re·cm is a licensed financial services provider, fsp number 18834

RE·CM is a licensed Financial Services Provider, FSP number 18834



Piet Viljoen - 8 May 2012

RE:CM Investment Presentation


Agenda

RE:CM Update

Investment Philosophy & Process

RE:CM Global Flexible Fund

RE:CM Fund Returns

Market Views

Our Competitive Advantages


Apr-0

3

Aug-0

3

Dec-0

3

May

-04

Sep-0

4

Jan-

05

May

-05

Sep-0

5

Jan-

06

May

-06

Sep-0

6

Jan-

07

May

-07

Sep-0

7

Jan-

08

May

-08

Sep-0

8

Jan-

09

May

-09

Sep-0

9

Jan-

10

May

-10

Sep-1

0

Jan-

11

May

-11

Sep-1

1

Jan-

1210.00

15.00

20.00

25.00

30.00

35.00

RE:CM Global Flexible Fund

10.00

15.00

20.00

25.00

30.00

35.00

Apr 03 Apr 05 Nov 06 Dec 08 May 11


RE:CM Global Flexible Fund: Portfolio Breakdown

31 March 2008 31 March 2010 31 March 2012

Equity 63.5% 67.8% 66.6%SA 52.7% 53.7% 25.5%Offshore 10.8% 14.1% 41.1%

Bonds 2.3% 5.2% 3.5%SA 1.9% 5.2% 3.5%Offshore 0.4% 0.0% 0.0%

Property 0.3% 0.0% 2.6%SA 0.3% 0.0% 2.6%Offshore 0.0% 0.0% 0.0%

Cash 30.3% 26.0% 26.0%SA 26.2% 19.7% 16.5%Offshore 4.1% 6.3% 9.5%

Other 3.6% 0.8% 1.1%Prefs 3.6% 0.8% 1.1%Commodity 0.0% 0.2% 0.2%

Global as % of Total 15.3% 20.4% 53.2%

Asset Allocation


RE:CM Global Flexible Fund: Portfolio Breakdown

Top 10 Holdings

As at 31 March 2012

Top 10 Holdings

Business % of TotalSun International 5.1Microsoft 4.1Johnson & Johnson 3.8Carrefour 3.7Amplats 3.1BP 3.1Berkshire Hathaway 3.0Discovery 2.5Wellpoint 2.0Vividend Income Fund 1.8

Top 10 Holdings

Business % of TotalSun International 4.7Discovery 4.7Imperial 3.5Adcock Ingram 3.4Old Mutual 3.1Metropolitan 3.0Telkom SA 2.9Remgro 2.8Harmony Gold 2.7Brait SA 2.5

Top 10 Holdings

Business % of TotalDiscovery 4.1MET LTD 4.1Tiger Brands 4.0Omnia 3.1Pick n Pay 3.1Richemont Dr 3.0Standard Bank 2.9Harmony 2.8Afrox 2.7JD Group 2.5

As at 31 March 2010As at 31 March 2008


RE:CM Fund Returns Net of Fees

Total 1 Year 3 Years 5 Years Since Inception DateRE:CM Global Flexible Fund 12.0% 14.3% 7.4% 15.7% 07/04/2003CPIX + 8% p.a. 14.1% 13.2% 14.9% 13.7%

As at 31 March 2012

RE:CM Flexible Equity Fund 7.1% 18.1% 5.9% 16.7% 02/03/2005FTSE/JSE All Share Index 7.5% 21.3% 7.2% 17.4%

RE:CM Global Fund (USD) 8.0% 20.5% 5.7% 6.2% 31/03/2006MSCI World (USD) 1.1% 20.9% -0.1% 2.4%

RE:CM Global Feeder Fund 20.9% 10.6% 4.2% 4.2% 01/03/2007MSCI World (ZAR) 14.8% 12.2% 0.9% 0.9%

RE:CM Australia Equity Fund 0.5% n/a n/a 4.1% 25/03/2010ASX 300 (AUD) -6.3% n/a n/a -1.4%

RE:CM Money Market Fund 5.6% n/a n/a 5.5% 01/10/2010STEFI Call Rate 5.3% n/a n/a 5.4%

Nedgroup Investments Managed Fund 8.4% 14.4% 7.1% 14.9% 01/06/2004*Ranking vs all SA Unit Trusts 395/653 222/575 195/455 120/274

*Fund Inception Date 1 November 1997


Long-term Price-to-Book Multiple of the SA Market

8


P/B Ratio – Emerging Markets vs Developed Markets


South African Resource Sector Relative to the All Share Index, Since Inception of RE:CM


Rand Valuation

Source: J.P. Morgan Chase and Co.

* Based on U.S. and South African Consumer Prices Copyright: BCA Research 2012


Our Competitive Advantages

Patience

Size

Fees



Thank You


Regarding Capital Management (Pty) LtdRegistration No. 2004/007733/07

(“RE·CM”)

Regarding Capital Management (“RE:CM”) is a licensed Category I and Category II Financial Services Provider in terms of section 8 of the Financial Advisory and Intermediary Services Act 37, 2002 (licence number 18834). Accordingly, RE:CM is authorised to provide advisory and/or render discretionary intermediary services.

There are risks associated with investments in financial products, including market, credit & currency risks. As performance of the financial markets fluctuates and is not guaranteed, the investor may not get back the full amount invested. Past performance is not necessarily an indication of future performance. All returns are rand returns, unless otherwise stated. All performance data is calculated by RE:CM unless otherwise stated.

Regarding Capital Management (Pty) LtdP O Box 45040Claremont, 7735South AfricaTel: (021) 657 3440www.recm.co.za

re·cm is a licensed financial services provider, fsp number 18834

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