TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS EFFECTIVE 14 MARCH 2016 VERSION 2.0

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1 TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS EFFECTIVE 14 MARCH 2016 VERSION 2.0

2 CONTENTS 01 DEFINITIONS 03 WHICH DOCUMENTS FORM THE BASIS OF YOUR AGREEMENT WITH ALLAN GRAY LIFE? 03 HOW DOES THE ALLAN GRAY TAX- FREE INVESTMENT ACCOUNT WORK? 05 WHAT ARE YOUR RIGHTS AND RESPONSIBILITIES? 06 WHAT HAPPENS WHEN YOU DIE? 06 WHAT ARE THE RESPONSIBILITIES OF ALLAN GRAY LIFE? 07 WHAT CAN ALLAN GRAY LIFE DO THAT WILL AFFECT THE ACCOUNT? 07 WHAT ARE THE ADMINISTRATOR S RIGHTS AND RESPONSIBILITIES? 09 WHAT IS ALLAN GRAY NOT RESPONSIBLE FOR? 10 WHAT FEES AND CHARGES DO YOU PAY? 13 WHAT LEGISLATION AND REGULATIONS GOVERN THIS AGREEMENT? 14 CONTACT DETAILS 15 COMPLAINTS Allan Gray Tax-Free Investment terms and conditions - Policy document This document, when read with your Account Summary, is your Policy document. It sets out the terms and conditions applicable to your investment.

3 DEFINITIONS ALLAN GRAY TAX-FREE INVESTMENT ACCOUNT The name of this policy also referred to as `the Account. ALLAN GRAY When we refer to `Allan Gray in this document, we are referring to entities that fall under the Allan Gray group. In some instances it is necessary to distinguish between the entities as they fulfill different roles and responsibilities: The entities being referred to are as follows: Allan Gray Life Limited, a registered insurer and governed by the Long-term Insurance Act. In this document it is referred to as Allan Gray or `Allan Gray Life Allan Gray Investment Services Proprietary Limited, an authorised administrative financial services provider. In this document it is referred to as Allan Gray or the `Administrator POLICYHOLDER (`YOU ) The party that legally owns the Account addressed as `you. OUTRIGHT CESSION An outright cession is a transfer of ownership. This means that the person or institution to whom the Account is ceded becomes the new Policyholder. SECURITY CESSION An agreement where you provide the Account as security. BUSINESS DAY A Business Day is any day other than a Saturday, Sunday or South African public holiday. In this document day and Business Day have the same meaning. CONTRIBUTION The amount contributed to your Tax-Free Investment Account before initial fees are deducted. LIFE ASSURED (`YOU ) The Account is issued on the Policyholder s life and comes to an end when the Policyholder dies. The Life Assured is also referred to as you. BENEFICIARY You may nominate a Beneficiary to receive the proceeds of the Account after you die. PORTFOLIO OF A COLLECTIVE INVESTMENT SCHEME (`UNIT TRUST ) This is an arrangement that enables investors to pool their money and have it professionally managed and invested in a range of underlying assets. The underlying assets vary. Portfolios are commonly referred to as a `Unit Trust(s) or `fund(s). In this document the term `Unit Trust is used. UNIT A Unit Trust is divided into equal parts, also referred to as `Units. Each Unit represents a direct proportionate interest in every underlying asset of the portfolio. INVESTMENT ACCOUNT The account through which your Account and the Unit Trust(s) that you choose are administered. The number of Units in your Investment Account depends on how much money you contribute and what the Unit price is when Units are purchased. INVESTMENT MANAGER The company that administers the Unit Trusts in terms of the Collective Investment Scheme Control Act. Allan Gray Unit Trust Management (RF) Proprietary Limited is an example of an Investment Manager. ALLAN GRAY NOMINEES This is the independent company approved by the Financial Services Board that holds the assets in a trust Allan Gray Nominees (RF) Proprietary Limited. 1 TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS 2

