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					Evergreen
Pension and
Provident Funds

Chairman’s Report
for the year ended
31 December 2006
REGISTERED ADDRESS OF THE FUNDS

Postal Address: PO Box 167, Cape Town, 8000

Registered Office of the Funds
Mutualpark, Jan Smuts Drive, Pinelands, Cape Town


MANAGEMENT BOARD

Jeremy Peter Andrew
Independent Trustee appointed 26 November 2003 (Pension Fund)
and 19 November 2003 (Provident Fund)


Jonathan William Trevor Mort
Independent Trustee appointed 26 November 2003 (Pension Fund) and
19 November 2003 (Provident Fund)


Christopher Charles Liddle
Independent Trustee appointed 26 November 2003 (Pension Fund) and
19 November 2003 (Provident Fund)


Michael William Lowthe
Independent Trustee appointed 26 November 2003 (Pension Fund) and
19 November 2003 (Provident Fund)


Ikhraam (Ozzie) Osman
Tied Trustee appointed 3 March 2006


PRINCIPAL OFFICER

Cheryl-Anne Robertson
Appointed 2 August 2005


ADMINISTRATOR OF BENEFITS AND INVESTMENTS

Old Mutual Life Assurance Company (South Africa) Limited


AUDITOR

PricewaterhouseCoopers


VALUATOR AND INVESTMENT CONSULTANT

Selwyn Feldman
Old Mutual Actuaries and Consultants (Pty) Ltd
Introduction
It gives me great pleasure to present our
members with the third Annual Report of
the Evergreen Pension and Provident
Funds. This Report will be released together
with the financial results of the Funds at
the Annual General Meeting.
                                                 management. Given the prudential nature of
The SA Retirement Fund Industry                  the Funds, the Board believes that creating
                                                 and implementing a governance process
The Board has noted National Treasury’s          based primarily on its duties in terms of the
Second Discussion Paper on Social Security       Pension Funds Act will automatically mitigate
and Retirement Reform. We look forward to        the threats to the achievement of the Funds’
playing our part in this ambitious and vital     mission. The Board refers to this process as
initiative.                                      ‘risk-based management’ as opposed to the
                                                 two separate concepts of ‘good governance’
In particular, we were heartened to see
                                                 and ‘risk management’. This work will
specific reference to the need for good
                                                 continue in 2007 with each Sub-Committee
governance, transparency and cost-effective
                                                 assessing its risks and formulating mitigating
administration.    Our members can rest
                                                 strategies for each risk.
assured that the Evergreen Funds already
deliver on these requirements.
                                                 Composition of the Management
Retirement Fund Tax                              Board
We welcome the announcement made by              During the past year the sponsor, Old
the Minister of Finance that the current tax     Mutual, started a retirement review
of 9% on interest, offshore dividends and        project in anticipation of the expected new
property rentals is to be abolished. This will   regulatory environment. This led to a review
certainly enhance our members’ investment        of the structure of this and similar Boards,
returns.                                         and the number of members of the Board
                                                 will be increased to eight.

Risk Management                                  In terms of the Rules of the Evergreen
                                                 Retirement Funds, Trustees hold office for
During 2006, the Trustees developed the
                                                 three years. The first term came to an end
mandates of the Board Sub-Committees
                                                 in November 2006, but the Trustees agreed
in line with the Board’s view on risk
                                                 to remain in office until the new Board had


