2003Registrar of Pension Funds

forty-fifth annual report

ISBN: 0-621-35328-0

Registrar of Pension Funds 2003

3 1 7 1 7 B R I G H T M A R K

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R e g i s t r a r o f Pe n s i o n F u n d sf o r t y - f i f t h a n n u a l r e p o r t 2 0 0 3

Phy s i c a l Add r e s sR ige l Pa r k , 446 R ige l Avenue South ,

E ra smus rand , PRETOR IA

Pos t a l Add r e s sP O Box 35655 , MENLO PARK , 0102

Te l ephone Numbe r( 012 ) 428 8000

To l l F r e e Numbe r s0800 110 443 , 0800 202 087

Te l e f ax( 012 ) 347 0221 , ( 012 ) 347 8787

E-ma i li n fo@fsb. co . za

I n t e rne tht tp : / /www. f sb. co . za

I SBN0-621-35328-0

CONTACT INFORMAT ION

CONTENTS

TABLE PAGE

Annual report of the Registrar of Pension funds - 4-11

Statement of funds and net assets of self-administered funds 1 12

Revenue account for self-administered funds 2 13

Reconciliation of opening balance 3 14

Notes to the revenue account of self-administered funds 4 14

• Income from investments

• General administration expenses

Investments of self-administered funds 5 15-16

Assets of self-administered funds held in compliance with Regulation 28 6 17-18

Investment pattern of self-administered funds 7 19

Number of members of all pension funds 8 20

Number of all pension funds 9 21

Aggregate assets of all pension funds 10 21

Contributions received by all pension funds 11 22

Benefits paid by all pension funds 12 23

Registered administrators as at 31 August 2004 13 24-30

Hundred largest self-administered funds ranked in order of total assets 14 30-32

Self-administered funds with membership over 10 000 15 33

Self-administered funds in default for submission of financial returnsas at cut-off date of 10 August 2004 16 34-39

Members of the Pension Funds Advisory Committee 17 39

Allocation of administrators to FSB teams 18 40-41

INTRODUCTIONIn terms of section 34 of the Pension Funds Act, 24 of 1956(the Act), I hereby submit the 45th Annual Report for the2003 calendar year. Where relevant to matters containedin this report, reference is also made to developments thatoccurred after this date.

Retirement funds in South Africa consist of defined benefitand defined contribution funds (broadly known as pensionand provident funds), retirement annuity, umbrella andpreservation funds. The nature and extent of thesupervision of such funds by the Financial Services Board(FSB) are as follows:

(a) Funds which are supervised under the Act

• Funds with head offices, or head offices of theparticipating employers, located outside theRepublic: In terms of section 2(2) of the Act, thesefunds are exempt from certain provisions. They arerequired to apply for registration in terms of section4 of the Act and furnish security for the payment ofbenefits which may become payable to their membersresident in the Republic and who are South Africanresidents (foreign funds).

• Funds which operate exclusively by means of policiesof insurance issued by registered insurers in theRepublic: These funds are required to register underthe Act, but in terms of section 2(3)(a) of the Act,they may be exempted from sections 5(2), 9 or 9A aswell as from any other provisions of the Act whichthe Registrar deems necessary (underwritten funds).

• Funds that invest their assets with bodies andinstitutions in the public and private sectors of theeconomy on their own behalf and to which theprovisions of the Act apply (self-administered funds).

(b) Funds which are not supervised under the Act

• Funds that have been established by special laws foremployees of the State and certain parastatalinstitutions. These funds are supervised by NationalTreasury under the relevant laws (official funds).There are currently four official funds in existencenamely: Temporary Employees Pension Fund,Associated Institutions Pension Fund, AssociatedInstitutions Provident Fund and GovernmentEmployees Pension Fund. These funds can becontacted at the following address:

The Chief DirectorPensions AdministrationPrivate Bag X63Pretoria0001

• A fund for the employees of Transnet was establishedby the Transnet Pension Fund Act, 62 of 1990, witheffect from 29 June 1990 (Transnet Fund).

• A fund for the employees of Telkom SA Limited wasestablished in terms of section 9(1) of the Post OfficeAct, 1958 (Act No. 44 of 1958), with effect from1 October 1991 (Telkom Fund). Another fund, theTelkom Retirement Fund, is supervised under the Act.

• The Post Office Pension Fund, that was established interms of section 10 of the aforementioned Act, witheffect from 1 October 1991 (Post Office Fund).

• Funds that have been established by collectiveagreements concluded by councils in terms of theLabour Relations Act, 66 of 1995 and have opted notto register under the Pension Funds Act. TheDepartment of Labour supervises these funds, whichare exempted in terms of section 2(1) of the Actfrom the provisions of the Act other than therequirement to furnish certain statistical information(Bargaining Council Funds (BCF)).

STATISTICSThe tables in this report contain statistical informationsubmitted to my Office by funds that have their financialyear-ends in 2003. The tables summarise information onmembersh ip , assets , revenue and expendi ture forself-administered funds contained in reports submitted tomy Office. The statistics also include information forunderwritten funds, bargaining council funds, official funds,the Transnet, Telkom and Post Office funds and foreignfunds. The statistical information in respect of underwrittenfunds is furnished by the relevant insurers.

Although 3 289 self-administered funds wereregistered under the Act at 31 December 2003,statistical information in respect of only 2 322 of thesefunds is included in this report (see Table 9).Information on the remaining 967 self-administeredfunds was excluded for the following reasons:

• 122 funds registered in 2003 were excluded becausetheir first financial year ended in 2004.

• 245 funds were in the process of liquidation in termsof section 28 of the Act.

• 267 funds failed to submit financial returns on time.A complete list of these funds appears in Table 16.

• 312 funds were in the process of being transferred toother funds.

• 21 funds changed their financial year-end to a datein 2004.

4

REPORT BY THE REGISTRAR OF PENSION FUNDS TO THE MINISTER OF FINANCE

The total membership of all funds shown in Table 8 is 8 957 399 of which 7 817 206 are active members and 1 140 193 are pensioners,deferred pensioners and dependants. These figures do not reflect the total number of individuals that are members of funds because somepeople are members of more than one fund.

5

MEMBERSHIP

UNDERWRITTEN

OFFICIAL

BCF

TRANSNET/TELKOM/PO

SELF-ADMINISTERED

1.3

49.5

2.2

14.8

32.2

UNDERWRITTEN

OFFICIAL

BCF

TRANSNET/TELKOM/PO

SELF-ADMINISTERED

1

56.4

2.1

13.9

26.6

Total Members: 8 957 399 Total Members: 9 779 884

MEMBERSHIP OF FUNDS-2003 MEMBERSHIP OF FUNDS - 2002

The net assets of self-administered funds shown in Table 1 increased by 4.5% from R352 billion in 2002 to R368 billion in 2003. Table 10provides information on the total assets of R909 billion held by all pension funds. The largest 100 self-administered funds, ranked by valueof assets, are listed in Table 14.

UNDERWRITTEN

OFFICIAL

BCF

TRANSNET/TELKOM/PO

SELF-ADMINISTERED

0.1

23.4

3.9

32

40.6

Total Assets: R909 Billion

AGGREGATE ASSETS OF ALL FUNDS - 2003

ASSETS

6

7

REVENUE, EXPENDITURE AND CASH FLOW

Table 2 shows a summary of revenue and expenditure ofself-administered funds. The main items are shown below.Investment income and administration costs are shown inmore detail in Table 4.

REVENUE

The analysis is as follows:

2003 2002 % (R'm) (R'm) Increase

Contributions received 24 887 22 178 12.2Transfers received 29 597 11 308 161.7Income from investments 22 351 30 013 (25.5)Adjustment to fair value of investments (19 832) 216 (9281.5)Benefits awarded 32 914 33 077 (0.5)Transfers out 5 181 5 921 (12.5)

Total contributions increased by 12.2% due to an increase of14.5% in employer contributions and an increase of 8.5% inmember contributions. Income from investments, inclusiveof the adjustment to fair value, decreased by 91.7%.

EXPENDITURE

General administrative expenditure increased from R4 916million in 2002 to R5 128 million in 2003. It should benoted that many employers subsidise funds by bearing allor part of the administration expenses of the funds. (SeeTable 4 paragraph 2.)

CASH FLOW

Total net cash inflow increased by 73.3%, from R19 043million in 2002 to R32 994 million in 2003. The reason forthis increase is that income increased by 20.7% whilstexpenses decreased by 0.1%.

INVESTMENTS

Table 5 gives a summary of investments by value indifferent asset categories and Table 7 shows theinvestment pattern in percentages of total assets ofself-administered funds. The value of investments inshares and unit trusts decreased from 40.1% in 1999 to36.0% in 2003 (items 6 and 7 in Table 7) and the value ofinvestments in insurance policies increased from 28.2% in1999 to 33.0% in 2003 (item 8 in Table 7). A fund caninvest up to a maximum of 15% of its assets outside theRepublic with the approval of the South African ReserveBank. These foreign investments decreased by 14.4% to

reach a level of 7.8% of total investments (item 12 in Table 5).Table 6 shows the breakdown of investments as required byRegulation 28 of the regulations made under the Act.

RETURN ON INVESTMENTS

The return made by pension funds on the value ofinvestments shown in Table 1 is calculated by using thefollowing formula:

2iR =

A+B-i

where R = Return on investments.A = Initial value of investments.B = End value of investments.i = Interest, dividends, rent, policy income, net

profit or losses on realisation of investmentsand the amount by which investments werewritten up or down to fair value. Funds arerequired to disclose in their financial returnsthe method used for determining accrued,vested or provisional income from insurancepo l i c ies . Non-vested po l i cy income i sincluded in or excluded from the revenueaccount at the discretion of funds.

By applying this formula to the total investments of all theself-administered funds, the return on investments for thepast five years is calculated as follows:

1999 2000 2001 2002 2003% returns 16.6 15.2 16.4 8.7 0.7

Table 11 shows a summary of contributions received by all pension funds. The total contributions received increased by7.1%, from R60 552 million in 2002 to R64 851 million in 2003. Total contributions to Official, Transnet, Telkom and PostOffice funds increased by 8.4%, while total contributions to self-administered, underwritten and bargaining council fundsin the private sector increased by 6.6%.

Table 12 shows a summary of benefits paid by all pension funds. The benefits paid increased by 1.1%, from R72 492 millionin 2002 to R73 318 million in 2003.

8

2002 2003

6485160552

22024814581454

1672415326

215622134624887

22178

0

10000

20000

30000

40000

50000

60000

70000

Self-administered Underwritten Official Transnet/Telkom/PO BCF Total

2002 2003

Self-administered Underwritten Official Transnet/Telkom/PO BCF Total

7331872492

22619546484946

1549113795

2003920479

3291433077

0

10000

20000

30000

40000

50000

60000

70000

80000

CONTRIBUTIONS

BENEFITS

ADJUSTMENT OF OPENING BALANCES AND PRIOR YEAR

The difference between the closing balance of the revenueaccount in the previous year and the opening balance forthe current year is reconciled in Table 3.

ADMINISTRATION

There are four operating teams and one administration teamin the Pension Funds Department as shown in Table 18.

During 2003 my Office dealt, inter alia, with the followingmatters:

• 202 new funds were registered in terms of section 4of the Act.

• 4 099 consolidated and rule amendments wereregistered in terms of section 12 of the Act.

• 1 859 transfers and amalgamations were approved interms of section 14 of the Act.

• 2 871 new participating employers were registeredunder umbrella funds and 1 093 participatingemployers were de-registered.

• 689 terminations and liquidations were completed interms of sections 27 and 28 of the Act.

SUPERVISORY ISSUES

Inspections

During the period under review three largeinspections were conducted. The inspectionsrevealed, among other things, the following:

• Trustees of a fund failed to act with the required care,diligence and utmost faith in the investment of thefunds' assets, resulting in a huge loss to the fund andits members. Remedial action was taken and the fundtrustees are taking legal action to recover lost money

• An approved administrator failed to comply withcertain of the conditions set out in Board Notice24 of 2002.

• Trustees of a fund did not act with the necessarydue care and diligence by implementingamendments prior to these being approved andregistered by the Registrar.