4 WHICH DOCUMENTS FORM THE BASIS OF YOUR AGREEMENT WITH ALLAN GRAY LIFE? Your Tax-Free Investment Account with Allan Gray Life is based on the application form and supporting documents that you provide, the Account Summary and this document. All other instructions which you provide, and which Allan Gray accepts, will also form part of the agreement. HOW DOES THE ALLAN GRAY TAX-FREE INVESTMENT ACCOUNT WORK? If the market value of a Unit Trust from which you wish to switch is less than the Allan Gray minimum investment amounts applicable at the time the entire amount must be switched. The two components of the transaction may not take place on the same day and the prices are not guaranteed (see page 8 for timelines). ALLAN GRAY LIFE OWNS ALL UNDERLYING INVESTMENTS OF THE ACCOUNT The investments are held via a nominee company, Allan Gray Nominees (RF) Proprietary Limited. The value of the Investment Account is directly linked to the performance of the underlying investments you choose. The value of the Allan Gray Tax-Free Investment Account is therefore not guaranteed. The market value of the Investment Account is increased by: Positive investment returns Additional Contributions WHAT IS THE ALLAN GRAY TAX FREE INVESTMENT ACCOUNT? The Allan Gray Tax-Free Investment Account is an investment policy issued by Allan Gray Life within the framework of the Long-term Insurance Act and the Income Tax Act. PARTIES INVOLVED IN THE ACCOUNT There are different parties that may be involved in the Account. These are: Policyholder and Life Assured Beneficiary Allan Gray Life The Administrator Allan Gray Nominees START AND END DATES Your Account starts after the Administrator has received and accepted your application, including all supporting documents and the money is invested into your selected Unit Trust(s). This date is confirmed in your Account Summary. The Account does not have a fixed term (i.e. it is open-ended), and ends when: You die, or You withdraw the total amount available under the Account, or The value in your Tax-Free Investment Account is zero MAXIMUM INVESTMENT AMOUNTS You can invest a maximum prescribed amount per tax year into your investment account and there is a maximum lifetime limit prescribed by legislation. The minimum lump sum and debit order investment amounts are Allan Gray minimums applicable at the time. These limits apply to the combined value of all tax-free investment and/or tax-free savings accounts that are held in your name with Allan Gray and other product providers. It is your responsibility to ensure that you do not exceed these limits. Penalties of 40% of the amount exceeding the annual and lifetime limits will be levied by the South African Revenue Service. YOUR INVESTMENT RETURN COMES FROM UNIT TRUSTS THAT YOU CHOOSE You must select any one or a combination of the Unit Trusts made available by Allan Gray as the underlying investments of the Investment Account. You may switch between available Unit Trusts if your needs change. All switch transactions have two components: Units are sold from your existing Unit Trusts Units are bought in another Unit Trust The market value of the Investment Account is reduced by: Negative investment returns Any relevant fees and charges Withdrawals Past performance of the Unit Trust(s) selected for your Investment Account is not necessarily representative of the future returns of those same Unit Trusts. You carry the risk of the market value of the Unit Trusts underlying the Investment Account, and therefore the value of the Account, being reduced. WITHDRAWALS ARE ALLOWED You may withdraw some or all of your investment by selling the Units in the Investment Account. However, if the market value of the Investment Account is less than Allan Gray s required minimum balance after your withdrawal(s), Allan Gray may require you to withdraw the remaining balance. A withdrawal from your Investment Account does not increase your annual or lifetime Contribution limits. THERE IS NO LIFE COVER This is a pure Investment Account, which means that only the market value of the Investment Account, less fees and charges, is paid to your Beneficiary(s) when you die. WHO GETS THE PROCEEDS WHEN YOU DIE? The proceeds will be paid to the Beneficiary(s). If no Beneficiary(s) is nominated, the proceeds will be paid into your estate. TAX TREATMENT All dividend income, interest income and capital gains are tax free as prescribed by legislation. LOANS AND CESSIONS You may not take out a loan from Allan Gray Life on security of the Account. You may not cede the Account to a new policyholder (Outright Cession) or as security (Security Cession). 3 TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS 4

