31 December 2012

BettaBeta Equally Weighted Top40 Index
Better returns at lower risk

Constituent information and recent performance

The Nedbank BettaBeta Equally Weighted Top40 Exchange Traded Fund (“BBEWT40 ETF”) tracks the BettaBeta Equally Weighted Top40 Index, calculated independently by the FTSE/JSE. This index is comprised of the same companies as the FTSE/JSE Top40 index, but they are held in equal proportions of 2.5% each (as at the quarterly rebalancing date). The index is rebalanced in line with the quarterly review of the FTSE/JSE Africa Index Series and underlying constituents mirror the changes in the FTSE/JSE Top40 Index. The BBEWT40 ETF has been marketed as a “more balanced exposure to the blue-chip companies of the Top40 index”. In the past twelve months it has proven to be exactly that – providing better returns at lower risk than the other Top40-based ETF products available in the market. This ETF is suitable to a range of investors: Institutional investors looking for more balanced benchmarks and passive exposures; Hedge funds needing a passive product for hedging purposes; and Individual Investors wanting a balanced lower risk equity investment. This document provides detailed information on the 40 companies that currently constitute the Top 40 based indices, and details their individual performance relative to the BettaBeta Equally Weighted Top40 Index, as measured over the most recent 12 months.

Comparisons between different Top 40 based indices
The Top40 index of the FTSE/JSE Africa Index Series consists of the largest 40 companies listed on the Main Board of the Johannesburg Securities Exchange, ranked by full market value. These constituents are the basis for a number of different indices, each constructed using a different weighting methodology:    FTSE/JSE Top 40 Index (TOPI) – weighted by free float market capitalisation FTSE/JSE Capped Top 40 (CTOP) – constituents are capped at 10% on a quarterly basis FTSE/JSE Shareholder Weighted Top 40 (DTOP) – shareholder weighting is achieved by excluding foreign held free float FTSE/JSE Equally Weighted Top 40 (ETOP) – each company gets an equal weight of 2.5% at the quarterly rebalancing date

Total return over the most recent 12 months (%)

Comparative constituent weights

Contact us
Lyn Brooks LynBrooks@NedbankCapital.co.za +27 11 294 4747 Nerina Visser NVisser@NedbankCapital.co.za +27 11 294 3217 Nedgroup Beta Solutions BetaSolutions@nedbank.co.za www.bettabeta.co.za

1

Table of Contents
AGL AMS ANG APN ARI ASA ASR BIL BTI BVT CFR CSO EXX FSR GFI GRT IMP INP IPL KIO MDC MNP MPC MSM MTN NED NPN OML REM RMH SAB SBK SHF SHP SLM SOL TBS TRU VOD WHL Anglo American Anglo Platinum AngloGold Ashanti Aspen Pharmacare African Rainbow Minerals Absa Group Assore BHP Billiton British American Tobacco (BATS) Bidvest Richemont Capital Shops Exxaro Resources Firstrand Gold Fields Growthpoint Impala Platinum Investec Bank Imperial Kumba Iron Ore MediClinic Mondi Mr Price Massmart MTN Group Nedbank Naspers Old Mutual Remgro RMB Holdings SABMiller Standard Bank Steinhoff Shoprite Sanlam Sasol Tiger Brands Truworths Vodacom Woolworths …………………………………………………………………………………………………….3 …………………………………………………………………………………………………….3 …………………………………………………………………………………………………….3 …………………………………………………………………………………………………….3 …………………………………………………………………………………………………….4 …………………………………………………………………………………………………….4 …………………………………………………………………………………………………….4 …………………………………………………………………………………………………….4 …………………………………………………………………………………………………….5 …………………………………………………………………………………………………….5 …………………………………………………………………………………………………….5 …………………………………………………………………………………………………….6 …………………………………………………………………………………………………….6 …………………………………………………………………………………………………….6 …………………………………………………………………………………………………….6 …………………………………………………………………………………………………….6 …………………………………………………………………………………………………….7 …………………………………………………………………………………………………….7 …………………………………………………………………………………………………….7 …………………………………………………………………………………………………….7 …………………………………………………………………………………………………….8 …………………………………………………………………………………………………….8 …………………………………………………………………………………………………….8 …………………………………………………………………………………………………….8 …………………………………………………………………………………………………….9 …………………………………………………………………………………………………….9 ……………………………………………………………………………………………………9 ……………………………………………………………………………………………………9 ……………………………………………………………………………………………………10 ……………………………………………………………………………………………………10 ……………………………………………………………………………………………………10 ……………………………………………………………………………………………………10 ……………………………………………………………………………………………………11 ……………………………………………………………………………………………………11 ……………………………………………………………………………………………………11 ……………………………………………………………………………………………………11 ……………………………………………………………………………………………………12 ……………………………………………………………………………………………………12 ……………………………………………………………………………………………………12 ……………………………………………………………………………………………………12

