NOTICE ………… OF 2002

COLLECTIVE INVESTMENT SCHEMES

CONTROL ACT, 2002

FOREIGN COUNTRIES IN WHICH COLLECTIVE INVESTMENT SCHEME IN SECURITIES AND IN PROPERTY MAY INVEST

Under subparagraph (a)(i) of section 45 and under section 49, respectively, of the Collective Investment Schemes Control Act, 2002 (Act No. … of 2002), I, Jeffrey van Rooyen, Registrar of Collective Investment Schemes, hereby determine the following investments and instruments in the countries mentioned in which the abovementioned schemes may invest:

  1. A collective investment scheme in securities may invest in non-equity securities from an issuer -

    1. located in a country which has a foreign currency sovereign rating of "A3" or higher by either Moody’s Investors Service Limited, of "A-"or "A-1" or higher by Standard and Poor’s or of "A-" or higher by Fitch Ratings Limited or Fitch Southern Africa (Pty) Limited ("Fitch"); and

    2. the issuer has a long-term credit rating of "A-1" or "A-" or higher on the international scale by Moody’s Investors Service Limited, Standard and Poor’s or Fitch.

  2. A collective investment scheme in property may invest the assets of a portfolio in immovable property, property shares or participatory interests in a collective investment scheme in property in a foreign country having a foreign currency sovereign rating of "A3" or higher by Moody’s Investors Service Limited, of "A-" or"A-1" or higher by Standard and Poor’s or of "A-" or higher by Fitch.

    3.  

  3. If, for purposes of paragraph 1 or 2 above, more than one rating exists, the lower of the ratings applies.

J VAN ROOYEN

REGISTRAR OF COLLECTIVE INVESTMENT SCHEMES