July year old male R Invested in Allan Gray Living Annuity 30% into Allan Gray Balanced Fund Income drawn: 7% per year Actual investor example 40% into Allan Gray Equity Fund 30% into Allan Gray Stable Fund

Actual investor example 21 December % in Balanced 56% in Equity 12 October % in Equity 11 February % in Money Market 26 May % in Equity 39% in Money Market 9 October % in Money Market 21 July % in Balanced 53% in Equity 22 April % in Balanced 75% in Equity 5 July 2006 Initial investment 40% in Equity 30% in Balanced 30%in Stable Source: Inet Bridge 28 November % in Balanced 77% in Equity

28 November 2011 His actual portfolio Allan Gray Balanced Fund 23% R Total R Actual investor example Allan Gray Equity Fund 77% R Allan Gray Balanced Fund29.9% R TotalR Allan Gray Equity Fund42.0% R Allan Gray Stable Fund28.1% R If he kept the original asset allocation and done nothing through the whole period his portfolio would be 13.6% higher portfolio

28 November 2011 His actual portfolio Total R Actual investor example Allan Gray Balanced Fund R % Higher Allan Gray Equity Fund R % Higher Allan Gray Stable Fund R % Higher If he invested the entire initial lump sum into any one of the Equity, Balanced or Stable funds, his investment account would have been