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					  Due

Diligence
ANKH ANALYTIC (PTY) LTD DUE DILIGENCE DOCUMENT


Herewith the information requested pertaining to the above:


1.     MANAGEMENT COMPANY DETAILS

1.1.   Full name of management company (Manco) and AUM

       Metropolitan Collective Investments Ltd.

       R24bn.

1.2.   Background information of management company

       METCI, founded in 1991, is a full subsidiary of Metropolitan Holdings Ltd, one of the
       largest listed BEE financial services companies in South Africa (as ranked by
       Empowerdex, A rating). METCI has ±170 CIS portfolios managed by MetAM and ±50
       white label partners.

1.3.   Legal structure of funds

       SA Financial Services Board approved and regulated Collective Investment Schemes.

1.4.   Background information on fund manager

       Ankh Analytic is a boutique investment management company catering for the needs of
       investors through a focused range of regulated funds. We practice the highest level of
       ethics and create a work environment of complete integrity. Honesty, transparency,
       putting our clients first and gaining our clients' confidence through dedication and
       performance are therefore our main business principles. We further abide by South
       African legislation, CFA Institute Code of Ethics and Standards, ASISA guidelines and
       FSB legislative requirements and we always apply the stricter interpretation of these as
       internal measure of governance.

       Ankh Analytic was originally founded with a specific focus on providing international
       solutions to local and expatriated South African investors looking to protect their wealth
       in international terms.

       Although the company formation date was April 2000, the first FSB registered product
       was launched in 2004 as a Rand denominated foreign fund which targeted consistent
       returns in USD terms. This fund has been very successful since the date of launch and
       was acclaimed with a Morningstar award in March 2009. Ankh expanded its Collective
       Investment Scheme offering in 2009 and 2010 with the addition of two local products;
       a long term growth portfolio and a cautious preservation portfolio.
    Ankh Analytic is based in Stellenbosch and is authorized by the South African Financial
    Services Board to act as registered Financial Service Provider with FSP number 622 and
    is approved to deal in the following products and categories:

Category Description                                                        Advice Intermediary
CATEGORY I

Securities and Instruments :Shares                                          X      X

Securities and Instruments : Money market instruments                       X      X

Securities and Instruments : Debentures and securitised debt                X      X

Securities and Instruments : Warrants, certificates and other instruments X        X

Securities and Instruments : Bonds                                          X      X

Securities and Instruments : Derivative instruments                         X      X

Participatory interests in Collective Investment Schemes                    X      X

Foreign currency denominated investment instruments                         X      X

CATEGORY II - Discretionary FSP

Securities and Instruments : Shares                                                X

Securities and Instruments : Money market instruments                              X

Securities and Instruments : Debentures and securitised debt                       X

Securities and Instruments : Warrants, certificates and other instruments          X

Securities and Instruments : Bonds                                                 X

Securities and Instruments : Derivative instruments                                X

Participatory interests in Collective Investment Schemes                           X

Foreign currency denominated investment instruments                                X



    The investment committee overseeing the management of the Ankh Funds consists of:

        1.   Cobus Kellermann
        2.   Hendrik Vos
        3.   Tiaan Fourie
        4.   Grant Watson (external)
        5.   Warren Mcleod (external)

    Current 3rd Party Asset Managers actively employed in the funds are:

        1.   OMIGSA - Quantitative Investments Boutique
        2.   Metropolitan Asset Management Fixed Interest Team
        3.   Hermes Asset Management
        4.   Nexus Asset Management


    These Fund Managers were selected by Ankh Analytic to participate in the management
    of the funds, based on consistency of philosophy and process applied and track record
    of individuals concerned.
1.5.   Management Summaries

       Cobus Kellermann: BComm (Maths), CFA ~ Chief Executive Officer, Key
       Individual, Director

       Cobus is responsible for the overall investment strategy of the company, compliance
       and oversight of investor portfolios, particularly for the management and direction of
       the Ankh Foreign Flexible Fund of Funds and he serves as an active member of the
       Ankh Analytic investment committee.

       Cobus has been in the investment industry since January 1998 after he graduated with
       a major in Mathematical Statistics from the University of Stellenbosch and holds the
       Chartered Financial Analyst designation CFA Institute. Cobus spent three years at
       Investec Asset Management as an analyst and portfolio manager of the Investec Value
       Fund.

       After leaving Investec, Cobus joined Ankh Analytic in 2001 and was responsible for
       economic and fund research as well as the implementation of investment strategies. He
       then joined Optimal Fund Management as Head of Technical Research in July 2004.
       Cobus now acts as a director and/or investment consultant to several investment
       management companies in Guernsey, Mauritius, South Africa and Switzerland.

       Hendrik Vos: ICMQ (London),           MIMF     ~   Portfolio   Manager,   Authorised
       Representative, Director

       Hendrik is jointly responsible for the management and direction of the Ankh Stable and
       the Ankh Prudential Funds.

