Alexander Forbes Manager Watch Annual Survey 2020 by Alexforbes

MANAGER WATCH

™

ANNUAL SURVEY

Survey of Retirement Fund Investment Managers December 2020

RESILIENCE THROUGH ADVERSITY

MANAGER WATCH™ SURVEY

Content Section One.........................................................................................................................................................3 The Alexander Forbes Survey team does it again!............................................................................................. 5 Introduction..................................................................................................................................................... 6 History of Alexander Forbes Performance Surveys............................................................................................ 7 Survey Changes 2020...................................................................................................................................... 8 Alexander Forbes Assets under Management Review..................................................................................... 10 Market Indices and Statistics as at 31 December 2020................................................................................... 14 A brave new world: The Asset Management Industry Post Covid-19................................................................ 16 ESG–the kingmaker in Covid-19: A corporates’ zero hour moment.................................................................. 24

Section Two.......................................................................................................................................................27

Survey Notes.................................................................................................................................................. 29 Reminders to investors and how investment managers performed in 2020 ..................................................... 30 Market and economic overview – 2020........................................................................................................... 34 SA Balanced Manager WatchTM Survey – Best Investment View....................................................................... 38 Global Balanced Manager WatchTM Survey – Dynamic.................................................................................... 42 Global Balanced Manager WatchTM Survey – Best Investment View................................................................. 45 Global Balanced Manager WatchTM Survey – Conservative............................................................................... 50 SA Balanced Manager WatchTM Survey – Best Investment View Risk............................................................... 53 Global Balanced Manager WatchTM Survey – Dynamic Risk............................................................................. 54 Global Balanced Manager WatchTM Survey – Best Investment View Risk.......................................................... 55 Global Balanced Manager WatchTM Survey – Conservative Risk....................................................................... 56 SA and Global Balanced Manager WatchTM Survey – Volatility vs Return.......................................................... 57 Global Balanced Manager WatchTM Survey – Conservative and Dynamic – Volatility vs Return.......................... 58 Global and SA Balanced Manager WatchTM Survey – Asset Allocation.............................................................. 59 Composite Dispersion of SA Balanced Manager WatchTM Managers................................................................ 60 Composite Dispersion of Global Balanced Manager WatchTM Managers........................................................... 61 Multi-Management Style Diversification.......................................................................................................... 62

Section Three....................................................................................................................................................65

SA Equity Manager Watch™ Survey............................................................................................................... 67 SA Equity Manager WatchTM Survey Composite Dispersion.............................................................................. 79 SA Bond Manager Watch™ Survey................................................................................................................ 81 SA Bond Manager Watch™ Survey Composite Dispersion.............................................................................. 90 SA Money Market Manager WatchTM Survey.................................................................................................... 93 SA Money Market Manager Watch™ Survey Composite Dispersion................................................................. 99 Absolute Return Manager Watch™ Survey................................................................................................... 100 Absolute Return Manager Watch™ Survey Composite Dispersion................................................................. 106 Targeted Development Investments Manager Watch™ Survey...................................................................... 108 Fund of Hedge Funds Manager Watch™ Survey.......................................................................................... 112 SA Property Manager Watch™ Survey.......................................................................................................... 114 SA Property Manager Watch™ Survey Composite Dispersion........................................................................ 117 Multi-Manager WatchTM (Specialist) Survey................................................................................................... 118 Multi-Manager WatchTM (Balanced) Survey................................................................................................... 121 SA Medical Aid Manager Watch™ Survey..................................................................................................... 126 BEE Manager Watch™ Survey – Performance Results.................................................................................. 128 BEE Manager Watch™ Survey – Empowerment Details................................................................................ 130 LDI Manager WatchTM Survey....................................................................................................................... 132 Shari’ah Manager Watch™ Survey............................................................................................................... 139 ESG from niche to mainstream..................................................................................................................... 144 2021 investment outlook.............................................................................................................................. 146

Section Four....................................................................................................................................................151

Fees............................................................................................................................................................ 152

Section Five....................................................................................................................................................157

Investment Survey Glossary.......................................................................................................................... 159

Section Six......................................................................................................................................................167

Directory of South African Asset Managers................................................................................................... 168

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ANNUAL SURVEY OVERVIEW

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Congratulations to the Alexander Forbes Survey team who were chosen as the best investment survey provider at the 2020 Africa Global Funds (AGF) Service Providers Awards. Alexander Forbes won the inaugural category award in 2019 and we are delighted to have won again this year.

The Africa Global Funds Awards, headquartered in New York, recognise and reward companies that excel at providing services to the African asset management industry. As an investment survey provider and the guardian of one of the most respected and widely read surveys in Africa, Alexander Forbes is committed to ensuring that users are given reliable and appropriate information. We constantly reassess and enhance these surveys as new investment instruments and strategies emerge which drive performance. The Alexander Forbes Manager Watch™ surveys showcase the performance and risk statistics of institutional fund managers in South Africa and have been published since 1994. Alexander Forbes is the only investment survey provider that publishes a survey for all the major asset classes in South Africa. The Alexander Forbes performance surveys continue to evolve to cater for diversity within its market-related industry.

“This award recognises our continued dedication to provide our clients with a specialised range of analytical solutions and excellent service,” says Don Andrews, Surveys Manager – Alexander Forbes. Alexander Forbes CEO, Dawie de Villiers, adds: “Maintaining our reputation for research and thought leadership remains key to securing client and investor trust, as well as to strengthen our brand in a rapidly evolving environment. We pride ourselves on offering our clients investment education, best advice and solutions that are in line with global best practice and aimed at securing their financial well-being.”

To access our Manager Watch™ Series of Surveys click here

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INTRODUCTION The Manager Watch™ Survey of Retirement Fund Investment Managers is an annual survey that showcases the performance of institutional fund managers in South Africa and has been published since 1994.

The Structure of the Retirement Fund Survey This edition includes 20 surveys with 77 managers and 485 strategies covering the following: ■ 8 balanced surveys, ■ 11 specialist surveys, and the ■ Multi-manager survey. The following surveys are included: ■ SA Large Manager WatchTM Survey ■ SA Manager WatchTM Survey – Best Investment View ■ SA Manager WatchTM Survey – Conservative ■ Global Large Manager WatchTM Survey ■ Global Manager WatchTM Survey – Best Investment View ■ Global Manager WatchTM Survey – Conservative ■ Global Manager WatchTM Survey – Dynamic ■ Absolute Return Manager WatchTM Survey ■ BEE Manager WatchTM Survey ■ Bond Manager WatchTM Survey ■ Equity Manager WatchTM Survey ■ Fund of Hedge Funds Manager WatchTM Survey ■ LDI Manager WatchTM Survey ■ Medical-Aid Manager WatchTM Survey

assures the prosperous Voyage”. Times of crisis reveal creativity, ingenuity and resilience of spirit and this has been especially true among corporates in the past few months. The pandemic, as research suggests, has amplified the importance of environmental, societal and governance (ESG) factors after years of being challenged by mainstream finance. The article ESG – The kingmaker in Covid-19 reflects on how corporates have had sustainability thrust upon them by an act wholly outside of their control. Section 2 includes the article Multi-management style diversification. The multi-management proposition understands that different investable opportunity sets behave differently and that they all move through different periods of outperformance and underperformance, based on prevailing market and economic conditions. Having a good sense of each opportunity set’s expected performance delivery through different cycles, gives multi-management the advantage of knowing how to blend a complementary mix of these opportunity sets within one portfolio solution. In this section we also provide an economic review of what happened in 2020.

■ LDI Manager WatchTM Survey

Section 3 provides the 2021 investment outlook for the global and local economy. This section also features an article which looks at the progress of ESG and social responsible investing in its quest “from niche to mainstream” There is a strong case to argue that the impacts on corporate governance and social factors brought about by Covid-19 has piqued more interest in ESG.

■ Targeted Development Investment (TDI) Manager WatchTM Survey

A glossary of commonly used investment terms is included.

■ Money Market Manager WatchTM Survey ■ Multi - Manager WatchTM Survey ■ Property Manager WatchTM Survey ■ Shari’ah Manager WatchTM Survey

In this year’s publication, we feature a range of articles which focus on the theme of resilience through adversity. The article A brave new world: The asset management industry after Covid-19 looks at the impact of the pandemic. As George William Curtis pointed out “It is not the ship so much as the skilful sailing that

To Watch™ Series of To access accessour ourManager Manager Watch™ Surveys: https://www.alexanderforbes.co.za/ Series of Surveys click here. research/publications

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History of Alexander Forbes Performance Surveys 1994

Manager Watch™ Performance-Only Survey – a market first!

Enhancements post-1998

■ Risk profiling ■ SA-only and Global-only portfolios ■ Benchmark returns ■ Risk-adjusted measures

1998

■ Manager Watch™ ■ Survey revamped ■ Participation criteria set ■ Large Manager Watch™ • Launched June 1998 • Top 10 active balanced managers ■ RDP Survey (later renamed Targeted Development Investments Survey)

2001

Absolute Return Survey

2002

Money Market Survey

2003

Specialist Bond Survey

Specialist Equity Survey

2004

Hedge FOF Survey

2006

International Survey

2007

Medical Aid Survey

Property Survey

2010

Surveys Revamped

2012

BEE Survey LDI Survey

2013

Formalised Survey Governance

2014

Equity Funds Analysis

2015

Survey Rules

2016

Survey Rules Updated, New LMW Definition

2017

New Survey Technology

2018

Shar'iah Survey

2019

■ Africa Global Fund Award winner

2020

■ Africa Survey ■ Africa Global Fund Award winner

2021

Decathlon Survey 7

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Survey changes 2020 Survey SA Manager WatchTM Survey – Best Investment View SA Manager WatchTM Survey – Conservative SA Large Manager WatchTM Survey Global Manager Watch™ Survey – Dynamic Global Manager Watch™ Survey – Best Investment View

Exits

Entries

Aeon Domestic Balanced Perpetua Domestic Balanced Truffle Domestic Balanced * * Old Mutual Multi-Managers Max 28 ClucasGray Equilibrium Prescient Balondolozi Active Balanced Truffle Global Balanced Old Mutual Multi-Managers Defensive Balanced Truffle Low Equity * Mergence Global CPI + 5% SIM CPI + 3% Global SIM CPI + 6% Global Truffle Low Equity Aeon Smart Multi-Factor Equity Aeon Domestic Balanced Argon Absolute Return Global Balanced CPI + 4% Argon Enhanced Money Market Argon SA Absolute Return Argon SA Bond Argon SA Equity Argon SA Equity Capped SWIX Argon SA Flexible Income Balondolozi Income Meago Composite: ALPI Mergence Global CPI + 5% Prescient Core Equity (Capped SWIX) Prescient Flexible Bond Prescient Income Provider Prescient Inflation Linked Bond SBSA ITF Terebinth SCI Enhanced Income VFM Enhanced Income Composite Allan Gray Bond FutureGrowth Core ILB FutureGrowth Listed YE Bond Granate Domestic Multi-Income Idwala SNN Income Nedgroup Investments Core Bond ALUWANI Top 25 Coronation Core Equity Capped SWIX Perpetua Relative Value Equity Prescient Core Equity (Capped SWIX) Truffle SA Equity * Prescient Income Provider Medical Aid Prescient Money Market Prescient Yield QuantPlus Ashburton Stable Income * Prescient Property Mazi Shari'ah *

* * * *

Global Manager Watch™ Survey – Conservative

Global Large Manager Watch™ Survey

* Mergence CPI + 5% Domestic

Absolute Return Manager Watch™ Survey Excelsia Capital Aggressive Equity JM Busha Bond Plus JM Busha Cash Plus Mergence CPI + 5% (Domestic)

BEE Manager Watch™ Survey

Idwala SNN Income JM Busha Bond Plus Bond Manager Watch™ Survey

Equity Manager Watch™ Survey

Electus Equity Excelsia Capital Aggressive Equity Truffle SCI General Equity

Fund of Hedge Funds Manager Watch™ Survey Alpha Fixed Income * Medical Aid Manager Watch™ Survey Money Market Manager Watch™ Survey Multi-Manager Watch™ Survey Property Manager Watch™ Survey Shari'ah Manager Watch™ Survey TDI Manager Watch™ Survey

Ashburton All Cash Plus Old Mutual Multi-Managers Inflation Plus 5 - 7% SIM Property * *

KINGJAMESJHB 3490

Allan Gray is an authorised ﬁnancial services provider.

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Alexander Forbes Assets Under Management Review Top 20 Asset Managers ranked by total Assets Under Managerment (AuM) as at 30 June 2020 2019 Rank

2020 Rank

–

OMIG

Investment Managers

Total AUM (R m) 605 690

Total SA Assets 467 294

BEE status Level 2

–

Ninety One

604 283

336 746

Level 2

STANLIB AM

569 410

537 586

Level 2

SIM

494 364

361 983

Level 3

Coronation

484 106

370 005

Level 2

Allan Gray

470 710

307 468

Level 2

–

Alexander Forbes Investments

309 863

212 289

Level 2

–

Nedgroup Investments

300 566

239 136

Level 1

Sanlam Multi-Managers

224 305

174 348

Level 3

Taquanta

217 635

210 721

Level 2

Prudential

183 247

164 888

Level 2

Momentum AM

182 541

161 080

Level 1

Futuregrowth

180 389

Level 2

–

Absa Asset Management

139 565

122 771

Level 1

–

Momentum MoM

109 092

92 348

Level 1

–

Foord

103 969

73 814

Level 8

Prescient

100 695

95 681

Level 1

Old Mutual Multi-Managers

98 745

Level 1

ALUWANI

85 269

85 254

Level 1

Fairtree Asset Management

74 665

73 249

Level 4

* AuM as reported in the Alexander Forbes AuM survey June 2020 - these figures represent AuM for SA clients only (Domestic, Africa and International assets) and the review of AuM is based on these figures. Rankings are based on the Total AuM figures Please note that due to standardisation methodology, numbers may be overstated.

Ashburton Management Company RF (Pty) Ltd is an approved CIS manager in terms of the Collective Investment Schemes Control Act, 45 of 2002.

BEING FULLY INVESTED IS THE DIFFERENCE BETWEEN HAVING A GOAL, AND ACHIEVING IT. Ashburton Investments is fully invested in the outcomes of our clients. Through providing access to fixed income and private markets for diversified sources of returns, like private debt, impact, infrastructure and private equity, we have committed to helping our clients achieve better results for themselves, and all those who depend on them. Speak to our specialist institutional distribution team on (011) 282-8800 or email institutional@ashburtoninvestments.co.za www.ashburtoninvestments.com

private debt • impact • infrastructure private equity • fixed income

A part of the FirstRand Group

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Review of AuM for June 2020 According to the June 2020 Alexander Forbes Assets under Management (AuM) survey, the Old Mutual Investment Group (OMIG) is still the biggest South African asset manager even though there was a decrease in assets of 1.8% from June 2019. Ninety One Asset Managers remained in second place with an increase in assets of 2% while STANLIB Asset Management leapfrogged into the third spot. The June 2020 survey universe grew by five new additions compared to the 65 investment managers in the June 2019 survey. Ten investment managers entered the survey while five managers exited.

The new entries in the survey were: Cadiz Legacy Africa

Blue Alpha

Think Capital

Edge Capital Ngwedi

Bridge Idwala Capital

X-Chequer Steyn Capital

Entries and Exits

The exits from the survey were:

Mazi

Electus Benguela Global

PAM JM Busha

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Total Value of Assets Managed (31 December 2009 to 30 June 2020) Growth in Assets (year on year) 7 000 000

6 000 000

5 000 000

Total (R m)

4 000 000

3 000 000

2 000 000

1 000 000

0 Dec-2009

Dec-2010

Dec-2011

Jun-2012

Jun-2013

Jun-2014

Jun-2015

Jun-2016

Jun-2017

Jun-2018

Jun-2019

Jun-2020

Total AuM (R m)

2 718 458

3 082 163

3 187 853

3 300 885

3 926 696

4 940 445

5 204 943

5 014 927

5 365 119

5 874 757

6 018 999

6 255 265

Total AuM (R m) excl Multi-Managers

2 433 650

2 760 257

2 850 977

2 950 020

3 428 804

4 147 637

4 409 561

4 291 267

4 443 595

5 078 658

5 217 629

5 441 141

Total AuM (R m)

Total AuM (R m) excl Multi-Managers

Asset Distribution to Manager Size 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00%

0.00% Jun-2015

Jun-2016 Top 10 Managers

Jun-2017

Jun-2018

Next 10 Managers

Jun-2019 Remaining Managers

Jun-2020

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Asset Distribution to Manager BEE ratings The asset distribution in 2020 was still significantly concentrated among the level 2 contributors. There was a slight decrease in the level 2 and 3 contributors compared to 2019. The decrease in the level 2 and 3 contributors was negated by the increase of 9% in the level 1 contributor category, continuing the trend that asset managers are transforming and taking BEE seriously. Looking at the total AuM of the top 5 black-owned asset managers in the June 2020 AuM survey, it is quite encouraging to note that compared to the AuM of the top 5 black-owned managers in the June 2019 survey, we saw growth of 19%.

Growth in Assets (year on year) 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00%

Level 1

Level 2

Level 3

Level 4

Level 5

Level 6

Level 7

Level 8

Unrated

2019

12.74%

65.10%

15.84%

0.10%

0.18%

1.97%

0.00%

1.70%

2.37%

2020

21.75%

60.36%

11.75%

2.39%

0.33%

0.50%

0.00%

1.64%

1.28%

Twenty-two of the 70 participating asset managers were level 1 contributors compared to the 21 in last year’s survey. Momentum Investments improved their rating from a level 3 contributor in 2019 to level 1 in 2020. After improving their rating from level 6 in 2017 to level 5 in 2018, Foord was unrated in 2019. In 2020 Foord was rated a level 8 contributor. Compared to June 2019, Taquanta, Vunani, Sasfin, Rezco, Mianzo, Prowess Terebinth and Lima Mbeu all showed an increase in AuM of over 30% as at June 2020, while Catalyst and First Avenue had a decrease in AuM in excess of 40% over the same period. Seventy percent of the top 10 asset managers were rated level 2 contributors, with the remaining managers being level 1 and 3 contributors. For the first time we have 7 level 1 contributors in the top 20 managers ranked by size which is an increase of 25% over the 2019 number. There is one investment manager in the universe on level 8 and 9 who are unrated.

BEE ratings according to Manager Distribution 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00%

Level 1

Level 2

Level 3

Level 4

Level 5

Level 6

Level 7

Level 8

Unrated

Top 10 Managers

10.00%

70.00%

20.00%

0.00%

Next 10 Managers

60.00%

20.00%

0.00%

10.00%

0.00%

10.00%

0.00%

Remaining Managers

30.00%

38.00%

2.00%

8.00%

2.00%

0.00%

18.00%

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Market Indices and Statistics as at 31 December 2020 1 Year (%)

3 Years (% p.a.)

5 Years (% p.a.)

7 Years (% p.a.)

10 Years (% p.a.)

Equity

FTSE/JSE All Share Index

7.00%

3.12%

6.36%

6.82%

9.61%

FTSE/JSE Capped All Share Index

6.46%

2.80%

5.92%

6.53%

9.47%

FTSE/JSE Capped SWIX All Share Index

0.58%

-1.48%

FTSE/JSE SWIX All Share Index

2.61%

-0.31%

4.57%

5.92%

9.28%

FTSE/JSE Top 40 Index

9.97%

4.26%

6.54%

7.05%

9.81%

FTSE/JSE Resource 20 Index

21.11%

21.36%

21.89%

5.51%

3.70%

FTSE/JSE Industrial 25 Index

14.22%

1.36%

3.64%

7.43%

13.80%

FTSE/JSE Financial 15 Index

-19.66%

-8.05%

0.03%

3.75%

8.58%

FTSE/JSE Mid Cap Index

-14.37%

-3.68%

4.01%

4.34%

7.51%

FTSE/JSE Small Cap Index

-0.28%

-6.52%

0.33%

2.36%

6.85%

Cash

Alexander Forbes Money Market Index

4.91%

6.47%

6.87%

6.68%

6.34%

Short Term Fixed Interest Rate Index

5.39%

6.64%

6.97%

6.75%

6.37%

Bonds

All Bond Index

8.65%

8.88%

10.43%

8.22%

8.24%

1 - 3 Year Bond Index

11.50%

9.37%

9.56%

8.28%

7.95%

3 - 7 Year Bond Index

16.26%

11.65%

11.92%

9.70%

9.28%

7 - 12 Year Bond Index

10.58%

9.96%

11.24%

8.64%

8.80%

12+ Year Bond Index

4.59%

7.17%

9.66%

7.55%

7.60%

JSE Assa SA Govt ILB Index

4.15%

1.97%

3.01%

4.23%

6.16%

OTHI Index

9.12%

10.01%

11.26%

8.84%

8.89%

GOVI Index

8.57%

8.53%

10.16%

8.05%

8.09%

IGOV Index

3.94%

2.11%

3.00%

4.21%

6.15%

FTSE/JSE SA Listed Property Index

-34.49%

-20.68%

-8.42%

-1.79%

3.52%

FTSE/JSE All Property Index

-35.53%

-21.61%

-12.34%

-8.98%

-6.37%

Property

Global (In Rands)

MSCI World

22.37%

17.67%

11.62%

15.22%

19.66%

FTSE WGBI

15.66%

11.11%

3.66%

7.87%

10.81%

Citi 3M US Treasury Bill

5.65%

7.52%

0.08%

5.83%

8.96%

Rand / $US

5.04%

5.87%

-1.06%

4.95%

8.30%

Rand / Pound

8.39%

6.05%

-2.64%

2.04%

6.79%

Rand / Euro

14.50%

6.16%

1.11%

3.03%

7.20%

Exchange rates

Inflation

Headline Inflation

3.17%

3.97%

4.62%

4.81%

5.07%

Headline CPI + 3%

6.17%

6.97%

7.62%

7.81%

8.07%

Headline CPI + 4%

7.17%

7.97%

8.62%

8.81%

9.07%

Headline CPI + 5%

8.17%

8.97%

9.62%

9.81%

10.07%

Headline CPI + 6%

9.17%

9.97%

10.62%

10.81%

11.07%

Foreign Indices (Source: Bloomberg, INET Bridge and Data Stream) All returns quoted above are Total Returns #FTSE/JSE Capped SWIX All Share Index inception date: December 2016 #FTSE/JSE All Property Index inception date: October 2017 *No performance history

Exchange Rates for the past 10 years to December 2020 South African Rand to US $

South African Rand to UK £

2011/12/30

8.07

12.55

South African Rand to Euro € 10.48

2012/12/31

8.48

13.79

11.19

2013/12/31

10.47

17.35

14.43

2014/12/31

11.57

18.04

14.00

2015/12/31

15.50

22.84

16.83

2016/12/31

13.68

16.90

14.42

2017/12/31

12.38

16.75

14.87

2018/12/31

14.39

18.32

16.44

2019/12/31

13.98

18.52

15.70

2020/12/31

14.69

20.08

17.97

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A BRAVE NEW WORLD: THE ASSET MANAGEMENT INDUSTRY AFTER COVID-19 Muitheri Wahome and Bev Bouwer – Asset Management Research Institute (Pty) Limited

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How has the asset management industry coped with lockdown?

Has the pandemic affected different parts of our industry differently

Large and small, boutique and insurer and financial services giant – are the challenges the same?

Will all survive? What collaborations and new innovations will emerge after the crisis?

These were some of the questions in our minds as we gathered responses from a sample of asset managers.

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“The good seaman weathers the storm he cannot avoid and avoids the storm he cannot weather.” So goes the quote from the unknown ancient mariner. To a large extent, the risk assessment framework that forms the basis of the financial services industry has enabled courageous actions overall. However, avoidance of the market carnage has been impossible, and the effects will be felt possibly longer than the virus persists. As George William Curtis pointed out, “It is not the ship so much as the skilful sailing that assures the prosperous voyage.” Times of crisis reveal creativity, ingenuity and resilience of spirit. Our findings confirm that this is true even in the time of coronavirus. The onset of the Covid-19 crisis marked the denouement of the various headwinds facing the asset management sector: ■ margin compression from slow growth in assets under management and revenues ■ rising operating costs ■ pressure on fees ■ intense competition The current headwinds have ushered in a storm that not all participants will weather.

2019

RECM merges with Counterpoint

2018

2017

Bidvest Group acquires Cannon Asset Managers

Small firms are facing tough choices in a difficult environment At the end of March 2020, Nedgroup Investments announced that Electus Fund Managers, the appointed portfolio manager in its Growth Fund, had decided to throw in the towel after 15 years1. The action it said had been precipitated by the “unforeseen decline in assets under management and subsequent financial pressure on the business” coupled with low growth prospects. This challenge is aptly encapsulated in a quote from a recent sector report by SEI, a leading provider of technology-driven wealth and investment management solutions, noting “Massive scale is not critical but critical mass is”, and will drive responses to this ongoing crisis2. ■ 2019 RECM merges with Counterpoint ■ 2018 Bidvest Group acquires Cannon Asset Managers ■ 2017 Sanlam Investment Holdings acquires shares in Easy Equities ■ 2016 RMI Investment Holdings partners with Royal Bafokeng Holdings to create Royal Investment Management ■ 2016 African Rainbow Capital acquires a stake in Colourfield Liability Solutions

Sanlam Investment Holdings acquires shares in Easy Equities

2016

African Rainbow Capital acquires a stake in Colourfield Liability Solutions

RMI Investment Holdings partners with Royal Bafokeng Holdings to create Royal Investment Management

“The good seaman weathers the storm he cannot avoid and avoids the storm he cannot weather.”

Unknown ancient mariner 1 Nedgroup Investments Growth Fund ‘Notice to investors’, March 30, 2020 2 Evolution in Asset Management By SEI |New Ways New Answers

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In December 2019, RECM founder Piet Viljoen announced a merger with Sam Houlie’s Counterpoint. In the search for critical mass, firms have sought entrepreneurial acquisitions to bolster expertise, or to integrate desired financial services offerings. In 2018, Bidvest Group acquired Cannon Asset Managers, a firm founded in 1998 by Adrian Saville.

Over the course of the last decade, the proliferation of boutique firms specialising in listed equity investments has intensified competition. In 2019 alone, there were 11 new firms and 45 new strategy entries in the Alexander Forbes Manager Watch surveys, according to Janina Slawski, Head of Investments Consulting at Alexander Forbes Investments3.

Sanlam Investment Holdings acquired shares in financial technology business Easy Equities in 2017.

Total industry assets under management included in the Alexander Forbes Annual Retirement Fund Survey amounted to approximately R5 trillion at the end of 20194. Median assets under management were R23.7 billion up from R11.8 billion in 2015 as smaller firms gained market share. The largest ten asset managers saw slower asset growth, with the median firm growing by approximately 6%, constrained by a sluggish economic environment and lacklustre markets. With the industry maturing over the last decade, outflows have increased, and the rapid growth due to increasing contributions and solid investment growth has abated.

RMI Investment Holdings (RMI) bought stakes in independent money managers creating a multi-affiliate investment management group. They partnered with Royal Bafokeng Holdings in 2016 to have an empowerment partner to extend its affiliate strategy. RMI and Royal Investment Management (RIM) own stakes in 12 investment managers that together managed an estimated R140 billion before the Covid-19 crisis. African Rainbow Capital (ARC), the investment company started by mining magnate, Patrice Motsepe, acquired a stake in Colourfield Liability Solutions, the largest investment manager of third-party liability driven investment solutions in South Africa in 2016. More recently, ARC snapped up a stake in start-up firm, Lima Mbeu.

Can asset managers afford to build resilience and adopt technological change? As the impact of the Covid-19 pandemic grips the economy, employers are considering: ■ temporarily reducing salaries ■ allowing members to decrease retirement fund contributions ■ even taking contribution holidays to use cash flow for business survival over a limited period Asset managers report a spike of unit trust outflows with clients switching to cash and fixed income as individual investors and corporates seek immediate liquidity. The prospect of retrenchments and the potential massive withdrawal of retirement savings further exacerbates the situation as falling market values mean less revenue for the industry. As South Africans grapple with lower incomes, high levels of indebtedness and delayed retirements, there will be less money to save and invest. Asset managers will have to adjust, either by finding new avenues to grow revenues or better managing their biggest costs – people, technology, and rent.

Alexander Forbes HotTopics, March 2020

The cost structure of an asset management business has changed, with many costs rising faster than inflation. Controlling expenses without diminishing capacity to deliver to clients, cash preservation, reprioritisation and reallocation of budgets are crucial. It is expensive to hire risk and compliance specialists to deal with an ever-changing regulatory environment and provide the right technology to support the different compliance functions, many of which are more challenging in a home office environment – sign-off control systems, for instance. Bloomberg and many data systems used in investing are billed in dollars. Rand depreciation continues to ratchet up technology costs. Firms are more expensive to run, and it takes more assets under management to just break even. Building a resilient firm that can survive continued margin pressure means upgrading operations and faster adoption of digitisation in an industry that is notoriously considered a “digital laggard”. The technology infrastructure, software and hardware must also be adequate to support a different technology environment where the entire office works from home.

3 Alexander Forbes Hot Topics, March 2020 4 Alexander Forbes Annual Retirement Fund Survey 2019

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There is an opportunity to: ■ spur business improvements ■ redefine certain customer service experiences to lower costs ■ improve productivity ■ create internal capacity to do more while preserving jobs Partnering with business-critical suppliers that can bring the right skills or opportunities to the core business is certainly worthy of consideration.

Is industry consolidation part of the answer? The Covid-19 pandemic will accelerate industry consolidation to the extent that many firms will need to grow assets under management faster than their underlying fixed cost bases. However, large asset management firms are leery of the big transformative acquisitions of the early 2000s. Experience shows mergers and acquisition are notoriously difficult to execute. Trying to integrate a business and bed down different cultures and technology is fraught with risk without a clear understanding of where the vulnerabilities are. High institutional client overlap adds to the risk of client attrition after the merger. The objective of any acquisition should be clear and must be duly considered when embarking on this course. The objective might be: ■ forming an alliance of firms to scale resources ■ buying assets to gain scale ■ adding a new investment capability ■ enhancing black economic empowerment credentials ■ taking a stake in an umbrella fund ■ “lifting” a team that has unique capabilities Asset managers without a strong performance track record will come under pressure as investors gravitate towards top performing firms. Over the next 12 to 18 months, there is likely to be a “flight to quality” as clients flock to those businesses seen as low solvency risks where they can: ■ trust the business continuity processes ■ get quality service, a distinctive experience and competitive fees ■ expect good investment performance Not every asset management firm will survive the market upheaval from the Covid-19 crisis. Marginal firms without sufficient cash buffers, or patient, deep-pocketed shareholders will go out of business. Access to government assistance plans and regulatory abeyance to support businesses that are experiencing short-term stress will help some companies if assets under management do not drop significantly.

Access to distribution networks to sell their products gives insurer-owned asset managers a slight edge here, but even in this instance they cannot escape a slowdown in insurance premium growth. While these closures will be disruptive and extract deep social costs, they may leave the sector on a stronger footing in aggregate.

So, can the crisis spur innovation? Are there any silver linings that can come out of this? One innovation to come out of the crisis is the changing perception of working from home. Contrary to most expectations, productivity has been higher, with less dead time travelling. Managers will need to be more flexible than they have been about how people work, even when restrictions start to ease. Longer term, this new way of working may mean reductions in the amount of commercial real estate required and firms will downsize their real estate footprints. Less travel could also reduce wear and tear on the country’s ageing road infrastructure and result in lower greenhouse gas emissions with positive consequences for the environment. Expensive conferences in fancy venues with overpriced attendance fees and attendant travel budgets may become a thing of the past. Virtual townhalls on virtual meeting and conference platforms (MS Teams, Skype, Zoom) with financial advisers, consultants and trustees can accommodate hundreds, even thousands of clients at a lower cost than hosting large client events, and potentially without compromising effectiveness. Maintaining the work culture in a virtual world without close proximity is a challenge. Leaders have had to adapt quickly to a complex, unpredictable situation, working under tremendous uncertainty. Engagement with employees has had to change from in-person meetings to virtual video and telephone interactions. Greater awareness of one’s colleagues is needed – especially those who are managing many constraints working remotely. In meetings, creating opportunities for more reserved or introverted people to contribute and give input is key. This can make meeting dynamics better with the additional benefit of listening to fresh voices, although they may take longer to conclude. Employers can make it more attractive for employees to work from home in many different ways. Examples are: ■ ensuring secure, fast connections to homes, and backup connections at a time when work-from-home connectivity issues abound ■ paying for employee data and phone costs

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“The situation requires that you mobilise employees in a different way than you have done before, in what is an abnormal situation. If a person does not have a proper chair to sit on at home, supply their work chair to them so that they can work. It is important to do the small things that matter most to employees at this time, where we can.”

■ recommending standardised equipment for the home office so that technology is compatible, thereby reducing the ongoing management headache on stretched IT resources ■ negotiating discounts on recommended home-office equipment with suppliers Good leadership in a stressful environment calls for a more personal and relatable management style, while providing inspiration. As one business leader said: “The situation requires that you mobilise employees in a different way than you have done before, in what is an abnormal situation. If a person does not have a proper chair to sit on at home, supply their work chair to them so that they can work. It is important to do the small things that matter most to employees at this time, where we can.”

“‘A black swan … was meant to explain why in a networked world we need to change business practices and social norms’ and not ‘to provide a cliché for anything bad that surprises us’.5”

Broadening enterprise risk management to think more about fat-tail outcomes and non-traditional types of risk that can severely disrupt business is crucial. How does the business build in redundancy? Where are the single points of vulnerability? What are the costs of interconnected networks? Nassim Taleb interrogated these ideas in his 2007 best-selling book, The Black Swan. In a recent interview in The New Yorker magazine, Taleb is quoted as saying that “a black swan” the term he coined for an unpredictable, rare, catastrophic event, “was meant to explain why in a networked world we need to change business practices and social norms” and not “to provide a cliché for anything bad that surprises us.6”

Scenario planning to take into account first- and second-order impacts of a crisis is equally important in addition to making sure there are robust contingency plans in place. This requires: ■ cross-cutting expertise to understand integrated outcomes ■ the right organisational structure to foster the right connectivity ■ information sharing across the business to better identify and anticipate an ever-changing set of risks Ultimately, building resilience to exogenous shocks like this one will become ever more important. Investing in multi-asset classes, multi-geography and multi-currency and diversifying away from a single asset class have added a material buffer for some firms. Many local investors are under-allocated to alternatives in general and illiquid investments, in particular. Asset managers can help stimulate the economy by pooling capital from savers and allocating it to where it is required. Opportunities for the private sector in infrastructure investing (including housing, transport, health infrastructure, food security, information, communication and technology (ICT) can allow redirection of government resources to other pressing needs as well as help reduce inequality and unemployment in a meaningful way. Investment in domestic manufacturing capacity to reduce dependence on distant supply chains will be a new imperative. Weathering the headwinds arising out of Covid-19 will contribute to building a financially sustainable and resilient asset management industry, which is good for clients and is good for South Africa.

5 “The Pandemic isn’t a black swan but a portent of a more fragile global system”, Bernard Avishai, The New Yorker, April 21, 2020 6 “The Pandemic isn’t a black swan but a portent of a more fragile global system”. Bernard Avishai, The New Yorker, April 21, 2020

The true value of Alexander Forbes is the power of one team. As one, we combine 85 years of knowledge to offer our clients a seamless experience. Through a single platform, we share our expertise, experience and insights to strengthen our advice-led approach across our retirement, investment and health portfolios. Because as one, we can ensure the best outcomes to help our clients grow. Go to alexanderforbes.co.za

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ESG – THE KINGMAKER IN COVID-19: A CORPORATES’ ZERO HOUR MOMENT Premal Ranchod – Head of ESG Research at Alexander Forbes Investments

A corporate’s zero-hour moment Milton Friedman, the economist, said that the only social responsibility a corporate has is to increase profits within the rules of the game. In simple terms “the role of business is to be in business”. One cannot think of a more germane time than now to puncture that theory. The virus is, without doubt, a social pandemic with corporate viability squarely in its clutches. Corporates are facing their zero-hour moment. One may argue that environmental, social and governance (ESG) factors finally found resonance of late, after years of being challenged by mainstream finance. Has the virus provided a temporary pause on ESG and corporate sustainability assessments? The answer is a resounding ‘no’; in fact, research suggests it has further amplified the concept. Corporates have had sustainability thrust upon them by an act wholly outside of their control. Their response, albeit by accident, may be a boon for some and value destructive for laggards. ESG forces a company to wrestle with issues that aren’t black and white. The impact, timing and the value that the market attaches to these risks are often not aptly appreciated, making ESG risk management the kingmaker. In 2020, we have witnessed leadership being summoned across government, corporate, public health service, and of course the average citizen in society to take action. We collectively grapple with the new normal. We tap into emotional quotient balances and sharpen toolkits so that we can respond respectfully.

Who is taking note of corporate responses in this time? In crises, traditional fundamentals of valuation are trumped by the markets’ assessment of reputation, loyalty, engagement, relevance and citizenship.

Employees will assess whether their employers are lethargic or proactive in their response to the pandemic. Employee safety and well-being are important, for example equipping employees with safety kits and introducing flexibility in sick leave policies. Are they financially secure and is their job or salary at risk? Trust finds a niche connection between employer and employee. Customers look toward corporates to deliver on goods and services. Financial services companies are seen as the lighthouse of economies. Customers weigh up whether investments are guarded and payments are made, and not being left to irrational acts. Clear and effective communication is paramount. Suppliers are looking to stay afloat. They are balancing liquidity requirements for their business. They need free cash float to withstand payment terms that might have to be deferred. They are seeking repayment flexibility from financiers.

Healthier balance sheets are enduring. Our discussions with asset management firms suggest that resilient companies have cash reserves, diversified revenue streams, off-shore or local earnings mix, and strong assets that can withstand devaluation. Companies with excessive debt are vulnerable with operating margins and cash flows facing a threat of decline.

Rating agencies came under significant pressure in 2008 for failing to signal the lending crisis. We note the ESG considerations of all three major global rating agencies, S&P; Moody’s, and Fitch through our interaction (7 April 2020). The observable risks and opportunities impact the credit quality of companies. Ratings factor into account the response to strategic risks that emerge and management thereof. The “S” – social risk – considers workforce, diversity, safety, customer and community among other factors. Emerging market countries are presenting vulnerability. These risks impact companies in the first line of fire where business is completely disrupted such as travel, healthcare, retail and hospitality sectors. Second-line businesses are the rest within the economy that suffer, but can operate remotely, such as financial services and oil and gas.

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What should a company have in its quiver? ■ Capital allocation response plan Companies that consider stakeholders more acutely now stand to have a stronger workforce, client base, commitment and so on. Intangible value-add is preparation for recovery after Covid-19.

■ Strong appreciation for ESG factors Companies with stronger ESG credentials place value on externalities, link them to their strategy and operate accordingly. Whilst ESG track records are ripe for debate, evidence exists to show that well-governed, responsive businesses endure market troughs better than their riskier counterparts.

We chose to look at Gallup research based on data after the 2008 global financial crisis as a past lesson.

Employee engagement affects key business outcomes Work units in the top quartile in employee engagement outperform bottom-quartile units by 10% on customer ratings, 21% in productivity, and 22% in profitability. Work units in the top quartile also saw significantly lower absenteeism (37%), turnover (25% in high-turnover organisations, 65% in low-turnover organisations), and shrinkage (28%) and fewer safety incidents (48%), patient safety incidents (41%), and quality defects (41%). 30% 20%

21%

22%

Productivity

Profitability

10%

10% 0% -10% -20% -30% -40% -50% -60% -70% -80%

-25%

-28%

-37% -49%

-41%

Patient safety Incidents

Quality (Defects)

-60% Abseentism

Higher turn-over Orgs.

Lower turn-over Orgs.

Shrinkage

Safety Incidents

Customer

Turnover

■ Dividends and share buybacks Cash distributions should be used effectively in managing operational expenses. In the short term, dividend or buyback cuts might suggest a pecking order between shareholder and stakeholder. In the longer term the market will place greater weight on the strength of a business model. ■ Business continuity plans (BCP) A comprehensive, practical yet evolving plan that outlines a playbook in the event of business disruption. ■ Board balance Effective corporate governance in the form of a balanced, diverse board may prove useful when addressing softer issues like employee engagement and morale. Stakeholders look for evidence when assessing if companies have windowdressed their responses. ■ Retrenchments Rehiring costs way more. Companies will have to weigh up retrenchments, salary adjustments, and executives’ compensation plans in light of the cash reserves in place and legislative environment in a country.

The value of a business after Corona Companies will be measured by their agility at this inflection point. Flexible methods of work, embracing trust and valuing employee loyalty become the norm. Business preparedness becomes an agenda item on management committees. We think that whilst these are robust responses in the short term, there are two more nuggets to note: 1. The clarion call for companies to heed is their climate change strategies as well as their response to the United Nations Sustainable Development Goals (SDGs). 2. Companies of tomorrow will add long-term value, not by marketing ESG and philanthropy but by linking their strategy intricately to externalities that affect the business. Consider Covid-19 your dry run. Business is unusual.

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Survey information relating to the year ended 31 December 2020

The changes which took place in the 2020 calendar year are summarised in the below. SA Manager WatchTM – Best Investment View

Aeon Domestic Balanced entered in January Perpetua Domestic Balanced entered in April Truffle Domestic Balanced entered in January

SA Manager WatchTM – Conservative

No changes took place in this survey

SA Large Manager WatchTM

No changes took place in this survey

Global Manager WatchTM – Dynamic

Old Mutual Multi-Managers Max 28 entered in November

Global Manager WatchTM – Best Investment View

ClucasGray Equilibrium Prescient entered in January Balondolozi Active Balanced entered in July Truffle Global Balanced entered in January

Global Manager WatchTM – Conservative

Old Mutual Multi-Managers Defensive Balanced entered in October

Global Large Manager WatchTM

No changes took place in this survey

Truffle Low Equity entered in April

Sources of performance Multi-Asset class portfolios build and implement their investment strategies based on a multitude of methods; the most popular being economic macro research; asset allocation modelling (strategic and tactical); relative asset class valuation; assessment of market risks; security valuation; portfolio construction and market hedging strategies. Its primary driver of return is its asset allocation strategy as it will seek to take advantage of the different expected returns between assets; while sector and/or security selection within the asset seek to provide additional sources of performance. The portfolio manager will also use the asset class exposures to manage an overall risk strategy.

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REMINDERS TO INVESTORS AND HOW INVESTMENT MANAGERS PERFORMED IN 2020 At the beginning of 2020 it was impossible to imagine that the world would experience a once-in-a-century pandemic that would: ■ affect the way we live ■ decimate whole industries ■ see the rise of others ■ create huge volatility in financial markets As with any typical journey where we may experience both smooth and bumpy periods, the investment journey is no different. By the end of March 2020, both local and global markets were hit with a barrage of market volatility and

uncertainty. It was during this time that it was critical to remind clients of the importance of remaining invested through the short-term noise and volatility. Our finances are personal to us and might easily warrant knee-jerk reactions if we feel like they are being threatened – reactions that might be detrimental to us in the long term. Our instinct to protect or preserve serves to strengthen these tendencies. Making quick decisions that we feel will help preserve or protect our investments is the most natural reaction, but avoiding impulsive decisions when we are under pressure is sometimes the best reaction.

The year 2020 has proven all the rules of investing that we know and believe in: The markets can be a scary place at times, but long-term investors shouldn’t panic. Historical evidence reminds us that the gains experienced over the long term outweigh the losses experienced in the short term. Big price swings can turn investing into a bit of a rollercoaster ride. This should not exaggerate the risk and uncertainty pinned on the anticipated long-term value of an investment – an insight that may be forgotten during such times.

1 Stay committed to long-term goals.

2 It is nearly impossible to time the market.

Trying to time the market is always going to be a difficult exercise without a crystal ball. It has been shown that time in the market is more important than timing the market. Attempting to outsmart the market by determining when to switch between investment portfolios ends in missed opportunities or even losses. Investors who sought safe haven in defensive assets, such as cash, would have been worse off than those investors who remained invested in shares throughout 2020, even with the sharp market falls experienced earlier in the year.

Historically, we’ve seen the markets recover significantly following drastic downturns. They often go on to post inflation-beating performance returns. 2020 was no exception. Investors who sold during the crash and sought safe havens in defensive assets such as cash would have experienced significant losses. Losses that could have recovered if they had remained invested beyond the duration of the crash.

3 What goes down will go up.

4 Diversification is key.

Volatility and investing go hand in hand, and it is normal for long-term investments to come with some risk and market volatility. A complementary mix of growth and defensive assets does not only help investments absorb market or economic shocks and participate in markets when they recover, but also help manage investors’ comfort levels and crowd out impulsive behaviour when it matters most.

The times may have changed, but sound investment principles haven’t and still apply today. Investors who remained calm, invested and committed to their long-term goals are better positioned to achieve future investment success. 30

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How South African best investment view managers performed For the year, most South African best investment view (BIV) managers kept their asset allocation relatively stable, except for Foord who increased their allocation to equities by 10% from their position in December 2019. With the exception of three, the rest of the managers in the SA BIV category had positive returns for the year ending December 2020, with Bridge posting a return of -12.4% for the year as a result of a high exposure to property). In 2019 Nedgroup and Coronation were the two best performers for the year in the category, a feat which they have repeated in 2020. Nedgroup increased its exposure to Liberty Holdings, Nepi Rockcastle and Anheuser-Busch InBev. The fund reduced its exposure to domestic banks and MultiChoice. The fund also sold some of its British American Tobacco position to fund some of the purchases over the last quarter. A Naspers note was purchased, which will profit from a closing of the Naspers/ Prosus discount. Bridge was the worst performing manager for the year. The fund looks to allocate 65% of the portfolio to high-quality businesses that are expected to deliver double-digit earnings growth over the medium and long term and also targets a 25% allocation to listed property companies. The balance of the portfolio comprises short-term and medium-term government and corporate debt. The majority of the underperformance could be attributed to the overweight position in listed property. Aeon The main absolute contributors to performance were Naspers, Prosus, Impala Platinum, BHP and Anglo American whilst Sasol, Standard Bank and the MTN Group were the main detractors from absolute performance for the year. Allan Gray South African equities detracted from performance while fixed interest and commodities contributed. Within equities, detractors included Sasol and financials such as Old Mutual and Nedbank. Glencore, while being a positive contributor underperformed BHP and Anglo American, as iron ore continued to trade at very high levels. Positive contributors included Naspers and British American Tobacco, as well as Sibanye Stillwater and MultiChoice.

The lower weight in domestic real estate combined with an overweight allocation to commodities added to returns from an asset allocation perspective. The increased allocation to domestic bonds relative to cash provided additional support to returns, especially in the last nine months of the year. Perpetua The portfolio was slightly underweight in equities compared to its benchmark and overweight in bonds and cash. This position helped with relative performance. However, small-cap and midcap value stocks continued to lose ground to large-cap growth shares in 2020, especially in the first half of the year, resulting in the equity component of the portfolio underperforming the Capped SWIX over the year. Within domestic equities, the fund’s relative overweight position in RB Platinum. Omnia and Peregrine contributed to relative performance over the year. The underweight positions in Naspers and Prosus were responsible for 3.6% of the 5.7% of relative underperformance of the equity component of the portfolio. Prudential From an asset class perspective, the largest contribution to performance came from exposure to equities and the bonds. The largest detractor from performance was the relatively small allocation to property which was down 35.5% for the year. Despite generating a positive return, the SA equity component, albeit small, underperformed the market largely due to overweight positions in Sasol, Sappi, Standard Bank and being underweight in gold counters. Contributors to relative equity performance came from overweight positions to Impala Platinum, Anglo American and MultiChoice. STANLIB Through markets that plunged then rose in rapid succession, managers of balanced funds could apply tactical asset allocation and extract the best performance from allocations to properties and bonds. Asset classes that contributed to performance for the year were domestic property, bonds and cash. Technology and PGMs were the largest contributors to performance over the year with Prosus, Northam and BHP in the top three.

Ninety One Equity selection was the primary contributor to returns while gains from asset allocation were more muted. The overweight allocation to Sibanye Stillwater, Gold Fields and Impala Platinum as well as the relative underweight position in financials such as Nedbank and Old Mutual were the primary contributors to stock selection. Exposure to counters such as FirstRand, Absa and Motus were the primary detractors.

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How global best investment view managers performed The Global BIV category slightly outperformed the domestic mandates with a 2% differential between the medians. For the year, most managers in this category kept their domestic asset allocation relatively stable. Rezco and Old Mutual MultiManagers decreased their allocation to domestic equities by 21% and 14% respectively over their positions in December 2019. Most managers remained close to the limits of 30% for investment in international assets allowed by Regulation 28 of the Pension Funds Act. Of the 34 managers, only 7 were lower than the limit of 30% by more than 5%. Nedgroup was the best performing manager in the Global BIV category for the year. Domestically exposed sectors, including banks and apparel retailers, outperformed, as did the platinum group and diversified miners. The fund increased its exposure to the mining sector and the MSCI Emerging Market Value ETF. A Naspers note was purchased, which will profit from a closing of the Naspers/Prosus discount. Rezco consolidated their position in the Global BIV category by once again being one of the strongest performing managers for the year ending 2020. The fund had a strong contribution from fixed income, notably short duration government bonds. commodities, particularly gold and PGMs, were solid contributors.

With the rand weakening aggressively and then steadily appreciating throughout the course of the year, the fund could time this well and currency movement was another contributor. Within the equity space, miners, especially gold producers, added to the gains. Detractors came in the form of the listed property sector, which experienced a tumultuous year. Absa The fund’s underweight position in global equities detracted significantly from performance. This was further compounded by the negative effects of stock selection. The fund’s exposure to the Schroders Value Fund was the main driver of equity underperformance. The underweight exposure to domestic equity added value but this was more than offset by the drag from stock selection. The overweight positions held in banks and financials and underweight positions held in Naspers and resources stocks were the largest detractors during the period. The positioning in domestic cash and nominal bonds added value. Both asset classes outperformed domestic equity and property. Bond selection was also favourable. The fund’s property holdings handsomely outperformed the SA Listed Property Index but still performed worse than equity, thereby detracting from overall fund performance.

Investors who remained calm, invested and committed to their long-term goals are better positioned to achieve future investment success.

Don Andrews

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Allan Gray Absolute and relative performance of Allan Gray balanced mandates remained muted for 2020, reflecting a local equity market that had traded sideways since 2014 and, even then, returns were dominated by a few large shares. South African equities detracted from performance, while fixed interest, foreign assets and commodities contributed. Within equities, detractors included Sasol and financials, such as Old Mutual and Nedbank. Glencore, while being a positive contributor, underperformed BHP and Anglo American as iron ore continued to trade at very high levels. Positive contributors included Naspers and British American Tobacco, as well as Sibanye-Stillwater and MultiChoice. The performance of the offshore portion of our local funds depends on the performance of our offshore partner, Orbis, and the levels of the rand. The Orbis Global Equity Fund performed strongly in the fourth quarter of 2020. The Orbis SICAV Global Balanced Fund returned 8.9% against a 60/40 benchmark that returned 14.2%. Performance improved in the second half of the year as investors started buying depressed cyclical shares, which complemented winners such as NetEase, XPO Logistics and Taiwan Semiconductor. ClucasGray The Covid crisis, and the decisions to lock down global economies, caused significant stress in the portfolio. The consequence of the Covid crisis was a very poor first quarter. The manager was active in both asset allocation and security selection during the crisis, using the opportunity to add selectively to global equity exposure, and to increase weightings in good companies that they believed were materially mispriced in the crisis. The fund has recovered very strongly off the Covid crisis lows of March 2020. The manager is of the view that excellent investment opportunities exist in South African fixed income and South African equities. The fund has over 50% allocation to South African equities, and nearly 25% in South African fixed income. They have reduced global equity weightings into strength, as they believe prospective returns from current global valuations are likely to be more muted.

The lower weight in domestic real estate combined with an overweight allocation to commodities added to returns from an asset allocation perspective. The increased allocation to domestic bonds relative to cash provided additional support to returns, especially in the last nine months of the year. A more defensive positioning of the offshore exposure during the initial part of the year helped to stabilise overall portfolio returns. During the latter part of 2020 the exposure to cyclical assets, regional equities and specific sectors such as US banks was actively increased which benefited returns. Prudential The largest contributors to performance over the year came from exposure to international equities, domestic equities and South African bonds. The exposure to domestic listed property detracted from performance. Despite generating a positive return, the domestic equity component, albeit small, underperformed the market largely due to overweight positions in Sasol, Sappi, Standard Bank and being underweight in gold counters. Contributors to relative equity performance came from our overweight positions to Impala Platinum, Anglo American and MultiChoice. STANLIB Through markets that plunged then rose in rapid succession, managers of balanced funds had ample opportunities to apply tactical asset allocation and extract the best performance from allocations to equities, bonds and the volatility of the rand. Asset classes that contributed to performance for the year were domestic property, bonds, cash global equities and global bonds. Technology and PGMs were the largest contributors to performance over the year with Prosus, Northam and BHP in the top three. Looking at the SA and Global BIV categories over the 1-year period, Nedgroup Investments and Coronation delivered solid performances. Nedgroup Investments ranked first in both categories while Coronation ranked second and third respectively.

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MARKET AND ECONOMIC OVERVIEW – 2020 Key themes:

Covid-19: recession, policy responses, and rally in global financial markets | Commodities: global demand shows signs of recovery Prolonged recovery for South Africa

Covid-19 The worst global recession since World War II The past year has been characterised by unprecedented events. The widespread coronavirus pandemic, a health crisis, ravaged economies across the globe as governments attempted to save lives and livelihoods by imposing lockdown restrictions. The economic devastation caused by the lockdowns has been strenuous and will remain for a long time, with some countries experiencing a second wave in infections, others even a third wave. While the widely held expectation is that the recovery may take some years, the latest vaccine news provides some hope. Of the 8.25 billion Covid-19 vaccines procured, more than 138 million doses have been administered across 73 countries at a rate of 4.85 million doses a day. The International Monetary Fund projected global growth to contract by 3.5% in 2020 and grow moderately by 5.5% in 2021, with an uneven recovery due to varying policy space and country-specific initial conditions before the pandemic. This implies wide negative output gaps and elevated unemployment rates across both advanced and emerging market economies. Global GDP is projected to return to 2019 levels by the end of 2021, buoyed by growth in emerging economies. For many countries, 2021 will largely be about economic responses to the pandemic’s lasting damage, such as heightened debt burdens and misaligned politics, despite the roll-out of vaccines.

Unprecedented monetary and fiscal policy responses Major central banks responded swiftly to maintain financial stability and ease monetary policy as the ongoing spread of the coronavirus disrupted business activity and created great uncertainty. This resulted in reduced asset prices around the world and prompted investors to sell risky assets and buy safer assets, such as US dollar cash and gold.

The US Federal Reserve lowered its federal funds target range 150 basis points to 0-0.25%, while the Bank of England lowered its bank rate from 75 basis points to 0.10%. The European Central Bank and the Bank of Japan’s main policy rates were already around zero and remained unchanged. The South African Reserve Bank (SARB) cut the repo rate by a cumulative 300 basis points to 3.5% in 2020. Furthermore, the central banks have purchased assets, created lending programmes, and modified financial regulations to support financial markets and minimise long-run economic damage. In the medium term, central banks are expected to keep rates at low levels until their respective economies recover from the coronavirus-induced global recession. Governments around the world have acted decisively to: ■ contain and mitigate the spread of the virus ■ limit the adverse impacts on citizens and economies Many major economies announced significant fiscal policies such as: ■ direct transfers ■ tax relief ■ measures to help businesses keep their workers ■ loans to businesses that have been negatively impacted by the pandemic

Global financial markets rallied on hopes of a vaccine and improved global economic data Global financial markets performed well in 2020 in hopes of a vaccine, coordinated global fiscal and monetary response, and improved global economic data. The global manufacturing Purchasing Managers Index (PMI) showed signs of global economic recovery from coronavirus-induced global recession. The MSCI All-Country World Index (MSCI ACWI) returned 16.8% in 2020 from strong returns of 27.3% in the previous year, in US dollars.

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Regionally, the emerging markets outperformed developed markets, with the MSCI Emerging Markets Index (MSCI EM) returning 18.5% in 2020 from 18.8% in 2019, in US dollars, buoyed by strong performance in China. The MSCI Developed Markets Index (MSCI DM) returned 16.5% in 2020 from 28.4% in the previous year, in US dollars. In Europe, the UK equities bucked the trend of global equities as the coronavirus infections delayed the plans to reopen the economy. The FTSE 100 Index returned -11.4% (-8.9% in US dollars) in 2020 from 17.2% (21.98% in US dollars) in 2019, in British pounds. Global bonds underperformed global equities, with the FTSE World Government Bond Index (WGBI) returning 10.1% in 2020 from 5.9% in the previous year.

Commodities performed well in the year 2020 with global demand showing signs of recovery As countries continued to lift lockdown restrictions and reopen their economies commodities performed well in 2020 and global demand showed signs of recovery. Iron ore was the best performer in 2020, returning 55.3% in the year from 28.6% in 2019, followed by silver, which returned 47.9% in 2020 from 15.2% in 2019. Brent crude oil prices decreased by 21.5% in 2020 as lockdown restrictions negatively impacted the oil demand. Gold rallied on the first half of the year as the risk-on environment deteriorated, returning 25.1% in 2020 from 18.3% in 2019.

The economic devastation caused by the lockdowns has been strenuous and will remain for a long time, with some countries experiencing a second wave in infections, others even a third wave. While the widely held expectation is that the recovery may take some years, the latest vaccine news provides some hope.

Major global currencies performed well against the US dollar as the risk sentiment improved on hopes of a vaccine and strong accommodative monetary policy by major central banks. The euro appreciated by 8.9% in 2020 from a depreciation of 2.2% while the pound strengthened by 3.1% in 2020 from an appreciation of 3.9% in 2019. The rand bucked the trend, depreciating by 5.0% in 2020 from an appreciation of 2.4% in the previous year.

The weaker US dollar is likely to boost emerging currencies and equities in 2021 Global financial markets have been extremely volatile across all asset classes in 2020 and will likely remain so over the short term and for as long as the pandemic persists. The global reopening of economies and hopes of vaccines have increased risk appetite.

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Looking ahead, risky assets, including emerging market currencies and assets are likely to be boosted by the weaker US dollar, while Joe Biden’s infrastructure and clean energy plan will be good for the US-centric corporate sector and global commodities. The results of the US elections also bode well for the global growth outlook, given the possibility of another large US fiscal stimulus package in addition to the $900 billion already passed. The downward risk performance of markets includes surging coronavirus infections and sluggish vaccine roll-outs across the globe, which may dent the speed of the global economic recovery.

South African markets tracked global financial markets as global demand improved South African equities lagged global equities in the year, with the JSE ALSI Index returning 7.1% in 2020, from 12.1% in 2019, while the JSE Top 40 returned 10% in 2020 from 12.5% in 2019, in rand terms. From a sector perspective, local equities were

supported by resources and industrials, boosted by increasing global demand as countries eased lockdown restrictions and many countries provided strong fiscal packages. Resources returned 21.2% in 2020 from 28.6% in the previous year, while industrials returned 12.1% in the year from 9.1% in 2019. The local property market weakened in 2020, reflecting the weak domestic economy and uncertainty brought by the coronavirus pandemic in the sector. The asset class was down 33.7% in the year from 1.9% in the previous year. Local bonds outperformed local equities, with the All Bond Index (ALBI) returning 8.7% in 2020 from 10.3% in 2019, supported by the SARB’s intervention of purchasing domestic bonds in the secondary market to improve liquidity and price discovery hampered by the pandemic. Local cash returned 4.5% in 2020 from 6.6% in the previous year.

