Buying a single share can be very risky. Buying a few shares reduces that risk. Buying all 40 of the top shares spreads your risk across the entire South African economy.

Satrix 40 endeavours to replicate the performance of the FTSE/JSE Top 40 index. This index constitutes the forty largest companies, by market capitalisation, listed on the JSE.

Satrix 40 accurately replicates the FTSE/JSE Top 40 index, by holding the exact weighting and number of shares that constitute this index. Dividends paid by the top forty companies, less expenses incurred by managing the portfolio, are paid out to Satrix 40 shareholders on a quarterly basis. In this way the holders of Satrix 40 securities replicate the total performance (capital plus dividend yield) of the top 40 companies listed on the JSE.

Buy one security and own the market!


FTSE/JSE Top 40 Index
The major companies on the JSE included in the Top 40 index account for 95% of the trading the JSE. By investing in this index you are closely duplicating the performance of the entire market. Over the past number of years, the JSE has provided very good performance. For instance, over the last 30 years, the average annual return of the JSE has been 22,5%, over 20 years 17,1%, and 17,4% over ten years. All of these performances are comfortably ahead of inflation. For investors looking to generate capital growth on their savings over extended periods of time, the JSE has, in the past, provided an outstanding record of long-term growth.

Portfolio Diversification
Buying one share can be extremely risky. Buying a few reduces the risk. Satrix 40 provides a well diversified portfolio of large capitalisation companies and diversification reduces risk. The top 40 companies include resources, industrial, retail, telecommunication and financial companies and this wide spectrum of counters ensures consistent performance and strong rand hedge qualities.

COMPONENTS OF THE SATRIX 40 PORTFOLIO (as at 30 November 2009)
	% of Portfolio
Basic Resources	44.65
Oil & Gas	5.83
Consumer Goods & Services	18.80
Industrials	3.07
Financials	18.68
Telecommunications	8.03
Cash	0.17

PERFORMANCE DATA
(Sept to Sept)**         (per annum)	STX40 Fund**	FTSE/JSE Top 40 Performance (total return)
1 year return	6.8%	5.4%
3 year return	5.4%	5.6%
5 year return	18.4%	18.8%
**	Satrix 40 established in November 2000. Returns calculated for lump sum investment. All dividends reinvested.

Low Cost
Satrix 40 does not charge substantial management fees or other advisory and ongoing costs, common to other managed investments. The income Satrix earns from scrip lending activities cover a portion of the running costs of the Satrix Trusts.

The only costs involved with the purchase or sale of Satrix securities are the brokerage and other JSE transaction costs incurred as with any listed security. A big advantage is that by purchasing Satrix 40 you only pay brokerage and other transaction costs once, and not forty times, which would be the case if you were to purchase the index constituent shares separately.

Satrix securities can also be held and transacted through various management account portfolios, such as the Satrix Investment Plan. In the case of the Satrix Investment Plan, which is administered by Automated Outsourcing Services (AOSL), transaction costs (brokerage) of 0,1% is levied on purchases and sales of Satrix securities. Annual management fees, charged by AOS, are as follows:

Investment Plan Administration Fees(for both lump sum and debit order investments)

Annual administration fee: (calculated daily and deducted quarterly)

Total Investment Per Fund	Fee
R0 to R100 000	0,80%
R100 000 to R250 000	0,75%
R250 000 to R1 000 000	0,70%
R1 000 000 to R3 000 000	0,50%
R3 000 000 or more	0,45%

Transaction Fees
Debit order fee: R3.50
Stock brokerage fees: 0.10% (buying and selling)
Nominal Strate and Investor Protection levies will also be charged.
Where a financial adviser is used, commissions will be charged (as scheduled in Section 8).
All fees quoted are exclusive of VAT.  VAT will be levied where applicable

Satrix 40 is traded all day on the JSE and its price is subject to trading in the marketplace. The price of Satrix securities can be obtained from any media publication that reports JSE prices. All settlement, registration, recording and guarantee of trade is done through the normal JSE market systems. Official market makers have been appointed by Satrix to ensure that investor´s transactions will be accommodated in the market.

Regulation and Disclosure
Satrix 40 is subject to the same regulations, reporting and compliance requirements of any listed company on the JSE. Satrix 40 is also registered as a Collective Investment Scheme and is therefore subject to the regulation of the Financial Services Board. Satrix Managers (Pty) Ltd is a registered Financial Services Provider.