Please note that the following portfolios are currently underfunded. Should members switch out of any of these portfolios from 3 November 2016, the book value as currently reflected on their statements will be adjusted to the current market value. That means that their current book value will be reduced with the applicable percentage as indicated below.

Current Market Value Adjustment (MVA) applicable:

– Sanlam Stable Bonus 2.14%

– Sanlam Lifestage Capital Protection Preservation 1.63%

– Sanlam SMM Vesting 1.07%

– Sanlam Monthly Bonus 1.63%

– Volatility Protection Strategy 1.63%

Any benefit payments (death, disability, resignation, retrenchment or retirement and also any regular lifestage switches) will however be made at the full book value as currently shown on a member’s statement.

For further information, please see the attached explanation on how how smooth bonus portfolios work.