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Global asset class returns in US dollars

Global asset class returns in SA rand

Sources: Bloomberg and Alexander Forbes Investments

Global asset class performance Global asset classes in US dollars

December 2020

Q4 2020

Q3 2020

2020

2019

4.3 4.7 7.3 3.3 1.4 3.5 5.5

14.1 14.8 19.6 12.6 2.8 9.7 16.9

8.1 8.3 9.7 6.0 2.9 1.1 -0.2

16.5 16.8 18.5 -4.3 10.1 3.5 -10.5

28.4 27.3 18.8 17.2 5.9 10.1 21.0

December 2020

Q4 2020

Q3 2020

2020

2019

4.2 4.0 5.5 9.5 8.3 -1.0 2.4 13.7 0.3

9.8 8.9 11.5 8.3 19.5 7.4 6.7 22.2 0.9

0.7 0.7 1.0 6.0 -1.6 -2.2 1.5 -14.1 0.9

7.1 10.0 0.7 21.2 -19.5 12.1 8.7 -33.7 4.5

12.1 12.5 6.8 28.6 0.6 9.1 10.3 1.9 6.6

December 2020

Q4 2020

Q3 2020

2020

2019

6.8 8.8 10.8 2.9 16.6 15.4

0.7 26.5 20.0 16.0 13.6 12.3

5.9 -0.5 7.7 11.8 27.6 21.8

25.1 -21.5 10.9 25.8 47.9 55.3

18.3 22.7 21.5 6.3 15.2 28.6

Currencies

December 2020

Q4 2020

Q3 2020

2020

2019

Rand/Dollar Rand/Euro Rand/Pound

-5.0 -2.7 -2.5

-12.3 -8.5 -7.2

-3.5 0.7 0.6

5.0 14.4 8.2

-2.4 -4.6 1.3

MSCI DM Index MSCI ACWI Index MSCI EM Index MSCI EFM EX SA Index Citi World GBI JP Morgan EM bonds MSCI UK SA asset classes in rand All Share Index Top 40 Index Capped Swix JSE Resources JSE Financials JSE Industrials ALBI Local Property Local Cash Commodities performance Gold Oil Platinum Copper Silver Iron Ore

Sources: Bloomberg and Alexander Forbes Investments

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SA Balanced Manager WatchTM Survey – Best Investment View Objective: The portfolios are balanced (multi-asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the managers’ best investment view.

Range of Returns of SA Best Investment View Investable Universe for the periods ending 31 December 2020 15% 10% 5% 0% -5% -10% -15% 1 Year

3 Years (p.a.)

5 Years (p.a.) 25% – 75%

7 Years (p.a.)

Min – Max

10 Years (p.a.)

Median

Return Statistics (Investable) 1 Year

3 Years (p.a.)

5 Years (p.a.)

7 Years (p.a.)

Highest

9.79%

9.14%

6.54%

7.69%

10 Years (p.a.) 9.65%

Upper Quartile

4.88%

3.57%

5.85%

6.60%

9.44%

Median

3.08%

2.01%

5.55%

5.62%

8.17%

Average

1.99%

1.19%

4.83%

4.99%

7.51%

Asset-weighted Average

3.56%

2.41%

5.52%

6.54%

9.25%

Lower Quartile

0.51%

0.04%

3.49%

4.06%

8.41%

Lowest

-12.38%

-8.30%

-1.07%

3.09%

6.63%

Range

22.17%

17.44%

7.61%

4.60%

3.02%

Number of Participants

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SA Balanced Manager Watch™ Survey – Best Investment View Objective: The portfolios are balanced (multi-asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the managers’ best investment view.

General information Investment Managers

GIPS™ (Verified / Compliant)

Portfolio Type

Regulation 28 Compliant Certification (Y/N)

Benchmark Description

No. of Funds in Composite

Portfolio Size (R m)

Absa Asset Management Domestic Balanced

Segregated

65% FTSE/JSE Capped Swix; 35% I2050

440

Aeon Local Balanced Fund

Segregated

CPI +5%

848

Pooled

SA LMW Median

n/a

3 682

Segregated

36 955

Alexander Forbes Investments Performer Local

n/a

Allan Gray Domestic Balanced

Bridge Managed Growth Fund

Pooled

SA LMW Average

CPI + 6% p.a. over rolling 60-month periods

1 112

Coronation Domestic Mandate

Segregated

SA LMW Median

11 266

Foord Domestic Balanced

Segregated

65% ALSI, 5% PROP, 25% ALBI, 5% STFCAD

31 598

Unit trust

ASISA SA MA High Equity

n/a

1 040

Segregated

SA LMW Median

36 020

Perpetua Domestic Balanced

n/a

Segregated

70% Capped SWIX, 20% ALBI, 5% CILI, 5% STeFI

327

Prudential Domestic Balanced

Segregated

SA LMW Median

32 152

STANLIB AM Domestic Balanced

Segregated

SA BIV Median

Nedgroup Investments (Truffle) Managed Fund Ninety One Segregated Domestic Mandate

Total

n/a

155 475

V = Verified C = Compliant

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Investment Data to the end of December 2020 – Performance Data Investment Manager

1 Year

3 Years (p.a.)

5 Years (p.a.)

7 Years (p.a.)

10 Years (p.a.)

Portfolio

Rank

Benchmark

Portfolio

Rank

Benchmark

Portfolio

Rank

Benchmark

Portfolio

Rank

Benchmark

Portfolio

Rank

Benchmark

Absa Asset Management Domestic Balanced

-4.60%

-2.07%

-1.78%

-0.21%

3.17%

4.55%

4.06%

4.97%

6.63%

7.47%

Aeon Local Balanced Fund

2.39%

8.17%

Alexander Forbes Investments Performer Local

3.25%

1.82%

2.30%

1.93%

5.51%

5.37%

6.29%

5.54%

9.10%

8.12%

Allan Gray Domestic Balanced

1.20%

2.87%

1.65%

2.07%

6.08%

5.39%

7.14%

5.58%

9.00%

8.08%

-12.38%

10.60%

-8.30%

10.75%

-1.07%

11.22%

Coronation Domestic Mandate

8.29%

1.82%

3.77%

1.93%

6.54%

5.39%

6.60%

5.55%

9.43%

8.14%

Foord Domestic Balanced

6.84%

5.41%

3.70%

3.63%

4.44%

6.67%

5.52%

6.84%

9.65%

8.95%

Nedgroup Investments (Truffle) Managed Fund

9.79%

6.33%

9.14%

3.97%

Bridge Managed Growth Fund

Ninety One Segregated Domestic Mandate

4.23%

1.82%

3.43%

1.93%

5.96%

5.39%

7.69%

5.55%

9.46%

Perpetua Domestic Balanced

-1.55%

3.04%

-0.14%

1.42%

4.76%

5.09%

3.70%

5.92%

Prudential Domestic Balanced

1.21%

1.82%

0.63%

1.93%

5.36%

5.39%

5.63%

5.55%

8.92%

8.14%

STANLIB AM Domestic Balanced

2.77%

3.08%

0.23%

2.01%

2.52%

5.55%

3.09%

5.62%

6.87%

8.17%

8.14% *

*No performance history.

Investment Data to the end of December for the past 5 Calendar years Investment Manager

2019

2018

2017

2016

2015

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Absa Asset Management Domestic Balanced

4.50%

-4.96%

13.85%

8.34%

3.21%

Aeon Local Balanced Fund

8.15%

Alexander Forbes Investments Performer Local

8.54%

-4.47%

12.89%

8.18%

4.51%

Allan Gray Domestic Balanced

7.14%

-3.13%

13.06%

13.14%

6.31%

Bridge Managed Growth Fund

-4.84%

-7.52%

11.52%

10.20%

4.28%

* 3

Coronation Domestic Mandate

13.11%

-8.78%

14.80%

7.01%

2.84%

Foord Domestic Balanced

8.85%

-4.10%

7.06%

4.07%

3.06%

Nedgroup Investments (Truffle) Managed Fund

15.82%

2.25%

6.89%

Ninety One Segregated Domestic Mandate

11.01%

-4.37%

14.90%

5.07%

9.95%

Perpetua Domestic Balanced

5.96%

-4.54%

8.29%

16.99%

-5.53%

Prudential Domestic Balanced

6.80%

-5.73%

16.18%

9.67%

1.97%

STANLIB AM Domestic Balanced

4.98%

-6.68%

7.39%

4.74%

0.67%

*No performance history.

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Global Balanced Manager Watch™ Survey – Dynamic Objective: The portfolios are balanced (multi-asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to maximise long-term (more than 5 years) capital growth. This may lead to volatility of returns in the short term (less than one year).

Range of returns of Global Dynamic Investable Universe for the periods ending 31 December 2020 20%

15%

10%

0% 1 Year

3 Years (p.a.)

5 Years (p.a.) 25% – 75%

7 Years (p.a.)

Min – Max

10 Years (p.a.)

Median

Return Statistics (Investable) 1 Year

3 Years (p.a.)

5 Years (p.a.)

7 Years (p.a.)

Highest

13.60%

11.24%

8.81%

11.03%

10 Years (p.a.) 12.49%

Upper Quartile

10.85%

8.42%

7.53%

9.66%

11.63%

Median

6.02%

6.32%

7.07%

8.49%

11.10%

Average

8.21%

6.23%

6.90%

8.38%

10.81%

Asset-weighted Average

11.10%

7.95%

7.58%

9.13%

11.41%

Lower Quartile

4.35%

4.86%

5.60%

7.61%

10.42%

Lowest

1.72%

1.83%

4.25%

6.28%

8.04%

Range

11.89%

9.41%

4.56%

4.75%

4.45%

Number of Participants

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General information

Pooled Pooled Unit trust

Offshore Gross/Net/ Partial Net of fees Partial Partial Gross

Momentum Investments Flexible Factor 6

Pooled

Partial

Momentum Investments Flexible Factor 7

Pooled

Partial

GIPS™ (Verified/ Compliant) Allan Gray Life Global Absolute Portfolio Coronation (Managed) Laurium Flexible Prescient Fund

Ninety One Managed Ninety One Opportunity Composite Old Mutual Multi-Manager Max 28 Truffle SCI Flexible Fund

V V C

V V V n/a

Portfolio Type

Regulation 28 Compliant Certification (Y/N) Y Y N

Benchmark Description Global LMW Average Global LMW Average CPI + 5% 42.5% FTSE/JSE Capped SWIX , 15% ALBI, 13% STeFI, 4% FTSE/JSE SA Listed Property, 20% MSCI WRLD (SEI), 3.5% WGBI, 2% D-FTSE EPRA/ NAREIT Dev_Mstar GBP 50% FTSE/JSE Capped SWIX , 10% ALBI, 7.5% STeFI, 5% FTSE/JSE SA Listed Property , 22.5% MSCI WRLD (SEI), 2.5% WGBI, 2.5% D-FTSE EPRA/NAREIT Dev_Mstar GBP

No.of funds in composite

Portfolio Size (R m)

n/a 1 1

2 560 10 399 1 917

n/a

472

n/a

1 955

Pooled

Net

Global LMW Median

19 818

Pooled Pooled Unit trust

Net Net Gross

Headline CPI + 6% CPI + 6.5% CPI + 5%

11 n/a 1

60 207 811 5 239

Total

103 378

V = Verified C = Compliant

A solid 2020 for the Laurium Africa USD Bond Prescient Fund! Investing in USD denominated eurobonds, the Laurium Africa USD Bond Prescient Fund offers investors competitive USD yields with lower levels of volatility. If you’re looking to diversify your investments and utliise your offshore exposure allowance visit www.lauriumcapital.com to find out more.

We know Investments T +27 11 263 7700 E laurium@lauriumcapital.com www.lauriumcapital.com

Laurium is an authorised financial services provider (FSP No 34142). Collective Investment Schemes in Securities (CIS) should be considered as medium to long-term investments. The value may go up as well as down and past performance is not necessarily a guide to future performance. CIS’s are traded at the ruling price and can engage in scrip lending and borrowing. A schedule of fees, charges and maximum commissions is available on request from the Manager. There is no guarantee in respect of capital or returns in a portfolio. A CIS may be closed to new investors in order for it to be managed more efficiently in accordance with its mandate. Performance has been calculated using net NAV to NAV numbers with income reinvested. Prescient Management Company (RF) (Pty) Ltd is registered and approved under the Collective Investment Schemes Control Act (No.45 of 2002). For any additional information such as fund prices, fees, brochures, minimum disclosure documents and application forms please go to www.lauriumcapital.com.

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Investment Data to the end of December 2020 – Performance Data Investment Managers

1 Year

3 Years (p.a.)

5 Years (p.a.)

7 Years (p.a.)

10 Years (p.a.)

Portfolio

Rank

Benchmark

Portfolio

Rank

Benchmark

Portfolio

Rank

Benchmark

Portfolio

Rank

Benchmark

Portfolio

Rank

Benchmark

Allan Gray Life Global Absolute Portfolio

1.72%

6.27%

1.83%

4.88%

4.25%

5.93%

6.28%

6.69%

8.04%

9.73%

Coronation (Managed)

9.92%

6.27%

5.42%

4.88%

7.32%

5.89%

7.54%

6.61%

11.34%

9.64%

Laurium Flexible Prescient Fund

6.74%

8.17%

5.02%

8.97%

5.33%

9.62%

Momentum Investments Flexible Factor 6

3.60%

-1.35%

4.38%

0.82%

5.70%

4.17%

7.68%

6.53%

Momentum Investments Flexible Factor 7

4.35%

-1.60%

5.04%

0.22%

6.04%

3.87%

7.82%

6.40%

Ninety One Managed

10.85%

5.41%

8.55%

4.64%

8.81%

5.73%

10.30%

6.96%

12.49%

9.88%

Ninety One Opportunity Composite

8.38%

10.31%

7.50%

10.83%

9.03%

10.96%

11.21%

11.18%

8.97%

7.64%

9.62%

11.03%

9.81%

12.05%

10.20%

Old Mutual Multi-Manager Max 28

6.12%

9.67%

Truffle SCI Flexible Fund

13.60%

8.17%

11.24%

*No performance history.

Investment Data to the end of December for the past 5 Calendar years Investment Managers

2019

2018

2017

2016

2015

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Allan Gray Life Global Absolute Portfolio

5.55%

-1.65%

8.08%

7.87%

11.63%

Coronation (Managed)

13.99%

-6.50%

12.54%

7.96%

5.10%

Laurium Flexible Prescient Fund

10.86%

-2.12%

12.67%

-0.63%

17.00%

Momentum Investments Flexible Factor 6

12.94%

-2.80%

11.92%

3.63%

11.76%

Momentum Investments Flexible Factor 7

13.57%

-2.22%

11.95%

3.32%

11.39%

Ninety One Managed

14.82%

0.50%

13.78%

4.79%

19.31%

Ninety One Opportunity Composite

13.81%

-0.19%

10.20%

2.32%

15.53%

Old Mutual Multi-Manager Max 28

11.65%

Truffle SCI Flexible Fund

18.07%

2.62%

* 1

8.52%

* 7

-3.24%

* 8

20.90%

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SECTION 2

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Global Balanced Manager Watch Survey – Best Investment View TM

Objective: The portfolios are balanced (multi-asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers’ best investment view.

Range of Returns of Global Best Investment View Investable Universe for the periods ending 31 December 2020 20% 15% 10% 5% 0% -5% 1 Year

3 Years (p.a.)

5 Years (p.a.) 25% – 75%

7 Years (p.a.)

Min – Max

10 Years (p.a.)

Median

Return Statistics (Investable) 1 Year

3 Years (p.a.)

5 Years (p.a.)

7 Years (p.a.)

Highest

13.25%

11.70%

9.96%

8.83%

10 Years (p.a.) 11.54%

Upper Quartile

8.45%

6.43%

6.51%

8.05%

10.78%

Median

5.11%

4.79%

5.92%

7.02%

9.83%

Average

5.92%

5.03%

6.13%

6.87%

9.68% 10.93%

Asset-weighted Average

7.50%

5.35%

6.50%

7.91%

Lower Quartile

3.44%

3.45%

5.41%

6.87%

9.65%

Lowest

0.03%

-0.20%

4.35%

5.73%

8.87%

Range

13.22%

11.90%

5.61%

3.10%

2.67%

Number of Participants

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SECTION 4 SECTION 5

SECTION 6

Global Balanced Manager Watch™ Survey – Best Investment View Objective: The portfolios are balanced (multi-asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers’ best investment view.

General information Investment Managers Absa Asset Management Global Balanced

GIPS™ (Verified/ Compliant) V

Alexander Forbes Investments (Performer) Alexander Forbes Investments (Spectrum)

Portfolio Type

Offshore Gross/Net/ Partial Net of fees

Regulation 28 Compliant Certification (Y/N)

Benchmark Description

Portfolio Size (R m)

Pooled

Net

Global LMW Median

Pooled

Gross

Global LMW Median

n/a

Pooled

Gross

Global LMW Average

n/a

780

Net

Global LMW Average (Non Investable)

48 582

Market Value Weighted Average Return of ASISA Multi Asset – High Equity Category excluding the Ashburton Balanced Fund.

408

392

Allan Gray Global Balanced

Segregated

Ashburton Global Balanced Composite

Pooled

Gross

Segregated

Gross

Headline CPI + 5%

Balondolozi Active Balanced Fund

No.of funds in composite

4 840 154 948

Unit trust

Gross

Market value-weighted average return of ASISA category - South African Multi-Asset High Equity

813

Coronation

Segregated

Partial

Global LMW Median

19 017

Foord Global Balanced

Segregated

Net

55% ALSI, 9% MSCI, 6% CITI, 5% PROP, 20% ALBI, 5% STFCAD

29 803

Kagiso Global Balanced Fund

Segregated

Net

Global LMW Median

1 771

Laurium Balanced Fund

Unit trust

Gross

ASISA South African MA High Equity

1 700

50% FTSE/JSE Capped SWIX , 10% ALBI, 7.5% STeFI, 5% FTSE/JSE SA Listed Property , 22.5% MSCI WRLD (SEI), 2.5% WGBI, 2.5% D-FTSE EPRA/ NAREIT Dev_Mstar GBP

n/a

8 457

50% FTSE/JSE Capped SWIX , 10% ALBI, 7.5% STeFI, 5% FTSE/JSE SA Listed Property , 22.5% MSCI WRLD (SEI), 2.5% WGBI, 2.5% D-FTSE EPRA/ NAREIT Dev_Mstar GBP

n/a

16 516

50% FTSE/JSE Capped SWIX , 10% ALBI, 7.5% STeFI, 5% FTSE/JSE SA Listed Property , 22.5% MSCI WRLD (SEI), 2.5% WGBI, 2.5% D-FTSE EPRA/ NAREIT Dev_Mstar GBP

n/a

644

n/a

2 210

3 776 74 460

ClucasGray Equilibrium Prescient fund

n/a

Momentum Investments Classic Factor 7

Pooled

Partial

Pooled

Partial

Momentum Investments Target Factor 7

Pooled

Partial

Nedgroup Investments (Truffle) Balanced Fund

Unit trust

Net

ASISA South African Multi-Asset High Equity sector average

Unit trust

Net

Headline CPI + 5%

Momentum Investments Enhanced Factor 7

Nedgroup Investments XS Diversified Fund of Funds Ninety One Segregated Full Discretion Northstar SCI Managed Fund Oasis

n/a

n/a V n/a

Segregated Unit trust

Net

Global LMW Median

Gross

ASISA Category Avg: SA – Multi Asset – High Equity

n/a

954

Net

Global BIV Average

667

Segregated Pooled

Net

FTSE/JSE All Share Index

Old Mutual Multi Managers Managed

Pooled

Net

Global LMW Median(Non Investable)

3 130

Old Mutual Multi-Managers Inflation Plus 5-7%

Pooled

Net

Headline CPI + 6%

13 019

Net

The benchmark for our full discretionary funds is calculated in-house, using FTSE free market indices and estimated peer group weightings.

4 677

Obsidian SCI Balanced fund

OMIG Balanced Portfolio

Segregated

n/a

675

OMIG Edge28 Portfolio

Segregated

Net

The performance target is CPI+6%. No benchmark.

8 417

Prescient Balanced

Pooled

Gross

55.25% SWIX40, 2% STeFI, 17% ALBI, 9.75% MSCI World, 5.25% US 1mth TB

1 189

Segregated

Prudential Balanced

Gross

Global LMW Median

9 594

PSG Balanced Fund

n/a

Unit trust

Net

Headline CPI+5%

7 985

Unit trust

Net

FTSE/JSE All Share

6 707

24.5% SWIX, 24.5% Capped SWIX, 2% STeFI, 10% ALBI, 6% BSAGI, 8% Property, 21% MSCI World, 4% Barclays Aggr Bond Index

n/a

17 791

Rezco Value Trend Sanlam Lifestage Accumulation

Pooled

Partial

Sasfin BCI Balanced fund

n/a

Unit trust

Net

Average of SA Multi Asset Medium Equity category

365

Sasfin BCI Prudential fund

n/a

Unit trust

Net

Average of SA Multi Asset High Equity category

2 948 12 902

SIM Global Unique

Segregated

Net

Global LMW Median

STANLIB AM

Segregated

Gross

Global BIV Median

1 321

Pooled

Partial

Global BIV Median Non Investable

n/a

6 806

STANLIB Multi Manager Balanced Fund Total V = Verified C = Compliant

n/a

468 264

SECTION 1

SECTION 2

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Global Balanced Manager Watch™ Survey – Best Investment View Objective: The portfolios are balanced (multi-asset class) portfolios with exposure to global and local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers’ best investment view.

Investment Data to the end of December 2020 – Performance Data Investment Managers Portfolio Absa Asset Management Global Balanced Alexander Forbes Investments (Performer) Alexander Forbes Investments (Spectrum) Allan Gray Global Balanced Ashburton Global Balanced Composite Balondolozi Active Balanced Fund ClucasGray Equilibrium Prescient fund Coronation Foord Global Balanced Kagiso Global Balanced Fund Laurium Balanced Fund Momentum Investments Classic Factor 7 Momentum Investments Enhanced Factor 7 Momentum Investments Target Factor 7 Nedgroup Investments (Truffle) Balanced Fund Nedgroup Investments XS Diversified Fund of Funds Ninety One Segregated Full Discretion Northstar SCI Managed Fund Oasis Obsidian SCI Balanced fund Old Mutual Multi Managers Managed Old Mutual Multi-Managers Inflation Plus 5-7% OMIG Balanced Portfolio OMIG Edge28 Portfolio Prescient Balanced Prudential Balanced PSG Balanced Fund Rezco Value Trend Sanlam Lifestage Accumulation Sasfin BCI Balanced fund Sasfin BCI Prudential fund SIM Global Unique STANLIB AM STANLIB Multi Manager Balanced Fund

1 Year Rank Benchmark

3 Years (p.a.) Portfolio Rank Benchmark

5 Years (p.a.) Portfolio Rank Benchmark

7 Years (p.a.) Portfolio Rank Benchmark

10 Years (p.a.) Portfolio Rank Benchmark

3.37%

5.41%

3.38%

4.64%

4.97%

5.73%

6.37%

6.96%

8.87%

9.88%

9.37%

5.41%

6.40%

4.64%

7.21%

5.73%

8.30%

6.96%

11.24%

10.02%

6.15%

6.27%

4.83%

4.88%

6.12%

5.89%

6.86%

6.61%

9.84%

9.78%

5.27%

6.27%

3.40%

4.88%

5.88%

5.93%

7.46%

6.69%

10.37%

9.73%

4.35%

5.24%

3.72%

3.54%

7.35%

8.17%

7.04%

8.97%

1.21%

4.88%

3.76%

3.42%

11.93% 10.83%

3 4

5.41% 7.61%

6.81% 6.42%

7 10

4.64% 5.34%

7.54% 5.48%

3 21

5.73% 7.01%

8.37% 6.96%

4 15

6.96% 7.75%

11.54% 10.76%

5.73%

8.07%

6.96%

* *

* 1 5

9.88% 10.16%

3.65%

5.41%

7.70%

4.64%

9.96%

6.18%

3.51%

5.90%

2.94%

0.03%

-1.33%

1.82%

0.33%

5.09%

3.94%

6.92%

6.45%

0.28%

-1.33%

2.24%

0.33%

5.21%

3.94%

7.18%

6.45%

10.80%

0.32%

-1.60%

1.59%

0.22%

4.84%

3.87%

6.98%

6.40%

13.25%

5.40%

11.70%

6.39%

7.75%

6.05%

1.70%

10.56%

3.14%

9.91%

4.76%

10.30%

6.21%

10.37%

9.06%

10.55%

8.10%

5.41%

6.14%

4.64%

6.70%

5.73%

8.83%

6.96%

11.25%

9.88%

9.68% *

9.85%

7.14%

5.28%

6.35%

3.58%

6.43%

4.37%

6.90%

5.55%

2.11% 7.35%

28 13

5.92% 7.00%

3.57% 6.43%

25 9

5.03% 3.12%

4.35% 6.96%

28 5

6.13% 6.36%

5.73% 8.72%

24 2

6.87% 6.82%

9.14% *

6.76%

5.41%

5.20%

4.64%

6.39%

5.70%

9.18%

9.17%

4.57%

9.97%

6.33%

10.62%

8.05%

10.81%

5.57% 4.50% 8.55% 3.81% 2.44% 11.96%

19 22 9 24 27 2

9.12% * 6.96% 5.41% 9.14% 7.00%

4.36% 3.34% 5.45% 3.85% -0.20% 9.59%

20 29 16 21 34 2

5.91% * 4.90% 4.64% 9.45% 3.12%

6.08% 5.66% * 6.47% 5.16% 6.18%

14 20

7.27% 7.67% * 7.54% 6.52% 8.47%

11 8

8 23 12

6.58% * * 5.73% 9.92% 6.37%

9 21 3

8.01% * * 6.96% 10.04% 7.35%

9.81% 10.29% * 10.74% * *

5.23%

4.78%

3.69%

3.11%

5.94%

5.75%

6.97%

7.42%

9.13% 7.14% 1.19% 10.45%

8 14 31 5

5.27% 5.28% 5.41% 5.11%

7.68% 6.64% 3.40% 7.15%

4 8 26 5

4.22% 3.57% 4.64% 4.79%

* 5.97% 5.83% 6.06%

16 19 15

* 6.37% 5.73% 5.92%

* * 6.69% 6.87%

20 18

* * 6.96% 7.02%

* * 9.49% 10.25%

* * 9.88% 9.83%

8.14%

5.11%

6.11%

4.79%

6.62%

5.91%

11 8 6

12 9

10.54% * * 9.88% * *

*No performance history.

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Investment Data to the end of December for the past 5 Calendar years Investment Managers

2019

2018

2017

2016

2015

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Absa Asset Management Global Balanced

8.16%

-1.18%

11.26%

3.70%

8.34%

Alexander Forbes Investments (Performer)

10.94%

-0.71%

11.93%

5.05%

10.64%

Alexander Forbes Investments (Spectrum)

10.91%

-2.15%

11.81%

4.48%

7.21%

Allan Gray Global Balanced

6.51%

-1.40%

11.94%

7.51%

12.77%

Ashburton Global Balanced Composite

8.48%

-1.41%

9.92%

1.68%

10.52%

Balondolozi Active Balanced Fund

10.80%

3.11%

ClucasGray Equilibrium Prescient fund

8.81%

1.43%

11.93%

* 20

5.12%

* 8

12.51%

Coronation

14.50%

-4.92%

14.13%

3.44%

8.89%

Foord Global Balanced

12.24%

-3.10%

7.76%

0.53%

10.51%

12.11%

-1.85%

Kagiso Global Balanced Fund

19.94%

0.47%

14.78%

Laurium Balanced Fund

10.12%

1.59%

Momentum Investments Classic Factor 7

12.26%

-6.01%

15.85%

4.82%

9.37%

Momentum Investments Enhanced Factor 7

12.53%

-5.29%

15.57%

4.38%

10.31%

Momentum Investments Target Factor 7

12.46%

-7.06%

17.11%

3.14%

9.61%

Nedgroup Investments (Truffle) Balanced Fund

19.13%

3.31%

5.97%

-1.67%

19.60%

Nedgroup Investments XS Diversified Fund of Funds

9.20%

-1.20%

9.67%

4.87%

8.57%

Ninety One Segregated Full Discretion

11.59%

-0.88%

13.77%

1.68%

15.41%

Northstar SCI Managed Fund

11.02%

1.14%

7.36%

5.71%

6.25%

Oasis

9.80%

-0.89%

6.63%

4.43%

5.73%

Obsidian SCI Balanced fund

13.57%

-1.11%

7.87%

7.65%

12.12%

Old Mutual Multi Managers Managed

12.62%

-3.16%

12.52%

4.03%

8.02%

Old Mutual Multi-Managers Inflation Plus 5-7%

12.10%

-6.56%

15.05%

3.30%

11.41%

OMIG Balanced Portfolio

9.28%

-1.48%

14.29%

3.40%

8.52%

OMIG Edge28 Portfolio

9.51%

-3.58%

15.79%

3.07%

11.07%

Prescient Balanced

11.71%

-3.32%

18.16%

2.32%

9.09%

Prudential Balanced

10.49%

-2.36%

14.62%

6.60%

8.84%

PSG Balanced Fund

-0.15%

-2.82%

12.94%

14.53%

6.77%

Rezco Value Trend

15.68%

1.61%

7.25%

-4.39%

17.99%

Sanlam Lifestage Accumulation

12.22%

-5.58%

15.44%

3.69%

6.62%

28 5

Sasfin BCI Balanced fund

13.34%

0.94%

12.69%

0.36%

13.19%

Sasfin BCI Prudential fund

13.49%

-0.27%

13.25%

-2.69%

14.21%

SIM Global Unique

13.68%

-3.89%

12.37%

6.87%

6.45%

STANLIB AM

12.44%

-0.95%

8.64%

0.42%

8.18%

STANLIB Multi Manager Balanced Fund

11.85%

-1.21%

11.70%

3.24%

10.55%

*No performance history.

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Global Balanced Manager Watch™ Survey – Conservative Objective: The portfolios are balanced (multi-asset class) portfolios with exposure to both global and local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (less than one year) capital loss while targeting long-term (more than five years) capital return.

Range of Returns of Global Conservative Investable Universe for the periods ending 31 December 2020 15%

10%

0% 1 Year

3 Years (p.a.)

5 Years (p.a.) 25% – 75%

7 Years (p.a.)

Min – Max

10 Years (p.a.)

Median

Return Statistics (Investable) 1 Year

3 Years (p.a.)

5 Years (p.a.)

7 Years (p.a.)

10 Years (p.a.)

Highest

11.08%

11.76%

8.07%

9.02%

10.32%

Upper Quartile

9.26%

7.30%

7.23%

7.87%

9.57%

Median

5.77%

6.18%

6.51%

7.53%

9.12%

Average

5.74%

5.77%

6.46%

7.44%

9.09%

Asset-weighted Average

8.12%

7.31%

7.30%

8.21%

9.73%

Lower Quartile

3.70%

4.82%

6.39%

7.18%

9.18%

Lowest

1.02%

2.95%

5.37%

7.02%

8.71%

Range

10.06%

8.80%

2.70%

2.00%

1.61%

Number of Participants

SECTION 1

SECTION 2

SECTION 3 SECTION 4 SECTION 5

SECTION 6

General information Investment Managers

GIPS™ (Verified/ Compliant)

Alexander Forbes Investments (Conserver)

Portfolio Type

Pooled

Offshore Gross/Net/ Partial Net of fees Gross

Regulation 28 Compliant Certification (Y/N) Y

Benchmark Description

No.of funds in composite

32% Capped SWIX, 24% ALBI, 24% STeFI Call, 7.9% MSCI AC World, 6% FTSE WGBI, 3.05% French TB, 3.05% US TB

n/a

Portfolio Size (R m) 6 170

Allan Gray Life Global Stable Portfolio

Pooled

Partial

STeFI + 2%

n/a

5 317

Coronation Inflation Plus Fund

Pooled

Partial

Headline CPI + 3.5%

3 878

Foord Conservative Balanced

Pooled

Net

Headline CPI+4%

833

32% FTSE/JSE Capped SWIX , 23.5% ALBI, 18% STeFI, 3% FTSE/JSE SA Listed Property , 18% MSCI WRLD (SEI), 3.5% WGBI, 2% D-FTSE EPRA/NAREIT Dev_Mstar GBP

n/a

833

Partial

20% FTSE/JSE Capped SWIX , 28% ALBI, 26% STeFI, 2.5% FTSE/JSE SA Listed Property , 17% MSCI WRLD (SEI), 5% WGBI, 1.5% D-FTSE EPRA/NAREIT Dev_ Mstar GBP

n/a

1 174

Pooled

Partial

32% FTSE/JSE Capped SWIX , 23.5% ALBI, 18% STeFI, 3% FTSE/JSE SA Listed Property , 18% MSCI WRLD (SEI), 3.5% WGBI, 2% D-FTSE EPRA/NAREIT Dev_Mstar GBP

n/a

1 460

n/a

1 007

Momentum Investments Classic Factor 5

Pooled

Momentum Investments Enhanced Factor 4

Pooled

Momentum Investments Enhanced Factor 5

Partial

Nedgroup Investments XS Guarded Fund of Funds

n/a

Pooled

Net

CPI + 3%

Ninety One Cautious Managed Fund

Pooled

Net

(ASISA) SA MA Low Equity

17 388

Old Mutual Multi-Managers Defensive Balanced fund

Pooled

Net

CPI+4% (CPI+5% prior to Sept 13)

696

Old Mutual Multi-Managers Inflation Plus 1-3%

Pooled

Net

Headline CPI + 3%

n/a

714

Old Mutual Multi-Managers Inflation Plus 3-5%

Pooled

Net

Headline CPI + 5%

n/a

4 621

Segregated

Net

Headline CPI + 4%

915

384

2 359

n/a

2 413

OMIG Moderate Portfolio

OMIG Profile Capital

Pooled

Net

The performance target is CPI + 3%. Benchmark is 20% Capped SWIX, 10% MSCI ACWI Net Index, 30% BEASSA Index, 22,5% Stefi 3 Months, 10% Barclays Capital Global Bond Aggregate Index, 5% SAPY, 2.5% Gold Trust EFT Index

Net

Headline CPI + 3%

PSG Stable Fund

n/a

Unit trust

STANLIB Multi-Manager Defensive Balanced Fund

n/a

Pooled

Partial

Headline CPI + 3% (1 month lag)

Truffle Low Equity Fund

n/a

Unit trust

Gross

Headline CPI + 3%

Total

1 482 51 644

V = Verified C = Compliant

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Investment Data to the end of December 2020 – Performance Data Investment Managers

1 Year Portfolio Rank

3 Years (p.a.)

Benchmark

Portfolio Rank

5 Years (p.a.)

Benchmark

Portfolio Rank

7 Years (p.a.)

Benchmark

Portfolio Rank

10 Years (p.a.)

Benchmark

Portfolio Rank

Benchmark

Alexander Forbes Investments (Conserver)

9.29%

7.74%

7.91%

6.05%

7.85%

6.69%

7.69%

7.32%

9.26%

9.05%

Allan Gray Life Global Stable Portfolio

3.70%

7.30%

5.07%

8.45%

6.55%

8.76%

7.82%

8.53%

9.21%

8.18%

7.66%

Coronation Inflation Plus Fund

8.68%

4.03%

7.30%

4.26%

7.45%

6.08%

7.75%

6.91%

9.24%

Foord Conservative Balanced

10.54%

3.51%

8.58%

6.40%

7.01%

7.33%

Momentum Investments Classic Factor 5

1.65%

-1.82%

2.95%

0.83%

Momentum Investments Enhanced Factor 4

3.55%

1.11%

4.36%

2.45%

5.94%

5.05%

7.16%

6.38%

8.71%

8.24%

Momentum Investments Enhanced Factor 5

1.02%

-1.82%

3.00%

0.84%

5.37%

4.16%

7.02%

6.13%

9.17%

8.56%

Nedgroup Investments XS Guarded Fund of Funds

5.69%

8.45%

6.59%

7.81%

6.87%

8.20%

7.87%

8.27%

9.67%

8.45%

Ninety One Cautious Managed Fund

10.63%

4.96%

9.57%

4.93%

8.07%

5.35%

9.02%

6.07%

10.32%

7.38%

Old Mutual Multi-Managers Defensive Balanced fund

6.28%

7.17%

6.28%

7.97%

6.20%

8.62%

7.59%

8.81%

9.40%

9.07%

Old Mutual Multi-Managers Inflation Plus 1-3%

8.39%

6.17%

7.21%

6.65%

7.75%

6.40%

8.54%

6.07%

Old Mutual Multi-Managers Inflation Plus 3-5%

9.26%

8.17%

5.39%

8.97%

6.79%

9.62%

8.24%

9.81%

OMIG Moderate Portfolio

4.97%

9.02%

4.82%

9.69%

6.46%

9.71%

7.56%

9.58%

9.63%

OMIG Profile Capital

4.47%

8.95%

5.01%

7.50%

6.48%

7.75%

7.18%

8.11%

8.93%

9.16%

PSG Stable Fund

3.15%

6.79%

3.25%

7.33%

6.37%

7.84%

7.13%

7.97%

STANLIB Multi-Manager Defensive Balanced Fund

7.80%

7.14%

6.33%

7.28%

6.42%

7.84%

Truffle Low Equity Fund

11.08%

6.17%

11.76%

6.97%

*No performance history.

Investment Data to the end of December for the past 5 Calendar years Investment Managers

2019

2018

2017

2016

2015

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Portfolio

Rank

Alexander Forbes Investments (Conserver)

10.06%

4.45%

10.26%

5.31%

6.65%

Allan Gray Life Global Stable Portfolio

7.36%

4.20%

10.29%

7.36%

14.46%

Coronation Inflation Plus Fund

10.73%

2.65%

9.09%

6.27%

7.48%

Foord Conservative Balanced

13.80%

1.77%

8.08%

1.44%

10.39%

Momentum Investments Classic Factor 5

10.76%

-3.07%

Momentum Investments Enhanced Factor 4

9.95%

-0.17%

10.69%

6.06%

9.30%

Momentum Investments Enhanced Factor 5

11.03%

-2.57%

12.68%

5.48%

10.11%

Nedgroup Investments XS Guarded Fund of Funds

9.91%

4.25%

8.13%

6.43%

9.55%

Ninety One Cautious Managed Fund

12.41%

5.78%

8.94%

2.86%

13.34%

Old Mutual Multi-Managers Defensive Balanced fund

11.90%

0.95%

8.25%

3.95%

12.15%

Old Mutual Multi-Managers Inflation Plus 1-3%

12.68%

0.89%

10.95%

6.22%

8.69%

Old Mutual Multi-Managers Inflation Plus 3-5%

11.95%

-4.29%

13.65%

4.40%

10.97%

OMIG Moderate Portfolio

8.12%

1.48%

13.71%

4.43%

8.40%

OMIG Profile Capital

7.28%

3.30%

11.93%

5.64%

8.17%

PSG Stable Fund

3.82%

2.79%

11.64%

10.80%

8.88%

STANLIB Multi-Manager Defensive Balanced Fund

9.48%

1.86%

9.41%

3.77%

10.02%

Truffle Low Equity Fund

14.01%

10.22%

4.97%

3.70%

9.14%

3.43%

-0.14%

0.63%

0.23%

Foord Domestic Balanced

Nedgroup Investments (Truffle) Managed Fund

Ninety One Segregated Domestic Mandate

Perpetua Domestic Balanced

Prudential Domestic Balanced

STANLIB AM Domestic Balanced

*No performance history.

Number of participants

0.04%

-8.30%

Lower Quartile

Lowest

11.00%

12.57%

13.62%

13.80%

2.01%

1.19%

Median

3.57%

Upper Quartile

Average

14.45%

9.14%

16.14%

17.44%

Rank

Lower volatility= higher ranking

11.70%

15.80%

13.80%

14.75%

12.71%

Range

11.00%

13.99%

16.14%

14.15%

12.44%

13.38%

Highest

Statistics

3.77%

Coronation Domestic Mandate

1.65%

-8.30%

Allan Gray Domestic Balanced

2.30%

Alexander Forbes Investments Performer Local

Bridge Managed Growth Fund

-1.78%

Absa Asset Management Domestic Balanced

Volatility

-19.05%

-1.56%

-1.52%

-0.42%

0.94%

5.18%

-1.79%

-1.29%

-1.56%

1.51%

5.18%

0.07%

1.84%

-19.05%

-0.42%

0.37%

-1.57%

1.95%

2.54%

4.46%

3.27%

4.25%

16.50%

3.23%

2.54%

3.88%

2.54%

4.25%

4.26%

3.27%

16.50%

2.25%

1.95%

4.35%

-0.93

-0.52

-0.38

-0.35

-0.24

0.20

-0.55

-0.38

-0.49

-0.22

0.20

-0.27

-0.21

-0.93

-0.35

-0.63

-1.07%

3.49%

4.84%

5.55%

5.85%

6.54%

7.61%

2.52%

5.36%

4.76%

5.96%

4.44%

6.54%

-1.07%

6.08%

5.51%

3.17%

13.70%

9.30%

10.67%

11.51%

11.73%

12.23%

Rank

Lower volatility= higher ranking

9.60%

13.09%

11.77%

12.26%

9.30%

12.14%

13.70%

11.68%

10.56%

11.01%

Volatility

Calculated on 5 year Performance Returns Sharpe Ratio

5 Year Rank Return (p.a.)

Tracking Error

3 Year Rank Return (p.a.)

Active Return

Calculated on 3 year Performance Returns

Investment Data to the end of December 2020 - Volatility vs Return

-12.29%

-2.02%

-1.68%

-0.18%

0.46%

1.15%

-3.03%

-0.03%

-0.33%

0.57%

-2.23%

1.15%

-12.29%

0.69%

0.14%

-1.38%

Active Return

1.77%

2.31%

4.15%

3.13%

4.13%

14.01%

2.92%

2.33%

4.57%

2.31%

4.22%

3.34%

14.01%

2.19%

1.77%

3.84%

Tracking Error

-0.59

-0.33

-0.23

-0.16

-0.09

-0.04

-0.46

-0.12

-0.19

-0.08

-0.27

-0.04

-0.59

-0.08

-0.14

-0.35

Sharpe Ratio

SECTION 1

SECTION 2 SECTION 2

SA Balanced Manager Watch™ Survey – Best Investment View Risk

Objective: The portfolios are balanced (multi-asset class) portfolios with exposure to local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers’ best investment view.

SECTION 3

SECTION 4

SECTION 5

SECTION 6

5.02%

4.38%

5.04%

8.55%

8.38%

11.24%

Momentum Investments Flexible Factor 6

Momentum Investments Flexible Factor 7

Ninety One Managed

Ninety One Opportunity Composite

Truffle SCI Flexible Fund

8.55%

1.83%

11.82%

11.06%

6.23%

4.86%

Average

Lower Quartile

Lowest

12.23%

6.32%

Median

12.84%

8.42%

Upper Quartile

13.94%

9.41%

11.24%

Number of participants

Lower volatility = higher ranking

11.53%

9.66%

8.55%

12.48%

12.25%

Highest

13.91%

13.94%

12.22%

Range

Statistics

5.42%

Coronation (Managed)

Laurium Flexible Prescient Fund

1.83%

Allan Gray Life Global Absolute Portfolio

Rank

-3.95%

-2.22%

0.77%

1.40%

3.65%

4.82%

2.27%

-1.94%

3.91%

4.82%

3.56%

-3.95%

0.54%

-3.05%

Active Return

Tracking Error

Sharpe Ratio

3.32%

3.50%

7.23%

5.77%

10.34%

14.34%

11.91%

9.81%

7.51%

4.04%

3.32%

14.34%

3.53%

3.41%

-0.39

-0.14

-0.01

-0.10

0.19

0.40

0.18

0.22

-0.13

-0.18

-0.12

-0.09

-0.39

4.25%

5.60%

7.12%

7.49%

7.53%

8.81%

4.56%

7.64%

7.50%

8.81%

6.04%

5.70%

5.33%

7.32%

4.25%

Rank

7.53%

9.67%

10.18%

10.44%

11.04%

12.01%

Lower volatility = higher ranking

10.44%

8.26%

7.53%

10.75%

10.44%

11.89%

12.01%

10.14%

Volatility

5 Year Rank Return (p.a.)

Volatility

3 Year Return (p.a.)

Rank

Calculated on 5 year Performance Returns

Calculated on 3 year Performance Returns

-4.29%

-2.32%

-0.38%

-0.13%

1.69%

3.08%

-1.98%

-3.33%

3.08%

2.17%

1.53%

-4.29%

1.43%

-1.68%

Active Return

3.02%

3.41%

6.30%

4.89%

8.80%

12.07%

10.57%

8.21%

6.09%

3.69%

3.02%

12.07%

3.45%

3.28%

Tracking Error

-0.27

-0.13

-0.03

0.06

0.24

0.06

0.24

-0.09

-0.12

-0.14

0.03

-0.27

Sharpe Ratio

SECTION 3

Investment Data to the end of December 2020 – Volatility vs Return

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

Global Balanced Manager Watch™ Survey – Dynamic Risk

Objective: The portfolios are balanced (multi-asset class) portfolios with exposure to both global and local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to maximise long-term (more than 5 years) capital returns. This may lead to volatility of returns in the short term (less than one year).

Lowest

*No performance history.

3.45%

-0.20%

Lower Quartile

Number of participants

11.90% 11.70% 6.43% 4.79% 5.03%

Statistics Range Highest Upper Quartile Median Average

6.65%

11.50%

18.04% 13.45% 12.34% 12.35%

Lower volatility = higher ranking

Calculated on 3 year Performance Returns 3 Year Return Rank Volatility Rank (p.a.) Absa Asset Management Global Balanced 3.38% 28 11.85% 10 Alexander Forbes Investments (Performer) 6.40% 11 11.22% 8 Alexander Forbes Investments (Spectrum) 4.83% 18 11.92% 11 Allan Gray Global Balanced 3.40% 27 12.23% 14 Ashburton Global Balanced Composite 3.72% 23 11.12% 7 Balondolozi Active Balanced Fund 7.04% 6 11.95% 13 ClucasGray Equilibrium Prescient fund 3.76% 22 12.31% 17 Coronation 6.81% 7 12.65% 20 Foord Global Balanced 6.42% 10 11.93% 12 Kagiso Global Balanced Fund 7.70% 3 14.72% 31 Laurium Balanced Fund 5.90% 15 15.19% 33 Momentum Investments Classic Factor 7 1.82% 32 14.76% 32 Momentum Investments Enhanced 2.24% 31 14.37% 30 Factor 7 Momentum Investments Target Factor 7 1.59% 33 13.46% 26 Nedgroup Investments (Truffle) Balanced 11.70% 1 11.38% 9 Fund Nedgroup Investments XS Diversified 3.14% 30 12.41% 19 Fund of Funds Ninety One Segregated Full Discretion 6.14% 13 12.71% 21 Northstar SCI Managed Fund 6.35% 12 9.82% 4 Oasis 3.57% 25 10.64% 6 Obsidian SCI Balanced fund 6.43% 9 13.43% 25 Old Mutual Multi Managers Managed 5.20% 17 13.98% 29 Old Mutual Multi-Managers Inflation Plus 4.57% 19 12.99% 22 5-7% OMIG Balanced Portfolio 4.36% 20 12.37% 18 OMIG Edge28 Portfolio 3.34% 29 13.34% 24 Prescient Balanced 5.45% 16 12.30% 16 Prudential Balanced 3.85% 21 13.73% 28 PSG Balanced Fund -0.20% 34 18.04% 34 Rezco Value Trend 9.59% 2 9.47% 3 Sanlam Lifestage Accumulation 3.69% 24 13.66% 27 Sasfin BCI Balanced fund 7.68% 4 6.65% 1 Sasfin BCI Prudential fund 6.64% 8 7.76% 2 SIM Global Unique 3.40% 26 12.27% 15 STANLIB AM 7.15% 5 10.12% 5 STANLIB Multi Manager Balanced Fund 6.11% 14 13.15% 23 2.73% 6.67% 12.67% 2.33% 2.94% 3.38% 7.43% 3.32% 13.38% 2.93% * 2.01% 2.46% 18.34% 15.34% 1.31% 3.94% 4.92% 2.17% 3.62% 1.36%

1.38% 5.32% -6.77% 1.49% 2.77% -1.46% 3.31% 0.56% -5.40% -1.55% * 0.54% -0.80% -9.65% 6.46% 0.59% 3.46% 3.07% -1.24% 2.36% 1.32%

-9.65%

-1.24%

0.69%

2.39%

18.34% 4.92% 3.29% 4.94%

2.75%

1.91%

6.46% 2.36% 1.08% 0.48%

Tracking Error 3.29% 1.94% 0.69% 2.70% 1.94% 12.28% 3.85% 2.41% 4.90% 6.16% 4.56% 2.39%

Active Return -1.27% 1.76% -0.05% -1.48% 0.19% -1.93% 0.34% 2.17% 1.08% 3.05% 2.96% 1.48%

Investment Data to the end of December 2020 – Volatility vs Return

-0.38

-0.26

0.44 -0.02 -0.13 -0.11

-0.18 -0.25 -0.10 -0.20 -0.38 0.31 -0.22 0.16 0.00 -0.26 0.05 -0.04

-0.16

-0.04 -0.03 -0.29 -0.02 -0.10

-0.28

0.44

-0.38

-0.31

Sharpe Ratio -0.28 -0.02 -0.15 -0.27 -0.26 0.03 -0.23 0.01 -0.02 0.07 -0.05 -0.33

4.35%

5.41%

5.61% 9.96% 6.51% 5.91% 6.14%

6.08% 5.66% * 6.47% 5.16% 6.18% 5.94% * 5.97% 5.83% 6.06% 6.62%

6.33%

6.70% 6.43% 4.35% 6.96% 6.39%

4.76%

7.75%

4.84%

5.21%

16 19 15 7

8 23 12 17

14 20

6 9 28 5 10

1 10 3 18

21 28 2 23

13 17

15 4 5 20 24

7.65%

9.88%

14.46% 11.39% 10.51% 10.61%

Lower volatility = higher ranking

10.33% 11.08% * 11.37% 14.46% 8.49% 11.48% * 7.65% 10.25% 8.58% 11.10%

10.98%

10.66% 8.64% 9.05% 11.23% 11.74%

10.30%

10.17%

11.46%

12.21%

Calculated on 5 year Performance Returns 5 Year Return Rank Volatility Rank (p.a.) 4.97% 25 9.71% 7 7.21% 4 9.66% 6 6.12% 13 9.93% 8 5.88% 18 10.28% 11 * * * * * * 7.54% 3 11.21% 19 5.48% 21 10.36% 14 9.96% 1 12.29% 26 * * 5.09% 24 12.41% 27

-5.54%

-0.45%

4.23% 1.06% 0.23% -0.03%

-0.50% * * 0.75% -4.76% -0.19% 0.19% * -0.40% 0.11% 0.14% 0.71%

-4.30%

0.98% 2.06% -1.78% 0.60% 0.69%

-5.54%

1.70%

0.97%

1.27%

Active Return -0.75% 1.49% 0.23% -0.05% * * * 1.82% -1.53% 4.23% * 1.15%

0.59%

2.15%

14.59% 5.31% 2.79% 4.36%

2.45% * * 2.17% 14.59% 13.23% 1.24% * 5.36% 2.13% 3.18% 1.36%

11.11%

2.07% 3.14% 3.00% 6.76% 2.72%

10.35%

5.79%

2.20%

2.39%

Tracking Error 2.79% 1.69% 0.59% 2.48% * * * 2.83% 4.77% 5.27% * 2.04%

-0.29

-0.13

0.24 -0.04 -0.09 -0.08

-0.09 -0.12 * -0.04 -0.13 -0.09 -0.09 * -0.13 -0.11 -0.11 -0.03

-0.06

-0.03 -0.06 -0.29 0.00 -0.05

-0.21

0.08

-0.19

-0.14

Sharpe Ratio -0.21 0.02 -0.09 -0.11 * * * 0.05 -0.14 0.24 * -0.15

SECTION 1

SECTION 2 SECTION 2

Global Balanced Manager Watch™ Survey – Best Investment View Risk

Objective: The portfolios are balanced (multi-asset class) portfolios with exposure to global and local assets. subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers’ best investment view.

SECTION 3

SECTION 4

SECTION 5

SECTION 6

7.21%

5.39%

4.82%

5.01%

Old Mutual Multi-Managers Inflation Plus 1-3%

Old Mutual Multi-Managers Inflation Plus 3-5%

OMIG Moderate Portfolio

OMIG Profile Capital

5.97%

2.95%

8.58%

7.22%

5.77%

4.82%

Average

Lower Quartile

Lowest

7.92%

6.18%

Median

9.83%

7.30%

Upper Quartile

12.09%

8.80%

11.76%

Number of participants

Lower volatility = higher ranking

6.07%

7.35%

10.53%

7.22%

9.49%

11.44%

6.70%

7.45%

5.97%

7.92%

11.89%

9.42%

12.09%

Highest

9.83%

7.33%

8.75%

6.39%

Range

Statistics

11.76%

6.28%

Old Mutual Multi-Managers Defensive Balanced fund

Truffle Low Equity Fund

9.57%

Ninety One Cautious Managed Fund

3.25%

6.59%

Nedgroup Investments XS Guarded Fund of Funds

6.33%

3.00%

Momentum Investments Enhanced Factor 5

PSG Stable Fund

4.36%

Momentum Investments Enhanced Factor 4

STANLIB Multi-Manager Defensive Balanced Fund

2.95%

Momentum Investments Classic Factor 5

7.30%

8.58%

Coronation Inflation Plus Fund

5.07%

Allan Gray Life Global Stable Portfolio

Foord Conservative Balanced

7.91%

Alexander Forbes Investments (Conserver)

-4.87%

-2.49%

0.06%

0.55%

2.16%

4.79%

-0.95%

-4.08%

-2.49%

-4.87%

-3.58%

0.55%

-1.69%

4.64%

-1.23%

2.16%

1.91%

2.13%

2.18%

3.04%

-3.37%

1.85%

Active Return

Tracking Error

Sharpe Ratio

1.70%

3.17%

6.18%

7.12%

8.19%

11.84%

6.40%

7.62%

10.90%

3.17%

4.33%

11.84%

7.12%

7.79%

3.49%

8.19%

2.21%

1.70%

1.92%

10.23%

7.62%

8.78%

1.73%

-0.32

-0.23

0.00

-0.05

0.09

0.84

-0.04

-0.32

-0.23

-0.19

-0.11

0.09

-0.05

0.49

-0.01

-0.31

-0.24

-0.30

0.20

0.09

-0.18

0.20

5.37%

6.39%

6.46%

6.51%

7.23%

8.07%

2.70%

6.42%

6.37%

6.48%

6.46%

6.79%

7.75%

6.20%

8.07%

6.87%

5.37%

5.94%

7.01%

7.45%

6.55%

7.85%

Rank

5.25%

6.05%

7.12%

6.57%

8.14%

9.89%

Lower volatility = higher ranking

6.12%

8.39%

5.98%

7.88%

9.48%

5.53%

6.40%

5.25%

6.57%

9.89%

7.75%

8.42%

6.26%

7.39%

5.45%

Volatility

Calculated on 5 year Performance Returns

Rank

5 Year Return (p.a.)

Volatility

3 Year Return (p.a.)

Rank

Calculated on 3 year Performance Returns

-3.24%

-1.84%

-0.52%

-1.26%

1.18%

2.72%

-1.42%

-1.47%

-1.26%

-3.24%

-2.83%

1.35%

-2.42%

2.72%

-1.33%

1.21%

0.89%

-0.31%

1.37%

-2.21%

1.16%

Active Return

1.59%

2.90%

5.46%

6.30%

7.03%

9.66%

6.30%

8.61%

2.81%

4.62%

9.66%

5.93%

6.52%

3.00%

6.66%

2.02%

1.71%

8.68%

6.35%

7.40%

1.59%

Tracking Error

-0.16

-0.09

-0.01

-0.06

0.04

0.21

-0.09

-0.07

-0.08

-0.06

-0.02

0.14

-0.12

0.21

-0.02

-0.16

-0.13

0.01

0.08

-0.06

0.16

Sharpe Ratio

SECTION 3

Investment Data to the end of December 2020 - Volatility vs Return

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

Global Balanced Manager Watch™ Survey – Conservative Risk

Objective: The portfolios are balanced (multi-asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (less than one year) capital loss while targeting long-term (more than five years) capital growth.

SECTION 1

SECTION 2

SECTION 3 SECTION 4 SECTION 5

SECTION 6

SA and Global Manager Watch™ – Volatility vs Return

Return (p.a.)

Volatility vs Return Scatterplot – SA Best Investment View 3 years ended 31 December 2020

Volatility (p.a.) (standard deviation)

Volatility vs Return Scatterplot – Global Best Investment View 3 years ended 31 December 2020

Rezco Value Trend Balondolozi Active Balanced Fund Foord Global Balanced Alexander Forbes Investments (Performer)

Coronation Ninety One Segregated Full Discretion STANLIB Multi Manager Balanced Fund

Return (p.a.)

Kagiso Global Balanced Fund

Northstar SCI Managed Fund

Obsidian SCI Balanced fund STANLIB AM

Alexander Forbes Investments (Spectrum) OMIG Balanced Portfolio Ashburton Global Balanced Composite Oasis Absa Asset Management Global Balanced

Laurium Balanced Fund

Prescient Balanced

Old Mutual Multi Managers Managed Sanlam Lifestage Accumulation Prudential Balanced OMIG Edge28 Portfolio Momentum Investments Enhanced Factor 7

ClucasGray Equilibrium Allan Gray Global Balanced SIM Global Unique

Momentum Investments Classic Factor 7 Momentum Investments Target Factor 7

PSG Balanced Fund

Volatility (p.a.) (standard deviation)

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Global Balanced Manager Watch™ – Conservative and Dynamic – Volatility vs Return Volatility vs Return Scatterplot – Global Conservative 3 years ended 31 December 2020

Return (p.a.)

Ninety One Cautious Managed Fund

Foord Conservative Balanced Alexander Forbes Investments (Conserver)

STANLIB Multi-Manager Defensive Balanced Fund Nedgroup Investments XS Guarded Fund of Funds Old Mutual Multi-Managers Defensive Balanced fund Allan Gray Life Global Stable Portfolio OMIG Moderate Portfolio Momentum Investments Enhanced Factor 4

Momentum Investments Classic Factor 5 PSG Stable Fund Momentum Investments Enhanced Factor 5

Volatility (p.a.) (standard deviation)

Return (p.a.)

Volatility vs Return Scatterplot – Global Dynamic 3 years ended 31 December 2020

Volatility (p.a.) (standard deviation)

SECTION 1

SECTION 2

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Global and SA Balanced Manager Watch™ Survey – Asset Allocation Average Asset Allocation of Global Best Investment View as at 31 December 2020 100%

90%

Global 28.23%

24.12%

24.66%

2.07%

2.59%

13.20%

9.65%

0.06% 5.05%

6.13%

24.56%

27.71%

27.03%

SA Cash

80%

70%

60%

50%

40%

SA Other

1.69%

16.83%

4.23%

1.14% 6.24% 5.13%

15.29% 13.84%

13.77%

1.87%

1.41%

5.89%

7.21%

4.07%

3.12%

16.94%

19.16%

SA Real Estate SA Listed Property SA Bonds SA Equities

12.24%

30% 36.99%

41.67%

43.20%

45.65%

43.51%

2015

2016

2017

2018

2019

2020

1.29%

2.41%

2.30%

11.78%

7.54%

6.21%

20%

42.07%

10%

Average Asset Allocation of SA Best Investment View as at 31 December 2020 100%

1.92%

1.87%

1.55% 11.09%

90%

18.28%

80% 4.87% 70% 17.42%

15.78% 6.14%

6.41%

19.47%

19.19%

5.70%

4.78%

SA Cash SA Real Estate

4.83%

17.71%

SA Other

23.11%

23.67%

SA Listed Property SA Bonds

60% SA Equities 50%

40% 57.50%

59.80%

61.71%

61.34%

61.24%

63.04%

2015

2016

2017

2018

2019

2020

30%

20%

10%

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Composite Dispersion of SA Balanced Manager WatchTM Managers SA Best Investment View Allan Gray

0.39%

Coronation Domestic

0.29%

Foord Segregated Domestic

0.95%

Ninety One Domestic Balanced

0.35%

Prudential Domestic Balanced

0.35%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

Minimum Return

Maximum Return

Median Composite Return

Composite Dispersion (1yr)

Allan Gray

0.45%

1.95%

1.09%

0.39%

Coronation Domestic

7.68%

8.68%

8.34%

0.29%

0.14%

0.13%

Foord Segregated Domestic

4.49%

7.32%

6.16%

0.95%

0.27%

0.21%

Ninety One Domestic Balanced

3.67%

5.10%

4.24%

0.35%

0.22%

0.13%

Prudential Domestic Balanced

0.47%

1.46%

1.24%

0.35%

SA Best Investment View

*Data not available.