5 WHAT ARE YOUR RIGHTS AND RESPONSIBILITIES? YOU MUST PROVIDE ALL INSTRUCTIONS IN THE PRESCRIBED FORMAT TO THE ADMINISTRATOR. ALL INSTRUCTIONS ARE SUBJECT TO: The Administrator s requirements and relevant legislation at the time of the transaction The availability of the Unit Trusts you select The Administrator s processing requirements at the time of the instruction (this includes cut-off times and time periods for processing) The terms and conditions of the Investment Manager The minimum investment amounts applicable at the time of the transactions The Administrator may suspend, delay or withdraw your instruction if any of the above is not in order. You may also cancel additional once-off lump sum Contributions within 30 calendar days of receiving the Account document. The amount that you will receive is equal to your Contributions less any market losses, fees and charges incurred until the date the Administrator receives your instruction. Interest or any market growth will not be paid to you. However, you may not cancel the Account or the additional lump sum Contribution if you have made a prior withdrawal from your investment within the cooling-off period. WHAT HAPPENS WHEN YOU DIE? IT IS YOUR RESPONSIBILITY TO: 1. Provide accurate information You must ensure that all information, instructions and supporting documents that you provide to the Administrator are true and accurate. 2. Make informed financial decisions If you require financial advice it is your responsibility to appoint a financial adviser, as Allan Gray is not licensed to provide financial advice. You must negotiate financial adviser fees with your financial adviser. 3. Appoint or change your financial adviser You may appoint, change or remove your financial adviser at any stage by writing to the Administrator. The Administrator will inform your financial adviser of the change. If you remove your appointed financial adviser, this will take effect after five Business Days. 4. Select your Unit Trust(s) You must select one or more Unit Trusts with fixed fees made available by Allan Gray. Certain Unit Trusts are subject to availability due to exchange control regulations, the Long-term Insurance Act and the discretion of the relevant Investment Manager. 5. Monitor your Unit Trust(s) You are responsible for regularly reviewing your Unit Trusts and ensuring that they suit your circumstances. Allan Gray does not take responsibility for your selection. You may switch between Unit Trusts at any time if your needs change. 6. Nominate Beneficiaries and keep your nominations up to date You may nominate a Beneficiary to receive the proceeds of the Account after your death. Beneficiaries will share proceeds equally unless you specify otherwise. You need to keep Beneficiary nominations up to date. You must complete and sign a Beneficiary nomination form and it must be delivered to the Administrator s head office while you are still alive. 7. Report errors You have 14 days after you receive the investment confirmation or any statement to report any errors to the Administrator. 8. Notify Allan Gray of changes to bank or contact details You need to inform the Administrator of any changes to your bank or contact details, including your postal and address, and provide supporting documents where appropriate. Where we are unable to trace you based on the last available details on file, we will use your personal information to trace you or your beneficiaries. YOU HAVE THE RIGHT TO CANCEL THE ACCOUNT You have the right to cancel the account by written notice to the Administrator s head office, within a period of 30 calendar days of receiving the Account document (including the Account Summary) by you or your financial adviser (or from a reasonable date on which it can be deemed to have been received). HOW DOES THE ADMINISTRATIVE PROCESS WORK? The Administrator must be notified in writing of your death. The notification should include: Your personal details Identity number A certified copy of your death certificate The Account number The proceeds will be paid to your Beneficiary(s) on condition that the notification of death is accepted by the Administrator as confirmation of your death. The Beneficiary has no right to the Account until you die. WHAT IS THE VALUE OF THE PROCEEDS? The proceeds payable when the death claim is finalised will be the market value of the Investment Account, less fees and charges. WHAT HAPPENS IF THE BENEFICIARY DIES BEFORE YOU? You can nominate a new Beneficiary, or You can re-allocate the basis on which the surviving Beneficiaries will share If there are surviving Beneficiaries and you do not re-allocate the basis on which they will share, then the deceased Beneficiary s share will accrue to them equally PAY PROCEEDS All proceeds will be paid from South Africa in South African rands, via electronic funds transfer (EFT), to a current, savings or transmission account held in your name. All payments will be made according to the laws of South Africa. UNCLAIMED BENEFITS WHAT ARE THE RESPONSIBILITIES OF ALLAN GRAY LIFE? The Administrator will contact a Beneficiary when a Beneficiary becomes entitled to a benefit in terms of this Account. If the Administrator is unable to make contact with a Beneficiary within six months of the date of entitlement, the benefit will be considered unclaimed. The Administrator may make use of both internal and external resources to contact the Beneficiary. Any reasonable costs incurred in tracing a Beneficiary may be recovered from the benefit payable. 5 TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS 6