ON-SITE VISITS

The Registrar conducted various on-site visits during thereporting period. These on-site visits revealed the following:

• There was a failure to comply with section 13A in thatcontributions for a period of 19 months were not paidto a fund. As contributions were not paid, risk benefitswere not insured and the members were left withoutthe necessary life cover as stipulated by the rules ofthe fund. The situation has since been rectified.

• An unauthorised loan was granted from a pensionfund to a provident fund to enable the provident fundto pay enhanced benefits to members. The loan leftthe pension fund under-funded. The rules of theprovident fund require that any enhanced benefit befunded by the employer. The transfer of the loanamount was also not duly authorised by the trusteesof the fund, but done in terms of an agreementbetween the administrator and employer. Theemployer was compelled to correct the situation.

• A fund and its employer ceased to exist. To date allefforts to trace the employer and trustees havefailed, but investigations are continuing.

• Some administrators failed to submit annual reportswithin six months of their financial year-end as requiredby condition 11 set out in Board Notice 24 of 2002.

On-site visits were also conducted on administrators whoapplied to be approved in terms of section 13B of the Actto act as benefit administrators to retirement funds. Thesevisits were to confirm whether their systems and processesare suitable to conduct administration of fund business.

CURATORSHIPS

The curatorship of the SACCAWU National ProvidentFund continues, pending a few court cases. TheRegistrar’s urgent application to Court to place the JointMunicipal Pension Fund under curatorship was notsuccessful. The management of the fund is however setto make way for new management, which will includethree independent trustees appointed by the Registrar.

9

CIRCULARS

The following circulars were issued during the reportingperiod under review:

• Circular PF No. 112 was issued in April 2003 anddeals with the primary enhancement in respect of theapportionment of actuarial surplus referred to insection 15B(5)(b) of the Pension Funds Act.

• Circular PF No. 113 was issued in April 2003 anddeals with the clarification of the treatment of pastsurplus utilised improperly as defined in section15B(6) of the Pension Funds Act.

• Circular PF No. 110 was issued in January 2004 anddeals with section 13A and Regulation 33 to thePension Funds Act.

• Information Circular PF No. 1/2004 was issued in May2004 and deals with minimum benefits Index Linked Gilt(ILG) and Earnings Yield (EY )rates.

• Circular PF No. 114 was issued in June 2004 and dealswith the information required on submission of asurplus apportionment scheme.

• Circular PF No. 115 was issued in June 2004 and dealswith the clarification of issues regarding theapplication of Regulation 36, applications forvaluation exemption in terms of Regulation 2 andsmall surpluses and deficits.

• Circular PF No. 116 was issued in June 2004 and dealswith the timing of the first statutory minimumpension increase, pension liabilities at the surplusapportionment date, and subsequent statutoryminimum pension increases.

• Circular PF No. 117 was issued in June 2004 and dealswith valuation at the surplus apportionment date todetermine the amount to be apportioned betweenstakeholders, the establishment of contingencyreserve accounts and the changes of method andassumptions.

• Circular PF No. 118 was issued in June 2004 and dealswith the disposition of amounts payable to formermembers in terms of an apportionment schemeapproved by the Registrar.

PENSION FUNDS ADVISORY COMMITTEE

The committee met on 15 June 2004, where the followingissues were discussed:

• Pension Funds Second Amendment Act, 2001(Apportionment of surplus)

• Decapping of commissions

• Section 14: Redraft of PF 78

• Industry Disaster Fund

• Progress with proposed changes to Regulation 28

• Conflict of Interest (Board of Fund) and Code ofConduct and Good Governance by Boards of Funds

• Principles of the new Pension Fund Act

• Withdrawal of audit exempt status of retirementfunds and new report format

• National Unclaimed Retirement Fund

• Umbrella Funds - Draft legislation (discussion document)

• Islamic financial services needs

WITHDRAWAL OF AUDIT EXEMPTIONIt is expected that from 1 January 2006 exemptionsgranted to funds in terms of section 2(3)(a) of the Act willbe withdrawn and these funds will be subject to audit.

NEW FORMAT OF AUDITED FINANCIAL STATEMENTSA working committee consisting of the FSB, SAICA andindustry representatives has been dealing with theproposed new format of audited financial statements andthe implementation process. It is expected that the newprescribed financial statements will be in force from1 January 2005.

OUTLOOKThe Registrar has started drafting the new RetirementFunds Act which will replace the 1956 Pension Funds Act,which has become outdated. The new legislation seeks tobuild a framework that augments social security and theprotection of the rights of the consumer.

PENSION FUNDS ADJUDICATOR

The new Pension Funds Adjudicator Mr. Vuyani Ngalwanawas appointed in May 2004.

The determinations of the Adjudicator have an importantinfluence on the retirement industry and can be viewed onthe FSB's web-site.

The Pension Funds Adjudicators' office issues an AnnualReport. The office can be reached at the followingaddresses or telephone numbers:

Postal: PO Box 23005, CLAREMONT, 7735Tel: (021) 674-0209Fax: (021) 674-0185e-mail: enquiries@pfa.org.za orPhysical: 3rd Floor, Digital House

Cnr 5th Street and Park Lane, SandtonTel: (011) 884-8454Fax: (011) 884-1144e-mail: reception-jhb@pfa.org.za

10

11

I wish to express my gratitude to the National Treasury, themanagement of the Post Office, Telkom SA Limited,Transnet Limited, the bargaining councils and insurers fortheir assistance in furnishing the statistical information tocomplete the information contained in this report. I alsowish to express my appreciation for the co-operationreceived from individual funds, the Institute of RetirementFunds of Southern Africa, the Life Offices' Association ofSouth Africa, the Institute of Pension Consultants andAdministrators, the Actuarial Society of South Africa,South African Revenue Service, administrators, organisedlabour and other bodies in the retirement industry.

J VAN ROOYENREGISTRAR OF PENSION FUNDS

OCTOBER 2004

CONCLUSION

12

TABLE 1 - STATEMENT OF FUNDS AND NET ASSETS OF SELF-ADMINISTERED FUNDS

Note:The investments are reflected on the basis of the accounting policy adopted by the fund which vary and include cost,lower of cost and market value for each investment and fair value. Table 5 shows investments only at fair value.

2003 2002(R’m) (R’m)

1. FUNDS

1.1 ACCUMULATED FUNDS 355 263 334 316 (a) Pension 275 942 265 407 (b) Provident 76 364 64 855(c) Retirement annuity 2 957 4 054 (d) Benefit - -

1.2 RESERVES 12 488 17 444 (a) Reserve account 11 869 16 166 (b) Pensioner reserve 526 298 (c) Other (Provisions) 93 980

TOTAL FUNDS AND RESERVES 367 751 351 760

2. ASSETS

2.1 FIXED ASSETS 13 112.2 INVESTMENTS

(Note)368 960 351 758

2.3 CURRENT ASSETS 11 745 11 701 (a) Accounts receivable 2 336 2 733 (b) Income accrued 1 076 724 (c) Arrear contributions 941 837 (d) Cash at bank 5 288 4 857(e) Other 2 104 2 550

TOTAL ASSETS 380 718 363 470

3. LESS: LIABILITIES 12 967 11 7103.1 LONG-TERM LIABILITIES 25 23.2 CURRENT LIABILITIES 12 942 11 708

(a) Contributions received in advance 11 8(b) Accounts payable 2 900 3 543(c) Benefits due 7 745 6 466(d) Bank overdraft 32 56(e) Other 2 254 1 635

NET ASSETS 367 751 351 760

13

TABLE 2 - REVENUE ACCOUNT FOR SELF-ADMINISTERED FUNDS

Note:Many employers pay a substantial portion of the administration expenses without recovery from the pensionfunds. This amount is consequently smaller than the total amount actually expended.

2003 2002(R’m) (R’m)

1. CONTRIBUTIONS RECEIVED 24 887 22 1781.1 Members contributions 9 301 8 570

(a) Normal 9 153 8 364(b) Other 148 206

1.2 Employers contributions 15 586 13 6081.3 Benefit fund - -

2. TRANSFERS RECEIVED 29 597 11 3082.1 Section 14 of the Act 27 211 8 8672.2 Individuals 1314 1 6002.3 Other 1 072 841

3. UNCLAIMED BENEFITS FORFEITED 42 23

4. REINSURANCE RECOVERIES 1 688 1 548

5. INCOME FROM INVESTMENTS 22 351 30 013

SUB-TOTAL 78 565 65 070

6. LESS: ADMINISTRATION EXPENSES (Note) (7 484) (7 041)6.1 General administration expenses (5 128) (4 916)6.2 Reinsurance premiums (2 356) (2 125)

7. NET REVENUE 71 081 58 029

8. ADJUSTMENT TO FAIR VALUE OF INVESTMENTS (19 832) 216

SUB-TOTAL 51 249 58 245

9. ACCUMULATED FUNDS 336 877 313 6409.1 At beginning of the year - See Table 3 316 432 301 7019.2 Prior year adjustments 20 445 11 939

10. ACCUMULATED FUNDS - BEFORE BENEFITS AND TRANSFERS OUT 388 126 371 885

11. LESS: BENEFITS AND TRANSFERS OUT (38 095) (38 998)11.1 Benefits awarded (32 914) (33 077)11.2 Transfers out (5 181) (5 921)

(a) Section 14 of the Act (4 598) (4 579)(b) Individuals (555) (1 118)(c) Other (28) (224)

SUB-TOTAL 350 031 332 887

12. TRANSFER TO/FROM RESERVE ACCOUNTS 5 232 1 429(a) Reserve account 5 194 1 702(b) Pensioner reserve 28 (72)(c) Other 10 (201)

13. ACCUMULATED FUNDS AT END OF THE YEAR 355 263 334 316

14

TABLE 3 - RECONCILIATION OF OPENING BALANCE

TABLE 4 - NOTES TO THE REVENUE ACCOUNT FOR SELF-ADMINISTERED FUNDS

Note: This item consists mainly of the profit made on realisation of investments.

2003 2002(R’m) (R’m)

Closing balance shown in Table 2 of previous report 334 316Less: 17 884Funds with outstanding returns 14 830Funds cancelled 174Funds changing year-ends 1 176Funds transferred 3 340Funds changed to 2(3)(a) exempt funds 513Funds outstanding in 2002 included in this report (2 825)Liquidations during the year 676Opening balance as per Table 2 316 432

2003 2002(R’m) (R’m)

1. INCOME FROM INVESTMENTSNet rental income from properties 716 2 353Dividends 5 167 5 077Interest 9 970 7 759Insurance policies 4 970 7 440Other income (Note) 1 528 7 384

22 351 30 013

2. GENERAL ADMINISTRATION EXPENSES2003 2002(R’m) (R’m)

Administration fees 924 1 091Auditors fees 60 53Bank charges 14 13Consultancy fees 76 97Depreciation 8 12Investment advisors fees 1 148 1 096Rent and office expenses 48 44Salaries and wages 140 76Secretarial fees 2 27Valuators fees 41 48Retirement fund tax 2 262 2 012FSB levies 26 16Fidelity cover 25 12Other expenses 354 319

5 128 4 916

15

TABLE 5 - INVESTMENTS OF SELF-ADMINISTERED FUNDS

2003 2002(R’m) (R’m)

FAIR VALUE FAIR VALUE

1. IMMOVABLE PROPERTIES 4 538 3 771

2. SHARES IN COMPANIES2.1 Ordinary shares 112 355 103 836

(a) Listed shares 104 588 90 452(b) Unlisted shares 581 9 306(c) Shares in participating employer(s), subsidiaries or holding companies 7 186 4 078

2.2 Preference shares 596 114(a) Listed shares 596 91(b) Unlisted shares - 23(c) Shares in participating employer(s), subsidiaries or holding companies 0 0

TOTAL SHARES IN COMPANIES 112 951 103 950

3. UNIT TRUST SCHEMES3.1 Property 2 516 2 9653.2 Bills, bonds & other securities 1 228 1 6503.3 Other unit trust schemes 15 998 17 462

TOTAL UNIT TRUST SCHEMES 19 742 22 077

4. DEBENTURES4.1 Listed debentures 2 159 274.2 Unlisted debentures - 2 0664.3 Debentures in participating employer(s), subsidiaries or holding companies 2 0

TOTAL DEBENTURES 2 161 2 093

5. LOANS5.1 Loans to companies 2 601 1 4395.2 Loans to members for housing (Note) 1 409 1 3395.3 Loans to individuals 3 45.4 Loans to participating employer(s), subsidiaries or holding companies 5 3

TOTAL LOANS 4 018 2 785

6. PARTICIPATING MORTGAGE BONDS 12 5

7. BILLS, BONDS AND SECURITIES7.1 Government or provincial administration 37 867 27 9747.2 Local authorities 363 1 2337.3 Approved in terms of section 19(1)(h) 396 1 0837.4 Approved in terms of section 19(1)(i) 63 07.5 Bills, bonds and securities in participating employer(s), subsidiaries

or holding companies 27 2037.6 Other 9 087 6 727

TOTAL BILLS, BONDS AND SECURITIES 47 803 37 220

SUB-TOTAL (carried forward) 191 225 171 901

16

TABLE 5 - INVESTMENTS OF SELF-ADMINISTERED FUNDS (continued)

Note: In addition to direct loans granted to members for housing purposes, funds guarantee amounts advanced by thirdparties to members on the security of the members resignation benefit. The amount of loans guaranteed is not atpresent required to be disclosed in the annual returns of funds.

