116 August 2011

Performance participation graphs

2 |

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 |

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 startedSMPA 41.6%SMFG 57.8%SMDE 85.8%SMFF 68.7%

4 |

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 |

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 |

IN ALL THE FUNDS THE PARTICIPATION WAS LOWER

IN THE 2011 CORRECTION THAN IN 2008