6 WHAT CAN ALLAN GRAY LIFE DO THAT WILL AFFECT THE ACCOUNT? ASK YOU TO CHANGE YOUR SELECTED UNIT TRUST(S) Allan Gray Life may notify you that you must change your chosen Unit Trust(s). This will happen if Allan Gray Life breaches the investment limits set by regulatory authorities. An example of these limits is that only a certain percentage of Allan Gray s Life s assets may be invested offshore. Alternatively a Unit Trust you have selected may for various reasons become unavailable. Allan Gray Life will give you written notice, asking you to select an alternative from the list of available investment options. If you do not select an alternative Unit Trust, Allan Gray Life will switch your investment out of the affected Unit Trust to the Allan Gray Money Market Fund. AMEND THE TERMS AND CONDITIONS Allan Gray Life may amend the terms and conditions of the Allan Gray Tax-Free Investment Account. Please contact your financial adviser, the Client Service Centre on or for the latest version. Allan Gray Life may not reduce the rights and benefits that you have under the Account, except where the amendment is due to a change in: Legislation Practice or interpretation by any court, legislative or regulatory authority or Allan Gray Life PROCESSING TIMELINES Buying, selling and switching Units in Unit Trusts administered by the same Investment Manager The table below shows the timeline for buying and selling Units in a Unit Trust or for switching Unit Trusts administered by the same Manager. Business cut-off to receive an instruction is 14:00 BUYING, SELLING AND SWITCHING UNIT TRUSTS ADMINISTERED BY SAME INVESTMENT MANAGER Process the instruction Buy or sell units Unit price received from the Manager Before 14:00 (Day 1) Day 1 Day 2 The price at the close of Day 2 Day 3 After 14:00 (Day 1) Day 2 Day 3 The price at the close of Day 3 Day 4 Shows on investor statement WHAT ARE THE ADMINISTRATORS RIGHTS AND RESPONSIBILITIES? For certain Unit Trusts there will be an additional Business Day for the Units to show on your Allan Gray statement. It is noted on the latest Allan Gray Investment Platform Unit Trust list when and where this applies. Units purchased with a direct debit or a recurring debit order cannot be sold within 32 days of each investment date. If you have made a withdrawal, it will take a maximum of seven days to appear in your bank account provided that all requirements have been met. IT IS ALLAN GRAY S RESPONSIBILITY TO: 1. Communicate with you The Administrator will communicate with you on behalf of Allan Gray Life. You can choose to have your financial adviser, if you appoint one, to receive communication on your behalf. Where you have made no selection: Transaction confirmations will be sent to both you and your appointed financial adviser Quarterly statements and other communication will only be sent to you 2. Confirm changes The Administrator will confirm changes to the Account details, as set out in the Account Summary, with you in writing. Recurring monthly Contribution via debit order You may select to contribute via a debit order on the 1st or 15th of each month. The Administrator will collect the Contribution on your selected date and then invest it at the Unit price of the following day. If your selected date is not a Business Day the Administrator will collect the Contribution on the next day. The Administrator needs to receive the instruction by 14:00 three days before the selected date. Any instructions received after the cut-off dates will be processed the following month. Switching Unit Trusts administered by different Investment Managers Transactions that require a sale of the underlying investments will normally take a maximum of seven Business Days to process. SWITCHING UNIT TRUSTS ADMINISTERED BY DIFFERENT INVESTMENT MANAGER 3. Provide statements The Administrator will provide you with quarterly statements. Additional statements are available from the secure section of or via Allan Gray s Client Service Centre. 