2003 2002(R’m) (R’m)

FAIR VALUE FAIR VALUE

SUB-TOTAL (Brought forward) 191 225 171 901

8. DEPOSITS AND KRUGERRANDS8.1 Deposits 13 223 12 9548.2 Money on call 11 092 10 8318.3 Savings account 166 108.4 Krugerrands - -

TOTAL DEPOSITS AND KRUGERRANDS 24 481 23 795

9. INSURANCE POLICIES9.1 Linked policies 80 881 78 9909.2 Guaranteed policies 38 840 40 7399.3 Other policies 1 910 4 478

TOTAL INSURANCE POLICIES 121 631 124 207

10. DERIVATIVE MARKET INSTRUMENTS 741 330

11. OTHER INVESTMENTS IN THE REPUBLIC 1 993 944

12. INVESTMENTS HELD OUTSIDE THE REPUBLIC 28 807 33 644

TOTAL INVESTMENTS 368 878 354 821

17

TABLE 6 - ASSETS OF SELF-ADMINISTERED FUNDS HELD IN COMPLIANCE WITH REGULATION 28

2003(R’m)

A Total assets of the fund as per Statement of Funds and Net Assets 380 718B Less: Non- investment items of Statement of Funds and Net Assets 6 470

(i) Fixed assets 13(ii) Current assets (excluding cash at bank) 6 457

SUB TOTAL (A-B) 374 248

C Less: Value of units in unit trust schemes and insurance policies excluded (137 281)(i) Units in unit trust schemes (Note 1) (15 298)(ii) Insurance policies (Note 2) (121 983)

Fair value of assets shown in column 2 of Annexure 236 967

2003 %Max % FAIR VALUE OF FV

(R’m)ANALYSIS OF ASSETS

1. Deposits and balances 100% 30 269 12.8(a) Inside the Republic 100% 30 046 12.7(b) Outside the Republic 15% 223 0.1

2. Krugerrands 10% - 0.0

3-5. Bills, bonds and securities 100% 18 962 8.0(a) Inside the Republic 100% 17 350 7.3(b) Outside the Republic 15% 1 612 0.7

6. Immovable property 25% 5 208 2.2(a) Inside the Republic 25% 5 198 2.2(b) Outside the Republic 10% 10 0.0

7. Preference and ordinary shares, debentures and unit trusts 75% 134 787 56.9(a) Inside the Republic 75% 110 501 46.6

(i) Unlisted shares, convertible debentures 5% 9 941 4.2(ii) Listed shares other than above 75% 100 560 42.4

(aa) Market cap below R2 000m 10% 40 025 16.9(bb) Market cap above R2 000m 15% 60 535 25.5

(b) Outside the Republic 15 % 5 190 2.2(i) Unlisted shares, convertible debentures 2.5% 531 0.2(ii) Listed shares other than above 15% 4 659 2.0

(aa) Market cap below R2 000m 10% 536 0.3(bb) Market cap above R2 000m 15% 4 123 1.7

(c) Inside the Republic-Units in equity unit trusts 75% 3 721 1.6(d) Territories outside the Republic-Units in equity unit trusts 15% 15 375 6.5Limitations in respect of investments in terms of 6 & 7 90% 139 995 59.1

18

TABLE 6 - ASSETS OF SELF-ADMINISTERED FUNDS HELD IN COMPLIANCE WITH REGULATION 28(continued)

2003 %Max % FAIR VALUE OF FV

(R’m)

8. Debentures, loans and income unit trusts 25% 5 919 2.5(a) Inside the Republic 25% 2 625 1.1

(i) Per any one individual 0.25% 2 121 0.9(ii) Per any one company 5% 504 0.2

(b) Outside the Republic 15 % 3 294 1.4(i) Per any one individual 0.25% 2 975 1.3(ii) Per any one company 5% 319 0.1

9 Investments in participating employers 5% 3 978 1.7

10. Assets not referred to in this Annexure excluding - 2.5% 4 498 1.9(a) Money in hand in the Republic 95% 533 0.2(b) Loans granted to members 95% 2 328 1.0

Limitations for investments in items 6-10, and 10(a) and (b) 95% 157 251 66.4

(c) Bills, bonds or securities issued or guaranteed by the Government of the Republic or by a provincial administration 100% 29 928 12.6

(d) Units in unit trust schemes consisting only of - 100% 557 0.2(i) Assets in item 1 100% 553 0.2(ii) Assets in item 10 (c) 100% 4 0.0(iii) Assets in item 3-5 100% -

TOTAL (equal to fair value of assets) 100% 236 967 100

Notes:1) Units in unit trust schemes that fall under the Collective Investment Schemes Control Act, 2002 in respect of which

the fund obtained a certificate or certificates that the scheme has met, throughout the period covered by its incomeand expenditure account, the distribution requirements of assets referred to in the Annexure to Regulation 28

2) Investments in insurance policies which -(i) are not linked policies; or(ii) are linked policies, in respect of which the fund has obtained a certificate from the insurer confirming that the

assets held by the insurer in respect of its net liabilities under the said policy meet the distribution requirementsof assets referred to in the Annexure to Regulation 28, are not deemed to be assets of the fund and were accordingly excluded from the above schedule.

1999 2000 2001 2002 2003

0

5

10

15

20

25

30

35

Prop

ertie

s

Bills

Debi

ture

s

Loan

s

Shar

es

Unit

Trus

ts

Insu

ranc

e Po

licie

s

Depo

sits

Oth

er

19

TABLE 7 - INVESTMENT PATTERN OF SELF-ADMINISTERED FUNDS

ASSETS PERCENTAGE OF TOTAL ASSETS

1999 2000 2001 2002 2003

Immovable properties 3.6 3.6 2.7 1.1 1.2

Bills, bonds and securities 12.0 11.9 11.2 10.5 13.0

Participation mortgage bonds 0.0 0.0 0.0 0.0 0.0

Debentures 0.2 0.1 0.0 0.6 0.6

Loans 0.6 0.7 0.8 0.8 1.1

Shares in companies 34.3 31.1 31.1 29.3 30.6

Unit trusts 5.8 5.2 5.1 6.2 5.4

Insurance policies 28.2 31.5 32.6 35.0 33.0

Deposits and Krugerrands 7.0 6.7 6.3 6.7 6.6

Other assets 8.3 9.2 10.2 9.8 8.5

100 100 100 100 100

INVESTMENT PATTERN OF SELF-ADMINISTERED FUNDS

20

TABLE 8 - NUMBER OF MEMBERS OF ALL PENSION FUNDS (NOTE 1)

FUND TYPE 2003 2002

1. SELF-ADMINISTERED FUNDS 2 882 025 2 605 944(a) Active members 2 463 434 2 209 429 (b) Deferred pensioners 79 559 77 920(c) Pensioners in receipt of regular payments 258 178 243 255

- Resident 254 171 238 720- Non-resident 4 007 4 535

(d) Dependants and nominees in receipt of regular payments 80 854 75 340

2. SECTION 2(3)(a) EXEMPT FUNDS 4 429 625 5 510 894(a) Active members 4 089 162 5 103 605(b) Pensioners/Dependants 340 463 407 289

3. OFFICIAL FUNDS 1 332 732 1 356 500(a) Active members 1 053 374 1 055 977(b) Pensioners 279 358 300 523

4. TRANSNET FUND 173 266 177 485(a) Active members 77 288 78 705(b) Pensioners 95 978 98 780

5. TELKOM FUND 379 450(a) Active members 379 450(b) Pensioners 0 0

6. POST OFFICE FUND 25 516 28 988(a) Active members 19 717 23 500(b) Pensioners 5 799 5 488

7. BARGAINING COUNCIL FUNDS 113 780 99 516(a) Active members 113 780 95 710(b) Pensioners 0 3 806

8. FOREIGN FUND (Note 2) 76 107(a) Active members 72 103(b) Pensioners 4 4

TOTAL 8 957 399 9 779 884

Notes: 1) Because some persons are members of more than one pension fund, these figures do not reflect the number of

individuals who are members of pension funds.2) The statistics include only South African residents.

21

TABLE 9 - NUMBER OF ALL PENSION FUNDS

TABLE 10 - AGGREGATE ASSETS OF ALL PENSION FUNDS

Notes: 1) This represents estimated value of the assets held by insurers to cover their liabilities to these funds.2) Foreign funds furnish guarantees to cover their liabilities to South African residents.3) Some funds still use an accounting policy other than fair value to determine the values of the investments.

FUND TYPE 2003 ADDITIONS CANCELLATIONS CONVERSIONS 2002

1. Self-administered funds 3 289 69 95 63 3 2522. Section 2(3)(a) exempt funds 10 463 133 594 (63) 10 9873. Official funds 4 - - - 44. Transnet Pension Fund 1 - - - 15. Telkom Pension Fund 1 - - - 16. Post Office Fund 1 - - - 17. Bargaining Council funds 5 - 4 - 98. Foreign funds 2 - - - 2

TOTAL 13 766 202 693 0 14 257

FUND TYPE 2003 2002(Note 3)(R’m) (Note 3)(R’m)

1. Self-administered funds 367 751 351 7602. Section 2(3)(a) exempt funds (Note 1) 213 073 196 0773. Official Funds 291 644 277 4524. Transnet Fund 30 209 34 0765. Telkom Fund 144 1906. Post Office Fund 4 890 5 9147. Bargaining Council funds 1 388 1 9278. Foreign funds (Note 2) - -

TOTAL 909 099 867 396

22

TABLE 11 - CONTRIBUTIONS RECEIVED BY ALL PENSION FUNDS (NOTE 1)

Notes: 1) Foreign funds do not submit this information.2) Funds underwritten by insurers do not distinguish between contributions by members and those by

employers but show them only as premiums received.3) As an individual audited financial statement for each fund is in the process of being implemented, it is

not possible to verify total contributions for these funds as provided by insurers.

FUND TYPE 2003 2002(R’m) (R’m)

1. SELF-ADMINISTERED FUNDS 24 887 22 178- Members 9 301 8 570- Employers 15 586 13 608- Benefit fund - -

2. SECTION 2(3)(a) EXEMPT FUNDS (PREMIUMS) (Note 2 & 3) 21 562 21 346

3. OFFICIAL FUNDS 16 724 15 326- Members 5 571 5 172- Employers 11 153 10 154

4. TRANSNET FUND 1 211 1 201- Members 470 486- Employers 741 715

5. TELKOM FUND 20 20- Members 3 3- Employers 17 17

6. POST OFFICE FUND 227 233- Members 81 83- Employers 146 150

7. BARGAINING COUNCIL FUNDS 220 248- Members 114 143- Employers 106 105

TOTAL 64 851 60 552

23

TABLE 12 - BENEFITS PAID BY ALL PENSION FUNDS

Note:The foreign funds benefits in respect of South African residents were less than R1m.