       Hendrik has fourteen years experience in the financial services industry; he holds ICMQ
       (London) and is a full member of the South African Institute of Financial Markets.
       Hendrik has developed his professional expertise in the financial markets through being
       actively involved in the financial markets and by holding a senior management position
       at Dynamic Wealth Management. Hendrik joined Ankh Analytic during July 2009.

       Tiaan Fourie ~ Portfolio Manager, Authorised Representative

       Tiaan is jointly responsible for the management and direction of the Ankh Stable and
       the Ankh Prudential Funds.

       Tiaan has twelve years experience in the financial services industry and developed his
       professional expertise in the financial markets through being actively involved in the
       financial markets and by holding various positions in the investment management
       industry ranging from analyst, strategist and investment manager. Tiaan joined Ankh
       Analytic during July 2009.
1.6.   Distribution arrangements/networks

   1.6.1.       Target Markets

       Ankh is focused on third party distribution through investment and pension fund
       consultants and qualified independent financial advisors. Our target market is rather
       specific based on our preference to deal with investment focused intermediaries that
       support third party platforms.

       The Ankh Retail CIS funds are currently available on the following LISP platforms:

            •   ABSA Investments
            •   Equinox/ Intervest
            •   Momentum Wealth
            •   Glacier by Sanlam
            •   Old Mutual Fairbairn Capital

       The Ankh Institutional funds are currently available from:

            •   Metropolitan Collective Investments – Institutional CIS
            •   Sygnia Life                         – Pooled Life Portfolio

   1.6.2.       Intermediary networks promoting the fund(s)

       Our target market is niche and in line with our preference of wanting to deal with
       investment related and focused IFAs that support third party platforms. The IFA
       network to actively promote the Ankh portfolios is built on existing relationships
       geographically spread across the country and in areas where we offer support. These
       areas and approximate numbers include:

       Western Cape                  18 IFAs
       Gauteng                       20 IFAs
       Bloemfontein                   3 IFAs
       Port Elizabeth                 2 IFAs
       Durban                         5 IFAs
       George                         2 IFAs

       Total                        50 IFAs
2.   UNIT TRUST INFORMATION




Administrator                                  Metropolitan Collective Investments

Company Registration Number                                      1991/003741/06

FSB Authorised Service Provider                                               510

Telephone Number                                                +27 21 940 5881

Facsimile Number                                                +27 21 940 6205

Website                                                   www.metropolitan.co.za




Auditor                                               PriceWaterhouseCoopers Inc

Company Registration Number                                      1998/012055/21

IRBA Number                                                               906670

Telephone Number                                                +27 21 529 2000

Facsimile Number                                                +27 21 529 3300

Website                                                          www.pwc.com/za




Custodian                         Standard Bank of South Africa – Trustee Services

Company Registration Number                                       962/000738/06

FSB Authorised Service Provider                                            11287

Telephone Number                                                +27 21 401 2611

Facsimile Number                                                +27 21 401 2236

Website                                                  www.standardbank.co.za
3.       COMPANY INFORMATION

Registered Company Name                                  Ankh Analytic (Pty) Ltd
Company Registration Number                                     2000/000016/07
Company VAT Number                                                  4580187252
Company FSB Number                                                            622
                               Unit 3A, Octo Place, Elektron Street, Techno Park,
Company Address
                                                                     Stellenbosch
Company Postal Address                          PO Box 1239, Stellenbosch, 7599
Telephone Number                                            +27 (0)861 750 750
Facsimile Number                                            +27 (0)861 750 751
Website                                                  www.ankh-analytic.com
E-Mail                                                  info@ankh-analytic.com
Name of Contact Person                                        Cobus Kellermann
Title of Contact Person                                                  Director
Email of Contact Person                               cobus@ankh-analytic.com

Compliance Officer

                               Financial Services Compliance CC t/a Compliance
Registered Company Name
                                                                     Consulting
Company Registration
                                                               CK99/062199/23
 Number
Company VAT Number                                                  4250210111
Company FSB Number                                                           325
Company Postal Address                          71 Lurgan Road, Parkview, 2193
Telephone Number                                               +27 11 486 0729
Facsimile Number                                               +27 11 646 1587
Website                                         www.complianceconsulting.co.za
Name Of Contact Person                                              Greta Maritz
Title Of Contact Person                                                  Director
Email Of Contact Person                         info@complianceconsulting.co.za

Auditor

Registered Company Name                                 M. Ralph and Associates
Company Registration Number                                          Partnership
Company VAT Number                                                  4800176630
Company FSB Number                                                           n/a
Company Postal Address               P.O. Box 1195, Sea Point, Cape Town, 8060
Telephone Number                                               +27 21 426 1550
Facsimile Number                                           +27 880 21426 1560
Website                                                 www.ralphstanton.co.za
Name of Contact Person                                          Timothy Stanton
Title of Contact Person                                                  Partner
Email of Contact Person                                  tim@ralphstanton.co.za
4.     TECHNICAL DETAILS - THE ANKH STABLE FUND


4.1.   Fund classification

       Asset Allocation – Prudential – Equity Low Category

4.2.   Name of the accounting or auditing firm responsible for auditing the fund

       PriceWaterhouseCoopers Inc

4.3.   Period of appointment of the current accounting or auditing firm

       Since 2001

4.4.   Registered fund name

       Ankh Stable Fund

4.5.   Fund description

       The fund complies with Regulation 28 of the South African Pension Fund Act and its
       primary objective is the preservation of investor capital over the shorter term while
       providing consistent real returns over the medium term thus compounding significant
       long term capital growth.

