FUND MANAGEMENT SUMMARY (US$)

			YTD***	2010	3 Years*	5 Years*	Inception*	Inception
Performa Fixed Income Funds (US$)	NAV Date	Price	Net Return	Net Return	Net Return	Net Return	Net Return	Date

The Captive Fixed Income Fund	4/16/09	22.68
Performa Liquid Assets Fund**	12/31/11	1.00	0.02%	0.04%	0.08%	1.49%	-	3/31/1997
Performa International Bond Fund	12/31/11	2,001.19	4.86%	4.94%	5.11%	5.31%	4.81%	3/31/1997
Performa International Convertible Bond Fund	3/31/11	1,977.70

Orbis Equity Funds

Orbis Global Equity Fund (US$)	12/31/11	110.07	-9.3%	6.0%	10.8%	-0.4%	11.5%	1/1/1990
Orbis Japan Equity Fund (US$)	12/31/11	21.17	-6.1%	0.5%	0.9%	-7.7%	5.7%	6/12/1998
Orbis SICAV Japan Equity Fund (YEN)	12/31/11	JPY 2,027	-6.1%	1.2%	1.4%	-8.1%	5.2%	1/1/1998
Orbis SICAV Asia ex-Japan Equity Fund (US$)	12/31/11	15.36	-11.9%	5.4%	22.2%	4.9%	8.5%	1/1/2006
Orbis Optimal Fund (US$)	12/31/11	70.29	-2.3%	-3.9%	1.0%	1.5%	9.3%	1/1/1990
Orbis Leveraged Fund (US$)	12/31/11	108.33	-6.4%	-8.1%	0.8%	-0.3%	11.4%	1/1/1990
Allan Gray Africa Equity Fund (RAND)	12/31/11	ZAR 1,751	5.7%	20.5%	18.4%	9.5%	28.1%	7/1/1998

The Captive Fixed Income Fund was closed April 16, 2009. Click here for more information on the closure.

The International Convertible Bond Fund was closed March 31, 2011.

* Returns are annualized for periods greater than one year

** Performa Liquid Assets Fund (USD) is rated AAAm by S&P

*** Net Return figures are from December 2010 year end to the current displayed date. This information, along with fund prices are updated monthly.

If you would like the latest fund returns and prices, please contact us at Tel. (441) 298-6838, Fax (441) 295-0187, or by email at marketing@performa.bm

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P.R.P. Performa Limited
The Continental Building, 2nd Floor, 25 Church Street, Hamilton HM 12, Bermuda
P.O.Box HM 2440, Hamilton HM JX, Bermuda

Tel: (441) 295-6754 • Fax: (441) 295-0187
www.performa.bm • info@performa.bm

DISCLAIMER: Past performance is not necessarily indicative of future performance. Fund share prices will fluctuate and are not guaranteed. The information posted on this website is not intended and in no circumstances should it be regarded as an of offer or sale of the Funds in the United States or to U.S. persons. Any offer and sale of Fund shares made in the United States will be made only in full compliance with US Securities laws and pursuant to an exemption from registration.