FUND TYPE 2003 2002(R’m) (R’m)

1. SELF-ADMINISTERED FUNDS 32 914 33 077(a) Pensions 9 785 7 868(b) Lump sum payments 23 129 25 209

- On retirement or death 8 775 9 904- Resignations and terminations 13 257 14 411- Other 1 097 894

2. SECTION 2(3)(a) EXEMPT FUNDS 20 039 20 479(a) Pensions 3 598 7 330(b) Lump sum payments 16 441 13 149

- On retirement or death 6 836 5 916- Resignations and terminations 9 605 7 233- Other - -

3. OFFICIAL FUNDS 15 491 13 795(a) Pensions 9 082 8 303(b) Lump sum payments 6 409 5 492

- On retirement or death 2 767 3 077- Resignations and terminations - -- Other 3 642 2 415

4. TRANSNET FUND 3 892 4 421(a) Pensions 2 469 2 409(b) Lump sum payments 1 423 2 012

- On retirement or death 1 410 1 913- Resignations and terminations 13 99- Other (transfer out) - -

5. TELKOM FUND 15 14(a) Pensions - 11(b) Lump sum payments 15 3

- On retirement or death - 2- Resignations and terminations 15 1- Other - -

6. POST OFFICE FUND 741 511(a) Pensions 160 143(b) Lump sum payments 581 368

- On retirement or death 98 67- Resignations and terminations 483 301- Other - -

7. BARGAINING COUNCIL FUNDS 226 195(a) Pensions 12 8(b) Lump sum payments 214 187

- On retirement or death 54 35- Resignations and terminations 148 135- Other 12 17

8. FOREIGN FUNDS (Note) - -(a) Pensions - -(b) Lump sum payments - -

- On retirement or death - -- Resignations and terminations - -- Other - -

TOTAL 73 318 72 492

24

TABLE 13 - REGISTERED ADMINISTRATORS AS AT 31 AUGUST 2004

(A) BENEFIT ADMINISTRATORS

NAME POSTAL ADDRESS

1 ABSA Consultants & Actuaries (Pty) Ltd PO Box 8480 Johannesburg 20002 ABSA Investment Management Services (Pty) Ltd PO Box 974 Johannesburg 20003 African Life Assurance Co Ltd PO Box 1941 Houghton 20414 AKA Financial Services (Pty) Ltd Private Bag X36 Kempton Park 16205 Alexander Forbes Financial Services PO Box 787240 Sandton 21466 Alexander Forbes Life Limited PO Box 787240 Sandton 21467 Aon Consulting SA (Pty) Ltd PO Box 1874 Parklands 21218 Arcay Private Financial Services Employee Benefits (Pty) Ltd PO Box 751687 Garden View 20479 Automated Outsourcing Services Employee Benefits (Pty) Ltd PO Box 41259 Craighall 219610 Bambanani Benefit Administrators (Pty) Ltd PO Box 19749 Pretoria West 011711 Bensure Employee Benefits (Pty) Ltd PO Box 3315 Randburg 212512 Bensure Management Services (Pty) Ltd PO Box 3315 Randburg 212513 BOE Investment Administrators (Pty) Ltd PO Box 5408 Cape Town 800014 BOE Life Assurance PO Box 149175 East End 401815 Brefco (Pty) Ltd PO Box 2793 Wilropark 173116 Broksure Administrators CC PO Box 16254 Vlaeberg 801817 Capital Alliance Life Ltd PO Box 260569 Excom 202318 Cassie Nell Attorney Notary & Conveyance 44 Congo Road Emmarentia 219519 Chamber Corporate Services (Pty) Ltd PO Box 2221 North End Port Elizabeth 605620 Champagne Trust (The) PO Box 74519 Turffontein 214021 Channe Financial Services CC PO Box 503 Uvongo 427022 Channel Life Limited PO Box 1273 Parklands Johannesburg 212123 Channel Management Services PO Box 9142358 Wingate Park 015324 Comprehensive Financial Solutions CC PO Box 40877 Arcadia 000725 Consolidated Benefit Consultants (Pty) Ltd PO Box 4232 Randburg 212526 CRP Employee Benefits (Pty) Ltd PO Box 95452 Grant Park 205127 Crystal Retirement Benefits (Pty) Ltd Suite 77 Private Bag X6 Norwood 211728 Deloitte & Touche Actuaries and Consultants (Pty) Limited PO Box 1986 Gallo Manor 205229 Discovery Life Limited PO Box 78722 Rivonia 212830 Du Rand Jurgens & Associates (Pty) Ltd PO Box 7189 Cresta 211831 Edge Employee Benefits (Pty) Ltd Private Bag X9 Benmore 201032 Enigma Solutions (Pty) Ltd PO Box 1659 Randburg 212533 Fairsure Fund Administrators (Pty) Ltd PO Box 15499 Panorama 750634 Fame Trust (Pty) Ltd PO Box 6717 Westgate 173435 Fihrst Management Services (Pty) Ltd PO Box 781038 Sandton 214636 Financial Administration Solutions (Pty) Ltd 18 Grotto Road Rondebosch 770037 Financial Services Corporation (Transvaal) (Pty) Ltd PO Box 87463 Houghton 204138 Firstlight Administration Services (Pty) Ltd Postnet Suite 64 Private Bag X1005 Claremont 773539 Firstlight Fund Administrators (Pty) Limited Postnet Suite 64 Private Bag X1005 Claremont 773540 Fundwise Management Services (Pty) Ltd PO Box 37382 Overport 406741 Fussell & Associates Employee Benefits (Pty) Ltd PO Box 391766 Bramley 201842 G I B Financial Services (Pty) Ltd PO Box 3211 Houghton 204143 Glenrand - MIB Benefit Services (Pty) Ltd PO Box 3529 Randburg 212544 Global Asset Management & Financial Services (Pty) Limited PO Box 73614 Fairland 203045 Goodsure Employee Benefits (Pty) Ltd PO Box 434 Rondebosch 770146 Grant Thornton Capital (Pty) Ltd Private Bag X 28 Benmore 201047 Harris Dowden & Fontaine Chartered Accountants (SA) PO Box 651129 Benmore 201048 Hibiscus Financial Brokers (Pty) Ltd PO Box 357 Margate 4275

25

TABLE 13 - REGISTERED ADMINISTRATORS AS AT 31 AUGUST 2004 (continued)

NAME POSTAL ADDRESS

49 Hollard Life Assurance Company Ltd PO Box 2697 Randburg 212550 Imbewu Fund Administrators (Pty) Ltd PO Box 2452 Johannesburg 200051 Integrated Futures Postnet Suite 156 Private Bag X10015 Randburg 212852 Investec Employee Benefits Limited PO Box 666 Johannesburg 200053 Investec Private Trust Limited PO Box 785700 Sandton 214654 ISS Employee Benefits Administration (Pty) Ltd PO Box 1699 Saxonworld 213255 Jeremy Gallet & Associates (Pty) Ltd PO Box 359 Saxonwold 213256 Key Trends Management Services PO Box 25415 Monument Park 010557 Lance Van Driel & Associates CC PO Box 16350 Veganview 161258 Lekana Employee Benefit Solutions PO Box 61454 Marshalltown 210759 Lifesense Financial Services Private Bag X135 Bryanston 202160 M Cubed Capital Ltd PO Box 41259 Craighall 202461 Master Builders Association (Free State) PO Box 542 Welkom 946062 Metropolitan Odyssey Limited PO Box 71 Cape Town 800063 Momentum Group Limited PO Box 786600 Sandton 214664 Momentum Wealth (Pty) Ltd PO Box 7286 Pretoria 000165 Moriting Employee Benefits PO Box 260226 Excom 202366 Multilect Administrators (Pty) Ltd PO Box 359 Saxonwold 213267 Multisure (Pty) Ltd PO Box 1611 Hougton 204168 NBC Employee Benefits (Pty) Ltd PO Box 78756, Sandton 214669 NBC Fund Administration Services (Pty) Ltd PO Box 78756 Sandton 214670 NBC Negotiated Benefits Consultants (Pty) Ltd PO Box 78756 Sandton 214671 Nicol Laidlaw Dynes & Associates CC PO Box 5721 Walmer 606572 Oasis Retirement Solutions (Pty) Ltd PO Box 1217 Cape Town 800073 Ovation Global Investment Services (Pty) Ltd PO Box 98 Newlands 772574 P & D Financial Services CC PO Box 13454 Northmead Benoni 151175 Penpro Administrators (Pty) Limited PO Box 14656 Farramere 151876 People Administration Services (Pty) Ltd PO Box 3075 Randburg 212577 Providence Healthcare Risk Managers (Pty) Ltd PO Box 1672 Port Elizabeth 600078 PSI Consulting (Pty) Ltd PO Box 652849 Benmore 201079 Regent Life Assurance Company Limited PO Box 4155 Edenvale 161080 Rentmeester Assurance Ltd PO Box 403 Pretoria 000181 Retfund Consultants and Administrators CC PO Box 2313 Wingatepark 015382 Retirement Fund Solutions (Pty) Ltd PO Box 13355 Hatfield Pretoria 002883 RNE Financial Services (Pty) Ltd PO Box 2915 Beacon Bay 520584 Robson Savage (Pty) Ltd PO Box 3041 Houghton 204185 Roodt Incorporated PO Box 78894 Sandton 214686 Roxburgh Administrators CC PO Box 47107 Parklands 212187 Sage Life Ltd PO Box 290 Johannesburg 200088 Sasfin Financial Advisory Services (Pty) Ltd PO Box 95104 Grant Park 205189 Silica Fund Administration Systems (Pty) Ltd Postnet 361 Private Bag X9 Benmore 201090 SME Benefit Administrators (Pty) Ltd (Under Curatorship) PO Box 1252 Lonehill 206291 South City Employee Benefit Consultants (Pty) Ltd PO Box 1470 Port Elizabeth 600092 Southern Africa Quantam Employee Benefits (Pty) Ltd PO Box 781687 Sandton 214693 Sovereign Fairsure Employee Benefits (Gauteng) (Pty) Ltd PO Box 76470 Wendywood 214494 Sovereign Fairsure Employee Benefits (Pty) Ltd PO Box 1463 Cape Town 800095 Specialist Fund Administrators CC PO Box 1007 Ballito 442096 Ten-50-Six Funds Administrators (Pty) Ltd PO Box 23204 Claremont 8000 773597 Tennant Benefit Consultants (Pty) Ltd PO Box 64 Buccleuch 206698 Theron Du Plessis Management Services (Pty) Ltd PO Box 48 Middelburg Eastern Cape 590099 TMA Investment Products Services (Pty) Ltd PO Box 783113 Sandton 2196100 Total Care Strategy (Cape) (Pty) Ltd PO Box 18403 Wynberg 7824

26

TABLE 13 - REGISTERED ADMINISTRATORS AS AT 31 AUGUST 2004 (continued)

NAME POSTAL ADDRESS

101 Trilogy Benefits Group (Pty) Ltd Private Bag X87 Bryanston 2021102 Ukwena Provident Fund Administrators (Pty) Ltd PO Box 18237 Sunward Park 1470103 Ultimate Fund Administrators (Pty) Ltd PO Box 721 Cramerview 2060104 Umbrella Management Services Company PO Box 411589 Craighall 2024105 Van Der Linde De Villiers Actuaries & Consultants (Pty) Ltd PO Box 880 Randburg 2125106 Verso Financial Services (Pty) Ltd PO Box 4300 Tyger Valley 7536107 Vic Glassock & Associates CC PO Box 72280 Parkview 2122108 Witwatersrand Pension Administrators (Pty) Ltd PO Box 1760 Northcliff 2115109 Wynne-Jones & Company Employee Benefits

