1. Harmony Portfolios Advisor Workshop November 2009

2. 2 Agenda RMBAM Overview Harmony overview Performance Developments Investment process

3. 3 RMB Asset Management International RMB Asset Management is a wholly owned subsidiary of South Africa's largest financial services group, FirstRand FirstRand has USD124 billion of assets under management (June 2008) with a market capitalisation of USD9.7 billion (December 2008) RMB Asset Management has USD2.1 billion assets under management as of 31 December 2008. From its office in London, RMB Asset Management employs over 35 staff: -Equity Desk – Long only manager of manager funds -Fixed Income desk -Alternative Desk -Multi Asset Desk - Bespoke multi asset class portfolios -Advisory services for professional clients Source: RMB Asset Management, February 2009.

4. 4 RMB Asset Management International  Well resourced, experienced investment team  Genuine diversification to a broad range of ‘traditional’ and ‘non-traditional’ asset classes –reducing risk and widening the opportunity set  Consistent valued ad through all market conditions  Cost-effective portfolio management  Global best of breed: It is widely accepted that no one manager is the best in all asset classes. Our analysts carry out over 1000 research meetings a year to uncover the world’s best managers  Disciplined and repeatable process

5. 5 The manager selection process  Focus on alpha generation  Intelligent use of qualitative and quantitative research  Maximising efficiency through technology Asset class research Portfolio construction Portfolio monitoring Manager research analysis of universe blend managers quantitative analysis asset class research fundamental research asset allocation style analysis attribution / trading analysis

6. 6 Where active management works Percentage of fund managers who underperform various performance hurdles Source: PSN, Lipper Hindsight, RMB MultiManagers, * Average of US, UK and Eurozone Asset class research Inefficient Index+1%+2%+4% Efficient Domestic Bonds* 84 Global Bonds EM Equity Japanese Equity Semi-Efficient UK Equities US Equities Global Equities European Equities Small Cap* 6677 6777 657175 697581 536675 596773 48576575 49545967 Efficient Inefficient

7. 7 Manager research and selection  Assets under management  Investment style  High alpha  Returns based style analysis  Risk/attribution analysis  Check consistency through time  Philosophy  Process  People  Evidence Re-evaluation of existing managers  Ongoing monitoring Asset class screening / initial research Quant analysis Due diligence Selection

8. 8 Philosophy Process People Evidence Focus on skilful exponents of investment styles  Disciplined and repeatable process Is the philosophy implemented consistently? Skilful individuals leveraging the resources of a wider team rather than consensus based approaches Through risk and return attributions, confirm risks being taken are consistent with the stated philosophy Best of breed

9. 9 RMB Global Equity Fund: incumbent managers Tokyo: JP Morgan Shiozumi London: Jupiter New Star Cazenove New York: American Century ASB Pzena Evercore Chicago: Driehaus Timpani Paris: Comgest Wilmington: Marvin & Palmer Connecticut: Lapides Data: as at 17.10.2008

10. 10 Introduction to Harmony Source: RMB Asset Management, February 2009. The range of Harmony Funds has been designed to provide a core investment solution to your clients. The investment objective is achieved through a diversified portfolio that invests across a broad range of asset classes and currencies in varying proportions over time. These asset classes include international equities, fixed income, commodities, alternative strategies, property, money market instruments and asset allocation portfolios.

11. 11 Harmony Portfolios Funds - Incorporated cells of RMBIS Mutual Fund ICC Structure Regulator Guernsey Financial Services Commission Fund Manager RMB Investment Services Limited Harmony Portfolios Fund Range Asian Balanced Fund Asian Growth Fund Euro Balanced Fund GBP Balanced Fund GBP Growth Fund USD Balanced Fund USD Growth Fund AUD Growth Fund Designated Manager RMB Investment Services Limited Investment Manager RMB Asset Management International Limited (London) Distribution Partner Financial Partners Custodian Close International Custody Services Auditors Price Waterhouse Coopers Harmony structure

12. 12 Harmony fund detail  The funds are available in USD, EUR and GBP  Daily dealing  Initial Fee - 0.00%  Minimum Investment - US$25,000 (or currency equivalent)  Minimum Subsequent Investment - US$7,500 (or currency equivalent)  Minimum Redemption - not less than US$2,500 (or currency equivalent)  Dividend Policy - no dividends will be paid. All income received will be reinvested Source: RMB Asset Management, February 2009.

13. 13 Harmony Class A and B fees Fee descriptionClass AClass B Management fee - RMBIS0.40%0.90% (rebate to life companies) Investment Management fee – RMB Asset Management International 0.25% Distribution Partner fee - FP0.50% Underlying Asset Manager’s fee1.00% (variable) ICC fees0.05% (variable) Total (2)2.20%2.70%

14. 14 Harmony accessibility  Friends Provident International –Lumps Sums –Regular savings products – Mirror funds –Menu products?  Skandia –Lumps Sums  Zurich, Scottish Provident, Generali –In progress  Trail fees on all

15. 15 Friends Provident International - Regular Savings  Portfolio Management for regular savings clients  Harmony Class B funds will be offered as mirror funds on Friends Provident regular savings product  Funds will be available for new investments and switches  Sign the Friends Provident OMA form which will enable you to do the fund selections and portfolio changes – earn additional 0.5%  Normal applications forms for new business  Normal dealing instruction for switches www.harmonyportfolios.com

16. 16 Harmony Performance

17. 17 Harmony Performance

18. 18 Developments Mirror funds on Friends Bloomberg Harmony AUD Growth Fund –launch December 2009 Benchmark review –10% Property in Asian portfolios –Slightly more aggressive Weekly market commentary House view after Asset Allocation meetings