       In achieving its objective, the fund will comprise of a combination of cash, liquid capital
       market instruments and protected equity within a specialist rules-based asset allocation
       framework.

       The asset allocation will be actively managed and will continually reflect the portfolio
       managers’ views of the relative attractiveness of the equity-, bond- and money markets
       to its mean and also relative to one another on a risk-return basis.

4.6.   Investment objective & mandate

       The objective of this fund is to provide a high degree of capital stability and protection
       in periods of market volatility. The return objective of the fund is twofold: Firstly the
       fund aims to produce superior returns versus bank deposits on an after tax basis and
       secondly the fund will aim to outperform the peer average of the AA – Prudential –
       Equity Low CIS Sector.

       The fund invests in cash, capital market instruments and equities with an active asset
       allocation overlay. The SA equity component is limited to 40% of the portfolio and is
       protected through the use of derivatives and other instruments ensuring reduced
       downside and volatility. The portfolio is structured to ensure participation in positive
       market cycles and protect capital in negative market cycles.

       The overall strategy of the fund is to adopt a stringent rules-based approach to the
       overall asset allocation process – we believe this will increased stability and
       predictability of returns. Based on the rules–based approach to asset allocation the
       underlying portfolio will have a bias to index orientated protected exposure to SA equity
       (including listed property) and money market instruments (physical and synthetic). This
       is done to ensure efficient portfolio protection and cost effective tactical asset allocation
       changes. Longer dated bond exposure and offshore fixed income exposure could
       however also be included.
       The asset allocation depends on three key factors:

          1. Valuation of domestic equities as measured by relative dividend yield of the
             Top40 Index
          2. Attractiveness of cash as measured by the Relative yield of 3-Month NCD index
          3. The cost of protecting the SA Equity exposure

       These measures will be compared to their own long run mean and will result in the re-
       weighting of equities.

       The overall asset allocation parameters for the fund are as follows:

       Asset Class                                        TAA Ranges
       Local Equity (including listed property)             0% - 40%
       Offshore Fixed Income                                0% - 20%
       Local Fixed Income (including local cash)            0% - 100%
       Local Cash (including synthetic cash)                0% - 100%


4.7.   Benchmark

       SARB Repo Rate +2% adjusted for tax @ 25%

4.8.   Fund Classes

       Share Class R - Retail share class with minimum investment of R100,000
       Share Class A - Institutional share class with minimum investment of R100mn

4.9.   Fee Schedule

       The fees charged on the Ankh Stable Fund are made up of an ongoing annual fee and a
       performance fee.

       Once-Off Initial Investment Fee

       There is no initial fee charged by the Fund Advisor or the Management Company.

       Annual Management Fee

       The annual management fee covers the management fees paid to the Fund Advisor who
       manages the assets of the fund and the administrator who administers the fund. The
       Ankh Stable Fund will charge an ongoing annual management fee of 1.71% (Incl. VAT)
       to retail investors and 1.14% (Incl. VAT) to institutional investors. All participating
       underlying 3rd party asset managers will be remunerated by the Fund Advisor, Ankh
       Analytic.
     Performance Fee

     A performance fee equal to a profit share of 15% on the retail share class and 10% on
     the institutional share class of any out performance above the fund’s benchmark over a
     2 year rolling period, as at the end of the previous day (accrued on a daily basis on the
     high watermark principal) will be levied, capped at 2.28% (i.e. any shortfalls will be
     recouped before performance fees are accrued).


                                           MAXIMUM INITIAL CHARGES (Incl. VAT)                    RISK
      PORTFOLIO
                                              Administrator             Fund Advisor             FACTOR

      Ankh Stable Fund                            0.00%                     0.00%                  Low



      ANNUAL FEE                                                   DESCRIPTION


                                          An ongoing annual service charge of 1.71% on retail investments
                                          and 1.14% on institutional investments is levied daily on the
      Service Charge (Incl. VAT)
                                          market value of the portfolios.


                                          15% (sharing rate) of outperformance above the benchmark over
                                          a 2 year rolling period, as at the end of the previous day (accrued
                                          on a daily basis on the high water mark principle) will be levied
                                          on retail investments and 10% (sharing rate) on institutional
      Performance Fee                     investments. All underlying Management Company rebates are
                                          reinvested.

                                          Benchmark = SARB Repo +2% adjusted for tax @ 25%


     The daily unit price reported on the Ankh Stable Fund reflects investor portfolio values
     net of management fees and all other costs relating to the running of the portfolio e.g.
     bank charges, taxes, brokerage, trustee and auditors fees.

     Exit Penalties

     There are no exit penalties levied on the Ankh Stable Fund and the fund offers full
     liquidity.