Consultants (Pty) Ltd PO Box 2140 Houghton 2041

(B) INVESTMENT MANAGERS

NAME POSTAL ADDRESS

1 Abvest Associates Limited PO Box 44952 Claremont Cape Town 77352 AD Asset Management (Pty) Ltd PO Box 13 Cape Town 80003 African Harvest Fund Managers (Pty) Ltd PO Box 23855 Claremont 77354 Allan Gray Ltd PO Box 51318 V&A Water Front 80205 Alliance Capital Management (Pty) Ltd PO Box 131186 Bryanston 20216 Anglorand Asset Managers (Pty) Limited PO Box 61642 Marshalltown 21077 Appleton Asset Management Ltd PO Box 2105 Johannesburg 20008 Aurica Financial Services Group (Pty) Ltd PO Box 811 Saxonwold 21329 Barnard Jacobs Mellet Private Client Services (Pty) Ltd PO Box 3359 Parklands 212110 BOE (Pty) Limited PO Box 86 Cape Town 800011 BOE Asset Management Ltd PO Box 86 Cape Town 800012 BOE Bank Ltd PO Box 86 Cape Town 800013 Capital Alliance Securities (Pty) Ltd PO Box 833 Newtown 211314 Commercial Union Investment Management (SA) Ltd PO Box 2858 Cape Town 800015 Consilium Capital SA (Proprietary) Limited PO Box 2512 Parklands 212116 Cornerstone Fund Managers (Pty) Ltd PO Box 4301 Pretoria 000117 Coronation Asset Management (Pty) Ltd PO Box 993 Cape Town 800018 Corporate Money Managers (Pty) Ltd PO Box 41259 Craighall 202419 Cortal Direct (Pty) Ltd PO Box 2322 Johannesburg 200020 DWM Asset Management (Pty) Ltd PO Box 11657 Erasmuskloof 004821 Efficient Asset Management (Pty) Ltd PO Box 1171 Zwartkop Centurion 005122 Fairheads Asset Managers (Pty) Ltd PO Box 4392 Cape Town 800023 Fame Portfolios (Pty) Ltd PO Box 6717 Westgate 173424 Fenestra Asset Management (Pty) Ltd PO Box 45085 Claremont 773525 Fernhout & De Jongh PO Box 73360 Fairland 203026 First National Asset Management & Trust Company (Pty) Ltd PO Box 6901 Johannesburg 200027 Foord & Meintjes (Pty) Ltd PO Box 135 Howard Place 745028 Franklin Templeton Nib Investment Limited PO Box 206 Cape Town 800029 Frater, Luyt & Associates (Pty) Ltd PO Box 13 Cape Town 800030 Gensec Asset Management (Pty) Limited Private Bag X8 Tyger Valley 753631 Huysamer Capital Investments (Pty) Ltd PO Box 98663 Sloane Park 215232 Huysamer Stals (Pty) Ltd PO Box 11585 Johannesburg 200033 Interneuron (Pty) Ltd Terrace No T8 - The Village Beach Road Hout Bay 780634 Investec Asset Management (Pty) Ltd PO Box 1655 Cape Town 800035 IPAC South Africa Limited PO Box 44604 Claremont 7735

27

TABLE 13 - REGISTERED ADMINISTRATORS AS AT 31 AUGUST 2004 (continued)

NAME POSTAL ADDRESS

36 M Cubed Asset Management (Pty) Ltd PO Box 41259 Craighall 202437 Mawenzi Asset Managers (Pty) Ltd Private Bag X23736 Claremont 773538 Melville Douglas Investment Management (Pty) Ltd PO Box 411184 Craighall 202439 Momentum Advisory Service (Pty) Ltd PO Box 8370 Centurion 004640 Money-Cap Asset Management (Pty) Ltd PO Box 6485 Weltevredenpark 171541 MPF Management Services (Pty) Ltd PO Box 61172 Marshalltown 210742 Nedcor Investment Bank Ltd PO Box 206 Cape Town 800043 New Republic Bank Asset Management (Pty) Ltd PO Box 784647 Sandton 214644 Norwich Investments SA Ltd PO Box 1226 Cape Town 800045 Oasis Asset Management (Pty) Ltd PO Box 1217 Cape Town 800046 Old Mutual Asset Managers (South Africa) (Pty) Ltd PO Box 878 Cape Town 800047 Peregrinequant (Proprietary) Limited PO Box 44586 Claremont 773548 PJDJ Investments (Pty) Ltd PO Box 73022 Fairland 203049 PLJ Financial Services Ltd PO Box 61465 Marshalltown 210750 Prescient Investment Management (Pty) Ltd PO Box 31142 Tokai 796651 Prodigy Asset Management (Pty) Ltd PO Box 51220 Waterfront 800252 Prudential Portfolio Managers (SA) (Pty) Ltd PO Box 44813 Claremont 773553 Quaystone Ltd PO Box 1843 Saxonwold 213254 Quyn Martin Asset Management (Pty) Ltd PO Box 78055 Sandton 214655 Real Africa Asset Management (Pty) Ltd PO Box 44946 Claremont 773556 Regal Treasury Securities Limited PO Box 3215 Rivonia 212857 Regarding Capital Management (Pty) Ltd PO Box 51615 Waterfront 800258 RMB Asset Management (Pty) Ltd PO Box 786130 Sandton 214659 RMB Private Bank PO Box 78243 Sandton 214660 RMB Properties (Pty) Ltd PO Box 786130 Sandton 214661 Robert Cowen Investments (Pty) Ltd PO Box 52784 Saxonwold 213262 Sanlam Private Investments (Pty) Ltd Private Bag X8 Tyger Valley 753663 Simeka Financial Services PO Box 790 Parklands 212164 SMK Securities (Pty) Ltd PO Box 1054 Cape Town 800065 Southern Asset Management (Pty) Ltd PO Box 20 Newlands 772566 Standard Corporate & Merchant Bank Asset Management Division PO Box 61344

Marshalltown 210767 Stanlib Asset Management Limited PO Box 203 Melrose Arch 207668 Superflex Ltd PO Box 782824 Sandton 214669 Taquanta Asset Managers (Pty) Ltd PO Box 206 Cape Town 800070 Tri-Linear Asset Management (Pty) Ltd PO Box 819 Howard Place 745071 Umbono Fund Managers (Pty) Ltd Postnet Suite 201 Private Bag X30500 Houghton 204172 Value Portfolio Managers (Pty) Ltd PO Box 2356 Bedfordview 200873 Velocity Asset Management (Pty) Ltd Private Bag X1005 Claremont 7700

(C) BENEFIT ADMINISTRATORS & INVESTMENT MANAGERS

NAME POSTAL ADDRESS

1 Anglo American Corporation of SA Ltd PO Box 61587 Marshalltown 21072 Capro Ltd PO Box 9384 Johannesburg 20003 Citadel Administration Services (Pty) Ltd PO Box 23388 Claremont 77354 Coris Capital (Pty) Ltd PO Box 1588 Pretoria 00015 Fairbairn Capital (Pty) Ltd PO Box 460 Howard Place 7450

28

TABLE 13 - REGISTERED ADMINISTRATORS AS AT 31 AUGUST 2004 (continued)

NAME POSTAL ADDRESS

6 Finsource (Pty) Ltd PO Box 3149 Cape Town 80007 First National Bank Holdings Ltd PO Box 9773 Johannesburg 20008 Golding & Slabbert (Pty) Ltd PO Box 786347 Sandton 21469 Highveld Steel & Vanadium Corporation Ltd PO Box 111 Witbank 103510 IDE Administrators (Pty) Ltd PO Box 6685 Cresta 211811 Independent Newspapers Holdings Ltd PO Box 1014 Johannesburg 200012 Independent Securities (Pty) Ltd PO Box 2849 Houghton 204113 Investec Investment Management Services PO Box 785700 Sandton 214614 Investment Solutions Ltd PO Box 786055 Sandton 214615 J.R. Winson Trading and Investments (Pty) Ltd 20 Pitchford Road Northcliff Johannesburg 219516 Johannesburg Stock Exchange Administration Division PO Box 1174 Johannesburg 200017 Liberty Group Limited PO Box 10499 Johannesburg 200018 Marriott Trust (Pty) Ltd PO Box 207 Durban 400019 Metal Industries Benefit Funds Administrators PO Box 7507 Johannesburg 200020 Metropolitan Life Ltd PO Box 2212 Belville 753521 Migration Financial Services (Pty) Ltd Private Bag X140 Rivonia 212822 Old Mutual Life Assurance Company (South Africa) Limited PO Box 1014 Cape Town 800023 Pietermaritzburg-Msunduzi Transitional Local Council PO Box 261 Pietermaritzburg 320024 Public Servants Association of SA PO Box 40404 Arcadia 000725 Regal Employee Benefits Ltd PO Box 1757 Northcliff 211526 Sanlam PO Box 1 Sanlamhof 753227 Sanlam Personal Portfolios (Pty) Ltd Private Bag X5 Tyger Valley 763628 Sefalana Employee Benefits Organisation (SEBO) Private Bag X1 Mmabatho 273529 South African Reserve Bank PO Box 427 Pretoria 000130 Stanlib Wealth Management Limited PO Box 202 Melrose Arch 207631 Transitional Local Council of the Greater Germiston PO Box 3 Bedfordview 200832 UAL Investment Planning Services (Pty) Ltd PO Box 582 Johannesburg 2000

(D) EMPLOYER ADMINISTRATORS

NAME POSTAL ADDRESS

1 Adcock Ingram Ltd PO Box 2499 Halfway House 16852 Administratiewe Buro van die Gereformeerde Kerke in SA PO Box 20004 Noordbrug 25223 AECI Ltd PO Box 1122 Johannesburg 20004 African Oxygen Ltd - Retirement Funds Division PO Box 5404 Johannesburg 20005 Amalgamated Beverage Industries Ltd PO Box 76202 Wendywood 21446 Anglo Platinum Management Services (Pty) Ltd PO Box 62179 Marshalltown 21077 Assupol Life PO Box 35900 Menlo Park 01028 Bay Union Administrators (Pty) Ltd PO Box 795 Durban 40009 Beacon Registrars (Pty) Ltd PO Box 414041 Craighall 202410 Bongani Economic Empowerment Trust PO Box 7320 Halfway House 168511 Brink Cohen Le Roux Inc PO Box 2404 Houghton 204112 BOE Bank Besigheidsdivisie van BOE Bank Beperk PO Box 4 Paarl 762213 CGU Insurance Limited PO Box 3555 Johannesburg 200014 Chamber of Mines of SA PO Box 61809 Marshalltown 210715 Commlife Retirement Fund Administrators (Pty) Ltd Private Bag X1 Mowbray 770516 Coopers & Lybrand Incorporated PO Box 2536 Johannesburg 200017 Council of the City of Cape Town PO Box 62 Cape Town 800018 Crocodile Valleycitrus Company (Pty) Ltd Private Bag 11210 Nelspruit 120019 CTP Ltd PO Box 6060 Parow East 7501

29

TABLE 13 - REGISTERED ADMINISTRATORS AS AT 31 AUGUST 2004 (continued)