2

Anglo American
Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American PLC has mining operations in Africa, Europe, North and South America, Asia and Australia. Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 24895 4.3 0.1 (3m) 24466 6.1 -4.6 364 829.2 22 650.5 10.83 2.27 Mining 25958 (12m) 29600 -12.3 -38.4 200 180 160 140 120 (based to 100)

AGL

100
80 60 Jan 12 Apr 12 AGL Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Anglo Platinum
Anglo American Platinum Limited is the holding company for a group of companies which operate platinum mines. In addition to platinum, the Group mines and produces platinum group metals such as palladium, rhodium, iridium, ruthenium, osmium, nickel, copper, and cobalt.

AMS
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 39125 14.1 9.9 (3m) 42800 4.3 -6.4

120 367.1 2 877.9 111.04 0.45 Mining 44633 (12m) 53200 -16.1 -42.2

140 120 100

80
60 Jan 12 Apr 12 AMS Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Anglogold Ashanti
AngloGold Ashanti Limited is a holding company for a group of companies which explore for and mine gold internationally. The Group has operations in the Vaal River and West Witwatersrand areas of South Africa as well as Namibia, Mali, Brazil, Argentina, Australia, Tanzania and the United States.

ANG
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 27808 -5.7 -9.8 (3m) 29242 -10.3 -21.0

100 560.0 8 265.2 9.65 1.57 Mining 26234 (12m) 34340 -23.6 -49.7

140 120 100

80
60 Jan 12 Apr 12 ANG Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Aspen Pharmacare
Aspen Pharmacare Holdings Limited is a global supplier of branded and generic pharmaceuticals and of consumer and nutritional products in selected territories. 200 (based to 100)

APN
180
160

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%)

76 986.9 2 670.0 26.29 0.00 Pharmaceuticals & Biotechnology 16900 (1m) 15647 8.0 3.9 (3m) 14300 18.2 7.5 (12m) 9668 74.8 48.7

140 120 100 80

60 Jan 12

Apr 12
APN

Jul 12

Oct 12
BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

3

African Rainbow Minerals
African Rainbow Minerals Ltd. is a diversified South African mining company with long-life, low unit cost assets. The Company mines and beneficiates iron ore, manganese ore and alloys, platinum group metals, copper, nickel and coal. ARM also has an investment in gold. 200 180 160 Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 17820 6.6 2.4 (3m) 16298 16.5 5.8 40 927.8 1 456.9 11.76 2.50 Mining 18990 (12m) 17100 11.1 -15.1 140 120 (based to 100)

ARI

100
80 60 Jan 12 Apr 12 ARI Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Absa Group
ABSA Group Limited is the holding company of a banking and financial services group. The Group provides a range of retail and corporate banking, insurance, financial and property services through local and international networks.

ASA
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 14178 15.7 11.5 (3m) 13850 18.4 7.7

117 786.4 5 352.3 12.44 4.02 Banks 16400 (12m) 14100 16.3 -9.8

140 120 100

80
60 Jan 12 Apr 12 ASA Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Assore
Assore Limited is a mining holding company with primary interests in base minerals and metals. The Group mines and produces iron ore, manganese ore, ferrochrome, and ferromanganese.