4.10. Total Expense Ratio

     TER is not yet applicable as the fund was only established on 1 April 2010.

4.11. JSE code

      ANFF - Retail CIS
      MAKS - Institutional CIS

4.12. Is this fund’s price on Finswitch?

     Yes

4.13. Launch Date

     1 October 2006 – implementation of change in fund name, philosophy, process and
     fund classification effected on 1 April 2010.
4.14. Distribution dates

       Monthly

4.15. Regulation 28 compliant

       The fund is Regulation 28 compliant. The portfolio will always be managed to comply
       with Prudential Investment Guidelines as prescribed within the Pension Funds Act.


5.     TECHNICAL DETAILS - ANKH PRUDENTIAL FUND

5.1.   Fund classification

       Asset Allocation – Prudential – Equity Variable Category

5.2.   Name of the Accounting or auditing firm responsible for auditing the fund

       PriceWaterhouseCoopers Inc

5.3.   Period of appointment of the current accounting or auditing firm

       Since 2001

5.4.   Registered fund fame

       Ankh Prudential Fund

5.5.   Fund description

       The Ankh Prudential Fund is an FSB-registered portfolio managed according to
       Regulation 28 (Prudential Investment Guidelines) of the Pension Funds Act.

       The Ankh Prudential Fund is an aggressive asset allocation fund, having the primary
       objective of providing long term capital growth for investors and secondary to provide
       capital preservation over any 36 month period. The fund is suitable for retirement
       funds.

       In achieving its objective, the fund will comprise of a mix of equity, cash, liquid capital
       market instruments, listed property within a specialist asset allocation framework. The
       asset allocation will be actively managed and will continually reflect the portfolio
       managers’ views of the relative attractiveness of the equity, bond and money markets
       relative to one another on a risk return basis. The Ankh Prudential Fund will however
       have an inherent bias toward growth assets and will have a predominate allocation to
       equity assets.

5.6.   General Notice

       The management of the Ankh Prudential Fund changed on 1 September 2009
       subsequent to the change in ownership of Ankh Analytic. The fund remains in the Asset
       Allocation – Prudential – Variable Equity CIS Category but the investment philosophy
       and process have changed.
5.7.   Investment objective & mandate

       The objective of this fund is to provide a high degree of capital growth and market
       participation. The return objective of the fund is twofold: Firstly the fund aims to
       outperform the peer average of the AA – Prudential – Equity Variable CIS Sector as
       represented in the fund benchmark and secondly the fund will aim to produce superior
       returns versus inflation (measured by CPI PO140 – the newly adjusted SARB inflation
       target) plus 7% p.a. measured over a 5 year rolling basis.

       The fund invests in cash, capital market instruments and equities with an active asset
       allocation overlay. The SA equity component is limited to a maximum of 75% of the
       portfolio and will vary through tactical positioning, the use of derivatives and other
       instruments ensuring reduced downside and volatility.

       The portfolio is structured to ensure participation in positive market cycles and reduce
       downside in negative market cycles.
       The overall strategy of the Fund is based on a Core-Satellite approach where a
       conservative Core which includes a protection overlay will be combined with pure equity
       component to ensure long term growth. The split between the Core-Satellite should be
       in the region of 50/50 although this could vary dependent on the tactical view of the
       manager.

       The conservative core will adopt a more stringent rules-based approach to the overall
       portfolio management which includes asset allocation and security selection – we
       believe this will increase stability and predictability of returns of this component. Based
       on this rules based approach to asset allocation the underlying core portfolio will have a
       bias to index orientated exposure in SA equity (including listed property) and money
       market instruments (physical and synthetic) although longer dated bond exposure and
       offshore fixed income exposure could be included. This is done to ensure efficient
       portfolio protection and cost effective tactical asset allocation changes.

       The equity satellite will be managed on a multi-manager basis and will include a variety
       of equity managers who apply varied investment strategies and philosophies. The
       equity satellite will aim to outperform the equity market over the long term although
       the combination of managers and the qualitative selection criteria applied should result
       in more downside sensitivity within this component.

       The allocation between the core and satellite will continually reflect the portfolio
       managers’ views of the relative attractiveness of the equity versus risk-free assets and
       the rules based asset allocation framework of the core portfolio will act as guideline.

       The overall asset allocation parameters for the fund are as follows:

          Asset Class                                       TAA Ranges
              Local Equity                                      0% - 75%
              Listed Property                                   0% - 25%
              Offshore Fixed Income                             0% - 20%
              Local Fixed Income (including local cash)         0% - 100%
              Local Cash (including synthetic cash)             0% - 100%

       Global equity exposure can be included per the fund mandate although this will be a
       very unlikely event based on the perceived correlation between SA equity assets and
       global equity assets which reduces the diversification benefit that is obtained by
       including offshore assets.
5.8.    Benchmark

        60% FTSE JSE ALSI J203 plus 25% ALBI (All Bond Index) plus 15% SteFI (Short Term
        Fixed Interest).

