SIM is a philosophically grounded, multi-specialist asset manager with one investment platform that leverages off the Sanlam book and brand. It manages a range of multi-asset class funds including the SIM Balanced Fund, SIM Inflation Plus Fund, and SIM Low Equity Fund. The funds employ disciplined asset allocation strategies with a focus on downside protection and risk-adjusted returns.

2. SIM is a philosophically
grounded, multi-specialist,
multi-product house, with one
investment platform that
leverages off the Sanlamleverages off the Sanlam
book and brand.

3. SanIam Investments Cluster
Capital
Mgt
Investment
Services
Employee
Benefits
Asset
Mgt
Wealth
Mgt
Interna-
tional
SCM
SPE
SMMI
SCI
GR
SUS
SIM
GenX
SPI
Calibre
SIIP
SIM-Global
Mark
Murning
Robert
Roux
Armien
Tyer
Daniel
Kriel
Robert
Roux
Nersan
Naidoo
SPE
Property
Dev.
SSS D
SCI
Simeka
Blue Ink
Octane
SUS
SSS
-EB
Coris
GenX
Africa
Calibre SIM-Global
SAMI
India
Distribution Support
Support: HR | Legal | Finance | Marketing | IT | Distribution Support

4. 4
SIM’s business model has evolved……
Division
in Life
company
Asset Management
by Investment
Bank (Gensec)
Integrated Insurance
based Asset Manager
(inc. Private Equity
Property etc.)
Multi specialist
Asset Manager
Sanlam Investments has provided asset management services to third parties since 1969
company Bank (Gensec) Property etc.)
13yrs
ago
(Jan 1997)
12yrs
ago
(Jan 1998)
9yrs
ago
(Apr 2001)
Today

5. Pragmatic value investment philosophy

6. Understanding the value of a business
Aggressive
high risk
Significant value
attributed to
future growth
Conservative
low risk
● Historic info & facts
● Book value
Div yield, Low PE
● Future earnings
potential
True Benjamin
Graham students
A
Replacement
value
B
Continuing
value
C
Growth

7. A belief in long term reversions to the mean
- market ratings (PE)
- growth rates
Superior returns are generated through:
4 tenets of Pragmatic Value Investing
Value securities with respect to realistic expectations
Place less emphasis on forecasts and more on fact and track record
Hold investments for the long term

8. Multi-Specialist Teams

9. Chris Hamman
Fixed Income ILB’s
André Roux
Asset
Liability
Solutions
Money
Market
Active
Income
Bond
Portfolios
Gert Steenkamp
Kashiefa Waggie
Charl Smith
Philip Liebenberg Hansie Myburgh
Erich Maritz
Ntebogeng Mahlare
Chris Hamman
Henriqueco Visser
Ntebogeng Mahlare
Erica Nell
Andre du Toit
Stephen Vlok
Avishal Khusial
Credit

10. 10
Size
SIM can take meaningful stakes in companies
Influence company boards and management
- unlock value
- encourage good corporate governance
Fluid access to management teams
Management teams generally willing to engage

11. 11
Size
Employ a large team of investment professionals
Very detailed and comprehensive proprietary research
- Dedicated asset allocation research team
- Dedicated small cap research team
Team members can become specialists

12. SIM Balanced
Benchmark: Median Morningstar
AA Prudential Variable Equity
SIM Low Equity
Benchmark: Peer
Group Average
PotentialReturn(%)
sim.multi-asset class funds
Group Average
SIM Inflation Plus
Benchmark: CPI+4%
over a rolling 3 year
period
PotentialReturn(%)
Risk (vol. %)

13. How

14. Outlook | Assumptions for Long-term returns: SA - Real
3.0%
6.0%
7.0%
3.0%
4.0%
Bond returns
Property premium
Property returns
Equity Risk premium
Equity returns
2.0%
2.5%
3.0%
0.5%
0.5%
0% 1% 2% 3% 4% 5% 6% 7%
Cash returns
Term premium
ILB returns
Inflation Risk premium
Bond returns
Source : SIM