                                                                                                  1
    been finalised.The rules require that at least   The Management Boards are currently
    half of the Trustees in office (but no fewer     chaired by myself, Chris Liddle, and assisted
    than three) must be Independent Trustees.        by the Principal Officer, Cheryl Mestern, also
    “Independent” means that they are paid by        an independent appointment.
    the Funds for services rendered, and that
    they are not employees of Old Mutual or
                                                     Actuarial Valuation
    of service providers to the Funds. A Tied
    Trustee is a Trustee employed by Old Mutual,     Statutory actuarial valuations of the two
    the sponsor and the administrator of the         Funds were performed as at 31 December
    Funds, or any other person not meeting the       2005. The valuator reported both Funds
    “Independent” criterion.                         to be in a sound financial condition, with
                                                     a marginal deficit of 0.1% in the Provident
    The Independent Trustees were Jeremy
                                                     Fund and a small surplus of 0.1% in the
    Andrew, Chris Liddle, Mickey Lowther and
                                                     Pension Fund. The deficit was covered by
    Jonathan Mort. Mr Lowther and Mr Mort were
                                                     fees paid in early 2006.
    unable to make themselves available for the
    new Board due to work commitments. They          Discrepancies between the assets held by
    will be replaced by Wahida Parker and Shirley    the Funds and the obligations to members
    Mabusela. I would like to acknowledge the        were reconciled. The differences arose
    huge contribution made by Mr Lowther and         from the timing of the administration and
    Mr Mort and thank them for their services        asset-manager systems, and through the
    to the Funds.                                    use of a pricing model to assign expenses
                                                     and retirement fund tax. After the valuation
    Ozzie Osman, a divisional manager of Old
                                                     date, the pricing model was replaced by
    Mutual, is the current Tied Trustee and will
                                                     an approach that took all expenses and
    continue in office. In the near future, he
                                                     tax into account. Profits and losses were
    will be joined as Tied Trustees by Bertie van
                                                     subsequently realised for exited members,
    Wyk, Pierre Pretorius and Judy Faure. Brief
                                                     and there was no adverse affect on the
    CVs for all the new Trustees are included.
                                                     Funds.


                                                     Fund Expenses and Fees
                                                     A fee of R5 per month is deducted from
                                                     members’ accumulated credits to meet Fund
                                                     expenses, including the remuneration of
                                                     the Independent Trustees and the Principal
                                                     Officer. As the membership of the Funds
                                                     is still growing and the initial setup costs
                                                     are high, the fee is insufficient to cover
                                                     these costs at present. Old Mutual as the
                                                     sponsor of the Funds currently makes up
                                                     the difference in order to ensure that future
                                                     generations of members do not have to
                                                     carry the burden of current Fund expenses.
                                                     For 2006, the combined shortfall for the
                                                     two Funds amounted to approximately
                                                     R1,5 million.



2
Once again, the Trustees announced that
the package option and fund-expense fees
for 2007 would not be increased. This,
together with the abolition of retirement
fund tax in March 2007, bodes well for
members’ retirement savings.


Conclusion
I would like to thank my fellow Trustees,
our Principal Officer, Old Mutual the
Sponsor and Administrator and other
service providers for their contribution to
the successful management of the Funds.
I wish to express particular appreciation to
the Trustees whose invaluable contribution
during the inception phase of the Funds set
the foundation and leading-edge governance
framework that is in place today.

I would also like to thank you, the members
and participating employers, for your
continued support.

Chris Liddle

Chairman: Evergreen Pension and
Provident Funds

20 June 2007




                                               3
                                                   review considered the performance of
                                                   the Administrator measured against the
                                                   service levels set out in the Administration
                                                   Agreement, as well as its response
                                                   to fiduciary responsibility. The review
                                                   concluded that the Administrator met
                                                   the required time standards in virtually
                                                   all cases. Action plans were developed
                                                   in developmental areas and these will be
                                                   monitored by the sub-committee on a
                                                   quarterly basis. The submission of the
                                                   audited financial statements and the time
                                                   taken for the payment of benefits are worth
                                                   highlighting:

                                                   1. In 2006, funds were required to comply
                                                      with Generally Accepted Accounting
                                                      Practice (GAAP) for the first time,
    Report from the Chairman of                       and financial statements had to be
    the Administration and Audit                      submitted within the timeframe set by
                                                      the Financial Services Board (FSB), both
    Sub-Committee, Chris Liddle                       in the new format and electronically.
    The members of this sub-committee during          This not only increased the complexity
    the period under review were Chris Liddle,        of the financial statements but impacted
                                                      on input requirements and processes.
    Jeremy Andrew (until 5 May 2006), Ozzie
                                                      Furthermore, the FSB only uploaded
    Osman (from 6 May 2006), Cheryl Mestern,
                                                      the electronic format in March/April.
    Marius le Grange (representative of the
                                                      Unqualified financial statements in
    Administrator) and Tracy Landers (Fund
                                                      accordance with GAAP were submitted
    Accountant). The sub-committee met four
                                                      manually by 30 June 2006 and
    times during the review period.
                                                      electronically by 31 July 2006 (after an
    The main purpose of the Administration            extension had been obtained from the
                                                      FSB). This far exceeded industry norms
    and Audit Sub-Committee is to exercise an
                                                      and expectations.
    oversight function over the administration
    and audit of the financial statements. The     2. Benefits paid after date of receipt of
    actual administration function has been           documentation:
    delegated to a specialist administrator, Old
    Mutual, in terms of an agreement with the          A: 0-2 days         1070
    Funds (the Administration Agreement).
                                                       B: 3-5 days         13
    PricewaterhouseCoopers        have     been
    appointed as the auditors to the Funds.            C: 6-10 days        3
                                                       D: > 10 days        5
    During 2006 the performance of the
                                                       Grand Total         1091
    Administrator  was   reviewed    and   a
    report was prepared on the findings. The




4
Focal points of 2006 included the following:              to the sub-committee. The results
                                                          of the valuations are dealt with
   <	    T
         	 he sub-committee considered the
                                                          separately.
         housing–loan surety facilities linked
         to Retirement Funds from various           <	    The Financial Services Board issued
         banks. On the recommendation of                  a circular revising the approval
         the sub-committee, the Management                process for the transfer of assets
         Boards appointed Standard Bank                   between funds, and the sub-
         to provide this facility to members              committee subsequently changed
         of those employers who wish to                   its procedure to ensure that all such
         participate in the scheme. The                   applications met the FSB’s more
         sub-committee     also     developed             stringent requirements.
         and implemented a housing–loan
                                                    <	    T
                                                          	 he way in which retirement fund
         surety policy. More details will be
                                                          tax (abolished from March 2007)
         announced soon.
                                                          and     investment      management
   <	    Unallocated deposits (money received             fees are collected from members’
         into the Funds’ bank accounts that               accounts was improved. Thanks to
         cannot be identified) have been on               improvements to the systems, the
         the increase. The Administrator and              exact tax and fees are now deducted
         the sub-committee have addressed                 from members’ accounts on a
         this matter and the number of                    monthly basis instead of estimates
         unallocated deposits has been                    that were reconciled at year-end.
         reduced to a manageable level. The               All affected members received a
         need for Participating Employers to              benefit statement as at 1 March
         ensure that all relevant details are             2006 reflecting these changes.
         supplied when making payments
         cannot be overemphasised.

   <	    The increasing problem of unclaimed     The Statement of Funds and Net Assets and
         benefits is closely monitored by        the Revenue Account to 31 December 2006
         the sub-committee. 2006 saw the         for the Funds is reproduced at the end of
         formulation and implementation of       this report. The full financial statements are
         an unclaimed-benefits policy. After     available on the Evergreen website (www.
         180 days, benefits that have not        oldmutual.co.za/evergreen) or on request
         been claimed are taxed in terms of a    from the Evergreen Service Centre. Copies
         SARS directive and transferred into     will also be available at the Annual General
         the unclaimed-benefits account.         Meeting.
         Members may, of course, claim
         money due from this account at a
         future date.

   <	    The Funds were required to undergo
         statutory actuarial valuations as at
         31 December 2005, as this date
         marked the third year-end following
         the commencement of the Funds.
         The Management Boards delegated
         the oversight of these valuations




                                                                                            5
                                                      <	 further refined the process flow in
                                                         managing death claims, particularly in
                                                         terms of strict time standards.