5.9.    Fund Classes

        Share Class R - Retail share class with minimum investment of R100,000
        Share Class A - Institutional share class with minimum investment of R10mn

5.10. Fee Schedule

        The fees charged on the Ankh Prudential Fund are made up of a once-off initial fee, an
        ongoing annual fee and a performance fee.

        Once-Off Initial Investment Fee

        There is no initial fee charged by the Fund Advisor – Ankh Analytic.

        Annual Management Fee

        The annual management fee covers the management fees paid to the Fund Advisor who
        manages the assets of the fund and the administrator who administers the fund. The
        Ankh Prudential Fund will charge an ongoing annual management fee of 1.71%. All
        participating underlying 3rd party asset managers will be remunerated by the Fund
        Advisor, Ankh Analytic.

        Performance Fee

        A performance fee equal to a profit share of 15% on the retail share class and 10% on
        the institutional share class of any out performance above the fund’s benchmark over a
        2 year rolling period, as at the end of the previous day (accrued on a daily basis on the
        high watermark principal) will be levied, capped at 2.28% (i.e. any shortfalls will be
        recouped before performance fees are accrued).


                                   MAXIMUM INITIAL CHARGES                           RISK
       PORTFOLIO
                                   Administrator            Fund Advisor             FACTOR

       Ankh Prudential Fund        0.00%                    0.00%                    Medium/High



       ANNUAL FEE                  DESCRIPTION
                                  6.

                                   An ongoing annual service charge of 1.71% including VAT is levied daily
       Service Charge
                                   on the market value of the portfolios.
                                  7.

                                   15% (sharing rate) of outperformance above the benchmark over a 2
                                   year rolling period, as at the end of the previous day (accrued on a
                                   daily basis on the high water mark principle) will be levied on retail
                                   investments and 10% (sharing rate) on institutional investments. All
       Performance Fee
                                   underlying Management Company rebates are reinvested.

                                   Benchmark = 60% FTSE JSE ALSI J203, 25% ALBI, 15% SteFI
                                   composite.
     The daily unit price reported on the Ankh Prudential Fund reflects investor portfolio
     values net of management fees and all other costs relating to the running of the
     portfolio e.g. bank charges, taxes, brokerage, trustee and auditors fees.

     Exit Penalties

     There are no exit penalties levied on the Ankh Prudential Fund.

5.11. Total Expense Ratio:

       Ongoing portfolio fees:
       Portfolio ongoing fee                         1.50%
       Underlying portfolio net of rebate            0.16%
       Other portfolio costs                         0.63%
       TER – excluding performance fees              1.66%%
       Performance fees:                             0.00%
       Portfolio Performance fee                     0.00%
       Underlying manager Pfee                       Included
       Total VAT                                     0.23%
       Total expense ratio                           1.89%


       The TER has been calculated using data from 1st July 2009 to 30th June 2010.
       The TER % of the average Net Asset Value of the portfolio were incurred as
       charges, levies and fees related to the management of the portfolio and
       underlying portfolios. 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 TER’s.


5.12. JSE code

     MAPR – Retail CIS
     MAPA – Institutional CIS

Is this fund’s price on Finswitch?

     Yes

  Launch Date

     1 March 2009 – implementation of change in philosophy and process effected on
     1 September 2009.

5.15. Distribution dates

     30 June / 31 December

5.16. Regulation 28 compliant

     The fund is Regulation 28 compliant. The portfolio will always be managed to comply
     with Prudential Investment Guidelines as prescribed within the Pension Funds Act.
6.     TECHNICAL DETAILS - ANKH FOREIGN FLEXIBLE FUND OF FUNDS

6.1    Fund classification

       Foreign Asset Allocation – Flexible Category

6.2.   Name of the Accounting or auditing firm responsible for auditing the fund

       PriceWaterhouseCoopers Inc

6.3.   Period of appointment of the current accounting or auditing firm

       Since 2001

6.4    Registered fund fame

       Ankh Foreign Flexible Fund of Funds

6.5    Fund description

       The Ankh Foreign Flexible Fund of Funds is an FSB-registered, rand-denominated
       foreign "fund-of-funds" unit trust which provides access to top global asset managers.

       The Fund Advisor will endeavour to generate positive US Dollar returns on a 2-year
       rolling basis by investing in a blend of equity, bond, convertible bond, property,
       currency and "hedged" funds that are expected to generate positive returns.

       The fund advisor has the discretion to avoid making investments in those asset classes,
       which are expected to generate negative returns for investors. The goal of the portfolio
       would be to generate two-thirds of long-term equity returns with less than half the risk
       (as measured by standard deviation). Although priced in Rands, the fund will hold a
       maximum of 5% exposure to Rand assets with the balance being invested in non-Rand
       denominations.

       The fund will be managed from the perspective of a global investor and currency
       dislocations will be actively managed as far as the manager's skill will allow. The
       currencies available for investment will include the Euro, US Dollar, Pound Sterling and
       Japanese Yen and to a lesser extent, the remaining G10 currencies.

