Factsheet / Minimum Disclosure Document as at 31 …

1 Please refer to page 2 for more details regarding this portfolio as well as other important information for considerationpg 1 of 3 Factsheet ID : 82785 portfolio FactsNet revenue is calculated daily and distributed 21' millionSouth African - Interest Bearing - Short TermSTeFI Composite Index 31 March, 30 June, 30 September & 31 DecemberBenchmarkIncome DistributionSector ClassificationPortfolio SizeIncome DeclarationJSE CodeGDBIISIN Order Per MonthR500 Minimum InvestmentLump SumR5,000 Launch Date01 Apr 1987 Total Expense Ratio ** RUpfront Charge: Service Charge Intermediary portfolio ChargesUpfront Charge: are quoted inclusive of refer to page 2 under Statutory Disclosure and General Terms & Conditions **Asset Allocation (%)Annualised Performance (%)*1 year3 years5 years10 yearsSince InceptionClass (Class R)4/299/277/261/13-Lowest Return over 12 Rolling Months Return over 12 Rolling Months *Annualized Return: is the weighted average compound growth rate over the performance period measured.

2 The performance is calculated for the portfolio . The individual investor performance my differ as a result of initial fees, the actual investment date,the date or reinvestment and dividend withholding quoted are from Morningstar for the period ending 31 January 2017 for a lump sum, using NAV-NAV prices and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the upfront manager's charge applicable, the actual investment date and the date of reinvestment of Policy and ObjectivesThe portfolio 's primary objective is a reasonable level of current income and maximum stability forcapital normally to be included in the portfolio will consist of fixed income securities embracingnon equity securities, stock, financially sound preference shares, debenture stock, debenturebonds and unsecured notes to be acquired at fair market Income FundFactsheet / Minimum Disclosure Document as at 31 January 2017 Risk RatingConservativeModerateAggressiveInco me DistributionClass RMar cpuJun cpuSep cpuDec cpuPaid in the last 12 cpuPaid during cpuAs a % of 2016 year end Ten Institutional Exposure (%)Cumulative Performance - Last 5 yearsHighlights **.

3 Launched in April 1987, this fund has long been the choice of investors looking for superior cash by STANLIB's award winning fixed Interest team headed by Henk Class R Yield as at 31 January 2017 = R (incl. ABIL) The performance of this fund was affected by the African Bank event and the investors would have been issued with units in retention fund. The combined performance of the retention fund and the Class A fund - for comparative purposes - is indicated DetailsSTANLIB Collective Investments (RF) LimitedReg. No. 1969/003468/0617 Melrose BoulevardMelrose ArchJohannesburgSouth AfricaPO Box 202 Melrose Arch20760860 123 No :HX2915 Contact CentrePublished Date :2/20/2017 Quarterly CommentsFund review The size of the Stanlib Income Fund was billion at the end of the fourth quarter of 2016, compared to billion the previous quarter.

4 Returns in the fund look attractive compared to money market returns despite the defensive positioning, due to investments in high yielding securities. The Fund s modified duration was increased from year at the end of the second quarter to years due to a higher probability of interest rates topping out as indicated by the SARB. This was achieved by increasing exposure to short term fixed rate instruments funded by sales of floating rate instruments, and investing new cash lows in shorter dated fixed instrumentsLooking AheadThe All Bond Index returned a for the year as a whole and for the last quarter of the year. This makes the asset class to be the best performing in the South African market. The South African 10 year bond yield ended the quarter at , weakening from the last quarter close of as the market priced in a much higher probability of the US increasing interest rates, and the impact of Donald Trump winning the US elections.

5 In the end, the US Fed increased interest rates by , but also indicated that they may increase the Fed Fund rate by another three times in 2017. The bond market movements over the fourth quarter was largely driven by the selloff of the US Treasuries market, where they tracked higher in response to Donald Trump being elected president of the US, elevating the probability of the FOMC continuing to hike short term rates. US 10 Year Treasury notes sold off aggressively from to end the last quarter of the year at , thereby causing some jitters in emerging markets. Foreigners who had been increasing exposure in emerging markets in the third quarter of 2016 ended up selling R34 billion of South African bonds in the fourth quarter, as yields traded above at one stage. On the positive front, South Africa managed to stave off the threat of a downgrade to junk status by the rating agencies, although Standard and Poor s downgraded the local currency rating by one notch.

6 As a result the CDS spread ended the year at a respectable 215 basis, after starting the quarter at 260 basis points. The risk of a downgrade to junk status will remain on the horizon for as long as GDP disappoints and the political situation takes long to the fourth quarter, the South African Reserve Bank (SARB) left interest rates unchanged despite inflation still printing above the 6% target level, however, there is growing expectation that inflation will track lower in 2017. Despite the volatility experienced in the local currency, when it weakened to in November post the US election, it ended the year at a respectable The SARB is expected to leave interest rate unchanged, Victor joined SCMB Treasury in 1996 as a trainee dealer in the foreign exchange markets and later moved to Nedcor as a capital markets dealer. In early 2001, he joined Libam s (now STANLIB) fixed interest team as a capital markets dealer and assistant to Henk ViljoenHenk joined Senbank as an economist from Telkom.

7 As a bond trader he joined Libam in October 1990, where he became Head of Fixed Interest. He is now responsible for management of all fixed interest/bond MphaphuliPortfolio ManagerSTANLIB Income FundFactsheet / Minimum Disclosure Document as at 31 January 2017pg 2 of 3 Standard Chartered Bank, 4 Sandown Valley Crescent, Sandton, 2196, Tel: 011 217 6600 Trustees :Statutory Disclosure and General terms & ConditionsCollective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager).

8 Commission and incentives may be paid and if so, would be included in the overall costs. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. This portfolio is valued on a daily basis at 15h00. Investments and repurchases will receive the price of the same day if received prior to Total Expense Ratio (TER) of a portfolio is a measure of the portfolio s assets that were relinquished as operating costs expressed as a percentage of the daily average value of the portfolio calculated over a period of usually a financial year. Typical expenses which are deducted from a portfolio include service charges, taxes, trustee fees and audit fees.

9 The manager does not provide any guarantee either with respect to the capital or the return of a portfolio . The manager has a right to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate. Additional information about this product, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge, and from the website: The prices of unit trust funds are calculated and published on each working day. These prices are available on the Manager's website and in the South African printed news media.** HighlightsThe Plexus Survey ranks management companies based on consistency of performance of portfolios under management for the (one/two/three) year period ended 30 June 2014. Only companies with at least three portfolios under management in sectors comprising four or more ranked portfolios are considered, with index portfolios excluded.

10 Based on a lump sum investment on a NAV-NAV basis with income reinvested. Awards details: Standard & Poors Fund Awards, 2005 and 2006 - Best in sector over 3 and 5 years; 2007 - Best in sector over 1, 3 and 5 years; domestic fixed interest income portfolios. Raging Bull Awards, 2002, 2003 - Consistency of Performance, 2002, 2004 - Best risk adjusted performance, 2002, 2004, 2005 and 2006 - Top performance - domestic fixed interest income Total Expense Ratio (TER) for this class or portfolio is indicated above, for the period from 01 Jan 2014 to 31 Dec 2016. A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future include the following Interest rate fluctuations Economic risk Inflation General market conditions Duration risk if rates move in a direction contrary to what was expectedWhere foreign securities are included in the portfolio there may be additional risks, such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, tax risks, settlement risks, and potential limitations on the availability of market FeaturesThe Fund is a traditional low risk income fund.