Composite Dispersion (3yrs)

Composite Dispersion (5yrs)

SECTION 1

SECTION 2

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Composite Dispersion of Global Balanced Manager Watch Managers TM

Global Best Investment View Absa Asset Management Global Balanced

1.93%

Allan Gray

0.17%

Coronation Full Discretion

0.18%

Foord Global Balanced

1.15%

Ninety One Balanced International

0.33%

Oasis

0.82%

OMIG Balanced

0.24%

OMIG Edge 28

0.48%

Prudential Global Balanced

0.13% 0.27%

Stanlib AM

0.00%

Global Best Investment View Absa Asset Management Global Balanced

0.50%

1.00%

1.50%

2.00%

2.50%

Minimum Return

Maximum Return

Median Composite Return

Composite Dispersion (1yr)

Composite Dispersion (3yrs)

Composite Dispersion (5yrs)

-0.90%

4.07%

2.00%

1.93%

0.73%

0.46%

Allan Gray

4.98%

5.58%

5.23%

0.17%

Coronation Full Discretion

11.67%

12.34%

11.98%

0.18%

0.11%

0.06%

Foord Global Balanced

10.63%

14.09%

12.01%

1.15%

0.40%

0.32%

Ninety One Balanced International

7.44%

9.11%

8.62%

0.33%

0.17%

0.15%

Oasis

2.26%

4.52%

2.88%

0.82%

0.21%

0.60%

OMIG Balanced

5.10%

5.58%

5.34%

0.24%

0.11%

0.04%

OMIG Edge 28

3.56%

4.69%

3.89%

0.48%

0.23%

0.19%

Prudential Global Balanced

3.41%

3.82%

3.59%

0.13%

Stanlib AM

10.07%

10.78%

10.50%

0.27%

2.88%

2.46%

*Data not available.

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MULTI-MANAGEMENT STYLE DIVERSIFICATION Riccardo Fontanella – Head of Technical Marketing at Alexander Forbes Investments

We can manage, not eliminate, the turbulence that comes with investing Financial markets move between cycles, influenced predominantly by underlying conditions of economic growth and contraction. It is difficult to predict when one cycle will end and when the next will begin as the ebb and flow of economic conditions is influenced by a host of factors, some expected, others not. These include economic growth rates, interest rate changes, inflation expectations, policy reforms; the list goes on. This means that investing is not a linear journey. There will be ups and downs and swings in the market’s direction. This movement in financial markets and how drastically they could swing is what is referred to as volatility. The good news is that it is ‘normal’ for investments to come with some risk and market volatility. The not-so-good news is that market volatility makes investors anxious.

The world of investing offers up a host of investable opportunity sets across asset classes and styles of money management, each with their own characteristics that determine how they respond to the motions of financial markets over time. Good portfolio construction seeks to spread investments in a way that delivers better risk-adjusted returns for investors – minimising volatility without reducing return potential.

Investment styles Asset managers have different investment philosophies and styles of money management. After all, asset managers compete against one another. Their biggest differentiator is their investment philosophy (standards or beliefs), dictating how they manage money on behalf of their clients and what investments would constitute their portfolio. Because we are all unique and have different views, it stands to reason that a varying number of money management styles exist. To help make sense of the investment style universe, the table below summarises the most common investment styles researched within the South African asset management industry.

Investment Style R

Value

Momentum

Growth

Quality

Prefers company shares that are undervalued, meaning that the market value is less than the calculated intrinsic or ‘real’ value.

Looks for positive market trends and aims to increase exposure to company shares that would benefit as a result of those trends.

Prefers company shares that have high expected growth, high earning and profit margins and low dividend yields.

Prefers company shares that meet good financial criteria such as strong balance sheets, capable management and sustainable cash flows and earnings. This style is a blend of value and growth.

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Single manager 1 Single manager 2

Return

Multi-manager

Time

Different styles of money management excel at different times as financial markets move between cycles. This means that asset managers perform differently at various stages of the market cycle, and that no single manager can outperform at all stages of the market cycle. For example, during times of market contraction or weakness (as witnessed in the first quarter of 2020), asset managers with a quality style will generally outperform those with a growth style. Conversely, during times of market recovery and expansion, we expect asset managers with value and momentum styles to generally outperform.

Spreading risk across different markets, asset classes and investment styles Although there do appear to be some reasonably consistent style behaviours between cycles, over the medium term, investment styles can ebb and flow away from their expected performance paths. More recently, we have seen this in the performance delivery of those asset managers with a significant tilt towards a value style of investing. Although value investing has been resilient in previous periods of market weakness, this style was the weakest performance driver during a challenging first quarter of 2020. This makes a strong argument for maintaining diversified exposure across various investment styles to weather short-term market volatility, while also being positioned to deliver favourable risk-adjusted outcomes in the long term. Multi-management is an investment proposition that recognises that different investment styles behave differently. They all move through different periods of outperformance and underperformance, based on prevailing economic conditions. A multi-manager does not manage assets, but rather manages the asset managers who are selected and responsible for buying and selling investments. A multi-manager’s core role is to use its deep understanding of the investment philosophies employed by single managers to construct diversified portfolios consisting of multiple, highly rated and complementary asset managers across different markets, asset classes and investment styles. This approach provides investors with an added layer of risk management by ensuring that no single asset manager’s investment style or investment allocation decisions will ever dominate the fortunes of their portfolio.

The graph above shows the performance benefits of a multimanaged portfolio solution. A blend of complementary asset managers help produce a smoother (less volatile) and consistent return profile over time. This is because good performance of one asset manager compensates for poor performance of another, therefore keeping the risk of drastic changes in return at a minimum.

Repeatable investment outcomes from a consistent investment philosophy Once a multi-managed portfolio has been thoughtfully constructed, each underlying asset manager is individually monitored on an ongoing basis to ensure that its performance delivery expectations remain aligned to its philosophy and style of money management. A consistently applied investment philosophy can produce repeatable investment outcomes over time. It is this consistency that is critically important within a multi-managed construct where dependable performance delivery expectations must be met to create reliable and consistent investment performance. Additionally, each asset manager is evaluated based on its contributions to the overall objectives and characteristics of the multi-managed portfolio. This process ensures that allocation shifts, or asset manager changes, can be executed timely so that the multi-managed portfolio remains optimally blended to achieve its investment objectives.

Helping investors achieve better outcomes Having a good sense of each asset manager’s expected performance delivery through different cycles gives multimanagement the advantage of knowing how to skilfully blend a mix of complementary asset managers within one multi-managed portfolio solution. This provides investors with a sophisticated means of diversifying their investments by providing exposure to the different market cycles, simultaneously. This can create compelling value for clients by generating competitive returns through various market and economic environments and improving the likelihood of achieving their investment goals with as little stress and anxiety as possible.

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MANAGER WATCH™ SURVEY

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MANAGER WATCH™ SERIES OF SURVEYS

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KINGJAMES 51328/R

Now is not the time to sit by idly. Now is the time to question. The time to challenge. Now is the time to act. To believe in something bigger than ourselves. Now is the time to help small business. Big business. And nurture new business. Now is the time to put our money where it matters. By investing R2,25bn of our own capital. To jumpstart the economy. To keep business doors open. And keep food on the table. Now is the time to plan.

We know the importance of keeping as many businesses going as possible. That’s why we’re actively supporting businesses that have been negatively impacted by COVID-19 by creating the Sanlam Investors’ Legacy Range – three impact funds with the core objective of helping to preserve current jobs and creating new ones. To find out more about the Sanlam Investors’ Legacy Range, visit www.sanlamintelligence.co.za/institutional/.

www.sanlaminvestments.com Sanlam Investment Management is an Authorised Financial Services Provider.

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SA Equity Manager Watch™ Survey Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

Range of Returns of SA Equity Total Investable Universe for the periods ending 31 December 2020 25% 20% 15% 10% 5% 0% -5% -10% -15% 1 Year

3 Years (p.a.)

5 Years (p.a.) 25% – 75%

7 Years (p.a.)

Min – Max

10 Years (p.a.)

Median

Return Statistics (Investable) 1 Year

3 Years (p.a.)

5 Years (p.a.)

7 Years (p.a.)

Highest

SA Equity Total

23.20%

13.00%

14.18%

14.15%

10 Years (p.a.) 12.40%

Upper Quartile

3.97%

1.62%

5.65%

6.61%

10.13%

Median

1.64%

0.14%

4.39%

5.66%

9.50%

Average

1.70%

0.40%

4.48%

5.67%

9.03%

Lower Quartile

-1.00%

-2.05%

3.19%

4.51%

8.34%

Lowest

-13.99%

-8.07%

-2.12%

1.79%

2.94%

Range

37.20%

21.07%

16.30%

12.37%

9.45%

Number of Participants

Benchmarks of Portfolios in the equity survey as a percentage of the Survey Benchmark FTSE/JSE All Share Index

% of Universe 5.71%

FTSE/JSE Capped All Share Index

2.86%

FTSE/JSE SWIX All Share Index

24.29%

FTSE/JSE Capped SWIX ALSI

47.14%

FTSE/JSE SWIX 40 Index

4.29%

Other

15.71%

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MANAGER WATCH™ SURVEY

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SA Equity Manager Watch™ Survey Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

General information Investment Managers

GIPS™ (Verified/ Compliant)

Managed ITO Regulation 28? (Y/N)

Benchmark Description

No. of Funds in Composite

Portfolio Size (R m)

Benchmark Cognisant FTSE/JSE Capped SWIX All Share Index

N/A

8 692

Absa Asset Management Core Equity

Abax Equity Fund V

FTSE/JSE Capped SWIX All Share Index

2 792

Absa Asset Management Prime Equity

FTSE/JSE Top 40 Index

825

Aeon Active Equity Fund

FTSE/JSE SWIX All Share Index

13 174

Afena Capital Core Equity

Alexander Forbes Investments Pure Equity Local All Weather Capital SWIX Equity Fund

Aluwani Capped SWIX Equity Composite Aluwani Top 25 Fund Argon SA Equity Capped SWIX

FTSE/JSE Capped All Share Index

FTSE/JSE Capped SWIX All Share Index

2 N/A

428 9 667

FTSE/JSE SWIX All Share index

652

FTSE/JSE Capped SWIX All Share Index

3 226

FTSE/JSE SWIX40 Index

407

FTSE/JSE Capped SWIX All Share Index

4 231

Argon SA Equity Fund

FTSE/JSE SWIX All Share Index

930

Benguela SA Equity Capped SWIX Fund

FTSE/JSE Capped SWIX All Share Index

2 410

BlueAlpha Equity

FTSE/JSE SWIX All Share Index since inception to 31/10/2017,FTSE/JSE Capped SWIX thereafter

2 473

Coronation Core Equity

FTSE/JSE SWIX All Share Index

689

Coronation Core Equity Capped SWIX portfolio

JSE Capped Shareholder Weighted Index

5 444 1 048

FTSE/JSE Capped SWIX All Share Index

First Avenue General Equity

Excelsia Capital Core Equity V

FTSE/JSE SWIX All Share Index

839

Kagiso Core Equity Capped SWIX Fund

FTSE/JSE Capped SWIX All Share Index

2 312

Legacy Africa FM Capped SWIX Composite

FTSE/JSE Capped SWIX All Share Index

1 551

Mergence CAPI Fund

FTSE/JSE Capped All Share Index

1 160

Mergence SWIX Fund

1 838

FTSE/JSE SWIX All Share Index

Mianzo Active Equity Fund

CAPI, SWIX and Capped SWIX combined

611

Mianzo Enhanced Equity Fund

FTSE/JSE Capped SWIX minus SAPY

1 477 17 911

FTSE/JSE Capped SWIX All Share Index

Old Mutual Double Alpha SWIX40

Momentum Investments Classic Equity V

FTSE/JSE SWIX40 Index

675

OMIG Fundamental Equity

FTSE/JSE Capped SWIX All Share Index

35 736

OMIG Managed Alpha Equity

Perpetua Relative Value Equity

FTSE/JSE Capped SWIX All Share Index

1 665

FTSE/JSE SWIX All Share Index

4 149 1 757

Prescient Core Equity

FTSE/JSE SWIX All Share Index

Prescient Core Equity (Capped SWIX)

FTSE/JSE Capped SWIX All Share Index

869

Prudential Core Equity

FTSE/JSE Capped SWIX All Share Index

9 557

Prudential Select Equity

4 803

FTSE/JSE Capped SWIX All Share Index

Sentio General Equity (Capped SWIX)

FTSE/JSE Capped SWIX All Share Index

1 503

Sentio General Equity Fund

FTSE/JSE SWIX All Share Index

8 624

98% FTSE/JSE SWIX ALL Share Index; 2% 4 Major Bank Call Rate

4 533

FTSE/JSE SWIX All Share Index

1 904

FTSE/JSE Capped SWIX All Share Index

1 403

STANLIB Multi-Manager SA Equity Fund

FTSE/JSE Capped SWIX All Share Index

N/A

8 026

Sygnia Core Equity Fund

FTSE/JSE SWIX All Share Index

N/A

3 238

FTSE/JSE Capped Shareholder Weighted Index (SWIX)

3 787

SIM Moderate Equity

STANLIB Core Equity

STANLIB Multi Factor Equity

Truffle SA Equity Fund VunaniFM Active Capped SWIX

FTSE/JSE Capped SWIX All Share Index

1 834

VunaniFM Core Equity Fund

FTSE/JSE SWIX All Share Index

262

FTSE/JSE Capped SWIX All Share Index

X-Chequer Equity Strategy Total V = Verified C = Compliant

302 179 416

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SA Equity Manager Watch™ Survey Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

General information Investment Managers

GIPS™ (Verified/ Compliant)

Managed ITO Regulation 28? (Y/N)

Benchmark Description

No. of Funds in Composite

Portfolio Size (R m)

Not Benchmark Cognisant Absa Asset Management Value

FTSE/JSE All Share Index

3 587

Allan Gray

FTSE/JSE All Share Index

44 547

ASISA South African Equity General Sector Ave

180

FTSE/JSE SWIX All Share Index

513

Bridge Equity Income Growth Fund ClucasGray Equity Fund Coronation Aggressive Equity

FTSE/JSE Capped SWIX All Share Index

10 348

Coronation Houseview Equity

FTSE/JSE Capped SWIX All Share Index

24 539

Denker SA Equity

FTSE/JSE Capped SWIX All Share Index

Element Equity

FTSE/JSE SWIX All Share Index

Fairtree Asset Management Equity fund First Avenue Focused Equity Foord Domestic Equity

V V

FTSE/JSE Capped SWIX All Share Index

FTSE/JSE SWIX All Share Index

n/a 1

17 845 225

FTSE/JSE Capped All Share Index (prior to 1 July 2018 FTSE/JSE All Share Index)

6 180

Kagiso Managed Equity Fund

FTSE/JSE Capped SWIX All Share Index

3 243

Laurium Equity Prescient Fund

FTSE/JSE Capped SWIX All Share Index

860 7 926

Mazi Asset Management Equity CAPPED SWIX Composite

FTSE/JSE Capped SWIX All Share Index

Mazi Asset Management SWIX Composite

FTSE/JSE SWIX All Share Index

150

Momentum Investments Trending Equity

FTSE/JSE Capped SWIX All Share Index

6 023 3 076

Momentum Investments Value Equity

FTSE/JSE Capped SWIX All Share Index

Nedgroup Investments Private Wealth Equity Fund

FTSE/JSE SWIX40 Index

975

FTSE/JSE Capped SWIX All Share Index

24 579

Ninety One Equity Composite

Ninety One Value Composite

FTSE/JSE All Share Index

4 361

Oasis Specialist Domestic Equity

South Africa OE (ASISA) Domestic Equity General

8 887

OMIG Premium Equity

FTSE/JSE Capped SWIX All Share Index

923

FTSE/JSE SWIX All Share Index until 31 Dec 2019, thereafter FTSE/JSE Capped SWIX All Share Index

1 957

Perpetua True Value Equity Rezco Equity

FTSE/JSE All Share Index

716

SIM Aggressive Equity

98% FTSE/JSE Capped SWIX ALSI; 2% STeFI

428

SIM Top Choice Equity Fund

Sygnia Absolute Focus Equity Fund Total

FTSE/JSE SWIX: 97% | STeFI: 3%

1 255

FTSE/JSE SWIX All Share Index

5 078 178 481

V = Verified C = Compliant

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SA Equity Manager Watch™ Survey Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

Investment Data to the end of December 2020 – Performance Data Investment Managers

1 Year Portfolio

3 Years (p.a.) Benchmark

Portfolio

5 Years (p.a.) Benchmark

Portfolio

7 Years (p.a.) Benchmark

Portfolio

10 Years (p.a.) Benchmark

Portfolio

Benchmark

Benchmark Cognisant Abax Equity Fund

-3.14%

0.58%

-3.21%

-1.48%

1.22%

3.21%

4.42%

4.93%

9.14%

Absa Asset Management Core Equity

0.21%

1.99%

-0.36%

-0.51%

3.40%

4.45%

8.57% *

Absa Asset Management Prime Equity

4.34%

9.97%

5.84%

4.26%

7.13%

6.54%

8.27%

7.05%

* 9.28%

Aeon Active Equity Fund

6.65%

2.61%

0.95%

-0.31%

5.68%

4.57%

6.97%

5.92%

10.43%

Afena Capital Core Equity

2.19%

6.46%

0.97%

2.81%

Alexander Forbes Investments Pure Equity Local

1.27%

0.58%

-2.18%

-1.48%

2.36%

3.20%

3.31%

4.92%

7.16%

8.57%

All Weather Capital SWIX Equity Fund

4.01%

2.61%

0.52%

-0.30%

Aluwani Capped SWIX Equity Composite

-0.40%

0.58%

-1.06%

-1.48%

Aluwani Top 25 Fund

4.58%

5.86%

0.82%

0.36%

4.59%

4.49%

6.57%

6.07%

10.46%

9.46%

Argon SA Equity Capped SWIX

-0.86%

0.58%

0.72%

-1.48%

Argon SA Equity Fund

0.50%

2.61%

1.26%

-0.31%

4.12%

4.57%

6.58%

5.92%

9.57%

9.28%

Benguela SA Equity Capped SWIX Fund

-1.21%

0.58%

-2.77%

-1.48%

BlueAlpha Equity

-3.72%

0.58%

-2.31%

-1.48%

* 9.28%

Coronation Core Equity

4.81%

2.61%

1.05%

-0.31%

5.85%

4.57%

5.93%

5.92%

10.09%

Coronation Core Equity Capped SWIX portfolio

2.80%

0.58%

-0.16%

-1.48%

Excelsia Capital Core Equity

0.44%

0.58%

-1.34%

-1.48%

First Avenue General Equity

-1.31%

2.61%

-5.31%

-0.31%

-1.07%

4.57%

2.41%

5.92%

Kagiso Core Equity Capped SWIX Fund

-1.84%

0.58%

-0.22%

-1.49%

Legacy Africa FM Capped SWIX Composite

-0.76%

0.58%

-1.27%

-1.48%

Mergence CAPI Fund

4.65%

6.46%

1.98%

2.80%

4.78%

5.92%

6.04%

6.53%

9.34%

9.47% 9.28%

Mergence SWIX Fund

0.76%

2.61%

-1.57%

-0.31%

3.16%

4.57%

5.32%

5.92%

9.29%

Mianzo Active Equity Fund

4.62%

5.84%

0.65%

0.39%

5.26%

4.66%

Mianzo Enhanced Equity Fund

2.60%

3.58%

-0.83%

-0.36%

4.85%

4.51%

* 8.83%

Momentum Investments Classic Equity

4.54%

0.58%

1.59%

-1.69%

5.61%

3.70%

6.14%

5.29%

9.70%

Old Mutual Double Alpha SWIX40

6.29%

5.86%

0.84%

0.35%

5.35%

4.49%

6.89%

6.07%

10.63%

9.45%

OMIG Fundamental Equity

-6.28%

0.58%

-3.02%

-1.48%

0.89%

3.31%

3.71%

5.01%

7.90%

8.62% 8.67%

OMIG Managed Alpha Equity

2.38%

0.58%

-1.89%

-1.48%

2.29%

3.41%

5.02%

5.07%

9.30%

Perpetua Relative Value Equity

3.21%

2.61%

0.24%

-0.31%

4.82%

4.57%

Prescient Core Equity

3.14%

2.61%

0.14%

-0.31%

5.03%

4.57%

Prescient Core Equity (Capped SWIX)

0.82%

0.58%

Prudential Core Equity

-1.97%

0.58%

-2.33%

-1.63%

3.97%

3.62%

5.76%

5.23%

10.15%

8.78% 8.83%

Prudential Select Equity

-2.77%

0.58%

-2.43%

-1.44%

3.83%

3.81%

5.64%

5.33%

9.53%

Sentio General Equity (Capped SWIX)

-0.19%

0.58%

-2.07%

-1.48%

Sentio General Equity Fund

3.23%

2.61%

-0.62%

-0.31%

3.60%

4.57%

5.66%

5.92%

9.50%

9.28%

SIM Moderate Equity

4.93%

2.71%

1.72%

-0.16%

5.79%

4.63%

6.65%

5.94%

10.25%

9.23%

STANLIB Core Equity

0.72%

2.61%

-2.58%

-0.31%

0.94%

4.57%

2.00%

5.92%

7.01%

9.28%

STANLIB Multi Factor Equity

1.63%

0.58%

0.14%

-1.48%

4.22%

3.64%

5.48%

5.24%

8.85%

8.79%

STANLIB Multi-Manager SA Equity Fund

3.41%

0.58%

1.09%

-1.48%

4.13%

3.40%

4.63%

5.07%

8.04%

8.67% 9.28%

Sygnia Core Equity Fund

2.37%

2.61%

-0.54%

-0.31%

3.14%

4.57%

4.38%

5.92%

8.22%

Truffle SA Equity Fund

13.69%

0.58%

8.76%

-1.48%

7.37%

3.93%

9.85%

5.45%

VunaniFM Active Capped SWIX

-2.41%

0.58%

-1.18%

-1.48%

VunaniFM Core Equity Fund

1.00%

2.61%

0.80%

-0.31%

4.39%

4.57%

5.52%

5.92%

X-Chequer Equity Strategy

3.52%

0.58%

Market Indices & Statistics FTSE/JSE All Share Index

7.00%

3.12%

6.36%

6.82%

9.61%

FTSE/JSE Capped All Share Index

6.46%

2.80%

5.92%

6.53%

9.47% 9.28%

FTSE/JSE SWIX All Share Index

2.61%

-0.31%

4.57%

5.92%

FTSE/JSE Capped SWIX All Share Index

0.58%

-1.48%

FTSE/JSE Mid Cap Index

-14.37%

-3.69%

4.01%

4.34%

7.51%

FTSE/JSE Small Cap Index

-0.28%

-6.52%

0.33%

2.36%

6.85%

FTSE/JSE Top 40 Index

9.97%

4.26%

6.54%

7.05%

9.81%

FTSE/JSE Value Index

-5.94%

-1.55%

4.62%

1.75%

5.44%

FTSE/JSE Growth Index

19.20%

7.54%

8.52%

10.69%

12.59%

S&P South Africa (DSW)

5.04%

0.55%

5.54%

6.56%

9.64%

S&P South Africa (DSW) Capped

3.45%

-0.35%

3.99%

5.18%

8.65%

*No performance history.

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SECTION 3 SECTION 4 SECTION 5

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SA Equity Manager Watch™ Survey Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

Investment Data to the end of December 2020 – Performance Data Investment Managers

1 Year Portfolio

3 Years (p.a.) Benchmark

Portfolio

5 Years (p.a.) Benchmark

Portfolio

7 Years (p.a.) Benchmark

Portfolio

10 Years (p.a.) Benchmark

Portfolio

Benchmark

Not Benchmark Cognisant Absa Asset Management Value

2.97%

7.00%

2.65%

3.12%

5.51%

6.36%

5.16%

6.82%

8.33%

9.61%

Allan Gray

-5.36%

7.00%

-3.10%

3.12%

3.26%

6.36%

5.21%

6.82%

8.54%

9.61%

Bridge Equity Income Growth Fund

-13.99%

1.90%

-8.07%

-0.04%

-0.87%

3.00%

ClucasGray Equity Fund

-8.22%

2.61%

-2.12%

-0.30%

Coronation Aggressive Equity

9.89%

0.58%

3.90%

-1.48%

8.57%

3.20%

5.68%

4.92%

9.80%

8.56%

Coronation Houseview Equity

10.22%

0.58%

3.21%

-1.48%

6.34%

3.20%

5.96%

4.92%

10.13%

8.56%

Denker SA Equity

0.24%

0.58%

1.06%

-2.01%

3.51%

3.46%

2.16%

5.10%

5.39%

8.62%

Element Equity

-11.52%

2.61%

-1.68%

-0.31%

5.94%

4.57%

1.79%

5.92%

2.94%

9.28%

Fairtree Asset Management Equity fund

23.20%

0.58%

13.00%

-1.48%

14.18%

3.31%

14.15%

5.00%

First Avenue Focused Equity

-1.82%

2.61%

-7.12%

-0.31%

-2.12%

4.57%

2.13%

5.92%

Foord Domestic Equity

0.83%

6.46%

-2.12%

2.91%

0.38%

6.23%

2.84%

6.73%

8.39%

9.55%

Kagiso Managed Equity Fund

3.46%

5.48%

6.45%

0.61%

9.20%

5.15%

6.23%

6.34%

9.16%

9.59%

Laurium Equity Prescient Fund

0.53%

0.58%

0.65%

-0.53%

3.40%

3.36%

Mazi Asset Management Equity CAPPED SWIX Composite

-3.79%

0.58%

-4.72%

-1.48%

Mazi Asset Management SWIX Composite

-1.00%

2.61%

-3.27%

-0.31%

0.89%

4.57%

4.34%

5.92%

10.07%

9.28%

Momentum Investments Trending Equity

6.51%

0.58%

4.31%

-1.48%

Momentum Investments Value Equity

-1.63%

0.58%

-0.37%

-1.48%

Nedgroup Investments Private Wealth Equity Fund

1.64%

5.86%

-2.04%

0.36%

0.49%

4.49%

4.64%

6.07%

9.72%

9.30%

Ninety One Equity Composite

6.91%

0.58%

3.71%

-1.48%

5.29%

3.83%

8.38%

5.38%

11.10%

8.90%

Ninety One Value Composite

-7.56%

7.00%

4.17%

3.12%

10.75%

6.36%

6.26%

6.82%

4.78%

9.61%

Oasis Specialist Domestic Equity

1.77%

1.97%

0.58%

0.07%

5.50%

3.11%

3.90%

3.79%

7.50%

6.72%

OMIG Premium Equity

3.85%

0.58%

1.84%

-1.48%

5.56%

3.41%

6.92%

5.07%

10.79%

8.67%

Perpetua True Value Equity

-6.85%

0.58%

-4.60%

-0.97%

2.86%

4.16%

Rezco Equity

20.54%

7.00%

11.60%

3.12%

SIM Aggressive Equity

3.60%

0.75%

8.31%

-0.93%

10.38%

4.14%

8.60%

5.59%

10.77%

8.97%

SIM Top Choice Equity Fund

8.79%

2.79%

8.58%

-0.06%

8.69%

4.68%

9.26%

5.97%

12.40%

9.22%

Sygnia Absolute Focus Equity Fund

3.38%

2.61%

1.78%

-0.31%

4.01%

4.57%

6.90%

5.92%

9.74%

9.28%

Market Indices & Statistics FTSE/JSE All Share Index

7.00%

3.12%

6.36%

6.82%

9.61%

FTSE/JSE Capped All Share Index

6.46%

2.80%

5.92%

6.53%

9.47% 9.28%

FTSE/JSE SWIX All Share Index

2.61%

-0.31%

4.57%

5.92%

FTSE/JSE Capped SWIX All Share Index

0.58%

-1.48%

FTSE/JSE Mid Cap Index

-14.37%

-3.69%

4.01%

4.34%

7.51%

FTSE/JSE Small Cap Index

-0.28%

-6.52%

0.33%

2.36%

6.85%

FTSE/JSE Top 40 Index

9.97%

4.26%

6.54%

7.05%

9.81%

FTSE/JSE Value Index

-5.94%

-1.55%

4.62%

1.75%

5.44%

FTSE/JSE Growth Index

19.20%

7.54%

8.52%

10.69%

12.59%

S&P South Africa (DSW)

5.04%

0.55%

5.54%

6.56%

9.64%

S&P South Africa (DSW) Capped

3.45%

-0.35%

3.99%

5.18%

8.65%

*No performance history.

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

SA Equity Manager Watch™ Survey Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

Investment Data to the end of December for the past 5 Calendar years Investment Managers

2019 Portfolio

2018

Benchmark

Portfolio

2017

Benchmark

Portfolio

2016

Benchmark

Portfolio

2015

Benchmark

Portfolio

Benchmark

Benchmark Cognisant Abax Equity Fund

5.28%

6.75%

-11.09%

-10.94%

18.32%

17.57%

-0.97%

4.19%

11.01%

3.62%

Absa Asset Management Core Equity

10.34%

9.32%

-10.53%

-11.67%

16.97%

21.21%

2.14%

4.13%

10.04%

3.62%

Absa Asset Management Prime Equity

20.23%

12.41%

-5.50%

-8.31%

14.73%

23.07%

3.75%

-1.60%

9.76%

7.52%

Aeon Active Equity Fund

8.96%

9.32%

-11.46%

-11.67%

25.79%

21.21%

1.86%

4.13%

7.14%

3.62%

Afena Capital Core Equity

8.41%

10.52%

-7.07%

-7.64%

16.91%

18.07%

Alexander Forbes Investments Pure Equity Local

5.36%

6.75%

-12.28%

-10.93%

15.21%

17.57%

4.20%

4.13%

1.11%

3.62%

All Weather Capital SWIX Equity Fund

5.38%

9.34%

-7.35%

-11.66%

20.89%

21.21%

Aluwani Capped SWIX Equity Composite

7.87%

6.75%

-9.86%

-10.94%

18.73%

16.49%

Aluwani Top 25 Fund

9.46%

8.65%

-10.48%

-12.12%

25.07%

24.00%

-2.33%

-0.60%

9.93%

6.16%

Argon SA Equity Capped SWIX

9.68%

6.75%

-6.03%

-10.94%

Argon SA Equity Fund

11.66%

9.32%

-7.47%

-11.67%

17.45%

21.21%

0.36%

4.13%

9.81%

3.62%

Benguela SA Equity Capped SWIX Fund

3.15%

6.75%

-9.79%

-10.94%

BlueAlpha Equity

7.11%

6.74%

-9.59%

-10.93%

23.01%

21.80%

Coronation Core Equity

11.64%

9.32%

-11.81%

-11.67%

21.98%

21.21%

5.57%

4.13%

0.33%

3.62%

Coronation Core Equity Capped SWIX portfolio

8.68%

6.75%

-10.93%

-10.94%

Excelsia Capital Core Equity

7.08%

6.73%

-10.70%

-10.93%

First Avenue General Equity

3.03%

9.32%

-16.49%

-11.67%

14.65%

21.21%

-2.68%

4.13%

9.53%

3.62%

Kagiso Core Equity Capped SWIX Fund

9.85%

6.73%

-7.86%

-10.93%

Legacy Africa FM Capped SWIX Composite

6.97%

6.75%

-9.35%

-10.94%

14.28%

16.49%

Mergence CAPI Fund

8.27%

10.52%

-6.39%

-7.67%

13.96%

18.06%

4.47%

3.94%

7.78%

5.17%

Mergence SWIX Fund

6.01%

9.32%

-10.71%

-11.67%

17.07%

21.21%

4.66%

4.13%

7.31%

3.62%

Mianzo Active Equity Fund

5.46%

7.57%

-7.59%

-11.14%

17.10%

19.17%

8.21%

4.13%

-2.21%

4.41%

Mianzo Enhanced Equity Fund

5.81%

7.47%

-10.17%

-11.14%

20.43%

21.52%

7.90%

3.72%

Momentum Investments Classic Equity

10.80%

6.75%

-9.48%

-11.50%

18.24%

21.21%

5.99%

4.13%

2.68%

3.62%

Old Mutual Double Alpha SWIX40

9.29%

8.63%

-11.74%

-12.12%

25.47%

24.00%

0.87%

-0.60%

6.63%

6.16%

OMIG Fundamental Equity

7.63%

6.75%

-9.58%

-10.92%

14.49%

18.19%

0.11%

4.14%

6.77%

3.62%

OMIG Managed Alpha Equity

7.01%

6.74%

-13.80%

-10.92%

16.16%

18.72%

2.07%

4.14%

8.78%

3.62%

Perpetua Relative Value Equity

10.13%

9.32%

-11.38%

-11.67%

12.04%

21.21%

12.13%

4.13%

Prescient Core Equity

10.06%

9.32%

-11.53%

-11.67%

21.62%

21.21%

4.63%

4.13%

4.25%

3.62%

Prescient Core Equity (Capped SWIX)

7.40%

6.75%

Prudential Core Equity

4.92%

6.75%

-9.42%

-11.33%

23.19%

20.50%

5.86%

4.13%

5.82%

3.62%

Prudential Select Equity

4.87%

6.75%

-8.90%

-10.83%

23.64%

20.91%

5.09%

4.12%

6.22%

3.78%

Sentio General Equity (Capped SWIX)

5.36%

6.73%

-10.68%

-10.93%

Sentio General Equity Fund

7.39%

9.32%

-11.45%

-11.67%

16.04%

21.21%

4.75%

4.13%

6.23%

3.62%

SIM Moderate Equity

12.48%

9.27%

-10.82%

-11.32%

19.58%

20.92%

5.30%

4.19%

3.43%

3.67%

STANLIB Core Equity

2.60%

9.32%

-10.54%

-11.67%

13.41%

21.21%

-0.07%

4.13%

-0.37%

3.62%

STANLIB Multi Factor Equity

9.20%

6.75%

-9.52%

-10.93%

21.66%

20.06%

0.65%

4.13%

2.68%

3.62%

STANLIB Multi-Manager SA Equity Fund

9.21%

6.75%

-8.53%

-10.94%

14.14%

18.71%

3.85%

4.13%

0.40%

3.62%

Sygnia Core Equity Fund

9.30%

9.32%

-12.06%

-11.67%

16.51%

21.21%

1.82%

4.13%

3.42%

3.62%

Truffle SA Equity Fund

16.08%

6.75%

-2.52%

-10.94%

13.89%

21.76%

-2.60%

4.13%

14.77%

3.62%

VunaniFM Active Capped SWIX

5.22%

6.75%

-6.02%

-10.94%

VunaniFM Core Equity Fund

9.03%

9.32%

-6.99%

-11.67%

16.00%

21.21%

4.36%

4.13%

7.60%

3.62%

X-Chequer Equity Strategy

7.36%

6.75%

Market Indices & Statistics FTSE/JSE All Share Index

12.05%

-8.53%

20.95%

2.63%

5.13%

FTSE/JSE Capped All Share Index

10.52%

-7.67%

18.06%

3.94%

5.17% 3.62%

FTSE/JSE SWIX All Share Index

9.32%

-11.67%

21.21%

4.13%

FTSE/JSE Capped SWIX All Share Index

6.75%

-10.94%

16.49%

FTSE/JSE Mid Cap Index

15.58%

-9.73%

7.36%

26.89%

-7.54%

FTSE/JSE Small Cap Index

-4.10%

-14.59%

2.95%

20.90%

-3.92%

FTSE/JSE Top 40 Index

12.41%

-8.31%

23.07%

-1.60%

7.52%

FTSE/JSE Value Index

6.14%

-4.44%

12.15%

17.15%

-13.90%

FTSE/JSE Growth Index

17.87%

-11.48%

25.56%

-3.63%

17.72%

S&P South Africa (DSW)

9.22%

-11.38%

22.61%

5.05%

3.04%

S&P South Africa (DSW) Capped

7.23%

-10.79%

15.64%

6.28%

1.51%

*No performance history.

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

SA Equity Manager Watch™ Survey Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

Investment Data to the end of December for the past 5 Calendar years Investment Managers

2019 Portfolio

2018

Benchmark

Portfolio

2017

Benchmark

Portfolio

2016

Benchmark

Portfolio

2015

Benchmark

Portfolio

Benchmark

Not Benchmark Cognisant Absa Asset Management Value

14.47%

12.05%

-8.24%

-8.53%

13.94%

20.95%

6.09%

2.63%

-3.24%

5.13%

Allan Gray

3.90%

12.05%

-7.47%

-8.53%

14.51%

20.95%

12.66%

2.63%

5.16%

5.13%

Bridge Equity Income Growth Fund

-2.34%

7.96%

-7.52%

-9.21%

13.54%

12.53%

8.56%

3.14%

ClucasGray Equity Fund

6.68%

9.34%

-4.23%

-11.67%

18.39%

21.21%

Coronation Aggressive Equity

15.77%

6.75%

-11.84%

-10.94%

15.96%

17.57%

15.98%

4.13%

-8.85%

3.62%

Coronation Houseview Equity

13.95%

6.75%

-12.46%

-10.94%

15.76%

17.57%

6.85%

4.13%

0.10%

3.62%

Denker SA Equity

6.85%

6.75%

-3.62%

-12.36%

-1.69%

20.92%

17.09%

4.19%

-11.72%

3.67%

Element Equity

9.58%

9.32%

-1.96%

-11.67%

15.50%

21.21%

21.57%

4.13%

-16.14%

3.62%

Fairtree Asset Management Equity fund

21.98%

6.75%

-4.00%

-10.94%

21.47%

18.17%

10.71%

4.13%

8.42%

3.62%

First Avenue Focused Equity

2.03%

9.32%

-20.01%

-11.67%

16.94%

21.21%

-4.14%

4.13%

12.86%

3.62%

Foord Domestic Equity

5.95%

10.52%

-12.22%

-7.36%

5.39%

20.95%

3.11%

2.63%

2.90%

5.13%

Kagiso Managed Equity Fund

24.60%

9.32%

-6.42%

-11.67%

16.20%

21.21%

10.80%

4.13%

-8.71%

3.62%

Laurium Equity Prescient Fund

8.37%

5.12%

-6.41%

-6.93%

19.59%

14.01%

-3.06%

5.16%

10.82%

2.78%

Mazi Asset Management Equity CAPPED SWIX Composite

2.66%

6.75%

-12.42%

-10.94%

Mazi Asset Management SWIX Composite

5.37%

9.32%

-13.24%

-11.67%

18.53%

21.21%

-2.54%

4.13%

12.51%

3.62%

Momentum Investments Trending Equity

17.30%

6.75%

-9.14%

-10.94%

Momentum Investments Value Equity

6.28%

6.75%

-5.41%

-10.94%

Nedgroup Investments Private Wealth Equity Fund

3.84%

8.65%

-10.94%

-12.12%

4.22%

24.00%

4.58%

-0.60%

12.13%

6.16%

Ninety One Equity Composite

12.21%

6.75%

-7.01%

-10.94%

13.21%

21.21%

2.47%

4.13%

15.26%

3.62%

Ninety One Value Composite

28.53%

12.05%

-4.85%

-8.53%

-4.05%

20.95%

53.62%

2.63%

-18.82%

5.13%

Oasis Specialist Domestic Equity

7.40%

8.06%

-6.91%

-9.06%

11.80%

12.76%

14.89%

3.12%

-9.49%

0.99%

OMIG Premium Equity

9.97%

6.75%

-7.52%

-10.92%

17.43%

18.72%

5.70%

4.14%

6.12%

3.62%

Perpetua True Value Equity

3.73%

9.33%

-10.13%

-11.67%

8.60%

21.22%

22.11%

4.13%

-13.01%

3.62%

Rezco Equity

16.56%

12.05%

-1.06%

-8.53%

SIM Aggressive Equity

25.89%

6.77%

-2.59%

-9.62%

13.95%

20.92%

13.19%

4.19%

-1.97%

3.67%

SIM Top Choice Equity Fund

25.03%

9.27%

-5.88%

-11.13%

13.18%

20.80%

4.70%

4.24%

7.43%

3.72%

Sygnia Absolute Focus Equity Fund

11.70%

9.32%

-8.70%

-11.67%

12.80%

21.21%

2.34%

4.13%

11.68%

3.62%

Market Indices & Statistics FTSE/JSE All Share Index

12.05%

-8.53%

20.95%

2.63%

5.13%

FTSE/JSE Capped All Share Index

10.52%

-7.67%

18.06%

3.94%

5.17% 3.62%

FTSE/JSE SWIX All Share Index

9.32%

-11.67%

21.21%

4.13%

FTSE/JSE Capped SWIX All Share Index

6.75%

-10.94%

16.49%

FTSE/JSE Mid Cap Index

15.58%

-9.73%

7.36%

26.89%

-7.54%

FTSE/JSE Small Cap Index

-4.10%

-14.59%

2.95%

20.90%

-3.92%

FTSE/JSE Top 40 Index

12.41%

-8.31%

23.07%

-1.60%

7.52%

FTSE/JSE Value Index

6.14%

-4.44%

12.15%

17.15%

-13.90%

FTSE/JSE Growth Index

17.87%

-11.48%

25.56%

-3.63%

17.72%

S&P South Africa (DSW)

9.22%

-11.38%

22.61%

5.05%

3.04%

S&P South Africa (DSW) Capped

7.23%

-10.79%

15.64%

6.28%

1.51%

*No performance history.

1.40%

-0.97%

-1.28%

-1.43%

-2.11%

-1.79%

-4.29%

2.20%

2.23%

-0.14%

-3.92%

-2.42%

-1.34%

-1.81%

-1.85%

-1.23%

-0.98%

3.96%

0.43%

-6.86%

1.80%

0.60%

0.53%

0.24%

-2.54%

-3.34%

-0.76%

0.62%

2.22%

-1.89%

1.05%

2.83%

-0.24%

13.11%

-2.99%

-1.61%

2.95%

All Weather Capital SWIX Equity Fund

Aluwani Capped SWIX Equity Composite

Aluwani Top 25 Fund

Argon SA Equity Capped SWIX

Argon SA Equity Fund

Benguela SA Equity Capped SWIX Fund

BlueAlpha Equity

Coronation Core Equity

Coronation Core Equity Capped SWIX portfolio

Excelsia Capital Core Equity

First Avenue General Equity

Kagiso Core Equity Capped SWIX Fund

Legacy Africa FM Capped SWIX Composite

Mergence CAPI Fund

Mergence SWIX Fund

Mianzo Active Equity Fund

Mianzo Enhanced Equity Fund

Momentum Investments Classic Equity

Old Mutual Double Alpha SWIX40

OMIG Fundamental Equity

OMIG Managed Alpha Equity

Perpetua Relative Value Equity

Prescient Core Equity

Prescient Core Equity (Capped SWIX)

Prudential Core Equity

Prudential Select Equity

Sentio General Equity (Capped SWIX)

Sentio General Equity Fund

SIM Moderate Equity

STANLIB Core Equity

STANLIB Multi Factor Equity

STANLIB Multi-Manager SA Equity Fund

Sygnia Core Equity Fund

Truffle SA Equity Fund

VunaniFM Active Capped SWIX

VunaniFM Core Equity Fund

X-Chequer Equity Strategy

6.46%

2.61%

0.58%

-14.37%

-0.28%

9.97%

-5.94%

19.20%

5.04%

3.45%

FTSE/JSE Capped All Share Index

FTSE/JSE SWIX All Share Index

FTSE/JSE Capped SWIX All Share Index

FTSE/JSE Mid Cap Index

FTSE/JSE Small Cap Index

FTSE/JSE Top 40 Index

FTSE/JSE Value Index

FTSE/JSE Growth Index

S&P South Africa (DSW)

S&P South Africa (DSW) Capped

*No performance history.

7.00%

FTSE/JSE All Share Index

Market Indices & Statistics

0.69%

Alexander Forbes Investments Pure Equity Local

4.04%

-4.27%

-5.63%

Absa Asset Management Prime Equity

Afena Capital Core Equity

-1.79%

Absa Asset Management Core Equity

Rank

Aeon Active Equity Fund

-3.72%

Abax Equity Fund

Benchmark Cognisant

Investment Managers

Active Return: 1 Year

2.80%

-0.35%

0.55%

7.54%

-1.55%

4.26%

-6.52%

-3.69%

-1.48%

-0.31%

Rank

3.12%

1.11%

0.30%

10.24%

-0.23%

2.57%

1.62%

-2.28%

1.88%

-0.31%

-0.58%

-0.99%

-0.70%

0.45%

0.55%

-0.41%

-1.54%

0.48%

3.28%

-0.47%

0.26%

-1.26%

-0.82%

0.21%

1.27%

-5.00%

0.15%

1.32%

1.36%

-0.83%

-1.28%

1.57%

2.20%

0.46%

0.42%

0.81%

-0.70%

-1.84%

1.26%

1.57%

0.15%

-1.73%

Active Return: 3 Years (p.a.)

3.99%

5.54%

8.52%

4.62%

6.54%

0.33%

4.01%

4.57%

5.92%

Rank

6.36%

-0.18%

3.44%

-1.43%

0.73%

0.58%

-3.64%

1.16%

-0.98%

0.03%

0.36%

0.45%

0.25%

-1.12%

-2.42%

0.86%

1.91%

0.34%

0.60%

-1.41%

-1.14%

-5.65%

1.28%

-0.45%

0.10%

-0.84%

1.11%

0.59%

-1.05%

-2.00%

Active Return: 5 Years (p.a.)

5.18%

6.56%

10.69%

1.75%

7.05%

2.36%

4.34%

5.92%

6.53%

Rank

6.82%

-0.40%

4.40%

-1.54%

-0.44%

0.24%

-3.92%

0.71%

-0.26%

0.31%

0.53%

-0.05%

-1.30%

0.82%

0.85%

-0.60%

-0.50%

-3.51%

0.01%

0.66%

0.50%

-1.62%

1.05%

1.22%

-0.51%

Active Return: 7 Years (p.a.)

8.65%

9.64%

12.59%

5.44%

9.81%

6.85%

7.51%

9.28%

9.47%

Rank

9.61%

-1.06%

-0.63%

0.06%

-2.27%

1.02%

0.21%

0.69%

1.36%

0.63%

-0.72%

1.17%

0.87%

0.00%

-0.12%

0.80%

0.28%

1.00%

-1.41%

1.15%

0.57%

Active Return: 10 Years (p.a.)

-0.29%

-1.53%

9.33%

-0.02%

2.46%

2.45%

-6.72%

3.21%

-1.93%

-1.37%

-1.88%

-1.83%

0.65%

0.74%

0.81%

0.26%

0.89%

0.66%

4.05%

-1.66%

-2.11%

-3.30%

-2.26%

0.22%

3.12%

-6.29%

0.35%

1.93%

2.33%

0.36%

-3.60%

2.34%

2.93%

0.81%

1.12%

-3.96%

-1.39%

-2.11%

-0.35%

7.82%

1.02%

-1.47%

Active Return - 2019

Rank

4.68%

4.92%

8.42%

-0.40%

2.40%

1.41%

1.13%

0.50%

0.22%

0.24%

1.93%

1.92%

0.14%

0.29%

-2.88%

1.34%

0.38%

2.02%

0.97%

3.56%

0.96%

1.28%

1.59%

3.07%

-4.82%

0.23%

0.00%

-0.14%

1.34%

1.15%

4.19%

4.90%

1.64%

1.08%

4.32%

-1.34%

0.57%

0.21%

2.81%

1.13%

-0.16%

Active Return - 2018

Rank

-5.22%

-7.87%

-4.70%

-4.57%

1.60%

-7.81%

-1.34%

-5.17%

2.73%

2.69%

0.41%

-9.17%

-2.56%

-3.70%

1.47%

-2.98%

-1.09%

-2.07%

-4.15%

-4.10%

-2.21%

-6.56%

0.77%

1.20%

-3.76%

1.07%

2.25%

-0.32%

-2.36%

-1.15%

4.58%

-8.34%

-4.25%

0.75%

Active Return - 2017

Rank

Calender Year Returns

Due to differing benchmarks, the portfolios below are ranked by active returns only (actual performance less benchmark return) and are purely for illustrative purposes.

0.23%

-6.73%

-2.31%

-0.28%

-3.48%

-4.20%

1.11%

0.62%

0.97%

1.73%

0.50%

8.01%

-2.07%

-4.03%

1.47%

1.86%

4.18%

4.08%

0.53%

-6.80%

1.44%

-3.77%

-1.73%

0.07%

-2.27%

5.35%

-1.98%

-5.16%

Active Return 2016

Rank

3.98%

11.15%

-0.20%

-3.22%

-0.94%

-3.99%

-0.25%

2.61%

2.45%

2.20%

0.63%

5.16%

3.16%

0.47%

-0.93%

-6.62%

3.69%

2.61%

5.91%

-3.29%

6.19%

3.76%

-2.51%

3.52%

2.24%

6.42%

7.40%

Active Return - 2015

Rank

SECTION 3

Investment Data to the end of December 2020 – Performance Data

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

*No performance history.

Absa Asset Management Value Allan Gray Bridge Equity Income Growth Fund ClucasGray Equity Fund Coronation Aggressive Equity Coronation Houseview Equity Denker SA Equity Element Equity Fairtree Asset Management Equity fund First Avenue Focused Equity Foord Domestic Equity Kagiso Managed Equity Fund Laurium Equity Prescient Fund Mazi Asset Management Equity CAPPED SWIX Composite Mazi Asset Management SWIX Composite Momentum Investments Trending Equity Momentum Investments Value Equity Nedgroup Investments Private Wealth Equity Fund Ninety One Equity Composite Ninety One Value Composite Oasis Specialist Domestic Equity OMIG Premium Equity Perpetua True Value Equity Rezco Equity SIM Aggressive Equity SIM Top Choice Equity Fund Sygnia Absolute Focus Equity Fund Market Indices & Statistics FTSE/JSE All Share Index FTSE/JSE Capped All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE Capped SWIX All Share Index FTSE/JSE Mid Cap Index FTSE/JSE Small Cap Index FTSE/JSE Top 40 Index FTSE/JSE Value Index FTSE/JSE Growth Index S&P South Africa (DSW) S&P South Africa (DSW) Capped

Not Benchmark Cognisant

Investment Managers

7.00% 6.46% 2.61% 0.58% -14.37% -0.28% 9.97% -5.94% 19.20% 5.04% 3.45%

-3.24%

16 7 15 18 5 26 12 8 22 2 9 6 10

-4.36%

-3.61% 5.93% -2.21% -4.22% 6.33% -14.56% -0.21% 3.28% -7.43% 13.54% 2.85% 5.99% 0.77%

3.12% 2.80% -0.31% -1.48% -3.69% -6.52% 4.26% -1.55% 7.54% 0.55% -0.35%

-2.97% 5.80% 1.11% -2.40% 5.19% 1.05% 0.51% 3.32% -3.63% 8.48% 9.24% 8.64% 2.09%

-0.47% -6.22% -8.03% -1.82% 5.38% 4.70% 3.07% -1.37% 14.48% -6.81% -5.03% 5.84% 1.19%

Rank

Active Return: 3 Years (p.a.)

17 24 27 23 4 3 13 25 1 20 21 14 11

-4.02% -12.36% -15.89% -10.83% 9.32% 9.64% -0.33% -14.13% 22.63% -4.43% -5.63% -2.02% -0.05%

Active Return: 1 Year

21 6 14 20 8 15 16 10 23 4 2 3 12

17 25 27 19 7 9 11 18 1 26 24 5 13

Rank

6.36% 5.92% 4.57% * 4.01% 0.33% 6.54% 4.62% 8.52% 5.54% 3.99%

-3.68% * * -4.01% 1.46% 4.39% 2.39% 2.16% -1.29% * 6.24% 4.01% -0.57%

-0.86% -3.11% -3.87% * 5.37% 3.14% 0.05% 1.37% 10.87% -6.70% -5.86% 4.05% 0.04%

Active Return: 5 Years (p.a.)

2 6 14

20 10 4 8 9 16

3 7 12 11 1 22 21 5 13

15 17 19

Rank

6.82% 6.53% 5.92% * 4.34% 2.36% 7.05% 1.75% 10.69% 6.56% 5.18%

-1.58% * * -1.43% 2.99% -0.55% 0.11% 1.84% * * 3.02% 3.28% 0.98%

-1.66% -1.61% * * 0.76% 1.03% -2.94% -4.13% 9.15% -3.79% -3.88% -0.11% *

Active Return: 7 Years (p.a.)

3 2 7

12 4 11 9 5

8 6 16 19 1 17 18 10

15 14

Rank

9.61% 9.47% 9.28% * 7.51% 6.85% 9.81% 5.44% 12.59% 9.64% 8.65%

0.78% * * 0.42% 2.21% -4.83% 0.78% 2.12% * * 1.79% 3.17% 0.45%

-1.28% -1.07% * * 1.24% 1.57% -3.23% -6.34% * * -1.15% -0.43% *

4 1 9

10 2 16 8 3

13 11

6 5 15 17

14 12

Active Return: Rank 10 Years (p.a.)

-3.95% 10.55% -0.47% -4.81% 5.46% 16.48% -0.66% 3.23% -5.59% 4.51% 19.12% 15.76% 2.38%

-4.09%

2.42% -8.14% -10.30% -2.66% 9.02% 7.20% 0.10% 0.26% 15.23% -7.28% -4.57% 15.28% 3.25%

Active Return - 2019

20 6 17 23 9 2 18 12 24 10 1 3 14

13 26 27 19 7 8 16 15 5 25 22 4 11

Rank

-1.57% 1.79% 5.52% 1.18% 3.93% 3.68% 2.15% 3.40% 1.54% 7.47% 7.03% 5.25% 2.97%

-1.49%

0.29% 1.06% 1.70% 7.43% -0.91% -1.52% 8.74% 9.71% 6.94% -8.35% -4.86% 5.24% 0.52%

Active Return - 2018

25 15 7 18 10 11 14 12 17 3 5 8 13

21 19 16 4 22 24 2 1 6 27 26 9 20

Rank

-2.69% * * -19.78% -8.00% -25.00% -0.96% -1.29% -12.62% * -6.98% -7.62% -8.42%

-7.01% -6.44% 1.01% -2.82% -1.61% -1.81% -22.61% -5.72% 3.30% -4.27% -15.57% -5.02% 5.58%

Active Return - 2017

14 16 18

21 17 23 4 5 19

15 13 3 9 6 7 22 12 2 10 20 11 1

Rank

Calender Year Returns

-6.66% * * 5.18% -1.66% 51.00% 11.77% 1.56% 17.99% * 9.00% 0.46% -1.79%

3.46% 10.03% 5.42% * 11.85% 2.72% 12.90% 17.44% 6.59% -8.27% 0.48% 6.67% -8.22%

Active Return - 2016

8 17 19

12 18 1 6 15 2

5 14 4 3 10 22 16 9 21

13 7 11

Rank

8.89% * * 5.97% 11.64% -23.94% -10.48% 2.50% -16.63% * -5.65% 3.71% 8.06%

-8.36% 0.03% * * -12.46% -3.51% -15.39% -19.76% 4.80% 9.24% -2.23% -12.33% 8.04%

Active Return - 2015

Due to differing benchmarks, the portfolios below are ranked by active returns only (ie actual performance less benchmark return) and are purely for illustrative purposes.

Investment Data to the end of December 2020

13 8 4

6 1 21 15 9 19

17 12 18 20 7 2 11 16 5

14 10

Rank

SECTION 1

SECTION 3 SECTION 2

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

SECTION 3

SECTION 4

SECTION 5

SECTION 6

5.84%

0.95%

0.97%

-2.18%

0.52%

-1.06%

0.82%

0.72%

1.26%

-2.77%

-2.31%

1.05%

-0.16%

-1.34%

-5.31%

-0.22%

-1.27%

1.98%

-1.57%

0.65%

-0.83%

1.59%

0.84%

-3.02%

-1.89%

0.24%

0.14%

-2.33%

-2.43%

-2.07%

-0.62%

1.72%

-2.58%

0.14%

1.09%

-0.54%

8.76%

-1.18%

0.80%

Absa Asset Management Prime Equity

Aeon Active Equity Fund

Afena Capital Core Equity

Alexander Forbes Investments Pure Equity Local

All Weather Capital SWIX Equity Fund

Aluwani Capped SWIX Equity Composite

Aluwani Top 25 Fund

Argon SA Equity Capped SWIX

Argon SA Equity Fund

Benguela SA Equity Capped SWIX Fund

BlueAlpha Equity

Coronation Core Equity

Coronation Core Equity Capped SWIX portfolio

Excelsia Capital Core Equity

First Avenue General Equity

Kagiso Core Equity Capped SWIX Fund

Legacy Africa FM Capped SWIX Composite

Mergence CAPI Fund

Mergence SWIX Fund

Mianzo Active Equity Fund

Mianzo Enhanced Equity Fund

Momentum Investments Classic Equity

Old Mutual Double Alpha SWIX40

OMIG Fundamental Equity

OMIG Managed Alpha Equity

Perpetua Relative Value Equity

Prescient Core Equity

Prudential Core Equity

Prudential Select Equity

Sentio General Equity (Capped SWIX)

Sentio General Equity Fund

SIM Moderate Equity

STANLIB Core Equity

STANLIB Multi Factor Equity

STANLIB Multi-Manager SA Equity Fund

Sygnia Core Equity Fund

Truffle SA Equity Fund

VunaniFM Active Capped SWIX

*No performance history.

VunaniFM Core Equity Fund

-0.36%

-3.21%

Absa Asset Management Core Equity

3 year return Rank

18.22%

18.82%

20.08%

17.71%

19.12%

16.26%

16.45%

18.35%

16.94%

18.22%

19.38%

19.93%

17.63%

17.16%

18.44%

18.70%

17.93%

18.48%

19.34%

19.81%

17.32%

17.75%

18.01%

20.06%

15.62%

21.73%

17.73%

16.79%

13.91%

16.62%

18.59%

19.73%

15.95%

17.76%

19.11%

18.58%

17.55%

17.03%

17.27%

19.28%

17.16%

Volatility (Risk)

Rank

Calculated on 3 year performance returns

Abax Equity Fund

Benchmark Cognisant

Investment Managers

1.11%

0.30%

10.24%

-0.23%

2.57%

1.62%

-2.28%

1.88%

-0.31%

-0.58%

-0.99%

-0.70%

0.45%

0.55%

-0.41%

-1.54%

0.48%

3.28%

-0.47%

0.26%

-1.26%

-0.82%

0.21%

1.27%

-5.00%

0.15%

1.32%

1.36%

-0.83%

-1.28%

1.57%

2.20%

0.46%

0.42%

0.81%

-0.70%

-1.84%

1.26%

1.57%

0.15%

-1.73%

Active Return

Rank

4.19%

3.75%

4.57%

0.22%

3.05%

3.56%

3.92%

1.88%

3.00%

3.04%

3.42%

3.54%

0.44%

2.83%

2.22%

2.84%

0.62%

2.13%

2.16%

4.09%

2.07%

2.06%

1.79%

3.57%

4.93%

4.31%

2.90%

2.68%

7.07%

3.99%

2.82%

3.00%

3.43%

3.03%

3.97%

1.48%

3.50%

3.98%

3.80%

3.31%

3.45%

Tracking Error

0.26

0.08

2.24

-1.05

0.84

0.45

-0.58

1.00

-0.10

-0.19

-0.29

-0.20

1.02

0.19

-0.19

-0.54

0.78

1.54

-0.22

0.06

-0.61

-0.40

0.12

0.36

-1.01

0.03

0.45

0.51

-0.12

-0.32

0.56

0.73

0.13

0.14

0.21

-0.47

-0.52

0.32

0.41

0.04

-0.50

Information Ratio

Rank

4.39%

7.37%

3.14%

4.13%

4.22%

0.94%

5.79%

3.60%

3.83%

3.97%

5.03%

4.82%

2.29%

0.89%

5.35%

5.61%

4.85%

5.26%

3.16%

4.78%

-1.07%

5.85%

4.12%

4.59%

2.36%

5.68%

7.13%

3.40%

1.22%

Rank

15.40%

17.01%

15.08%

16.09%

14.08%

14.32%

15.63%

14.82%

16.33%

16.77%

15.29%

14.89%

15.55%

15.71%

15.85%

15.59%

16.44%

16.51%

14.83%

14.93%

13.62%

14.81%

15.97%

14.56%

15.52%

14.70%

14.96%

16.26%

14.91%

Volatility (Risk)

Rank

Calculated on 5 year performance returns 5 Year Return

-0.18%

3.44%

-1.43%

0.73%

0.58%

-3.64%

1.16%

-0.98%

0.03%

0.36%

0.45%

0.25%

-1.12%

-2.42%

0.86%

1.91%

0.34%

0.60%

-1.41%

-1.14%

-5.65%

1.28%

-0.45%

0.10%

-0.84%

1.11%

0.59%

-1.05%

-2.00%

Active Return

Rank

3.55%

5.55%

0.95%

3.21%

3.03%

3.69%

1.88%

3.70%

3.06%

3.26%

0.46%

3.15%

1.99%

2.94%

0.58%

2.13%

2.08%

3.66%

2.02%

2.01%

4.57%

2.35%

3.22%

3.02%

1.80%

3.54%

3.63%

3.31%

3.72%

Tracking Error

-0.05

0.62

-1.52

0.23

0.19

-0.99

0.62

-0.26

0.01

0.11

0.99

0.08

-0.56

-0.82

1.48

0.89

0.16

-0.70

-0.57

-1.23

0.54

-0.14

0.03

-0.47

0.31

0.16

-0.32

-0.54

Information Ratio

Rank

SECTION 3

Investment Data to the end of December 2020 – Volatility vs Return

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

SA Equity Manager Watch™ Survey Risk

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

1.78%

Sygnia Absolute Focus Equity Fund

0.55%

-0.35%

S&P South Africa (DSW)

S&P South Africa (DSW) Capped

*No performance history.

