The Long Term Capital Portfolio:

• Market related with a targeted return of 5% above inflation over a period of at least 7 years
• Most suited for members with a long investment horizon (7 years+) and for whom managing inflation risk is a priority
• Significant exposure to South African and global equity markets (large negative and positive returns are possible)

The Stable Portfolio:

• Targets return of 3% above inflation over a period of 3 years
• Limits the extent of capital losses over 12 months
• Much lower exposure to domestic equities compared to the Long Term Capital Portfolio and correspondingly higher exposure to cash type investments as well as SA investment grade credit
• Suitable for members who want some participation when equity markets go up, but concerned about losing capital over shorter periods closer to retirement

The Shari'ah Portfolio:

• Targets return of inflation plus 5% per annum over the long term
• Shari’ah and Regulation 28 compliant
• Multi-managed, multi-asset class portfolio providing asset class and fund manager diversification by investing in a combination of Shari’ah compliant equity funds both locally and internationally, Islamic income, and commodity products
• Long-term investment horizon (5 years plus)
• Both short-term and long-term investment performance may differ significantly from a typical global balanced manager portfolio or other portfolio with a similar asset allocation and even a similar investment objective

The Money Market Portfolio:

• Aimed but not guaranteed at a slightly better return than a simple money market strategy
• Generally suitable for members with an investment horizon of less than 2 years or with a need for a high degree of capital protection

Please note when you opt for the Member Investment Choice: You are either a Life Stage Model member or an own choice member – you cannot have a mix of the two You can select any combination of the four portfolios above to invest in You can exercise this choice once a month. Option forms received in the month will be implemented with effect from the 1st of the following month Once you have exercised a choice you will remain in that portfolio or Life Stage Model option until such time that you submit a revised option form If you are one of those members whose retirement benefit is calculated in terms of the formulae, provided that it adds up to 100%, you cannot exercise an investment choice between Life Stage Model 60 and 65 and you are not allowed to exercise an own choice If you become a deferred member, you need to complete an option form otherwise your savings will remain to be invested in the same strategy as it was invested at date of retirement Your total accumulated funds and ongoing retirement savings can be invested differently, but only if you are an own choice member No fee is applicable if you switch between the Life Stage Model 60 and Life Stage Model 65 option or exercise an own choice.