AMPLATS GROUP PROVIDENT FUND - JM Busha

1 AMPLATS GROUP PROVIDENT FUNDJM Busha ABSOLUTE ALLCLASSINVESTMENT PORTFOLIO REPORT JM Busha Asset Managers Pty LtdApril 30, 2015 AMPLATS GROUP PROVIDENT FUNDC ontentsPage 1 Balance SheetPage 2 Income StatementPage 3 Portfolio StatementsFixed Interest & Equity PortfolioPage 4 Fixed Interest DerivativesPage 5 Equity DerivativesPage 6 TransactionsMoney MarketPage 7 BondsPage 8 EquitiesPage 9 Cash AnalysisPage 10 Cash StatementPage 11 Interest StatementPage 12 Coupons StatementPage 13 Dividends StatementPage 14 Outstanding SettlementsPage 15 Performance AnalysisStatement MPage 16 FeesPage 17 Fact SheetPage 18 Contact DetailsPage 19 TABLE OF CONTENTSA pril 30, 2015 Page 1 AMPLATS GROUP PROVIDENT FUNDC apital EmployedFunds Invested308,699, ,806, - Client-431,565, - Fees-6,541, Income243,126, Inception227,649, Month15,476, ,825, at Clean Market Value547,479, Market Portfolio17,957, Portfolio222,785, Portfolio306,736, assets4,503, Income2,930, Settlements 1,573, liabilities-157, Fees Due-157, ,825, SHEETA pril 30, 2015 Page 2 AMPLATS GROUP PROVIDENT FUNDT otal capital gains/(losses)

2 13,099, Interest57, ,042, income earned2,538, Earned - Money Market69, Earned - Bonds1,107, Earned - Equities1,361, Expenses-161, Charges-4, Fees-157, income for the month15,476, STATEMENTA pril 30, 2015 Page 3 AMPLATS GROUP PROVIDENT DateExpiryYieldBook ValuePrevious Month's ValueTotal Accrued IncomeTotal Market Value% WeightDurationMonthly Accrued IncomeInvestment TypeMoney Market Portfolio0 - 3 ,831, , , ,836, , ,000, ,000, , ,004, , DepositAfrican ,116, ,109, , ,122, , DepositStandard AccountSafex Margin ,014, , Term ,000, ,012, , ,017, , Term ,000, ,012, , ,018, , Term Deposit3 - 6 MonthsStandard ,000, ,026, , ,037, , Term ,000, ,015, , ,021, , Term Deposit6 - 9 ,000, ,026, , ,038, , Term Deposit9 - 12 ,009, ,011, , ,017, , Term Deposit17,957, ,900, , ,114, , Settlements 1,415, , ,415, Money Market19,373, ,121, , ,530, , MARKET PORTFOLIO STATEMENTA pril 30, 2015 Page 4 AMPLATS GROUP PROVIDENT FUNDE xpiryNominalYieldBook ValueClean ValueTotal Accrued IncomeTotal Market Value% WeightDurationMonthly Accrued IncomeMonthly PerformanceBond Market Portfolio0 - 3 YearsABL11A29-Sep-141,750, ,757, ,731, , ,748, , , ,000, ,240, ,883, , ,003, , , ,000, ,934, ,000, , ,002, , , ,000, ,202, ,002, , ,044, , , ,000, ,126, ,938, , ,963, , , ,000, ,712, ,131, , ,121, , , - 7 YearsABS601-Jun-2015,000, ,367, ,628, , ,154, , , ,000.

3 010, , ,047, , , ,000, ,016, ,108, , ,134, , , ,000, ,921, ,080, , ,126, , , ,000, ,236, ,190, , ,303, , , ,000, ,839, ,695, , ,876, , , ,000, ,984, ,008, , ,032, , , ,000, ,884, ,926, , ,939, , , ,000, ,045, ,143, , ,171, , , ,000, ,117, ,538, , ,647, , , - 12 YearsABS711-Sep-2618,000, ,301, ,076, , ,319, , , ,000, ,190, ,053, , ,055, , , ,000, ,353, ,024, , ,048, , , ,000, ,120, ,166, , ,168, , , ,000, ,851, ,445, , ,626, , , ,000, ,934, ,741, , ,847, , , ,000, ,577, ,797, , ,114, , , + YearsEL2802-May-2813,170, ,617, ,504, , ,508, , , ,000, ,808, ,369, , ,468, , , ,000, ,143, ,106, , ,224, , , ,000, ,738, ,810, , ,841, , ,040, ,800, ,018, ,538, , ,870, , , ,000, ,106, ,495, , ,521, , , ,000, ,562, ,359, , ,371, , , ,000, ,453, ,275, , ,252, , , Bonds205,009, 222,785, 2,773, ,558, ,107, , Interest 30, 2015 BOND PORTFOLIO STATEMENTPage 4 AMPLATS GROUP PROVIDENT FUNDN ominalClosing PriceClean ValueAverage PriceTotal Market Value% WeightPrevious CloseMonthly PerformanceResourcesAGL31, ,340, ,340, , ,640, ,640, , ,984, ,984, , ,761, ,761, , ,008, ,008, , ,129, ,129, , ,060, ,060, , ,992, ,992, ,917, ,917, ,064, , ,131, ,131, , ,372, ,372, , ,904, ,904, , ,205, ,205, , ,603, ,603, , ,207, ,207, , ,772, ,772, , ,096, ,096, , ,105, ,105, , ,823, ,823, , , ,429, ,429, , ,316, ,316, , ,116, ,116, , ,837, ,837, , ,305, ,305, , ,084, ,084, , ,872, ,872, , ,413, ,413, , ,160, ,160.

