Manager Wrap - STANLIB

1 STANLIB Multi-ManagerS TA N L I BAndrew Vintcent, Head of STANLIB s Unconstrained Equity Franchise resigned to pursue alternative opportunities. The Unconstrained Equity portfolios will be managed by Henry Munzara, with the support from experienced research sector Mare, Co-Head of Absolute Return Franchise resigned to expand his professional career and explore other business an internal move, Luba Vengeni has been appointed as Head of SADC Property Fund. He was previously an Asset Manager within the LLP team for three years, responsible for the valuation process of the R30 billion portfolio. He has 11 years of property experience, having previously worked at Vunani, Old Mutual Property and Wet van der Spuy joined STANLIB Multi- Manager as Managing Director effective 1 July 2015.

2 He joins from Liberty Corporate where was a Product Executive for five years. His background also includes international exposure at Towers Watson in the UK as well as holding executive roles at Old Mutual. De Wet is a Fellow of the Institute of GrayAllan have appointed Ian Liddle as Chairman of Allan Gray (Pty) Ltd, to replace the late Simon Marais. Ian has been Chief Investment Officer at Allan Gray since early Lapping will take on the new role of Deputy CIO. He started at Allan Gray in 2001 in the trading team and has been a portfolio Manager since 2006. The intention is that Andrew will take over from Ian as Group Chief Investment Officer in March Asset Management James Hand has been appointed Co-Chief Investment Officer for Investec Asset Management s equity and multi-asset capability process and performance.

3 He will be working alongside current co-CIOs Mimi Ferrini and John McNab and will retain his primary role as the Co-Head of the 4 Factor Equities investment team and Portfolio Manager of the Global Core Equity strategy. Manager wrap Quarter 2, 2015A quarterly highlight of asset Manager events impacting the South African investment industryFernando Farelo joined Investec Asset Management (London) as an Analyst. He previously worked as an Equity Analyst at Tower Capital graduated with a BCom (Hons) Financial Analysis and Portfolio Management (cum laude). He also obtained a BSc (Hons) Real Estate in 2009 and is a CFA charter O Dell resigned as Portfolio Manager from the Investec Asset Management (London) Multi-Asset team in were a number of other departures from the Investec Multi-Asset class business unit in London.

4 These include Justin Barton, Tarek Shahin and Seamus to home, Richard Middleton resigned as Portfolio Manager within the Frontier and Emerging Markets division at Investec Cape Town. OMIGB ruce Hemphill has been appointed as CEO of Old Mutual Plc. to succeed Julian Roberts who resigned after being at the helm for seven joins from the Standard Bank Group where he was the Chief Executive of Wealth, Insurance and Non-Bank Financial Services. Prior to this, he was Chief Executive of Liberty Group. Khayalethu Nodada joined the Old Mutual Equities Research Team as an Equity AnalystHe joins from Vunani Fund Managers, where he spent three years as an Equity Analyst, responsible for the retail and healthcare sectors. Kaya holds a B Com (Hons), CA (SA) and will focus on food producers and Wilson joined MacroSolutions as an Analyst.

5 He has nearly six years' investment experience, four of which were at Futuregrowth Asset Management. Zane s qualifications include a BBusSci (Economics), CFA Level III completed and a FRM Level I have adopted an investment franchise model comprising teams focused on single investment niches - Balanced, Targeted Returns, Equity, Fixed Interest, Property and Pan-Africa. Each franchise will each be led by an investment head who will report directly to the Head of ABAM, supported by a chief investment strategist and head of investment Shear has been assigned the role of Chief Investment Strategist in the asset allocation research process. He will continue managing the Absa Select Equity Benn joins ABAM from Cadiz, as Head of the Balanced Franchise.

6 He joins Greg Kettles, a senior portfolio Manager with more than 20 years investment experience which include eight years with ABAM. Kurt holds a BBSc (Finance and Economics) and BEcon (Hons) Investment Management and Advanced Finance. He is a CFA charter Mutooni joins as a Senior Equity Analyst in the Pan African Equity Franchise. He is a rated security analyst and a former Stern Stewart associate and entrepreneur with close to 20 years Fund ManagersNino Frodema joins Vunani Fund Managers as Portfolio Manager and Senior Analyst in the equity team. He joins from Momentum Asset Managers where he co-managed the Momentum Industrial Unit Trust. He also has experience as Senior Equity Research Analyst and Portfolio Manager at Metropolitan Asset Managers.

7 Nino holds a MSc Economics and Finance from the University of Manchester in the TA N L I B MULTI- Manager Manager wrap Quarter 2, 2015