7.54%

FTSE/JSE Growth Index

-6.52%

FTSE/JSE Small Cap Index

4.26%

-3.69%

FTSE/JSE Mid Cap Index

-1.55%

-1.48%

FTSE/JSE Capped SWIX All Share Index

FTSE/JSE Top 40 Index

-0.31%

FTSE/JSE SWIX All Share Index

FTSE/JSE Value Index

3.12%

2.80%

FTSE/JSE All Share Index

FTSE/JSE Capped All Share Index

Market Indices & Statistics

8.58%

SIM Top Choice Equity Fund

4.17%

Ninety One Value Composite

8.31%

3.71%

Ninety One Equity Composite

11.60%

-2.04%

Nedgroup Investments Private Wealth Equity Fund

SIM Aggressive Equity

-0.37%

Momentum Investments Value Equity

Rezco Equity

4.31%

Momentum Investments Trending Equity

-4.60%

-3.27%

Mazi Asset Management SWIX Composite

Perpetua True Value Equity

-4.72%

Mazi Asset Management Equity CAPPED SWIX Composite

0.58%

0.65%

Laurium Equity Prescient Fund

1.84%

6.45%

Kagiso Managed Equity Fund

Oasis Specialist Domestic Equity

-2.12%

Foord Domestic Equity

OMIG Premium Equity

-7.12%

1.06%

Denker SA Equity

First Avenue Focused Equity

3.21%

Coronation Houseview Equity

-1.68%

3.90%

Coronation Aggressive Equity

13.00%

-2.12%

ClucasGray Equity Fund

Fairtree Asset Management Equity fund

-8.07%

Bridge Equity Income Growth Fund

Element Equity

2.65%

-3.10%

Allan Gray

Rank

18.77%

17.93%

16.88%

20.53%

17.89%

20.91%

20.73%

18.64%

17.70%

18.19%

17.73%

Lower volatility = higher ranking

18.11%

21.13%

20.78%

15.51%

19.33%

17.27%

15.25%

23.50%

19.58%

17.57%

20.97%

18.08%

17.95%

18.99%

20.20%

20.08%

15.91%

15.22%

27.40%

15.39%

16.44%

17.13%

17.80%

18.18%

16.83%

20.23%

18.06%

Volatility (Risk)

Calculated on 3 year performance returns

3 year return

Absa Asset Management Value

Not Benchmark Cognisant

Investment Managers

2.09%

8.64%

9.24%

8.48%

-3.63%

3.32%

0.51%

1.05%

5.19%

-2.40%

1.11%

5.80%

-2.97%

-3.24%

1.19%

5.84%

-5.03%

-6.81%

14.48%

-1.37%

3.07%

4.70%

5.38%

-1.82%

-8.03%

-6.22%

-0.47%

Active Return

Rank

Investment Data to the end of December 2020 – Volatility vs Return

3.52%

6.36%

5.85%

7.63%

6.39%

2.34%

3.95%

12.85%

4.14%

6.21%

6.55%

5.54%

3.30%

3.57%

4.46%

8.24%

5.57%

5.05%

12.37%

8.45%

5.00%

5.52%

4.72%

8.16%

9.02%

6.84%

3.96%

Tracking Error

0.59

1.36

1.58

1.11

-0.57

1.42

0.13

0.08

1.25

-0.39

0.17

1.05

-0.90

-0.91

0.27

0.71

-0.90

-1.35

1.17

-0.16

0.61

0.85

1.14

-0.22

-0.89

-0.91

-0.12

Information Ratio

Rank

3.99%

5.54%

8.52%

4.62%

6.54%

0.33%

4.01%

2.66%

4.57%

5.92%

6.36%

4.01%

8.69%

10.38%

2.86%

5.56%

5.50%

10.75%

5.29%

0.49%

0.89%

3.40%

9.20%

0.38%

-2.12%

14.18%

5.94%

3.51%

6.34%

8.57%

-0.87%

3.26%

5.51%

Rank

15.87%

15.55%

14.98%

17.97%

15.65%

17.81%

18.53%

16.71%

15.28%

15.37%

15.20%

Lower volatility = higher ranking

15.40%

17.75%

17.67%

17.07%

14.57%

13.18%

23.98%

16.50%

14.96%

15.50%

17.16%

16.87%

13.88%

13.53%

22.49%

13.84%

14.96%

15.55%

14.56%

16.67%

14.91%

Volatility (Risk)

Calculated on 5 year performance returns 5 Year Return

-0.57%

4.01%

6.24%

-1.29%

2.16%

2.39%

4.39%

1.46%

-4.01%

-3.68%

0.04%

4.05%

-5.86%

-6.70%

10.87%

1.37%

0.05%

3.14%

5.37%

-3.87%

-3.11%

-0.86%

Active Return

Rank

3.39%

6.09%

5.98%

7.97%

2.20%

4.87%

18.03%

4.17%

5.83%

3.28%

4.98%

7.24%

5.76%

4.86%

10.25%

8.79%

6.66%

4.77%

5.02%

8.57%

6.12%

4.04%

Tracking Error

-0.17

0.66

1.04

-0.16

0.98

0.49

0.24

0.35

-0.69

-1.12

0.01

0.56

-1.02

-1.38

1.06

0.16

0.01

0.66

1.07

-0.45

-0.51

-0.21

Information Ratio

Rank

SECTION 1

SECTION 3 SECTION 2

SA Equity Manager Watch™ Survey Risk (continued)

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

SECTION 3

SECTION 4

SECTION 5

SECTION 6

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

SA Equity Manager Watch™ Survey – Volatility vs Return Volatility vs Return Scatterplot on SA Equity Managers – Benchmark Cognisant 3 Years ended 31 December 2020

Coronation Core Equity Capped SWIX portfolio

FTSE/JSE All Share Index

Old Mutual Double Alpha SWIX40

Mergence CAPI Fund

VunaniFM Core Equity Fund

Absa Asset Management Prime Equity

SIM Moderate Equity

Prescient Core Equity

Momentum Investments Classic Equity

Return (p.a.)

Afena Capital Core Equity

Argon SA Equity Fund STANLIB Multi-Manager SA Equity Fund

Perpetua Relative Value Equity Aeon Active Equity Fund Coronation Core Equity Aluwani Top 25 Fund

All Weather Capital SWIX Equity Fund Absa Asset Management Core Equity Argon SA Equity Capped SWIX Mianzo Active Equity Fund Kagiso Core Equity Capped SWIX Fund

STANLIB Multi Factor Equity

BlueAlpha Equity

Sentio General Equity Fund FTSE/JSE SWIX All Share Index Mergence SWIX Fund

Mianzo Enhanced Equity Fund VunaniFM Active Capped SWIX Excelsia Capital Core Equity Prudential Core Equity Prudential Select Equity OMIG Fundamental Equity Alexander Forbes Investments Pure Equity Local OMIG Managed Alpha Equity Sentio General Equity (Capped SWIX)

STANLIB Core Equity Benguela SA Equity Capped SWIX Fund Abax Equity Fund Sygnia Core Equity Fund Aluwani Capped SWIX Equity Composite First Avenue General Equity

Legacy Africa FM Capped SWIX Composite

Volatility (p.a.) (standard deviation)

Volatility vs Return Scatterplot on SA Equity Managers – Not Benchmark Cognisant 3 years ended 31 December 2020 Fairtree Asset Management Equity fund Rezco Equity

SIM Top Choice Equity Fund

SIM Aggressive Equity Coronation Aggressive Equity

Return (p.a.)

FTSE/JSE All Share Index

Kagiso Managed Equity Fund Momentum Investments Trending Equity

Coronation Houseview Equity

Ninety One Equity Composite

Ninety One Value Composite

Absa Asset Management Value

OMIG Premium Equity Denker SA Equity

Sygnia Absolute Focus Equity Fund

Oasis Specialist Domestic Equity

Laurium Equity Prescient Fund Momentum Investments Value Equity

FTSE/JSE SWIX All Share Index

Nedgroup Investments Private Wealth Equity Fund ClucasGray Equity Fund Allan Gray Mazi Asset Management SWIX Composite Perpetua True Value Equity Foord Domestic Equity Mazi Asset Management Equity CAPPED SWIX Composite Element Equity First Avenue Focused Equity Bridge Equity Income Growth Fund

Volatility (p.a.) (standard deviation)

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Composite Dispersion of SA Equity Manager Watch™ Survey 1 Year to 31 December 2020 Benchmark Cognisant Absa Asset Management Prime Equity

0.07%

Absa Asset Management Core Equity

1.65%

Aeon Active Equity Fund

1.40%

Afena Capital Core Equity CAPI

0.00% 0.27%

Afena Capital Moderate Equity Capped SWIX ALUWANI Capped SWIX Equity

0.69%

Argon SA Equity

0.02%

Argon SA Equity Capped SWIX

0.02% 0.60%

Foord Equity SWIX 0.28%

Prescient Core Equity

0.57%

Prescient Core Equity Capped SWIX

2.07%

Mianzo Active Equity 1.29%

Old Mutual Fundamental Equity 0.07%

OMIG Double Alpha SWIX 40

0.44%

Prudential Core Equity 0.27%

Vunani Active Capped SWIX

0.50%

0.00%

Not Benchmark Cognisant

1.00%

1.50%

2.00%

2.50%

Minimum Return

Maximum Return

Median Composite Return

Composite Dispersion (1yr)

Composite Dispersion (3yrs)

Composite Dispersion (5yrs) 0.09%

Absa Asset Management Prime Equity

4.32%

4.46%

4.39%

0.07%

0.03%

Absa Asset Management Core Equity

-0.02%

3.29%

1.63%

1.65%

1.39%

0.80%

Aeon Active Equity Fund

4.00%

8.70%

5.56%

1.40%

0.73%

0.14%

Afena Capital Core Equity CAPI

2.19%

0.00%

Afena Capital Moderate Equity Capped SWIX

-8.24%

-7.70%

-7.97%

0.27%

ALUWANI Capped SWIX Equity

-0.92%

0.55%

-0.42%

0.69%

Argon SA Equity

0.47%

0.50%

0.48%

0.02%

Argon SA Equity Capped SWIX

-0.89%

-0.86%

-0.88%

0.02%

Foord Equity SWIX

1.91%

3.11%

2.51%

0.60%

0.16%

0.10%

Prescient Core Equity

2.88%

3.50%

3.10%

0.28%

0.02%

Prescient Core Equity Capped SWIX

0.18%

1.63%

1.13%

0.57%

Mianzo Active Equity

2.79%

7.39%

5.70%

2.07%

Old Mutual Fundamental Equity

-9.08%

-6.01%

-6.16%

1.29%

0.04%

0.05% 0.07%

OMIG Double Alpha SWIX 40

6.19%

6.33%

6.26%

0.07%

0.02%

Prudential Core Equity

-2.61%

-0.82%

-1.71%

0.44%

Vunani Active Capped SWIX

-2.71%

-2.06%

-2.35%

0.27%

0.44%

1.09%

* Data not available.

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Composite Dispersion of SA Equity Manager Watch™ Survey 1 Year to 31 December 2020 Not Benchmark Cognisant Absa Asset Management Value

0.45%

Allan Gray

0.45%

Coronation Aggressive Equity

0.21%

Coronation Houseview Equity

0.19%

Foord Specialist Domestic Equity

1.41% 0.68%

Ninety One Equity Ninety One Value

5.38% 3.54%

Oasis Specialist Domestic 0.24%

OMIG Premium Equity

1.75%

Prudential Select Equity

0.00%

Not Benchmark Cognisant

1.00%

Minimum Return

Maximum Return

2.00%

3.00%

4.00%

5.00%

6.00%

Median Composite Return

Composite Dispersion (1yr)

Composite Dispersion (3yrs)

Composite Dispersion (5yrs) 0.34%

Absa Asset Management Value

2.15%

3.24%

2.66%

0.45%

0.06%

Allan Gray

-6.62%

-3.57%

-5.34%

0.45%

Coronation Aggressive Equity

9.68%

10.24%

9.97%

0.21%

0.22%

0.12%

Coronation Houseview Equity

9.62%

10.71%

10.24%

0.19%

0.09%

0.08%

Foord Specialist Domestic Equity

-0.29%

3.11%

1.58%

1.41%

0.47%

0.33%

Ninety One Equity

5.86%

8.52%

6.84%

0.68%

0.28%

0.22%

Ninety One Value

-17.96%

-3.83%

-11.80%

5.38%

6.90%

6.43%

Oasis Specialist Domestic

-5.50%

2.62%

-2.33%

3.54%

1.02%

0.46%

OMIG Premium Equity

3.44%

4.04%

3.72%

0.24%

0.09%

0.08%

Prudential Select Equity

-2.75%

1.49%

-2.38%

1.75%

* Data not available.

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

SA Bond Manager Watch™ Survey Objective: The portfolios included in this survey represent specialist bond portfolios with ALBI as their benchmark and have an effective modified duration mandate of ±2 years around the ALBI. This survey also include the following two categories: inflation linked bonds and flexible bonds-income.

Range of Returns of Bond Universe for the periods ending 31 December 2020 20%

15%

10%

0% 1 Year

3 Years (p.a.)

5 Years (p.a.) 25% – 75%

7 Years (p.a.)

Min – Max

10 Years (p.a.)

Median

Return Statistics (Investable) 1 Year

3 Years (p.a.)

5 Years (p.a.)

7 Years (p.a.)

10 Years (p.a.)

Highest

12.56%

11.01%

12.50%

10.05%

10.27%

Upper Quartile

8.54%

9.58%

11.36%

9.11%

9.22%

Median

8.04%

9.06%

10.88%

8.76%

8.89%

Average

8.16%

9.17%

10.98%

8.82%

8.97%

Lower Quartile

7.23%

8.72%

10.69%

8.47%

8.62%

Lowest

4.67%

7.39%

9.27%

7.60%

8.07%

Range

7.89%

3.62%

3.23%

2.45%

2.20%

Number of Participants

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

General information Investment Managers Specialist Bonds Absa Asset Management Bond Fund Alexander Forbes Investments Pure Fixed Interest Local Aluwani Active Bond Argon SA Bond Fund Ashburton Bond Composite Balondolozi Bond Fund Cadiz Houseview Bond Fund Coronation Active Bond Portfolio (Composite) Futuregrowth Core Bond Composite Futuregrowth Listed YE Bond Fund Futuregrowth Yield Enhanced Kagiso Bond Fund Momentum Investments SA Bond Nedgroup Investments Core Bond Fund Ninety One Corporate Bond Composite Ninety One Triple Alpha Prescient Bond Quant Prescient Bond QuantPlus Prowess Corporate Bond Portfolio Prudential Yield Enhanced Portfolio SIM Institutional Total Return Bond Fund STANLIB Core Bond Portfolio STANLIB Multi-Manager Bond VunaniFM Active Bond Fund Total

GIPS™ (Verified/ Compliant)

Benchmark Description

Portfolio Modified Duration

% Invested in AAA rated instruments

No.of funds in composite

Portfolio Size (R m)

All Bond Index

6.23

73.66%

N/A

All Bond Index

5.94

68.00%

N/A

3 844

N/A C C C V V C C C V C C V V V V N/A V V V N/A V

N N Y Y Y Y Y Y N Y Y N Y Y Y Y Y Y Y Y Y Y

All Bond Index All Bond Index All Bond Index ALBI+1% All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index All Bond Index

6.54 7.09 6.60 6.61 6.10 7.01 6.30 6.39 6.31 6.97 6.42 5.99 6.43 6.50 6.88 7.20 5.89 7.13 6.85 6.68 6.60 6.40

80.20% 79.46% 67.73% 72.00% 34.10% 84.38% 78.08% 70.26% 30.90% 85.16% 90.00% 9.00% 76.53% 92.35% 93.26% 91.95% 92.95% 92.26% 83.00% 83.00% 63.20% 69.23%

13 4 3 6 1 5 5 1 4 2 1 N/A 7 3 1 6 3 2 8 8 N/A 18

10 550 1 589 885 1 617 626 4 969 18 030 331 15 219 954 7 915 3 177 22 270 2 028 399 5 745 765 583 5 748 6 774 3 183 7 229 128 355

V V V N/A V V N/A

N N Y Y Y Y Y

All Bond Index Higher of STeFI 3m/ALBI All Bond Index Stefi + 1 All Bond Index All Bond Index SteFI Composite Index

4.11 6.75 6.68 1.17 6.75 9.06 2.00

22.27% 81.06% 79.55% 3.98% 94.61% 85.07% 31.81%

2 3 9 1 10 7 1

5 472 9 040 4 565 337 6 477 8 294 6 201 40 385

N/A C V V

N Y Y Y

9.56 8.45 9.55 10.50

75.24% 96.98% 91.03% 72.65%

5 1 3 2

2 081 1 275 1 033 1 382

SIM Inflation Linked Bond Fund

9.53

75.00%

1 795

STANLIB Inflation Linked Bond Fund

7.01

64.00%

684

VunaniFM Active Inflation-linked Bond Fund Total

JSE IGOV index JSE ASSA IGOV Index IGOV 90 ILBI / 10 STEFI Call JSE ASSA TR Inflation-Linked Bond Index STeFi Overnight Index 10%; Barclays Inflation Linked Government Bond Index 90% CILI

9.09

56.40%

705 8 954

Flexible Bonds/Income Coronation Absolute Bond Portfolio Coronation Flexible Fixed Interest Coronation Strategic Bond Composite Granate Domestic Multi Income Fund Ninety One Flexible Bond Composite Prescient Flexible Bond Sasfin BCI Flexible Income fund Total Inflation Linked Bonds Aluwani Active Inflation Linked Bond Futuregrowth Core ILB Fund Ninety One Inflation Linked Bond Composite Prescient Inflation Linked Bond

Indices All Bond Index V = Verified C = Compliant

Managed ito Regulation 28? (Y/N)

6.40

3 925

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Investment Data to the end of December 2020 – Performance Data Investment Managers Specialist Bonds Absa Asset Management Bond Fund Alexander Forbes Investments Pure Fixed Interest Local Aluwani Active Bond Argon SA Bond Fund Ashburton Bond Composite Balondolozi Bond Fund Cadiz Houseview Bond Fund Coronation Active Bond Portfolio (Composite) Futuregrowth Core Bond Composite Futuregrowth Listed YE Bond Fund Futuregrowth Yield Enhanced Kagiso Bond Fund Momentum Investments SA Bond Nedgroup Investments Core Bond Fund Ninety One Corporate Bond Composite Ninety One Triple Alpha Prescient Bond Quant Prescient Bond QuantPlus Prowess Corporate Bond Portfolio Prudential Yield Enhanced Portfolio SIM Institutional Total Return Bond Fund STANLIB Core Bond Portfolio STANLIB Multi-Manager Bond VunaniFM Active Bond Fund

1 Year

Rank

3 Years (p.a.)

Rank

5 Years (p.a.)

Rank

7 Years (p.a.)

Rank

10 Years (p.a.)

Rank

12.56%

11.01%

12.39%

10.05%

9.53%

7.10%

8.71%

10.76%

8.80%

8.89%

7.93% 7.25% 8.02% 7.55% 4.67% 7.17% 7.51% 8.25% 8.37% 7.02% 8.45% 9.82% 10.46% 10.79% 7.63% 6.22% 8.50% 5.60% 8.19% 10.03% 8.07% 8.67%

14 18 13 16 24 19 17 10 9 21 8 5 3 2 15 22 7 23 11 4 12 6

8.91% 9.52% 9.32% 8.95% 7.39% 8.54% 8.72% 9.10% 9.77% 8.88% 9.02% 9.40% 10.98% 10.30% 8.63% 7.80% 9.02% 7.96% 9.24% 9.84% 9.14% 9.94%

16 7 9 15 24 21 18 12 6 17 14 8 2 3 20 23 13 22 10 5 11 4

10.79% 11.30% 10.98% 11.28% 9.27% 10.72% 10.57% 10.78% 11.57% 10.79% 10.74% 11.02% 12.50% 11.63% 10.59% 10.26% 10.29% 10.16% 11.02% 11.70% 10.97% 11.55%

14 7 11 8 24 18 20 15 5 13 17 9 1 4 19 22 21 23 10 3 12 6

8.53% 9.19% 8.83% 8.99% 7.60% 8.74% 8.40% 8.66% 9.88% * 8.51% 8.79% 9.81% 9.18% 8.46% 8.39% 8.41% 7.96% 8.64% 9.13% * 9.04%

15 4 9 8 22 12 19 13 2

8.74% 9.18% * * 8.07% 9.04% 8.70% 8.93% 10.27% * 8.71% * 10.02% 9.20% 8.54% 8.42% 8.42% 8.47% 8.80% 9.34% * 9.25%

12 7

Specialist Bonds Statistics Highest Upper Quartile Median Average Lower Quartile Lowest Range Number of Participants

12.56% 8.54% 8.04% 8.16% 7.23% 4.67% 7.89% 24

Flexible Bonds – Income Coronation Absolute Bond Portfolio Coronation Flexible Fixed Interest Coronation Strategic Bond Composite Granate Domestic Multi Income Fund Ninety One Flexible Bond Composite Prescient Flexible Bond Sasfin BCI Flexible Income fund

10.25% 2.89% 4.49% 9.03% 8.85% 3.70% 9.16%

Flexible Bonds – Income Statistics Highest Upper Quartile Median Average Lower Quartile Lowest Range Number of Participants

10.25% 9.10% 8.85% 6.91% 4.10% 2.89% 7.36% 7

11.01% 9.58% 9.06% 9.17% 8.72% 7.39% 3.62% 24

1 7 5 3 4 6 2

9.63% 6.00% 6.85% * 9.32% 6.47% 10.84%

10.84% 9.55% 8.08% 8.18% 6.57% 6.00% 4.85% 6

12.50% 11.36% 10.88% 10.98% 10.69% 9.27% 3.23% 24

2 6 4 3 5 1

9.95% 8.59% 9.49% * 11.02% 9.55% 12.38%

12.38% 10.76% 9.75% 10.16% 9.50% 8.59% 3.78% 6

16 11 3 5 17 20 18 21 14 6 7

10.05% 9.11% 8.76% 8.82% 8.47% 7.60% 2.45% 22

3 6 5 2 4 1

9.02% * 8.02% * * 8.43% *

9.02% 8.73% 8.43% 8.49% 8.23% 8.02% 1.00% 3

19 8 14 9 1 13 2 6 15 18 17 16 11 4 5

10.27% 9.22% 8.89% 8.97% 8.62% 8.07% 2.20% 19

1 3

9.48% * 8.63% * * 8.47% *

1 2

9.48% 9.05% 8.63% 8.86% 8.55% 8.47% 1.01% 3

*No performance history.

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

SA Bond Manager Watch™ Survey (continued) Objective: The portfolios included in this survey represent specialist bond portfolios with ALBI as their benchmark and have an effective modified duration mandate of ±2 years around the ALBI. This survey also include the following two categories: inflation linked bonds and flexible bonds-income.

Investment Data to the end of December 2020 – Performance Data 1 Year

Rank

3 Years (p.a.)

Rank

5 Years (p.a.)

Rank

Aluwani Active Inflation Linked Bond

3.69%

2.53%

3.48%

Futuregrowth Core ILB Fund

5.18%

2.71%

3.56%

Ninety One Inflation Linked Bond Composite

4.10%

2.32%

3.03%

Prescient Inflation Linked Bond

3.48%

2.86%

SIM Inflation Linked Bond Fund

4.02%

2.60%

STANLIB Inflation Linked Bond Fund

5.65%

VunaniFM Active Inflation-linked Bond Fund

5.86%

Investment Managers

7 Years (p.a.)

Rank

10 Years (p.a.)

4.55%

6.59%

4.25%

6.20%

3.99%

4.81%

6.14%

3.39%

4.48%

4.16%

4.54%

3.88%

4.43%

4.83%

Rank

Inflation Linked Bonds *

* 1

Inflation Linked Bonds Statistics Highest

5.86%

4.16%

4.54%

4.83%

6.59%

Upper Quartile

5.41%

3.37%

4.21%

4.81%

6.40%

Median

4.10%

2.71%

3.56%

4.55%

6.20%

Average

4.57%

3.01%

3.77%

4.58%

6.31%

Lower Quartile

3.85%

2.57%

3.43%

4.48%

6.17%

Lowest

3.48%

2.32%

3.03%

4.25%

6.14%

Range

2.38%

1.84%

1.50%

0.58%

0.45%

Number of Participants Indices All Bond Index

8.65%

8.88%

10.43%

8.22%

8.24%

1-3 Year Bond Index

11.50%

9.37%

9.56%

8.28%

7.95%

3-7 Year Bond Index

16.26%

11.65%

11.92%

9.70%

9.28%

7-12 Year Bond Index

10.58%

9.96%

11.24%

8.64%

8.80%

12+ Year Bond Index

4.59%

7.17%

9.66%

7.55%

7.60%

JSE ASSA SA Gov ILB Index

4.15%

1.97%

3.01%

4.23%

6.16%

GOVI

8.57%

8.53%

10.16%

8.05%

8.09%

IGOV Index

3.94%

2.11%

3.00%

4.21%

6.15%

OTHI

9.12%

10.01%

11.26%

8.84%

8.89%

STeFI

5.39%

6.64%

6.97%

6.75%

6.37%

S&P South Africa Sovereign Bond

8.73%

8.80%

10.39%

8.19%

8.24%

S&P South Africa Sovereign Inflation-Linked Bond

5.07%

2.48%

3.24%

4.35%

6.13%

*No performance history.

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Investment Data to the end of December for the past 5 Calendar years Investment Managers

2019

Rank

2018

Rank

2017

Rank

2016

Rank

2015

Rank

Specialist Bonds Absa Asset Management Bond Fund

11.99%

8.51%

12.41%

16.63%

-1.14%

Alexander Forbes Investments Pure Fixed Interest Local

10.32%

8.73%

11.35%

16.53%

-2.56%

Aluwani Active Bond

10.39%

8.44%

11.09%

16.28%

-3.52%

Argon SA Bond Fund

12.09%

9.28%

11.74%

16.37%

-2.47%

Ashburton Bond Composite

11.21%

8.77%

11.27%

15.81%

-2.47%

Balondolozi Bond Fund

10.81%

8.53%

12.31%

17.49%

-0.82%

Cadiz Houseview Bond Fund

10.71%

6.85%

8.95%

15.47%

-2.51%

Coronation Active Bond Portfolio (Composite)

9.86%

8.60%

11.55%

16.65%

-2.98%

Futuregrowth Core Bond Composite

10.48%

8.21%

11.08%

15.79%

-3.56%

Futuregrowth Listed YE Bond Fund

10.68%

8.37%

11.21%

15.55%

-3.10%

Futuregrowth Yield Enhanced

11.44%

9.52%

11.77%

16.95%

-0.82%

Kagiso Bond Fund

10.59%

9.04%

11.32%

16.17%

Momentum Investments SA Bond

10.97%

7.66%

10.78%

16.00%

-3.53%

Nedgroup Investments Core Bond Fund

10.55%

7.84%

11.41%

15.63%

-2.82%

Ninety One Corporate Bond Composite

12.50%

10.00%

12.53%

17.13%

-0.20%

Ninety One Triple Alpha

11.33%

8.79%

11.40%

15.99%

-2.00%

Prescient Bond Quant

10.33%

7.95%

11.14%

16.11%

-3.08%

Prescient Bond QuantPlus

8.84%

8.35%

11.80%

16.36%

-1.67%

Prowess Corporate Bond Portfolio

10.57%

8.02%

10.93%

13.50%

-1.09%

Prudential Yield Enhanced Portfolio

10.39%

7.93%

10.64%

16.52%

-4.05%

SIM Institutional Total Return Bond Fund

11.19%

8.37%

10.84%

16.73%

-4.29%

STANLIB Core Bond Portfolio

11.12%

8.40%

11.64%

17.51%

-3.25%

STANLIB Multi-Manager Bond

10.22%

9.15%

11.36%

16.24%

-2.67%

VunaniFM Active Bond Fund

11.97%

9.20%

11.17%

16.91%

-3.25%

Specialist Bonds Statistics Highest

12.50%

10.00%

12.53%

17.51%

-0.20%

Upper Quartile

11.24%

8.85%

11.66%

16.67%

-1.84%

Median

10.70%

8.48%

11.33%

16.32%

-2.67%

Average

10.86%

8.52%

11.32%

16.26%

-2.52%

Lower Quartile

10.39%

8.16%

11.09%

15.94%

-3.25%

Lowest

8.84%

6.85%

8.95%

13.50%

-4.29%

Range

3.66%

3.15%

3.58%

4.01%

4.09%

Number of Participants Flexible Bonds – Income Coronation Absolute Bond Portfolio

9.72%

8.92%

10.87%

10.02%

4.98%

Coronation Flexible Fixed Interest

8.55%

6.63%

11.49%

13.74%

1.93%

Coronation Strategic Bond Composite

9.03%

7.07%

11.07%

16.12%

-2.33%

Granate Domestic Multi Income Fund

10.36%

Ninety One Flexible Bond Composite

11.20%

7.93%

11.51%

15.79%

-1.88%

Prescient Flexible Bond

7.94%

7.83%

13.34%

15.34%

1.53%

Sasfin BCI Flexible Income fund

12.42%

10.97%

14.13%

15.30%

Flexible Bonds – Income Statistics Highest

12.42%

10.97%

14.13%

16.12%

4.98%

Upper Quartile

10.78%

8.68%

12.88%

15.67%

1.93%

Median

9.72%

7.88%

11.50%

15.32%

1.53%

Average

9.89%

8.23%

12.07%

14.38%

0.85%

Lower Quartile

8.79%

7.26%

11.18%

14.13%

-1.88%

Lowest

7.94%

6.63%

10.87%

10.02%

-2.33%

Range

4.48%

4.34%

3.26%

6.10%

7.30%

Number of Participants *No performance history.

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Investment Data to the end of December for the past 5 Calendar years Investment Managers

2019

Rank

2018

Rank

2017

Rank

2016

Rank

2015

Rank

Aluwani Active Inflation Linked Bond

3.07%

0.86%

3.03%

6.82%

4.11%

Futuregrowth Core ILB Fund

2.59%

0.43%

3.53%

6.18%

3.56%

Ninety One Inflation Linked Bond Composite

2.63%

0.26%

2.64%

5.62%

3.88%

Prescient Inflation Linked Bond

3.35%

1.76%

4.76%

6.64%

3.66%

SIM Inflation Linked Bond Fund

2.98%

0.83%

2.79%

6.43%

3.73%

STANLIB Inflation Linked Bond Fund

5.20%

1.68%

3.97%

6.26%

4.86%

VunaniFM Active Inflation-linked Bond Fund

4.05%

1.76%

4.41%

6.15%

3.53%

Inflation Linked Bonds

Flexible Bonds – Income Statistics Highest

5.20%

1.76%

4.76%

6.82%

4.86%

Upper Quartile

3.70%

1.72%

4.19%

6.53%

4.00%

Median

3.07%

0.86%

3.53%

6.26%

3.73%

Average

3.41%

1.08%

3.59%

6.30%

3.91%

Lower Quartile

2.81%

0.63%

2.91%

6.16%

3.61%

Lowest

2.59%

0.26%

2.64%

5.62%

3.53%

Range

2.61%

1.50%

2.12%

1.20%

1.33%

All Bond Index

10.32%

7.69%

10.22%

15.45%

-3.93%

1-3 Year Bond Index

7.50%

9.14%

9.61%

10.08%

4.10%

3-7 Year Bond Index

11.53%

7.34%

11.23%

13.44%

0.93%

7-12 Year Bond Index

12.05%

7.32%

11.03%

15.40%

-3.19%

12+ Year Bond Index

9.31%

7.65%

9.69%

17.46%

-7.04%

JSE ASSA SA Gov ILB Index

2.25%

-0.43%

2.93%

6.27%

3.68%

GOVI

10.24%

6.82%

10.39%

14.93%

-3.44%

Number of Participants Indices

IGOV Index

2.41%

0.02%

2.62%

6.12%

3.62%

OTHI

10.68%

10.24%

9.71%

16.73%

-5.08%

STeFI

7.29%

7.25%

7.54%

7.39%

6.47%

S&P South Africa Sovereign Bond

10.14%

7.55%

10.19%

15.48%

-3.82%

S&P South Africa Sovereign Inflation-Linked Bond

2.40%

0.04%

2.55%

6.27%

3.52%

*No performance history.

11.01% 9.58% 9.06% 9.17% 8.72% 7.39% 24

9.63% 6.00% 6.85% 9.32% 6.47% 10.84%

10.84% 9.55% 8.08% 8.18% 6.57% 6.00% 6

Statistics Highest Upper Quartile Median Average Lower Quartile Lowest Number of participants

Flexible Bonds – Income Coronation Absolute Bond Portfolio Coronation Flexible Fixed Interest Coronation Strategic Bond Composite Ninety One Flexible Bond Composite Prescient Flexible Bond Sasfin BCI Flexible Income fund

Statistics Highest Upper Quartile Median Average Lower Quartile Lowest Number of participants

*No performance history.

11.01% 8.71% 8.91% 9.52% 9.32% 8.95% 7.39% 8.54% 8.72% 9.10% 9.77% 8.88% 9.02% 9.40% 10.98% 10.30% 8.63% 7.80% 9.02% 7.96% 9.24% 9.84% 9.14% 9.94%

2 6 4 3 5 1

1 19 16 7 9 15 24 21 18 12 6 17 14 8 2 3 20 23 13 22 10 5 11 4

10.06% 9.91% 9.42% 7.59% 4.97% 3.11% 6

3.11% 10.06% 9.86% 9.93% 8.98% 3.63%

9.81% 9.29% 9.06% 9.05% 8.80% 8.22% 24

1 6 4 5 3 2

8.95% 10 8.92% 9 9.06% 13 9.68% 23 9.43% 20 8.68% 4 9.81% 24 9.26% 17 8.75% 5 8.76% 6 9.25% 16 8.29% 2 9.05% 12 8.22% 1 8.97% 11 9.14% 15 9.35% 19 9.12% 14 8.36% 3 9.48% 21 9.66% 22 8.81% 7 9.28% 18 8.84% 8 Lower volatility = higher ranking

4.27% 1.35% -0.80% -0.16% -2.32% -2.88% 6

1.66% -2.88% -2.03% 0.44% -2.41% 4.27%

2.13% 0.70% 0.18% 0.29% -0.16% -1.50% 24

2.13% -0.18% 0.03% 0.64% 0.44% 0.07% -1.50% -0.34% -0.16% 0.21% 0.89% -0.01% 0.14% 0.52% 2.10% 1.41% -0.25% -1.08% 0.14% -0.93% 0.36% 0.96% 0.26% 1.05%

Calculated on 3 year Performance Returns 3 Year Return Volatility Active Rank Rank (p.a.) (Risk) Return

Specialist Bonds Absa Asset Management Bond Fund Alexander Forbes Investments Pure Fixed Interest Local Aluwani Active Bond Argon SA Bond Fund Ashburton Bond Composite Balondolozi Bond Fund Cadiz Houseview Bond Fund Coronation Active Bond Portfolio (Composite) Futuregrowth Core Bond Composite Futuregrowth Listed YE Bond Fund Futuregrowth Yield Enhanced Kagiso Bond Fund Momentum Investments SA Bond Nedgroup Investments Core Bond Fund Ninety One Corporate Bond Composite Ninety One Triple Alpha Prescient Bond Quant Prescient Bond QuantPlus Prowess Corporate Bond Portfolio Prudential Yield Enhanced Portfolio SIM Institutional Total Return Bond Fund STANLIB Core Bond Portfolio STANLIB Multi-Manager Bond VunaniFM Active Bond Fund

Investment Managers

Investment Data to the end of December 2020 – Volatility vs Return

2 6 4 3 5 1

1 19 16 7 9 15 24 21 18 12 6 17 14 8 2 3 20 23 13 22 10 5 11 4

Rank

3.69% 3.56% 3.03% 2.70% 1.93% 1.15% 6

3.60% 2.62% 1.71% 1.15% 3.45% 3.69%

2.05% 1.27% 1.11% 1.06% 0.67% 0.36% 24

1.42% 0.74% 0.71% 1.24% 1.24% 1.20% 2.05% 1.10% 0.65% 0.56% 0.89% 1.91% 0.59% 1.34% 0.49% 0.36% 0.68% 1.61% 1.25% 1.71% 0.79% 0.64% 1.20% 1.12%

Tracking Error

1.16 0.41 -0.16 -0.17 -1.00 -1.19 6

0.42 -1.10 -1.19 0.38 -0.70 1.16

4.30 0.62 0.23 0.54 -0.24 -0.73 24

1.49 -0.24 0.05 0.52 0.36 0.06 -0.73 -0.31 -0.24 0.38 1.00 0.00 0.23 0.39 4.30 3.98 -0.37 -0.67 0.11 -0.54 0.45 1.50 0.22 0.94

Information Ratio

2 5 6 3 4 1

4 18 16 7 11 15 24 20 19 10 5 17 12 9 1 2 21 23 14 22 8 3 13 6

Rank

12.38% 10.76% 9.75% 10.16% 9.50% 8.59% 6

9.95% 8.59% 9.49% 11.02% 9.55% 12.38%

12.50% 11.36% 10.88% 10.98% 10.69% 9.27% 24

12.39% 10.76% 10.79% 11.30% 10.98% 11.28% 9.27% 10.72% 10.57% 10.78% 11.57% 10.79% 10.74% 11.02% 12.50% 11.63% 10.59% 10.26% 10.29% 10.16% 11.02% 11.70% 10.97% 11.55%

3 6 5 2 4 1

2 16 14 7 11 8 24 18 20 15 5 13 17 9 1 4 19 22 21 23 10 3 12 6

8.88% 8.54% 7.99% 6.67% 4.73% 2.78% 6

2.78% 8.23% 8.65% 8.88% 7.75% 3.72%

8.68% 8.30% 8.17% 8.13% 7.95% 7.27% 24

1 4 5 6 3 2

7.95% 6 7.96% 7 8.24% 15 8.67% 23 8.31% 19 8.07% 9 8.62% 22 8.29% 18 7.86% 5 7.85% 4 8.19% 13 7.60% 3 8.22% 14 7.34% 2 8.13% 11 8.27% 17 8.43% 20 8.15% 12 7.27% 1 8.59% 21 8.68% 24 8.03% 8 8.26% 16 8.09% 10 Lower volatility = higher ranking

1.33% 0.59% -0.88% -0.35% -0.95% -1.84% 5

1.33% -1.84% -0.95% 0.59% -0.88% *

2.06% 0.93% 0.45% 0.55% 0.25% -1.16% 24

1.96% 0.33% 0.35% 0.87% 0.55% 0.85% -1.16% 0.29% 0.14% 0.35% 1.14% 0.35% 0.30% 0.59% 2.06% 1.20% 0.16% -0.17% -0.15% -0.28% 0.59% 1.26% 0.54% 1.11%

Calculated on 5 year Performance Returns 5 Year Return Volatility Active Rank Rank (p.a.) (Risk) Return

1 5 4 2 3

2 16 13 7 11 8 24 18 20 15 5 14 17 9 1 4 19 22 21 23 10 3 12 6

Rank

3.31% 3.00% 2.85% 2.33% 1.53% 0.95% 5

3.31% 2.85% 1.53% 0.95% 3.00% *

1.73% 1.33% 0.96% 0.98% 0.67% 0.42% 24

1.33% 0.85% 0.60% 0.99% 1.12% 1.06% 1.73% 0.98% 0.71% 0.68% 0.89% 1.55% 0.51% 1.42% 0.48% 0.42% 0.57% 1.40% 1.48% 1.34% 0.73% 0.65% 1.10% 0.93%

Tracking Error

0.62 0.35 -0.29 -0.12 -0.62 -0.65 5

0.35 -0.65 -0.62 0.62 -0.29 *

4.31 0.96 0.50 0.79 0.26 -0.67 24

1.48 0.39 0.59 0.88 0.49 0.80 -0.67 0.29 0.20 0.51 1.28 0.23 0.59 0.41 4.31 2.83 0.28 -0.12 -0.10 -0.21 0.80 1.95 0.49 1.20

Information Ratio

2 5 4 1 3

4 16 10 7 13 9 24 17 20 12 5 19 11 15 1 2 18 22 21 23 8 3 14 6

Rank

SECTION 1

SECTION 3 SECTION 2

SA Bond Manager Watch™ Survey Risk

Objective: The portfolios included in this survey represent specialist bond portfolios with ALBI as their benchmark and have an effective modified duration mandate of ±2 years around the ALBI. This survey also include the following two categories: inflation linked bonds and flexible bonds-income.

SECTION 3

SECTION 4

SECTION 5

SECTION 6

2.53% 2.71% 2.32% 2.86% 2.60% 4.16% 3.88%

4.16% 3.37% 2.71% 3.01% 2.57% 2.32% 7

8.88% 1.97%

Statistics Highest Upper Quartile Median Average Lower Quartile Lowest Number of participants

Indices All Bond Index JSE ASSA SA Gov ILB Index

6 4 7 3 5 1 2

9.07% 15.20%

7.84% 7.57% 7.45% 7.38% 7.26% 6.73% 7

7.27% 3 7.56% 5 7.45% 4 7.58% 6 7.84% 7 6.73% 1 7.25% 2 Lower volatility = higher ranking 1.74% 1.10% 0.64% 0.81% 0.51% 0.03% 7

0.42% 0.61% 0.03% 0.64% 0.67% 1.74% 1.53%

Calculated on 3 year Performance Returns 3 Year Return Volatility Active Rank Rank (p.a.) (Risk) Return

Inflaion Linked Bond Aluwani Active Inflation Linked Bond Futuregrowth Core ILB Fund Ninety One Inflation Linked Bond Composite Prescient Inflation Linked Bond SIM Inflation Linked Bond Fund STANLIB Inflation Linked Bond Fund VunaniFM Active Inflation-linked Bond Fund

Investment Managers

6 5 7 4 3 1 2

Rank

8.58% 4.22% 0.85% 2.79% 0.58% 0.49% 7

0.61% 0.85% 0.49% 7.39% 1.04% 8.58% 0.55%

Tracking Error

2.77 0.70 0.64 0.74 0.14 0.07 7

0.70 0.71 0.07 0.09 0.64 0.20 2.77

Information Ratio 3 2 7 6 4 5 1

Rank

10.43% 3.01%

4.54% 4.21% 3.56% 3.77% 3.43% 3.03% 7

3.48% 3.56% 3.03% 3.99% 3.39% 4.54% 4.43%

5 4 7 3 6 1 2

8.31% 12.29%

6.94% 6.74% 6.69% 6.62% 6.53% 6.18% 7

6.58% 3 6.71% 5 6.76% 6 6.48% 2 6.94% 7 6.18% 1 6.69% 4 Lower volatility = higher ranking 1.23% 0.95% 0.56% 0.63% 0.43% -0.16% 7

0.45% 0.56% -0.16% 0.73% 0.41% 1.16% 1.23%

Calculated on 5 year Performance Returns 5 Year Return Volatility Active Rank Rank (p.a.) (Risk) Return 5 4 7 3 6 2 1

Rank

6.64% 3.39% 0.71% 2.27% 0.60% 0.53% 7

0.57% 0.71% 0.53% 5.78% 1.00% 6.64% 0.63%

Tracking Error

1.94 0.79 0.41 0.56 0.15 -0.31 7

0.79 0.79 -0.31 0.13 0.41 0.18 1.94

Information Ratio

2 3 7 6 4 5 1

Rank

SECTION 3

Investment Data to the end of December 2020 – Volatility vs Return

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

SA Bond Manager Watch™ Survey Risk (continued)

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

SA Bond Manager Watch™ Survey Active Return vs Tracking Error Scatterplot on SA Bond Managers – 3 Years ended 31 December 2020 Ninety One Corporate Bond Composite

STANLIB Core Bond Portfolio IR = 2

IR = 1 Futuregrowth Yield Enhanced Absa Asset Management Bond Fund

Return (p.a.)

Ninety One Triple Alpha

IR = 0.5

Futuregrowth Core ILB Fund VunaniFM Active Bond Fund Coronation Absolute Bond Portfolio Argon SA Bond Fund Nedgroup Investments Core Bond Ashburton Bond Composite Ninety One Flexible Bond Composite STANLIB Multi-Manager Bond Kagiso Bond Fund Prowess Corporate Bond Portfolio Balondolozi Bond Fund SIM Institutional Total Return Bond Fund Prescient Aluwani Active Bond Bond Coronation Active Bond Portfolio (Composite) QuantPlus Prudential Yield Enhanced Portfolio Alexander Forbes Investments Pure Fixed Cadiz Houseview Bond Fund Prescient Bond Futuregrowth Core Bond Composite Coronation Strategic Bond Composite Momentum Investments SA Bond Prescient Flexible Bond Futuregrowth Listed YE Bond Fund Coronation Flexible Fixed Interest

Tracking Error (p.a.)

Volatility vs Return Scatterplot on SA Bond Managers – 3 Years ended 31 December 2020 Ninety One Triple Alpha Ninety One Corporate Bond Composite Absa Asset Management Bond Fund VunaniFM Active Bond Fund STANLIB Core Bond Portfolio Futuregrowth Listed YE Bond Fund

Return (p.a.)

Coronation Absolute Bond Portfolio

Balondolozi Bond Fund Nedgroup Investments Core Bond Fund Prowess Corporate Bond Portfolio Kagiso Bond Fund Futuregrowth Core Bond Composite Alexander Forbes Investments Pure

Futuregrowth Yield Enhanced STANLIB Multi-Manager Bond Ashburton Bond Composite Argon SA Bond Fund SIM Institutional Total Return Bond Fund Ninety One Ninety One Flexible Bond Composite Momentum Investments SA Bond Prescient Bond Quant Coronation Active Bond Portfolio (Composite)

Aluwani Active Bond Prudential Yield Enhanced Portfolio All Bond Index Cadiz Houseview Bond Fund Prescient Bond QuantPlus Coronation Strategic Bond Composite Prescient Flexible Bond Coronation Flexible Fixed Interest

Futuregrowth Core ILB Fund

Tracking Error (p.a.)

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Composite Dispersion of SA Bond Manager Watch™ Survey 1 Year to 31 December 2020 Specialist Bonds 0.08%

ALUWANI Active Bond Argon SA Bond

0.83%

Ashburton Bond

0.33%

Coronation Active Bond

0.28%

FutureGrowth Core Bond

0.19%

FutureGrowth Yield Enhanced

0.08%

Ninety One Corporate Bond

0.14%

Ninety One Triple Alpha

0.15%

Prescient Bond QuantPlus

0.18%

Prowess Corporate Bond

0.01% 0.08%

Prudential Yield Enhanced

0.11%

SIM Institutional Total Return Bond

0.51%

Stanlib Core Bond

0.74%

VunaniFM Active Bond Fund 0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

0.90%

Minimum Return

Maximum Return

Median Composite Return

Composite Dispersion (1yr)

Composite Dispersion (3yrs)

Composite Dispersion (5yrs)

ALUWANI Active Bond

7.75%

7.99%

7.91%

0.08%

0.13%

Argon SA Bond

6.85%

8.51%

7.68%

0.83%

Ashburton Bond

7.49%

8.26%

7.81%

0.33%

Coronation Active Bond

6.97%

7.70%

7.28%

0.28%

0.14%

0.12%

FutureGrowth Core Bond

7.46%

8.00%

7.69%

0.19%

0.07%

0.10%

FutureGrowth Yield Enhanced

8.25%

8.44%

8.36%

0.08%

0.20%

Ninety One Corporate Bond

10.22%

10.64%

10.47%

0.14%

0.19%

0.01%

Ninety One Triple Alpha

10.50%

10.87%

10.67%

0.15%

0.05%

Prescient Bond QuantPlus

6.17%

6.59%

6.37%

0.18%

0.17%

Prowess Corporate Bond

2.36%

2.37%

2.36%

0.01%

2.42%

2.10%

Prudential Yield Enhanced

5.44%

5.61%

5.53%

0.08%

SIM Institutional Total Return Bond

8.34%

8.60%

8.44%

0.11%

0.43%

0.63%

Stanlib Core Bond

8.73%

10.30%

9.27%

0.51%

1.26%

3.00%

VunaniFM Active Bond Fund

7.03%

9.64%

8.58%

0.74%

0.25%

0.31%

Specialist Bonds

* Data not available.

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Composite Dispersion of SA Bond Manager Watch™ Survey 1 Year to 31 December 2020 Inflation Linked Bonds Coronation Absolute Bond

0.33%

Coronation Strategic Bond

0.57%

Ninety One Flexible Bond

0.28%

Prescient Flexible Bond

1.47% 0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

Minimum Return

Maximum Return

Median Composite Return

Coronation Absolute Bond

9.68%

10.34%

10.01%

0.33%

0.38%

0.20%

Coronation Strategic Bond

3.40%

5.34%

4.01%

0.57%

0.28%

0.22%

Inflation Linked Bonds

Composite Dispersion (1yr)

Composite Dispersion (3yrs)

Composite Dispersion (5yrs)

Ninety One Flexible Bond

8.03%

9.07%

8.79%

0.28%

0.10%

0.08%

Prescient Flexible Bond

1.23%

5.93%

3.59%

1.47%

0.67%

0.37%

Flexible Bonds Ninety One Inflation Linked Bond

0.03%

Prescient Inflation Linked Bond

0.26%

SIM Inflation Linked Bond Fund

0.29%

VunaniFM Inflation Linked Bond Fund

0.07% 0.00%

Inflation Linked Bonds

0.05%

Minimum Return

0.10%

Maximum Return

0.15%

Median Composite Return

0.20%

Composite Dispersion (1yr)

0.25%

0.30%

Composite Dispersion (3yrs)

0.35%

Composite Dispersion (5yrs)

Ninety One Inflation Linked Bond

3.74%

3.79%

3.76%

0.03%

0.04%

Prescient Inflation Linked Bond

3.11%

3.62%

3.36%

0.26%

0.01%

0.04%

SIM Inflation Linked Bond Fund

3.59%

4.17%

3.88%

0.29%

0.30%

0.44%

VunaniFM Inflation Linked Bond Fund

2.06%

2.22%

2.16%

0.07%

0.18%

0.15%

* Data not available.

Futuregrowth Core Money Market Composite

Momentum Investments Money Market

Old Mutual Multi-Managers Money Market

Prescient Money Market

STANLIB Money Market Portfolio

V = Verified C = Compliant

Taquanta Cash Fund

N/A

STANLIB Enhanced Yield Fund

Sygnia Money Market Fund

SIM Cash Enhanced

N/A C N/A

Momentum Investments Diversified Money Market Momentum Investments Enhanced Yield Nedgroup Investments Core Income Fund

Futuregrowth 180 Day Enhanced Money Market Composite

Prescient Yield Quantplus

Balondolozi Cash Fund

Coronation Institutional Cash

Ninety One Money Fund

Y Y Y

Argon Enhanced Money Market Fund

Ashburton Stable Income portfolio

Y N

Managed ITO Regulation 28? (Y/N)

N/A N/A

This includes multi-managers thus must be noted as possible "double-counting"

Able to invest in instruments that have a maturity longer than one year

Notes

Alexander Forbes Investments Banker Aluwani Cash Plus

Maximum duration up to 91-180 days

Ninety One Money Market Fund

N/A N/A

Coronation Strategic Cash*

Nedgroup Investments Corporate Money Market Fund Nedgroup Investments Money Market Fund

Ashburton Money Market Composite

GIPS™ (Verified / Compliant)

Absa Asset Management Money Market

Maximum duration up to 90 days

Investment Managers

General information

STeFI

STeFI STeFI STeFI

STeFI

STeFI STeFI

STeFI

STeFI 3M

STeFI Call STeFI Call

STeFI

STeFI 3M

STeFI

Benchmark Description

Segregated

Pooled

Segregated

Pooled

Segregated Segregated Unit trust

Pooled

Segregated

Pooled

Segregated

Pooled Segregated

Pooled

Segregated

Pooled

Unit trust Unit trust

Segregated

Pooled

Segregated

Classification

Mark-to-Market Mark-to-Market Time Weighted Rate of Return Mark-to-Market Time-weighted rate of return Mark-to-Market Time-Weighted Rate of Return (Modified Dietz) Accrual Mark-to-Market Mark to Market TRUE DAILY TIME WEIGHTED TWRR MODIFIED DIETZ RETURN True Time Weighted Modified Dietz Daily timeweighted

Acrual Accrual TRUE DAILY TIME WEIGHTED Mark-to-Market Time Weighted Rate of Return Accrual

180 days

180 days 180 days 180 days

180 days

180 days 180 days

25 Aug 2025

10 Feb 2048

31 Dec 2050

10 Sep 2023

28 Aug 2023

02 Apr 2026

26 Apr 2026 26 Nov 2030 15 Oct 2026

24 Feb 2025

09 Mar 2028

22 Sep 2021

05 Aug 2033

29 Jun 2023

24 Nov 2026 12 Nov 2025

03 Dec 2021

28 Jan 2022

90 days 90 days

29 Mar 2021

29 Dec 2021

18 Aug 2026 17 Aug 2026

01 Dec 2021

07 Dec 2021

29 Jun 2023

01 Jan 2030

08 Dec 2021

Maturity of longest dated instrument

180 days

90 days 90 days

90 days

Time-Weighted Rate of Return (Modified Dietz) Mark-to-Market

90 days

Maximum Duration of Portfolio

Accrual

Mark-to-Market

Accrual

Valuation Methodology

100.00%

95.64%

100.00%

92.98%

81.17% 96.00% 98.55%

95.87%

100.00%

78.41%

100.00%

100.00% 95.56%

100.00%

97.53%

99.98%

100.00% 100.00%

100.00%

91.77%

100.00%

97.63%

100.00%

% of portfolio invested in F1 and better rated instruments

Total

1 2 1

1 1

No. of Funds in Composite

208 896

8 322

1 064

15 864

13 999

8 699

12 406

182 15 652 59 162

9 002

564

1 370

15 583

1 781

22 280 22 967

348 461

113 115

6 469

480

37 894

42 463 17 197

10 713

20 808

3 043

10 074

86 205

Portfolio Size (R m)

SECTION 1

SECTION 3 SECTION 2

SA Money Market Manager Watch™ Survey

Objective: The portfolios in this survey represent short-term debt securities that are highly marketable and trade in large denominations.

SECTION 3

SECTION 4

SECTION 5

SECTION 6

94 7 6 3

5.83%

5.85%

6.02%

5.76%

Ninety One Money Market Fund

Old Mutual Multi-Managers Money Market

Prescient Money Market

STANLIB Money Market Portfolio

5.39%

4.55%

4.78%

5.55%

6.67%

Short Term Fixed Interest Rate Index

STeFI Call Deposit Index

STeFI 3 Month NCD Rate

STeFI 6 Month NCD Rate

STeFI 12 Month NCD Rate

5.85%

5.90%

5.77%

5.66%

0.53%

Median

Average

Lower Quartile

Lowest

Range

*No performance history.

6.01%

Upper Quartile

Number of Participants

6.19%

Highest

Statistics

4.91%

Alexander Forbes Money Market Index

Market Statistics

5.66%

5.79%

Nedgroup Investments Corporate Money Market Fund

Nedgroup Investments Money Market Fund

5.86%

6.18%

Rank

Futuregrowth Core Money Market Composite

6.19%

Coronation Strategic Cash*

1 Year

Momentum Investments Money Market

6.00%

5.71%

Absa Asset Management Money Market

Portfolio

Ashburton Money Market Composite

Maximum duration up to 90 days

Investment Managers

3 Years

0.52%

7.20%

7.27%

7.36%

7.31%

7.43%

7.72%

7.54%

6.82%

6.20%

5.92%

6.64%

6.47%

7.24%

7.47%

7.39%

7.32%

7.28%

7.20%

7.51%

7.31%

7.72%

7.25%

7.28%

Portfolio

Rank

5 Years

0.51%

7.58%

7.66%

7.74%

7.67%

7.75%

8.09%

7.78%

7.15%

6.56%

6.29%

6.97%

6.87%

7.65%

7.80%

7.67%

7.68%

7.67%

7.59%

8.06%

7.70%

8.09%

7.58%

7.66%

Portfolio

Rank

7 Years

0.50%

7.29%

7.33%

7.45%

7.38%

7.48%

7.80%

7.48%

6.94%

6.36%

6.10%

6.75%

6.68%

7.34%

7.51%

7.33%

7.41%

7.39%

7.29%

7.76%

7.38%

7.80%

7.31%

Portfolio

Rank

10 Years

0.68%

6.86%

6.91%

7.06%

6.96%

7.05%

7.54%

7.02%

6.52%

6.04%

5.79%

6.37%

6.34%

6.91%

7.05%

7.01%

6.96%

6.95%

7.39%

6.91%

7.54%

6.86%

Portfolio

Rank

SECTION 3

Investment Data to the end of December 2020

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

SA Money Market Manager Watch™ Survey

Objective: The portfolios in this survey represent short-term debt securities that are highly marketable and trade in large denominations.

Portfolio

1 Year Rank

3 Years Portfolio

Rank

5 Years Portfolio

Rank

7 Years Portfolio

Rank

10 Years Portfolio

8 16

6.55%

Balondolozi Cash Fund

5.39%

4.55%

4.78%

5.55%

6.67%

Short Term Fixed Interest Rate Index

STeFI Call Deposit Index

STeFI 3 Month NCD Rate

STeFI 6 Month NCD Rate

STeFI 12 Month NCD Rate

6.50%

6.52%

6.26%

6.18%

1.31%

Median

Average

Lower Quartile

Lowest

Range

*No performance history.

6.66%

Upper Quartile

Number of Participants

7.49%

Highest

Statistics

4.91%

Alexander Forbes Money Market Index

Market Statistics

6.39%

6.30%

Sygnia Money Market Fund

Taquanta Cash Fund

6.68%

6.25%

5 6

6.65%

6.63%

Ninety One Money Fund

Prescient Yield Quantplus

SIM Cash Enhanced

1 14

7.49%

6.21%

Momentum Investments Enhanced Yield

Nedgroup Investments Core Income Fund

STANLIB Enhanced Yield Fund

6.91%

Momentum Investments Diversified Money Market

6.18%

6.26%

Coronation Institutional Cash

Futuregrowth 180 Day Enhanced Money Market Composite

6.70%

6.18%

Argon Enhanced Money Market Fund

Ashburton Stable Income portfolio

6.55%

6.45%

Alexander Forbes Investments Banker

Aluwani Cash Plus

0.64%

7.62%

7.83%

7.95%

7.98%

8.02%

8.26%

7.54%

6.82%

6.20%

5.92%

6.64%

6.47%

8.02%

7.84%

7.90%

7.99%

8.02%

7.97%

7.77%

8.26%

8.24%

7.62%

7.78%

7.88%

8.19%

7.73%

8.02%

0.52%

8.02%

8.17%

8.33%

8.38%

8.45%

8.54%

7.78%

7.15%

6.56%

6.29%

6.97%

6.87%

8.45%

8.15%

8.54%

8.44%

8.40%

8.32%

8.18%

8.53%

8.54%

8.02%

8.10%

8.25%

8.47%

8.15%

8.44%

8.37%

0.60%

7.65%

7.81%

7.94%

8.00%

8.04%

8.26%

7.48%

6.94%

6.36%

6.10%

6.75%

6.68%

8.01%

7.71%

8.02%

8.00%

8.09%

7.87%

7.79%

8.12%

8.05%

7.65%

7.83%

8.26%

7.71%

8.03%

7.99%

0.46%

7.26%

7.46%

7.53%

7.54%

7.64%

7.72%

7.02%

6.52%

6.04%

5.79%

6.37%

6.34%

7.66%

7.33%

7.61%

7.54%

7.64%

7.51%

7.46%

7.72%

7.54%

7.45%

7.26%

7.65%

7.57%

Maximum duration up to 91 - 180 days

Investment Managers

Investment Data to the end of December 2020

Rank

SECTION 1

SECTION 3 SECTION 2

SA Money Market Manager Watch™ Survey

Objective: The portfolios in this survey represent short-term debt securities that are highly marketable and trade in large denominations.