NAME POSTAL ADDRESS

20 Decimax (Pty) Ltd PO Box 1979 Parklands 212121 Deloitte & Touche Chartered Accountants (SA) Private Bag X11 Gallo Manor 205222 Diamond Cutting Industry of SA PO Box 8304 Johannesburg 200023 Edgars Consolidated Stores Ltd PO Box 200 Crown Mines 202524 Ellerine Holdings Ltd PO Box 122 Bedfordview 200825 Eskom Pension and Provident Fund Private Bag 50 Bryanston 202126 Eskort Limited PO Box 1 Estcourt 331027 First Bowring Insurance Brokers (Pty) Ltd PO Box 61787 Marshalltown 210728 Foschini Group (Pty) Ltd PO Box 6020 Parow East 750129 GD Financial Services PO Box 2556 Northcliff 211530 General Accident Insurance Company SA Ltd PO Box 32424 Braamfontein 201731 Grant Thornton Kessel Feinstein Private Bag X28 Benmore 201032 Heindill Dienste BK PO Box 925 Nelspruit 120033 Hospitality Industry Pension Provident Fund PO Box 62244 Marshalltown 210734 Hymans Robertson & Company (Pty) Ltd PO Box 1818 Randburg 212535 ICL (SA) (Pty) Ltd Head Office PO Box 3467 Rivonia 212836 Igolide Health Networks (Pty) Ltd Private Bag X2053 Carletonville 250037 Industrial Development Corporation of SA Ltd PO Box 784055 Sandton 214638 Interim National Medical & Dental Council of SA PO Box 205 Pretoria 000139 Interoc (Pty) Ltd PO Box 607 Springs 156040 ISCOR Employees Provident Fund PO Box 19749. Pretoria 011741 JIC Mining & Construction (Pty) Ltd PO Box 9446 Pretoria 000142 Klerksdorp Medical Benefit Society PO Box 326 Klerksdorp 257043 Kwazulu Natal Master Builders & Allied Industries Association PO Box 582 Westville 363044 KWV of SA Ltd PO Box 528 South Paarl 762445 Land & Agricultural Bank of SA (Land Bank) PO Box 375 Pretoria 000146 Lonmin Management Services (Pty) Ltd PO Box 1146 Johannesburg 200047 Marley (SA) (Pty) Ltd PO Box 6684 Johannesburg 200048 Martin Von Fintel PO Box 1390 Pietermaritzburg 320049 Mercantile Bank Ltd PO Box 782699 Sandton 214650 Methodist Connexional Office PO Box 50216 Musgrave 406251 Momentum Health Ltd PO Box 786722 Sandton 214652 Motor Industry Fund Administrators (Pty) Ltd Private Bag X10095 Randburg 212553 Msele Hosken Benefits Group (Pty) Ltd PO Box 4709 Johannesburg 200054 Municipal Employees Pension Fund Private Bag X041 Benoni 150055 Municipality of Paarl PO Box 12 Paarl 762256 Nederduitse Gereformeerde Kerk in SA PO Box 144 Cape Town 800057 Newcastle Transitional Local Council Private Bag X6621 Newcastle 294058 Newcomen Trust CC PO Box 11748 Hatfield 002859 Norwich Life SA Ltd PO Box 1226 Cape Town 800060 NWK Limited PO Box 107 Lichtenburg 274061 Oranje Vrouevereniging PO Box 12885 Brandhof 932462 Paragon Business Forms Ltd PO Box 1310 Cape Town 800063 Potchefstroom City Council PO Box 113 Potchefstroom 252064 Presbyterian Church of Southern Africa PO Box 96188 Brixton 201965 Primetank (Pty) Ltd PO Box 55398 Northlands 211666 PRO Therm Systems (Pty) Ltd PO Box 1109 Bramley 201867 Rand Water PO Box 1127 Johannesburg 200068 SA Typographical Union (SATU) PO Box 1993 Pretoria 000169 Self Assurance Employee Benefit Administrators PO Box 87343 Houghton 204170 South African Institute of Chartered Accountants (SAICA) PO Box 59875 Kengray 2100

30

TABLE 13 - REGISTERED ADMINISTRATORS AS AT 31 AUGUST 2004 (continued)

TABLE 14 - HUNDRED LARGEST SELF-ADMINISTERED FUNDS RANKED IN ORDER OF TOTAL ASSETS

FUND NUMBER FUND NAME TOTAL ASSETS(R'M)

Assets from R1 billion upwards - 61 funds

12/8/564 Eskom Pension and Provident Fund 21 87512/8/1215 Sentinel Mining Industry Retirement Fund 19 85812/8/5040 Engineering Industries Pension Fund 18 30212/8/1216 Mine Employees Pension Fund 12 58412/8/1373 Standard Bank Group Retirement Fund 10 92912/8/31505 Telkom Retirement Fund 9 81212/8/27324 ABSA Group Pension Fund 9 083 12/8/25718 Metal Industries Provident Fund 8 83512/8/3130 FNB Pension Fund 8 52012/8/23053 Mineworkers Provident Fund 7 18612/8/363 Yskor - Pensioenfonds 6 45812/8/559 De Beers Pension Fund 6 32812/8/7697 Sasol Pension Fund 6 07612/8/32435 Durban Pension Fund 4 94412/8/998 AECI Pension Fund 3 96912/8/909 Cape Municipal Pension Fund 3 92412/8/33661 Old Mutual Staff Retirement Fund 3 86012/8/32689 Cape Joint Retirement Fund 3 40412/8/30624 Denel Retirement Fund 3 22412/8/2451 Tongaat-Hulett Pension Fund 3 07612/8/35423 Iscor Selector Voorsorgfonds 3 06212/8/689 Barlow's Pension Fund 3 04912/8/1070 SABC Pension Fund 3 04912/8/7394 Denel Pensioenfonds 2 996

NAME POSTAL ADDRESS

71 Specialized Engineering Products CC PO Box 2837 Kempton Park 162072 St Anne's Diocesan College PO Hilton 3245 Kwazulu-Natal73 Standard Bank of SA Ltd PO Box 7758 Johannesburg 200074 Thor Chemicals SA (Pty) Ltd PO Box 67 Cato Ridge 368075 Tongaat-Hulett Group Ltd PO Box 3 Tongaat 440076 Transnet Ltd Private Bag X41 Braamfontein 201777 Transvaal Municipal Pension Fund Private Bag X041 Benoni 150078 Truworths Ltd PO Box 600 Cape Town 800079 Vrystaat Munisipale Pensioenfonds PO Box 843 Kroonstad 950080 Wooltru Finance (Pty) Ltd PO Box 680 Cape Town 800081 Woolworths (Pty) Ltd PO Box 680 Cape Town 8000

31

TABLE 14 - HUNDRED LARGEST SELF-ADMINISTERED FUNDS RANKED IN ORDER OF TOTAL ASSETS (continued)

FUND NUMBER FUND NAME TOTAL ASSETS(R'M)

12/8/19727 South African Local Authorities Pension Fund 2 91912/8/385 Unilever SA Pension Fund 2 81512/8/23803 Printing Industry Pension Fund for SATU Members 2 74812/8/2134 Anglo American Corporation Pension Fund 2 67112/8/1278 Cape Joint Pension Fund 2 65512/8/16350 Murray and Roberts Retirement Fund 2 53212/8/30878 National Tertiary Retirement Fund 2 42412/8/3720 Altron Group Pension Fund 2 29312/8/429 Nedcor Pension Fund 2 27512/8/5625 Municipal Employees Pension Fund 2 11612/8/35064 National Fund for Municipal Workers 1 64512/8/553 Natal Joint Municipal Pension Fund -(Superannuation) 1 62012/8/565 Motor Industry Pension Fund 1 61812/8/5410 Engen Pension Fund 1 60212/8/21267 Chemical Industries National Provident Fund 1 59412/8/5812 Wooltru Group Retirement Fund 1 58312/8/376 Nestle Pension Fund 1 56912/8/16669 Auto Workers` Pension Fund 1 48312/8/32820 Galaxy Preservation (Pension) Fund 1 47112/8/29493 Nedcor Defined Contribution Provident Fund 1 46012/8/327 Tshwane Municipal Pension Fund 1 40412/8/35421 Iscor Selector Pensioenfonds 1 40412/8/29609 Investec Investment Linked Preservation Pension Plan 1 39312/8/1652 Sappi Pension Fund 1 30912/8/27484 Iscor Employees Provident Fund 1 30312/8/10150 Foschini Group Retirement Fund 1 26412/8/31320 University of South Africa Retirement Fund 1 21012/8/1273 Port Elizabeth Municipal Pension Fund 1 21012/8/8900 Nampak Group Pension Fund 1 16612/8/9472 Toyota South Africa Pension Fund 1 16512/8/32783 Auto Workers Provident Fund 1 15912/8/12419 BP Southern Africa Pension Fund 1 14912/8/26512 Mondi Pension Fund 1 09112/8/31796 South African Municipal Workers` Union National Provident Fund 1 08612/8/30920 Barloworld (South Africa) Retirement Fund (Provident Section) 1 02112/8/16489 Amplats Group Provident Fund 1 01912/8/29219 South African Breweries Staff Provident Fund (The) 1 014

Assets between R500m and R1 billion - 39 funds

12/8/12403 Anglo American Group Pension Fund 99512/8/551 African Oxygen Limited Pension Fund 96612/8/412 Vrystaat Munisipale Pensioenfonds 96412/8/35733 Anglogold Pension Fund 93612/8/16176 Liberty Pension Fund 92012/8/29492 Nedcor Defined Contribution Pension Fund 91712/8/29607 Investec Investment Linked Preservation Provident Fund 91412/8/9968 Siemens Superannuation Fund 83912/8/6473 Misa Pension Fund 82312/8/35100 Personal Portfolios Preservation Pension Fund 78812/8/34842 Grinaker Construction Provident Plan 77412/8/468 Shell SA Pension Fund 771

32

TABLE 14 - HUNDRED LARGEST SELF-ADMINISTERED FUNDS RANKED IN ORDER OF TOTAL ASSETS (continued)

FUND NUMBER FUND NAME TOTAL ASSETS(R'M)

12/8/30951 University of Pretoria Provident Fund 76412/8/30965 Universiteit van Stellenbosch Aftreefonds 73612/8/3615 Predikante- en Weduwee-Pensioenfonds van die N.G. Kerk in S.A. 73512/8/17317 Group Five Pension Fund 73412/8/31495 South African Reserve Bank Retirement Fund 71412/8/34384 Edcon Provident Fund 70512/8/5085 Palabora Mining Pension Fund 68512/8/32821 Galaxy Preservation (Provident) Fund 68512/8/31582 University of Cape Town Retirement Fund 68212/8/32819 Galaxy Retirement Annuity Fund 66812/8/35101 Personal Portfolios Preservation Provident Fund 66312/8/30549 SATU National Provident Fund 66212/8/1315 Rand Water Superannuation Fund 65912/8/36983 KZN Municipal Pension Fund 65712/8/3301 VWSA Pension Fund 65112/8/858 Boart Longyear Pension Fund 64312/8/9345 Mutual and Federal Pension Fund 64312/8/31370 Pensioenfonds van die Universiteit van die Vrystaat 61312/8/24519 Nampak Contributory Provident Fund 61012/8/31021 Armscor Provident Fund 60912/8/382 Germiston Municipal Retirement Fund 60112/8/34812 Amplats Mines Retirement Fund (Provident Section) 59212/8/3699 Predikante Pensioenfonds 59012/8/31841 University of the Witwatersrand Retirement Fund 58612/8/12513 Sapref Pension Fund 58512/8/30963 Nestle Provident Fund 57512/8/2596 Scaw Metals Pension Fund 563

33

TABLE 15 - SELF-ADMINISTERED FUNDS WITH MEMBERSHIP OVER 10 000

FUND NUMBER FUND NAME MEMBERS

12/8/23053 Mineworkers Provident Fund 213 73612/8/25718 Metal Industries Provident Fund 196 02612/8/32783 Auto Workers Provident Fund 85 51412/8/5040 Engineering Industries Pension Fund 74 98812/8/564 Eskom Pension and Provident Fund 68 93512/8/7705 Mines 1970 Provident Fund 61 27112/8/37197 Private Security Sector Provident Fund 59 34212/8/36998 Contract Cleaning National Provident Fund 58 47812/8/1215 Sentinel Mining Industry Retirement Fund 50 37912/8/1216 Mine Employees Pension Fund 49 63912/8/31505 Telkom Retirement Fund 48 31612/8/16669 Auto Workers' Pension Fund 47 48912/8/5751 Iscor Retirement Fund 43 87312/8/27324 ABSA Group Pension Fund 38 27112/8/3130 FNB Pension Fund 36 79612/8/16489 Amplats Group Provident Fund 34 78612/8/1373 Standard Bank Group Retirement Fund 33 14612/8/34083 Sizanani Voorsorgfonds 26 62612/8/31796 South African Municipal Workers` Union National Provident Fund 25 10312/8/19727 South African Local Authorities Pension Fund 24 48512/8/21267 Chemical Industries National Provident Fund 23 85912/8/ 7697 Sasol Pension Fund 22 78912/8/35064 National Fund for Municipal Workers 22 35812/8/32689 Cape Joint Retirement Fund 20 16312/8/32435 Durban Pension Fund 19 81812/8/559 De Beers Pension Fund 19 48112/8/27139 Masakhane Provident Fund (1998) 16 66812/8/35093 J.I.C. Retirement Fund (The) 16 26912/8/909 Cape Municipal Pension Fund 16 15512/8/5625 Municipal Employees Pension Fund 15 82812/8/32184 Bargaining Council for the Contract Cleaning

