Satrix Indi endeavours to replicate the performance of the FTSE/JSE Industrial 25 index. This index comprises the top 25 industrial companies listed on the JSE.

Satrix Indi accurately replicates the FTSE/JSE Indi 25 index, by holding the shares in this index in exactly the weighted and number they constitute the index. Dividends paid by the underlying companies, less expenses incurred by managing the portfolio, are paid out to Satrix Indi shareholders on a quarterly basis.

Investors who purchase and hold Satrix Indi securities accordingly, obtain the performance and yield of the top 25 industrial companies in the JSE with the convenience and low cost of a single trade.

Buy Satrix Indi and own the industrial sector of the JSE!!


FTSE/JSE Industrial 15 Index
The FTSE/JSE Industrial 25 index provide a focused portfolio of shares in the industrial, retail and manufacturing sectors of the South African economy. Over the past twenty years, the Industrial index has provided an annual average return of 17,0% per annum and 19,2% over the past 30 years. In recent times, this sector of the JSE has provided superior performance as the run-up to the World Cup in 2010 provides a boost to industrial companies.

This improving performance reflects the gradual shift in the SA economy towards a more competitive production and manufacturing sector, aided by the macro-economic discipline and low inflation environments. The current and future emphasis on job provision, infrastructure capacity-building and gearing up for the 2010 World Cup, indicates that industrially orientated companies might continue to perform well in the years ahead.

The Industrial 25 index contains no mining, financial and resource based shares and therefore provides a focused entry to the domestic South African economy. It also contains a number of middle-capitalisation companies that do not qualify for the Top 40 index, and therefore helps spread the exposure of the investors to some of the better performing smaller shares on the JSE.

COMPONENTS OF THE SATRIX INDI PORTFOLIO (as at 30 November 2009)
	% of Portfolio
Consumer Goods & Services	38,02
Industrial Goods & Services	9,65
Industrial Materials & Construction	4,19
Basic Resources	5,28
Telecommunications	21,97
Retail	6,87
Media	9,63
Healthcare	4,19
Cash	0,20

Performance
The three year performance of the Satrix Indi has been outstanding, reflecting the good value in industrial shares that existed back in 2003 before the present market upswing. The annual performance has slowed a bit over the past year, but the potential for future growth looks promising.

PERFORMANCE DATA
(Sept to Sept)** (per annum)	STXINDI Fund**	Indi25 Index Performance (total return)
1 year return	16,59%	14,07%
3 year return	11,63%	11,90%
5 year return	21,90%	22,31%
**	Fund established February 2002. Returns calculated for lump sum investments. All dividends reinvested.

Low Cost
Satrix Indi 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 Indi you only pay brokerage and other transaction costs once, and not twenty five 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 Limited (AOSL), transaction costs (brokerage) of 0,1% is levied on purchases and sThe 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 Indi you only pay brokerage and other transaction costs once, and not twenty five 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 Limited (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 Indi 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. rix Managers (Pty) Ltd is registered as a Financial Services Provider.