CPL V A LUE FUND

January 2012
Strategy Overview
The Fund investments are subject to regulatory guidelines and limits as set by the National Pension Commisfollows:sion (PENCOM), and can be allocated as follows:-

Retir e the way you desire

Launch JulJul-06 6161-mth JulJul-11 6262-mth AugAug-11 6363-mth SepSep -11 6464-mth OctOct-11 6565-mth NovNov -11 6666-mth DecDec-11 6767-mth JanJan -11 Cumulative

Govt. Securities
i. Fed Govt. (80%) ii.State/ ii.State/ Local Govt.(20%) -Guaranteed/ ISPO iii.State/ iii.State/ Local Govt.(3%) - Not Guaranteed

Unit Price N1.00 % Return N1.86 86% N1.84 84% N1.84 84% N1.86 86% N1.86 86% N1.88 88% N1.88 88% *** 88%

Investment Objective
Maximizing total returns by investing in securities and would deliver long term capital appreciation and without compromising the safety of the funds. instruments that income growth
0% 1 0 0% 90% 80% 70% 60% 50% 40% 30% 20% 1 0% 0%

Corporate Bond/Debt (35%) (35%) Supra-national Bonds (20%) SupraInfrastructural Funds (5%) Money Market Instruments (35%) Ordinary Share (25%) Private Equity (5%) Open-Close End/Hybrid Fund (20%) OpenC U R R E N T A S S E T A L L O C A T I O N

C PL V ALUE FUND U n it Prices Performance a s a t 31 January 2011

CPL VALUE FUND

CPL Value Fund closed January 31, 2011 with a unit price of N1.8812. The Fund assets, invested within regulatory limits, were allocated to Government Securities (63.51%), Corporate Debt (5.02%), Money Market (19.66%), Ordinary Shares (8.78%), Open/Closed Fund (0.22%) and Call Account (2.81%). The graph shown in this report represents the performance of the Fund from Feb 2010 to Jan 31, 2012.

We are pleased to inform you that we have returned 88% on Funds under our management till date and we remain the industry leader in terms of return on investment.

Market Overview
Government Securities
G o vt . S ec urities 51% 6 3 .51 %

Stock Market
The Nigerian Stock Exchange All-Share Index (ASI) Allopened the month at 20,730.63 and closed at 20,875.83 in January 2012 reflecting a slight recovery in the performance of the Stock Market during the month. The ASI increased by 0.70% as against the increase of 3.64% recorded in December 2011. It invariably, recorded a cumulative YTD increase of 0.70%.

A total of 391.7m units of Government Securities worth N347.2b were traded as OTC transactions in January 2012 compared to a total of 487.004m units of Government Securities traded at N428.55b in December 2011. The most active bonds traded during the month (measured by turnover volume) were:

E q uities 78% 8 . 78% M o ney M arket 66% 1 9 .66%

5.50% FGN Feb 2013 with 99.84million units traded The monthly trading volume and value decreased by 33.87% and 27.36% respectively as against the defollowed by 10.50% FGN Mar 2014 with 92.5 million units traded.
C o rporate D eb t 02% 5 . 02 % H ybrid F u nd 22% 0 . 22%

C all A c count 2 . 81% 81%

The auction of 10.70% FGN May 2018 (10-year bond), 7.00% FGN (10-

Industry and Regulatory Update

The total pension assets have grown over N2.4tr as a result of increasing employers compliance. . PenCom raised the capital base of PFAs to N1bn from the initial N150m with a deadline of 30 June, 2012. RSA holders data are being authenticated in order to assist with the transfer window amongst PFAs in the year 2012. NSITF - All individuals who had worked in organizations that contributed to the defunct NPF/NSITF schemes should contact 01us at info@crusaderpensions.com or 0127138002713800-4 for further information on the transfer of their NSITF contributions. Contributors with changes in personal and employment details should contact us at the above address or through our website: www.crusaderpensions.com

(10reOct 2019 (10-year bond) both re- opening and 16.39% FGN Jan 2022 of January 2012 was 4.1bn shares worth N31.76billion (10(10-year) a new issue, took place during the month of January 2012. compared to 10.84bn shares worth N104.1billion Successful bids were allotted at stop rates of 16.9870%, 16.00% and recorded during the corresponding period of January 16.39% respectively while N19.7bn, N35.0bn and N35.0bn were 2011. offered and allotted respectively totaling N89.7bn. The coupon rates The market capitalization of 253 listed securities infor the series remained 10.70%, 7.00% and 16.39% respectively.

crease of 20.8% and 7.42% respectively in the preceding month of Dec 2011. Cumulative turnover at the end

Money Market

During the month of January 2012, a total of N754 billion was injected into the system in form of Repo Transactions and Matured Bills. A total sum of N679 billion left the system through FGN Bonds Auc- Dangote Cement Plc retained its position as the most tions, Treasury Bills Auctions, NNPC withdrawals and Open Market capitalized stock in the market at the end of Jan 2012. Operations while there was a total outflow of $1.248 billion through while the financial services remained the most active sector. the Forex Auction. The Monetary Policy Committee met during the month of Jan 2012 and decided to retain Monetary Policy Rate (MPR) at 12.00% with +/the asymmetric corridor of interest rates also retained at +/- 2% around the MPR translating to 14% and 10% for standing lending and deposit rates respectively.

creased by 7.95% at the end of January to close at N11.81trillion compared to N10.94trillion at the end of Dec. 2011. The increase in capitalization was attributed to the listing of new securities and price appreciation.

Outlook for next month.

The mid-point of the target official exchange rate was also retained at mid We still expect the stock market to remain quiet +/N155/$ to be maintained within a band of +/- 3%. yearpending the release of favorable year- end results Inflation rate (y/y) for Dec 2011 dropped to 10.3% from 10.50% in of quoted companies. In the meantime, we shall 12November 2011. The 12-Months Average also dropped to 10.80% continue to monitor the market for stocks with from 11.10% in November 2011.. strong fundamentals, good corporate governance and high returns. The AMCON DG disclosed that N400bn was recovered so far from bank debtors in 2011 and plan to recover about N1tr in 2012. We expect the money market rates to remain fairly stable due to the stability in MPR. Pending the correction of the inverted yield curve, we shall continue to invest at the short end of the curve at best yields.