6.6    Investment objective & mandate

       The objective of The Ankh Foreign Flexible Fund of Funds is to achieve superior long-
       term capital growth, at reduced risk levels, by giving investors exposure to the asset
       classes most appropriate to the prevailing global investment environment. The fund will
       be managed with an absolute return approach and will seek to achieve positive returns
       in USD terms over the long-term. In addition, the fund will seek to offset the effects of
       USD weakness on the portfolio when such phases occur.

       The founding philosophy of The Ankh Foreign Flexible Fund of Funds is based on the
       following observations:

           •   that no single asset management house has a monopoly on genius (i.e. fund
               management talent is distributed sparsely across the industry);
           •   that asset class and sector performance varies dramatically over the investment
               and economic cycle;
          •   that all asset classes and sectors will produce periods of extended
              underperformance and / or negative returns from time to time;
          •   that relative returns are of no use to an investor, especially when they are
              negative;
          •   that it is possible to add value to a portfolio by avoiding such periods of
              underperformance.

      The best way to avoid these periods of underperformance is to adopt a flexible and
      adaptable approach to investing and to allow a manager to invest in as broad a range of
      asset classes and investment strategies as possible.

      Accordingly, the Ankh Foreign Flexible Fund of Funds exists to provide clients with a
      fair, positive return on their assets throughout the investment cycle, conscious of the
      need to diversify client wealth and avoid significant capital losses.

      To this end, the fund has a performance benchmark of USD 3-month LIBOR + 3%
      against which the performance fees of the fund are calculated.

      The fund may also invest directly or indirectly in any of the following asset categories:

      •       Equity (including convertibles)
      •       Hedge (as approved by FSB)
      •       Property
      •       Bonds
      •       Cash

6.7   Benchmark

      US dollar 3 Month London Interbank Offered Rate (LIBOR) + 3%.

      The London Interbank Offered Rate is an indicator of the wholesale (i.e. bank to bank)
      cost of funds in USD terms. The rate is based on a loan size of GBP250, 000 for periods
      from overnight to 5 years. LIBOR is the most significant and widely used interest rate
      for international banks and is thus a well-known and acceptable indicator of the cost of
      funds.

      The rate is fixed each day at 11 am GMT by 5 major London banks but fluctuates during
      the day. LIBOR can be considered a market priced rate, which takes into account supply
      and demand for funds over time - this differentiates it from a country's base rate, which
      is set by a government institution (e.g. the European Central Bank, Bank of England or
      the US Federal Reserve).

      The Ankh Foreign Flexible Fund of Funds uses 3-Month LIBOR as the basis of its
      benchmark, to this we add a 3% "equity risk premium" which is an estimate of the
      extra return demanded by investors to compensate them for the additional risk of
      investing in equities over a long time frame.

      Our equity risk premium is based on an estimated level of the premium made by the
      authors of Triumph of the Optimists, a study of long-term investment returns since
      1900.

6.8   Fund Classes

      Share Class R - Retail share class with minimum investment of R100,000
6.9   Fee Schedule

      The fees charged on the Ankh Prudential Fund are made up of a once-off initial fee, an
      ongoing annual fee and a performance fee.

      Once-Off Initial Investment Fee

      There is no initial fee charged by the Fund Advisor – Ankh Analytic.

      Annual Management Fee

      The annual management fee covers the management fees paid to the Fund Advisor who
      manages the assets of the fund and the administrator who administers the fund. The
      Ankh Foreign Flexible Fund of Funds will charge an ongoing annual management fee of
      1.60% inclusive of VAT.

      Performance Fee

      A performance fee equal to a profit share of 10% of any out performance above the
      fund’s benchmark will be levied and accrued on a daily basis on the high water mark
      principle (i.e. any shortfalls will be recouped before performance fees are accrued).


                                        MAXIMUM INITIAL CHARGES                           RISK
PORTFOLIO
                                    Administrator            Fund Advisor                FACTOR

Ankh Foreign Flexible FoF              0.00%                     0.00%               Medium/High



ANNUAL FEE                                                  DESCRIPTION

                                An ongoing annual service charge of 1.60% including VAT is levied daily
Service Charge
                                on the market value of the portfolios.

                                10 %( sharing rate) of out performance, net of fees, above benchmark
                                (hurdle rate) will be levied on the high watermark basis. All underlying
                                Management Company rebates are reinvested.
Performance Fee
                                Benchmark = US dollar 3 Month London Interbank Offered Rate (LIBOR)
                                + 3%


      The daily unit price reported on the Ankh Foreign Flexible Fund of Funds reflects
      investor portfolio values net of management fees and all other costs relating to the
      running of the portfolio e.g. bank charges, taxes, brokerage, trustee and auditors fees.

      Exit Penalties

      There are no exit penalties levied on the Ankh Foreign Flexible Fund of Funds.
6.10 Total Expense Ratio:

      Ongoing portfolio fees:
      Portfolio ongoing fee                        1.40%
      Underlying portfolio net of rebate           1.02%
      Other portfolio costs                        0.00%
      TER – excluding performance fees             2.42%
      Performance fees:                            0.00%
      Portfolio Performance fee                    0.00%
      Underlying manager Pfee                      Included
      Total VAT                                    0.34%
      Total expense ratio                          2.76%


      The TER has been calculated using data from 1st July 2009 to 30st June 2010.
      The TER % of the average Net Asset Value of the portfolio were incurred as
      charges, levies and fees related to the management of the portfolio and
      underlying portfolios. 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 TER’s.