SECTION 3

SECTION 4

SECTION 5

SECTION 6

96 Rank

Active Return

Rank

7.24%

STANLIB Money Market Portfolio

0.40%

Lower volatility = higher ranking

0.37%

0.36%

0.43%

0.36%

0.37%

0.35%

0.43%

0.41%

0.37%

0.64%

0.60%

0.83%

1.09%

0.68%

0.64%

0.56%

0.87%

0.67%

1.08%

0.61%

8.02%

Taquanta Cash Fund

*No performance history.

6.47%

6.64%

Alexander Forbes Money Market Index

Short Term Fixed Interest Rate Index

Market statistics

7.90%

7.84%

STANLIB Enhanced Yield Fund

Sygnia Money Market Fund

8.02%

7.99%

Prescient Yield Quantplus

SIM Cash Enhanced

7.77%

7.97%

Nedgroup Investments Core Income Fund

Ninety One Money Fund

8.24%

8.26%

7.62%

Momentum Investments Diversified Money Market

7.78%

Coronation Institutional Cash

Futuregrowth 180 Day Enhanced Money Market Composite

Momentum Investments Enhanced Yield

7.88%

Balondolozi Cash Fund

7.73%

8.19%

Argon Enhanced Money Market Fund

Aluwani Cash Plus

Ashburton Stable Income portfolio

8.02%

Alexander Forbes Investments Banker

0.32%

0.38%

0.44%

0.39%

0.40%

0.49%

0.39%

0.37%

0.39%

0.47%

0.39%

0.42%

0.40%

0.49%

0.48%

0.41%

0.38%

0.40%

1.38%

1.20%

1.26%

1.35%

1.38%

1.33%

1.13%

1.62%

1.60%

0.98%

1.14%

1.24%

1.55%

1.09%

1.38%

Maximum duration up to 91 - 180 days

7.39%

7.47%

Old Mutual Multi-Managers Money Market

Prescient Money Market

7.28%

7.32%

Nedgroup Investments Money Market Fund

Ninety One Money Market Fund

7.51%

7.20%

Momentum Investments Money Market

Nedgroup Investments Corporate Money Market Fund

1 6

7.72%

7.31%

Coronation Strategic Cash*

Futuregrowth Core Money Market Composite

8 9

7.28%

7.25%

Absa Asset Management Money Market

Ashburton Money Market Composite

7.66%

6.97%

6.87%

8.45%

8.15%

8.54%

8.44%

8.40%

8.32%

8.18%

8.53%

8.54%

8.02%

8.10%

8.25%

8.47%

8.15%

8.44%

8.37%

7.65%

7.80%

7.67%

7.68%

7.67%

7.59%

8.06%

7.70%

8.09%

7.58%

Rank

0.27%

0.32%

0.43%

0.34%

0.48%

0.44%

0.34%

0.33%

0.39%

0.34%

0.36%

0.45% 0.35%

Rank

0.41%

0.39%

0.35%

0.36%

Lower volatility = higher ranking

0.33%

0.31%

0.36%

0.31%

0.32%

0.34%

0.36%

0.31%

0.34%

Volatility (Risk)

Calculated on 5 year Performance Returns

Volatility (Risk)

5 Year Return (p.a.)

Rank

Calculated on 3 year Performance Returns

3 Year Return (p.a.)

Maximum duration up to 90 days

Investment Managers

1.48%

1.18%

1.57%

1.47%

1.43%

1.36%

1.21%

1.56%

1.57%

1.05%

1.13%

1.28%

1.50%

1.19%

1.47%

1.40%

0.68%

0.83%

1.06%

0.71%

0.70%

0.62%

1.09%

0.74%

1.12%

0.61%

0.69%

Active Return

Rank

SECTION 3

Volatility vs Return

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

SA Money Market Manager Watch™ Survey Risk

Objective: The portfolios in this Survey represent short-term debt securities that are highly marketable and trade in large denominations.

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

SA Money Market Manager Watch™ Survey

Return (p.a.)

Volatility vs Return Scatterplot on Money Market Managers (up to 90 day duration) – 3 Years ended 31 December 2020

Volatility (p.a.) (standard deviation)

Volatility vs Return Scatterplot on Money Market Managers (91–180 day duration) – 3 Years ended 31 December 2020

Momentum Investments Enhanced Yield Ashburton Stable Income portfolio

Alexander Forbes Investments Banker

Return (p.a.)

Prescient Yield Quantplus

Taquanta Cash Fund

Aluwani Cash Plus Ninety One Money Fund

SIM Cash Enhanced

STANLIB Enhanced Yield Fund

Sygnia Money Market Fund Nedgroup Investments Core Income Fund

Balondolozi Cash Fund

Coronation Institutional Cash Argon Enhanced Money Market Fund

Futuregrowth 180 Day Enhanced Money Market Composite

Volatility (p.a.) (standard deviation)

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

SA Money Market Manager Watch™ Survey Objective: The portfolios in this survey represent short-term debt securities that are highly marketable and trade in large denominations.

Investment Data to the end of December for the past 5 Calendar years Investment Managers

2019

2018

2017

2016

2015

Maximum duration up to 90 days Absa Asset Management Money Market

7.97%

7.89%

8.17%

8.29%

6.94%

Ashburton Money Market Composite

8.07%

7.99%

8.09%

8.07%

6.94%

Coronation Strategic Cash*

8.32%

8.67%

8.72%

8.56%

7.32%

Futuregrowth Core Money Market Composite

8.03%

8.06%

8.36%

8.23%

6.86%

Momentum Investments Money Market

8.09%

8.26%

8.95%

8.86%

7.37%

Nedgroup Investments Corporate Money Market Fund

7.97%

7.98%

8.26%

8.09%

6.91%

Nedgroup Investments Money Market Fund

8.05%

8.03%

8.32%

8.16%

7.00%

Ninety One Money Market Fund

8.07%

8.06%

8.32%

8.14%

7.15%

Old Mutual Multi-Managers Money Market

8.33%

8.00%

8.21%

8.01%

6.73%

Prescient Money Market

8.18%

8.23%

8.38%

8.21%

7.02%

STANLIB Money Market Portfolio

8.02%

7.96%

8.33%

8.21%

6.88%

Maximum duration 91 - 180 days Alexander Forbes Investments Banker

8.72%

8.80%

8.81%

8.97%

7.38%

Aluwani Cash Plus

8.64%

8.99%

9.25%

8.89%

7.37%

Argon Enhanced Money Market Fund

8.30%

8.18%

8.83%

8.78%

6.92%

Ashburton Stable Income portfolio

9.08%

9.33%

9.15%

8.65%

8.17%

Balondolozi Cash Fund

8.59%

8.52%

8.90%

8.72%

Coronation Institutional Cash

8.48%

8.69%

8.96%

8.23%

7.56%

Futuregrowth 180 Day Enhanced Money Market Composite

8.34%

8.27%

8.64%

8.60%

7.14%

Momentum Investments Diversified Money Market

8.71%

9.10%

9.24%

8.74%

7.38%

Momentum Investments Enhanced Yield

8.64%

8.65%

9.21%

8.66%

7.47%

Nedgroup Investments Core Income Fund

8.56%

8.87%

8.71%

7.51%

Ninety One Money Fund

8.56%

8.71%

9.18%

8.55%

7.28%

Prescient Yield Quantplus

8.70%

8.73%

9.05%

8.90%

7.53%

SIM Cash Enhanced

8.59%

8.71%

9.08%

9.18%

7.31%

STANLIB Enhanced Yield Fund

8.65%

8.83%

9.42%

9.56%

7.04%

Sygnia Money Market Fund

8.62%

8.52%

8.85%

8.40%

7.21%

Taquanta Cash Fund

8.74%

9.06%

9.45%

8.73%

7.57%

Market statistics Alexander Forbes Money Market Index

7.26%

7.53%

7.42%

6.42%

Short Term Fixed Interest Rate Index

7.29%

7.25%

7.54%

7.39%

6.47%

STeFI 12 Month NCD Rate

8.03%

7.93%

8.29%

8.00%

7.16%

STeFI 3 Month NCD Rate

6.92%

7.15%

7.05%

6.08%

STeFI 6 Month NCD Rate

7.48%

7.43%

7.73%

7.58%

6.69%

STeFI Call Deposit Index

6.64%

6.57%

6.88%

6.84%

5.79%

*No performance history.

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Composite Dispersion of SA Money Market Manager Watch™ Survey 1 Year to 31 December 2020 Maximum duration up to 90 days Absa Management Money Market

0.62%

Futuregrowth Core Money Market

0.11% 0.15%

Prescient Money Market SIM Cash Enhanced

0.09% 0.14%

STANLIB Money Market 0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

Minimum Return

Maximum Return

Median Composite Return

Absa Management Money Market

5.97%

7.31%

6.42%

0.62%

0.43%

0.41%

Futuregrowth Core Money Market

5.62%

5.87%

5.73%

0.11%

0.12%

Prescient Money Market

5.68%

6.15%

5.93%

0.15%

0.08%

0.07%

SIM Cash Enhanced

6.56%

6.89%

6.77%

0.09%

0.15%

0.31%

STANLIB Money Market

5.56%

5.90%

5.70%

0.14%

1.08%

0.99%

Maximum up to 90 days

Composite Dispersion Composite Dispersion Composite Dispersion (1yr) (3yrs) (5yrs)

Maximum duration from 91–180 days ALUWANI Cash Plus

0.15%

Ashburton Cash Plus

0.49%

Futuregrowth Yield Enhanced 180 Day Money Market Composite

0.08% 0.30%

Prescient Yield Quantplus Fund Momentum Investments Enhanced Yield

0.18% 0.08%

STANLIB Enhanced Yield Fund

0.51%

Taquanta Core Cash 0.00%

Maximum from 91–180 days

0.10%

Minimum Return

Maximum Return

0.20%

0.30%

0.40%

0.50%

0.60%

Median Composite Return

Composite Dispersion (1yr)

Composite Dispersion (3yrs)

Composite Dispersion (5yrs)

ALUWANI Cash Plus

6.17%

6.58%

6.41%

0.15%

0.08%

0.11%

Ashburton Cash Plus

5.06%

7.16%

6.04%

0.49%

* 0.20%

Futuregrowth Yield Enhanced 180 Day Money Market Composite

8.25%

8.44%

8.36%

0.08%

Prescient Yield Quantplus Fund

5.98%

6.87%

6.56%

0.30%

Momentum Investments Enhanced Yield

7.18%

7.53%

7.36%

0.18%

0.03%

0.09%

STANLIB Enhanced Yield Fund

6.17%

6.34%

6.25%

0.08%

1.27%

1.18%

Taquanta Core Cash

5.84%

7.81%

6.51%

0.51%

0.77%

0.63%

* Data not available.

100

Oct 2013 Aug 2007

Aug 2016

Aug 2009 May 2003 Oct 2006 Jan 2004 Oct 2009 Dec 2003 Jul 2012 Dec 2006 Nov 2002 Oct 2015 Sep 2002 Jul 2007 Mar 2013

Nov 2009

Jan 2007

Oct 2017 Aug 1999 Jun 2002 Sep 2012 Jun 2011 Aug 2003

Dec 2002

Dec 2003

May 2003 Dec 2005 Mar 2005 Mar 2005

Dec 2002

Jan 2003

Mar 2016

Aug 1999 Oct 2001

Taquanta True Absolute SIM CPI + 3% Global

Truffle Low Equity Fund

Headline CPI + 4% Absa Asset Management Absolute Domestic CPI+4% Alexander Forbes Investments Real Return Focus Local Argon SA Absolute Return Coronation Absolute Domestic Mergence CPI + 4% Fund Momentum Investments Absolute Strategies Abax Absolute Return fund Absa Asset Management Absolute Global CPI +4% Alexander Forbes Investments Real Return Focus Portfolio Argon Absolute Return Global Balanced CPI+4% Fund Old Mutual Multi-Managers Defensive Balanced fund OMIG Stable Growth Fund Sasfin Absolute Fund Headline CPI + 5%

Prudential Domestic Real Return Plus 5%

SIM CPI + 5%

Argon Absolute Return CPI+5% Coronation Absolute Foord Absolute Mergence Global CPI+5% Fund Nedgroup Investments Opportunity Fund OMIG Wealth Defender

Prudential Real Return + 5%

SIM CPI + 5% Global

SMM Moderate Absolute Fund STANLIB Absolute Plus Fund STANLIB Multi-Manager Real Return Fund Vunani Global Absolute Return Constrained (CPI+5%) Headline CPI + 6%

Prudential Domestic Real Return Plus 6%

SIM CPI + 6%

Mianzo Global Absolute Return - CPI+6%

Ninety One Opportunity Composite SIM CPI + 6% Global

V = Verified C = Compliant

Dec 2001

SIM Absolute

V V

C V V V C V

C V V

V V

Mar 2008

Jan 1999 Sep 2011

OMIG Capital Builder

GIPS™ (Verified / Compliant)

Oct 2002 Apr 2005 Mar 2012 Jan 2015 Jul 2003

Portfolio Inception Date

Prescient Positive Return PSG Stable Fund

Headline CPI + 3% Absa Asset Management Absolute CPI +3% Alexander Forbes Investments Stable Focus Balondolozi Absolute Return Fund Mianzo Absolute Return Fund Momentum Investments Real Return

Investment Managers

Domestic and Global Domestic and Global

Domestic and Global

Domestic

Domestic and Global Domestic and Global Domestic and Global Domestic and Global

Domestic and Global

Domestic and Global Domestic and Global Domestic and Global Domestic and Global Domestic and Global Domestic and Global

Domestic

Domestic Domestic Domestic Domestic Domestic Domestic Domestic and Global Domestic and Global Domestic and Global Domestic and Global Domestic and Global Domestic and Global Domestic and Global

Domestic and Global

Domestic Domestic and Global

Domestic

Domestic Domestic

Domestic

Domestic Domestic Domestic Domestic Domestic

Global / Domestic Mandate

Y Y

Y Y N Y

Y Y Y Y Y Y

Y Y Y Y Y Y Y Y Y Y Y Y Y

N Y

Y Y

Y Y Y Y Y

Managed ITO Regulation 28? (Y/N)

Headline CPI + 6% Headline CPI + 6%

Headline CPI + 6%

Headline CPI + 5% Headline CPI + 5% Headline CPI + 5% Headline CPI + 5%

Headline CPI + 5%

Headline CPI + 5% Headline CPI + 5% Headline CPI + 5% Headline CPI + 5% Headline CPI + 5% Headline CPI + 5%

Headline CPI + 5%

Headline CPI + 4% Headline CPI + 4% Headline CPI + 4% Headline CPI + 4% Headline CPI + 4% Headline CPI + 4% Headline CPI + 4% Headline CPI + 4% Headline CPI + 4% Headline CPI + 4% Headline CPI + 4% Headline CPI + 4% Headline CPI + 4%

Headline CPI + 3%

Headline CPI + 3% Headline CPI + 3%

Headline CPI + 3%

Headline CPI + 3% Headline CPI + 3%

Headline CPI + 3%

Headline CPI + 3% Headline CPI + 3% Headline CPI + 3% Headline CPI + 3% Headline CPI + 3%

CPI Target Return

Capital protection over rolling 12 month periods and CPI + 6% over a 3 year rolling period

The primary objective is to outperform CPI by 6% (gross of fees) over a rolling 3-year period. The secondary objective is to reduce the risk of capital loss over any rolling 12-month period. The primary objective is to outperform CPI by 6% (gross of fees) over a rolling 3-year period. The secondary objective is to reduce the risk of capital loss over any rolling 12-month period. SIM targets low volatility real returns that match the upside return objective (e.g. CPI+X %) over rolling three-year periods. At the same time, they target not to lose capital over rolling one-year periods The fund performance objectives is no negative returns in any 1 year rolling period and out performance of the benchmark (CPI+6% over a 3 year period).

Capital preservation over a rolling 12 month period

The primary objective is to outperform CPI by 5% (gross of fees) over a rolling 3-year period. The secondary objective is to reduce the risk of capital loss over any rolling 12-month period. SIM targets low volatility real returns that match the upside return objective (e.g. CPI+X %) over rolling three-year periods. At the same time, they target not to lose capital over rolling one-year periods

Preserve capital over a rolling 12m period

Non-negative returns over rolling 1-year periods

No negative returns over rolling 12 month period

No negative returns over rolling 12 month period No negative returns over 1 year rolling period. Preserve capital over a rolling 12m period

Capital protection over rolling 12 month periods, and CPI + 3% over a 3 year rolling period Provide investment protection over a rolling one-year period, and generate income over the medium term at low levels of risk.

SIM targets low volatility real returns that match the upside return objective (e.g. CPI+X %) over rolling three-year periods. At the same time, they target not to lose capital over rolling one-year periods

Targets both positive returns every quarter and CPI+3% pa, or Cash+2% pa over rolling 3-year periods.

Limit negative returns in any 1 year rolling period.

No negative returns over rolling 12 month period

Dual Objective (if applicable)

11 6

1 1 0 1

2 1 1 2 N/A 4

60 207 795 197 959

1 030

750

2 187

528 6 960 1 027 1 801

22 467

21 105

333 2 376 211 6 618 4 804 5 303

511

1 553

1 473 6 200 1 325 2 296 2 437 990 4 581 5 118 3 944 918 696 6 256 974

1 482

1 5 N/A 2 5 5 1 N/A 3 N/A 2 1 1 2

5 214 506

1 932

1 242 2 359

681

1 498 3 827 129 1 018 295

1 4

7 1

1 N/A 1 1 1

No. of Portfolio Funds in Size (R m) Composite

SECTION 3

General Information

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

Absolute Return Manager Watch™ Survey

Objective: The portfolios in this survey comply with Regulation 28 and represent products targeted at real returns with a CPI objective.

2017

10.44% 9.19% 12.47% 13.20% 9.25% 11.06% 7.91% 11.64% 10.53% 9.10% 12.71% 4.97% * 9.73% 8.20% 11.85% 10.05% 10.68% 11.53% 10.31% 11.01% 9.84% 8.25% 12.41% *

2018

9.63% 4.07% 4.67% -0.47% 6.37% 1.84% 3.87% 2.79% 4.44% 5.20% 12.33% 10.22% 7.58% 5.22% 3.95% 1.28% 3.29% 1.09% -0.23% -2.51% 0.12% 0.47% 0.95% 3.67% 5.24%

Calendar Year Returns

*No performance history. #Inflation figures in this table are lagged by one month

Number of Participants

STEFI

5.39% 25

6.64% 21

6.97%

6.75%

6.37%

7.29% 25

7.25% 25

7.54% 23

Market Statistics Consumer Price Inflation (Headline CPI) [I-Net code: 3.17% 3.97% 4.62% 4.81% 5.07% 3.56% 5.18% 4.62% AECPI]

Investment Managers

1 Year 3 Years 5 Years 7 Years 10 Years 2019 Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Headline CPI + 3% Absa Asset Management Absolute CPI +3% 8.19% 6.17% 9.77% 6.97% 9.37% 7.62% 8.82% 7.81% 9.09% 8.07% 11.52% Alexander Forbes Investments Stable Focus 7.71% 6.17% 7.11% 6.97% 7.37% 7.62% 7.19% 7.81% 7.83% 8.07% 9.61% Balondolozi Absolute Return Fund 8.87% 6.17% 8.63% 6.97% 8.70% 7.62% * * * * 12.47% Mianzo Absolute Return Fund 3.10% 6.17% 4.70% 6.97% 7.34% 7.62% * * * * 11.86% Momentum Investments Real Return 5.61% 6.17% 7.18% 6.97% 7.55% 7.62% 7.37% 7.81% 7.42% 8.07% 9.60% OMIG Capital Builder 8.60% 6.17% 5.51% 6.97% 6.51% 7.62% 6.26% 7.81% 6.72% 8.07% 6.20% Prescient Positive Return 1.74% 6.17% 5.54% 6.97% 6.27% 7.62% 6.31% 7.81% 6.65% 8.07% 11.25% PSG Stable Fund 3.15% 6.17% 3.25% 6.97% 6.37% 7.62% 7.13% 7.81% * * 3.82% SIM Absolute 7.01% 6.17% 7.03% 6.97% 8.52% 7.62% 8.28% 7.81% 8.94% 8.07% 9.71% SIM CPI + 3% Global 5.07% 6.17% 6.83% 6.97% * * * * * * 10.29% Taquanta True Absolute 7.86% 6.17% 10.65% 6.97% 11.31% 7.62% 9.76% 7.81% * * 11.81% Truffle Low Equity Fund 11.08% 6.17% 11.76% 6.97% * * * * * * 14.01% Headline CPI + 4% Abax Absolute Return fund 7.29% 7.17% 8.66% 7.97% * * * * * * 11.16% Absa Asset Management Absolute Domestic CPI+4% 6.61% 7.17% 6.86% 7.97% 7.51% 8.62% 7.52% 8.81% 8.74% 9.07% 8.79% Absa Asset Management Absolute Global CPI +4% 4.88% 7.17% 5.39% 7.97% 5.65% 8.62% 7.03% 8.81% 8.58% 9.07% 7.36% Alexander Forbes Investments Real Return Focus Local 3.17% 7.17% 4.18% 7.97% 6.38% 8.62% 6.48% 8.81% 7.43% 9.07% 8.22% Alexander Forbes Investments Real Return Focus 5.49% 7.17% 5.83% 7.97% 6.53% 8.62% 7.24% 8.81% 8.56% 9.07% 8.79% Portfolio Argon Absolute Return Global Balanced CPI+4% Fund 2.56% 7.17% 4.43% 7.97% 5.81% 8.62% * * * * 9.84% Argon SA Absolute Return 2.77% 7.17% 4.15% 7.97% 6.08% 8.62% 7.03% 8.81% 8.39% 9.07% 10.18% Coronation Absolute Domestic 4.20% 7.17% 3.28% 7.97% 5.66% 8.62% 5.43% 8.81% 7.04% 9.07% 8.45% Mergence CPI + 4% Fund 5.73% 7.17% 4.74% 7.97% 6.18% 8.62% 6.19% 8.81% 7.53% 9.07% 8.53% Momentum Investments Absolute Strategies 4.22% 7.17% 4.45% 7.97% 6.13% 8.62% 6.28% 8.81% 6.29% 9.07% 8.83% Old Mutual Multi-Managers Defensive Balanced fund 6.28% 7.17% 6.28% 7.97% 6.20% 8.62% 7.59% 8.81% 9.40% 9.07% 11.90% 7.70% 8.81% 9.40% 9.07% 7.75% OMIG Stable Growth Fund 5.96% 7.17% 5.78% 7.97% 7.00% 8.62% Sasfin Absolute Fund 5.13% 7.17% 6.30% 7.97% * * * * * * 8.56%

Investment Data to the end of December 2020

7.39% 21

6.61%

5.21% 6.62% 8.37% 5.82% 7.56% 3.95% 5.43% *

5.16%

* 7.24% 3.94% 7.70%

7.13% 6.38% 5.25% 9.66% 6.97% 5.09% 6.81% 10.80% 11.05% * 11.94% *

2016

6.47% 18

4.77%

* 7.19% 0.05% 5.05% 4.91% 12.15% 8.57% *

8.06%

* 4.96% 9.54% 3.28%

5.13% 4.53% * * 5.34% 3.39% 5.82% 8.88% 6.73% * 10.17% *

2015

SECTION 1

SECTION 3 SECTION 2

Absolute Return Manager Watch™ Survey

Objective: The portfolios in this survey comply with Regulation 28 and represent products targeted at real returns with a CPI objective.

101

SECTION 3

SECTION 4

SECTION 5

SECTION 6

102

8.68%

12.06%

7.92%

-1.13%

2.67%

1.70%

0.45%

3.84%

5.27%

9.92%

8.03%

9.24%

5.13%

Foord Absolute

Mergence Global CPI+5% Fund

Nedgroup Investments Opportunity Fund

OMIG Wealth Defender

Prudential Domestic Real Return Plus 5%

Prudential Real Return + 5%

SIM CPI + 5%

SIM CPI + 5% Global

SMM Moderate Absolute Fund

STANLIB Absolute Plus Fund

STANLIB Multi-Manager Real Return Fund

Vunani Global Absolute Return Constrained (CPI+5%)

8.17%

4.56%

7.31%

6.17%

9.28%

6.87%

5.49%

1.45%

1.35%

3.68%

4.53%

6.16%

6.67%

6.53%

4.35%

8.97%

Benchmark

5.49%

7.07%

7.35%

7.56%

7.31%

7.60%

4.19%

5.19%

5.27%

5.91%

7.39%

5.28%

7.00%

Portfolio

5 Years

9.62%

Benchmark

6.72%

7.59%

7.79%

8.80%

8.33%

7.71%

6.31%

6.18%

6.41%

7.48%

7.80%

6.93%

7.30%

Portfolio

7 Years

9.81%

Benchmark

9.73%

8.63%

9.16%

9.59%

9.94%

8.87%

9.37%

8.71%

10.70%

9.67%

Portfolio

10 Years

10.07%

Benchmark

7.56%

11.97%

8.85%

14.20%

11.32%

10.42%

7.84%

6.23%

10.03%

18.02%

10.62%

12.36%

11.46%

11.62%

2019

1.08%

1.04%

1.78%

3.94%

4.15%

2.39%

-3.62%

-3.65%

-1.35%

-2.12%

0.22%

-3.60%

-0.21%

-0.27%

12.05%

0.94%

4.30%

5.08%

Ninety One Opportunity Composite

Prudential Domestic Real Return Plus 6%

SIM CPI + 6%

SIM CPI + 6% Global

9.17%

6.17%

4.97%

0.61%

8.38%

7.22%

9.97%

7.39%

5.16%

7.50%

10.62%

7.65%

6.22%

9.03%

10.81%

9.05%

9.03%

11.21%

11.07%

11.72%

10.67%

6.35%

13.81%

15.22%

1.92%

0.21%

-5.12%

-0.19%

1.33%

10.58%

12.51%

15.75%

10.20%

10.19%

6.64%

5.39%

3.97%

3.17%

*No performance history. #Inflation figures in this table are lagged by one month

Number of Participants

STEFI

Consumer Price Inflation (Headline CPI) [I-Net code: AECPI]

6.97%

4.62%

6.75%

4.81%

6.37%

5.07%

7.29%

3.56%

7.25%

5.18%

7.54%

4.62%

Market Statistics

5.57%

Mianzo Global Absolute Return CPI+6%

10.58%

10.35%

13.45%

7.99%

9.56%

11.43%

11.86%

13.20%

11.43%

4.65%

12.80%

7.52%

8.93%

2017

7.39%

6.61%

9.74%

9.08%

2.32%

3.35%

3.18%

4.97%

2.15%

6.41%

10.25%

5.13%

9.29%

4.11%

11.48%

5.81%

-0.92%

6.52%

2016

Calendar Year Returns 2018

Headline CPI + 6%

2.06%

Coronation Absolute

Portfolio

Benchmark

Portfolio

Argon Absolute Return CPI+5%

Headline CPI + 5%

Investment Managers

3 Years

1 Year

6.47%

4.77%

6.35%

4.33%

15.53%

9.90%

8.40%

7.78%

11.27%

12.06%

6.39%

10.23%

4.08%

9.45%

6.38%

6.64%

11.20%

6.21%

2015

SECTION 3

Investment Data to the end of December 2020

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

Absolute Return Manager Watch™ Survey

Objective: The portfolios in this survey comply with Regulation 28 and represent products targeted at real returns with a CPI objective.

7.71%

8.87%

3.10%

5.61%

8.60%

1.74%

3.15%

7.01%

5.07%

7.86%

11.08%

Alexander Forbes Investments Stable Focus

Balondolozi Absolute Return Fund

Mianzo Absolute Return Fund

Momentum Investments Real Return

OMIG Capital Builder

Prescient Positive Return

PSG Stable Fund

SIM Absolute

SIM CPI + 3% Global

Taquanta True Absolute

Truffle Low Equity Fund

6.61%

4.88%

3.17%

5.49%

2.56%

2.77%

4.20%

5.73%

4.22%

6.28%

5.96%

5.13%

Absa Asset Management Absolute Domestic CPI+4%

Absa Asset Management Absolute Global CPI +4%

Alexander Forbes Investments Real Return Focus Local

Alexander Forbes Investments Real Return Focus Portfolio

Argon Absolute Return Global Balanced CPI+4% Fund

Argon SA Absolute Return

Coronation Absolute Domestic

Mergence CPI + 4% Fund

Momentum Investments Absolute Strategies

Old Mutual Multi-Managers Defensive Balanced fund

OMIG Stable Growth Fund

Sasfin Absolute Fund

5.39%

STEFI

*No performance history. #Inflation figures in this table are lagged by one month

3.17%

Consumer Price Inflation (Headline CPI) [I-Net code: AECPI]

Market Indices & Statistics

7.29%

Abax Absolute Return fund

Headline CPI + 4%

8.19%

Absa Asset Management Absolute CPI +3%

Headline CPI + 3%

Investment Managers

0.35%

1.84%

9.23%

11.05%

10.42%

13.77%

11.15%

13.02%

8.68%

7.73%

9.83%

12.79%

7.45%

5.81%

6.70%

8.23%

1.40%

8.43%

7.54%

17.93%

9.32%

3.83%

7.25%

12.12%

12.77%

6.05%

2.33%

Volatility

Worst Month

Maximum Drawdown

66.67%

58.33%

66.67%

58.33%

66.67%

75.00%

83.33%

66.67%

58.33%

91.67%

66.67%

83.33%

66.67%

58.33%

66.67%

75.00%

58.33%

75.00%

91.67%

-6.18%

-6.83%

-6.29%

-9.14%

-6.96%

-7.93%

-5.70%

-4.78%

-5.97%

-8.93%

-4.87%

-3.67%

-3.20%

-2.43%

-0.60%

-5.82%

-5.22%

-12.15%

-6.50%

-0.65%

-5.19%

-7.74%

-7.35%

-3.83%

-1.14%

-7.78%

-9.09%

-7.98%

-12.67%

-9.75%

-12.09%

-8.67%

-7.12%

-7.84%

-12.04%

-6.27%

-4.77%

-3.85%

-3.44%

-0.60%

-6.73%

-6.24%

-15.46%

-9.48%

-1.19%

-5.99%

-10.82%

-10.00%

-4.64%

-1.14%

6.64%

3.97%

6.30%

5.78%

6.28%

4.45%

4.74%

3.28%

4.15%

4.43%

5.83%

4.18%

5.39%

6.86%

8.66%

11.76%

10.65%

6.83%

7.03%

3.25%

5.54%

5.51%

7.18%

4.70%

8.63%

7.11%

9.77%

3 Years 3 Year Return (p.a.)

% Positive Months

1 Year

1 Year Return (p.a.)

Investment Data to the end of December 2020

0.32%

1.35%

5.62%

6.77%

7.45%

8.48%

7.29%

8.22%

6.12%

5.78%

6.46%

7.77%

4.71%

3.52%

4.89%

6.07%

1.03%

5.41%

4.52%

10.53%

6.24%

3.19%

4.49%

8.17%

8.12%

3.70%

1.47%

Volatility

72.22%

69.44%

58.33%

63.89%

55.56%

61.11%

58.33%

61.11%

63.89%

72.22%

86.11%

75.00%

72.22%

97.22%

69.44%

83.33%

63.89%

61.11%

80.56%

69.44%

86.11%

97.22%

% Positive Months

-6.18%

-6.83%

-6.29%

-9.14%

-6.96%

-7.93%

-5.70%

-4.78%

-5.97%

-8.93%

-4.87%

-3.67%

-3.20%

-2.43%

-0.60%

-5.82%

-5.22%

-12.15%

-6.50%

-1.39%

-5.19%

-7.74%

-7.35%

-3.83%

-1.14%

Worst Month

6.20% -7.78%

6.97%

4.62%

7.00%

-7.98% -9.09%

6.13%

6.18%

5.66%

6.08%

5.81%

6.53%

6.38%

5.65%

7.51%

11.31%

8.52%

6.37%

6.27%

6.51%

7.55%

7.34%

8.70%

7.37%

9.37%

-12.67%

-9.75%

-12.09%

-8.67%

-7.12%

-7.84%

-12.04%

-6.27%

-4.77%

-3.85%

-3.44%

-0.60%

-6.73%

-6.24%

-15.46%

-9.48%

-2.10%

-5.99%

-10.82%

-10.00%

-4.64%

-1.14%

Maximum Drawdown

5 Years 5 Year Return (p.a.)

0.27%

1.31%

5.64%

6.40%

7.00%

6.14%

7.05%

5.28%

5.05%

5.51%

6.46%

4.14%

3.22%

0.87%

3.72%

8.39%

5.14%

3.23%

3.80%

6.88%

6.69%

3.24%

1.87%

Volatility

71.67%

60.00%

65.00%

63.33%

65.00%

66.67%

63.33%

66.67%

71.67%

81.67%

98.33%

88.33%

71.67%

66.67%

78.33%

71.67%

73.33%

83.33%

93.33%

% Positive Months

-6.83%

-6.29%

-9.14%

-6.96%

-7.93%

-5.70%

-4.78%

-5.97%

-8.93%

-4.87%

-3.67%

-0.60%

-5.22%

-12.15%

-6.50%

-1.39%

-5.19%

-7.74%

-7.35%

-3.83%

-1.14%

Worst Month

-9.09%

-7.98%

-12.67%

-9.75%

-12.09%

-8.67%

-7.12%

-7.84%

-12.04%

-6.27%

-4.77%

-0.60%

-6.24%

-15.46%

-9.48%

-2.10%

-5.99%

-10.82%

-10.00%

-4.64%

-1.14%

Maximum Drawdown

SECTION 1

SECTION 3 SECTION 2

Absolute Return Manager Watch™ Survey Risk

Objective: The portfolios in this survey comply with Regulation 28 and represent products targeted at real returns with a CPI objective.

103

SECTION 3

SECTION 4

SECTION 5

SECTION 6

104

Volatility

% positive months

Worst month

Maximum drawdown Volatility

% Positive months

Worst month

Maximum drawdown Volatility

8.68%

12.06%

7.92%

-1.13%

2.67%

1.70%

0.45%

3.84%

5.27%

9.92%

8.03%

9.24%

5.13%

Coronation Absolute

Foord Absolute

Mergence Global CPI+5% Fund

Nedgroup Investments Opportunity Fund

OMIG Wealth Defender

Prudential Domestic Real Return Plus 5%

Prudential Real Return + 5%

SIM CPI + 5%

SIM CPI + 5% Global

SMM Moderate Absolute Fund

STANLIB Absolute Plus Fund

STANLIB Multi-Manager Real Return Fund

Vunani Global Absolute Return Constrained (CPI+5%)

8.02%

13.96%

15.49%

10.55%

14.24%

8.93%

10.34%

17.14%

19.23%

9.45%

21.15%

11.78%

15.50%

13.96%

66.67%

75.00%

66.67%

58.33%

66.67%

58.33%

66.67%

-8.15%

-7.78%

-7.00%

-8.65%

-5.53%

-7.32%

-12.34%

-13.64%

-5.87%

-16.21%

-6.07%

-3.75%

-8.15%

-3.73%

-6.96%

-11.51%

-11.33%

-7.84%

-11.09%

-6.92%

-9.76%

-15.51%

-18.14%

-9.06%

-20.36%

-9.58%

-6.94%

-11.49%

4.56%

7.31%

6.17%

9.28%

6.87%

5.49%

1.45%

1.35%

3.68%

4.53%

6.16%

6.67%

6.53%

4.35%

9.02%

10.24%

6.72%

8.95%

6.16%

6.46%

10.71%

11.68%

6.92%

13.09%

8.08%

11.84%

9.17%

6.79%

66.67%

63.89%

69.44%

66.67%

72.22%

61.11%

55.56%

58.33%

61.11%

58.33%

66.67%

61.11%

-8.15%

-7.78%

-7.00%

-8.65%

-5.53%

-7.32%

-12.34%

-13.64%

-5.87%

-16.21%

-6.07%

-4.70%

-8.15%

-3.73%

-6.96%

-11.51%

-11.33%

-7.84%

-11.09%

-6.92%

-9.76%

-15.51%

-18.94%

-9.06%

-20.36%

-9.58%

-11.71%

-11.49%

5.49%

7.07%

7.35%

7.56%

7.31%

7.60%

4.19%

5.19%

5.27%

5.91%

7.39%

5.28%

7.00%

7.43%

8.68%

5.72%

7.63%

5.27%

5.34%

8.76%

9.68%

6.22%

11.11%

6.93%

10.57%

8.01%

0.94%

4.30%

5.08%

Ninety One Opportunity Composite

Prudential Domestic Real Return Plus 6%

SIM CPI + 6%

SIM CPI + 6% Global

11.00%

11.86%

22.70%

12.49%

18.30%

66.67%

58.33%

66.67%

-6.67%

-7.93%

-15.41%

-4.27%

-9.42%

-8.84%

-10.85%

-21.43%

-5.49%

-13.86%

6.17%

4.97%

0.61%

8.38%

7.22%

7.53%

7.68%

13.91%

9.66%

11.62%

63.89%

58.33%

55.56%

58.33%

72.22%

-6.67%

-7.93%

-15.41%

-4.27%

-9.42%

-8.84%

-10.85%

-23.04%

-8.69%

-13.86%

7.39%

5.16%

7.50%

6.45%

11.42%

8.26%

68.33%

61.67%

66.67%

65.00%

73.33%

65.00%

68.33%

78.33%

61.67%

60.00%

65.00%

63.33%

65.00%

61.67%

66.67%

5.39%

STEFI

*No performance history. #Inflation figures in this table are lagged by one month

3.17%

Consumer Price Inflation (Headline CPI) [I-Net code: AECPI]

0.35%

1.84% 6.64%

3.97% 0.32%

1.35%

6.97%

4.62%

0.27%

1.31%

Market Statistics

5.57%

12.05%

Mianzo Global Absolute Return - CPI+6%

Headline CPI + 6%

2.06%

Argon Absolute Return CPI+5%

% Positive months

5 Years 5 Year Return (p.a.)

3 Years 3 Year Return (p.a.)

1 Year

1 Year Return (p.a.)

Headline CPI + 5%

Investment Managers

-7.93%

-15.41%

-4.27%

-8.15%

-7.78%

-7.00%

-8.65%

-5.53%

-7.32%

-12.34%

-13.64%

-5.87%

-16.21%

-6.07%

-4.70%

-8.15%

Worst month

-10.85%

-23.04%

-8.69%

-11.51%

-11.33%

-7.84%

-11.09%

-6.92%

-9.76%

-15.51%

-18.94%

-9.06%

-20.36%

-9.58%

-11.71%

-11.49%

Maximum drawdown

SECTION 3

Investment Data to the end of December 2020

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

Absolute Return Manager Watch™ Survey Risk (continued)

Objective: The portfolios in this survey comply with Regulation 28 and represent products targeted at real returns with a CPI objective.

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Absolute Return Manager Watch™ Survey Volatility vs Return Scatterplot for Absolute Return Managers – All categories for the 3 Years ended 31 December 2020

Taquanta True Absolute Momentum Investments Real Return CPI + 6% Absa Asset Management Absolute CPI +3% SMM Moderate Absolute Fund

Alexander Forbes Investments Stable Focus

Abax Absolute Return fund

CPI + 5%

Balondolozi Absolute Return Fund Ninety One Opportunity Composite CPI + 4%

Absa Asset Management Absolute Domestic CPI+4%

STANLIB Multi-Manager Real Return Fund SIM CPI + 5% Global

Mianzo Global Absolute Return – CPI+6%

SIM Absolute SIM CPI + 3% Global

Return (p.a.)

CPI + 3% STANLIB Absolute Plus Fund Coronation Absolute

Alexander Forbes Investments Real Return Focus Portfolio Absa Asset Management Absolute Global CPI +4%

Foord Absolute

Mergence Global CPI+5% Fund SIM CPI + 6% Global Old Mutual Multi-Managers Defensive Balanced fund SIM CPI + 6%

OMIG Capital Builder Prescient Positive Return SIM CPI + 5%

Mianzo Absolute Return Fund Vunani Global Absolute Return Constrained (CPI+5%)

Argon Absolute Return Global Balanced CPI+4% Fund

Nedgroup Investments Opportunity Fund

Argon SA Absolute Return OMIG Stable Growth Fund

Momentum Investments Absolute Strategies Alexander Forbes Investments Real Return Focus Local Coronation Absolute Domestic

Argon Absolute Return CPI+5%

PSG Stable Fund Mergence CPI + 4% Fund OMIG Wealth Defender

Prudential Real Return + 5% Prudential Domestic Real Return Plus 5%

Prudential Domestic Real Return Plus 6%

Volatility (p.a.) (standard deviation)

105

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Composite Dispersion of Absolute Return Manager Watch™ Survey 1 Year to 31 December 2020 Headline CPI + 3% SIM CPI + 3%

0.14% 0.04%

SIM CPI + 3% Global

0.00%

0.02%

0.04%

0.06%

0.08%

0.10%

0.14%

0.12%

0.16%

Minimum Return

Maximum Return

Median Composite Return

Composite Dispersion (1yr)

Composite Dispersion (3yrs)

Composite Dispersion (5yrs)

SIM CPI + 3%

6.73%

7.04%

6.93%

0.14%

0.02%

SIM CPI + 3% Global

5.21%

5.29%

5.25%

0.04%

Headline CPI + 3%

* Data not available.

Headline CPI + 4% Absa Asset Management Absolute Global CPI + 4%

0.68%

Absa Asset Management Absolute Domestic CPI + 4%

1.62% 0.13%

Argon Absolute Return Global CPI + 4%

0.21%

Coronation Absolute Fund

0.00%

0.20%

0.30%

0.40%

0.50%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

Minimum Return

Maximum Return

Median Composite Return

Composite Dispersion (1yr)

Composite Dispersion (3yrs)

Composite Dispersion (5yrs)

Absa Asset Management Absolute Global CPI + 4%

4.70%

6.19%

5.24%

0.68%

1.18%

0.73%

Absa Asset Management Absolute Domestic CPI + 4%

4.82%

9.70%

6.97%

1.62%

0.92%

0.86%

Argon Absolute Return Global CPI + 4%

2.62%

2.89%

2.76%

0.13%

0.10%

Coronation Absolute Fund

3.87%

4.47%

4.24%

0.21%

0.05%

Headline CPI + 4%

* Data not available.

106

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Composite Dispersion of Absolute Return Manager Watch™ Survey 1 Year to 31 December 2020 Headline CPI + 5% 0.92%

Aeon Balanced CPI + 5% 0.02%

Argon Absolute Return CPI + 5%

0.18%

OMIG Wealth Defender Prudential Domestic Real Return Plus 5%

0.20% 0.16%

Prudential Real Return Plus 5%

0.73%

SIM CPI + 5% 0.16%

SIM CPI + 5% Global 0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

Minimum Return

Maximum Return

Median Composite Return

Composite Dispersion (1yr)

Aeon Balanced CPI + 5%

7.34%

9.17%

8.26%

Argon Absolute Return CPI + 5%

2.02%

2.05%

2.03%

OMIG Wealth Defender

2.65%

3.10%

Prudential Domestic Real Return Plus 5%

1.45%

Prudential Real Return Plus 5%

0.43%

SIM CPI + 5% SIM CPI + 5% Global

Headline CPI + 5%

0.80%

0.90%

1.00%

Composite Dispersion (3yrs)

Composite Dispersion (5yrs)

0.92%

0.02%

0.11%

2.71%

0.18%

0.33%

0.10%

1.90%

1.49%

0.20%

0.75%

0.59%

0.16%

3.59%

5.04%

4.32%

0.73%

0.76%

0.78%

4.80%

5.38%

5.09%

0.16%

0.17%

* Data not available.

Headline CPI + 6% 0.26%

Ninety One Opportunity Prudential Domestic Real Return Plus 6%

0.28% 0.09%

SIM CPI + 6% Global 0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

Headline CPI + 6%

Minimum Return

Maximum Return

Median Composite Return

Composite Dispersion (1yr)

Composite Dispersion (3yrs)

Composite Dispersion (5yrs)

Ninety One Opportunity

11.99%

12.75%

12.34%

0.26%

0.29%

0.14%

Prudential Domestic Real Return Plus 6%

0.54%

1.31%

0.88%

0.28%

SIM CPI + 6% Global

4.86%

5.06%

4.99%

0.09%

* Data not available.

107

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Targeted Development Investments Manager Watch™ Survey Investment data to the end of December 2020 – Performance Data 1 Year Investment Managers

Classification

Fund Size (R m)

Fund

3 Years (p.a.) Rank

Target Return/ Benchmark

Fund

5 Years (p.a.)

Rank

Target Return/ Benchmark

Fund

Rank

Target Return/ Benchmark

Balanced Mergence SRI Fund

Pooled

7.72%

6.17%

8.30%

6.97%

9.22%

7.62%

Momentum Investments Supernation Fund

Pooled

3.25%

2.89%

2.67%

2.10%

6.33%

5.59%

Equity Element Earth Equity

Unit trust

Futuregrowth Development Equity Composite

Pooled

-11.12%

7.00%

-1.64%

3.13%

6.73%

6.70%

2600

-8.13%

13.17%

4.43%

13.97%

4.80%

14.62%

Mergence ESG Equity Fund

Segregated

Oasis Crescent Equity Fund

Pooled

1.57%

2.61%

-1.89%

-0.31%

2.35%

4.57%

5296

3.88%

6.10%

4.49%

5.38%

5.42%

Oasis Crescent International Feeder Fund

Pooled

7.69%

1788

12.22%

18.36%

8.58%

15.16%

3.02%

10.07%

Segregated

13749

7.54%

10.17%

12.36%

10.97%

12.69%

11.62%

Futuregrowth Infrastructure & Development Bond Fund

Pooled

15826

7.84%

8.65%

9.40%

8.29%

11.28%

10.07%

Futuregrowth Power Debt Composite

Pooled

8762

8.91%

5.39%

9.99%

6.63%

10.63%

6.96%

Mergence Infrastructure & Development Debt Fund

Pooled

274

8.55%

6.17%

9.86%

6.97%

10.57%

7.62%

OMIG Community Growth Gilt Fund

Unit trust

Prescient Clean Energy

Segregated

Alternative OMIG Alternative Investments IDEAS Fund Fixed Interest

5.92%

8.04%

7.57%

8.26%

9.50%

9.81%

1382

12.11%

6.17%

11.61%

6.97%

12.20%

7.62%

4561

6.37%

7.09%

9.22%

8.00%

13.06%

8.65%

Property Futuregrowth Community Property Fund

Pooled

Total

54 373

Statistics Alexander Forbes SA Best Investment View Average

1.99%

1.19%

Alexander Forbes SA Equity Average

-0.30%

-1.41%

3.18%

Alexander Forbes SA Bond Average

7.28%

9.13%

10.83%

Consumer Price Inflation (Headline CPI) [I-Net code: AECPI]

3.17%

3.97%

4.62%

FTSE/JSE Capped SWIX All Share Index

0.58%

-1.48%

S&P South Africa (DSW) Capped ESG

-4.00%

-2.78%

3.48%

*No performance history. #Inflation figures in this table are lagged by one month

108

4.83%

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Targeted Development Investments Manager Watch™ Survey Investment Data to the end of December for the past 5 Calendar years 2019 Investment Managers

Portfolio

2018

Benchmark

Portfolio

2017

Benchmark

Portfolio

2016

Benchmark

Portfolio

Benchmark

2015 Portfolio

Benchmark

3 Year Volatility

Rank

Balanced Mergence SRI Fund

9.54%

6.57%

7.65%

8.18%

11.93%

7.62%

9.31%

10.12%

7.39%

7.77%

0.78%

Momentum Investments Supernation Fund

10.42%

8.72%

-5.09%

-4.86%

13.79%

14.27%

10.41%

7.90%

-0.92%

0.78%

11.64%

Element Earth Equity

8.58%

12.05%

-1.39%

-8.52%

15.89%

20.95%

25.57%

4.26%

-15.64%

5.49%

15.42%

Futuregrowth Development Equity Composite

9.85%

13.57%

12.83%

15.18%

4.83%

14.62%

5.89%

16.62%

23.00%

14.79%

7.60%

Equity

Mergence ESG Equity Fund

4.67%

9.32%

-11.18%

-11.67%

15.57%

21.21%

2.90%

4.13%

5.12%

3.62%

16.89%

Oasis Crescent Equity Fund

10.68%

10.57%

-0.76%

-0.25%

5.24%

9.59%

8.42%

12.93%

-1.43%

-5.54%

10.97%

Oasis Crescent International Feeder Fund

17.73%

21.97%

-3.11%

5.80%

-0.09%

11.70%

-9.27%

-5.30%

29.82%

29.34%

15.77%

13.53%

10.57%

16.20%

12.18%

13.51%

11.62%

12.84%

13.10%

14.92%

11.97%

6.57%

11.26%

10.45%

9.12%

5.82%

11.75%

10.22%

16.63%

15.44%

-0.71%

-3.92%

9.63%

Alternative OMIG Alternative Investments IDEAS Fund Fixed Interest Futuregrowth Infrastructure & Development Bond Fund

Futuregrowth Power Debt Composite

9.90%

7.28%

11.16%

7.23%

11.22%

7.54%

11.99%

7.39%

10.54%

6.47%

0.64%

Mergence Infrastructure & Development Debt Fund

10.58%

6.57%

10.48%

8.18%

11.45%

7.62%

11.85%

10.12%

8.29%

7.77%

0.45%

OMIG Community Growth Gilt Fund

9.14%

9.70%

7.67%

7.07%

9.91%

9.59%

15.07%

14.81%

-3.91%

-4.49%

9.09%

Prescient Clean Energy Fund

11.11%

6.57%

11.62%

8.18%

12.42%

7.62%

13.74%

10.89%

1.27%

9.40%

7.75%

11.97%

9.18%

14.05%

8.62%

24.31%

10.61%

17.44%

8.77%

1.68%

Property Futuregrowth Community Property Fund Statistics & Market Indices Alexander Forbes SA Best Investment View Average

7.57%

-5.55%

12.46%

8.62%

10.07%

13.19%

Alexander Forbes SA Equity Average

7.16%

-10.30%

13.91%

7.10%

10.13%

18.64%

Alexander Forbes SA Bond Average

11.58%

8.57%

11.67%

15.23%

7.53%

8.90%

Consumer Price Inflation (Headline CPI) [I-Net code: AECPI]

3.56%

5.18%

4.62%

6.61%

5.80%

1.35%

FTSE/JSE Capped SWIX All Share Index

6.75%

-10.94%

16.49%

S&P South Africa (DSW) Capped ESG

3.64%

-10.79%

15.64%

6.28%

1.51%

20.29%

18.64%

*No performance history. #Inflation figures in this table are lagged by one month

109

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Targeted Development Investments Manager Watch™ Survey

Return (p.a.)

Volatility vs Return – TDI Balanced, Equity, Absolute, Alternative & Property Portfolios 3 years ended 31 December 2020

Volatility (p.a.) (standard deviation)

Return (p.a.)

Volatility vs Return – TDI Fixed Interest Portfolios 3 years ended 31 December 2020

Volatility (p.a.) (standard deviation)

110

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SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Fund of Hedge Funds Manager Watch™ Survey Objective: The portfolios in this survey show the performance of fund of hedge fund (FoHF) managers. FoHF managers select a number of underlying single hedge fund managers to provide diversification across a range of alternative strategies.

Investment Data to the end of December 2020 Fund Status Open / Closed

Inception Date

AF Investments Moderate QI Hedge Fund of Funds

Open

Mar-00

1560.84

30% FTSE/JSE CAPPED SWIX ALSI + 70% STeFI

AF Investments Performance QI Hedge Fund of Funds

Open

Jan-06

7393.47

40% FTSE/JSE CAPPED SWIX ALSI + 60% STeFI

15% FTSE/JSE CAPPED 1503.80 SWIX ALSI + 85% STeFI

Investment Manager

Fund Size (R m)

Return Objectives

3 Years

5 Years

Calendar Year 2018

9.26%

8.07%

6.72%

11.50%

3.60%

7.60%

9.79%

7.25%

6.64%

10.53%

1.67%

7.88%

1 Year

Calendar Year 2017

Calendar Year 2016

Multi Strategy

AF Investments Stable QI Hedge Fund of Funds

Open

Jan-06

6.31%

7.93%

7.66%

9.92%

7.58%

5.82%

Alpha Cautious Hedge Fund

Open

Mar-04

106.27 CPI + (4% - 6%) net of fees

13.07%

7.75%

5.76%

6.34%

3.82%

1.77%

Mayibentsha Focused Fund of Hedge Funds

Open

Dec-08

505.61 CPI + 4.5%

13.56%

7.83%

4.42%

6.60%

3.16%

1.95%

Mayibentsha Moderate Fund of Hedge Funds

Open

Apr-03

440.29 CPI + 3.5%

12.97%

8.41%

6.25%

7.07%

4.76%

4.17%

Mayibentsha Neutral Fund of Hedge Funds

Open

Apr-08

430.56 CPI + 2.5%

9.13%

8.18%

7.14%

8.22%

6.61%

5.86%

Momentum Investments ZAR Diversified Fund

Open

Nov-07

483.63 STeFI + 4% net of fees

1.80%

7.45%

6.69%

14.87%

6.08%

5.17%

RCIS THINK Growth QI Hedge Fund

Open

Nov-14

137.20 STeFI + 3%

9.47%

7.28%

5.31%

10.95%

1.67%

5.91%

AF Investments Focus QI Hedge Fund of Funds

Open

Feb-11

779.42

5.57%

5.17%

4.08%

10.85%

-0.61%

4.21%

Alpha Equity Hedge Fund

Open

Nov-07

336.46 JSE All Share Index

7.01%

6.36%

4.95%

9.78%

2.66%

3.37%

Edge RCIS Matador Retail Hedge Fund

Open

May-04

257.11

TriAlpha Enhanced Fixed Income Fund

Open

Aug-07

203.06 STeFI + 2%

Specialist Mandates 65% FTSE/JSE CAPPED SWIX ALSI + 35% STeFI

FTSE/JSE SWIX All Share Index

7.81%

3.20%

3.09%

10.37%

-7.64%

6.23%

4.63%

6.90%

7.65%

8.22%

7.89%

9.02%

Highest

13.56%

8.41%

7.66%

14.87%

7.89%

9.02%

Median

9.13%

7.45%

6.25%

9.92%

3.60%

5.82%

Average

8.49%

7.06%

5.87%

9.63%

3.17%

5.31%

Lowest

1.80%

3.20%

3.09%

6.34%

-7.64%

1.77%

20.95%

Fund Size Total

14 137.71

Statistics

Number of participants Market Statistics

FTSE/JSE All Share Index

7.00%

3.12%

6.36%

12.05%

-8.53%

Short Term Fixed Interest Rate Index

5.39%

6.64%

6.97%

7.29%

7.25%

7.54%

All Bond Index

8.65%

8.88%

10.43%

10.32%

7.69%

10.22%

AECPI

3.17%

3.97%

4.62%

3.56%

5.18%

4.62%

AECPIXU

2.98%

4.02%

4.70%

3.73%

5.37%

4.61%

*No performance history. #Inflation figures in this table are lagged by one month

112

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Investment Data to the end of December 2020 – Quantitative Analysis 1 Year Investment Manager

Percentage of positive months

Worst month

3 Years Standard Deviation

Percentage of positive months

Worst month

Max Drawdown

Standard Deviation

Multi Strategy AF Investments Moderate QI Hedge Fund of Funds

75.00%

-5.60%

9.85%

80.56%

-5.60%

-7.87%

6.09%

AF Investments Performance QI Hedge Fund of Funds

66.67%

-3.78%

9.82%

69.44%

-3.78%

-6.85%

6.38%

AF Investments Stable QI Hedge Fund of Funds

83.33%

-4.80%

7.10%

86.11%

-4.80%

-5.39%

4.23%

Alpha Cautious Hedge Fund

75.00%

-6.60%

13.21%

75.00%

-6.60%

-9.50%

7.93%

Mayibentsha Focused Fund of Hedge Funds

75.00%

-4.25%

9.12%

69.44%

-4.25%

-5.93%

5.73%

Mayibentsha Moderate Fund of Hedge Funds

75.00%

-3.52%

6.98%

77.78%

-3.52%

-4.22%

4.31%

Mayibentsha Neutral Fund of Hedge Funds

83.33%

-4.21%

6.84%

88.89%

-4.21%

-4.42%

4.01%

Momentum Investments ZAR Diversified Fund

66.67%

-15.31%

20.93%

75.00%

-15.31%

-18.59%

12.23%

RCIS THINK Growth QI Hedge Fund

75.00%

-6.04%

11.46%

69.44%

-6.04%

-10.40%

7.17%

Specialist Mandates AF Investments Focus QI Hedge Fund of Funds

58.33%

-5.56%

13.14%

63.89%

-5.56%

-10.43%

8.78%

Alpha Equity Hedge Fund

58.33%

-8.52%

16.05%

66.67%

-8.52%

-14.06%

9.50%

Edge RCIS Matador Retail Hedge Fund

50.00%

-14.57%

26.49%

52.78%

-14.57%

-22.97%

17.15%

TriAlpha Enhanced Fixed Income Fund

83.33%

-1.37%

2.40%

91.67%

-1.37%

1.81%

17.15%

Statistics Highest

83.33%

-1.37%

26.49%

91.67%

-1.37%

Median

75.00%

-5.56%

9.85%

75.00%

-5.56%

-7.87%

6.38%

Average

71.15%

-6.47%

11.80%

74.36%

-6.47%

-9.38%

7.33%

Lowest

50.00%

-15.31%

2.40%

52.78%

-15.31%

-22.97%

1.81%

Number of participants

113

114

Total

Futuregrowth Community Property Fund

0% - 74% Listed Property Annually

Daily

FTSE/JSE All Property Index (Prior to Oct 2018 the benchmark was FTSE/JSE SA Listed Property)

STANLIB Property Income Fund

CPI + 4%

Daily

FTSE/JSE All Property Index (Prior to July 2018 the benchmark was FTSE/JSE SA Listed Property)

STANLIB MM Property

Total

Daily

FTSE/JSE All Property Index (Prior to July 2018 the benchmark was FTSE/JSE SA Listed Property)

Prudential Enhanced Index Tracker Property

Sesfikile Property Composite

Prescient Property

Daily

OMIG Quoted Property Daily

Daily

FTSE/JSE All Property Index (Prior to 1 July 2018 the benchmark was FTSE/JSE SA Listed Property)

Ninety One Property Unit Trust

Fund Weighted average of SA Listed Property Index and All Property Index (Prior to October 2018 the benchmark was FTSE/ JSE SA Listed Property)

Daily

FTSE/JSE All Property Index (Prior to Oct 2018 the benchmark was FTSE/JSE SA Listed Property)

FTSE/JSE Property Index

Daily

FTSE/JSE SA Listed Property

Momentum Investments Property

Daily

FTSE/JSE SA Listed Property

Momentum Investments Diversified Property

Daily

FTSE/JSE All Property Index (Prior to August 2018 the benchmark was FTSE/JSE SA Listed Property)

Coronation Property Equity

Daily

Weighted average of SA Listed Property Index and All Property Index (Prior to May 2018 the benchmark was FTSE/JSE SA Listed Property)

Catalyst FM Composite SA Listed Property Index Funds

Daily

Valuation Frequency

Daily

FTSE/JSE SA Listed Property

Benchmark Description

FTSE/JSE SA Listed Property

GIPS™ (Verified / Compliant)

Alexander Forbes Investments Property Fund

Absa Asset Management Domestic Property

75% - 100% Listed Property

Investment Managers

Monthly

Daily

N/A

Daily

N/A

Daily

N/A

Daily

Cash Flow Frequency in IRR Calc

50%

97%

90%

95%

85%

80%

95%

50%

95%

85%

75%

Minimum Listed Property Allocation

10%

50%

10%

15%

20%

50%

15%

25%

Maximum Cash Exposure Allowed

Up to 3 years

48 hours

24 hours

48 hours

24 hours

48 hours

24 hours

48 hours

Disinvestment Notice Period

N/A

48 hours

N/A

Lock-in Period

N/A

No. of Funds in Composite

42 380

4 561

37 819

4 518

1 175

13 076

855

562

2 649

2 653

836

1 324

775

5 287

1 596

2 513

Portfolio Size (R m)

SECTION 3

General information

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

SA Property Manager Watch™ Survey

-35.53%

-35.22%

-35.53%

-33.60%

-21.74%

-35.90%

-21.30%

-33.07%

9.22% -18.77% -19.58% -17.24% -20.44% -21.35% 30.57%

-20.68%

-34.49%

6.37% -29.94% -33.89% -30.13% -34.63% -36.72% 43.09%

-21.61%

9.22%

-21.01%

-19.01%

-15.96%

-21.35%

-20.70%

-15.23%

-20.51%

-20.23%

-19.86%

-19.75%

-19.41%

-18.86%

-18.73%

-35.53%

*No performance history.

