be included will predominantly consist of shares in listed companies.

Risk General market risks such as : • Unfavourable market movements • Volatility • Economic and political risk • Company Risk. Where foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market information.

Contact Details STANLIB Collective Investments (RF) Limited Reg. No. 1969/003468/06 17 Melrose Boulevard Melrose Arch Johannesburg South Africa

PO Box 202 Melrose Arch 2076

Contact Centre

0860 123 003 www.stanlib.com

Compliance No :

HX0934

Published Date :

1/23/2017

Trustees : Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: 011 217 6600

pg 2 of 3

STANLIB Equity Fund Factsheet / Minimum Disclosure Document as at 31 December 2016 Total Expense Ratio,Transaction Costs & Total Investment Charge Total Expense Ratio (TER): This shows the charges, levies and fees relating to the management of the portfolio and is expressed as a percentage of the average net asset value of the portfolio, calculated over a rolling three years (where applicable) and annualised to the most recently completed quarter. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Transaction Costs (TC): The percentage of the value of the fund as costs relating to the buying and selling of the Fund's underlying assets.Transaction costs are a necessary cost in administering the Fund and impacts fund returns. It should not be considered in isolation as returns may be impacted by many other factors over time including market returns, the type of Fund, investment decisions of the investment manager and the TER. Total Investment Charges (TIC): The percentage of the value of the Fund incurred as costs, relating to the investment of the Fund. As fund returns are reported after deducting all fees and expenses, these costs (the TER & TC) should not be deducted from the fund returns. It is the sum of the TC & TER.

TER and Transaction Costs Breakdown Fund Class

TER

TC

TIC

R

1.28%

0.21%

1.49%

A

1.86%

0.21%

2.07%

TER + TC = TIC Where a transaction cost is not readily available, a reasonable best estimate has been used.Estimated transaction costs may include Bond, Money Market and FX Costs (where applicable)

pg 3 of 3

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