ASR
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 38150 6.8 2.7 (3m) 32970 23.6 12.9

56 875.9 744.8 11.58 1.15 Mining 40740 (12m) 21000 94.0 67.9

140 120 100

80
60 Jan 12 Apr 12 ASR Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

BHP Billiton
BHP Billiton Plc is an international resources company. The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration and production. Dually-listed company with BHP AU. Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 28096 4.2 0.1 (3m) 25785 13.6 2.9 625 667.4 16 943.5 11.14 2.83 Mining 29289 (12m) 23430 25.0 -1.1 200 (based to 100)

BIL
180
160 140 120 100 80

60 Jan 12

Apr 12
BIL

Jul 12

Oct 12
BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

4

British Am. Tobacco
British American Tobacco PLC is the holding company for a group of companies that manufacture, market and sell cigarettes and other tobacco products, including cigars and roll-your-own tobacco. 200 180 Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 46566 -8.0 -12.2 (3m) 42468 0.8 -9.8 160 867 682.7 8 930.4 19.85 3.24 #N/A 42822 (12m) 38349 11.7 -14.4 140 120 (based to 100)

BTI

100
80 60 Jan 12 Apr 12 BTI Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Bidvest
Bidvest Group Limited is the holding company for a group of companies operating in a range of sectors. Subsidiaries manufacture and distribute food and allied products to the catering industry, as well as packaging, stapling, fastening and adhesive tapes, office products, cosmetics, toiletries and skin care products. Bidvest supplies cleansing products and provides laundering services. Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 20981 2.7 -1.4 70 623.6 3 293.0 14.62 2.45 General Industrials 21549 (3m) 20600 4.6 -6.1 (12m) 15480 39.2 13.1

BVT
200
180 160 140 120 100 (based to 100)

80
60 Jan 12 Apr 12 BVT Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Richemont
Compagnie Financiere Richemont SA, through subsidiaries, manufactures and retails luxury goods. The Company produces jewelry, watches, leather goods, writing instruments, and men's and women's wear.

CFR
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 6877 -3.3 -7.4

347 130.0 9 699.2 17.78 0.47 Personal Goods 6650 (3m) 5006 32.8 22.2 (12m) 4077 63.1 37.0

140 120 100

80
60 Jan 12 Apr 12 CFR Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Capital Shop Centres Grp
Capital Shopping Centres Group PLC is a real estate investment trust. The trust invests in regional shopping centers outside of London. Through a subsidiary, Capital Shopping Centres owns and operates retail, office and mixed-use properties in California. 200 (based to 100)

CSO
180
160

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 4945 -1.7 -5.9 (3m) 4380 11.0 0.3

42 207.8 815.5 -35.80 3.44 Real Estate 4860 (12m) 3875 25.4 -0.7

140 120 100 80

60 Jan 12

Apr 12
CSO

Jul 12

Oct 12
BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

5

Exxaro Resources
Exxaro Resources Limited mines and produces coal. The Company seeks to own interest in titanium and zinc mines as well. 200 180 160 Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 15445 9.4 5.3 (3m) 16094 5.0 -5.7 60 466.1 3 687.9 7.63 5.03 Mining 16900 (12m) 16800 0.6 -25.5 140 120 (based to 100)

EXX

100
80 60 Jan 12 Apr 12 EXX Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Firstrand Limited
FirstRand Limited is a financial services group providing banking and insurance products and services to retail, commercial, corporate and public sector customers through its portfolio of separately branded franchises. In addition to South Africa, the Group operates in African territories.

FSR
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 2905 6.7 2.6 (3m) 2789 11.2 0.5

174 776.2 7 134.9 13.39 3.04 Banks 3100 (12m) 2074 49.5 23.4

140 120 100

80
60 Jan 12 Apr 12 FSR Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Gold Fields
Gold Fields Limited produces precious metals. The Company has mines in South Africa, Ghana, and Australia, as well as a partnership in Finland. Gold Fields has a precious metals programs in Africa, Australasia, Europe, North America, and South America.

