1

Overview of CIS Industry

March 2015

2

R1.775 tr – Total Net Assets

R16.36 bn – Net Flows – 1st Quarter 2015

R98.02 bn – Net Flows – Year to March 2015

1211 Portfolios - 31 March 2015

CIS Overview(Rand Denominated Portfolios)

3

CIS Statistics

December 2010

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 20150

200

400

600

800

1000

1200

1400

1600

1800

2000

0

200

400

600

800

1000

1200

1400

9491015

1280

1538

1775

10731

166 15898

934 945988

10531211

Total Assets Net Flows No of PortfoliosRbn Portfolios

CIS Overview(Rand Denominated Portfolios)

4

CIS Statistics

December 2010

Jun 10

Sep 10

Dec 10

Mar 11

Jun 11

Sep 11

Dec 11

Mar 12

Jun 12

Sep 12

Dec 12

Mar 13

Jun 13

Sep 13

Dec 13

Mar 14

Jun 14

Sep 14

Dec 14

Mar 15

0

10

20

30

40

50

60

70

0

1

2

3

4

5

6

7

24

29

36

18

4

1512

1

15

63

41

47

64

57

2527

42

2

38

16

Flows Repo rateRbn %

Net quarterly flows(All Rand denominated funds)

5

CIS Statistics

December 2010

Mar 2005

Mar 2006

Mar 2007

Mar 2008

Mar 2009

Mar 2010

Mar 2011

Mar 2012

Mar 2013

Mar 2014

Mar 2015

-100

-50

0

50

100

150

200

3 5-6

7 4 11 4 12 1 -2

271327 33 14

8

3537

57 81

11583

2011

23

2155

22 37

-45

10

-2

-35

6

2115

14

16 16

24

3

64 27

-2

Equities Multi Asset Money Market Interest BearingRbn

Net annual flows by sector(Excluding Worldwide, Regional and Global sectors)

6

March 2010

TOTAL 100%Interest Bearing 50%

Equity 23%Real Estate 3%Multi Asset 24%

Portfolio Allocation - SA Funds

March 2015

TOTAL 100%Interest Bearing 24%

Equity 23%Real Estate 4%Multi Asset 49%

Money Market 15%IB Variable Term 4%IB Short-Term 5%

Flexible 3%MA Income 7%MA Low Equity 13%MA Medium Equity 3%MA High Equity 23%

Flexible 3%Prudential 21%

Money Market 32%FI Varied Specialist 14%Bond 2%Income 2%

7

SA – Multi Asset - High Equity – R37.2bn

SA – Equity – General – R28.4bn

SA - Multi Asset – Low Equity – R21.6bn

SA – Fixed Interest – Variable Term – R10.3bn

Net Annual Inflows(Rand denominated funds)

8

SA – Interest Bearing - Money Market - (R34.6bn)

SA – Interest Bearing – Short Term – (R12.4bn)

SA – Equity – Large Cap - (R1.6bn)

SA – Equity – Medium & Small Cap – (R0.1bn)

Net Annual Outflows(Rand denominated funds)

9

CORONATIONALLAN GRAYSTANLIBINVESTECOLD MUTUALNEDGROUPSANLAMABSAPRUDENTIALFOORD

79% of CIS Assets

Largest CIS Managers(All funds)

10

CORONATIONALLAN GRAYSTANLIBOLD MUTUALINVESTECNEDGROUPSANLAMPRUDENTIALFOORDMOMENTUM

77% of CIS Assets

Largest CIS Managers(Excluding Money Market Funds)

11

Largest funds(Rand millions)

ALLAN GRAY BALANCED FUND 106,414CORONATION BALANCED PLUS FUND 78,952ABSA MONEY MARKET FUND 47,786FOORD BALANCED FUND 45,498ALLAN GRAY EQUITY FUND 41,293CORONATION BALANCED DEFENSIVE FUND 38,981INVESTEC OPPORTUNITY FUND 38,156ALLAN GRAY STABLE FUND 36,217PRUDENTIAL INFLATION PLUS FUND 31,702NEDGROUP INVESTMENTS STABLE FUND 31,302

CIS Statistics

December 2010

CPI

SA - Interest Bearing - Short Term

SA - Interest Bearing - Money Market

SA - Multi Asset - Low Equity

SA - Multi Asset - High Equity

SA - Equity - General

0% 2% 4% 6% 8% 10% 12% 14%

4.0%

5.7%

5.8%

10.4%

12.2%

12.4%

Source: Profile Media

12

Sector Performances(One year to 31 March 2015)

CIS Statistics

December 2010

CPI

SA - Interest Bearing - Money Market

SA - Interest Bearing - Short Term

SA - Multi Asset - Low Equity

SA - Multi Asset - High Equity

SA - Equity - General

0% 2% 4% 6% 8% 10% 12% 14% 16%

5.3%

5.7%

6.1%

10.2%

12.9%

14.2%

Source: Profile Media

13

Sector Performances(Five years to 31 March 2015 – annualized)

CIS Statistics

December 2010

CPI

SA - Interest Bearing - Money Market

SA - Interest Bearing - Short Term

SA - Multi Asset - Low Equity

SA - Multi Asset - High Equity

SA - Equity - General

0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

5.9%

7.2%

7.4%

10.1%

13.4%

15.9%

Source: Profile Media

14

Sector Performances(Ten years to 31 March 2015 - annualized)

CIS Statistics

December 2010

CPI

SA - Interest Bearing - Short Term

SA - Multi Asset - High Equity

SA - Equity - General

0% 2% 4% 6% 8% 10% 12% 14% 16%

5.9%

10.7%

14.5%

14.9%

Source: Profile Media

15

Sector performances(Twenty years to 31 March 2015) (annualized performance)

16

Indices(Rands - 12 months ending 31 March 2015)

Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15100

105

110

115

120

125

130

FTSE/JSE ALSI (TR) FTSE 100 (TR) S&P 500 (TR)

12.5%

29.9%

9.1%

Source: Morningstar Direct

17

Indices(Rands – 5 years ending 31 March 2015)

Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-1580

130

180

230

280

330

FTSE/JSE ALSI (TR) FTSE 100 (TR) S&P 500 (TR)

16.1%

26.5%

18.1%

Source: Morningstar Direct