4. Process instructions The Administrator will process your instructions subject to the timelines applicable at the time of the instruction. Pricing takes place at the close of each Business Day which means that the price is only available the following Business Day. Business cut-off to receive an instruction is 14:00 Before 14:00 (Day 1) After 14:00 (Day 1) Process the instruction Administrator sells unit Day 1 Day 2 The price at the close of Day 2 Day 2 Day 3 The price at the close of Day 3 The Administrator receives money from the Manager The Administrator pays the money to the new Manager Manager buys units Day 4 Day 4 Day 4 The price at the close of Day 4 Day 5 Day 5 Day 5 The price at the close of Day 5 Show on investor statement Day 5 Day 6 Processing sequence of multiple instructions If the Administrator receives an instruction while another instruction is in progress, the second instruction may be delayed until the first is complete. 7 TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS 8

7 5. Allocate bank interest earned Bank interest (at the rate earned in the Allan Gray Tax-Free Investment bank account on lump sum Contributions) will be applied to the lump sum amount deposited if it takes longer than 24 hours to start processing the Contribution. 6. Make payments When you withdraw some or all of your Units in your Investment Account, payment will be made to you only. Proceeds from the sale of any Units will be paid per Unit Trust, which may result in multiple payments to you. All payments are made in South Africa in South African rand, via electronic fund transfer only, into a current, transmission or savings account held in your name. Where the investor is a minor, proceeds can only be paid into the bank account held in the name of that minor. DELAYS IN PROCESSING INSTRUCTIONS The Administrator will carry out instructions at the earliest possible opportunity, subject to its administration procedures and any Unit Trust limitations, at the time of the transaction. Allan Gray does not accept responsibility for delays in processing instructions as a result of extraordinary events that cause disruptions. WHAT FEES AND CHARGES DO YOU PAY? 7. Reinvest income distributions Any income distributions made within a Unit Trust will be reinvested automatically. 8. Accept or reject instructions The Administrator may accept or reject your application or subsequent instructions. The Administrator may also reverse a transaction, if the circumstances justify it. 9. Put in place professional indemnity and fidelity insurance cover Allan Gray is insured against fraud, negligence or dishonest behaviour. WHAT IS ALLAN GRAY NOT RESPONSIBLE FOR? If a fee or charge is levied, this is passed on to you by reducing the underlying investments of the Investment Account by the same amount. Your choice of Unit Trusts and their associated classes will determine certain aspects of the fee structure. Where applicable, these fees and charges are levied proportionately across all Unit Trusts of the Investment Account. You may choose to have your annual administration and annual financial adviser fees deducted from your Allan Gray Money Market Fund. This will be known as your preferred fee Unit Trust. If the preferred fee Unit Trust does not have sufficient funds to pay the fees, Allan Gray will deduct fees from the Unit Trust(s) where the fees have accrued. If there is an insufficient balance in that Unit Trust, Allan Gray will deduct fees proportionately from the remaining Unit Trusts. There are generally three types of fees that may be deducted from your Account on an initial and annual basis: Financial advice fees Administration fees Investment management fees ADVICE Allan Gray does not give advice or employ financial advisers. CERTAIN LOSSES SUFFERED Allan Gray is not responsible for any losses that may be suffered due to: Errors made by the Investment Manager of a Unit Trust The investment or market risk of the underlying investments Changes in tax or other legislation Delays in the processing or the rejection of an application because the financial adviser is either not an authorised financial services provider or does not have a contract with the Administrator Financial advisers acting beyond the scope of their FSB license Unauthorised instructions given by the financial adviser The failure of any networks or electronic or mechanical