GFI
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 11021 -5.9 -10.0 (3m) 10675 -2.8 -13.5

75 706.9 5 236.1 9.96 3.75 Mining 10375 (12m) 12460 -16.7 -42.8

140 120 100

80
60 Jan 12 Apr 12 GFI Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Growthpoint
Growthpoint Properties Limited is a real estate company in South Africa. The Company owns a portfolio of commercial, retail and industrial (mostly warehouses) properties in South Africa and Australia. 200 (based to 100)

GRT
180
160

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 2450 0.0 -4.1 (3m) 2487 -1.5 -12.2

43 306.3 1 674.0 33.71 5.67 Real Estate 2450 (12m) 1855 32.1 6.0

140 120 100 80

60 Jan 12

Apr 12
GRT

Jul 12

Oct 12
BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

6

Impala Platinum
Impala Platinum Holdings Limited, or Implats, is the holding company for a group of companies which operate platinum mines. In addition to platinum, Implats mines, produces, and markets other platinum group metals such as palladium, rhodium, and nickel. Implats also provides refining services for base and precious metals producers. Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 14465 15.9 11.8 (3m) 13900 20.6 10.0 105 938.4 6 228.1 24.48 1.11 Mining 16770 (12m) 16735 0.2 -25.9 200 180 160 140 120 (based to 100)

IMP

100
80 60 Jan 12 Apr 12 IMP Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Investec Specialist Bank And Asset Manager
Investec PLC is an international specialist bank and asset manager. The Group provides corporate and investment banking, private banking, securities trading, asset management, property trading and management and trade finance services. Dually-listed company with INL SJ.

INP
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 5431 7.4 3.3

35 303.3 1 609.4 18.62 3.67 General Financial 5832 (3m) 5128 13.7 3.0 (12m) 4255 37.1 11.0

140 120 100

80
60 Jan 12 Apr 12 INP Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Imperial Holdings
Imperial Holdings Limited is a diversified holding company for a group of companies which provide car rental, leasing, coach touring, motor vehicle retailing, aviation leasing, commercial transport, warehousing and logistics, life insurance, banking and other related financial services and investments. Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 18859 5.4 1.3 41 736.7 3 267.6 12.69 3.14 Industrial Transportation 19878 (3m) 18751 6.0 -4.7 (12m) 12350 61.0 34.8

IPL
200
180 160 140 120 100 (based to 100)

80
60 Jan 12 Apr 12 IPL Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Kumba Iron Ore
Kumba Iron Ore Limited mines for and produces iron ore. 200 (based to 100)

KIO
180
160

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 54400 4.6 0.4

183 212.7 5 566.7 11.86 6.84 Industrial Metals 56888 (3m) 50292 13.1 2.4 (12m) 50000 13.8 -12.3

140 120 100 80

60 Jan 12

Apr 12
KIO

Jul 12

Oct 12
BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

7

Medi-Clinic
Mediclinic International Limited is an international private hospital group with operations in South Africa, Namibia, Switzerland and the United Arab Emirates. 200 180 160 Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) 45 358.6 872.5 21.86 1.18 Health Care Equipment & Services 5485 (1m) 5169 6.1 2.0 (3m) 4329 26.7 16.0 (12m) 3184 72.3 46.2 140 120 (based to 100)

MDC

100
80 60 Jan 12 Apr 12 MDC Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Mondi Plc
Mondi Plc is is an integrated paper and packaging group. The Company manufactures packaging paper, converted packaging products and office paper. Mondi has operations and interests in Western Europe, Emerging Europe And South Africa. Dually-listed company with MND SJ.

MNP
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 9085 0.4 -3.7

33 492.4 1 323.1 14.20 2.83 Forestry & Paper 9120 (3m) 8419 8.3 -2.4 (12m) 5730 59.2 33.1

140 120 100

80
60 Jan 12 Apr 12 MNP Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Mr Price Group
Mr. Price Group Limited operates chains of retailers throughout South Africa. The Group retails clothing, accessories, homewares and jewelery.