15. CPI+5% (Domestic)
Domestic Allocation
Long term real
return
Weighted
average
Equity 30 7.0 2.1
Property 5 6.0 0.3
Bonds 10 3.0 0.3
Outlook | What could you expect given these RETURN assumptions
Source : SIM
Bonds 10 3.0 0.3
ILB’s 20 2.5 0.5
Cash 35 2.0 0.7
Alpha 1.0
Total 100% 4.9%

16. Outlook | Risk takers have been compensated …over the very long run
9
8
7
6
5
4
3
2
1900 – 2003, annual real return %
Equities
Bonds
Bills
Source: Siegel, FAJ 2005
Belgium
Italy
Germany
France
Spain
Japan
Switzerland
Ireland
Denmark
Netherlands
UnitedKingdom
Canada
UnitedStates
Australia
Sweden
SouthAfrica
-4
1
0
-1
-2
-3

17. Asset allocation Overweight Underweight Neutral
Global
Equity
Property
Bonds
Cash
Outlook | SIM’s current positioning
Global
Property Cash
Domestic Inflation Linked Bonds Cash
Nominal Bonds
Equity
Property
1 March 2011

18. Outlook | SA Equities – NEUTRAL: Price to Intrinsic Value
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2.0
INDI25 FINI15 RESI SWIX
0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
Jan07
Mar07
May07
Jul07
Sep07
Nov07
Jan08
Mar08
May08
Jul08
Sep08
Nov08
Jan09
Mar09
May09
Jul09
Sep09
Nov09
Jan10
Mar10
May10
Jul10
Sep10
Nov10
Jan11
Mar11
Source: SIM, 4 March 2011

19. 8
9
10
11
12
Outlook | SA long bonds - NEUTRAL
SA 10YGovernment Bond
4
5
6
7
Jan07
Mar07
May07
Jul07
Sep07
Nov07
Jan08
Mar08
May08
Jul08
Sep08
Nov08
Jan09
Mar09
May09
Jul09
Sep09
Nov09
Jan10
Mar10
May10
Jul10
Sep10
Nov10
Jan11
Source : I-Net
Prospective real return
assuming 5.25% inflation 3%

20. 3.0
3.5
4.0
4.5
5.0
5.5
6.0
USA Europe Japan
Outlook | Offshore Equities – OVERWEIGHT: Price to Book
0.0
0.5
1.0
1.5
2.0
2.5
3.0
74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10
Source: Citigroup

21. Outlook | Yields on global assets
6
8
10
12
Global
10yr ILB 10yr bond MSCI World DY Property DY
Source: Bloomberg
0
2
4
6
04 05 06 07 08 09 10 11

22. Outlook | Global Property – OVERWEIGHT: Local Currencies
250
300
350
400
450
500
Japan
SA
Source: Bloomberg | 7 March 2011
0
50
100
150
200
00 01 02 03 04 05 06 07 08 09 10 11
Europe ex UK
GlobalAsia
UK
US

23. Outlook | Active Asset Allocation
0%
2.0%
0%
1.5%
1.0%
0%
1%
2%
3%
4%
5%
Activebet
09 Jan'09 06 Feb'09 02 Mar'09 06 Mar'09 15 May'09 05 Jun'09 02 Jul'09
08 Sep'09 12 Oct'09 15 Dec'09 09 Mar'10 20 Apr'10 07 May'10 25 May'10
13 Jul'10 30 Jul'10 17 Aug'10 25 Aug'10 8/19 Oct'10 14 Dec'10
0%
0%
0%
-2.0%
-2.0%
-0.5%
-5%
-4%
-3%
-2%
-1%
0%
Local
Equities
Local
Bonds
Local
ILB's
Local
Property
Local
Cash
Foreign
Equity
Foreign
Bonds
Foreign
Property
Foreign
Cash
Activebet
Source: SIM

26. SIM Balanced
Benchmark: Median Morningstar
AA Prudential Variable Equity
SIM Low Equity
Benchmark: Peer
Group Average
PotentialReturn(%)
sim.multi-asset class funds
Group Average
SIM Inflation Plus
Benchmark: CPI+4%
over a rolling 3 year
period
PotentialReturn(%)
Risk (vol. %)

27. PotentialReturn(%)
sim.multi-asset class funds
SIM Inflation Plus
Disciplined focus on downside risk
High risk-adjusted returns – low volatility
SIM Inflation Plus
Benchmark: CPI+4%
over a rolling 3 year
period
PotentialReturn(%)
Risk (vol. %)
Equity component constructed from houseview
SWIX portfolio
Derivatives used to hedge exposure tactically.