4 083, ,083, ,844, ,844, ,856, PORTFOLIO STATEMENTA pril 30, 2015 Page 4 FinancialsBGA32, ,153, ,153, , ,246, ,246, , ,423, ,423, , ,806, ,806, , ,292, ,292, , ,834, ,834, , ,146, ,146, , ,809, ,809, , ,190, ,190, , ,299, ,299, ,203, ,203, ,079, Equities296,965, ,965, ,000, Derivatives9,729, ,771, , Portfolio551,825, 4 AMPLATS GROUP PROVIDENT FUNDEQUITY OPTIONSU nderlying InstrumentTrade DateExpiry DateOption TypePositionOption StatusNominalStrikeSpotPremiumOption Value Total Market ValueJ20030-May-1220-Jun-13 StructuredOverlayOut-the-Money34429,0894 8,1958,500, ,771, DateExpiry DateNominalSpotTotal Market Derivatives9,771, 30, 2015 EQUITY DERIVATIVESPage 6 AMPLATS GROUP PROVIDENT FUNDT ransaction DateExpiry DateYieldBook ValueTotal ConsiderationTotal InterestInvestment TypePurchases0 - 3 Months3 - 6 Months6 - 9 Months9 - 12 MonthsTotal Money Market - 3 ,000, ,015, , Term Deposit6 - 9 Months9 - 12 MonthsTotal Money Market Sales1,000, ,015, , 30, 2015 MONEY MARKET TRANSACTIONSPage 7 AMPLATS GROUP PROVIDENT FUNDT ransaction DateSettlement DateYieldNominalClean Value Purchased / (Sold)Interest Purchased / (Sold)Total ConsiderationBook ValueCapital Profit / (Loss)

5 Purchases0 - 3 Years3 - 7 Years7 - 12 Years12+ YearsTotal Bonds - 3 Years3 - 7 Years7 - 12 Years12+ YearsTotal Bonds Bond 30, 2015 BOND TRANSACTIONSPage 8 AMPLATS GROUP PROVIDENT FUNDT ransaction DateSettlement DateNominalPriceClean ConsiderationBrokerage FeeBooking FeeInsider ConsiderationProfit / (Loss)PurchasesResourcesIndustrialsFinan cialsDSY01-Apr-1508-Apr-156, Equities Purchased6, , Equities Sold6, Equity Transactions13, 30, 2015 EQUITY TRANSACTIONSPage 9 AMPLATS GROUP PROVIDENT FUNDDateDescriptionDebitCredit01-Apr-15 Sanlam Interest Received4, Fees-151, Dividend Received173, Settlement-592, Contribution12, From Sasfin FD1,015, Contribution900, Fees-4, Contribution21, Withdrawal-1,354, Dividend Received116, Contribution273, Dividend Received301, Dividend Received169, Dividend Received 91, Dividend Received 21, Contribution8,086, Contribution1, Dividend Received256, Dividend Received199, Withdrawal-2,452, Interest10, Coupon Received61, ANALYSISA pril 30.

6 2015 Page 10 AMPLATS GROUP PROVIDENT FUNDDateNedbank CustSanlamAfrican BankStandard Bank / SAFEX InterMTM BondsMTM EquitiesMargin CallFeesMarginNedbank CustodySanlamAfrican BankStandard Bank / SAFEX InterStd Bank / SAFEX InterSAFEXT otal CashBalance , ,000, ,109, ,780, , , , ,000, ,116, ,791, , , ,000, ,116, ,640, , ,000, ,116, ,640, , ,000, ,116, ,640, , ,000, ,116, ,640, , ,000, ,116, ,640, , , ,000, ,116, ,220, ,027, ,132, ,000, ,116, ,248, , ,032, ,000, ,116, ,148, ,337, , ,000, ,116, ,811, , ,000, ,116, ,811, , ,000, ,116, ,811, , , ,000, ,116, ,928, , ,000, ,116, ,928, , ,085, ,000, ,116, ,201, ,085, ,000, ,116, ,201, ,085, ,000, ,116, ,201, ,085, ,000, ,116, ,201, ,085, ,000, ,116, ,201, ,669, ,754, ,000, ,116, ,870, ,754, ,000, ,116, ,870, ,754, ,000, ,116, ,870, ,754, ,000, ,116, ,870, ,754, ,000, ,116, ,870, ,754, ,000, ,116, ,870, , ,756, ,000, ,116, ,872, ,756, ,000, ,116, ,872, ,985, ,770, ,000, ,116, ,886, ,770, ,000, ,116, ,886, , ,831, ,000, ,116, ,947, ,831, ,000, ,116, ,947, 30.

