SECTOR ALLOCATION

1. PERFORMANCE FACT SHEET31 DECEMBER 2010 iManaged General Equity Portfolio Part of Sanlam Private Investments (Pty) Ltd INVESTMENT OBJECTIVE The primary objective is to provide above-average total returns (capital plus income) over an investment horizon of three years or more, by investing in quality ordinary shares listed on the JSE. WHY CHOOSE THIS PORTFOLIO? The portfolio is designed to meet the needs of long term investors looking for concentrated equity exposure through a diversified portfolio of quality shares spread across the resources, financial and industrial sectors of the market. SECTOR ALLOCATION TOP 5 HOLDINGS Indicative Investment Performance To 31 December 2010 (not actual). NB! As the iManaged portfolios are new product offerings, we have published the performance of the portfolio as if it was in existence for the full year. 01

2. PERFORMANCE FACT SHEET31 DECEMBER 2010 iManaged General EquityModel Portfolio Part of Sanlam Private Investments (Pty) Ltd ABOUT THE PORTFOLIO MANAGER ABOUT THE PORTFOLIO • Has 15 years’ investment industry experience • Managed institutional and unit trust portfolios successfully for 13 years • Currently Director of Investments for SPI ALWYN VAN DER MERWEB.Com(Hons), MBA CONTACT INFORMATION PORTFOLIO MANAGER’S COMMENTS South African equities gained 9.0% in local currency in 4Q10 (+9.5% total return) after gaining 12.2% in 3Q10. While most of the positive performance of the ALSI during 4Q10 came in December (+6.2%), the ALSI posted solid positive returns in October (+3.3%) and was largely flat in November (-0.5%). Resources led the rally as commodity stocks were supported by improving economic data, the Federal Reserve's decision to pursue quantitative easing, and M&A activity in the sector. Strong performing consumer shares started to lag the market later in the quarter. SA 10-yr bond yields rose as bond yields kicked higher globally, on the back of signs of improving economic growth momentum in SA and on indications that short rates are troughing, returning 0.7% in 4Q10. Cash returned 1.6% in the quarter. Quoted property yielded just more than 3% for the quarter. The portfolio managed to catch up with the All Share Index in the second halve of the year as it closed the year in line with the ALSI and 19% higher compared to December 2009. The fund has achieved this performance despite a cash holding of almost 9% and a significant holding in long term stalwarts which lagged the index during the year. During the year the inclusion of Lewis and the disposal of Reinet has added value to the performance of the portfolio. The patience with our holding in Kaap-Agri has also paid-off handsomely following a long period of lack-lustre performance. We are currently comfortable with the positioning of the portfolio. However, future market movements are likely to dictate our actions. To have an online managed portfolio, go to www.sanlamitrade.co.za and click on the “iManaged" link to register or contact admin@sanlamitrade.co.za or elanzam@spi.sanlam.com. For admin queries phone Elanza on: 086 062 7278 Portfolio Manager: alwynvdm@spi.sanlam.com Corporate Office Market Manor, Farm 1, Vineyards Office Estate, Jip de Jager Dr, Welgemoed 7530 Private Bag X8, Tygervalley, 7536 Tel (021) 950 2103 MANDATORY DISCLOSURE Participation in the iTrade General Equity Model Portfolio is a medium to long-term investment.  The value of this portfolio is subject to fluctuation and past performance is not necessarily a guide to its future performance.  Calculations are based on a lump sum investment with gross income reinvested on the ex-dividend date.  All terms exclude costs. Actual investment performance will differ based on the fees applicable, the actual investment date and the date of reinvestment of income.  A schedule of fees and maximum commissions is available from the manager. 02