SA Capital Funds Management Limited

The SACFM No 1 Fund is closed for new subscriptions. The Fund commenced operations in July 2008 as a 5 year closed end unit trust maturing June 30th 2013.  The Directors of SA Capital Funds Management Limited have flagged their intention to offer to Wholesale investors units in the SACFM No 2 Fund in 2013. The Directors are also considering establishing another fund being the SACFM Emerging Producers Fund. If you are interested in either of these funds and meet the criteria of a Wholesale investor please advise Angus Middleton the Managing Director and an Information Memorandum will be forwarded to you in due course.

Email: amiddleton@sacapital.com.au

Dear Investor

We wish to advise the unit price of the SACFM No.1 Fund for the month ending 31st March 2012 is $0.9636.  This is a monthly performance of -4.0908%

The investments of the fund as at 31st March 2012 are: -

 If you have any queries regarding your investment, please contact Angus Middleton on 08 8338 4880 or for registry enquiries, MacKenzie Coultas Funds Administration on the details shown below

David Muspratt

Senior Fund Accountant

MacKenzie Coultas Funds Administration

PO Box 244 Kent Town  SA  5071

3, 23 Beulah Road, Norwood  SA  5067

(   1300 780 799 (Australia)

(   +61 (0)8 8366 2286

)   +61 (0)8 8366 2299