Industry (Natal) Provident Fund 14 37412/8/26585 PPWAWU National Provident Fund 13 33012/8/23803 Printing Industry Pension Fund for SATU Members 13 23512/8/36041 Provsave Provident Fund 12 63212/8/33661 Old Mutual Staff Retirement Fund 12 46712/8/21917 Reinforced Provident Fund 11 43212/8/27484 Iscor Employees Provident Fund 11 28012/8/31013 Imperial Group Provident Fund 11 18412/8/34384 Edcon Provident Fund 11 12412/8/565 Motor Industry Pension Fund 10 81112/8/6676 Natal Joint Municipal Pension Fund (Retirement) 10 70312/8/1278 Cape Joint Pension Fund 10 56412/8/5812 Wooltru Group Retirement Fund 10 49512/8/363 Yskor - Pensioenfonds 10 319

34

TABLE 16 - SELF-ADMINISTERED FUNDS IN DEFAULT FOR SUBMISSION OF FINANCIALRETURNS AS AT CUT-OFF DATE OF 10 AUGUST 2004

FUND NUMBER FUND NAME YEAR END

12/8/36620 11(K) Pension Plan 30/09/200312/8/36670 11(K) Pension Preservation Plan 30/09/200312/8/36621 11(K) Provident Plan 30/09/200312/8/36669 11(K) Provident Preservation Plan 30/09/200312/8/8641 ABS Group Pension Fund 30/09/200312/8/35282 AC Braby's (Pty) Limited Provident Fund 31/12/200312/8/35283 AC Braby's (Pty) Limited Transfer Pension Fund 31/12/200312/8/35284 AC Braby's (Pty) Limited Transfer Provident Fund 31/12/200312/8/29041 Ackermans Pensioenfonds 30/06/200312/8/35595 ADT Security Guarding Provident Fund 30/09/200312/8/25007 ADT Security Provident Fund 30/09/200312/8/35450 African Bank Limited Pension Fund 30/09/200312/8/35451 African Bank Limited Provident Fund 30/09/200312/8/30007 Agric-Admin Groep Pensioenfonds 28/02/200312/8/35824 Alliance Capital Management Provident Fund 31/03/200312/8/738 Allied Production Industries Pension Scheme 28/02/200312/8/34560 Alpha Optical Pension Fund 31/07/200312/8/28623 Ammirati Puris Lintas Provident Fund 31/12/200312/8/865 Amplats Employees Pension Fund 31/12/200312/8/864 Amplats Officials Pension Fund 31/12/200312/8/9657 Amplats Provident Fund 31/12/200312/8/16871 Amrel Pension Fund 31/03/200312/8/32004 Amrel Provident Fund 30/04/200312/8/30202 Anchor Provident Fund 28/02/200312/8/17990 Angus Fire Armour Group Pension Fund 31/12/200312/8/4329 AOC Employee Benefit Plan 28/02/200312/8/4291 AON Staff Pension Fund 31/12/200312/8/35622 AON Staff Provident Fund 30/06/200312/8/36122 AON Umbrella Pension Fund 28/02/200312/8/16048 Associated Furniture Companies Ltd. Retirement Benefit Fund 28/02/200312/8/33513 Automatic Accounting Applications Provident Fund 30/09/200312/8/34726 Aviation Union of Southern Africa Retirement Fund 30/06/200312/8/27212 Avonwold Publishing Pension Fund 31/08/200312/8/21591 Avtex Limited Retirement Plan 31/12/200312/8/29148 B.A.N.P Negotiated Provident Fund 31/07/200312/8/35796 Barloworld Logistics Provident Fund 31/08/200312/8/23728 BAT No.2 Pension Fund 31/12/200312/8/36614 Biddulphs Pension Fund 31/03/200312/8/37005 BOE Life Assurance Retirement Annuity Fund 31/12/200312/8/31611 BOE/NBS Retirement Fund 31/12/200312/8/17872 Bohler Uddeholm Africa Pension Scheme 31/12/200312/8/8105 Bosal Africa (2000) Pension Fund 31/12/200312/8/30857 Bosal Africa Group Provident Fund 31/12/200312/8/37022 Bosele National Provident Fund 30/06/200312/8/33816 Botshelo Water Pension Fund 30/06/200312/8/35907 Botshelo Water Provident Fund 30/06/200312/8/17864 Boumat Executive Provident Fund 31/12/200312/8/36719 Bridging Provident Fund 30/09/200312/8/26517 British American Tobacco South Africa Provident Fund 31/05/200312/8/494 Cementation Company Provident Fund 31/12/2003

35

TABLE 16 - SELF-ADMINISTERED FUNDS IN DEFAULT FOR SUBMISSION OF FINANCIALRETURNS AS AT CUT-OFF DATE OF 10 AUGUST 2004 (continued)

FUND NUMBER FUND NAME YEAR END

12/8/14006 Central Management Company Sporting Clubs Cusada Pension Plan 31/12/200312/8/23684 CGU Holdings Limited Provident Fund 31/12/200312/8/34736 Chamber of Mines Retirement Fund 31/12/200312/8/35565 Champagne Preservation Provident Fund 30/04/200312/8/35568 Champagne Umbrella Provident Fund 30/04/200312/8/35087 Channel Preservation Pension Fund 28/02/200312/8/35085 Channel Retirement Annuity Fund 28/02/200312/8/21388 Charisma Promotions (Proprietary) Limited Staff Provident Fund 31/12/200312/8/26762 Charles Pein and Partners Provident Fund 31/12/200312/8/6435 Church of the Province of South Africa: Provincial Pension Fund 31/12/200312/8/24227 Circle Provident Fund 30/11/200312/8/3722 City of Johannesburg Pension Fund 30/06/200312/8/27168 Continental China Pension Fund (1990) 31/03/200312/8/24859 Contispice Provident Fund 30/09/200312/8/25957 Cordiners' Provident Fund 31/12/200312/8/33629 Corporate Pension Fund 31/03/200312/8/19614 Crawford & Company (SA) Provident Fund 31/12/200312/8/1311 CSS Logistics Pension Fund 28/02/200312/8/20650 Curamed Pensioenfonds 30/06/200312/8/32165 Dano Textile Industries Staff Provident Fund 30/06/200312/8/33751 David Brown Gear Industries Provident Fund 31/12/200312/8/19797 Dawn Pension Fund 31/12/200312/8/32677 Dawn Provident Fund 31/12/200312/8/31622 Die Aftreefonds van BOE Bank: Besigheidsdivisie van BOE Bank 31/12/200312/8/36703 DWM Preservation Pension Fund 31/10/200312/8/6458 E Schweickerdt Pension Fund 31/12/200312/8/37418 Eagle Cement Provident Fund 31/12/200312/8/37086 Eastern Cape Group Municipal Gratuity Fund 31/08/200312/8/37342 Eaton Aeroquip S A Retirement Fund 31/12/200312/8/1183 Edcon Pension Fund 31/12/200312/8/36961 Ejoburg Retirement Fund 30/06/200312/8/12121 ELC Pension Fund 31/12/200312/8/35500 Exatrade Retirement (Pension) Fund 31/10/200312/8/35499 Exatrade Retirement (Provident) Fund 31/10/200312/8/28646 FCB South Africa Provident Fund 31/03/200312/8/35022 Fenner (South Africa) Retirement Fund (Pension Section) 31/01/200312/8/36592 Franklin Templeton - Nibam Investment Linked Retirement Annuity Fund 30/09/200312/8/23406 Fraser Alexander Executive Retirement Plan 30/06/200312/8/36494 G.A.M Pension Fund 30/04/200312/8/36262 G.A.M Preservation Pension Fund 30/04/200312/8/29375 Gauteng Building Industry Provident Fund 30/09/200312/8/29541 Gauteng Cricket Board Player's Provident Fund 30/04/200312/8/35630 General Electric South Africa Pension Fund 31/12/200312/8/35629 General Electric South Africa Provident Fund 31/12/200312/8/10098 Gillette Employees Pension Fund 30/11/200312/8/32121 Global Technology Pension Fund 31/12/200312/8/31372 Glohold Pension Fund 31/03/200312/8/34549 Golden Arrow Retirement Fund 30/06/200312/8/18302 Gray Security Services Group Pension Fund 28/02/200312/8/27991 Greenstone Management Retirement Fund 30/06/200312/8/35978 Guardian Pharmacy Group Provident Fund 31/12/200312/8/7267 Gypsum Pension Fund 31/12/2003

36

TABLE 16 - SELF-ADMINISTERED FUNDS IN DEFAULT FOR SUBMISSION OF FINANCIALRETURNS AS AT CUT-OFF DATE OF 10 AUGUST 2004 (continued)

FUND NUMBER FUND NAME YEAR END

12/8/28412 Gypsum Provident Fund 31/12/200312/8/26497 Hannover Reinsurance Africa Limited Provident Fund 30/06/200312/8/21182 Hans Merensky Provident Fund 28/02/200312/8/33508 Health Management Institute (Pty) Ltd and Associated Companies Provident Fund 28/02/200312/8/7024 Henkel Group Pension Fund 31/12/200312/8/22034 Henkel Group Provident Fund 31/12/200312/8/34030 Heystekrand Furniture Factory Provident Fund 30/09/200312/8/18200 Hollard Employees Pension Fund 30/11/200312/8/35885 Hollard Employees Provident Fund 30/11/200312/8/36172 Home Warehouse Provident Fund 31/07/200312/8/31282 Housewares Group Provident Fund 31/03/200312/8/28239 Hudaco Friction Provident Fund 31/12/200312/8/14922 Huttens Albertus Falchem Pension Fund 31/12/200312/8/17004 I M S South Africa (Pty) Ltd Provident Fund 31/12/200312/8/7766 IBM South Africa Pension Fund 31/12/200312/8/36180 ICAS Southern Africa Pension Fund 30/04/200312/8/32349 ILEX Pension Fund 30/09/200312/8/36548 IMG Provident Fund 31/03/200312/8/19858 Impact Pension Fund 28/02/200312/8/35301 Individual Investment Pension Plan 31/12/200312/8/25532 Information Systems Group Pension Fund 31/10/200312/8/11433 Interpak Pension Fund No.2 31/01/200312/8/23356 Interpark Provident Fund 31/03/200312/8/20838 Investment Solutions Member Contributions Pension Fund 31/12/200312/8/15227 Investment Solutions Preservation Pension Fund 31/12/200312/8/29161 Investment Solutions Preservation Provident Fund 31/12/200312/8/16005 Investment Solutions Retirement Annuity Fund 31/12/200312/8/32280 Investor's Collection Retirement Annuity Fund 31/03/200312/8/35942 IQ Business Pension Fund 31/03/200312/8/36778 Isos Pension Fund 30/06/200312/8/36367 Italk Provident Fund 28/02/200312/8/390 Johannesburg Municipal Pension Fund 30/06/200312/8/25102 Johnnic Entertainment Pension Fund 31/12/200312/8/318 Joint Municipal Pension Fund 31/12/200312/8/37277 K.S.B. Pumps Pension Plan 30/09/200312/8/345 Krugersdorp Munisipale Pensioenfonds 31/12/200312/8/37117 Kumba Selector Voorsorgfonds 31/05/200312/8/36739 Lancaster Pension Fund 28/02/200312/8/31589 Landbank Aftreefonds 31/12/200312/8/21680 Laser Group Provident Fund (The) 30/09/200312/8/6680 Le Carbone Pension Fund 30/11/200312/8/32986 Le Carbone Provident Fund 30/11/200312/8/5102 Lewis Store Group Pension Fund 31/12/200312/8/29881 Lincoln Wood Provident Fund 28/02/200312/8/36845 Lyttelton Dolomite Provident Fund 31/12/200312/8/36652 Mac's Food Traders Provident Fund 30/06/200312/8/36834 Man-Dirk Millennium Provident Fund 30/06/200312/8/35691 Marriott Preservation Provident Fund 30/06/200312/8/19870 Martindale, Stacey, Trollip Inc Provident Fund 31/01/200312/8/15183 Mead and Mcgrouther Pension Fund 31/12/200312/8/28381 Medscheme Provident Fund 30/04/200312/8/37157 Merisant SA Pension Fund 31/03/2003

37

TABLE 16 - SELF-ADMINISTERED FUNDS IN DEFAULT FOR SUBMISSION OF FINANCIALRETURNS AS AT CUT-OFF DATE OF 10 AUGUST 2004 (continued)