7 2015 CASH STATEMENTD aily MovementsBalancesPage 11 AMPLATS GROUP PROVIDENT FUNDDateNedbank CustodySanlamAfrican BankInvestec BankStandard Bank / SAFEX InterSAFEXR unning BalanceNedbank Cust RateSanlam Call RateAfrican Bank Call RateStandard Bank/SAFEX Inter RateSAFEX Call RateNedbank InterestSanlam InterestAfrican Bank InterestStandard Bank/SAFEX Inter InterestSAFEX InterestRunning BalanceBalance , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , c/f16, , , 30, 2015 INTEREST STATEMENTI nterest ReceivedCall RatesAccrued InterestPage 12 AMPLATS GROUP PROVIDENT FUNDLDTP ayment DateCoupon RateNo. of SharesDebitCreditCoupons ,166, - 3 ,000,00083, ,000,000231, - 7 Years7 - 12 ,000,000150, + ,170,000167, ,000,000534, , - 3 Years3 - 7 Years7 - 12 ,000,00061, + ,228, 30, 2015 COUPONS STATEMENTPage 13 AMPLATS GROUP PROVIDENT FUNDLDTP ayment DateDividend Per ShareNo.

8 Of SharesDebitCreditDividends Accrued372, , ,810199, ,27995, ,512173, ,738310, ,328, ,810199, ,630116, ,39891, ,40021, ,512173, ,287169, ,812301, ,549256, , ,734, STATEMENTA pril 30, 2015 Page 14 AMPLATS GROUP PROVIDENT FUNDT ransactionDebitCreditBalanceBond ,166, ,166, , , , , Outstanding Settlements157, ,573, ,415, SETTLEMENTSA pril 30, 2015 Page 15 AMPLATS GROUP PROVIDENT FUNDA pril 30, 2015 Market Value as at end Previous MonthExposure Value as at end Previous MonthPurchases ConsiderationSales ProceedsInvestment IncomeExposure Value as at end of Current MonthMarket Value as at end of Current MonthStatement M ReturnTotal Equity293,693, ,361, ,736, ,853, , ,917, ,987, , ,844, ,123, ,037, ,203, Derivatives9,729, ,771, Fixed Interest237,166, ,954, ,962, ,297, ,089, ,543, ,954, ,962, , ,530, ,622, ,228, ,558, - 3 Years30,751, , ,884, - 7 Years54,068, ,433, - 12 Years59,938, , ,180, + Years80,864, , ,059, Interest Assets530,860, ,954, ,962, ,659, ,825, & WithdrawalsSTATEMENT MPage 16 AMPLATS GROUP PROVIDENT FUNDP ortfolio Value551,982, Fee @ per annum137, , @ 14%19, Monthly Fee157, Month's Fee151, 30, 2015 Page 17 AMPLATS GROUP PROVIDENT FUNDFund DescriptionThis is a conservative Absolute Return Product that invests in all three major asset classes; equities, bonds, and cash.

9 fund ObjectivesTo outperform CPIX (inflation) plus 5%*. The equity benchmark is the Shareholder Weighted Equity Index (SWIX), the bond benchmark is the All Bond Index (ALBI),and the cash benchmark is the STeFi Money Market Index.*Please note CPIX changed to CPI effective January 2009 Investment PerformanceFundBenchMAlphaEquitiesSWIXB ondsALBICashSTeFiCumulative Performance1 Year : 24-Jan-2007 fund AnalysisResources IndustrialFinancials0 - 3 Y3 - 7 Y7 - 12 Y12+ Y Bond Cash0 - 3 M3 - 6 M6 - 9 M9 - 12 Risk MeasuresWeight ComparisonsFundBenchMSWIXALBIR eturn (ann.) Ratio (ann.) Market Ratio (ann.) ErrorPrice Earnings CommentFor the Absolute All Class Product the equity and bond asset classes are managed via the core satellite approach.

10 The core tracks the benchmark and thesatellite portfolios are designed to enhance the returns of these asset classes over and above their respective fees for this fund are 35 basis SHEETA pril 30, - 3 - 7 - 12 + - 3 - 6 - 9 - 12 ReturnsJM Equities Hedged BondsCashContribution ALLOCATIONB onds41%Cash4%Equity55%Page 18 AMPLATS GROUP PROVIDENT FUNDTel: +0027 11 325