28. SIM Low Equity
Benchmark: Peer
Group Average
PotentialReturn(%)
sim.multi-asset class funds
SIM Low Equity
Actively managed
Min 60% in high income yielding
instrumentsGroup Average
PotentialReturn(%)
Risk (vol. %)
Stable, low equity balanced fund
Max 40% equities – stock picking
Derivatives used to hedge exposure
tactically

29. SIM Balanced
Benchmark: Median Morningstar
AA Prudential Variable Equity
PotentialReturn(%)
sim.multi-asset class funds
SIM Balanced
Grow capital steadily
PotentialReturn(%)
Risk (vol. %)
Grow capital steadily
Long term strategic asset allocation
Specific stock picking equity component

30. Downside protection | Monthly performance to February 2011
-2%
0%
2%
4%
6%
8%
SIM Balanced Fund -A SIM Inflation Plus Fund
Source: MoneyMate
-10%
-8%
-6%
-4%
-2%
Jan 09 Mar09 May 09 Jul09 Sep 09 Nov 09 Jan 10 Mar10 May 10 Jul10 Sep 10 Nov 10 Jan 11

31. Downside protection | Monthly performance to February 2011
-2%
0%
2%
4%
6%
8%
SIM Balanced Fund -A SIM Inflation Plus Fund SIM Low Equity Fund - A1
Source: MoneyMate
-10%
-8%
-6%
-4%
-2%
Jan 09 Mar09 May 09 Jul09 Sep 09 Nov 09 Jan 10 Mar10 May 10 Jul10 Sep 10 Nov 10 Jan 11

32. SIM Balanced | February 2011
12.1%
15.9%
23.8%
11.3%
17.4%
15%
20%
25%
SIM Balanced Fund -A AssetAlloc Prud VarEq
Source: MoneyMate
3.9%
12.1%
7.1%
2.7%
9.0%
11.3%
6.1%
0%
5%
10%
3 Months 6 Months 1 Year 2 Years 3 Years

33. SIM Inflation Plus | February 2011
10.0%
11.9%
7.0%
7.9%
8.8%
10.4%
8%
10%
12%
14%
SIM Inflation Plus Fund CPI+4%
Source: MoneyMate
2.5%
6.1%
2.4%
3.9%
0%
2%
4%
6%
3 Months 6 Months 1 Year 2 Years 3 Years

34. SIM Low Equity peers
SIM Low Equity Fund
Stanlib Balanced Cautious Fund
Old Mutual Stable Growth Fund
Coronation Balanced Defensive Fund
Nedgroup Investment Stable Fund
RMB Conservative Fund
Allan Gray Stable Fund
Investec Cautious Managed Fund

35. SIM Low Equity | Performance since inception (July 2010)
Performance Rank
SIM Low Equity Fund - A1 11.0% 1
Fund 1 10.5% 2
Fund 2 9.6% 3
Fund 3 9.4% 4
Fund 4 8.9% 5
Source: MoneyMate
Fund 4 8.9% 5
Fund 5 6.6% 6
Fund 6 3.8% 7
Fund 7 2.9% 8
Asset Alloc Prud Low Eq 7.7%
NAV to NAV – Local Currency
From: 30 Jun 2010 to 28 Feb 2011
Income Reinvested on payment date

36. SIM Low Equity (since inception)
8%
10%
12%
14%
Fund 1 Fund 2 Fund 3
Fund 4 Fund 5 Fund 6
Fund 7 Fund 8 SIM Low Equity Fund
Source: MoneyMate
-2%
0%
2%
4%
6%
July Aug Sep Oct Nov Dec 2011 Jan Feb

39. Some other exciting stuff…

41. sim.sanlam.com

42. Some of our Creative

43. Some of our Creative