                                                      <	 assessed a report on umbrella trusts for
                                                         the purposes of entering into an agreement
                                                         with an umbrella-trust company to which,
                                                         where appropriate, death benefits could
                                                         be paid.

                                                      <	 interviewed the short-listed umbrella-
                                                         trust companies and made a proposal for
                                                         Standard Executors and Trustees to be
                                                         appointed.

                                                      <	 reviewed, and substantially altered, the
                                                         umbrella trust deed prepared for the Fund.

                                                      <	 met with one participating employer to
                                                         agree on the process for managing death
    Report from the Chairman of the Death                claims submitted by that employer’s
    and Ill-Health Retirement Benefits                   members.
    Sub-Committee, Jonathan Mort                      <	 considered the various issues relating to
                                                         the payment of death benefits, including
    The members of this sub-committee during             whether it was appropriate to make
    the period under review were Jonathan Mort,          a payment to a custodian, and the
    Mickey Lowther and Cheryl Mestern, as well as        circumstances in which a payment can be
    representatives of the Administrator, Marius le      made to a guardian rather than a trust.
    Grange, Patrick Barron and Fairuz Terblanche.     <	 amended the Master Rules to permit the
    The sub-committee met eight times during the         use of independent professional services
    review period.                                       to assist in investigating claims where
                                                         beneficiaries have not supplied sufficient
    The duties of the sub-committee are to assess        information in order to apportion the
    death benefit claims and ill-health retirement       benefit fairly amongst the dependants
    benefit claims, and to make proposals to the         and beneficiaries. The cost of such an
    Management Board in this regard; to manage           investigation would be deducted from the
    risk in respect of such claims by exercising an      benefit payable. The claims process was
    oversight responsibility over the Administrator      adapted to provide for this.
    in processing such claims; and periodically       Although the death benefits claim process
    to review the arrangements around the             document has not yet been completed,
    management of such claims.                        the sub-committee is satisfied that it has
                                                      developed a consistent and pragmatic process
    During the review period, the sub-committee:      that works well. Whereas much of the sub-
                                                      committee’s time was initially devoted to
    <	 was not required to process any ill-health     setting up and monitoring this process, it has
       retirement benefit claims.                     subsequently succeeded in efficiently and
                                                      effectively processing a growing number of
    <	 dealt with 24 death benefit claims against
                                                      claims.
       the Funds.


6
Report from the Chairman of the                      regarding their investment offerings. Of the many
                                                     managers available on Evergreen, two accepted
Communication Sub-Committee,                         and presented at a number of venues.
Mickey Lowther
                                                     After requests from a number of participating
The members of the Communication Sub-                employers and intermediaries, the Funds’
Committee are Mickey Lowther, Ozzie Osman            communication policy was amended to allow
(from 6 May 2006) and Cheryl Mestern with            intermediaries to deliver Fund communications
Pieter Snyman representing the Sponsor and           to members. However, members will always have
Marius le Grange representing the Administrator.     the right to contact the call centre (0860 383
The Administrator’s communication experts            747) to obtain copies of any Fund communication.
also attend the meetings, of which there were        This can also be found on the website. Formal
six during the year under review. Some of the        instructions, such as beneficiary nominations
sub-committee’s more noteworthy achievements         and investment instructions can only be accepted
appear below.                                        directly from the member.

The Funds’ website was upgraded. Access was          Over the past two years, Annual General Meetings
made easier (www.oldmutual.co.za/evergreen)          have been held in Johannesburg, with satellite
and a folder was opened for information that the     transmissions to Cape Town and Durban. Due to
Board wished to bring to the attention of members.   poor attendance, however, the format has been
This includes Board policies, the member guide,      revisited. This year a modest event will take
investment performances, as well as blank forms      place at the registered office of the Funds in Cape
for downloading.                                     Town. This will be supplemented later in the year
                                                     with member-education sessions sponsored by
Benefit statements for the year ended 31
                                                     Old Mutual. Details will be announced in future
December 2006 were dispatched to members in
                                                     newsletters.
April 2007. These statements present the costs
and benefits of membership in a transparent way.     Going forward, the sub-committee faces the
Quarterly personal investment summaries were         following strategic challenges:
sent to members in the Managed and Flexible
Choice package options. Due to lack of demand,       <	 keeping member addresses up to date
quarterly investment manager performances will
                                                     <	 ensuring that member committees              at
not be distributed, but will rather be presented
                                                        approved work-sites function effectively
on the website. Members also received periodic
newsletters covering topics such as members’         <	 managing the proper disclosure of investment
rights and duties in respect of the Funds,              manager information in the fact sheets for
current affairs, and developments in some of the        each investment option
investment options.
                                                     <	 educating members        to   make    informed
In 2006 the long-awaited updated Member Guide           investment choices
was published. The latest version of the Member
Guide is available on the website.