Participants

Statistics Highest Upper Quartile Median Average Lower Quartile Lowest Range Number of

Market Statistics FTSE/JSE All Property Index FTSE/JSE SA Listed Property Index S&P South Africa Composite Property S&P South Africa Composite Property Capped

7.09%

-35.54%

-35.53%

-29.18%

-32.21%

-34.98%

-34.49%

-34.57%

-35.55%

-34.49%

-34.64%

-34.49%

-35.53%

-36.72%

-34.49%

-35.15%

-33.56%

-28.23%

-34.49%

-34.19%

-34.62%

-34.49%

Benchmark

-25.90%

0% – 74% Listed Property Futuregrowth Community Property 6.37% Fund

Absa Asset Management Domestic Property Alexander Forbes Investments Property Fund Catalyst FM Composite SA Listed Property Index Funds Coronation Property Equity Momentum Investments Diversified Property Momentum Investments Property Ninety One Property Unit Trust OMIG Quoted Property Prescient Property Prudential Enhanced Index Tracker Property Sesfikile Property Composite STANLIB MM Property STANLIB Property Income Fund

75% – 100% Listed Property

Specialist Property

Investment Managers 1 Year

3 Years (p.a.)

8.00%

-22.32%

-22.44%

-22.45%

-21.06%

-20.68%

-22.32%

-20.68%

-22.22%

-21.55%

-20.68%

Benchmark

13.06% -5.93% -7.53% -5.69% -8.10% -9.02% 22.07%

-12.82%

-13.37%

-8.42%

13.06%

-8.30%

-7.73%

-4.70%

-9.02%

-5.93%

-8.67%

-8.00%

-7.53%

-8.10%

-7.20%

-6.88%

-4.98%

5 Years (p.a.)

Investment Data to the end of December 2020

8.65%

-9.56%

-9.64%

-9.65%

-8.68%

-8.42%

-9.56%

-8.42%

-9.49%

-9.02%

-8.42%

Benchmark

13.08% 1.11% -0.01% 1.18% -1.02% -1.84% 14.92%

-4.18%

-4.59%

-1.79%

13.08%

-1.32%

-0.59%

2.23%

-1.84%

1.11%

-1.02%

-0.97%

-0.01%

-1.22%

0.45%

0.16%

5.32%

7 Years (p.a.)

8.97%

-2.66%

-2.73%

-2.74%

-1.99%

-1.79%

-2.67%

-1.79%

-2.61%

-2.25%

-1.79%

Benchmark

11.79% 5.36% 4.84% 5.57% 4.31% 3.64% 8.15%

2.62%

2.03%

3.52%

11.79%

4.14%

3.64%

5.75%

4.37%

4.73%

5.23%

4.96%

10 Years (p.a.)

9.16%

2.88%

3.37%

3.52%

2.88%

2.92%

3.18%

3.52%

Benchmark

9.40% 2.85% 2.07% 2.67% 1.42% 0.53% 8.86%

-3.92%

-2.15%

1.92%

-0.40%

9.40%

2.26%

2.05%

3.97%

0.86%

1.98%

2.86%

1.01%

2.08%

2.03%

0.53%

1.23%

4.30%

2.81%

Portfolio

7.75%

-0.40%

-0.39%

1.60%

1.92%

-0.40%

1.92%

-0.40%

0.40%

1.92%

Benchmark

2019

11.97% -20.08% -23.02% -20.62% -24.87% -29.55% 41.52%

-22.16%

-25.57%

-25.26%

-24.98%

11.97%

-27.42%

-23.22%

-19.38%

-25.16%

-25.20%

-17.48%

-23.25%

-24.00%

-22.82%

-18.76%

-22.17%

-29.55%

Portfolio

9.18%

-27.00%

-27.35%

-25.54%

-25.26%

-27.00%

-25.26%

-26.72%

-25.85%

-25.26%

Benchmark

2018

29.20% 18.69% 17.76% 17.97% 15.39% 14.05% 15.15%

9.14%

10.48%

17.15%

14.05%

16.39%

14.69%

19.98%

15.29%

17.37%

15.09%

18.44%

19.87%

18.72%

15.71%

18.59%

18.15%

29.20%

Portfolio

8.63%

17.15%

17.17%

17.15%

Benchmark

Calendar Year Returns 2017

24.31% 11.17% 10.67% 10.97% 9.60% 5.04% 19.27%

-3.76%

-9.38%

10.20%

24.31%

13.02%

9.79%

10.37%

11.17%

5.04%

6.83%

8.30%

10.67%

9.60%

10.87%

10.96%

11.72%

Portfolio

10.61%

10.20%

Benchmark

2016

30.40% 14.87% 14.04% 14.39% 11.79% 9.33% 21.06%

15.69%

17.45%

7.99%

17.44%

9.33%

12.10%

14.87%

10.81%

14.04%

11.79%

14.35%

10.11%

15.96%

11.83%

30.40%

Portfolio

8.77%

7.99%

Benchmark

2015

SECTION 1

SECTION 3 SECTION 2

SA Property Manager Watch™ Survey

115

SECTION 3

SECTION 4

SECTION 5

SECTION 6

116

-19.41%

-19.75%

-19.86%

-20.23%

-20.51%

-15.23%

-20.70%

-21.35%

-15.96%

-19.01%

-21.01%

Catalyst FM Composite SA Listed Property Index Funds

Coronation Property Equity

Momentum Investments Diversified Property

Momentum Investments Property

Ninety One Property Unit Trust

OMIG Quoted Property

Prescient Property

Prudential Enhanced Index Tracker Property

Sesfikile Property Composite

STANLIB MM Property

STANLIB Property Income Fund

-17.24%

-20.44%

-21.35%

Median

Average

Lower Quartile

Lowest

-19.58%

Upper Quartile

Number of participants

9.22%

-18.77%

Highest

Statistics

Futuregrowth Community Property Fund

9.22%

-18.86%

Alexander Forbes Investments Property Fund

0% – 74% Listed Property

-18.73%

3 Year Return

Rank

1.68%

30.16%

28.43%

30.65%

31.15%

32.49%

1.68%

30.22%

30.14%

26.80%

30.45%

31.15%

27.94%

32.49%

30.45%

31.64%

31.11%

31.13%

30.86%

32.02%

Volatility (Risk)

Rank

-0.29%

0.92%

2.07%

1.81%

2.39%

6.49%

1.22%

1.30%

3.43%

6.49%

-0.29%

-0.02%

5.45%

1.80%

0.45%

0.82%

2.47%

2.14%

1.82%

1.95%

Active Return

Calculated on 3 Year Performance Returns

Absa Asset Management Domestic Property

75% – 100% Listed Property

Specialist Property

Investment Managers

Rank

0.42%

1.97%

3.91%

3.12%

5.14%

10.51%

2.07%

4.18%

2.60%

5.16%

1.53%

0.42%

6.30%

5.09%

2.68%

1.62%

3.56%

1.93%

7.13%

10.51%

Tracking Error

-0.19

0.20

0.53

0.43

0.82

1.32

0.59

0.31

1.32

1.26

-0.19

-0.04

0.87

0.35

0.17

0.51

0.69

1.11

0.26

0.19

Information Ratio

Rank

-9.02%

-8.10%

-5.69%

-7.53%

-5.93%

13.06%

-8.30%

-7.73%

-4.70%

-9.02%

-5.93%

-8.67%

-8.00%

-7.53%

-8.10%

-7.20%

-6.88%

-4.98%

5 Year Return

Rank

5.82%

24.16%

23.15%

24.71%

25.06%

26.11%

5.82%

24.54%

24.16%

21.95%

24.67%

22.49%

26.11%

24.71%

25.50%

25.01%

25.06%

25.04%

25.84%

Volatility (Risk)

Rank

-0.33%

0.89%

1.93%

1.54%

2.48%

4.95%

4.41%

1.25%

1.91%

4.95%

-0.33%

2.48%

0.89%

0.41%

0.89%

1.39%

1.82%

1.54%

3.44%

Active Return

Calculated on 5 Year Performance Returns

Rank

1.40%

2.21%

3.89%

3.42%

5.50%

8.71%

5.97%

3.42%

2.83%

4.15%

1.40%

5.50%

4.11%

2.21%

1.40%

3.03%

1.78%

6.05%

8.71%

Tracking Error

-0.24

0.25

0.49

0.45

0.68

1.19

0.74

0.37

0.68

1.19

-0.24

0.45

0.22

0.19

0.64

0.46

1.02

0.25

0.39

Information Ratio

Rank

SECTION 3

Investment Data to the end of December 2020 Volatility vs Return

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

SA Property Manager Watch™ Survey Risk

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Composite Dispersion of SA Property Watch™ Survey 1 Year to 31 December 2020 Absa Asset Management Domestic Property

1.44% 0.97%

Ashburton SA Property Ashburton SA Property Asset Class Composite

1.04% 0.49%

Catalyst FM Composite SA Listed Property 0.00%

0.20%

Property

0.40%

Minimum Return

0.60%

0.80%

Maximum Return

Median Composite Return

1.00%

1.20%

1.40%

1.60%

Composite Dispersion (1yr)

Composite Dispersion (3yrs)

Composite Dispersion (5yrs)

Absa Asset Management Domestic Property

-26.73%

-21.71%

-24.85%

1.44%

0.16%

0.14%

Ashburton SA Property

-34.30%

-31.60%

-32.55%

0.97%

Ashburton SA Property Asset Class Composite

-34.30%

-31.08%

-32.31%

1.04%

Catalyst FM Composite SA Listed Property

-34.62%

-32.58%

-33.42%

0.49%

0.58%

0.39%

* Data not available.

117

118

Portfolio

1 Year

Benchmark

Active Return

Rank

Portfolio

3 Years Benchmark

Active Return Rank Portfolio

5 Years Benchmark

Active Return Rank Portfolio

7 Years

3.97%

3.17%

6.13%

7.31%

4.02%

-1.02%

9.28%

6.28%

7.18%

4.45%

7.11%

5.83%

2.98%

7.72%

6.70%

0.10%

3.12% -0.31% 8.88% 6.64%

9.14%

9.24%

1.67%

-0.90%

-0.56%

-2.95%

-0.01%

-3.25%

7.00% 2.61% 8.65% 5.39%

7.17%

8.26%

6.28%

9.92%

7.17%

6.17%

4.22%

7.72%

7.71%

5.61%

8.73%

5.49%

*No performance history. #Inflation figures in this table are lagged by one month.

Market Data FTSE / JSE All Share Index (Free Float) FTSE / JSE SWIX All Share Index All Bond Short Term Fixed Interest Rate Index Consumer Price Inflation excluding OER [I-Net code: AECPIXU] Consumer Price Inflation (Headline CPI) [I-Net code: AECPI]

Alexander Forbes Investments Real Return Focus Portfolio Alexander Forbes Investments Stable Focus Momentum Investments Absolute Strategies Momentum Investments Real Return Old Mutual Multi-Managers Defensive Balanced fund SMM Moderate Absolute Fund STANLIB Multi-Manager Real Return Fund Medical Aid Mandates Alexander Forbes Investments Medical Schemes Real Return Focus 7.51%

9.27%

9.84%

7.89%

6.97%

7.97%

7.48%

8.52%

-1.38%

-1.96%

-0.57%

-1.61%

0.21%

-3.52%

-0.38%

-2.69%

4.62%

4.70%

6.36% 4.57% 10.43% 6.97%

7.07%

7.56%

6.20%

7.55%

6.13%

7.37%

6.53%

7.95%

10.03%

10.33%

8.49%

7.62%

8.62%

7.93%

8.96%

-0.88%

-2.96%

-2.77%

-2.29%

-0.07%

-2.50%

-0.56%

-2.43%

4.81%

4.89%

6.82% 5.92% 8.22% 6.75%

6.95%

7.59%

7.37%

6.28%

7.19%

7.24%

Equity Mandates Benchmark Cognisant Alexander Forbes Investments Pure 1.27% 0.58% 0.69% 3 -2.18% -1.48% -0.70% 5 2.36% 3.20% -0.84% 4 3.31% Equity Local Momentum Investments Classic Equity 4.54% 0.58% 3.96% 1 1.59% -1.69% 3.28% 1 5.61% 3.70% 1.91% 1 6.14% Momentum Investments Target Equity 2.40% 2.61% -0.21% 4 -0.17% -0.81% 0.64% 3 5.01% 4.48% 0.53% 3 * STANLIB Multi-Manager SA Equity 3.41% 0.58% 2.83% 2 1.09% -1.48% 2.57% 2 4.13% 3.40% 0.73% 2 4.63% Fund Sygnia Core Equity Fund 2.37% 2.61% -0.24% 5 -0.54% -0.31% -0.23% 4 3.14% 4.57% -1.43% 5 * Non Benchmark Cognisant Sygnia Absolute Focus Equity Fund 3.38% 2.61% 0.77% 1.78% -0.31% 2.09% 4.01% 4.57% -0.57% 6.90% Bond Mandates Alexander Forbes Investments Pure 7.10% 8.65% -1.56% 3 8.71% 8.90% -0.19% 2 10.76% 10.43% 0.33% 2 8.80% Fixed Interest Local Momentum Investments Moderate 7.64% 8.65% -1.02% 2 8.64% 8.88% -0.24% 3 10.49% 10.43% 0.05% 3 8.34% Bond FOF STANLIB Multi-Manager Bond 8.07% 8.65% -0.59% 1 9.14% 8.88% 0.26% 1 10.97% 10.43% 0.54% 1 * Money Market Mandates Alexander Forbes Investments Banker 6.55% 4.52% 2.03% 1 8.02% 5.92% 2.10% 1 8.37% 6.29% 2.08% 2 7.99% Momentum Investments Diversified 6.91% 5.39% 1.52% 3 8.24% 6.64% 1.60% 3 8.54% 6.97% 1.57% 3 8.05% Money Market Old Mutual Multi-Managers Money 5.85% 4.98% 0.86% 5 7.39% 6.30% 1.09% 5 7.67% 6.61% 1.06% 5 7.33% Market STANLIB MM Enhanced Yield 7.27% 5.39% 1.88% 2 8.36% 6.64% 1.72% 2 8.66% 6.21% 2.45% 1 * Sygnia Money Market Fund 6.39% 5.39% 1.00% 4 7.84% 6.63% 1.21% 4 8.15% 6.96% 1.19% 4 7.71% Absolute Return Mandates Alexander Forbes Investments Real 3.17% 8.73% -5.56% 8 4.18% 8.52% -4.34% 8 6.38% 8.96% -2.58% 6 6.48% Return Focus Local

Investment Managers

-0.44% * 0.98% 0.58% 0.12% * 1.90% 1.31% 0.90% * 0.97% -2.84%

5.07% * 5.92% 8.22% 8.22% * 6.09% 6.75% 6.43% * 6.74% 9.33%

8.32%

8.74%

7.81%

8.81%

8.31%

-1.37%

-1.15%

-0.44%

-2.54%

-1.12%

-2.09%

0.85% *

5.29% *

9.33%

-1.62%

4.92%

Benchmark

Active Return

5.07%

5.17%

9.61% 9.28% 8.24% 6.37%

7.29%

9.40%

7.42%

6.29%

7.83%

8.56%

7.43%

* *

7.01%

7.54%

7.57%

8.53%

8.89%

8.04%

9.70% *

7.16%

Rank Portfolio

10 Years

8.77%

9.40%

8.07%

9.07%

8.76%

9.79%

* *

6.15%

6.37%

5.78%

8.24%

8.67%

8.83% *

8.57%

Benchmark

-1.47%

0.00%

-0.65%

-2.78%

-0.92%

-1.23%

-2.36%

* *

0.86%

1.17%

1.79%

0.29%

0.64%

-0.63%

0.87% *

-1.41%

Active Return

380

1 027

528

696

295

990

3 827

3 944

6 200

1 135 1 064

480

182

22 280

3 183

154

3 844

5 078

8 026

17 911 692

9 667

Portfolio Rank Size (R M)

SECTION 3

Investment Data to the end of December 2020 – Performance Data

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

Multi-Manager Watch™ Survey (Specialist Mandates)

Portfolio

Benchmark

Calendar Year 2019

Active Return Rank

Benchmark

Calendar Year 2018 Portfolio

Active Return Rank

Benchmark

Calendar Year 2017 Portfolio

Active Return

-8.53% -11.67% 7.69% 7.25% 5.37% 5.18%

12.05% 9.32% 10.32% 7.29%

3.73%

3.56%

*No performance history. #Inflation figures in this table are lagged by one month.

4.62%

4.61%

20.95% 21.21% 10.22% 7.54%

10.49% 11.57% 9.40% 9.61%

8.74% 8.01% 8.96% 8.40% 7.70% 5.16% 6.38% 7.56% 6.97% 3.95% 2.15% 3.18% 7.73%

3 5 2 4 1 4 3 5 2 7 8 6

6.61%

6.85%

2.63% 4.13% 15.45% 7.39%

9.61% 10.61% 9.61%

8.97%

10.61%

7.02% 3.64% 7.39%

7.39%

6.82%

15.45% 15.45%

15.42%

16.53% 16.02% 16.24%

2.34% 1

4.13%

5.99% 4.63% 3.85% 1.82%

3 2

4.13% 4.13% 4.13% 4.13%

4.20%

3 1 4 5

4.13%

Benchmark

Calendar Year 2016 Portfolio

Rank

Equity Mandates Benchmark Cognisant Alexander Forbes Investments Pure Equity 5.36% 6.75% -1.39% 5 -12.28% -10.93% -1.34% 5 15.21% 17.57% -2.36% Local Momentum Investments Classic Equity 10.80% 6.75% 4.05% 1 -9.48% -11.50% 2.02% 2 18.24% 21.21% -2.98% Momentum Investments Target Equity 9.78% 6.75% 3.03% 2 -11.50% -10.90% -0.60% 4 22.67% 22.51% 0.16% STANLIB Multi-Manager SA Equity Fund 9.21% 6.75% 2.46% 3 -8.53% -10.94% 2.40% 1 14.14% 18.71% -4.57% Sygnia Core Equity Fund 9.30% 9.32% -0.02% 4 -12.06% -11.67% -0.40% 3 16.51% 21.21% -4.70% Non Benchmark Cognisant Sygnia Absolute Focus Equity Fund 11.70% 9.32% 2.38% -8.70% -11.67% 2.97% 12.80% 21.21% -8.42% Bond Mandates Alexander Forbes Investments Pure Fixed 10.32% 10.32% 0.00% 1 8.73% 7.74% 0.99% 2 11.35% 10.19% 1.16% Interest Local Momentum Investments Moderate Bond FOF 10.18% 10.32% -0.14% 3 8.12% 7.69% 0.44% 3 10.68% 10.22% 0.46% STANLIB Multi-Manager Bond 10.22% 10.32% -0.10% 2 9.15% 7.69% 1.46% 1 11.36% 10.22% 1.15% Money Market Mandates Alexander Forbes Investments Banker 8.72% 6.64% 2.08% 1 8.80% 6.61% 2.19% 1 8.81% 6.86% 1.95% Momentum Investments Diversified Money 8.71% 7.29% 1.42% 3 9.10% 7.25% 1.85% 2 9.24% 7.54% 1.71% Market Old Mutual Multi-Managers Money Market 8.33% 6.92% 1.41% 4 8.00% 6.99% 1.00% 5 8.21% 7.16% 1.05% STANLIB MM Enhanced Yield 8.91% 7.29% 1.62% 2 8.90% 7.25% 1.65% 3 9.28% 7.51% 1.77% Sygnia Money Market Fund 8.62% 7.27% 1.35% 5 8.52% 7.25% 1.27% 4 8.85% 7.54% 1.31% Absolute Return Mandates Alexander Forbes Investments Real Return 8.22% 7.63% 0.59% 8 1.28% 9.21% -7.93% 5 11.85% 8.62% 3.23% Focus Local Alexander Forbes Investments Real Return 8.79% 7.63% 1.16% 7 3.29% 9.21% -5.92% 3 10.05% 8.62% 1.43% Focus Portfolio Alexander Forbes Investments Stable Focus 9.61% 6.53% 3.08% 4 4.07% 8.21% -4.14% 2 9.19% 7.62% 1.57% 7 9.84% 8.62% 1.22% Momentum Investments Absolute Strategies 8.83% 7.57% 1.26% 6 0.47% 9.18% -8.71% Momentum Investments Real Return 9.60% 6.57% 3.03% 5 6.37% 8.18% -1.81% 1 9.25% 7.62% 1.63% Old Mutual Multi-Managers Defensive 11.90% 7.57% 4.34% 1 0.95% 9.37% -8.42% 6 8.25% 8.42% -0.17% Balanced fund SMM Moderate Absolute Fund 14.20% 10.50% 3.70% 2 3.94% 10.79% -6.85% 4 7.99% 10.58% -2.59% STANLIB Multi-Manager Real Return Fund 11.97% 8.51% 3.46% 3 1.04% 10.18% -9.14% 8 10.35% 9.61% 0.75% Medical Aid Mandates Alexander Forbes Investments Medical 9.39% 6.61% 2.78% 2.42% 8.21% -5.79% 9.26% 7.62% 1.64% Schemes Real Return Focus

Investment Managers

Investment Data to the end of December for the past 5 Calendar years

-1.88%

-9.41% -6.22%

-6.54%

-3.23% -3.05% -2.64%

-5.45%

-2.91%

0.98% 5.32% 1.01%

1.34%

2.15%

0.57% 0.78%

1.11%

-1.79%

1.86% 0.50% -0.28% -2.31%

0.07%

Active Return

8 6

4 3 1

5 1 4

3 2

1 2 4 5

Rank

4.77%

4.75%

5.13% 3.62% -3.93% 6.47%

4.12%

* *

12.15%

4.53% 4.91% 5.34%

8.06%

3.28%

6.73% 6.99% 7.21%

7.38%

-3.48% *

-2.56%

11.68%

2.68% * 0.40% 3.42%

1.11%

8.69%

* *

8.93%

8.69% 8.77% 7.77%

9.69%

6.06% 6.43% 6.46%

6.47%

5.79%

-3.93% *

-3.93%

3.62%

3.62% * 3.62% 3.62%

3.62%

Benchmark

Calendar Year 2015 Portfolio

-4.57%

* *

3.22%

-4.16% -3.86% -2.43%

-1.63%

-6.41%

0.66% 0.57% 0.75%

0.92%

1.58%

0.45% *

1.37%

8.06%

-0.93% * -3.22% -0.20%

-2.51%

Active Return

5 4 3

4 5 3

4 1

Rank

SECTION 1

SECTION 3 SECTION 2

Multi-Manager Watch™ Survey (Specialist Mandates)

119

SECTION 3

SECTION 4

SECTION 5

SECTION 6

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Multi-Manager Watch™ Survey Risk (Specialist Mandates) Investment Data to the end of December 2020 – Volatility vs Return 3 Year Return (p.a.)

Rank

Risk (Volatility)

Rank

Active Return

Rank

Tracking Error

Information Ratio

Rank

Alexander Forbes Investments Pure Equity Local

-2.18%

18.58%

-0.70%

1.48%

-0.47

Momentum Investments Classic Equity

1.59%

18.48%

3.28%

2.13%

1.54

Momentum Investments Target Equity

-0.17%

17.62%

0.64%

2.95%

0.22

Investment Managers Benchmark Cognisant

STANLIB Multi-Manager SA Equity Fund

1.09%

19.12%

2.57%

3.05%

0.84

Sygnia Core Equity Fund

-0.54%

17.71%

-0.23%

0.22%

-1.05

3.52%

0.59

Non Benchmark Cognisant

Sygnia Absolute Focus Equity Fund

1.78%

18.11%

2.09%

Bond Mandates

Alexander Forbes Investments Pure Fixed Interest Local

8.71%

8.92%

-0.19%

0.71%

-0.27

Momentum Investments Moderate Bond FOF

8.64%

9.13%

-0.24%

0.68%

-0.35

STANLIB Multi-Manager Bond

9.14%

9.28%

0.26%

1.20%

0.22

Alexander Forbes Investments Banker

8.02%

0.40%

2.10%

0.13%

16.03

Momentum Investments Diversified Money Market

8.24%

0.39%

1.60%

0.22%

7.18

Old Mutual Multi-Managers Money Market

7.39%

0.43%

1.09%

0.20%

5.53

STANLIB MM Enhanced Yield

8.36%

0.43%

1.72%

0.44%

3.89

Sygnia Money Market Fund

7.84%

0.39%

1.21%

0.15%

8.03

Alexander Forbes Investments Real Return Focus Local

4.18%

7.77%

-4.34%

8.19%

-0.53

Alexander Forbes Investments Real Return Focus Portfolio

5.83%

6.46%

-2.69%

6.75%

-0.40

Alexander Forbes Investments Stable Focus

7.11%

3.70%

-0.38%

4.24%

-0.09

Momentum Investments Absolute Strategies

4.45%

8.48%

-3.52%

9.05%

-0.41

Momentum Investments Real Return

7.18%

4.49%

0.21%

5.16%

0.02

Old Mutual Multi-Managers Defensive Balanced fund

6.28%

7.45%

-1.61%

7.79%

-0.24

SMM Moderate Absolute Fund

9.28%

8.95%

-0.57%

9.27%

-0.06

STANLIB Multi-Manager Real Return Fund

7.31%

10.24%

-1.96%

10.50%

-0.19

6.06%

-0.23

Money Market Mandates

Absolute Return Mandates

Medical Aid Mandates

Alexander Forbes Investments Medical Schemes Real Return Focus

6.13%

5.64%

FTSE / JSE All Share Index (Free Float)

3.12%

17.73%

FTSE / JSE SWIX All Share Index

-0.31%

17.70%

All Bond

8.88%

9.07%

Short Term Fixed Interest Rate Index

6.64%

0.32%

Market Indices & Statistics

120

-1.38%

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Multi-Manager Watch™ Survey (Balanced Mandates) Fixed Asset Allocation: Managers included in the survey typically make use of fixed asset allocations, which means that they balance the asset allocation back to the strategic long-term asset allocation target (from time to time, according to predefined strategies) with no intention to enhance returns from an asset allocation point of view. However, while some of these managers adhere rigidly to these fixed asset allocations, others may allow these allocations to drift slightly within certain margins. Strategic Asset Allocation: Although managers included in the survey may have long-term strategic asset allocation targets, they actively manage the asset allocation in an attempt to enhance returns. The different categories above (Low Volatility, Best Investment View and Dynamic) represent the different risk profiles of the funds. The Low Volatility category represents the manager’s most conservatively managed portfolio while the Dynamic category represents the manager’s most aggressively managed portfolio, according to the manager’s discretion.

Investment Data to the end of December 2020 – Performance Data 1 Year Investment Managers

Portfolio

3 Years Benchmark

Active Return

Rank

Portfolio

4.61% 3.57% 6.17%

1.30% 0.73% 2.22%

2 3 1

5.40% 5.16% 1.11% 9.01%

0.67% 0.65% 2.44% 0.33%

4.83% 5.76% -1.82% -1.82% 5.30% 9.09%

5 Years Benchmark

Active Return

Rank

Portfolio

Benchmark

Active Return

Rank

5.11% 4.76% 7.21%

4.05% 3.62% 6.65%

1.05% 1.14% 0.55%

2 1 3

6.36% 5.91% 7.75%

5.43% 5.55% 6.40%

0.93% 0.37% 1.35%

2 3 1

2 3 1 4

5.49% 4.35% 4.36% 7.73%

4.66% 3.94% 2.45% 7.20%

0.82% 0.41% 1.91% 0.53%

2 4 1 3

5.93% 5.78% 5.94% 7.25%

6.09% 5.35% 5.05% 7.91%

-0.16% 0.43% 0.89% -0.66%

3 2 1 4

0.71% 1.14% 3.46% 2.84% 1.29% 0.56%

5 4 1 2 3 6

4.73% 4.48% 2.95% 3.00% 5.38% 7.34%

3.91% 3.96% 0.83% 0.84% 4.25% 6.70%

0.82% 0.52% 2.13% 2.16% 1.13% 0.65%

4 6 2 1 3 5

5.36% 5.67% * 5.37% 6.86% 6.97%

5.66% 5.27% * 4.16% 6.24% 7.63%

-0.30% 0.39% * 1.21% 0.62% -0.67%

4 3 1 2 5

4.49% 6.38% -1.30% -1.30% 8.17% 4.94% 9.12%

0.63% 0.07% 2.10% 2.00% 1.09% 0.22% 1.14%

5 7 1 2 4 6 3

4.04% 3.97% 2.59% 2.85% 5.39% 4.57% 7.14%

3.36% 4.14% 0.83% 0.84% 8.97% 3.72% 6.36%

0.68% -0.16% 1.76% 2.01% -3.58% 0.85% 0.78%

5 6 2 1 7 3 4

4.71% 5.19% 5.27% 5.36% 6.79% 6.42% 6.80%

5.36% 5.25% 4.17% 4.18% 9.62% 6.21% 7.36%

-0.65% -0.06% 1.09% 1.18% -2.83% 0.21% -0.56%

6 4 2 1 7 3 5

7.15% -1.33% -1.33% -1.60% 4.78% 4.30% 9.11%

-0.17% 1.36% 1.61% 1.92% 0.45% 0.84% 1.05%

7 3 2 1 6 5 4

3.95% 1.82% 2.24% 1.59% 3.69% 4.04% 6.61%

4.32% 0.33% 0.33% 0.22% 3.11% 3.04% 5.81%

-0.37% 1.48% 1.91% 1.38% 0.59% 0.99% 0.80%

7 2 1 3 6 4 5

5.30% 5.09% 5.21% 4.84% 5.94% 6.09% 6.35%

5.51% 3.94% 3.94% 3.87% 5.75% 5.86% 7.07%

-0.21% 1.15% 1.27% 0.97% 0.19% 0.23% -0.72%

6 2 1 3 5 4 7

Fixed Asset Allocation Equity Band: 15% – 34% (Local & International Equity) Alexander Forbes Investments Low Equity 5.91% Momentum Investments Enhanced Factor 3 4.30% Old Mutual Multi-Managers Inflation Plus 1-3% 8.39% Equity Band: 35% – 44% (Local & International Equity) 27four CPI+3% Fund 6.07% Alexander Forbes Investments 37.5% Equity 5.80% Momentum Investments Enhanced Factor 4 3.55% Sygnia Signature 40 Fund 9.34% Equity Band: 45% – 54% (Local & International Equity) 27four CPI+5% Fund 5.55% Alexander Forbes Investments Medium Equity 6.90% Momentum Investments Classic Factor 5 1.65% Momentum Investments Enhanced Factor 5 1.02% SMM 50 6.59% Sygnia Signature 50 Fund 9.65% Equity Band: 55% – 69% (Local & International Equity) 27Four CPI +7% Fund 5.11% Alexander Forbes Investments 62.5% Equity 6.46% Momentum Investments Classic Factor 6 0.80% Momentum Investments Enhanced Factor 6 0.71% Old Mutual Multi-Managers Inflation Plus 3-5% 9.26% SMM 60 5.16% Sygnia Signature 60 Fund 10.26% Equity Band: 70% – 75% (Local & International Equity) Alexander Forbes Investments High Equity 6.98% Momentum Investments Classic Factor 7 0.03% Momentum Investments Enhanced Factor 7 0.28% Momentum Investments Target Factor 7 0.32% Sanlam Lifestage Accumulation 5.23% SMM 70 5.14% Sygnia Signature 70 Fund 10.16%

Strategic Asset Allocation Low Volatility Alexander Forbes Investments (Conserver) 9.29% 7.74% 1.55% 1 7.91% 6.05% 1.85% 1 7.85% 6.69% 1.16% 1 Nedgroup Investments XS Guarded Fund of 6.87% 8.20% -1.33% 2 5.69% 8.45% -2.76% 3 6.59% 7.81% -1.23% 3 Funds STANLIB Multi-Manager Defensive Balanced 7.80% 7.14% 0.66% 2 6.33% 7.28% -0.95% 2 6.42% 7.84% -1.42% 3 Fund Best Investment View Alexander Forbes Investments (Performer) 9.37% 5.41% 3.96% 3 6.40% 4.64% 1.76% 3 7.21% 5.73% 1.49% 3 Alexander Forbes Investments (Spectrum) 6.15% 6.27% -0.12% 6 4.83% 4.88% -0.05% 6 6.12% 5.89% 0.23% 6 Momentum Investments Flexible Factor 6 3.60% -1.35% 4.94% 2 4.38% 0.82% 3.56% 2 5.70% 4.17% 1.53% 2 Momentum Investments Flexible Factor 7 4.35% -1.60% 5.95% 1 5.04% 0.22% 4.82% 1 6.04% 3.87% 2.17% 1 Nedgroup Investments XS Diversified Fund of 1.70% 10.56% -8.86% 7 3.14% 9.91% -6.77% 7 4.76% 10.30% -5.54% 7 Funds Old Mutual Multi Managers Managed 6.76% 5.41% 1.35% 5 5.20% 4.64% 0.56% 5 6.39% 5.70% 0.69% 5 STANLIB Multi Manager Balanced Fund 8.14% 5.11% 3.03% 4 6.11% 4.79% 1.32% 4 6.62% 5.91% 0.71% 4 *No performance history. #Inflation figures in this table are lagged by one month.

121

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Investment Data to the end of December 2020 – Performance Data 7 Years Investment Managers

Portfolio

10 Years Benchmark

Active Return

Rank

Portfolio

Benchmark

Active Return

Rank

Equity Allocation

Fixed Asset Allocation Domestic

International

Equity Band: 15% – 34% (Local & International Equity) Alexander Forbes Investments Low Equity

6.83%

6.26%

0.58%

8.49%

7.90%

0.58%

17.62%

8.18%

Momentum Investments Enhanced Factor 3

6.93%

6.53%

0.40%

8.05%

8.25%

-0.20%

21.26%

18.84%

Old Mutual Multi-Managers Inflation Plus 1-3%

8.54%

6.07%

2.46%

4.70%

18.32%

Equity Band: 35% – 44% (Local & International Equity) 27four CPI+3% Fund

7.95%

7.17%

0.78%

Alexander Forbes Investments 37.5% Equity

6.60%

6.50%

0.10%

8.75%

8.63%

0.12%

24.91%

15.00%

25.44%

11.41%

Momentum Investments Enhanced Factor 4

7.16%

6.38%

0.78%

8.71%

8.24%

0.47%

27.08%

19.24%

Sygnia Signature 40 Fund

8.96%

8.45%

0.51%

10.95%

9.79%

1.17%

22.42%

18.02%

36.66%

18.69%

34.54%

11.98%

41.22%

20.04%

38.68%

20.65%

Equity Band: 45% - 54% (Local & International Equity) 27four CPI+5% Fund

7.84%

7.06%

0.78%

Alexander Forbes Investments Medium Equity

6.60%

6.72%

-0.12%

9.13%

9.37%

-0.24%

9.17%

8.56%

0.61%

Momentum Investments Classic Factor 5 Momentum Investments Enhanced Factor 5

7.02%

6.13%

0.89%

SMM 50

7.21%

7.11%

0.10%

9.32%

9.20%

0.12%

34.67%

16.42%

Sygnia Signature 50 Fund

8.89%

8.40%

0.49%

11.26%

10.10%

1.16%

31.34%

20.33%

45.93%

20.09%

Equity Band: 55% – 69% (Local & International Equity) 27Four CPI +7% Fund

7.68%

7.11%

0.58%

Alexander Forbes Investments 62.5% Equity

6.45%

7.00%

-0.55%

9.33%

9.93%

-0.60%

34.54%

19.86%

Momentum Investments Classic Factor 6

6.99%

6.53%

0.46%

10.06%

9.64%

0.42%

48.26%

25.56%

Momentum Investments Enhanced Factor 6

7.19%

6.54%

0.65%

10.39%

9.59%

0.81%

Old Mutual Multi-Managers Inflation Plus 3-5%

8.24%

9.81%

-1.57%

42.11%

26.87%

32.97%

25.50%

SMM 60

6.84%

7.15%

-0.31%

9.17%

9.55%

-0.39%

37.79%

19.12%

Sygnia Signature 60 Fund

8.95%

8.49%

0.46%

11.68%

10.58%

1.10%

38.36%

23.41%

Equity Band: 70% – 75% (Local & International Equity) Alexander Forbes Investments High Equity

6.57%

7.28%

-0.71%

9.64%

10.43%

-0.79%

Momentum Investments Classic Factor 7

6.92%

6.45%

0.47%

Momentum Investments Enhanced Factor 7

7.18%

6.45%

0.72%

10.80%

9.85%

0.95%

Momentum Investments Target Factor 7

38.76%

26.15%

49.01%

26.92%

43.37%

27.48%

50.10%

26.40%

Sanlam Lifestage Accumulation

6.97%

7.42%

-0.45%

48.02%

21.44%

SMM 70

6.70%

7.05%

-0.36%

9.49%

9.72%

-0.23%

47.69%

23.35%

Sygnia Signature 70 Fund

8.88%

8.42%

0.47%

11.78%

10.89%

0.90%

46.00%

26.70%

Strategic Asset Allocation Low Volatility Alexander Forbes Investments (Conserver)

7.69%

7.32%

0.36%

9.26%

9.05%

0.20%

26.19%

6.89%

Nedgroup Investments XS Guarded Fund of Funds

7.87%

8.27%

-0.39%

9.67%

8.45%

1.22%

18.35%

16.30%

STANLIB Multi-Manager Defensive Balanced Fund

17.78%

19.19%

Best Investment View Alexander Forbes Investments (Performer)

8.30%

6.96%

1.34%

11.24%

10.02%

1.22%

41.61%

24.74%

Alexander Forbes Investments (Spectrum)

6.86%

6.61%

0.25%

9.84%

9.78%

0.06%

42.90%

21.07%

Momentum Investments Flexible Factor 6

7.68%

6.53%

1.15%

39.81%

26.82%

Momentum Investments Flexible Factor 7

7.82%

6.40%

1.42%

40.67%

26.88%

Nedgroup Investments XS Diversified Fund of Funds

6.21%

10.37%

-4.16%

43.41%

20.84%

Old Mutual Multi Managers Managed

7.32%

7.00%

0.32%

29.40%

31.94%

49.71%

25.05%

STANLIB Multi Manager Balanced Fund *No performance history. #Inflation figures in this table are lagged by one month.

122

Portfolio

2.95% 1.07%

9.97% 11.08% 11.08% 10.99% 10.86% 9.76% 11.83%

Equity Band: 70% - 75% (Local & International Equity) Alexander Forbes Investments High Equity 9.36% Momentum Investments Classic Factor 7 12.26% Momentum Investments Enhanced Factor 7 12.53% Momentum Investments Target Factor 7 12.46% Sanlam Lifestage Accumulation 12.22% SMM 70 12.24% Sygnia Signature 70 Fund 13.03%

6.53%

9.91%

9.48%

0.47%

8.73%

10.88% 11.91%

9.20%

12.62% 11.85%

1.74% -0.06%

0.06% 0.04% 2.18% 2.58%

2.95%

3.25%

1.76%

-0.61% 1.18% 1.45% 1.47% 1.35% 2.47% 1.20%

10.88% 10.87% 10.76% 10.99%

10.94% 10.91% 12.94% 13.57%

8.30%

6.66%

10.06%

*No performance history. #Inflation figures in this table are lagged by one month.

Best Investment View Alexander Forbes Investments (Performer) Alexander Forbes Investments (Spectrum) Momentum Investments Flexible Factor 6 Momentum Investments Flexible Factor 7 Nedgroup Investments XS Diversified Fund of Funds Old Mutual Multi Managers Managed STANLIB Multi Manager Balanced Fund

Strategic Asset Allocation Low Volatility Alexander Forbes Investments (Conserver) Nedgroup Investments XS Guarded Fund of Funds STANLIB Multi-Manager Defensive Balanced Fund

3.38%

2.34% -0.09% 1.42% 1.47%

9.82% 8.91% 10.76% 10.76%

9.29% 11.40%

2.16% 0.46% 1.62% 1.89% 2.85% 1.04%

8.57%

9.42% 8.14% 9.14% 9.14% 8.73% 10.96%

Equity Band: 45% - 54% (Local & International Equity) 27four CPI+5% Fund 11.58% Alexander Forbes Investments Medium Equity 8.60% Momentum Investments Classic Factor 5 10.76% Momentum Investments Enhanced Factor 5 11.03% SMM 50 11.58% Sygnia Signature 50 Fund 12.00%

2.72% 0.42% 1.62% 1.01%

Equity Band: 55% - 69% (Local & International Equity) 27Four CPI +7% Fund 12.16% Alexander Forbes Investments 62.5% Equity 8.82% Momentum Investments Classic Factor 6 12.17% Momentum Investments Enhanced Factor 6 12.22% Old Mutual Multi-Managers Inflation Plus 11.95% 3-5% SMM 60 12.24% Sygnia Signature 60 Fund 12.47%

8.86% 7.53% 8.33% 10.51%

6.12%

6.57%

Equity Band: 35% – 44% (Local & International Equity) 27four CPI+3% Fund 11.58% Alexander Forbes Investments 37.5% Equity 7.95% Momentum Investments Enhanced Factor 4 9.95% Sygnia Signature 40 Fund 11.52%

1.04% 1.43%

Active Return

6.99% 8.08%

Benchmark

Calendar Year 2019

Fixed Asset Allocation Equity Band: 15% - 34% (Local & International Equity) Alexander Forbes Investments Low Equity 8.03% Momentum Investments Enhanced Factor 3 9.51% Old Mutual Multi-Managers Inflation Plus 12.68% 1-3%

Investment Managers

Performance Data

3 7

5 6 2 1

7 6 3 2 4 1 5

2 6

3 7 5 4

2 6 4 3 1 5

1 4 2 3

3 2

Rank

-3.16% -1.21%

-1.20%

-0.71% -2.15% -2.80% -2.22%

1.86%

4.25%

4.45%

-4.00% -6.01% -5.29% -7.06% -5.58% -4.58% -2.68%

-3.13% -0.82%

-4.29%

-4.48% -2.97% -4.50% -3.73%

-2.46% -1.76% -3.07% -2.57% -1.59% 0.71%

-0.82% -0.51% -0.17% 2.54%

0.89%

1.49% 0.66%

Portfolio

-1.96% -2.17%

10.44%

-1.96% -2.08% -6.21% -7.85%

8.16%

8.34%

2.22%

-3.65% -7.85% -7.85% -7.85% -5.63% -4.44% -2.91%

-2.71% -1.03%

10.18%

-3.76% -2.52% -6.22% -6.21%

-2.20% -1.77% -4.35% -4.31% -1.03% 0.35%

-0.07% -0.67% -1.83% 2.27%

7.28%

0.65% -0.60%

Benchmark

Calendar Year 2018

Investment Data to the end of December for the past 5 Calendar years

-1.20% 0.96%

-11.64%

1.25% -0.07% 3.40% 5.63%

-6.30%

-4.09%

2.23%

-0.35% 1.84% 2.56% 0.79% 0.06% -0.14% 0.23%

-0.42% 0.21%

-14.48%

-0.72% -0.45% 1.71% 2.48%

-0.27% 0.01% 1.28% 1.75% -0.57% 0.36%

-0.74% 0.17% 1.66% 0.27%

-6.38%

0.84% 1.26%

Active Return

6 4

3 5 2 1

7 2 1 3 5 6 4

4 3

6 5 2 1

5 4 2 1 6 3

4 3 1 2

2 1

Rank

12.52% 11.70%

9.67%

11.93% 11.81% 11.92% 11.95%

9.41%

8.13%

10.26%

12.70% 15.85% 15.57% 17.11% 15.44% 14.12% 12.59%

13.15% 11.98%

13.65%

10.46% 11.91% 14.51% 14.16%

10.24% 11.12% * 12.68% 12.63% 11.62%

9.50% 10.60% 10.69% 10.98%

10.95%

9.99% 9.03%

Portfolio

11.53% 11.94%

9.85%

11.30% 11.22% 15.89% 16.62%

7.62%

7.76%

10.29%

13.04% 16.62% 16.62% 16.62% 15.89% 16.04% 15.06%

14.87% 13.90%

9.62%

12.89% 11.87% 15.89% 15.89%

11.78% 11.14% * 14.16% 13.39% 13.06%

10.57% 10.30% 12.21% 11.92%

5.27%

9.37% 10.60%

Benchmark

Calendar Year 2017

1.00% -0.23%

-0.18%

0.63% 0.58% -3.97% -4.66%

1.79%

0.38%

-0.02%

-0.34% -0.76% -1.04% 0.49% -0.45% -1.92% -2.47%

-1.71% -1.92%

4.03%

-2.43% 0.04% -1.39% -1.73%

-1.54% -0.02% * -1.48% -0.76% -1.44%

-1.07% 0.30% -1.52% -0.95%

5.68%

0.62% -1.56%

Active Return

1 5

2 3 6 7

2 4 5 1 3 6 7

4 6

7 2 3 5

4 2 3

5 1

3 1 4 2

2 3

Rank

4.03% 3.24%

4.87%

5.05% 4.48% 3.63% 3.32%

3.77%

6.43%

5.31%

2.29% 4.82% 4.38% 3.14% 3.69% 4.58% -0.27%

5.51% 0.89%

4.40%

1.17% 2.38% 4.54% 4.52%

2.53% 3.97% * 5.48% 5.70% 1.44%

3.76% 5.37% 6.06% 2.26%

6.22%

6.55% 6.30%

Portfolio

3.23% 3.46%

11.95%

3.58% 3.74% 3.25% 3.00%

9.79%

9.81%

5.06%

1.89% 3.00% 3.00% 3.00% 4.10% 4.73% 3.25%

5.44% 4.07%

11.61%

4.12% 2.24% 3.25% 3.25%

5.01% 3.56% * 4.76% 5.35% 5.19%

6.02% 4.75% 6.00% 6.09%

6.76%

5.71% 6.43%

Benchmark

Calendar Year 2016

0.80% -0.23%

-7.08%

1.47% 0.74% 0.38% 0.33%

-6.02%

-3.38%

0.25%

0.40% 1.82% 1.38% 0.14% -0.41% -0.16% -3.52%

0.07% -3.19%

-7.21%

-2.94% 0.15% 1.29% 1.27%

-2.48% 0.40% * 0.72% 0.36% -3.75%

-2.26% 0.62% 0.06% -3.84%

-0.54%

0.84% -0.13%

Active Return

2 6

1 3 4 5

3 1 2 4 6 5 7

4 6

5 3 1 2

1 3 5

4 2

3 1 2 4

1 2

Rank

8.02% 10.55%

8.57%

10.64% 7.21% 11.76% 11.39%

9.55%

6.65%

8.56% 9.37% 10.31% * 6.62% 4.81% 16.19%

4.65% 15.22%

10.97%

15.46% 8.33% 9.95% 10.61%

13.78% 7.01% * 10.11% 5.41% 14.96%

12.91% 6.71% 9.30% 14.55%

8.69%

6.03% 8.71%

Portfolio

9.03% 8.12%

10.00%

8.58% 6.76% 10.48% 10.24%

7.91%

7.17%

9.81% 10.24% 10.24% * 8.72% 6.82% 9.94%

6.18% 9.64%

9.77%

9.00% 9.70% 10.48% 10.48%

8.03% 8.10% * 8.65% 6.62% 8.42%

7.64% 7.01% 7.12% 7.95%

5.23%

5.98% 6.63%

Benchmark

Calendar Year 2015

-1.01% 2.42%

-1.43%

2.06% 0.45% 1.28% 1.15%

1.65%

-0.52%

-1.25% -0.87% 0.06% * -2.09% -2.01% 6.25%

-1.53% 5.58%

1.21%

6.45% -1.36% -0.54% 0.12%

5.75% -1.09% * 1.46% -1.21% 6.54%

5.26% -0.29% 2.17% 6.60%

3.46%

0.05% 2.08%

Active Return

6 1

2 5 3 4

6 5 1

4 3 2

7 2

1 6 5 4

3 5 1

2 4

2 4 3 1

3 2

Rank

SECTION 1

SECTION 3 SECTION 2

Multi-Manager Watch™ Survey (Balanced Mandates)

123

SECTION 3

SECTION 4

SECTION 5

SECTION 6

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Multi-Manager Watch™ Survey Risk (Balanced Mandates) Fixed Asset Allocation: Managers included in the survey typically make use of fixed asset allocations, which mean that they balance the asset allocation back to the strategic long-term asset allocation target (from time to time, according to predefined strategies) with no intention to enhance returns from an asset allocation point of view. However, while some of these managers adhere rigidly to these fixed asset allocations, others may allow these allocations to drift slightly within certain margins. Strategic Asset Allocation: Although managers included in the survey may have long-term strategic asset allocation targets, they actively manage the asset allocation in an attempt to enhance returns. The different categories above (Low Volatility, Best Investment View and Dynamic) represent the different risk profiles of the funds. The Low Volatility category represents the manager’s most conservatively managed portfolio while the Dynamic category represents the manager’s most aggressively managed portfolio, according to the manager’s discretion.

Investment Data to the end of December 2020 – Volatility vs Return Risk vs Return (Calculated on 3 Year Performance) Investment Managers Fixed Asset Allocation Equity Band: 15% - 34% (Local & International Equity)

3 Year Return (p.a.)

Rank

Risk (Volatility)

Rank

Active Return

Rank

Tracking Error

Information Ratio

Rank

Alexander Forbes Investments Low Equity

5.11%

5.56%

1.05%

1.52%

0.69

Momentum Investments Enhanced Factor 3

4.76%

7.48%

1.14%

1.48%

0.77

Old Mutual Multi-Managers Inflation Plus 1-3%

7.21%

6.70%

0.55%

7.12%

0.07

Equity Band: 35% - 44% (Local & International Equity) 27four CPI+3% Fund Alexander Forbes Investments 37.5% Equity Momentum Investments Enhanced Factor 4 Sygnia Signature 40 Fund

5.49% 4.35% 4.36% 7.73%

2 4 3 1

8.33% 7.06% 9.42% 7.56%

3 1 4 2

0.82% 0.41% 1.91% 0.53%

2 4 1 3

3.16% 1.84% 1.70% 1.11%

0.26 0.22 1.13 0.48

3 4 1 2

Equity Band: 45% - 54% (Local & International Equity) 27four CPI+5% Fund Alexander Forbes Investments Medium Equity Momentum Investments Classic Factor 5 Momentum Investments Enhanced Factor 5 SMM 50 Sygnia Signature 50 Fund

4.73% 4.48% 2.95% 3.00% 5.38% 7.34%

3 4 6 5 2 1

9.71% 8.54% 12.09% 11.89% 10.92% 9.06%

3 1 6 5 4 2

0.82% 0.52% 2.13% 2.16% 1.13% 0.65%

4 6 2 1 3 5

3.82% 2.00% 1.92% 2.21% 1.55% 1.36%

0.22 0.26 1.11 0.98 0.73 0.48

6 5 1 2 3 4

Equity Band: 55% - 69% (Local & International Equity) 27Four CPI +7% Fund Alexander Forbes Investments 62.5% Equity Momentum Investments Classic Factor 6 Momentum Investments Enhanced Factor 6 Old Mutual Multi-Managers Inflation Plus 3-5% SMM 60 Sygnia Signature 60 Fund

4.04% 3.97% 2.59% 2.85% 5.39% 4.57% 7.14%

4 5 7 6 2 3 1

11.70% 9.74% 14.19% 13.66% 11.44% 12.06% 10.33%

4 1 7 6 3 5 2

0.68% -0.16% 1.76% 2.01% -3.58% 0.85% 0.78%

5 6 2 1 7 3 4

3.28% 2.05% 2.09% 2.48% 11.84% 1.72% 1.31%

0.21 -0.08 0.84 0.81 -0.32 0.49 0.60

5 6 1 2 7 4 3

Equity Band: 70% - 75% (Local & International Equity) Alexander Forbes Investments High Equity Momentum Investments Classic Factor 7 Momentum Investments Enhanced Factor 7 Momentum Investments Target Factor 7 Sanlam Lifestage Accumulation SMM 70 Sygnia Signature 70 Fund

3.95% 1.82% 2.24% 1.59% 3.69% 4.04% 6.61%

3 6 5 7 4 2 1

11.21% 14.76% 14.37% 13.46% 13.66% 13.86% 11.82%

1 7 6 3 4 5 2

-0.37% 1.48% 1.91% 1.38% 0.59% 0.99% 0.80%

7 2 1 3 6 4 5

2.01% 2.39% 2.75% 2.73% 1.31% 1.72% 1.46%

-0.18 0.62 0.69 0.50 0.45 0.58 0.55

7 2 1 5 6 3 4

Strategic Asset Allocation Low Volatility Alexander Forbes Investments (Conserver) Nedgroup Investments XS Guarded Fund of Funds STANLIB Multi-Manager Defensive Balanced Fund

7.91% 6.59% 6.33%

1 2 3

6.39% 7.92% 7.35%

1 3 2

1.85% -1.23% -0.95%

1 3 2

1.73% 8.19% 7.62%

1.07 -0.15 -0.12

1 3 2

6.40% 4.83% 4.38% 5.04% 3.14% 5.20% 6.11%

1 5 6 4 7 3 2

11.22% 11.92% 12.25% 12.48% 12.41% 13.98% 13.15%

1 2 3 5 4 7 6

1.76% -0.05% 3.56% 4.82% -6.77% 0.56% 1.32%

3 6 2 1 7 5 4

1.94% 0.69% 3.32% 4.04% 12.67% 3.32% 1.36%

0.91 -0.07 1.07 1.19 -0.53 0.17 0.97

4 6 2 1 7 5 3

#Inflation figures in this table are lagged by one month.

124

SECTION 1

SECTION 2

SECTION 3

SECTION 3 SECTION 4 SECTION 5

SECTION 6

Multi-Manager Watch™ Survey (Balanced Mandates) Excess Return vs Tracking Error Scatterplot – Multi-Managers Fixed & Strategic Asset Allocation 3 Years ended 31 December 2020 Alexander Forbes Investments (Conserver) Sygnia Signature 40 Fund Sygnia Signature 50 Fund Sygnia Signature 60 Fund Nedgroup Investments XS Guarded Fund of Funds

Sygnia Signature 70 Fund

Alexander Forbes Investments (Performer)

STANLIB Multi Manager Balanced Fund

STANLIB Multi-Manager Defensive Balanced Fund

Return (p.a.)

27four CPI+3% Fund Alexander Forbes Investments Low Equity

Old Mutual Multi Managers Managed

SMM 50

Momentum Investments Flexible Factor 7 Alexander Forbes Investments (Spectrum) 27four CPI+5% Fund SMM 60 Momentum Investments Momentum Investments Flexible Factor 6 Enhanced Factor 4 27Four CPI +7% Fund SMM 70

Momentum Investments Enhanced Factor 3 Alexander Forbes Investments 37.5% Equity

Alexander Forbes Investments Medium Equity Alexander Forbes Investments 62.5% Equity

Alexander Forbes Investments High Equity

Momentum Investments Enhanced Factor 5

Sanlam Lifestage Accumulation Momentum Investments Enhanced Factor 6

Momentum Investments Classic Factor 5 Momentum Investments Classic Factor 6

Momentum Investments Enhanced Factor 7 Momentum Investments Classic Factor 7 Momentum Investments Target Factor 7

Active Risk (p.a.) (tracking error)

Volatility vs Return – Multi-Managers Fixed & Strategic Asset Allocations 3 years ended 31 December 2020 Momentum Investments Enhanced Factor 3 STANLIB Multi Manager Balanced Fund

Return (p.a.)

Sygnia Signature 60 Fund

SMM 50

Momentum Investments Enhanced Factor 4 Alexander Forbes Investments (Conserver) Momentum Investments Flexible Factor 7 Momentum Investments Classic Factor 5 Alexander Forbes Investments (Performer) Momentum Investments Flexible Factor 6 Momentum Investments Enhanced Factor 5 Momentum Investments Classic Factor 6 Momentum Investments Enhanced Factor 6 Momentum Investments Enhanced Factor 7 Momentum Investments Classic Factor 7 SMM 70 Momentum Investments Target Factor 7 27Four CPI +7% Fund SMM 60 27four CPI+5% Fund Old Mutual Multi Managers Managed 27four CPI+3% Fund STANLIB Multi-Manager Defensive Balanced Fund Alexander Forbes Investments Medium Equity Alexander Forbes Investments 62.5% Equity Nedgroup Investments XS Guarded Fund of Funds Alexander Forbes Investments High Equity Alexander Forbes Investments 37.5% Equity

Alexander Forbes Investments Low Equity Sygnia Signature 70 Fund Sygnia Signature 50 Fund Sanlam Lifestage Accumulation Sygnia Signature 40 Fund Alexander Forbes Investments (Spectrum)

Active Risk (p.a.) (tracking error)

125

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SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

SA Medical Aid Manager WatchTM Survey Objective: The portfolios in this survey are targeted at medical aids and are bound by the restrictions imposed by Regulation 30 of the Medical Schemes Act.

General information Investment Managers

Fund Classification

Benchmark Description

Pooled

Headline CPI +3%

No. of funds in composite

Portfolio Size (R m)

Absolute Return Funds Alexander Forbes Investments Medical Schemes Real Return Focus

n/a

380

Argon Absolute Return Medical Fund

Segregated

Headline CPI+4%

332

Coronation Medical Absolute

Pooled

Headline CPI +3%

n/a

481

OMIG Medical Aid Portfolio

Segregated

Headline CPI +4% (CPI +5% prior Dec 14)

833

Prescient Income Provider Medical Aid

Segregated

Headline CPI +3%

336

Prescient Positive Return Medical Aid

Segregated

CPI + 3% (CPIX +3% prior Jan 09)

382

Prudential Medical Aid Fund

Segregated

Headline CPI +5%

1 895

SIM Absolute Return Medical Fund

Pooled

Headline CPI +5%

1 830

STANLIB Medical Investment Fund

Unit trust

Headline CPI +5%

458

Money Market Funds Aluwani Medical Aid Savings Money Market

Segregated

STeFI

519

Cadiz Money Market

Segregated

STeFI

148

n/a

Coronation Medical Cash

Pooled

STeFI

Nedgroup Investments Corporate Money Market Fund

Unit trust

STeFI Call

265 42 463

Ninety One Stable Money Fund

Pooled

STeFI

1 518

Prescient Money Market

Segregated

STeFI

6 469

Prescient Yield Quantplus

Segregated

STeFI

8 699

Taquanta Core Cash

Segregated

STeFI

15 647

Allan Gray Life Stable Medical Portfolio

Pooled

Headline CPI +3%, Alexander Forbes 3 month Deposit Index plus 2%

n/a

2 421

Foord Medical

Segregated

Nedbank Daily Call Rate + 2% (Currently)

Balanced Funds

Total

126

219 85 294

7.17%

6.63%

6.42%

Prescient Yield Quantplus

Taquanta Core Cash

5.39%

7.79%

*No performance history. #Inflation figures in this table are lagged by one month.

