Performance measurement

We use the internationally approved IIMR method of performance evaluation and maintain detailed statistics to enable us to do this accurately and consistently. As a matter of course, we compare the performance of each of our Major Investment Funds (especially Pension Funds) against the following:

Inflation rate (as this is the basic measure as to whether the value/buying power of a fund is being maintained/enhanced)
Exchange rate to the US$ (to measure whether the fund is maintaining/enhancing its value in US$ terms)
ZSE Industrial and Mining indices (to see how we are performing against these important indices)
Treasury Bill rate (To compare performance against prevailing interest rates)
Datvest Balanced Fund (to see how each fund compares against our balanced/“ideal” Datvest Fund)
Other pension fund managers (e.g. Aon Zimbabwe and Comarton maintain independent performance statistics for many of the Pension Fund Asset Management firms).

Further to this, we are happy to do any additional performance comparisons that our clients may feel appropriate in their circumstances.

To give a feel of our performance from 1 January 2002 to date we have provided the following table of performance statistics. The table shows the performance of the average of our pension funds and one of our larger, specifically managed equity funds and compares these against the Zimbabwe Industrial Index (ZIMI) and Inflation (CPI).

PERIOD	AVG. PENSIONS	LARGEST FUND	ZIMI	USD (OMIR)	CPI
Y/E 31 Dec 07	269,622%	250,905%	335,338%	205,259%	66,212%
Y/E 31 Dec 06	3 084%	3 135%	2 983%	2,400%	1 281%
Y/E 31 Dec 05	1 463%	1 532%	1 584%	1,076.5%	586%
Y/E 31 Dec 04	298%	320%	173%	46.55%	133%
Y/E 31 Dec 03	303%	325%	288%	251.52%	599%
Y/E 31 Dec 02	141%	160%	123%	385.29%	199%

This performance encompasses all assets held, including under-performing investments such as Prescribed Assets which are required to be held for statutory reasons and has been obtained whilst maintaining a low risk investment strategy.

We believe that this demonstrates a trend of exceptional performance, which places us consistently in the top quartile of Independent Investment Managers in Zimbabwe. We have every confidence that we will be able to maintain this level of performance, given reasonable trading conditions. Nevertheless, given the extreme uncertainty in Zimbabwe at the moment, the parlous state of the economy, the climate and the generally difficult trading conditions, it would be extremely unwise to make rash promises about future performance levels. What we can say, however is that we strongly believe that we will measure up very favourably against our competition, as we have done in the past.

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Performance measurement