MPC
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 13300 5.3 1.1

35 121.5 3 217.8 24.61 2.15 General Retailers 14000 (3m) 12599 11.1 0.4 (12m) 7980 75.4 49.3

140 120 100

80
60 Jan 12 Apr 12 MPC Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Massmart Holdings
Massmart Holdings Limited distributes and retails general merchandise, food, and liquors to customers in southern Africa. The Group operates through five separate chains: Game, Dion, Makro, Shield, and CCW. 200 (based to 100)

MSM
180
160

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 18423 3.7 -0.4

41 446.9 1 053.0 33.85 1.97 General Retailers 19108 (3m) 16691 14.5 3.8 (12m) 16901 13.1 -13.1

140 120 100 80

60 Jan 12

Apr 12
MSM

Jul 12

Oct 12
BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

8

MTN Group
MTN Group Limited provides a wide range of communication services. The Company's services include cellular network access and business solutions. MTN Group is a multinational telecommunications group, operating in countries in Africa and the Middle East. 200 180 160 Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 16363 8.5 4.4 334 506.8 20 852.1 15.70 4.24 Mobile Telecommunications 17760 (3m) 16021 10.9 0.2 (12m) 14373 23.6 -2.5 140 120 (based to 100)

MTN

100
80 60 Jan 12 Apr 12 MTN Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Nedbank Group
Nedbank Group Ltd is a bank holding company which provides personal, commercial, corporate and merchant banking, fund management and related financial services throughout South Africa. In addition, Nedbank operates internationally through offices in London, Isle of Man, and subsidiaries and associates in sub-Saharan Africa. Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 17933 4.8 0.7 (3m) 18299 2.7 -7.9 95 411.8 2 710.6 12.43 3.35 Banks 18800 (12m) 14500 29.7 3.5

NED
200
180 160 140 120 100 (based to 100)

80
60 Jan 12 Apr 12 NED Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Naspers
Naspers Limited is a holding company for a group of companies which operate in the electronic and print media industries. The Group provides television subscription and internet services and publishes newspapers, magazines and books.

NPN
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 54900 -1.1 -5.2 (3m) 51497 5.5 -5.2

225 107.7 12 924.8 37.85 0.56 Media 54320 (12m) 35319 53.8 27.7

140 120 100

80
60 Jan 12 Apr 12 NPN Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Old Mutual
Old Mutual PLC is an international long-term savings, protection and investment Group. The Company provides life assurance, asset management, banking and general insurance to customers in Africa, the Americas, Asia and Europe. 200 (based to 100)

OML
180
160 119 294.3 4 073.1 19.83 2.39 Life Insurance 2449 (1m) 2421 1.2 -3.0 (3m) 2402 2.0 -8.7 (12m) 1719 42.4 16.3 140 120 100 80

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%)

60 Jan 12

Apr 12
OML

Jul 12

Oct 12
BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

9

Remgro
Remgro Ltd is an investment holding company that invests in banking and financial services, packaging, glass products, medical services, mining, petroleum, wine and spirits, food and home and personal care products. It holds investments, amongst others, in FirstRand Bank, RMB Holdings, Rainbow Chicken, Medi-Clinic Corp., Unilever South Africa, Tsb Sugar and Total South Africa. Market capitalisation (ZARm) 76 592.1 Average monthly turnover last 12m (ZARm) 2 502.1 PE ratio 16.01 Dividend yield 1.93 Sector General Industrials Last price (ZAc) 15920 Price performance (1m) (3m) (12m) Price (ZAc) 15060 14466 11500 Absolute (%) 5.7 10.1 38.4 Rel BBET40 (%) 1.6 -0.6 12.3
Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

REM
200 180 160 140 120 (based to 100)

100
80 60 Jan 12 Apr 12 REM Jul 12 Oct 12 BBET40

RMB Holdings
RMB Holdings Limited is an investment holding company. Through its equity investment in FirstRand Limited, the Company has activities which include life, group, pension and annuity assurance, merchant banking, asset and fund management, property management and other services. RMB Holdings holds investments in insurance and financial services companies. Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 3918 3.9 -0.3 (3m) 3700 10.0 -0.7 57 456.3 1 173.8 13.35 2.89 Banks 4070 (12m) 2730 49.1 23.0

RMH
200
180 160 140 120 100 (based to 100)

80
60 Jan 12 Apr 12 RMH Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

SABMiller
SABMiller plc is an international beer company. The Company bottles and distributes beer through breweries worldwide. SABMiller also bottles and distributes a number of soft drinks.