Seminars for new members were held, and a
DVD is being produced to make this process more
flexible and effective. All asset managers were
invited to present member-education seminars




                                                                                                    7
    Report from the Chair of the                  Old Mutual and Evergreen also signed a
                                                  policy document agreeing on the respective
    Governance Sub-Committee,                     roles of the Sponsor and the Board.
    Mickey Lowther
    The members of the Governance Sub-            Secret Profits
    Committee are Mickey Lowther, Jonathan        A declaration was obtained from Old
    Mort and Cheryl Mestern, with Pieter          Mutual to the effect that no rebates or
    Snyman representing the Sponsor. The          secret profits were received from asset
    committee met five times during the year      managers or beneficiary trusts. We were
    under review.                                 also informed that no profits had accrued to
                                                  Old Mutual from the bulking of the Funds’
    One of the major highlights of the year was
                                                  cash balances with that of other funds.
    the publication by the Financial Services
    Board of draft governance guidelines for      The sub-committee did, however, become
    South African retirement funds based          aware that Old Mutual received a small
    on policies and procedures developed          undisclosed fee from the brokers who
    by the sub-committee and adopted by           arrange the Fund’s fiduciary insurance. On
    the Evergreen Management Board. It is         investigation, we concluded that there were
    hoped that these user-friendly guidelines     legitimate grounds for this fee as a result
    will go some way towards addressing the       of administrative services provided by Old
    weaknesses identified by the National         Mutual to the broker. The sub-committee is
    Treasury in its Second Discussion Document,   busy regularising the situation by way of
    including:                                    a transparent tri-partite service agreement
                                                  between the parties.
    … improving the level of trustee knowledge
    and standards of conduct, adopting a more
    systematic and consistent approach to         Disclosures
    trustee training, introducing a role for a
                                                  The sub-committee recommended that,
    compliance officer, … extending the role
                                                  as for public companies, the fees received
    of the principal officer, and addressing
                                                  by each independent trustee should be
    conflicts of interest …
                                                  disclosed as follows:
    Based on insights gained from the three
    years of Evergreen’s existence, the sub-                Number of Meetings Attended
    committee reviewed and refined the                      Manage-    Sub-Com- Total
    following governance structures:                        ment Board mittees   Fees
                                                  Chris     4          8         R160 720
    <	 the trustee code of conduct                Liddle
                                                  Jeremy   4            8          R166 533
    <	 trustee declaration of interests
                                                  Andrew
    <	 fiduciary insurance                        Mickey   4            21         R234 000
                                                  Lowther
    <	 procedures for fees and expenses
                                                  Jonathan 4            17         R179 488
    <	 the risk-management strategy               Mort




8
For the third year, the sub-committee oversaw
the Board’s self appraisal. This year we
concentrated on our performance in carrying
out our duties in terms of Sections 7C&D of
the Pension Funds Act. While the results were
satisfactory, it was felt that we need to obtain
broader input during the appraisal process.

The sub-committee was not able to make
much progress on strategic and succession
planning for the Board due to the Sponsor’s
Retirement Reform project. Accordingly,
the current Board members were originally
reappointed for a further three-year term on
the understanding that the Sponsor would
make the new strategic proposals regarding
the composition of the Board.