4.62%

4.02%

5.39%

Medical Consumer Price Inflation

Short Term Fixed Interest Rate Index

Number of participants

-0.31%

0.58%

2.61%

FTSE/JSE Capped SWIX All Share Index

FTSE / JSE SWIX All Share Index

8.88%

6.64%

-1.48%

3.12%

8.65%

7.00%

All Bond Index

3.97%

4.66%

4.21%

8.28%

8.02%

7.47%

3.17%

6.17%

5.39%

7.20%

7.49%

8.16%

7.35%

6.21%

6.36%

3.44%

5.35%

7.65%

3.32%

4.81%

4.27%

6.13%

Portfolio

FTSE / JSE All Share Index (Free Float)

Consumer Price Inflation (Headline CPI) [I-Net code: AECPI]

Statistics

1.75%

5.97%

Allan Gray Life Stable Medical Portfolio

Foord Medical

Balanced Funds

6.36%

6.02%

Ninety One Stable Money Fund

Prescient Money Market

4.53%

5.39%

5.77%

5.66%

Coronation Medical Cash

Nedgroup Investments Corporate Money Market Fund

5.39%

5.85%

7.23%

Aluwani Medical Aid Savings Money Market

5.39%

8.17%

Cadiz Money Market

Money Market Funds

7.31%

STANLIB Medical Investment Fund

8.17%

3.53%

6.88%

Prudential Medical Aid Fund

SIM Absolute Return Medical Fund

6.17%

-0.03%

Prescient Positive Return Medical Aid

6.17%

3.40%

4.57%

OMIG Medical Aid Portfolio

Prescient Income Provider Medical Aid

7.17%

6.17%

2.64%

6.32%

Argon Absolute Return Medical Fund

Coronation Medical Absolute

6.17%

Benchmark

1 Year

6.70%

Portfolio

Alexander Forbes Investments Medical Schemes Real Return Focus

Absolute Return Funds

Investment Managers

Investment Data to the end of December 2020 – Performance Data

5.45%

6.97%

6.64%

5.90%

6.64%

8.97%

6.97%

7.97%

6.97%

7.97%

6.97%

Benchmark

3 Years (p.a)

0.32%

3.25%

17.70%

18.64%

17.73%

9.07%

1.35%

5.38%

8.28%

0.46%

0.39%

0.36%

0.41%

0.37%

0.44%

0.69%

0.39%

4.30%

6.02%

9.85%

5.95%

1.96%

8.30%

6.17%

5.82%

5.64%

Volatility

6.97%

5.15%

4.57%

6.36%

10.43%

4.62%

5.97%

7.06%

8.70%

8.40%

7.80%

8.15%

7.59%

7.93%

8.22%

7.74%

5.92%

8.10%

5.98%

6.52%

8.37%

5.72%

6.05%

6.12%

7.07%

Portfolio

7.41%

7.62%

6.97%

6.28%

6.97%

9.62%

7.62%

8.62%

7.62%

8.62%

7.62%

Benchmark

5 Years (p.a)

0.27%

3.29%

15.28%

15.20%

8.31%

1.31%

4.94%

6.76%

0.43%

0.34%

0.31%

0.38%

0.32%

0.38%

0.56%

0.34%

4.10%

5.01%

8.05%

4.90%

1.65%

6.86%

5.30%

5.01%

4.65%

Volatility

6.75%

5.36%

5.92%

6.82%

8.22%

4.81%

6.32%

7.78%

8.22%

8.09%

7.51%

7.67%

7.29%

7.65%

7.84%

7.45%

6.83%

8.06%

7.07%

6.71%

8.39%

5.91%

5.79%

6.76%

6.95%

7.68%

7.81%

6.75%

6.07%

6.75%

9.81%

7.81%

8.94%

7.81%

8.81%

8.09%

Benchmark

7 Years (p.a) Portfolio

6.37%

5.27%

9.28%

9.61%

8.24%

5.07%

8.18%

7.82%

7.84%

7.64%

7.05%

7.25%

7.24%

7.29%

7.82%

9.07%

9.04%

7.08%

7.60%

7.41%

7.29%

8.86%

8.07%

6.37%

10.07%

8.07%

9.47%

8.07%

8.57%

Benchmark

10 Years (p.a) Portfolio

SECTION 1

SECTION 3 SECTION 2

SA Medical Aid Manager Watch Survey TM

127

SECTION 3

SECTION 4

SECTION 5

SECTION 6

128 Domestic and Global Domestic and Global Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic

FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE SWIX All Share index FTSE/JSE SWIX All Share index FTSE/JSE SWIX 40 FTSE/JSE Capped SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE Capped SWIX All Share Index FTSE/JSE SWIX All Share index FTSE/JSE Capped SWIX All Share Index FTSE/JSE Capped SWIX All Share Index FTSE/JSE Capped SWIX All Share Index FTSE/JSE Capped SWIX All Share Index FTSE/JSE Capped SWIX All Share Index FTSE/JSE Capped SWIX All Share Index

FTSE/JSE Capped SWIX All Share Index

FTSE/JSE SWIX All Share Index FTSE/JSE Capped Index (CAPI) FTSE/JSE SWIX All Share Index CAPI CAPI, SWIX and Capped SWIX combined JSE/FTSE Capped SWIX less SAPY South Africa OE (ASISA) Domestic Equity General FTSE/JSE SWIX All Share Index until 31 Dec 2019, thereafter FTSE/JSE Capped SWIX All Share Index FTSE/JSE SWIX All Share Index FTSE/JSE Capped SWIX All Share Index FTSE/JSE Africa Top 40 Index FTSE/JSE Capped SWIX All Share Index FTSE/JSE SWIX All Share Index

Prescient Balanced Prescient Global (Absolute) Balanced Equity Funds Aeon Active Equity Fund Aeon Smart Multi-Factor Equity fund All Weather Capital SWIX Equity Fund All Weather Capital SWIX Equity Fund Aluwani - Equity Argon SA Equity Capped SWIX Argon SA Equity Fund Benguela SA Equity Capped SWIX Fund Benguela SA Equity SWIX Fund Cachalia Capital C Value Fund Excelsia Capital Core Equity Kagiso Core Equity Capped SWIX Fund Kagiso Managed Equity Fund Legacy Africa FM Capped SWIX Composite Lima Mbeu SA Equity fund

Mazi Asset Management Equity CAPPED SWIX Composite

Mazi Asset Management SWIX Composite Mergence CAPI Fund Mergence SWIX Fund Mianzo Active Equity CAPI Mianzo Active Equity Fund Mianzo Enhanced Equity Fund Oasis Specialist Domestic Equity

*No performance history. #Inflation figures in this table are lagged by one month.

Market Statistics Headline Inflation FTSE/JSE All Share Index FTSE/JSE SWIX All Share FTSE/JSE SWIX 40 FTSE/JSE Capped SWIX All Share Index All Bond Index Short Term Fixed Interest Index STeFI Call Deposit Index JSE ASSA SA Gov ILB Index FTSE/JSE SA Listed Property Index FTSE/JSE All Property Index

Prescient Core Equity Prescient Core Equity (Capped SWIX) Prescient Equity Top 40 VunaniFM Active Capped SWIX VunaniFM Core Equity Fund Total

Perpetua True Value Equity Domestic Domestic Domestic Domestic Domestic

Domestic

Domestic and Global

Global LMW Median 44% FTSE/JSE Capped SWIX;8% FTSE/JSE SA Property index;25% ALBI;5% STeFI;4% LIBID USD 7 Days;7% MSCI World Index;7% Citigroup Group of Seven (G7) Index 55.25% SWIX40, 2% STeFI, 17% ALBI, 9.75% MSCI World, 5.25% US 1mth TB CPI + 6%

Lima Mbeu Multi-Asset Portfolio

Domestic Domestic

CPI +5% SA BIV Median

Global / Domestic Mandate

Domestic Global Domestic Domestic Domestic Global Domestic Domestic and Global Domestic and Global Domestic Domestic Domestic and Global

Benchmark

CPI + 5% (Prior to Jan 2018 it was STEFI + 3%) CPI + 4% CPI + 4% CPI + 3% CPI + 5% CPI + 5% CPI + 3% CPI + 6% CPI + 3% CPI + 3% CPI+3% CPI + 5%

Absolute Return Funds Aeon Balanced Fund (CPI + 5%) Argon Absolute Return Global Balanced CPI+4% Fund Argon SA Absolute Return Balondolozi Absolute Return Fund Kagiso Protector Fund Mergence Global CPI+5% Fund Mianzo Absolute Return Fund Mianzo Global Absolute Return - CPI+6% Prescient Absolute Defensive Prescient Positive Return Taquanta True Absolute Vunani Global Absolute Return Constrained (CPI+5%) Domestic Balanced Funds Aeon Local Balanced Fund Kagiso Balanced Fund Global Balanced Funds Kagiso Global Balanced Fund

Investment Managers

53.80% 53.80% 53.80% 79.95% 79.95%

86.20%

87.98% 78.25% 78.25% 100.00% 100.00% 100.00% 100.00%

87.98%

95.00% 95.00% 55.00% 53.80% 70.00% 80.70% 80.70% 62.40% 62.40% 100.00% 95.00% 61.71% 61.71% 100.00% 99.86%

53.80% 53.80%

99.86%

61.71%

95.00% 61.71%

95.00% 80.70% 80.70% 57.85% 61.71% 78.25% 100.00% 100.00% 53.80% 53.80% 58.40% 79.95%

Total empowerment Shareholding (%)

1 757 869 178 1 834 262 73 105.8

1 957

150 1 160 1 838 536 611 1 477 8 887

7 926

13 174 224 652 652 407 4 231 930 2 410 130 253 1 048 2 312 3 243 1 551 102

1 189 140

110

1 771

848 216

395 918 1 325 129 114 6 618 1 018 1 030 279 1 297 5 214 1 801

Fund Size (R m)

3.17% 7.00% 2.61% 5.86% 0.58% 8.65% 5.39% 4.55% 4.15% -34.49% -35.53%

3.14% 0.82% 9.88% -2.41% 1.00%

-6.85%

-1.00% 4.65% 0.76% 7.22% 4.62% 2.60% 1.77%

-3.79%

6.65% 3.38% 4.01% 4.01% 5.21% -0.86% 0.50% -1.21% 2.18% 12.06% 0.44% -1.84% 3.46% -0.76% -0.79%

8.55% 1.45%

2.60%

3.65%

2.39% 2.78%

8.13% 2.56% 2.77% 8.87% 19.63% 7.92% 3.10% 5.57% 4.27% 1.74% 7.86% 5.13%

Fund

1 Year

2.61% 0.58% 9.97% 0.58% 2.61%

0.58%

2.61% 6.46% 2.61% 6.46% 5.84% 3.58% 1.97%

0.58%

2.61% 2.61% 2.61% 2.61% 5.86% 0.58% 2.61% 0.58% 2.61% 6.46% 0.58% 0.58% 5.48% 0.58% 0.58%

6.96% 9.17%

3.72%

5.41%

8.17% 3.08%

8.17% 7.17% 7.17% 6.17% 8.17% 8.17% 6.17% 9.17% 6.17% 6.17% 6.17% 8.17%

Benchmark

3.97% 3.12% -0.31% 0.36% -1.48% 8.88% 6.64% 5.92% 1.97% -20.68% -21.61%

0.14% -1.20% 4.46% -1.18% 0.80%

-4.60%

-3.27% 1.98% -1.57% 3.55% 0.65% -0.83% 0.58%

-4.72%

0.95% * 0.52% 0.52% 1.02% 0.72% 1.26% -2.77% -1.10% 6.62% -1.34% -0.22% 6.45% -1.27% *

5.45% 3.61%

7.70%

* 6.56%

5.35% 4.43% 4.15% 8.63% 13.42% 6.16% 4.70% 7.22% 5.63% 5.54% 10.65% 4.56%

Fund

3 Years

-0.31% -1.48% 4.26% -1.48% -0.31%

-0.97%

-0.31% 2.80% -0.31% 2.80% 0.39% -0.36% 0.07%

-1.48%

-0.31% * -0.30% -0.30% 0.36% -1.48% -0.31% -1.48% -0.28% 2.85% -1.48% -1.49% 0.61% -1.48% *

4.90% 9.97%

4.64%

* 2.01%

8.97% 7.97% 7.97% 6.97% 8.97% 8.97% 6.97% 9.97% 6.97% 6.97% 6.97% 8.97%

Benchmark

4.62% 6.36% 4.57% 4.49% * 10.43% 6.97% 6.29% 3.01% -8.42% *

5.03% * 6.70% * 4.39%

2.86%

0.89% 4.78% 3.16% 7.04% 5.26% * 5.50%

5.68% * 4.69% 4.69% 5.27% * 4.12% * * 8.73% * * 9.20% * *

7.23% 4.47%

9.96%

* 9.55%

6.08% 5.81% 6.08% 8.70% 12.89% 7.39% 7.34% * * 6.27% 11.31% 5.49%

Fund

5 Years

4.57% * 6.54% * 4.57%

4.16%

4.57% 5.92% 4.57% 5.92% 4.66% * 3.11%

4.57% * 4.58% 4.58% 4.49% * 4.57% * * 5.95% * * 5.15% * *

6.59% 10.62%

5.73%

* 5.55%

9.55% 8.62% 8.62% 7.62% 9.62% 9.62% 7.62% * * 7.62% 7.62% 9.62%

Benchmark

SECTION 3

Investment Data to the end of December 2020

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MANAGER WATCH™ SURVEY

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BEE Manager Watch™ Survey – Performance Figures

Objective: The purpose of the BEE Manager Watch™ Survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

Benchmark

Global / Domestic Mandate Total empowerment Shareholding (%)

Fund Size (R m)

*No performance history.

Market Statistics All Bond Index FTSE/JSE All Property Index FTSE/JSE All Share Index FTSE/JSE Capped SWIX All Share Index FTSE/JSE SA Listed Property Index FTSE/JSE SWIX 40 FTSE/JSE SWIX All Share Headline Inflation JSE ASSA SA Gov ILB Index Short Term Fixed Interest Index STeFI Call Deposit Index

Total

Vunani Property Income Fund

Prescient Property

Meago Composite: JSAPY

Meago Composite: ALPI

Prescient Money Market Prescient Yield Quantplus SNN Money Market Fund Taquanta Cash Fund Taquanta Core Cash Property Funds

Oasis Money Market Fund

Argon Flexible Income Fund Balondolozi Income fund Prescient Flexible Bond Prescient Income Provider SBSA ITF Terebinth SCI Enhanced Income VFM Enhanced Income Composite Inflation Linked Bond Funds Prescient Inflation Linked Bond VunaniFM Active Inflation-linked Bond Fund Money Market Funds Aluwani Cash Plus Aluwani Medical Aid Savings Money Market Argon Enhanced Money Market Fund Balondolozi Cash Fund Domestic Domestic Domestic Domestic

Alexander Forbes Money Market Index/STEFI STeFI STeFI STeFI South Africa OE (ASISA) Domestic FI Money Market STeFI STeFI STeFI STeFI STeFI

FTSE/JSE South African Listed Property Index (J253) FTSE/JSE South African Listed Property Index (J253) FTSE/JSE Property Index 50% 0-3 yrs Bonds, 25% Real estate Development & Services (J863) and 25% Real Estate Investment Trusts (J867)

Domestic Domestic

90 ILBI / 10 STEFI Call CILI

Domestic

Domestic Domestic Domestic Domestic Domestic

Domestic

Domestic Domestic Domestic Domestic Domestic Domestic

Stefi Composite*110% Stefi Composite*110% All Bond Index STeFi Call 110% STeFi Composite STeFi Composite

79.95%

53.80%

100.00%

53.80% 53.80% 51.00% 58.40% 58.40%

100.00%

70.00% 70.00% 80.70% 57.85%

53.80% 79.95%

80.70% 57.85% 53.80% 53.80% 51.00% 79.95%

165 257

137

562

5 911

1 848

6 469 8 699 103 8 322 15 647

167

22 967 519 1 781 1 370

1 382 705

604 97 8 294 41 855 443 4 345

Bond Funds Aluwani Active Bond All Bond Index Domestic 70.00% 10 550 Argon SA Bond Fund All Bond Index Domestic 80.70% 1 589 Balondolozi Bond Fund ALBI+1% Domestic 57.85% 1 617 Oasis Bond Unit Trust Fund South Africa OE (ASISA) Domestic FI Bond Domestic 100.00% 293 Prescient Bond Quant All Bond Index Domestic 53.80% 399 Prescient Bond QuantPlus All Bond Index Domestic 53.80% 5 745 Prowess Corporate Bond Portfolio All Bond Index Domestic 100.00% 765 VunaniFM Active Bond Fund All Bond Index Domestic 79.95% 7 229 Flexible Bond/Income Funds Global and Amplify SCI Strategic Income Fund STeFI+1% 51.00% 4 844 Domestic

Investment Managers

Investment Data to the end of December 2020

6.39%

-8.65%

-34.62%

-34.07%

-33.62%

6.02% 6.63% 4.81% 6.30% 6.42%

5.42%

6.45% 5.85% 6.70% 6.55%

3.48% 5.86%

8.65% -35.53% 7.00% 0.58% -34.49% 5.86% 2.61% 3.17% 4.15% 5.39% 4.55%

-8.62%

-34.49%

-35.52%

5.39% 5.39% 4.81% 5.39% 5.39%

5.74%

5.39% 5.39% 5.39% 5.39%

3.75% 4.21%

5.94% 6.09% 8.65% 4.98% 5.39% 5.39%

9.12% 4.42% 8.16% 3.70% 5.78% 6.87% 9.02%

8.65% 8.65% 8.65% 6.93% 8.65% 8.65% 8.65% 8.65%

7.93% 7.25% 7.55% 8.39% 7.63% 6.22% 8.50% 8.67%

-5.97%

-20.70%

-20.47%

7.47% 8.02% 6.80% 8.02% 8.28%

6.69%

8.02% 7.35% 7.73% 7.88%

2.86% 3.88%

10.01% 9.22% 6.47% 8.03% * 10.68%

9.38%

8.91% 9.52% 8.95% 8.81% 8.63% 7.80% 9.02% 9.94%

Fund

Benchmark

3 Years

1 Year

8.88% -21.61% 3.12% -1.48% -20.68% 0.36% -0.31% 3.97% 1.97% 6.64% 5.92%

-4.24%

-20.68%

6.64% 6.64% 6.00% 6.64% 6.64%

6.65%

6.64% 6.64% 6.64% 6.64%

2.22% 2.35%

7.33% 7.38% 8.88% 6.51% * 6.64%

7.65%

8.88% 8.88% 8.88% 6.44% 8.88% 8.88% 8.88% 8.88%

Benchmark

-1.59%

-7.99%

7.80% 8.40% * 8.45% 8.70%

7.15%

8.44% 7.74% 8.15% *

3.99% 4.43%

10.73% * 9.55% 8.60% * 10.75%

9.63%

10.79% 11.30% 11.28% 10.32% 10.59% 10.26% 10.29% 11.55%

Fund

5 Years

10.43% * 6.36% * -8.42% 4.49% 4.57% 4.62% 3.01% 6.97% 6.29%

-0.04%

-8.42%

6.97% 6.97% * 6.97% 6.97%

7.15%

6.97% 6.97% 6.97% *

3.25% 3.21%

7.70% * 10.43% 6.94% * 6.97%

7.97%

10.43% 10.43% 10.43% 8.55% 10.43% 10.43% 10.43% 10.43%

Benchmark

SECTION 1

SECTION 3 SECTION 2

BEE Manager Watch™ Survey – Performance Figures (continued)

129

SECTION 3

SECTION 4

SECTION 5

SECTION 6

130

100.00%

86.20%

53.80% 100.00%

58.40%

51.00%

79.95%

Perpetua Investment Managers

Prescient Prowess Investment Managers

Taquanta Asset Managers

Terebinth Capital

Vunani Fund Managers

78.25%

Mergence Investment Managers

Mianzo Asset Management

100.00%

Meago Asset Managers

Oasis Group Holdings

87.98%

Mazi Asset Management

95.00%

Excelsia Capital

99.86%

62.40% 100.00%

Benguela Global Fund Managers Cachalia Capital

Lima Mbeu

57.85%

Balondolozi Investment Services

61.71%

74.70%

Argon

100.00%

70.00%

ALUWANI Capital Partners

Legacy Africa

55.00%

All Weather Capital

Kagiso Asset Management

95.00%

Total empowerment Shareholding (%)

Aeon Investment Management

Manager

100.00% 9.00% 10.00% 27.00% 27.00% 27.00% 2.00% 20.88% 19.25% 57.88% 55.00% 45.00% 100.00% 85.00% 15.00% 100.00% 100.00% 57.12% 2.26% 40.62% 100.00% 70.00% 30.00%

Anas Madhi Employee Share Scheme Jay Padayatchi Sharif Hoosen Thabo Ramushu 1x senior staff member white (female) 5x senior staff members black (Male) 5x senior staff members white (Male) Founding partner/s and staff black (Male) Luvo Tyandela Mianzo Employee Trust Oasis Group Holdings (Pty) Ltd Perpetua staff RMI Investment Managers Prescient Holdings (Pty) Ltd Ms. Kelebogile Moloko DEC Investment Holding Company (Pty) Ltd Taquanta Black Staff Work Biz Trading (Pty) Ltd Nomathibana Matshoba Vunani Capital Vunani Fund Managers Share Trust

50.00% 50.00%

100.00% 40.00% 20.00% 40.00% 51.00% 49.00% 30.00% 40.00% 30.00% 100.00% 100.00% 90.00% 10.00% 49.90% 50.10% 100.00%

30.00% 70.00%

Empowerment shareholding (%)

Mazi Staff

Aeon Investment Management Staff Share Trust ZAR Trust Zava Financial Services ALUWANI Management Partners (Pty) Ltd Main Street 1413 (Pty) Ltd MMI Strategic Investments (Pty) Ltd Executive Management Staff Share Trust Balondolozi Employee Trust Fund Pedro Samuel Family Trust Royal Investment Managers Employee Owned Ms Mashuda Cassim Excelsia Holdings (Pty) Ltd Staff Kagiso Asset Management staff Kagiso Tiso Holdings Legacy Africa Staff African Rainbow Capital Financial Services Holdings (Pty) Ltd Founders

Ownership/Partner(s)

Empowerment Shareholding

75.00%

100.00%

66.67%

83.33%

60.00% 75.00%

80.00%

100.00%

66.66%

100.00%

83.33%

50.00%

33.33%

50.00% 100.00%

100.00%

71.42%

100.00%

66.70%

100.00%

80.00% 100.00%

67.00%

66.67% 100.00%

60.00%

100.00%

80.00%

50.00%

100.00%

80.00% 66.00%

66.66%

100.00%

87.50%

50.00%

100.00%

50.00%

80.00%

86.96%

75.76% 100.00%

83.33%

72.00%

100.00%

73.33%

87.50%

92.60%

100.00%

68.30%

57.00%

92.31% 100.00%

60.00%

93.00%

69.23%

66.67%

71.43%

Staff and Management (Empowerment) Board Staff (excl Executives Members management) (%) (%) (%)

100.00%

0.00%

85.71% 100.00%

100.00%

56.00%

100.00%

71.42%

75.00%

76.50%

100.00%

52.94%

60.00%

83.33% 100.00%

100.00%

33.33%

66.67%

62.50%

Investment Analyst (%)

71.00%

33.33%

50.00%

53.85% 33.00%

50.00%

100.00%

66.66%

100.00%

83.30%

100.00%

23.50%

50.00%

50.00% 100.00%

50.00%

63.00%

11.11%

50.00%

66.67%

Portfolio Manager (%)

50.00%

66.67%

50.00%

40.00% 50.00%

20.00%

29.00%

0.00%

25.00%

20.00%

0.00%

16.67%

0.00%

40.00%

0.00%

40.00% 66.00%

44.44%

60.00%

50.00%

25.00%

33.33%

20.00%

50.00%

0.00%

33.33% 100.00%

25.00%

75.00%

14.85%

14.28%

0.00%

25.00%

16.67%

25.00%

0.00%

33.33% 100.00%

40.00%

0.00%

40.00%

0.00%

39.00%

40.00%

52.17%

30.30% 100.00%

66.67%

32.00%

42.85%

36.67%

75.00%

94.10%

100.00%

62.50%

45.20%

43.00%

46.15% 0.00%

80.00%

53.00%

50.00%

57.14%

Staff and Management (Female) Staff (excl Board Executives Members management) (%) (%) (%)

50.00%

33.33%

0.00%

57.14% 50.00%

100.00%

17.00%

40.00%

42.86%

50.00%

41.20%

100.00%

16.67%

4.44%

40.00%

16.67% 0.00%

66.66%

43.00%

22.22%

50.00%

Investment Analyst (%)

10.00%

33.33%

60.00%

7.69% 33.33%

16.67%

0.00%

25.00%

16.66%

0.00%

5.88%

0.00%

0.00% 100.00%

50.00%

43.00%

5.56%

0.00%

Portfolio Manager (%)

SECTION 3

Details of Empowerment Shareholding as at 31 December 20205

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

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BEE Manager Watch™ Survey – Empowerment Details

75.00%

66.67%

72.22%

90.00%

68.75%

87.50%

100.00%

60.00%

68.89%

100.00%

84.80%

91.67%

78.00%

100.00%

72.00%

77.27%

72.50%

77.00%

71.05%

75.00%

78.00%

All Weather Capital

ALUWANI Capital Partners

Argon

Balondolozi Investment Services

Benguela Global Fund Managers

Cachalia Capital

Excelsia Capital

Kagiso Asset Management

Legacy Africa

Lima Mbeu

Mazi Asset Management

Meago Asset Managers

Mergence Investment Managers

Mianzo Asset Management

Oasis Group Holdings

Perpetua Investment Managers

Prescient

Prowess Investment Managers

Taquanta Asset Managers

Terebinth Capital

Vunani Fund Managers

Total Staff Empowerment (%)

Aeon Investment Management

Manager

52.00%

50.00%

62.00%

40.00%

63.64%

33.00%

42.85%

56.00%

50.00%

51.50%

57.00%

38.46%

48.90%

30.00%

50.00%

62.50%

50.00%

63.89%

41.67%

50.00%

Total Staff Female (%)

Level 1

Level 2

Level 1

Level 2

Level 1

Level 2

Level 1

Level 2

Level 1

Level 2

Level 1

Level 2

Level 1

Level 2

Level 1

Empowerment Rating (if available)

58.44%

32.50%

100.00%

23.57%

85.63%

43.54%

21.00%

77.35%

40.00%

65.00%

48.10%

37.00%

88.00%

65.00%

43.00%

33.80%

50.00%

75.00%

38.73%

32.00%

7.32%

43.79%

Use of black brokerages as a percentage of total brokerages used (by volume)

SECTION 1

SECTION 3 SECTION 2

BEE Manager Watch™ Survey – Empowerment Details (continued)

131

SECTION 3

SECTION 4

SECTION 5

SECTION 6

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SECTION 6

LDI MANAGER WATCH™ SURVEY

How to interpret and use this survey LDI is a complex area of investment. Alexander Forbes strongly recommends that investors obtain professional assistance in determining whether a specific LDI strategy or LDI manager is appropriate for them. The guide below is not sufficiently comprehensive to enable most investors to reliably choose an LDI manager without further assistance. The guide will help investors appreciate the drivers of differential performance between managers and strategies at specific times in the market.

General The LDI survey reports on the outperformance LDI asset managers deliver relative to a liability based benchmarks. The survey provides simple numerical measures that encapsulate the risk these managers have exposed clients to as well as the outperformance they have acheived. The survey reports on the performance of ‘composites’, or groups of portfolios with similar characteristics.

132

Most LDI hedging techniques are based on algorithmic solutions (or rules based mathematical techniques), suggesting that ineffective hedging techniques will very rapidly show up in this survey. The skillset of managers offering low risk solutions, tracking liabilities closely with tight mandate restrictions will generally show up over even short periods such as one year. However, it is always preferable to evaluate these managers over a longer period if this is available. The period used for analysis should include at least one large shift in yield curves. More than one large shift in yields has occurred during the last twelve months, the short history available in this survey is hence adequate for judging manager’s ability to create effective hedges. In addition to focusing on tracking liabilities, some managers target outperformance of liabilities by investing in riskier asset classes such as credit (and potentially view taking on the markets). An evaluation of the approach used and the skills of each manager is required to access how likely these managers are to deliver alpha in the future.

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The past performance of these managers can be used as part of this evaluation. Longer periods will be required to accurately form a view of how good the manager is at choosing and managing credit. The exact length will depend on the strategy used, but may require five years or longer. Many LDI managers don’t have a track record this long. It is useful in such cases to look at the manager’s performance in ordinary credit portfolios. Investors also need to consider the time frame over which they measure risk when choosing a manager and more importantly, in setting their mandates, mandate restrictions and portfolio targets. For example, listed companies may need to manage pension fund or other sinking fund risks over a very short period to match their reporting requirements. Pension funds that are valued once every three years, with a larger risk appetite and a desire to target growth could use a longer evaluation period such as three years.

Specific measures Liability outperformance shows how much value, in excess of the growth in liabilities, the manager was able to add for their client. All else being equal, a larger outperformance is preferable. Investors should consider a sufficiently long performance period to smooth over interest, credit and inflation cycles if they are primarily concerned with the longer term performance of their liability hedging activities. For example, certain investors may require close tracking on a monthly basis, while others may be more concerned with longer term value add. Investors should therefore give adequate attention to manager performance over periods that match their own reporting, risk evaluation and risk tolerance frequency. Consideration should be given to all the stakeholders associated with the liability in reaching this decision. Liability convexity and duration are technical measures of certain liability characteristics. In general, the larger these quantities are, the more difficult it is to create an effective hedge. These measures can hence be seen as one of the constraining factors governing managers’ efficacy in hedging and adding outperformance. Performance is therefore not necessarily comparable between managers with vastly different liability durations and convexities. A typical defined benefit pensioner liability increasing with full inflation annually has a duration of between nine and twelve years at current yields. The “% exposure to credit assets” measures the exposure to risky assets, excluding government-linked bonds and some forms of cash. All else equal, the larger this percentage is, the greater one would expect the long-term outperformance of liabilities to be. This figure may also reflect mandate constraints regarding the inclusion of credit.

The “% unlisted exposure” shows the proportion of the portfolio which is invested in unlisted instruments. Unlisted instruments may (but are not necessarily) subject to poor valuations or infrequent valuations by the manager. Many unlisted instruments such as swaps may be valued independently by a counterparty bank, partially mitigating this risk. A brief description of the benchmark used is given for each composite. Only similar composites should be compared directly. For example, swap based and bond based benchmarks are not directly comparable. Portfolio as a percentage of liability shows the size of the assets managed by the manager relative to the size of the liability the manager is mandated to hedge. For example, a pension fund with a R100 liability that gives their LDI manager R50 and invests R50 into the equity market would have a proportion of 50%. All else being equal, the larger this portion is, the easier it is to hedge a liability. This is hence an additional constraining factor on managers. Portfolios in the survey have been grouped into bands expected to offer similar hedging efficacy. The minimum funding level shows the lowest funding level that would have applied over various time periods, assuming the investor’s liabilities and assets were equal at the start of the period. Assuming all else is equal, larger minimum funding levels are preferable. A minimum funding level is an important risk measure in evaluating how well a manager can manage downside risk relative to the investor’s liability. Tracking error shows the dispersion of portfolio returns relative to the investor’s liability. All else being equal, a lower tracking error is preferable. Unfortunately tracking error captures outperformance (desirable) as well as underperformance (undesirable). Where close liability tracking is not essential, the minimum funding level is a superior measure of risk. For example, a manager providing a high degree of outperformance and high minimum funding levels may be a suitable choice even if this manager has a high tracking error. The risk adjusted outperformance shows the extent to which managers outperform liabilities, adjusted for the tracking error or risk they have introduced. All else equal, a larger risk adjusted return is preferable. The risk adjusted return may, however, be an inappropriate measure for certain investors with specific liability objectives. For example, some risk tolerant investors wish to maximise long-term outperformance of liabilities. Such investors should focus on outperformance of liabilities in choosing a manager. Other risk averse investors may wish to track their liabilities as closely as possible. Such investors should focus on choosing a manager based on tracking error.

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1 Liability outperformance shows how much value, in excess of the growth in liabilities, the manager was able to add for their client.

2 Liability convexity and duration are technical measures of certain liability characteristics.

3 % exposure to credit assets measures the exposure to risky assets, excluding government-linked bonds and some forms of cash.

LDI Specific Measures

5 Portfolio as a percentage of liability shows the size of the assets managed by the manager relative to the size of the liability the manager is mandated to hedge.

8 The risk adjusted outperformance shows the extent to which managers outperform liabilities, adjusted for the tracking error or risk they have introduced.

134

Tracking error shows the dispersion of portfolio returns relative to the investor’s liability.

4 % unlisted exposure shows the proportion of the portfolio which is invested in unlisted instruments.

6 The minimum funding level shows the lowest funding level that would have applied over various time periods, assuming the investor’s liabilities and assets were equal at the start of the period.

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General

Inflation-linked bond section

Bond yields fell during the fourth quarter due to the increased appetite for risk in the local and international markets. South Africa’s fiscal weakness was a major local factor, while international developments dominated market conditions over the period. The key news items over the quarter were:

Real yields in the long end reduced from an elevated level of around 4.83% at the end of last quarter (September) to 4.55%, down approximately 28 basis points, at the end of this quarter (December).

■ A continued period with low rates of daily Covid 19 infections in South Africa, after the declining pattern of infections in the third quarter. This pattern began to turn in mid-November culminating in the end of the quarter having the highest observed daily infections since the start of the pandemic. While concerning, a total lockdown was seen as unlikely and this offers hope for economic recovery. ■ A further downgrade to South Africa’s sovereign credit rating. Fitch and Moody’s downgraded South Africa’s sovereign rating (to BB- and Ba2, respectively), citing expectations about reduced fiscal strength as motivation. One key factor to consider is that both agencies published negative outlooks, which implies that further downgrades are possible. ■ Optimism in global markets and increased risk appetite from international investors. The approval and administration of vaccines in international markets boosted confidence, with international and JSE equity markets reaching new heights, as money flowed into riskier jurisdictions. A Brexit deal was struck on Christmas Eve, signaling the end of some uncertainty surrounding Britain’s relations with the EU. In addition, the US election was concluded with Joe Biden emerging as the expected victor. This has led to reduced uncertainty and has benefited emerging market economies. The quarter’s events have resulted in some volatility and this has given rise to a challenging environment for bond managers. Equities were relatively buoyant, with the All Share Index Return Index returning 9.75% over the quarter. This is expected to lead to favourable results for some LDI hedging strategies, since numerous defined benefit funds have elected to combine interest and inflation hedging with growth assets. Liabilities and their immunising bond portfolios would have performed similarly over the quarter, so the recovery in growth assets is generally expected to lift funding levels, depending on the relative level of de-risking.

High real yields present an opportunity for funds to hedge, which have not been able to do so in the past. It may be worth re-visiting this topic if you are a decision making agent for an entity with defined liabilities (such as a defined benefit retirement fund) without existing LDI assets. However, this opportunity would need to be weighed against the loss of higher expected returns (due to reduced equity allocations). We recommend discussing this with an LDI expert or your valuator. Higher yields also benefit funds transitioning unhedged active members into a hedged pensioner pool, as the transfer (and subsequent expansion of the LDI hedge) occurs at a higher yield than previously possible. Manager returns were diverse over the quarter. This is not unexpected, given the broad range of characteristics seen in the participant composites. For example, the credit allocations and benchmark durations vary notably.

Nominal bond section Long-dated nominal bond yields fell below 11% for the first time in the year by the end of December, with a 71 basis point decrease in yields from 11.55% at the end of the last quarter (September) to 10.84% at the end of this quarter (December). This change in yield in the long has led to a flatter yield curve. Participant managers broadly coped well with the challenging environment, delivering positive outperformance. However, we caution that there are limited conclusions that can be drawn from the small sample of participants.

135

136

Yes

STANLIB Composite 2

4.15%

5.39%

STeFi

*No performance history.

8.65%

JSE ASSA SA Gov ILB Index

1.30%

0.00%

-0.19%

8.24%

0.55%

1 Year

All Bond Index

Market Indices & Statistics

Total

Yes

Ninety One

Nominal Bond Yield Curve Benchmarking

STANLIB Composite 3

Yes

Ashburton

3rd Party Assets

STANLIB Composite 1

Inflation-Linked Bond Yield Curve Benchmarking

Investment Managers

6.64%

1.97%

8.88%

0.98%

0.00%

5.99%

-0.15%

3 Years (p.a.)

6.97%

3.01%

10.43%

1.04%

0.00%

0.09%

5.16%

5 Years (p.a.)

7.35

3.08

12.70

7.98

10.19

Liability Benchmark Duration

93.52

8.00

261.50

109.20

144.25

Liability Benchmark Convexity

Liability Characteristics

0.00%

100.00%

1.70%

% exposure to credit assets

0.00%

4.25%

0.00%

% unlisted exposure Benchmark

15 719.05

369.07 Liability benchmark, -25bps spread

12 589.06 Liability benchmark, zero spread

896.00 Liability benchmark, zero spread

1 371.24 Liability benchmark, zero spread

493.69 Liability benchmark, zero spread

Portfolio Size (R M)

Portfolio Characteristics

SECTION 3

Investment Data to the end of December 2020

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MANAGER WATCH™ SURVEY

SECTION 4

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SECTION 6

LDI Manager Watch™ Survey

Objective: The portfolios included in this survey represent liability-driven investment funds with benchmarks expressly referencing investor liabilities.

*No performance history.

STANLIB Composite 2

>75%

Ninety One

Nominal Bond Yield Curve Benchmarking

STANLIB Composite 3

50-75%

25-50%

Ashburton

<25%

STANLIB Composite 1

Inflation-Linked Bond Yield Curve Benchmarking

Investment Managers

LDI portfolio as a percentage of liability (P = Physical / E = Effective)

Investment Data to the end of December 2020

99.30%

100.00%

99.74%

100.39%

99.87%

1 Year

100.23%

100.00%

99.65%

100.24%

95.94%

3 Years

100.19%

100.00%

99.41%

100.04%

5 Years

Minimum funding level assuming an artificial starting level of 100% at the start of the period

Risk Statistics

1.16%

0.00%

0.18%

1.94%

4.29%

Quarter

0.74%

0.00%

0.37%

1.59%

3.74%

1 Year

Tracking Error (Annualised)

0.75%

0.00%

0.61%

1.47%

3 Years

5 Years

SECTION 1

SECTION 3 SECTION 2

LDI Manager Watch™ Survey

Objective: The portfolios included in this survey represent liability-driven investment funds with benchmarks expressly referencing investor liabilities.

137

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MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

LDI Manager Watch™ Survey Objective: The portfolios included in this survey represent liability-driven investment funds with benchmarks expressly referencing investor liabilities.

Investment Data to the end of December 2020 Investment Managers

1 Year

3 Years (p.a.)

5 Years (p.a.)

Inflation-Linked Bond Yield Curve Benchmarking Ashburton

0.13

-0.04

STANLIB Composite 1

4.25

3.77

3.51

STANLIB Composite 3

-1.03

-0.01

0.15

Zero tracking error

1.12

1.32

1.39

Nominal Bond Yield Curve Benchmarking Ninety One STANLIB Composite 2 *No performance history.

138

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Shari’ah Manager Watch Survey TM

Objective: The portfolios in this survey represent Shari’ah compliant portfolios with various benchmarks. No carve-outs are reflected.

General information Investment Managers

Benchmark Description

Portfolio Size (R m)

Balanced Mandates 27four Shari'ah Balanced Prescient FoF

Average of South African - Multi Asset - High Equity Funds (net of fees)

318

27four Shari'ah Multi-Managed Balanced Fund

27four Bespoke Shariah Benchmark

899

27four Shari'ah Wealth Builder Fund

27four Bespoke Shariah Benchmark

378

Alexander Forbes Investments Shari’ah Medium Growth

40.0% Shari'ah Equity Index, 40.0% STeFI Composite - 1%, 10.0% MSCI World Islamic Index, 5.0% DJ Sukuk Index, 5.0% Shari'ah Local Property

Alexander Forbes Investments Shari'ah High Growth

Alexander Forbes Investments Bespoke Shariah Benchmark

Element Islamic Balanced

Average of all Shariah Balanced unit trust funds with a min track record of 1 year

Kagiso Islamic Balanced

Mean of South African - Multi Asset - High Equity Funds

Oasis Crescent Balanced High Equity

Headline CPI + 3%

165

Oasis Crescent Balanced Progressive

Headline CPI + 1%

1 402

Oasis Crescent Balanced Stable

Headline Inflation

Old Mutual Shari'ah Balanced

Old Mutual Bespoke Shariah Benchmark

Sentio SCI Hikma Shari'ah Balanced

ASISA Category Average: SA - Multi Asset - High Equity

SMM Nur Balanced Portfolio

Average of Peer group of Shariah Balanced funds

STANLIB Multi-Manager Shari'ah Balanced

STANLIB Bespoke Shariah Benchmark

64 734 73 1 722

600 3 037 172 250 1 434

Equity Mandates - Domestic 27four Shari'ah Active Equity

South Africa - Equity - General Category Average

487

Element Islamic Equity

Average of all Shariah Equity funds with a min track record of 1 year

153

Kagiso Islamic Equity Fund

Mean of South African - Equity - General Funds

994

Mazi Shari'ah Equity Fund

FTSE/JSE Shari'ah All Share

Oasis Crescent Equity Fund

Average South African Shariah Equity General Portfolio

5 296

Old Mutual Shari'ah Equity

Old Mutual Bespoke Shariah Benchmark

1 991

Sentio SCI Hikma Shari'ah General Equity

ASISA Category Average: SA-Equity-General

117

335

Equity Mandates - Global Element Islamic Global Equity

Dow Jones Islamic Market World Index

Old Mutual Global Islamic Equity

S&P Developed Markets Large and Mid-Cap Shariah Index

Total

89 568 21 278

139

140 7.30%

STANLIB Multi-Manager Shari'ah Balanced

6.16%

2.37% 1.53%

Old Mutual Shari'ah Equity

Sentio SCI Hikma Shari'ah General Equity

3.97%

48.29% 14.35%

NSE Lotus Islamic Index

MSCI World Islamic GR

*No performance history. #Inflation figures in this table are lagged by one month.

34.77% 13.21%

Dow Jones Islamic Titans Index TR

Dow Jones Sukuk Index TR

3.17% 5.39%

Headline Inflation

7.58%

Short Term Fixed Interest Rate Index

8.44%

-34.49%

FTSE/JSE SA Listed Property Index

FTSE/JSE Shariah All Share

13.41%

5.98%

12.41%

25.06%

6.64%

-20.68%

-0.31%

7.00% 2.61%

3.12%

15.19%

10.81%

2.14%

1.96%

4.49%

10.91%

7.08%

7.34%

3.91%

6.23%

6.11%

5.52%

5.10%

5.97%

4.95%

5.38%

6.54%

6.89%

5.84%

6.76%

FTSE/JSE All Share Index

33.32%

32.96%

1.91%

5.47% 7.51%

FTSE/JSE SWIX All Share Index

Indices

12.19% 15.18%

Element Islamic Global Equity

Old Mutual Global Islamic Equity

Equity Mandates – Global

6.10%

3.88%

Oasis Crescent Equity Fund

2.20% 7.58%

6.54% 15.10%

Kagiso Islamic Equity Fund

4.91%

-1.60%

11.66%

3.35%

5.24%

7.70%

3.17%

4.17%

6.17%

5.20%

5.45%

5.69%

Mazi Shari'ah Equity Fund

9.71% 7.20%

27four Shari'ah Active Equity

Element Islamic Equity

Equity Mandates – Domestic

6.36% 6.94%

Sentio SCI Hikma Shari'ah Balanced

5.14%

Old Mutual Shari'ah Balanced

SMM Nur Balanced Portfolio

3.63% 4.62%

Oasis Crescent Balanced Progressive

4.72%

Oasis Crescent Balanced High Equity

Oasis Crescent Balanced Stable

5.03% 6.33%

Element Islamic Balanced

Kagiso Islamic Balanced

6.11%

Alexander Forbes Investments Shari'ah High Growth

5.21%

6.49%

7.83% 7.22%

27four Shari'ah Wealth Builder Fund

Alexander Forbes Investments Shari’ah Medium Growth

6.93%

6.93% 9.12%

27four Shari'ah Balanced Prescient FoF

7.53%

3 Years (p.a.) Portfolio

Benchmark

1 Year Portfolio

27four Shari'ah Multi-Managed Balanced Fund

Balanced Mandates

Investment Managers

23.75%

21.15%

0.05%

8.45%

5.38%

8.44%

0.07%

3.39%

1.10%

10.24%

3.83%

3.57%

8.53%

3.97%

4.97%

6.97%

3.54%

4.77%

6.24%

8.17%

8.00%

4.75%

Benchmark

5 Years (p.a.)

-7.65%

6.97%

4.62%

9.75%

-8.42%

4.57%

6.36%

9.12%

5.05%

4.39%

5.42%

10.45%

10.55%

4.15%

7.31%

6.93%

5.95%

5.69%

5.14%

5.80%

8.32%

10.20%

5.67%

6.17%

5.22%

Portfolio

15.04%

14.17%

9.09%

7.69%

3.01%

4.76%

3.29%

9.37%

4.31%

8.27%

4.62%

5.62%

7.62%

4.36%

5.54%

5.87%

6.09%

5.01%

Benchmark

7 Years (p.a.)

6.75%

4.81%

3.47%

-1.79%

5.92%

6.82%

14.64%

10.87%

6.04%

4.99%

7.57%

6.22%

7.19%

7.13%

6.93%

5.90%

5.94%

6.99%

7.71%

7.13%

7.51%

6.56%

Portfolio

18.23%

16.55%

6.61%

5.60%

3.81%

4.31%

3.96%

7.13%

4.81%

5.81%

7.81%

5.54%

5.56%

4.85%

5.16%

5.92%

Benchmark *

6.37%

5.07%

5.41%

3.52%

9.28%

9.61%

9.62%

8.19%

9.01%

6.04%

8.43%

7.76%

9.45%

8.20%

7.55%

6.85%

6.60%

6.07%

7.94%

0.00%

7.13%

Benchmark

10 Years (p.a.) Portfolio

SECTION 3

Investment Data to the end of December 2020

SECTION 1

SECTION 2

MANAGER WATCH™ SURVEY

SECTION 4

SECTION 5

SECTION 6

Shari’ah Manager WatchTM Survey

Objective: The portfolios in this survey represent Shari’ah compliant portfolios with various benchmarks. No carve-outs are reflected.

7.51%

6.76%

5.84%

6.89%

6.54%

5.38%

4.95%

5.97%

5.10%

5.52%

6.11%

6.23%

27four Shari'ah Wealth Builder Fund

Alexander Forbes Investments Shari'ah High Growth

Element Islamic Balanced

Kagiso Islamic Balanced

Oasis Crescent Balanced High Equity

Oasis Crescent Balanced Progressive

Oasis Crescent Balanced Stable

Old Mutual Shari'ah Balanced

Sentio SCI Hikma Shari'ah Balanced

SMM Nur Balanced Portfolio

STANLIB Multi-Manager Shari'ah Balanced

7.34%

7.08%

10.91%

4.49%

1.96%

2.14%

Element Islamic Equity

Kagiso Islamic Equity Fund

Mazi Shari'ah Equity Fund

Oasis Crescent Equity Fund

Old Mutual Shari'ah Equity

Sentio SCI Hikma Shari'ah General Equity

15.19%

Old Mutual Global Islamic Equity

25.76%

17.30%

-20.68%

8.44%

3.97%

6.64%

25.06%

12.41%

5.98%

13.41%

FTSE/JSE Shariah All Share

Headline Inflation

Short Term Fixed Interest Rate Index

Dow Jones Islamic Titans Index TR

Dow Jones Sukuk Index TR

NSE Lotus Islamic Index

16.85%

18.73%

0.32%

1.36%

22.77%

31.43%

17.70%

FTSE/JSE SA Listed Property Index

17.73%

3.12%

MSCI World Islamic GR

Lower volatility = higher ranking

17.13%

16.47%

15.27%

15.10%

10.97%

23.83%

14.44%

11.81%

14.96%

-0.31%

*No performance history. #Inflation figures in this table are lagged by one month.

Lower volatility = higher ranking

10.32%

9.51%

9.43%

8.77%

6.55%

8.99%

8.96%

10.27%

7.63%

13.24%

10.74%

8.71%

9.16%

Rank

FTSE/JSE SWIX All Share Index

Rank

Volatility (Risk)

FTSE/JSE All Share Index

Market Indices & Statistics

10.81%

Element Islamic Global Equity

Equity Mandates - Domestic

3.91%

27four Shari'ah Active Equity

Equity Mandates - Domestic

5.47%

27four Shari'ah Multi-Managed Balanced Fund

3 year return

Calculated on 3 year performance returns

27four Shari'ah Balanced Prescient FoF

Balanced Mandates

Investment Managers

-8.56%

-10.34%

2.09%

-6.49%

-0.89%

2.47%

7.02%

3.94%

2.81%

-4.01%

2.29%

1.95%

-3.43%

2.00%

-0.02%

-1.59%

3.00%

2.12%

-0.40%

-1.41%

-0.49%

0.72%

Active Return

Rank

Investment Data to the end of December 2020 – Volatility vs Return

5.20%

5.51%

5.31%

8.86%

7.50%

4.77%

5.14%

5.76%

6.92%

4.22%

1.68%

4.32%

4.20%

6.58%

9.08%

9.04%

4.13%

4.09%

4.12%

6.44%

4.90%

5.73%

Tracking Error

-1.65

-1.88

0.39

-0.73

-0.12

0.52

1.36

0.68

0.41

-0.95

1.36

0.45

-0.82

0.30

-0.01

-0.19

0.73

0.52

-0.10

-0.22

-0.10

0.13

Information Ratio

Rank

-7.65%

6.97%

4.62%

9.75%

-8.42%

4.57%

6.36%

9.12%

5.05%

4.39%

5.42%

10.45%

10.55%

4.15%

7.31%

6.93%

5.95%

5.69%

5.14%

5.80%

8.32%

10.20%

5.67%

6.17%

5.22%

Rank

31.76%

0.27%

1.31%

19.87%

25.45%

15.28%

15.20%

Lower volatility = higher ranking

16.34%

16.03%

12.86%

9.95%

12.98%

11.21%

12.68%

Lower volatility = higher ranking

8.95%

8.28%

7.55%

5.87%

8.03%

8.07%

9.15%

7.52%

9.09%

7.55%

7.95%

Volatility (Risk)

Calculated on 5 year performance returns 5 Year Return

-5.92%

-9.12%

-4.70%

-2.27%

7.43%

5.80%

0.86%

-2.05%

2.62%

-2.32%

1.06%

-0.48%

-1.82%

3.96%

4.66%

-0.20%

0.07%

0.22%

Active Return

Rank

4.89%

5.11%

8.31%

6.33%

6.31%

5.46%

6.44%

4.11%

1.80%

4.14%

5.76%

7.93%

7.96%

4.03%

4.38%

6.11%

4.60%

4.73%

Tracking Error

-1.21

-1.78

-0.57

-0.36

1.18

1.06

0.13

-0.50

1.45

-0.56

0.18

-0.07

-0.25

0.98

1.07

-0.03

0.02

0.05

Information Ratio

Rank

SECTION 1

SECTION 3 SECTION 2

Shari’ah Manager Watch Survey

Objective: The portfolios in this survey represent Shari’ah compliant portfolios with various benchmarks. No carve-outs are reflected.

141

SECTION 3

SECTION 4

SECTION 5

SECTION 6

SECTION 1

SECTION 2 SECTION 3

MANAGER WATCH™ SURVEY

SECTION 4 SECTION 5

SECTION 6

Shari’ah Manager WatchTM Survey Risk vs Return Scatterplot on Shari’ah Compliant Portfolios – Balanced and Equity mandates 3 Years ended 31 December 2020

Old Mutual Global Islamic Equity

Oasis Crescent Balanced Stable Element Islamic Balanced

Mazi Shari’ah Equity Fund

Oasis Crescent Balanced High Equity

Element Islamic Global Equity

27four Shari'ah Multi-Managed Balanced Fund

Return (p.a.)

SMM Nur Balanced Portfolio Kagiso Islamic Balanced Element Islamic Equity Kagiso Islamic Equity Fund 27four Shari'ah Wealth Builder Fund Alexander Forbes Investments Shari'ah High Growth STANLIB Multi-Manger Shari'ah Balanced Fund of Funds Oasis Crescent Equity Fund 27four Shari'ah Active Equity Sentio SCI Hikma Shari'ah Balanced 27four Shari'ah Balanced Prescient FoFs Oasis Crescent Balanced Progressive Sentio SCI Hikma Shari'ah General Equity Old Mutual Shari'ah Balanced Old Mutual Shari'ah Equity

Active Risk (p.a.) (tracking error)

Excess Return vs Tracking Error Scatterplot – Shariah Compliant Portfolios – Balanced and Equity Mandates 3 Years ended 31 December 2020 Kagiso Islamic Balanced

Kagiso Islamic Equity Fund

Oasis Crescent Balanced Progressive

Sentio SCI Hikma Shari'ah Balanced Element Islamic Balanced SMM Nur Balanced Portfolio

Element Islamic Equity Mazi Shari’ah Equity Fund

Return (p.a.)

Sentio SCI Hikma Shari'ah General Equity

27four Shari'ah Active Equity

Oasis Crescent Balanced Stable 27four Shari'ah Balanced Prescient FoFs

Alexander Forbes Investments Shari'ah High Growth

Oasis Crescent Equity Fund

27four Shari'ah Multi-Managed Balanced Fund Old Mutual Shari'ah Balanced

27four Shari'ah Wealth Builder Fund Oasis Crescent Balanced High Equity

STANLIB Multi-Manger Shari'ah Balanced Fund of Funds Old Mutual Shari'ah Equity Old Mutual Global Islamic Equity Element Islamic Global Equity

Volatility (p.a.) (tracking error)

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of Excellence,

Team Mianzo – growing from strength to strength a decade later – this band still prefers to stay under the radar.

The world will forever be changed–the way we act, interact and most importantly, how we do business. There are certainly positives to come out of this global crisis, perhaps it is a bit early to see it all as the world starts emerging into the post lockdown sunrise.

Mianzo Operations’ Manager, Faldie Isaacs says, “we had to develop strong operational capabilities to navigate the crisis, to ensure that we not only continued to offer a unique service to our clients, but that we were able to continue to do so beyond the crisis.

Business is back in South Africa–mostly. Many have certainly fallen in this struggle, but others may very well emerge stronger after this pandemic. Mianzo Asset Management reckons they may just be one of those, as they have been growing from strength to strength under the radar over the past decade. This team prefers it this way as there is considerably less pressure when there is less focus on you.

“Ultimately the pandemic had a positive impact on the way we work – our systems and platform are now fully cloud-base, enabling us to remain fully operational, and while it was an expensive but necessary exercise, it has definitely given us the edge.”

Key elements to remain a viable business in the everchanging environment given the decade in existence.

The global equity markets have corrected sharply over the last quarter with our local market following suite. Most of our companies are now priced at the same level as during the Global Financial Crisis of 2008/9; however, seven years of returns have been wiped out.

In 2010, we saw the need for a wide range of alpha generators in the retirement industry. We wanted to build a business that will add value to consultants and retirement fund members and the retirement industry in general. The team has remained committed to this vision and hopefully are on track to achieving our goal. Our business model has always been that dedicated professionals must handle all non-investment functions and their associated risks. This allows our investment team to remain focused on investment analysis and portfolio management. We have always taken small, incremental but determined steps in building the business; what we are doing today is no different from what we set out to do. I believe that we get better by doing what we do repeatedly, until we perfect the skill. Our focus was to build a team with the requisite skills to be able to understand the ever-changing investment landscape and be able to carry out what is set out in our investment mandates. The results invariably flow from this commitment, say Luvo Tyandela founder and Portfolio Manager at Mianzo Asset Management. The Retirement Industry is a highly regulated and a competitive sector. Mianzo Asset Management has a fiduciary duty to member funds. Thembeka Sobekwa, a Portfolio Manager who has been with Mianzo since inception responded and said, “The investment industry is performance driven. We are dealing with members’ retirement assets and, therefore, throughout the value chain, everyone has a fiduciary duty to realise return objectives, whatever they may be”. As we celebrate Mianzo’s 10th anniversary this year, we are reminded of the value system we were trying to inculcate, and those were hard work, respect and attracting the right individuals with a shared vision. Only then did we build investment processes and eventually an investment team. We are now agile and able to take pragmatic steps and have the ability to change course depending on industry dynamics. Covid-19 caught the industry, the economy and indeed Mianzo by surprise, but due to our make-up we were able to adapt our operational and investment processes effectively and remained fully operational in a short space of time. Our team has demonstrated collective resilience in the tough environment we operate in. We have made mistakes, and we will probably continue to make mistakes as we grow, but we always ensure that we learn from our mistakes. According to Tyandela, words that come to mind when thinking about Team Mianzo are, tenacity, perseverance, effort …. pure GRIT.

Mianzo’s strategy has not changed during these tough times.

“Mohamed Shafee Loonat (CA) CFA, a Senior Portfolio manager at Mianzo, says, “while none of us would have experienced a global pandemic before, we have seen many market corrections of similar scale before. Markets will recover and rise; they have gone through various crises over the past 25 years and have recovered each time. We can be certain the history will repeat itself, but we cannot be certain how much worse it could get or how long it will take.” 2020 will be a financially challenging year for companies across the globe. Projections are that the majority will struggle to be earnings positive for the year, and some may even be faced with the threat of bankruptcy. As such, we will continue to interrogate our investment view and our portfolios to ensure we deliver the best outcomes possible.

prediction of the future, our experience has been that the deep value companies outperform the quality companies by a substantial margin. However, notwithstanding the historic performances of deep value companies, our portfolio is more tilted towards the quality value companies with intended returns in excess of our agreed upon benchmarks for the investor.” What positive signs are there if any? It is encouraging to see broad coordinated efforts to provide support during the crisis, including wide-ranging policy and regulatory support. Corporates are also playing their part. There is a willingness to maintain jobs and lenders are offering some relief. Mark Lamohr, the Head of Equities at Mianzo Asset Management always reminds the team, the consultants we interact with and even the clients that “Over the long-term our analysis will determine if we are correct on the valuation, we have placed on the companies we invest in, but the market will determine when we will be right”. Expansion of our client base from institutional investors to a broader base. Zukile Nchukane, Mianzo Head of Retail and Institutional platforms explains, “most black emerging asset managers have had great support from institutional investors. The retirement fund sector has been instrumental in Mianzo’s growth trajectory and it remains committed to continuing to service the sector. However, with the pool of assets in the retirement space decreasing in size due to the economic environment, and with the ever-growing list of emerging asset managers, the institutional space is gradually getting crowded. It is clear that exposure exclusively to institutional assets is not sustainable in the long run.

While most share prices have fallen materially, value is only lost when it is crystalized. This means if one sells an asset to hold cash or another asset seen as low risk because it has fallen less, you then miss out on the recovery bounce that inevitably returns.

“Mianzo recently launched its retail platform to diversify the business; it is no longer exclusively focused on institutional assets alone but is also giving individuals access to the platform. While, the retail space is more challenging in some respects, it is a business imperative to diversify our income. Further, we recognise that emerging black middle-class has a lack of awareness of the wealth generating potential of unit trusts, and we are now well positioned to service this growing market. This is the ‘new’ retail investor that we will primarily target for investments on our retail platform.”

How have valuations changed?

What you should know about Mianzo.

A company’s value should not be based on a single year of earnings. A number of companies will survive this period and will again be able to deliver a normalised and sustainable level of earning over the long-term. These typically are the companies we hold in our portfolios.

As we reach this milestone it is important to acknowledge that there were opportunities that were available to us, which we made the most of. For those, we are grateful. The journey is still young; this is but one of the many steps we will have to take on the path ahead.