SAB
200
180 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 40122 -2.9 -7.1 (3m) 36176 7.7 -3.0

160 649 196.6 12 889.3 25.29 1.75 Beverages 38944 (12m) 28309 37.6 11.5 140 120 100

80
60 Jan 12 Apr 12 SAB Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Standard Bank Group
Standard Bank Group Limited is the holding company for a group of companies offering financial services. The Group provides services in personal, corporate, merchant and commercial banking, including insurance broking, mutual fund management, property fund management, as well as other services. Standard Bank is also the holding company of Liberty Life Group Limited. Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 10515 13.1 8.9 (3m) 10563 12.5 1.9 190 937.4 8 595.5 12.84 3.90 Banks 11888 (12m) 9875 20.4 -5.7 200 (based to 100)

SBK
180
160 140 120 100 80

60 Jan 12

Apr 12
SBK

Jul 12

Oct 12
BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

10

Steinhoff International Holdings
Steinhoff International Holdings Limited is the holding company for a group of companies that manufacture and distribute household goods and related timber products throughout southern Africa and Europe. The Group markets its products to middle and upper-income groups. 200 180 160 Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 2739 0.1 -4.0 50 365.7 2 791.2 8.90 0.00 Household Goods 2743 (3m) 2608 5.2 -5.5 (12m) 2298 19.4 -6.7 140 120 (based to 100)

SHF

100
80 60 Jan 12 Apr 12 SHF Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Shoprite
Shoprite Holdings Limited is an investment holding company with subsidiaries operating in the supermarket, produce distribution, furniture retailing, and property holding industries. Retail chains of the Group include "Shoprite", "Checkers", "OK", "Hyperama", "Freshmark", and "Sentra".

SHP
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 19200 6.5 2.4

116 683.5 5 586.9 33.69 1.28 Food & Drug Retailers 20450 (3m) 16834 21.5 10.8 (12m) 13620 50.1 24.0

140 120 100

80
60 Jan 12 Apr 12 SHP Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Sanlam
Sanlam Limited is a financial services group in South Africa. Through its subsidiaries, Sanlam is a provider of life insurance, retirement annuities, unit trusts, health insurance, and employee benefits. In addition, the Group provides investment and risk products to group funds. Sanlam has investments in companies involved in securities trading, short-term insurance, and commercial banking. Market capitalisation (ZARm) 94 017.0 Average monthly turnover last 12m (ZARm) 3 422.8 PE ratio 16.54 Dividend yield 2.90 Sector Life Insurance Last price (ZAc) 4477 Price performance (1m) (3m) (12m) Price (ZAc) 4090 3757 2885 Absolute (%) 9.5 19.2 55.2 Rel BBET40 (%) 5.3 8.5 29.1
Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

SLM
200
180 160 140 120 100 (based to 100)

80
60 Jan 12 Apr 12 SLM Jul 12 Oct 12 BBET40

Sasol
Sasol is an integrated oil and gas company with substantial chemical interests, with production facilities located in South Africa, Europe, North America and Asia. The Company operates commercial scale facilities to produce fuels and chemicals from coal in South Africa, and is developing ventures internationally to convert natural gas into clean diesel fuel. Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 37465 -3.2 -7.3 234 445.2 13 711.7 8.58 4.34 Oil & Gas Producers 36280 (3m) 37229 -2.5 -13.2 (12m) 38550 -5.9 -32.0 200 (based to 100)

SOL
180
160 140 120 100 80

60 Jan 12

Apr 12
SOL

Jul 12

Oct 12
BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

11

Tiger Brands
Tiger Brands Limited manufactures, processes and distributes food products which include milling and baking, confectioneries, general foods, edible oils and derivatives. The Group also owns a South African pharmaceutical manufacturer and distributor. 200 180 160 Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 29950 8.6 4.5 62 186.5 3 297.1 19.26 2.22 Food Producers 32525 (3m) 27312 19.1 8.4 (12m) 25088 29.6 3.5 140 120 (based to 100)

TBS

100
80 60 Jan 12 Apr 12 TBS Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Truworths International
Truworths International Limited is a retailer of apparel and jewelry. The Group operates in southern Africa through the branded outlets: "Truworths Man", "Truworths Ladies", "Daniel Hechter", "Inwear", and "LTD".