                                                   9
                                                     Investment returns have been excellent in
                                                     real terms across many of the portfolios,
                                                     reflecting the bull run on the JSE Securities
                                                     Exchange.

                                                     Developments in respect of the investment
                                                     offering included the following:

                                                     <	 The Management Board is considering a
                                                        request by Symmetry to shorten the period
                                                        of reduced volatility prior to retirement. This
                                                        change will expose members for a longer
                                                        period to investments that exhibit higher risk
                                                        but also higher potential reward.

                                                     <	 Members have been given the opportunity to
                                                        switch out of the CoreGrowth portfolio more
                                                        than twice a year, at the lower of the portfolio
                                                        value and the market value.
     Report from the Chair of the
     Investment Sub-Committee,                       The third full review of the investment
                                                     portfolios is planned for completion during
     Jeremy Andrew                                   the second quarter of 2007. An education
                                                     campaign on the relationship between risk
     The members of this Sub-Committee are
                                                     and return was carried out to the members
     Jeremy Andrew, Chris Liddle and Cheryl
                                                     of certain employers where there seemed
     Mestern, with Pieter Snyman representing
                                                     to be a concentration of assets in overly
     the Sponsor. The Sub-Committee met four
                                                     conservative investment portfolios relative
     times during the year under review.
                                                     to the members’ risk profiles. However,
     The     Management       Board,     with  the   the proportion of members invested in
     encouragement of Old Mutual as Sponsor,         the low-risk CoreGrowth portfolio has not
     wish to provide an appropriate selection        changed significantly. This review will focus
     of quality investment options to members        on whether the default option should be
     within various risk profiles, as suggested by   changed or extended.
     their selection of the Low Choice, Managed
     Choice or Flexible Choice package option.
     An investment policy statement sets out
     the criteria that we use to select investment
     portfolios. The second full review of these
     investment portfolios was conducted during
     the course of the year. No changes were
     introduced as a result of this review.




10
Report from the Chair of the Legal
Sub-Committee, Jonathan Mort
During the period under review, the members
of this sub-committee were Jonathan
Mort, Mickey Lowther (until 5 May 2006),
Jeremy Andrew (from 6 May 2006), Cheryl
Mestern, Marius le Grange (representative
of the Administrator) and Angus Lawrie
(representative of the Administrator’s legal-
services division). The committee met four
times during the review period.

The duties of the Legal Sub-Committee are to
manage the legal risk of the Funds by, inter
alia, providing an oversight function over
those activities of the Administrator which
are primarily of a legal nature (such as rule
amendments), dealing with any complaints,              <	 Reviewed and monitored the process flow
reviewing the contractual arrangements                    involving the registration of special rules,
proposed between the Fund and any other                   amendments to the Master Rules, the contractual
parties, and generally providing input to the             arrangements with participating employers, and
Management Board on matters of a legal                    risk benefit arrangements.
nature that affect the Funds.
                                                       <	 Considered whether to provide the administration
The sub-committee attended to the following:              fees on an inclusive or exclusive contribution-
                                                          rate basis.
<	 Approved amendments to the Master Rules.
                                                       <	 Reviewed the risk policies requested by
<	 Approved special rules of participating employers      participating employers and proposed standard
   joining the Funds, as well as amendments to            risk policies from different insurers.
   these special rules.
                                                       <	 Prepared a Power of Attorney for use by
<	 Approved the amendment of the administration           members in favour of investment advisors.
   agreement between the Funds and the
   Administrator.                                      <	 Provided extensive input on the provision of the
                                                          housing-loan surety arrangements entered into
<	 Revised the sub-committee’s mandate.                   by the Funds.
<	 Established a process for managing complaints       <	 Set in motion the first partial liquidation, which
   against the Fund.                                      related to members of a participating employer
                                                          that did not remit fund contributions.
<	 Managed two complaints against the Fund.