6.11 JSE code

     MTFF – Retail CIS

6.12 Is this fund’s price on Finswitch?

     Yes

6.13 Launch Date

     5 April 2004

6.14 Distribution dates

     30 June / 31 December

6.15 Regulation 28 compliant

     The fund is not Regulation 28 compliant. The portfolio is not managed to comply with
     Prudential Investment Guidelines as prescribed within the Pension Funds Act.
7.       WRITTEN POLICIES AND PROCEDURES

Ankh Analytic (Pty) Ltd is committed to an internal complaint resolution system and
procedures based on the following principles:

     •   to maintain and remain committed to an efficient complaint resolution system with
         adequate resources;
     •   transparency and visibility by ensuring that clients have full knowledge of the
         procedures for resolution of their complaints;
     •   accessibility of facilities by ensuring the existence of easy access to such procedures at
         Ankh Analytic (Pty) Ltd’s business premises open to clients, and through ancillary
         postal, fax, telephone and/or electronic means;
     •   fairness by ensuring that resolution of a complaint will be effected in a manner which is
         fair to both clients and Ankh Analytic (Pty) Ltd; and
     •   adequate training of all relevant staff including imparting and ensuring full knowledge of
         the provisions of the legislation with regard to the resolution of complaints.


8.       DEFINITION OF A COMPLAINT

“Complaint” means a specific complaint relating to a financial service rendered by Ankh
Analytic (Pty) Ltd or a representative to the complainant on or after the date of
commencement of the complaint in which it is alleged that Ankh Analytic (Pty) Ltd or
representative:

     •   has contravened or failed to comply with a provision of the investment and that as a
         result thereof the complainant has suffered or is likely to suffer financial prejudice or
         damage;
     •   has will fully or negligently rendered a financial service to the complainant which has
         caused prejudice or damage to the complainant or which is likely to result in such
         prejudice or damage; or
     •   has treated the complainant unfairly.


9.       PROCEDURE FOR LODGING A COMPLAINT

Any client who wishes to lodge a complaint against Ankh Analytic (Pty) Ltd or any employee
must lodge such complaint in writing.

The complaint must provide full details and be accompanied by supporting documentation.

All complaints must be addressed to:

Company Name                  Ankh Analytic (Pty) Ltd
Postal Address                PO Box 1239, Stellenbosch, 7599
Telephone Number              +27 (0)861 750 750
E-mail Address                info@ankh-analytic.com
For the Attention of          The Director ~ Mr. JE Kellermann

Ankh Analytic (Pty) Ltd will acknowledge receipt of the complaint in writing and respond
promptly to any complaint. Ankh Analytic (Pty) Ltd will notify the complainant in writing of the
outcome of the resolution of the complaint within 6 weeks of receipt thereof. Should the
complaint not be resolved to the complainant’s satisfaction within 6 weeks of lodging such
complaint, the complainant may lodge the complaint with the Ombud of Financial Services
Providers (South Africa) within 6 months of receiving notification from Ankh Analytic (Pty) Ltd
regarding the resolution/dismissal of the complaint.
10.    INTERNAL COMPLAINT RESOLUTION SYSTEM

Ankh Analytic (Pty) Ltd must nominate a contact person responsible for managing and
overseeing the effective resolution of complaints and compliance with this complaints policy
and procedures (“the contact person”).

All clients must be advised in writing that Ankh Analytic (Pty) Ltd has a complaints policy and
procedures which communication (refer to investment application form).

Any employee who receives a complaint from a client must request the client to lodge such
complaint in writing and simultaneously provide the client with the communication particulars
of the contact person.

If the complaint is received by any employee other than the contact person, the complaint
should be handed to the contact person immediately.

The contact person may delegate resolution of the complaint to an appropriate person.

Complaints must be investigated and responded to promptly.

Complaints must be handled in a timely and fair manner.

Non-routine serious complaints must be handled at an appropriate level and by staff with
adequate expertise.

All complaints must be resolved within 6 weeks of receipt thereof.

Should a complaint not be resolved to the satisfaction of the complainant, the complainant
must be notified thereof within 6 weeks of receipt of the complaint and be advised of its right
to lodge such complaint with the Ombud within 6 months of receipt of such notification, as well
as be advised of any other legal remedies it may have.

The notification after dismissal of a complaint must include the name, address and other
contact particulars of the Ombud.

If an outcome is not favourable to the client, full written reasons must be furnished to the
client.

Where the complaint is resolved in the favour of the client, a full and appropriate level of
redress must be offered to the client without any delay.

All complaints must be followed-up to ensure avoidance of occurrences giving rise to
complaints and/or to improve services and systems and procedures, where necessary.

The complaints register must regularly be completed and inspected by the contact person who
will excise management control to ensure effective control and supervision of the complaints
process.