devices Allan Gray providing your appointed financial adviser with details about your investment either via telephone, , fax or a secure website Allan Gray acting on information sent electronically Allan Gray acting on incorrect information where you have failed to notify them of any changes to such information The delayed sale of Units in a Unit Trust due to ring-fencing: Ring-fencing is the separation and delayed sale of Units in a Unit Trust. A large sale of Units above a certain threshold in a Unit Trust may cause ring-fencing. This ensures that the sale of a large number of Units will not force the Investment Manager to sell the underlying investments at a price in the market, which could have a negative impact on investors. Allan Gray Life may delay the payment or reinvestment of the proceeds of the sale of Units. INITIAL FEES 1. Financial advice fee If you and your financial adviser agree to an initial financial adviser fee (as indicated in the application form or any other written communication acceptable to the Administrator), Allan Gray Life will deduct from each Contribution, before investment, an amount equal to the initial financial adviser fee. Allan Gray Life will pay the Administrator this amount (which accrues to the Administrator) as an initial administration fee. The Administrator will pay an equal amount to the financial adviser. 2. Administration fee There is no initial administration fee. 3. Investment Management fee If the Manager of your chosen unit trust charges Allan Gray Life an initial fee to invest in the unit trust, the amount available for investment will be reduced by the initial fee and paid to the Manager before investment. The fee will be based on each contribution less the initial financial adviser fee (if applicable). 9 TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS 10

8 ANNUAL FEES All annual fees are calculated daily, based on the market value of the Unit Trust at the end of each day. 1. Financial advice fee You and your financial adviser may agree on annual financial adviser fees (as indicated in the application form or any other written communication acceptable to the Administrator). Depending on the class of your chosen Unit Trust, an amount equal to the financial adviser fees is either: Deducted by selling Units from the Unit Trusts underlying the Investment Account. Allan Gray Life will pay the Administrator this amount (which accrues to the Administrator) as an annual administration fee, in addition to the administration fee in (2) below. The Administrator will pay an equal amount to the financial adviser monthly in arrears; or Included in the published Unit price of the Unit Trust. The Investment Manager pays this fee directly to the financial adviser, or to the Administrator who pays the financial adviser. 2. Administration fee The Administrator charges Allan Gray Life an annual administration fee (excluding VAT) of: A maximum of 0.5% on the first R1.5m 0.2% on the next R3.5m 0.1% on the balance of the market value across all local platform investments linked to a Policyholder s investor number as assigned by the Administrator CHANGES IN FEES OR CHARGES The fees and charges that Allan Gray Life recovers from the Account may change. Allan Gray Life will also recover any new fees or charges from the Account if they are charged to Allan Gray Life. Allan Gray Life will give you three months written notice when new fees or charges are added, or when changes (excluding decreases) are made to the: Initial administration fee Annual administration fee Unit Trust switching fee Termination fee Allan Gray Life may give less than three months written notice if, in its opinion, the circumstances of the change (for example a change in legislation) require it. Allan Gray Life does not have to notify you when any of the other fees or charges are changed. REPORTING OF FEES The quarterly statement will indicate the applicable fees for that period. For any investments in Allan Gray unit trusts the Administrator charges Allan Gray Life a flat annual administration fee (excluding VAT) of 0.2%. The annual administration fee deducted from the Investment Account is decreased by any amount passed on from the Managers of the chosen unit trusts. It will be paid to the Administrator monthly in arrears by selling units from the unit trusts underlying the Investment Account. If the amount passed on from the Managers exceeds the annual administration fee, the Administrator will pay an amount equal to the excess to