1. 16 August 2011 Performance participation graphs

2. 1 | Participation of funds from peak to trough in 2011 Participation rate of funds in market fall: SMCM 13.9% SMPA 34.0% SMFG 50.2% SMDE 75.3% SMFF 48.9% Market peaked on 29 April 2011. The recent low was reached on 8 August 2011. Peak to trough = -13.22%

3. 2 | Participation of funds in 2008 Market peaked on 22 May 2008. To compare against the 2011 correction, the fall of the market up to a similar level as in 2011 (-13.22%) was taken. Period: 22 May 2008 to 3 July 2008. Over that period the All Share fell 14.44% Participation rate of funds in market fall: SMCM not yet started SMPA 41.6% SMFG 57.8% SMDE 85.8% SMFF 68.7%

4. 3 | Participation of SMGG from peak to trough in 2011 Market peaked on 29 April 2011. The recent low was reached on 8 August 2011. Peak to trough = -17.7% Participation rate of SMGG in market fall: SMGG = 54.8%

5. 4 | Utilise same period as local SM funds Period: 22 May 2008 to 3 July 2008. Over that period the MSCI AC World fell 10.89% Participation rate of SMGG in market fall: SMGG = 71.4% Participation of SMGG in 2008

6. 5 | IN ALL THE FUNDS THE PARTICIPATION WAS LOWER IN THE 2011 CORRECTION THAN IN 2008