                                                                                                      11
Financials
Summary of the financial statements to 31 December 2006

Evergreen Pension Fund

Statement of funds and net assets at 31 December 2006

Total funds               2006           2005         Net assets           2006        2005
Accumulated funds       527,097,547   412,426,662     Assets          562,167,372    426,166,179


Reserve accounts            -              -116,028   Liabilities     -35,069,825    -13,855,545


                        527,097,547   412,310,634                     527,097,547   412,310,634




Revenue account for the year ended 31 December 2006

                                                                     2006              2005
 Contributions received                                              69,922,169       51,098,006
 Transfers received                                                  54,422,799      224,323,359
 Income from investments                                             56,925,279       22,475,089
                                                                181,270,247         297,896,454
 Less: Administration expenses                                       -3,964,643       -2,547,547
 Net Revenue                                                    177,305,604         295,348,907
 Adjustment to fair value of investments                             35,748,397       19,788,321
                                                                213,054,001         315,137,228
 Benefits awarded and transfers to other funds                      -98,267,088      -30,725,925
                                                                114,786,913         284,411,303
 Transfer to reserves                                                  -                -116,028


 Accumulated Funds
 Beginning of period                                                412,310,634      128,015,359


 At End oF PEriod                                               527,097,547         412,310,634




12
Evergreen Provident Fund

Statement of funds and net assets at 31 December 2006

Total funds               2006             2005       Net assets             2006         2005
 Accumulated funds      348,799,998   247,685,405      Assets           387,959,059    261,376,207


 Reserve accounts                 -        -106,150    Liabilities      -39,159,061     -13,796,952


                        348,799,998   247,579,255                      348,799,998 247,579,255




Revenue account for the year ended 31 December 2006

                                                                      2006               2005
 Contributions received                                              66,974,876         34,685,723
 Transfers received                                                  65,060,467        229,551,764
 Income from investments                                             34,017,424          6,390,354
                                                                166,052,767           270,627,841
 Less: Administration expenses                                       -4,695,627         -1,516,355
 Net Revenue                                                    161,357,140           269,111,486
 Adjustment to fair value of investments                             25,158,366          6,058,760
                                                                186,515,506           275,170,246
 Benefits awarded and transfers to other funds                   -85,294,763           -28,041,386
                                                                101,220,743           247,128,860
 Transfer to reserves                                                   -                 -106,150


 Accumulated Funds
 Beginning of period                                             247,579,255              556,545


 At End oF PEriod                                               348,799,998           247,579,255




                                                                                                 13
More about the new Trustees

Jeremy Andrew                                      Chris Liddle
Jeremy is an internationally respected             The current Chair of the Evergreen Pension
pension-fund actuary who has been closely          and Provident Funds, Chris spent over three
involved with legislative and regulatory           decades in the Life and Employee Benefits
developments affecting retirement funds in         divisions of Southern Life. By the time of
South Africa. A qualified valuator of every type   his departure in 1998, he was the Executive
of retirement fund, Jeremy worked at Liberty       Director of both divisions. From 1999, he has
Life from 1977 to 1988, by which time he had       served as an Independent Trustee on the
become the General Manager of Specialised          Boards of Retirement Funds sponsored by Old
Corporate Consulting. In 1998 he became            Mutual, including the Evergreen funds. Among
Chief Actuary to the Financial Services Board,     other positions, he is the Director and Chair
where he helped draft surplus-apportionment        of the Galaxy Investment Trust and BoE Link
and minimum-benefits legislation. Jeremy           Nominee companies, as well as the Director of
is a past member of the Actuarial Society of       Catalyst Employee Benefit Consultants (Pty) Ltd.
South Africa (ASSA) and currently serves on
the ASSA’s Professional Conduct Committee.