Records must be kept for a minimum period of 5 years together with an indication whether or
not such complaint has been resolved, cases of non-compliance with the legislation and the
reasons for such non-compliance.
11.    APPROPRIATE ANTI-MONEY LAUNDERING PROCEDURES IMPLEMENTED

FICA imposes the following obligations:

   •   Know Your Client (“KYC”) (duty to identify and verify);
   •   record-keeping;
   •   reporting; and
   •   develop and implement internal rules to ensure compliance with legal obligations.


Ankh Analytic (Pty) Ltd is committed to:

   •   preventing, detecting, monitoring and reporting confirmed or suspected money
       laundering;
   •   client identification and verification (“Know Your Client”, “KYC”) (if applicable);
   •   record-keeping;
   •   money laundering control training; and
   •   monitoring of accounts, activities, policies, and procedures.


Ankh Analytic (Pty) Ltd has formulated and implemented internal rules concerning:

   •   the establishment and verification of the identity of persons whom the Ankh Analytic
       (Pty) Ltd must identify in terms of FICA;
   •   the information of which record must be kept in terms of FICA;
   •   the manner in which and place at which such records must be kept;
   •   the steps to be taken to determine when a transaction is reportable to ensure the Ankh
       Analytic (Pty) Ltd complies with its duties under FICA; and
   •   such other matters as may be prescribed.


What is money laundering?

Money laundering is the processing of criminal proceeds to disguise their original source. Once
illicit proceeds have been integrated into the legitimate financial system, it has been
laundered.

When is a transaction suspicious or unusual?

When a person who carries on a business or is in charge of or manages a business or who is
employed by a business and who knows or suspects that:

   •   the business has received or is about to receive the proceeds of unlawful activities;
   •   the transaction or series of transaction to which the business is a party, facilitated or is
       likely to facilitate the transfer of the proceeds of unlawful activities;
   •   has no apparent business or lawful purpose;
   •   is conducted for the purpose of avoiding giving rise to a reporting duty under FICA; or
   •   may be relevant to the investigation of an evasion or attempted evasion of a duty to
       pay any tax, duty or levy imported by legislation administered by the authorities in the
       respective country;
   •   the business has been used or is about to be used in any way for money laundering
       purposes;
   •   the transaction must be reported to the Financial Intelligence Centre (“FIC”).
Who is the FIC?

The Financial Intelligence Centre (“FIC”) is an intelligence centre established to identify the
proceeds of unlawful activities and to combat money laundering activities.

Internal Rules

KYC requirements must be applied to all new and existing clients – refer to all new investment
application forms.

The first requirement of KYC is identification and verification.

The second requirement of KYC is to ensure that adequate information is obtained on the type
of business, the prospective client expects to undertake with Ankh Analytic (Pty) Ltd and their
appointed administrator and the source or origin of the funds involved.

Whenever the Ankh Analytic (Pty) Ltd and their appointed administrator establishes a business
relationship or concludes a transaction with a client, whether the transaction is a single
transaction or concluded in the course of a business relationship which Ankh Analytic (Pty) Ltd
has with the client, Ankh Analytic (Pty) Ltd and their appointed administrator must keep record
of:

   •   the identity of the client;
   •   if the client is acting on behalf of another person, the identity of the person on whose
       behalf the client is acting;
   •   the client’s authority to act on behalf of that other person;
   •   the manner in which the identity of the persons referred to above was established;
   •   the nature of that business relationship or transaction.

In the case of a transaction the following requirements apply:

   •   the amount involved;
   •   the parties to the transaction;
   •   all accounts that are involved in transactions concluded by that Ankh Analytic (Pty) Ltd
       and their appointed administrator in the course of that business relationship;
   •   that single transaction;
   •   the name of the person who obtained the information referred to above on behalf of the
       Ankh Analytic (Pty) Ltd and their appointed administrator;
   •   any document or copy of a document obtained by Ankh Analytic (Pty) Ltd and their
       appointed administrator in order to verify a person’s identity in terms of FICA;
   •   records may be kept in electronic form;
   •   records must be kept for at least 5 years from the date on which the business
       relationship was terminated or the transaction concluded;
   •   if an employee has formed a suspicion or has knowledge of an unusual transaction, a
       suspicion disclosure report must be made to the FIC within a period of 15 working days
       of the knowledge being acquired or suspicion of the event or transaction arose.


12.    ANKH ANALYTIC (PTY) LTD’S DISASTER RECOVERY PLAN

All administration and record keeping is placed with our administrators and custodians; namely
JP Morgan and Metropolitan Collective Investments.

Internal key servers are backed up daily which allows Ankh Analytic (Pty) Ltd employees to
work remotely and use secure login access via the internet.
                 Unit 3A, Octo Place, Elektron Street, Techno Park, Stellenbosch, South Africa
                                 PO Box 1239, Stellenbosch 7599, South Africa
                       Telephone: +27 (0)861 750 750 Facsimile: +27 (0)861 750 751
                      E-mail: info@ankh-analytic.com Website: www.ankh-analytic.com

Registration number: 2000/000016/07   Financial Services Provider license number: 622   VAT number: 458018725