FUND NUMBER FUND NAME YEAR END

12/8/15904 Michael Mount Waldorf School Pension Fund 31/12/200312/8/8279 Midlands Building Industry Retirement Fund 31/10/200312/8/24326 Miele Provident Fund 31/12/200312/8/18070 Mitchell Du Plessis Pension Fund 30/06/200312/8/11653 Mitek South Africa Pension Fund 31/12/200312/8/36672 Multi Linked Provident Enhancement Fund 31/03/200312/8/30672 Multi-Linked Continuum Pension Fund 31/07/200312/8/36673 Multi-Linked Pension Enhancement Fund 31/03/200312/8/36564 Multi-Linked Pension Fund 31/03/200312/8/36428 Multirand Umbrella Defined Benefit Pension Fund 30/09/200312/8/29256 Municipal Gratuity Fund 30/06/200312/8/30574 Munpen Aftreefonds 31/12/200312/8/16527 N F Die-Casting Pension Fund 31/01/200312/8/34554 Naspers Retirement Fund 31/12/200312/8/31042 National Botanical Institute Retirement Fund (Provident Fund) 30/06/200312/8/30789 National Umbrella Provident Fund 30/09/200312/8/32666 NCD - Voorsorgfonds 28/02/200312/8/24599 Nettex Group Pension Fund 31/03/200312/8/32857 New Apostolic Church (South East Africa) Pension Fund 31/12/200312/8/36345 New Millennium Retirement Annuity Fund 28/02/200312/8/6959 Newcastle Municipal Non-Contributory Provident Fund for Non-Europeans 31/12/200312/8/5650 Newmarket Pension Fund 31/12/200312/8/28812 NITNIS Provident Fund 31/12/200312/8/5317 Nukor Pension Fund 31/12/200312/8/27276 Nukor Provident Fund 31/12/200312/8/27317 Owens Corning S.A. (1991) Pension Fund 31/08/200312/8/36661 P2 Construction Projects Provident Fund 30/06/200312/8/11113 Pensioenfonds van die Verenigende Gereformeerde Kerk in Suider-Afrika 31/12/200312/8/36301 Plantimex Provident Fund 31/12/200312/8/32319 Polifin Retirement Fund 31/03/200312/8/32056 Power Pack Pension Fund 31/10/200312/8/31759 PPC Western Cape Provident Fund 28/02/200312/8/15616 Prefhold Group Pension Fund 30/06/200312/8/31663 Pretoria Portland Cement Defined Contribution Pension Fund 28/02/200312/8/31664 Pretoria Portland Cement Defined Contribution Provident Fund 28/02/200312/8/34596 Price's Daelite Provident Fund 30/06/200312/8/33450 Pro-Fortune Provident Fund 31/08/200312/8/35944 Protarp Provident Fund 30/11/200312/8/37180 Protea Technology Retirement Fund 30/06/200312/8/37129 Protector Group Retirement Fund (Pension Fund) 31/12/200312/8/37128 Protector Group Retirement Fund (Provident Fund) 31/12/200312/8/37198 Quantum Preservation Pension Fund 31/12/200312/8/20153 Rand Securities Pension Fund 31/10/200312/8/36862 Relyant Pension Fund 30/04/200312/8/36861 Relyant Provident Fund 30/04/200312/8/36748 Retirement-on-Line Pension Fund 31/03/200312/8/36749 Retirement-on-Line Provident Fund 31/03/200312/8/434 Reuters Pension Fund Limited 31/12/200312/8/32351 Rex Mining Corporation Employee Benefit Plan (Provident Fund) 30/06/200312/8/34731 Robeco Provident Fund 31/12/200312/8/15461 Robert Bosch Defined Benefit Retirement Fund 30/06/200312/8/6925 Robertsons Pension Fund 31/12/2003

38

TABLE 16 - SELF-ADMINISTERED FUNDS IN DEFAULT FOR SUBMISSION OF FINANCIALRETURNS AS AT CUT-OFF DATE OF 10 AUGUST 2004 (continued)

FUND NUMBER FUND NAME YEAR END

12/8/27419 Robertsons Provident Fund 31/12/200312/8/1751 Rock Pension Fund 31/12/200312/8/19186 Rosebank Convent Pension Scheme 31/03/200312/8/34874 Scharig Group Provident Fund 30/06/200312/8/19933 Schneider South Africa Pension Fund 31/05/200312/8/19454 Securicor Group Provident Fund 28/02/200312/8/36936 Sentry Group Pension Scheme 30/06/200312/8/36334 SGA Integrators Provident Fund 31/07/200312/8/35624 Shaft Sinkers Provident Fund (1997) 31/03/200312/8/37248 Sheltam Management/ Staff Provident Fund 31/05/200312/8/32106 Sheltam Provident Fund 31/05/200312/8/36021 Sheraton Group Provident Fund 31/12/200312/8/26660 Smart Centre Retirement Fund 30/06/200312/8/21120 SMK-Aftreefonds 28/02/200312/8/36714 Sonae Pension Fund 31/12/200312/8/36713 Sonae Provident Fund 31/12/200312/8/2454 South African Press Association Pension Fund 31/12/200312/8/1748 South African Sugar Association Pension Fund 31/03/200312/8/36029 Spier Group Retirement Fund 31/01/200312/8/22706 Steelwood Africa Provident Fund 31/12/200312/8/35701 Steelwood Africa Retirement Fund 31/12/200312/8/24548 Stirflow Provident Fund 30/11/200312/8/37160 Strategic Investment Service Preservation Pension Fund 31/03/200312/8/37161 Strategic Investment Service Preservation Provident Fund 31/03/200312/8/37162 Strategic Investment Service Retirement Annuity Fund 31/03/200312/8/25122 Super Group Pension Fund 31/05/200312/8/28382 Super Group Provident Fund 31/05/200312/8/36897 Sybase South Africa Provident Fund 31/08/200312/8/6863 Sydmore Retirement Annuity Fund 31/12/200312/8/17886 Syfrat Godlonton-Fuller Moore Pension Fund 28/02/200312/8/20898 Synda Chem Retirement Benefit Plan 30/06/200312/8/29807 System 16 Staff Provident Fund 31/12/200312/8/29271 Taeuber & Crossen Pension Fund 31/12/200312/8/31957 Tennant Group Pension Fund 28/02/200312/8/36945 Tile Afrika Provident Fund 30/06/200312/8/33117 TNT Container Logistics Pension Fund 31/12/200312/8/36373 Top Form Packaging Pension Fund 28/02/200312/8/35419 Tourvest Provident Fund 30/06/200312/8/33112 Trans - 50 - Pensioenfonds 31/12/200312/8/27062 Transcavators Provident Fund 31/03/200312/8/36761 Umtata Municipality Provident Fund 31/08/200312/8/28200 Unibank Provident Fund 31/12/200312/8/31445 Unihold Group Provident Fund 28/02/200312/8/24707 Union Co-operative Limited Provident Fund 30/06/200312/8/2458 United Herzlia Schools Pension Fund 31/12/200312/8/25789 Unitrans Provident Fund 31/12/200312/8/33819 University of the North West Pension Fund 31/12/200312/8/31619 University of Zululand Pension Fund 31/12/200312/8/31984 University of Zululand Provident Fund (1995) 31/12/200312/8/26007 Vaal Gas (Pty) Ltd Provident Fund 28/02/200312/8/36186 Value Portfolio Managers Preservation Pension Fund 31/10/200312/8/36187 Value Portfolio Managers Preservation Provident Fund 31/10/2003

39

TABLE 16 - SELF-ADMINISTERED FUNDS IN DEFAULT FOR SUBMISSION OF FINANCIALRETURNS AS AT CUT-OFF DATE OF 10 AUGUST 2004 (continued)

TABLE 17 - MEMBERS OF THE PENSION FUNDS ADVISORY COMMITTEE

CHAIRPERSON

Mr J van Rooyen

SECRETARY

Ms A Marais

FUND NUMBER FUND NAME YEAR END

12/8/27604 Vine Book Services Executive Provident Fund 28/02/200312/8/37242 Voith South Africa Provident Fund 31/12/200312/8/34395 WBHO Provident Fund 30/06/200312/8/37333 Wealth Protector Preservation Pension Fund (The) 30/06/200312/8/37332 Wealth Protector Preservation Provident Fund (The) 30/06/200312/8/26004 Xanada Provident Fund 31/05/200312/8/36970 York Timbers Provident Fund 31/12/200312/8/7668 Youth for Christ Southern Africa Pension Fund 31/12/200312/8/28562 Youth for Christ Southern Africa Provident Fund 31/12/2003

MEMBERS

Mr K DaviesMr M DeyselMs GC GouldMr MJ GroblerMs N HowardMs RT HunterMr A LamprechtMr ZE LetjaneMr BF MahlanguMr J MahlanguMr C ManzanaMr J MaqhekeniMr J MoalusiMr H QanguleMr JF ReynekeMr GH SkinnerMr AM SitholeMr CL SoutheyMs DR Terblanche

TEAM 1

Team Manager: Corlia Buitendag (x8030) corliab@fsb.co.za

Magriet Booysen (x8067) magrietb@fsb.co.zaJohn Mackay (x2817) johnm@fsb.co.zaDanny Kgaka (x8188) dannyk@fsb.co.zaEdwin Tshabalala (x8154) edwint@fsb.co.zaRekha Sewpersad (x2813) rekhas@fsb.co.zaAnita Pullen (x8022) anitap@fsb.co.za

Administrators: SANLAM, OLD MUTUAL, METLIFE, ABSA

TEAM 2

Team Manager: Charles Pretorius (X8134) charlesp@fsb.co.za

Papi Kekana (x8132) papik@fsb.co.zaConny Molefe (x8125) connym@fsb.co.zaBenny Moloko (x8005) bennym@fsb.co.zaSonto Nhlapo (x8073) sonton@fsb.co.zaCharles Mathumo (x8189) charlesm@fsb.co.zaTebogo Tlatsana (x8171) tebogot@fsb.co.zaKaveer Ramesar (x2842) kaveerr@fsb.co.za

Administrators: ALEXANDER FORBES, NBC, MOMENTUM

TEAM 3

Team Manager: Fikile Mosoma (X8072) fikilem@fsb.co.za

Dineo Mankga (x8115) dineom@fsb.co.zaMpho Morake (x8180) mphom@fsb.co.zaFlomi van Zyl (x8093) flomiv@fsb.co.zaThabo Maponya (x8169) thabom@fsb.co.zaSibongile Komati (x8166) sibongilek@fsb.co.zaMamiki Motale (x8072) mamikim@fsb.co.za

Administrators: LIBERTY, INVESTEC, GLENRAND MIB CBC

TEAM 4

Team Manager: Matome Thulare (X8071) matomet@fsb.co.za

Winston Matlala (x8159) winstonm@fsb.co.zaGrace Mofokeng (x8031) gracem@fsb.co.zaAnnie Rakoma (x8153) annier@fsb.co.zaSunnyboy Masangu (x2833) sunnyboy@fsb.co.zaRyan Neale (x8157) ryann@fsb.co.zaPortia Matle (x8034) portiam@fsb.co.zaBetty Lesufi (x2843) bettyl@fsb.co.za

Administrators: OWN ADMINISTERED FUNDS, CAPITAL ALLIANCE, SAGE, HOLLARD, WYNNE JONES, ALL SMALL ADMINISTRATORS

40

TABLE 18 - ALLOCATION OF ADMINISTRATORS TO FSB TEAMS

41

TABLE 18 - ALLOCATION OF ADMINISTRATORS TO FSB TEAMS (continued)

TEAM 5: SYSTEMS AND ADMINISTRATION

Team Manager: Loraine de Swart (X8020) lorained@fsb.co.za

Ronald Kekana (x8195) ronaldk@fsb.co.za

Maureen Masilela (x8177) maureenm@fsb.co.za

Carol Roestorf (x8011) carolr@fsb.co.za

Lizelle de Koning (x8172) liz@fsb.co.za

Moses Mahlangu (x8033) mosesm@fsb.co.za

Victoria Mabunda (x8086) vickym@fsb.co.za

Cecillia Steyn (x2855) cecilias@fsb.co.za

42

NOTES

43

NOTES

44

NOTES

2003Registrar of Pension Funds

forty-fifth annual report

ISBN: 0-621-35328-0

Registrar of Pension Funds 2003

3 1 7 1 7 B R I G H T M A R K