                                                   Shirley Mabusela
                                                   Shirley is a Trustee and Board Member of the
Judy Mary Faure                                    Centre for Education Policy Development,
An Old Mutual Actuary and Fellow of the            Freedom Park Trust, Human Rights Institute
Institute of Actuaries, Judy held the positions    of South Africa, Nelson Mandela Children’s
of Risk Benefits Consultant to Union-              Fund and Centre for Human Rights of the
sponsored funds, as well as Fund Actuary to        University of Pretoria. She is also the Chair
several Union Provident Funds, from 1996 to        of HydoWSA, a consortium of women-owned
2000. She was the Honorary Secretary of the        companies that focus on renewable energy and
ASSA from 2000 to 2004, and in the following       mining. A former Chair of the South African
two years chaired both the Old Mutual Staff        Human Rights Commission, Shirley holds a
Retirement Fund and the ASSA’s Actuarial           BA Social Work Degree from the University of
Governance Board Task Team. Judy is the            the North, as well as a Management Diploma
Appointed Actuary to two Old Mutual life           and Postgraduate Diploma in Advanced Social
companies, namely OMLAC (Bermuda) and              Work Practice from Wits.
OMLAC (Namibia).




 14
Ikhraam (Ozzie) Osman                             Pierre Pretorius
A Senior Manager responsible for Old Mutual’s     A member of the Old Mutual Employee Benefits
Islamic Product Solutions and Member              EXCO since 2004, Pierre started his career
Support Services, Ikhraam pioneered Old           as an attorney, following which he became a
Mutual’s entry into Islamic Financial Services.   Senior Legal Adviser to Transnet in 1984. By
Other career highlights include positions in      1993 he was Transnet’s Chief Legal Adviser
consumer goods brand management and               and a member of the Board of Trustees of the
marketing services , entrepreneur and as          Transnet Pension Fund. In 1996 he became
head of the Department of Economic Affairs        the Principal Consultant and Director of Old
and Tourism in the Free State Provincial          Mutual Actuaries & Consultants (OMAC).
Government from 1995 to 1997. He joined           Pierre is a former Trustee of the Old Mutual
Old Mutual as a Strategic Marketing Manager       Staff Medical Aid Fund and the Caremed and
for Employee Benefits in 1997.         Ikhraam    the Galaxy Retirement Funds. He is a serving
holds an Honours B. Comm. and a Wits MBA,         Trustee of SARAF.
amongst others, and he serves as a Trustee
on several Old Mutual-sponsored retirement
funds.
                                                  Bertie van Wyk
                                                  After obtaining his M.Comm in 1978, Bertie
                                                  worked at the Old Mutual Investments
Wahida Parker                                     Division (now OMAM). In 1989 he transferred
Wahida earned her B.Proc in 1985 and is           to Employee Benefits, where he rose to the
today, among other things, an Independent         position of Senior Regional Manager. He built
Trustee of the Old Mutual Pristine Retirement     up Old Mutual’s business in the USA from 1995
Fund. In the intervening period, she has          to 1997, following which he held various senior
been an Independent Principal Officer of          positions in Old Mutual Employee Benefits,
the Verso Umbrella Fund, Member of the            including Chief Executive of Employee Benefits
Consumer Tribunal Western Cape, Director          from 2003 to 2005. In 2005 he assumed the
(non-executive) of HWB Communications,            role of Executive General Manager: Corporate
Work Dynamics and The Arbitration Forum           Market, responsible for the front-office
(Pty) Ltd., and a former Executive Member of      functions across all of Old Mutual’s corporate
both the Black Management Forum Western           businesses, until his retirement in 2006.
Cape and Black Lawyers Association Western
Cape. In addition to her Higher Diploma
in Corporate Governance, Wahida is also a
Certified Forensics Examiner in the field of
forensic auditing and a liquidator with the
Master of the Supreme Court.




                                                                                            15
The Evergreen Retirement Funds are administered by Old Mutual Corporate.
Contact the Evergreen Retirement Funds at the Evergreen Service Centre.

Telephone         0860 383 747

Fax               0860 383 848

E-mail            evergreen@oldmutual.com

Postal address    PO Box 167
                  Cape Town
                  8000

Website           www.oldmutual.co.za/evergreen



If you would like to contact the Trustees please write to:
The Principal Officer
Evergreen Retirement Funds
PO Box 167
Cape Town
8000




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