1. July 2006 70 year old male R458 000 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

2. Actual investor example 21 December 2006 44% in Balanced 56% in Equity 12 October 2007 100% in Equity 11 February 2008 100% in Money Market 26 May 2008 61% in Equity 39% in Money Market 9 October 2008 100% in Money Market 21 July 2009 47% in Balanced 53% in Equity 22 April 2010 25% in Balanced 75% in Equity 5 July 2006 Initial investment 40% in Equity 30% in Balanced 30%in Stable Source: Inet Bridge 28 November 2011 23% in Balanced 77% in Equity

3. 28 November 2011 His actual portfolio Allan Gray Balanced Fund 23% R104 520 Total R447 640 Actual investor example Allan Gray Equity Fund 77% R343 120 Allan Gray Balanced Fund29.9% R152 126 TotalR508 436 Allan Gray Equity Fund42.0% R213 383 Allan Gray Stable Fund28.1% R142 927 If he kept the original asset allocation and done nothing through the whole period his portfolio would be 13.6% higher portfolio

4. 28 November 2011 His actual portfolio Total R447 640 Actual investor example Allan Gray Balanced Fund R500 198 11.7% Higher Allan Gray Equity Fund R535 510 19.6% Higher Allan Gray Stable Fund R461 641 3.1% 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