19. 19 Benchmark review - Current Harmony Asian Balanced Harmony Asian Growth Harmony Euro Balanced Harmony Sterling Balanced Harmony Sterling Growth Harmony USD Balanced Harmony USD Growth Global Equity10%15%10% 15%10%15% Local Equity16%30%16% 30%16%30% 26%45%26% 45%26%45% Emerging Market Debt 0% 12% 5%12%5% Government Debt 37%20%25% 15%25%15% 37%20%37% 20%37%20% Global Property 0% 13% 15%13%15% Cash37%35%24% 20%24%20% 100%

20. 20 Benchmark review – New composition Harmony Asian Balanced Harmony Asian Growth Harmony Euro Balanced Harmony Sterling Balanced Harmony Sterling Growth Harmony USD Balanced Harmony USD Growth Global Equity12%18%12% 18%12%18% Local Equity18%32%18% 32%18%32% 30%50%30% 50%30%50% Emerging Market Debt 10%5%10% 5%10%5% Government Debt 35%25%35% 25%30%25% 45%30%45% 30%45%30% Global Property 10% Cash15%10%15% 10%15%10% 100%

21. 21 Developments Mirror funds on Friends Bloomberg Harmony AUD Growth Fund –launch December 2009 Benchmark review –10% Property in Asian portfolios –Slightly more aggressive Weekly market commentary House view after Asset Allocation meetings

22. 22

23. 23 Developments Mirror funds on Friends Bloomberg Harmony AUD Growth Fund –launch December 2009 Benchmark review –10% Property in Asian portfolios –Slightly more aggressive Weekly market commentary House view after Asset Allocation meetings

24. 24 House view

25. 25 Investment Process Implementation in action

26. 26 Recent Portfolio changes

27. 27 Recent Portfolio changes

28. 28 Rolling Asset Allocation – Harmony GBP Balanced

29. 29 Rolling Asset Allocation – Harmony Asian Growth

30. 30 Why Harmony Portfolio management solution –Illustrated on fact sheets – drill down to underlying funds –Actively managed –Access to the fund managers in London –Bespoke to Financial Partners Monthly fact sheets, Viewpoint newsletter, Weekly Market Commentary, Monthly House View and Comprehensive quarterly report Daily trading Prices on Bloomberg Accepted on most life company platforms Trail fees on lump sums and regulars Disciplined and repeatable process

31. Thank You

32. 32 Important Notes RMB Asset Management is the trading name for RMB Asset Management International Limited. This document does not constitute an offer or solicitation to any person in any jurisdiction in which it is not authorised or permitted, or to anyone who would be an unlawful recipient, and is only intended for use by original recipients and addressees. The original recipient is solely responsible for any actions in further distributing this document, and should be satisfied in doing so that there is no breach of local legislation or regulation. The information is intended solely for use by our clients or prospective clients, and should not be reproduced or distributed except via original recipients acting as professional intermediaries. This document is not for distribution in the United States. Prospective investors should inform themselves and if need be take appropriate advice regarding applicable legal, taxation and exchange control regulations in countries of their citizenship, residence or domicile which may be relevant to the acquisition, holding, transfer, redemption or disposal of any investments herein solicited. Any opinions expressed herein are those at the date this material is issued. Data, models and other statistics are sourced from our own records, unless otherwise stated herein. We believe that the information contained is from reliable sources, but we do not guarantee the relevance, accuracy or completeness thereof. Unless provided under UK law, RMB Asset Management does not accept liability for irrelevant, inaccurate or incomplete information contained, or for the correctness of opinions expressed. We caution that the value of investments in discretionary accounts, and the income derived, may fluctuate and it is possible that an investor may incur losses, including a loss of the principal invested. Past performance is not generally indicative of future performance. Investors whose reference currency differs from that in which the underlying assets are invested may be subject to exchange rate movements that alter the value of their investments. Important notes

33. 33 Important Notes (Continued) Our investment mandates in alternative strategies and hedge funds permit us to invest in unregulated funds that may be highly volatile. Although alternative strategies funds will seek to follow a wide diversification policy, these funds may be subject to sudden and/or large falls in value. The illiquid nature of the underlying funds is such that alternative strategies funds deal infrequently and require longer notice periods for redemptions. These Investments are therefore not readily realisable. If an alternative strategies fund fails to perform, it may not be possible to realise the investment without further loss in value. These unregulated funds may engage in the short selling of securities or may use a greater degree of gearing than is permitted for regulated funds (including the ability to borrow for a leverage strategy). A relatively small price movement may result in a disproportionately large movement in the investment value. The purpose of gearing is to achieve higher returns associated with larger investment exposures, but has concomitant exposure to loss if positive performance is not achieved. Reliable information about the value of an investment in an alternative strategies fund may not be available (other than at the fund’s infrequent valuation points). Under our multi-management arrangements, we selectively appoint underlying sub-investment managers and funds to actively manage underlying asset holdings in the pursuit of achieving mandated performance objectives. Annual investment management fees are payable both to the multimanager and the manager of the underlying assets at rates contained in the offering documents of the relevant portfolios (and may involve performance fees where expressly indicated therein). RMB Asset Management International Limited (Company Registration No. 3733094) is a member of the FirstRand Group, and has its registered office at Two London Bridge, London SE1 9RA. RMB Asset Management International Limited is authorised and regulated by the Financial Services Authority in the United Kingdom, and is an authorised Financial Services Provider pursuant to the Financial Advisory and Intermediary Services Act 37 of 2002 in South Africa. © RMB Asset Management International Limited 2008 Important notes (continued)