It is our view that interest rates will remain at these high levels for the next twelve months with the possibility of additional increases not out of the question. Core inflation, which excludes food and petrol price increases, is outside the upper band of the inflation target indicating that inflationary pressures are becoming more broadly spread. With a number of wage settlements above 10% and the current high producer inflation rate (PPI) of 19.1%, inflation could prove more persistent than recent market optimism is suggesting. The current average term to maturity of the portfolio is approximately 72 days. The fund remains invested in the five major banking institutions and, at this stage, will not include any other credit instruments, ensuring the lowest possible risk for our Investors.

It is our view that interest rates will continue to rise as a result of continued inflationary pressure and the South African Reserve Bank (SARB) will raise interest rates at their August 2008 MPC meeting. We foresee continued upward pressure on our interest rates until the main threats to the rand (high inflation and the persistent high current account deficit) can be dissapated. We expect these pressures to persist into 2009 at these high levels until at least 2009. The current average term to maturity of the portfolio is approximately 30 days. This remains well under the maximum regulatory average of 90 days in order to take advantage of the expected increase in rates. The fund remains invested in the five major banking institutions and, at this stage, will not include any other credit instruments, ensuring the lowest possible risk for our Investors.

The current average term to maturity of the portfolio is 50 days, well under the required regulatory average of 90 days. The portfolio has decreased its term to maturity over the month from its previous 70 days level. This is in line with our opinion that rates will continue to increase in the future in the light of inflationary pressure and has enabled us to take advantage of the recent 50 basis point increase in rates. The average term of the fund will continue to decrease over the next month to enable it to take advantage of any increase in rates. The fund remains invested in the five major banking institutions and, at this stage, will not include any other credit instruments. This ensures the lowest risk possible for our Investors.

The fund only invests in instruments with a maturity of less than one year and with a minimum national short-term rating of F1. It has a defensive asset allocation and the average maturity of the underling assets will not exceed 90 days. Credit exposure to issuers is subject to local Collective Investment Scheme (Unit Trust) regulation.

The Marriot Institutional Money Market Fund changed name to The Marriot Money Market Fund on the 22nd of February 2008. The fund lost its history.