NOTICE ON VALUATION EXEMPTION, 2014

STATEMENT BY THE BOARD OF THE.............................. (12/8/.......... ) ('the fund')

The board of the fund acknowledges that its primary duty is to ensure the solvency of the fund and that it is responsible for the good governance of the fund.

We, duly authorised by a resolution of the board of the fund, hereby apply for valuation exemption on behalf of the above-mentioned fund in terms of the Pension Funds Act, 1956.

The board has satisfied itself that the fund is properly administered in terms of its rules and that there is no need for contingency reserve accounts to allow for contingencies resulting from the fund not being administered properly in terms of its rules.

We further undertake to notify the registrar of pension funds without delay if, in our opinion, the fund is no longer eligible for valuation exemption based on the criteria set out in the Notice on Valuation Exemption, 2014.