Allan Gray Life. Allan Gray Life will use the amount received to buy additional units in the relevant unit trusts and will credit the Investment Account monthly in arrears 3. Investment management fee The Manager charges annual investment management fees. Current legislation limits your investment options to unit trusts that charge fixed fees. There are also other allowable expenses associated with Unit Trusts. These fees and expenses are deducted within the Unit Trust, and are therefore accounted for in the Unit Trust s published performance figures. Please refer to the relevant Unit Trust minimum disclosure documents and the Allan Gray Investment Platform fund list for more details. OTHER FEES 1. Termination fee Allan Gray Life does not charge a fee when proceeds are paid. 2. Unit Trust exit fee If the Investment Manager of your chosen Unit Trust charges Allan Gray Life an exit fee, the proceeds of the sale of any Units will be reduced by the exit fee. 3. Unit Trust switching fee Allan Gray Life does not charge a switching fee when you request a switch from one Unit Trust to another. However, because a switch is made up of a sale and a purchase of Units, the Investment Manager may charge Unit Trust initial and exit fees. VALUE ADDED TAX (VAT) Where VAT is levied on fees or charges charged to Allan Gray Life, an amount to compensate for VAT will be added to the fees or charges recovered from the Account. VAT may also be added to fees and charges which are not charged to Allan Gray Life directly. 11 TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS 12

9 WHAT LEGISLATION AND REGULATIONS GOVERN THIS AGREEMENT? CONTACT DETAILS The following are some of the main acts that govern this agreement. Amendments to or replacements of the legislation and directives issued by the regulatory authorities may change these terms and conditions. INCOME TAX ACT This act applies where taxation is referred to. THE LONG-TERM INSURANCE ACT This act governs Allan Gray Life and the Allan Gray Tax-Free Investment. THE COLLECTIVE INVESTMENT SCHEMES CONTROL ACT This act regulates the Unit Trusts of the Investment Account. EXCHANGE CONTROL REGULATIONS The availability of certain Unit Trusts is subject to these regulations. FINANCIAL INTELLIGENCE CENTRE ACT This act requires Allan Gray Life to obtain certain information to verify who you are before your application is processed. FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT This act applies to any advice given relating to this investment. It also governs any form of intermediary services between you and Allan Gray. INSURER: ALLAN GRAY LIFE LIMITED Postal and physical addresses of the head office, issuing office and contact details of the compliance officer: Physical address 1 Silo Square V&A Waterfront Cape Town 8001 Postal address P O Box V&A Waterfront Cape Town 8002 ADMINISTRATOR: ALLAN GRAY INVESTMENT SERVICES PROPRIETARY LIMITED Postal and physical addresses of the head office and contact details of the Client Service Centre: Physical address 1 Silo Square V&A Waterfront Cape Town 8001 Postal address P O Box V&A Waterfront Cape Town 8002 Client Service Centre Tel: / +27 (0) Fax: / +27 (0) info@allangray.co.za Website: 13 TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS 14

10 COMPLAINTS NOTES COMPLIANCE OFFICER: ALLAN GRAY LIFE If you are not satisfied with this Account or the service of the Administrator, you can write to the compliance officer at the Allan Gray Life address given above. Remember to include all supporting documents. The compliance officer will acknowledge the complaint in writing, and provide you with the contact details of the person that is most likely to resolve it. THE LONG-TERM INSURANCE OMBUDSMAN If you are not satisfied with the response, you can contact the Ombudsman for Long-term Insurance at: Postal address Private Bag X45 Claremont 7735 Tel: +27 (0) Sharecall: Fax: +27 (0) THE OMBUD FOR FINANCIAL SERVICES PROVIDERS If you have a complaint about the Administrator or advice given by a financial adviser relating to this Account, you can write to the Ombud for Financial Service Providers at: Postal address PO Box Lynnwood Ridge 0040 Toll-free: info@faisombud.co.za 15 TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS TAX-FREE INVESTMENT ACCOUNT TERMS AND CONDITIONS 16

11 1 Silo Square V&A Waterfront Cape Town 8001 P O Box V&A Waterfront Cape Town 8002 South Africa Client Service Centre Tel: or +27 (0) Client Service Centre Fax: or +27 (0) info@allangray.co.za