TRU
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 9520 14.1 10.0

50 302.2 2 407.9 20.63 2.55 General Retailers 10867 (3m) 9400 15.6 4.9 (12m) 7385 47.1 21.0

140 120 100

80
60 Jan 12 Apr 12 TRU Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Vodacom
Vodacom Group Limited operates a cellular telephone network in South Africa. The Company has mobile operations in Tanzania, Mozambique, Lesotho and the Democratic Republic of Congo.

VOD
200
180 160 (based to 100)

Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 11900 4.2 0.1

184 506.3 4 566.2 15.87 5.52 Mobile Telecommunications 12400 (3m) 10210 21.4 10.8 (12m) 8900 39.3 13.2

140 120 100

80
60 Jan 12 Apr 12 VOD Jul 12 Oct 12 BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

Woolworths Holdings
Woolworths Holdings Limited is a South African-based retail group. The Group, operates a chain of retail stores offering a selected range of clothing, food, homeware, beauty and financial services under its own brand name. The Company also owns a clothing and homeware retailer and has stores in selected African countries and the Middle East. Market capitalisation (ZARm) Average monthly turnover last 12m (ZARm) PE ratio Dividend yield Sector Last price (ZAc) Price performance Price (ZAc) Absolute (%) Rel BBET40 (%) (1m) 7089 0.2 -4.0 59 688.0 3 537.0 26.56 2.37 General Retailers 7100 (3m) 6079 16.8 6.1 (12m) 3900 82.1 55.9 200 (based to 100)

WHL
180
160 140 120 100 80

60 Jan 12

Apr 12
WHL

Jul 12

Oct 12
BBET40

Source: Bloomberg, Johannesburg Securities Exchange (JSE); Nedgroup Beta Solutions (NGBS)

12

© 2012 Beta Solutions (Proprietary) Limited This document has been approved by Beta Solutions (Proprietary) Limited (“Beta Solutions”). It should not be considered as an offer or solicitation of an offer to sell, buy or subscribe for any securities or any derivative instrument or any other rights pertaining thereto (“financial instruments”). Some of the information contained herein has been obtained from public sources (including but not limited to data vendors such as I-Net and Bloomberg and the internet) and persons who Beta Solutions believes to be reliable. This document is not guaranteed for accuracy, completeness or otherwise. It may not be considered as advice, a recommendation or an offer to enter into or conclude any transactions. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Beta Solutions recommends that independent tax, accounting, legal and financial advice be sought should any party seek to place any reliance on the information contained herein or for purposes of determining the suitability of the products for the investor as mentioned in this document. Beta Solutions and its officers, directors, agents, advisors and employees, including persons involved in the preparation or issuance of this document, may from time to time act as manager or co-manager of a public offering or otherwise deal in, hold or act as market-makers or advisors or brokers in relation to the financial instruments which are the subject of this document or any related derivatives. Unless expressly stipulated as such, Beta Solutions makes no representation or warranty in this document. Neither Beta Solutions nor any of its officers, directors, agents, advisors or employee accepts any liability whatsoever, howsoever arising, for any direct or consequential loss arising from any use of this document or its contents. The information contained in this document may not be construed as legal, accounting, regulatory or tax advice and is given without any liability whatsoever. Past performance is no guarantee of future returns. Any modelling or back-testing data contained in this document should not be construed as a statement or projection as to future performance. This document is being made available in the Republic of South Africa to persons. All trademarks, service marks and logos used in this report are trademarks or service marks or registered trademarks or service marks of Beta Solutions. All trademarks, service marks and logos used in this report are trademarks or service marks or registered trademarks or service marks of Beta Solutions. Nedbank Capital is a division of Nedbank Limited Reg No 1951/000009/06, an authorised financial services provider (licence number 9363),135 Rivonia Road, Sandown, Sandton, 2196, South Africa. We subscribe to the Code of Banking Practice of The Banking Association South Africa and, for unresolved disputes, support resolution through the Ombudsman for Banking Services. We are a registered credit provider in terms of the National Credit Act (NCR Reg No NCRCP16)

13