Which companies will have a higher probability of going bankrupt?

We do not only want to be good at what we do, but we continuously strive to be better at the tasks that we perform day-today. We have a great team of individuals willing and capable of doing extraordinary things.

Many of our clients’ concerns post the pandemic were as follows: How much value has been lost?

Those with weak balance sheets, with too much debt and which are unable to renegotiate more favourable terms with the debt holders or unable to borrow more. They are also unable to raise capital from shareholders. Is there still risk in investing in companies that have a low probability of bankruptcy?

The impact of the world in lockdown and how we navigated through this crisis

Yes. A good company does not equal a good investment. The price one pays for a company is extremely important. For example, Clicks – is a good company and the current crisis will have limited impact on the business financially over this period, however, buying it at these levels of a price to earnings ratio of more than 30 has great expectations built into the price over the long-term.

The pandemic has affected the global economy and for the retirement industry, avoiding the market carnage has been near on impossible. The effects will likely be felt for longer than the virus persists. This time though gave us an opportunity to examine and evaluate our risk assessment framework. It forced most industry players, including us, to be agile and to think outside the box.

As value managers, Mianzo focuses more on the quality value companies and less on the deep value ones; we focus on a minimum three-year time horizon. Looking at previous crises, markets always recovered within three years. Also, for risk management we limit our allocation to a deep value company of no more than 0.6%. Thus, our portfolio is more tilted towards these quality value companies. Although history is not a

Mianzo Asset Management (PTY) LTD | Registration No 2009/021221/07 An authorised Financial Service Provider, FSP 43114 | Level 1 B-BBEE Contributor

From all of us at Team Mianzo we wish that as a nation we get through these trying times. We are fully operational and remain focused on managing our client’s funds and growing them over the long-term. We are reminded of the famous words; THIS TOO SHALL PASS.

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ESG FROM NICHE TO MAINSTREAM Premal Ranchod – Head of ESG Research at Alexander Forbes Investments

Sustainable investment themes are abounding Social responsible investing was considered niche when South Africa was sanctioned in the 80s, but today environmental, social and governance (ESG) investment considerations are resounding and the impact of investments is being applied much more broadly, beyond just investment return.

There is a strong case to argue that the impacts on corporate governance and social factors brought about by Covid-19 have piqued more attention on this theme. The numbers also point to increased attention in this space. Morningstar reported global fund flows into sustainability themed funds amounted to $71bn between April and June 2020, bringing the total of assets managed to $1trn.

On a quest for more carbon emissions data Considering the allocation to oil and gas sectors globally, these are significant contributors to carbon emissions. Ten years ago, you could not see a portfolio without it, but fast forward to today, an asset manager finds difficulty in navigating a host of risks such as carbon tax, lack of disclosure in financial statements, and weak leadership around ESG concerns. This makes ultimate investment propositions problematic. Analysts and activists alike are on a quest for more carbon emissions data and climate-related reporting information to be disclosed in trying to measure the “footprint” of their investments. Investment management companies have a fiduciary duty to not only achieve the best possible returns at acceptable levels of risk, but also to act in the best interests of the wider community and environment within which they operate. ESG factors can directly affect the short- and long-term financial performance of businesses through operational and reputational reasons. For this reason, the returns on investment from such companies can be compromised, and are important. For example, whether it is an oil spill related to a large petroleum company, workforce unrest at a global mining company, or false carbon emission reporting from a leading car manufacturer, these all lead to headlines which have caused massive drops in the share prices of major organisations as well as creating material issues for stakeholders and society. If your investment portfolio held shares in the organisations at fault, the value of your investment would have dropped given the impact on their reputation.

Alexander Forbes HotTopics, March 2020

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Risks, reputation, return and impact are all linked And that is precisely why an investment approach which considers such risks (and opportunities) is preferred – it is better positioned to deliver superior risk-adjusted and sustainable investment outcomes.

The expression against ESG issues that cause harm across the globe has been unrelenting. We are witnessing scientists, governments, regulators, corporates, and civil society sitting up and taking note. The magnitude or materiality of issues are so impactful that the past is no longer a prologue.

2020 is the tipping point for global climate policy, decarbonisation, and sustainability reporting frameworks

HERE FOR YOU, THERE FOR YOU

“The hot discussions in 2021 for ESG professionals across the globe will no doubt centre on climate and quantifying materiality, and how to balance whether ESG issues have economic significance or if they satisfy shareholder interests only. Reporting authorities will look to standardise sustainability reporting frameworks in an effort to allow markets to price for risk.”

Premal Ranchod

PARTNER WITH TOP INTERNATIONAL INVESTMENT EXPERTS, HAND-PICKED FROM THE BEST, WORLDWIDE.

Rated SA’s Top Offshore Management Company for the past four years

911281 Nedgroup NotePad_232Hx148W.indd 1

2019/06/28 10:46

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2021 INVESTMENT OUTLOOK Key themes:

Global economic growth expected to rebound | Lagging economic recovery for SA | Inflation forecast remains stable Financial market performance and outlook

Global outlook – positive on expected vaccine-driven strengthening The International Monetary Fund (IMF) revised global growth projections higher to 5.5% in 2021 and 4.2% in 2022 from an estimated 3.5% contraction in 2020. The 2021 projections were higher by 0.3 percentage points compared to the previous estimate, buoyed by expectations of a vaccine-powered strengthening of activity later in the year and additional fiscal policy support by some large economies. However, the IMF warned that renewed waves and new variants of the coronavirus pose significant risks for the outlook. Advanced economies are now expected to grow by 4.3% in 2021 and 3.1% in 2022. The US and Japan are projected to regain end-2019 activity levels in the second half of 2021, while output in the Euro area and the UK is expected to remain below end-2019 levels well into 2022. Emerging markets and developing economies are expected to grow by 6.3% this year and 5% next year, supported by strong growth in China and India.

Consistent with the recovery in global activity, global trade volumes are forecast to grow by about 8% in 2021 before moderating to 6% in 2022. Although a recovery is expected in 2021 and 2022, output gaps are not expected to close until after 2022. Consistent with persistent negative output gaps, inflation should remain subdued during the next two years. In advanced economies, inflation is projected to remain generally below central bank targets at 1.5%. Meanwhile, inflation in emerging markets and developing economies is projected at just over 4% lower than the historical average.

Alexander Forbes HotTopics, March 2020

Figure 1: Global growth expected to recover on expected vaccine-driven strengthening and fiscal policy support by major economies

Sources: International Monetary Fund and Alexander Forbes Investments

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As global growth recovers, amid slowing coronavirus cases, coordinated accommodative monetary and fiscal stance by advanced economies, and progressive global coronavirus roll-outs, the US dollar is expected to weaken against major currencies. This implies that the emerging market exchange rate driving inflationary pressures will remain muted, supporting emerging market economies and global economic growth.

Figure 2: Inflation forecast remains stable Global inflation expectations

Major economies inflation expectations

Source: Bloomberg and Alexander Forbes Investments

The four biggest global risks that dominated financial markets in 2020 have been reduced:

Surging coronavirus infections have slowed down

Covid-19 vaccines have been developed

US–China tensions have eased

Brexit negotiations were resolved

Economic growth will rebound almost everywhere but South Africa will lag South Africa’s economy rebounded strongly in the third quarter of 2020 as lockdown restrictions were lifted, allowing for business activity to reopen gradually. Real GDP grew by 66.1% quarter on quarter seasonally adjusted and annualised in the third quarter of 2020 while declining by 7.9% in the first three quarters of 2020. The IMF expects the local economy to contract by 7.5% in 2020 and rebound to 2.8% and 1.4% in 2021 and 2022.

More so, the recurring energy constraints will negatively impact the recovery. Despite the lockdowns halting economic activity and therefore reducing demand pressure, the country saw more load shedding in 2020 than in the previous two years. The lack of aggressive implementation of the reforms required to boost investment means that real GDP is likely to revert to precoronavirus pandemic growth levels in 2023 or later. However, the improving global economic backdrop, with easing financing conditions and a depreciating US dollar, will support growth.

As such, we expect a rather protracted and subdued growth recovery. This is mainly due to lower government spending in addition to the continued impact of the pandemic on the global and domestic economy for longer than initially anticipated.

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Inflation is expected to remain low due to high output gaps and low demand The average annual consumer inflation was 3.3% in 2020, a decline of 0.8 percentage points compared to the 2019 average of 4.1%, remaining well below the 4.5% midpoint of the SARB’s inflation target. Inflation is expected to rise to 4.0% in 2021 as global demand improves. The SARB cut the repo rate by a cumulative 300 basis points to 3.5% in 2020, to cushion the Covid-19-induced lockdowns strain on the economy.

Figure 3: Inflation forecast remains stable Stable inflation outlook well within the SARB’s 3-6% target band

Sources: International Monetary Fund and Alexander Forbes Investments

Financial market outlook Despite the relief of making it to 2021, we believe that challenges still lie ahead. With many of the underlying economic, financial and social challenges unresolved, we continue to expect more volatility. Alexander Forbes Investments is positioned for more central bank, fiscal and regulatory intervention as authorities activate the power garnered in 2020. Authorities have significantly eroded the value of cash in most countries around the globe, which forces investors to take risks despite overvalued financial markets. This distortion of such a key financial instrument has ramifications across financial markets, the economy and society, leading to all sorts of unusual outcomes.

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However, we see opportunities through active management and asset allocation changes to protect clients’ wealth and bolster returns in commodities, emerging markets, hedge funds, and private equity. It’s through these active shifts to portfolios and deliberate risk management that we’re able to protect clients’ capital, contribute towards financial well-being and lift their spirits through challenging times. Notably, 2021 promises to differ from 2020 in many ways yet be potentially similar in others. An end to lockdowns and working from home could create spending exuberance and push risk assets to new heady highs. Many have talked about the roaring 1920s as an analogy after the 1918 Spanish Flu and there are certainly some insights to be gleaned from that period.

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But the conditions are also starkly different because government indebtedness, policy control and a lack of market-based capital allocation will hamper the recovery in the years ahead. We believe we are positioned to capitalise on these trends with not only large allocations to equity across portfolios but also large diversification into hedge funds, private markets, corporate bonds, emerging markets and commodities. We remain vigilant of increasing volatility and are committed to providing clients with a stable journey towards their savings goals.

Table: 1: World Economic Outlook Update – January 2021

Global asset class performance (Real GDP, annual percentage change)

Estimate

Projections

2020

2021

2022

World output

–3.5

5.5

4.2

Advanced economies

–4.9

4.3

3.1

United States

–3.4

5.1

2.5

Euro area

–7.2

4.2

3.6

Germany

–5.4

3.5

3.1

France

–9.0

5.5

4.1

Italy

–9.2

3.0

3.6

Spain

–11.1

5.9

4.7

Japan

–5.1

3.1

2.4

United Kingdom

–10.0

4.5

5.0

Canada

–5.5

3.6

4.1

Other advanced economies

–2.5

3.6

3.1

Emerging market and developing economies

–2.4

6.3

5.0

Emerging and developing Asia

–1.1

8.3

5.9

China

2.3

8.1

5.6

India

–8.0

11.5

6.8

ASEAN

–3.7

5.2

6.0

–2.8

4.0

3.9

–3.6

3.0

3.9

–7.4

4.1

2.9

Brazil

–4.5

3.6

2.6

Mexico

–8.5

4.3

2.5

Emerging and developing Europe Russia Latin America and the Caribbean

Sources: IMF and Alexander Forbes Investments

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FEES

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INVESTMENT MANAGEMENT FEES Investment management fees are intended to compensate investment managers for their time and skill to manage the assets of a fund, and are usually in the form of a percentage of the assets managed.

The main types of investment fees are annual base fees, with some funds charging an additional performance fee. Fees can be quoted on a fixed basis or a sliding scale. A fixed fee is a constant % fee charged irrespective of the value of the assets being managed. A sliding scale fee is a structure where the % fee charged reduces as the value of assets managed increases. The performance fee is generally charged when the manager outperforms its specified benchmark. The manager therefore earns a percentage of the investment profits (often both realised and unrealised). In simple terms we can define performance fees as the manager’s share of the fund’s profits but not in their losses.

Alexander Forbes Fee Study The purpose of the Alexander Forbes Fee Survey is to create transparency and visibility of fees charged by the investment industry for institutional pension fund mandates. The main benefit is to provide trustees, asset consultants, and advisors with a framework to benchmark the fees that they are being charged. The fee survey utilised data over a five year time period (i.e. 2016 to 2020) to show fee trends if any in the industry. Data was obtained through liaising and collecting data from asset managers and the validity thereof was checked. The Survey was conducted as at November 2020 across nine popular pension fund mandates: Multi Asset Class Mandates

Single Asset (Specialist) Mandates

Global Mandate, BIV*, Segregated Portfolio

Domestic Equity Mandate

Domestic Mandate, BIV*, Segregated Portfolio

Domestic Fixed Income Mandate

Global Mandate, BIV*, Pooled Portfolio

Domestic Money Market Mandate

Domestic Mandate, BIV*, Pooled Portfolio Global Absolute Mandate Domestic Absolute Mandate

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The managers were asked to break down their fee structure into a standardised sliding scale framework using distinct Asset under Management bands: R0-50 million R51-100 million R101-150 million R151-250 million R251-500 million R500 + million Where relevant the fee charged for international assets was collected.

To thethe full fee including analysis: Toaccess access fullsurvey fee survey https://www.alexanderforbes.co.za/research/ including analysis click here. publications

*B est Investment View Balanced Portfolios.

ASSETS UNDER MANAGEMENT IN EXCESS OF

R225

Limitations of study: 1. The universe was restricted to asset managers that participate in the Alexander Forbes Surveys. 2. Participation in the survey was voluntary, and therefore selection may be biased 3. The standardisation of fees in AuM categories may not reflect an individual manager’s fee scale.

CONSISTENT CLIENT RETURNS... YIELDING CONSISTENT GROWTH IN AUM

BILLION

Average AUM R’Billion

SOUTH AFRICA’S LARGEST INDEPENDENT BLACK-OWNED INVESTMENT MANAGER Call us or visit our website for more information T: +27 21 681 5100 E: CRM@taquanta.co.za www.taquanta.co.za

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Base Fees – Indicative Range

Single Asset (Specialist) Mandate

Multi–Asset Class Mandates Global Mandate, BIV, Segregated Portfolios Average fee per band Fee Band

Average fee per band Average Fee(%)

0-50 million 0.93% 51-100 million 0.90% 101-150 million 0.88% 151-250 million 0.88% 251-500 million 0.86% 500 + million 0.85% International 0.98% Highest and Lowest per fee band Fee Band High 0-50 million 1.10% 51-100 million 1.10% 101-150 million 1.10% 151-250 million 1.10% 251-500 million 1.10% 500 + million 1.10% International 1.10%

Participants per Fee Band 4 4 4 4 4 4 4 Low 0.70% 0.60% 0.50% 0.50% 0.45% 0.40% 0.90%

Global Mandate, BIV, Pooled Portfolios Average fee per band Fee Band

Participants per Fee Band 5 5 5 5 5 5 5 Low 0.69% 0.69% 0.69% 0.69% 0.69% 0.69% 0.69%

Global Absolute Mandate,Segregated Average fee per band

Average Fee(%)

0-50 million 0.65% 51-100 million 0.65% 101-150 million 0.65% 151-250 million 0.65% 251-500 million 0.60% 500 + million 0.60% International 0.40% Highest and Lowest per fee band Fee Band High 0-50 million 0.65% 51-100 million 0.65% 101-150 million 0.65% 151-250 million 0.65% 251-500 million 0.60% 500 + million 0.60% International 0.51%

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Fee Band

0-50 million 0.52% 51-100 million 0.51% 101-150 million 0.50% 151-250 million 0.50% 251-500 million 0.49% 500 + million 0.47% Highest and Lowest per fee band Fee Band High 0-50 million 0.75% 51-100 million 0.75% 101-150 million 0.70% 151-250 million 0.70% 251-500 million 0.70% 500 + million 0.65%

Participants per Fee Band 11 11 11 11 11 11 Low 0.35% 0.35% 0.35% 0.35% 0.30% 0.30%

Domestic Mandate, BIV, Pooled Portfolios

Participants per Fee Band 3 3 3 3 3 3 3 Low 0.65% 0.65% 0.65% 0.65% 0.60% 0.60% 0.36%

Fee Band

Average Fee(%)

0-50 million 0.67% 51-100 million 0.62% 101-150 million 0.61% 151-250 million 0.61% 251-500 million 0.57% 500 + million 0.55% Highest and Lowest per fee band Fee Band High 0-50 million 1.50% 51-100 million 1.00% 101-150 million 1.00% 151-250 million 1.00% 251-500 million 1.00% 500 + million 1.00%

Participants per Fee Band 30 30 30 30 30 30 Low 0.27% 0.27% 0.27% 0.27% 0.27% 0.20%

Specialist Domestic Fixed Interest Mandate Average fee per band

Average Fee(%)

0-50 million 0.74% 51-100 million 0.70% 101-150 million 0.68% 151-250 million 0.68% 251-500 million 0.66% 500 + million 0.65% Highest and Lowest per fee band Fee Band High 0-50 million 1.00% 51-100 million 0.85% 101-150 million 0.85% 151-250 million 0.85% 251-500 million 0.85% 500 + million 0.85%

Participants per Fee Band 13 13 13 13 13 13 Low 0.50% 0.50% 0.35% 0.35% 0.35% 0.35%

Domestic Absolute Return Mandate

Fee Band

Average Fee(%)

0-50 million 0.39% 51-100 million 0.36% 101-150 million 0.34% 151-250 million 0.34% 251-500 million 0.31% 500 + million 0.29% Highest and Lowest per fee band Fee Band High 0-50 million 0.60% 51-100 million 0.50% 101-150 million 0.50% 151-250 million 0.50% 251-500 million 0.50% 500 + million 0.50%

Participants per Fee Band 24 24 24 24 24 24 Low 0.25% 0.20% 0.20% 0.20% 0.15% 0.15%

Specialist Domestic Money Market Mandate

Average fee per band Fee Band

Specialist Domestic Equity Mandate Average fee per band

Average Fee(%)

Average fee per band Average Fee(%)

0-50 million 0.83% 51-100 million 0.83% 101-150 million 0.83% 151-250 million 0.83% 251-500 million 0.83% 500 + million 0.83% International 0.83% Highest and Lowest per fee band Fee Band High 0-50 million 0.98% 51-100 million 0.98% 101-150 million 0.98% 151-250 million 0.98% 251-500 million 0.98% 500 + million 0.98% International 0.98%

Fee Band

Domestic Mandate, BIV, Segregated Portfolios

Average fee per band Average Fee(%)

0-50 million 0.67% 51-100 million 0.62% 101-150 million 0.61% 151-250 million 0.59% 251-500 million 0.56% 500 + million 0.53% Highest and Lowest per fee band Fee Band High 0-50 million 1.00% 51-100 million 0.85% 101-150 million 0.85% 151-250 million 0.85% 251-500 million 0.85% 500 + million 0.85%

Participants per Fee Band 15 15 15 15 15 15 Low 0.65% 0.50% 0.35% 0.35% 0.35% 0.35%

Fee Band

Average Fee(%)

0-50 million 0.27% 51-100 million 0.25% 101-150 million 0.22% 151-250 million 0.21% 251-500 million 0.20% 500 + million 0.16% Highest and Lowest per fee band Fee Band High 0-50 million 0.40% 51-100 million 0.30% 101-150 million 0.25% 151-250 million 0.25% 251-500 million 0.25% 500 + million 0.25%

Participants per Fee Band 12 12 12 12 12 12 Low 0.15% 0.15% 0.15% 0.15% 0.10% 0.10%

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Base Fees plus Performance Fees – Indicative Ranges

Multi–Asset Class Mandates

Single Asset (Specialist) Mandate

Global Mandate, BIV, Segregated Portfolios Average fee per band Fee Band

Average fee per band Average Fee(%)

0-50 million 0.97% 51-100 million 0.97% 101-150 million 0.97% 151-250 million 0.97% 251-500 million 0.97% 500 + million 0.97% Performance fees 15.00% Highest and Lowest per fee band Fee Band High 0-50 million 1.00% 51-100 million 1.00% 101-150 million 1.00% 151-250 million 1.00% 251-500 million 1.00% 500 + million 1.00% Performance fees 20.00%

Participants per Fee Band 7 7 7 7 7 7 7 Low 0.90% 0.90% 0.90% 0.90% 0.90% 0.90% 10.00%

Global Mandate, BIV, Pooled Portfolios Average fee per band Fee Band

Global Absolute Mandate, Segregated Portfolios

Fee Band

Average fee per band Average Fee(%)

0-50 million 0.90% 51-100 million 0.87% 101-150 million 0.83% 151-250 million 0.83% 251-500 million 0.82% 500 + million 0.80% Performance fees 10.00% Highest and Lowest per fee band Fee Band High 0-50 million 1.00% 51-100 million 1.00% 101-150 million 1.00% 151-250 million 1.00% 251-500 million 1.00% 500 + million 1.00% Performance fees 10.00%

Participants per Fee Band 3 3 3 3 3 3 3 Low 0.80% 0.70% 0.60% 0.60% 0.55% 0.50% 10.00%

Domestic Mandate, BIV, Segregated Portfolios Average fee per band

Average Fee(%)

0-50 million 0.70% 51-100 million 0.70% 101-150 million 0.70% 151-250 million 0.60% 251-500 million 0.60% 500 + million 0.50% Performance fees 20.00% Highest and Lowest per fee band Fee Band High 0-50 million 0.70% 51-100 million 0.70% 101-150 million 0.70% 151-250 million 0.60% 251-500 million 0.60% 500 + million 0.50% Performance fees 20.00%

Participants per Fee Band 1 1 1 1 1 1 1 Low 0.70% 0.70% 0.70% 0.60% 0.60% 0.50% 20.00%

Fee Band 0-50 million

Specialist Domestic Equity Mandate

Fee Band

Average Fee(%)

0-50 million 0.71% 51-100 million 0.71% 101-150 million 0.70% 151-250 million 0.70% 251-500 million 0.68% 500 + million 0.66% Performance fees 12.50% Highest and Lowest per fee band Fee Band High 0-50 million 1.00% 51-100 million 1.00% 101-150 million 1.00% 151-250 million 1.00% 251-500 million 1.00% 500 + million 1.00% Performance fees 15.00%

Participants per Fee Band 10 10 10 10 10 10 10 Low 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 10.00%

Specialist Domestic Fixed Interest Mandate Average fee per band

Average Fee(%)

Participants per Fee Band

0.60%

51-100 million 0.56% 101-150 million 0.53% 151-250 million 0.53% 251-500 million 0.51% 500 + million 0.49% Performance fees 15.00% Highest and Lowest per fee band Fee Band High 0-50 million 1.00% 51-100 million 1.00% 101-150 million 1.00% 151-250 million 1.00% 251-500 million 1.00% 500 + million 1.00% Performance fees 20.00%

7 7 7 7 7 7 Low 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 10.00%

Fee Band

Average Fee(%)

0-50 million 0.35% 51-100 million 0.35% 101-150 million 0.30% 151-250 million 0.30% 251-500 million 0.25% 500 + million 0.23% Performance fees 15.00% Highest and Lowest per fee band Fee Band High 0-50 million 0.35% 51-100 million 0.35% 101-150 million 0.30% 151-250 million 0.30% 251-500 million 0.25% 500 + million 0.23% Performance fees 15.00%

Participants per Fee Band 1 1 1 1 1 1 1 Low 0.35% 0.35% 0.30% 0.30% 0.25% 0.23% 15.00%

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INVESTMENT SURVEY GLOSSARY

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Investment Survey Glossary Absolute Return Investment Strategy

Balanced Fund Strategy

An actively managed investment objective that seeks consistent, positive returns regardless of whether markets are rising or falling; and without reference to a benchmark index for comparison. While not all absolute return strategies are alike, typically, the goal is to produce returns in excess of the inflation rate and/or cash that can be measured by the consumer price index (CPI) while protecting against capital losses.

An actively managed investment framework where the asset allocation, strategies employed and risk assumed to achieve the specified investment objective is delegated to the investment manager.

Active Fund Management An investment approach that relies on the belief that it is possible to outperform the market. Typically an actively managed fund would select asset classes and investment securities that are expected to perform better than the market or benchmark.

Benchmark An independently constructed reference (usually a publicly available index) that sets an objective rate of return (the neutral position) that should be used to test the effective implementation of an investment strategy. A good benchmark will also be representative of the asset class or mandate and is investable itself.

Bias

Active Return

A particular tendency, trend, or opinion, especially one that is preconceived or unreasoned

The difference in returns between a fund and its benchmark at each point in time.

Black swan

A popular index used to benchmark performance for South African fixed income (bond) portfolios. This index represents a weighted basket of the top 20 South African bonds ranked dually by market capitalisation and liquidity.\

A black swan is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences. Black swan events can cause catastrophic damage to an economy by negatively impacting markets and investments, but even the use of robust modeling cannot prevent a black swan event.

Alpha

Bonds

Alpha is a measurement of the performance of an investment portfolio against a benchmark. The alpha is the return the fund or portfolio makes, relative to the return of the benchmark.

Debt issued by a government or a company, typically promising regular payments of coupons (interest) on specified dates with a final capital payment on the maturity date. It can be viewed as a loan given to bond issuers by bond holders.

ALBI (All Bond Index)

ALSI (FTSE JSE All Share Index) A popular index used to benchmark performance for South African equity portfolios. This index represents a weighted basket of 99% of the full market capitalisation of all eligible companies listed on the main board of the JSE subject to free float and liquidity criteria. The index can be divided by size into the Top 40, Mid Cap and Small Cap Indices.

Asset Class

BSAGI (Barclays SA Government Inflation Linked Index) A popular index used to benchmark performance for local inflation linked bonds. This index represents a weighted basket of SA Government issued inflation linked bonds calculated by Barclays Capital.

Capped SWIX (FTSE JSE Capped SWIX All Share Index)

Assets Under Management (AuM)

A popular index used to benchmark performance for South African equity portfolios. This index includes 99% of the full market cap of eligible JSE listed companies. The constituents are weighted by applying a SWIX free float which represents the proportion of a constituent’s share capital on the South African share register. In addition each constituent weight is capped at 10% at each quarterly review.

The market value of assets held by an investment manager on behalf of clients.

Composite

Categories of investments that behave similarly and are subject to similar market forces. Major asset classes include equities (shares), fixed income (bonds and cash), commodities and property.

A group of similarly managed portfolios within a single investment manager and typically defined within the investment managers’ GIPS™ policy.

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Composite Dispersion

Developed Markets

The extent to which the returns of all portfolios within a composite differ. It can be measured in different ways, including: the difference between the maximum and the minimum return (range); the difference between the 1st and 3rd quartile (inter-quartile range); the standard deviation of returns, or mean absolute deviation.

A developed or an advanced market in investing terms is a country that is most developed in terms of its economy and financial markets.

Compound Rate of Return A compound rate of return that expresses the relationship between the initial investment and the returns earned on that investment, incorporating future returns which are earned on past returns. For most investors, this is the most accurate way to calculate their returns as most investors will leave their returns in an investment.

Coupon Rate A bond’s coupon rate is the rate used to calculate the periodic interest payments paid by the issuer of a bond to its owner at the time of payment. It is set when the bond is issued and is usually related to the nominal value of the bond at the time of issuance.

Diversification A portfolio strategy to reduce exposure to risk by investing in various instruments or asset classes, such as equities, bonds and property that are unlikely to move in the same direction at the same time. In other words, the process of spreading investments among different instruments or markets to reduce the overall risk or loss if one performs poorly.

Duration Duration is a measure of interest rate risk for a bond or portfolio of bonds. It measures the sensitivity of the value of a bond – or collection of bonds – to a change in interest rates.

Effective Interest Rate

CPI (Consumer Price Index)

The effective rate converts the compounding rate of return into a simple rate of return. This means that the effective rate of return can simply be multiplied by the investment period to calculate the cumulative rate of return.

CPI is an estimate of the inflation rate measuring the price of goods and services in the economy.

Emerging Markets

Credit

Emerging markets are economies that show some of the traits of developed economies but aren’t quite at the same level yet.

Credit risk refers to the risk that a bond issuer will default on any type of debt by failing to make required payments, i.e. probability that the bond issuer will make debt payments late.

Equities

CRISA The Code for Responsible Investing in South Africa (CRISA) gives guidance on how the institutional investors should execute investment analysis and investment activities and exercise rights so as to promote sound governance. The CRISA code requires asset managers that adopt it to publicly disclose their policies and methods of incorporating ESG factors into the investment process.

Cumulative Returns The cumulative return for a portfolio or an asset is the cumulative compound return over the full length of a specified time period. The percentage measure of this return is not annualised and as such represents the actual total return of the portfolio or asset over the period. By annualising the percentage figure, one can calculate the average annual return of the portfolio or asset over the period.

Defined Contribution Employer and employee contribute an agreed amount every month. When the employee retires, the accumulated capital amount and growth are used to purchase a pension from a third-party supplier.

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A major category of asset class, which is a commonly used name for ordinary shares, representing ownership in a company. The owner of the share (shareholder) will generally be able to vote on company issues; and will be entitled to dividends declared.

ESG Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.

Fixed Income A major category of asset class that includes cash, nominal bonds, inflation linked bonds and credit instruments.

Frontier Markets Frontier markets are less advanced capital markets in the developing world. Frontier markets are countries that are more established than the least developed countries (LDCs) but still less established than the emerging markets. Frontier markets are also known as “pre-emerging markets.

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GIPS™

International Monetary Fund

The Global Investment Performance Standards (GIPS) is a set of standardized, industry-wide ethical principles that guide investment firms on how to calculate and present their investment results to prospective clients.

The International Monetary Fund (IMF) is an international organization that aims to promote global economic growth and financial stability, encourage international trade, and reduce poverty.

Halaal Halal refers to something that is permissible according to Islamic law. To be considered acceptable, a business transaction must be based on an Islamic contract form, distribute risk and return among the parties to the contract, and avoid unacceptable activities, including interest and uncertainty. To determine whether a stock is halal, Muslim investors evaluate companies based on levels of debt, interest income, and liquidity, as well as participation in prohibited activities.

Haram Haram describes anything that is unacceptable under Shari’ah law. It is considered inappropriate for a Muslim investor to profit from any activity that violates Islamic principles. Certain industries, including alcohol, pornography, gambling, pork, and conventional financial services, are inherently haram.

Hedge Funds These are usually absolute return investment strategies that use alternate investment techniques (e.g. short positions, leverage, etc.). The funds can be used in a Regulation 28 strategy but are not compliant as standalone products.

Impact Investing Impact investing refers to a general investment strategy that not only generates financial returns but also creates a positive social or environmental impact.

Inflation The increase in the general price level in the economy. The inflation rate is calculated by defining a basket of goods and services that a typical consumer would consume and calculating a weighted average of the prices of those goods to arrive at a single percentage number, e.g. CPI.

ILB’s (Inflation Linked Bonds) An inflation linked bond is a type of bond where the final capital payment is adjusted by the inflation rate for the term of the bond.

Information Ratio A risk-adjusted measure of return calculated by dividing the active return of a fund by the tracking error of the fund.

Inter-quartile Range A statistical measure representing the difference between the medians of the upper half and the lower half of a ranked set of data.

Investment Manager An organisation that invests assets on behalf of third parties for a fee.

Investment Philosophy A framework of principles and way of thinking about markets that underlies the beliefs and approach of an investment manager. It drives which asset classes and investment securities to include in the investment portfolio. It can be used to describe the style of a manager.

JSE Currently the only South African Exchange which offers a centralised trading platform to capital markets across a diverse set of investment securities, in particular, equities, bonds, and derivatives.

King IV™ King IV™ is structured as a Report that includes a Code, with additional, separate sector supplements for SME’s, NPO’s, State-Owned Entities, Municipalities and Retirement Funds. The King Code™ contains both principles and recommended practices aimed at achieving governance outcomes.

Kingmaker An asset class or factor (such as ESG considerations) which has great influence over others’ succession within the portfolio, without being the most viable or obvious option.

Long Position It is a positive holding in a portfolio that results from buying investments in the portfolio. This is done when the manager believes that the value of this investment security will increase in the future and he will be able to sell it for a higher price and create a profit. This is directly opposite to a short position.

Leverage It is a holding in a portfolio that results from using complex alternate trading techniques that allows the manager to buy investment securities with money borrowed or by utilising collateral as a means of payment.

Lower Quartile A statistical measure representing the bottom 25% of observations in a ranked set of data.

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Maximum Drawdown

Passive Investing

A risk of loss measure that is calculated as the maximum loss incurred by an investment over a stated time horizon.

An implementation approach of a specialist fund strategy where the need to outperform the benchmark is not required in order to meet the investment objective. The specialist investment strategy is invested in passive funds. Not to be confused with Passive Fund Management.

Market Capitalisation The value of a company’s issued share capital, i.e. share price multiplied by number of shares on the stock exchange.

Mean Absolute Deviation A measure of dispersion calculated as the average of the absolute differences between each value and the mean in a data set.

Median A statistical measure representing the midpoint value in a ranked set of data.

Modified Duration Modified duration is a type of duration measure which measures the approximate sensitivity of the value of a bond – or collection of bonds - to a change in interest rates, assuming the cash flows remain unchanged. As such, it is only appropriate for bonds with no embedded options.

Money Market Market for short-term loans and deposits with a maturity less than one year.

Money Weighted Return Measures internal rate of return, to identify when cash flows are entering or exiting an investment by discounting cash flows to the beginning value.

Murabahah Murabahah refers to an instalment credit agreement for the sale of tangible goods. The seller acquires an asset, which the buyer agrees to purchase at some point in the future. The seller is entitled to a profit, as long as the exact mark-up is disclosed in the contract. Payments may be spread out over time.

MSCI World Index The Morgan Stanley International World Index is maintained by MSCI Inc., formerly Morgan Stanley Capital International, and is used as a common benchmark for ‘world’ or ‘global’ stock funds intended to represent a broad cross-section of global markets. The index includes a collection of stocks of all the developed markets in the world, as defined by MSCI.

Peer Group

Usually refers to a set of similarly managed investment mandates.

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Passive Fund Management An investment approach that seeks to replicate the performance and risk of an investable benchmark/index. Typically the investment portfolio will mirror the holdings of a market index. Passive managers believe that this is a more efficient and cost effective way of accessing the risk and return profile of an asset class or investment style.

Pooled Portfolio Funds from many individual investors that are aggregated for the purposes of investment, as in the case of a retirement fund. Investors in pooled fund investments benefit from economies of scale, which allow for lower trading costs, diversification and professional fees. Pooled funds are generally backed by a policy of insurance.

Purification Purification in a Shari’ah investing context refers to getting rid of unacceptable profits. Shariah prohibits Muslims from profiting, even indirectly, from unacceptable practices, so investors are expected to account for and give away any income derived from riba or other haram sources.

Purchasing Power Parity Purchasing power parity (PPP) is an economic theory that compares different countries’ currencies through a “basket of goods” approach. According to this concept, two currencies are in equilibrium or at par when a basket of goods (taking into account the exchange rate) is priced the same in both countries.

Range A statistical measure representing the difference between the maximum and minimum values in a ranked set of data.

Real Return Portfolios An alternate name for a portfolio using an absolute return investment strategy.

Regulation 28 Investment limits set by the Pensions Fund Act on retirement funds to protect against imprudent investment decisions.

Risk Risk is a very generic term used to calculate either variation in returns or as a measure of losses. E.g. Volatility is usually used as a proxy for risk that measures variation. Maximum Drawdown is usually used as a proxy of risk that measures loss.

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Risk Premium

Sortino Ratio (Capital Loss or Inflation)

The return differential between the risk-free asset (cash) and a risky asset.

A risk adjusted return measure similar to the Sharpe ratio. The Sortino ratio measures risk as the volatility of the returns below a certain target (0% in the case of Capital Loss and inflation in the case of Inflation).

Rolling Return A time series of a rate of return with the same time horizon for a portfolio, asset class or investment security. It represents a realistic way of reporting returns which takes into account different market and economic environments.

Scatter plot A diagram illustrating the relationship between two sets of quantities using dots that can be used to generate a line of best fit.

Sector All instruments within a particular area of activity or industry for an asset class. The JSE defines sectors as Financials, Basic Materials, Oil and Gas Producers, Industrials, Consumer Goods, Healthcare, Consumer Services, Telecommunications and Technology. The Bond sectors are Government, Parastatals, State Owned Enterprises, Corporates and Other.

Shari’ah Shari’ah is the divine law of Islam, derived from the Qur’an and other holy texts, which serves as a moral guide to Muslims. The Shari’ah sets guidelines for what is right and wrong in everyday life, including standards for food, family life, and business transactions.

Simple Rate of Return A simple rate of return that expresses the relationship between the initial investment and the rate at which returns are earned on that investment, ignoring any ability for further returns to be earned on past returns. This is only an accurate reflection of the investor’s return when all returns are paid out from the portfolio when they are earned.

Socially Responsible Investing (SRI) Socially responsible investing is the practice of investing money in companies and funds that have positive social impacts. Investors should keep in mind that socially responsible investments are still investments, and be sure to weigh the potential for return into their decisions.

Specialist Fund Strategy An investment approach where the asset allocation, investment strategies employed and risk assumed to achieve the specified investment objective are explicitly defined and not delegated to the investment manager. A specialist investment strategy may be implemented actively or passively.

Specialist Mandate A mandate given to an investment manager to manage specific asset classes (equities, bonds, etc.) or investment strategies (hedge funds, impact investing, etc.) as part of a specialist fund strategy.

STeFI (Short Term Fixed Interest Index) A popular index used to benchmark performance for South African cash portfolios. This index represents a weighted basket of money market instruments of different investment maturities such as NCDs and Call Deposits.

Strategic Asset Allocation (SAA) An investment technique that sets the medium to long term allocation to asset classes which will primarily meet the investment objectives within a defined level of risk. Used primarily in specialist fund strategies.

Segregated Portfolio

Sustainability

Segregated portfolios are not pooled with those of other investors and so the performance and expenses of an investment account are not affected by the activities of any other investors in the portfolio.

Sustainability focuses on meeting the needs of the present without compromising the ability of future generations to meet their needs. The concept of sustainability is composed of three pillars: economic, environmental, and social—also known informally as profits, planet, and people.

Sharpe Ratio Risk adjusted return ratio of return per unit of risk. It is calculated as excess return (over the risk-free return) divided by volatility.

Short Position It is a negative holding in a portfolio that results from using complex alternate trading techniques that allows the sale of an investment security that is not owned. This is done when the manager believes that the value of this investment security will decrease in the future and he will be able to buy it back later for a lower price and create a profit. This is directly opposite to a long position.

Sustainable Development Goals The Sustainable Development Goals are a collection of 17 global goals designed to be a “blueprint to achieve a better and more sustainable future for all”. The SDGs, set in 2015 by the United Nations General Assembly and intended to be achieved by the year 2030, are part of UN Resolution 70/1, the 2030 Agenda.

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SWIX (FTSE JSE Shareholder Weighted Index)

Tracking Error

A popular index used to benchmark performance for South African equity portfolios. This index represents a shareholder weighted basket of companies listed on the main board of the JSE with all constituents down weighted by applying an alternate free float known as the SWIX free float.

Measure of variability of returns relative to benchmark or index. It is usually expressed as an annualised standard deviation of active returns.

Sukuk Sukuk are asset-backed securities designed to provide a relatively fixed stream of investment income without violating the Islamic prohibition on interest. Instead of interest payments, sukuk investors receive a pass-through of income generated by the underlying assets. Sukuk are a Shari’ah-compliant tool for raising capital and may be structured around a variety of Islamic contracts.

Tactical Asset Allocation (TAA) An investment technique that periodically adjusts the SAA to take advantage of opportunities in the market in order to enhance returns in the short term; and maximise risk adjusted returns.

Term To Maturity

UN Principles for Responsible Investment (PRI) UN Principles for Responsible Investment (PRI) are a set of six principles that provide a global standard for responsible investing as it relates to environmental, social and corporate governance (ESG) factors. Organizations follow these principles to meet commitments to beneficiaries while aligning investment activities with the broader interests of society.

Upper Quartile The top 25% of observations in a ranked set of data.

Volatility Is a proxy for risk and is calculated as the annualised standard deviation of monthly returns.

Yield Return on a security usually expressed in percentage terms.

The time remaining on the life of a bond, i.e. time remaining for the bond to be fully repaid.

Yield Curve

Time-Weighted Rate Of Return

The relationship between time to maturity and yield to maturity of bonds.

The compound rate of return over a stated evaluation period of one unit of money initially invested in the portfolio or strategy.

Yield To Maturity

Time Horizon The time period relating to the rate of return measurement calculation. It can also reference the time set to meet a certain investment objective or goal.

TOP 40 (FTSE/JSE Top 40 Index) A popular index used to benchmark performance for South African large equity portfolios. This index represents a weighted basket of the forty largest companies which are constituents of the FTSE/ JSE All Share Index, ranked by full market capitalization. Interestingly the number of constituents can exceed 40, as some companies issue multiple share types (e.g. Investec, Mondi).

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An estimate of the rate of return that would be earned on a bond if the bond is held to its maturity date. It assumes that interest earned is reinvested in the bond.

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DIRECTORY OF SOUTH AFRICAN ASSET MANAGERS

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27four Investment Managers (Pty) Ltd www.27four.com Company details

B-BBEE credentials

FAIS FSP registration number: 31045 Switchboard: +27 11 442 2464 General email: info@27four.com Address: Firestation Rosebank, 5th Floor, 16 Baker Street, 2196 PO Box 522417, Saxonwold Johannesburg, 2132 Compliance officer name: Independent Compliance Services – Enrique Goosen +27 21 975 6597

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? GLP B-BBEE Date of accreditation: 2020-08-13

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy 27four focuses on building well-diversified portfolios that are linked to a broad spectrum of investor goals and appetites for risk. They believe that asset allocation is the primary determinant of variation in portfolio return and is the cornerstone of portfolio construction. Their skilled investment team is experienced in the application of quantitative techniques to identify the sources of asset class returns across different market cycles to derive their long-term asset allocation views.

Investment mandates What are your total assets under management? R22.22 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R20.06 billion Retail: R2.16 billion Life: – Other: –

They invest in a combination of large, well-known managers and smaller untapped “boutiques” who they believe possess a distinct performance advantage as they are more nimble and opportunistic, especially in asset classes where the ability to take calculated risks and move swiftly is vital to success.

Key investment personnel

Core to their investment philosophy is risk mitigation. Rigorous risk management and monitoring are applied at every level of their investment process and equal importance is given to business, compliance, operational and administrative risks as applied to investment performance risk.

Size of investment team: 17 Fatima Vawda Managing Director MSc (App Maths) 26 years of industry experience 13 years with the firm

FAIS requirements

Rory Ord Head of Unlisted Investments BBusSci Hons (Finance) 17 years of industry experience 4 years with the firm

Who is your FAIS complaints officer? Enrique Goosen Please provide the link to the complaints policy on your website: http://www.27four.com/legal-terms-and- conditions/

Ownership

Akona Mlamleli Portfolio Manager BCom (Hons) 9 years of industry experience 9 years with the firm

What is the ownership structure of the company? 60%: Fatima Vawda (founder & managing director), 40%: Staff (share ownership scheme) Who are the directors of the company? Fatima Vawda, Vic du Preez and Hazel Bango-Moyo (Independent Non-Executive Director) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes. 100%

Dr. Daniel Page Head: Quantitative Strategies Phd Finance 12 years of industry experience 2 years with the firm

History When was the company established? 2007-09-01 List of mergers that have taken place since being established: – 168

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Abax Investments (Proprietary) Limited

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www.abax.co.za

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Company details

GIPS

FAIS FSP registration number: 856 Switchboard: 021 670 8987 General email: matthew@abax.co.za Address: The Oval, 1 Oakdale Road, Newlands, 7700 Postnet Suite #255, Private Bag X1005, Claremont Cape Town, South Africa, 7735 Compliance officer name: Tim Howse (eComply) 021 671 8162

Are you GIPS compliant? Yes. Abax uses StatPro to calculate the performance of client portfolios (at the client’s request). Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment mandates

We believe that markets are inefficient and that through research we can identify companies that will show superior earnings growth over the longer term which is not reflected in current valuations. Similarly we believe we can identify companies where current valuations overvalue their future earnings growth potential.

What are your total assets under management? R89.9 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R56.4 billion Retail: R32 billion Life: – Other: R1.5 billion

FAIS requirements

Key investment personnel

Who is your FAIS complaints officer? Tim Howse (eComply) Please provide the link to the complaints policy on your website: Available on request

Size of investment team: 14

Investment philosophy

Steve Minnaar Chief Investment Officer / Head of Research PhD (Eng), B Com Hons, CFA 22 years of industry experience 11 years with the firm

Ownership What is the ownership structure of the company? Abax is a standalone entity and is not part of a bigger group of companies. Abax is, however, an affiliate of Affiliated Managers Group (AMG), a US listed company. Who are the directors of the company? Executive: Anthony Sedgwick, Marius van Rooyen, Edel Little, Rashaad Tayob Alternate Directors (Executive): Omri Thomas, Steve Minnaar Independent Non-executive Director: Estelle Cloete Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, staff and management own / control 100% of the voting rights and an approximate 75% financial interest.

Rashaad Tayob Head of Fixed Income BBusSci, CFA 19 years of industry experience 8 years with the firm Marius van Rooyen Head of Equities MBA, BEng, BProc 23 years of industry experience 17 years with the firm Anthony Sedgwick Chief Executive Officer BBusSci 26 years of industry experience 17 years with the firm

History

Omri Thomas Senior Equity Portfolio Manager CA(SA), CFA 22 years of industry experience 14 years with the firm

When was the company established? 2003 List of mergers that have taken place since being established: None, however,in December 2015 Abax concluded a transaction with AMG (Affiliated Managers Group) who aquired an approximate 25% financial interest in Abax.

Matthew de Wet Head of Product Development BSc (Act Science), CFA, CFP 21 years of industry experience 5 years with the firm

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 4 By whom have you been accredited? MSCT BEE Services Date of accreditation: 2020-08-24

Philip Liebenberg Head of Absolute Return Strategy PhD (Chem Eng), CFA 21 years of industry experience 3 years with the firm

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Absa Asset Management (Pty) Ltd www.absainvestments.co.za Company details

GIPS

FAIS FSP registration number: 522 Switchboard: +27 11 243 4554 Fax number: +27 086 532 2607 General email: info@abam.co.za Address: Absa Sandton South Campus 15 Alice Lane, Sandton, 2146 Private Bag 291509, Melville, 2109 Compliance officer name: Carla Williams +27 11 243 4542

Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? Ernst & Young Date of verification: 2019-12-05 Expiry date of verification: 2020-12-31

Investment mandates What are your total assets under management? R140 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R138 billion Retail: – Life: R2 billion Other: –

Investment philosophy We are active, pragmatic value investors aiming to consistently achieve excess risk-adjusted returns.

FAIS requirements

Key investment personnel

Who is your FAIS complaints officer? Carla Williams Please provide the link to the complaints policy on your website: –

Size of investment team: 16 James Turp Head of Fixed Income Franchise BEcon, SAIFM 28 years of industry experience 6 years with the firm

Ownership What is the ownership structure of the company? 100% owned by Absa Group Ltd Who are the directors of the company? Colin Cecil Van Ver Meulen, Armien Tyer, Ann Leepile, Bongani Thembinkosi Goodwill Mageba Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: No

Stephen Arthur Head of Equity Franchise BSc (Eng), CFA 31 years of industry experience 14 years with the firm Kurt Benn Head of Balanced Franchise BCom Hons, BBusSc, CFA 23 years of industry experience 5 years with the firm

History When was the company established? 1997 List of mergers that have taken place since being established: –

Godfrey Mwanza Head of Pan African Franchise BSc Hons (Econ) Hons, CFA 13 years of industry experience 6 years with the firm

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? Empowerdex Date of accreditation: 2020-03-13

Fayyaz Mottiar Head of Property Franchise BEconSc, CFA 21 years of industry experience 11 years with the firm Eben Mare Head of Absolute Return Franchise PhD, MSc, BSc Hons, (FAIS) 27 years of industry experience 4 years with the firm

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Aeon Investment Management (Pty) Ltd

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www.aeonim.co.za

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Company details

History

FAIS FSP registration number: 27126 Switchboard: +27 21 204 6061 General email: funds@aeonim.co.za Address: 4th Floor, The Citadel, 15 Cavendish Street, Claremont, 7708 PO Box 24020, Claremont, 7735 Compliance officer name: Christelle De Jager (Independent Compliance Services) +27 21 975 6597

When was the company established? 2005 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? Sworn affidavit Date of accreditation: 2020-01-13

Investment philosophy Active Equity: Track record of over 10 years. Style is that of Growth At a Reasonable Price (GARP). Their adaptation of the GARP style seeks to combine the best of growth and value investing, by buying companies with long-term sustainable growth rates greater than that implied by the company’s market valuation.

GIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Smart Multi-Factor Equity: Track record of 9 years. Uses systematically driven fundamental security selection and statistical trading models to manage a portfolio designed to outperform the SWIX benchmark. The portfolio is designed to add value in a risk-managed framework. Balanced Fund (Global Exposure): Track record of 7 years. Invests in a range of income and protected equity assets and strategies to protect 90% of capital over a rolling 12-month period and capture as much of the upside of equity and fixed income markets as possible. The fund invests in domestic and global equities, fixed income as well as derivatives instruments. It uses a systematic return modelling process and a disciplined investment methodology.

Investment mandates What are your total assets under management? R12.38 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R11.84 billion Retail: R533.77 million Life: – Other: –

Local Balanced Fund: Track record of 2 years. Invests in a range of income and protected equity assets and strategies to protect 90% of capital over a rolling 12-month period and capture as much of the upside of equity and fixed income markets as possible. The fund invests in domestic equities, fixed income as well as derivatives instruments. It uses a systematic return modelling process and a disciplined investment methodology.

Key investment personnel Size of investment team: 8 Asief Mohamed Chief Investment Officer Bcom, CA(SA), CFA 32 years of industry experience 15 years with the firm

FAIS requirements Who is your FAIS complaints officer? Asief Mohamed Please provide the link to the complaints policy on your website: https://www.aeonim.co.za/funds/complaints-policy/

Jay Vomacka Senior Portfolio Manager MSc (Ind Eng), BSc (Eng), Certified Financial Technician (IFTA, London), CFA 14 years of industry experience 8 years with the firm

Ownership What is the ownership structure of the company? 70% owned by the ZAR Trust, 30% owned by Aeon IM Staff Who are the directors of the company? Asief Mohamed, Nocamagu (Cami) Mbulawa, Thulani Madinginye Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Staff and management own 44% of the shares. And, up to 30% of pre-tax profits is distributed to all staff every 6 months.

Zaid Paruk Portfolio Manager & Analyst BCom, CA(SA) 9 years of industry experience 2 years with the firm 171

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AFC Investment Management (Pty) Ltd www.afcinvestment.co.za Company details

B-BBEE credentials

FAIS FSP registration number: 706 Switchboard: +27 21 673 2620 Fax number: +27 21 683 2610 General email: dee@afcinvestment.co.za Address: 3rd Floor Mill House, Boundary Terraces Corner Campground and Mariendahl Lane Newlands, 7700 Compliance officer name: Deon Harmse Moonstone +27 21 554 5745

Are you B-BBEE accredited? No What is your B-BBEE status? None By whom have you been accredited? – Date of accreditation: –

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy Philosophy and style AFC employs a multi-disciplinary approach to asset management, involving fundamental as well as behavioural (technical) forms of analysis.

Investment mandates

AFC believes that in excess of 90% of performance is derived from correct asset allocation and industry selection, so the majority of analysis time is spent on understanding the macro-environment. The investment style is thematic, with stock selection reflecting those themes believed to be impacting the investment environment at any point in time. As thematic investing relies on understanding the changes within economies, its implementation will result in portfolio structures that are not carbon copies of market indices. A by-product of the thematic and behavioural approach is that views will sometimes be taken against market consensus, but resulting in superior performance at lower than average risk.

What are your total assets under management? R700 million Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R380 million Retail: R320 million Life: – Other: –

Key investment personnel Size of investment team: 2 DS Campouroglou Chief Investment Officer BSc 41 years of industry experience 24 years with the firm

FAIS requirements Who is your FAIS complaints officer? DS Campouroglou Please provide the link to the complaints policy on your website: www.afcinvestment.co.za

IA Mackenzie Head of Equities BA (Econ) 36 years of industry experience 30 years with the firm

Ownership What is the ownership structure of the company? 100% owned by IA Mackenzie Family Trust Who are the directors of the company? DS Campouroglou, IA Mackenzie Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: No

History When was the company established? 1960s List of mergers that have taken place since being established: Independent until 1998 when acquired by Appleton/PSG. Sold on to T-Sec in 2003. Management buy-back in 2005 172

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Afena Capital (Pty) Ltd

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www.afenacapital.com

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Company details

History

FAIS FSP registration number: 25033 Switchboard: +27 21 657 6240 Fax number: +21 21 671 4658 General email: info@afenacapital.com Address: 5th Floor MontClare Place, Corner Campground & Main Roads Claremont, 7708 PO Box 23883, Claremont, 7735 Compliance officer name: Zain Parker (Internal Compliance Officer) +27 21 657 6277 Tim Howse (External Compliance Officer) +27 21 671 8162

When was the company established? 2005 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Sworn affidavit Date of accreditation: 2019-03-18

GIPS

Investment philosophy

Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? eComply Date of verification: 2019-05-29 Expiry date of verification: 2020-05-28

Afena follows a valuation-based investment approach. Their investment philosophy is to buy businesses below their assessment of intrinsic value. They estimate the value of a business based on its normal through-the-cycle operating performance. This forces them to be patient long-term investors as they believe that share prices ultimately reflect a business’s true economics, and not its short-term performance. This also means they tend to favour businesses they understand with good long-term economics.

Investment mandates

Afena is a bottom-up stock-picking house with a strong commitment to insightful proprietary research. They are disciplined and consistent in the execution of their philosophy.

What are your total assets under management? R4.1 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R4.1 billion Retail: – Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? Tim Howse Please provide the link to the complaints policy on your website: http://www.afenacapital.com/complaints.html

Key investment personnel Size of investment team: 7

Ownership

Mila Mafanya Head of Equities, Interim CEO BBusSc, CFA 16 years of industry experience 9 years with the firm

What is the ownership structure of the company? 100% owned by management and staff Who are the directors of the company? Zain Parker, Shoaib Vayej, Mila Mafanya and Xolisa Mpangoshe Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes. The management and staff of Afena Capital hold 100% of the equity shares of Afena Capital through directly held shares.

Shoaib Vayej Portfolio Manager, Head of Research BSc (Eng), CFA 16 years of industry experience 8 years with the firm Zahira Osman Portfolio Manager BBusSc, CFA 16 years of industry experience 15 years with the firm

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Alexander Forbes Investments www.alexanderforbesinvestments.co.za Company details

History

FAIS FSP registration number: 711 Switchboard: +27 11 505 6000 Fax number: +27 11 263 2316 General email: AFInvestclientservices@aforbes.com Address: 115 West Street, Sandown, Sandton, 2196 PO Box, 786055, Sandton, 2146 Compliance officer name: Amanda Erasmus +27 11 269 2244

When was the company established? 1997 List of mergers that have taken place since being established: Superflex 1999

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? AQRate Date of accreditation: 2020-06-09

Investment philosophy At Alexander Forbes Investments our focus is on managing our clients’ financial goals. In pursuit of certainty we set out to understand your circumstances and risk tolerance to set our clear goals. We integrate your investment journey and outcome, as well as the overall client experience to break the cycle of not being able to retire comfortably, of disappointing investment outcomes and of indecisiveness, fear and anxiety around investment matters. Because investments are managed to achieve an outcome, the options available for implementation are vast, making our approach more flexible and adaptive to different market cycles than a traditional investment approach.

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment mandates

FAIS requirements

What are your total assets under management? R309.86 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R268.37 billion Retail: R9.25 billion Life: R32.24 billion Other: –

Who is your FAIS complaints officer? Amanda Erasmus Please provide the link to the complaints policy on your website: www.alexanderforbesinvestments.co.za/ Risk-Compliance/ Corporate.Governance

Ownership What is the ownership structure of the company? Alexander Forbes Investments is a subsidiary of Alexander Forbes Who are the directors of the company? Independent Non-executive Director Mr George Nigel Payne Ms Marilyn Ramplin Mr Robert Michael Head Mr David Jacobus De Villiers Executive Director: Chief Executive officer Mr David Jacobus De Villiers Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: No – None

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Alexander Forbes Investments

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Key investment personnel

Nkosinathi Manyongwana Portfolio Manager CIPM 11 years of industry experience 9 months with the firm

Size of investment team: 29 Gyongyi King Chief Investment Officer BSc (Economics), CFA 21 years of industry experience 10 years with the firm

Rob Price Head: Asset Allocation BCom (PPE), BCom (Hons) Economics, | Masters (Economics), CFA 9 years of industry experience 3 years with the firm

Suniti Naran Head: Process and Analytics BSc (Actuarial Science) 23 years of industry experience 16.5 years with the firm

Makhosonke Madi Portfolio Manger BCom (Hons) 7 years of industry experience 7 years with the firm

Ernest Mabaso Portfolio Manager Bcom (Acc) 18 years of industry experience 11 years with the firm

Noleqhwa Tsie Portfolio Manager BCom (Eco & Business Fin), BCom (Hons) Financial Planning, CFA 10 years of industry experience 6.6 years with the firm

Lebo Thubisi Head: Manager Research BBusSc (Hons) 14 years of industry experience 8 years with the firm

Premal Ranchod Head of ESG Research BCom, HDip Acc, CA (SA) 17 years of industry experience 4 years with the firm

David Moore Head: Alternatives BBusSc (Hons), MBusSc (Finance), MCom (Financial Management) 13 years of industry experience 2 years with the firm Senzo Langa Head: Portfolio Management Bcom (Finance), MMFI, CFA 13 years of industry experience 8 years with the firm

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All Weather Capital www.allweather.co.za Company details

History

FAIS FSP registration number: 36722 Switchboard: +27 11 722 7382 General email: info@allweather.co.za Address: 9th Floor Katherine Towers, 1 Park Lane Wierda Valley, Sandton, 2196 Compliance officer name: Independent Compliance Services +27 21 975 6597

When was the company established? 2014 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? EVS Date of accreditation: 2019-04-01

Investment philosophy Our philosophy is based on the belief that the market continually and regularly misprices assets. Mispricings occur regularly because investors either underestimate risks or do not recognise potential. We try to understand these risks and appreciate the scale of opportunities better than the market does.

GIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Significant opportunities are created for those few who are diligent with the fundamentals. Our ambition is simply to buy a share where the market has undervalued it relative to intrinsic value or to sell a share when the prevailing price is far in excess of intrinsic value. We determine a company’s intrinsic value by forecasting cash flows through financial modelling. In everything we do we exercise caution and act conservatively. We express this by including a wide margin for error in forecasting and by limiting our exposure to unquantifiable risks.

Investment mandates What are your total assets under management? R7.56 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R7.56 billion Retail: R25.49 million Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? Shane Watkins Please provide the link to the complaints policy on your website: http://www.allweather.co.za/legal.html

Ownership What is the ownership structure of the company? 55% owned by Zava Financial Services, 45% owned by Shane Watkins Who are the directors of the company? Directors: John Oliphant, Shane Watkins Non-executive director: Fulu Makwetla Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: 67% is owned by staff and management

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All Weather Capital

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Key investment personnel

Mmakgotso Mogoane Marketing and Business Development BCom 3 years of industry experience 2 years with the firm

Size of investment team: 7 Shane Watkins Chief Investment Officer BBusSc (Fin), PGDA, CA(SA), CFA 26 years of industry experience 6 years with the firm

Mark Scholefield Operations Manager/Fund Accountant BCom, GCMA 11 years of industry experience 6 years with the firm

Patsy David Head of Research MBA, FAIS 31 years of industry experience 1 year with the firm

Chante Mntuyedwa Portfolio Assistant/Fund Accountant BCom Hons 3 years of industry experience 1 year with the firm

Sanelisiwe Tofile Deputy CIO BCom Hons, CFA 6 years of industry experience 1 year with the firm

Chris Reddy Portfolio Manager BBus Sc, CFA 14 years of industry experience 1 month with the firm

Prince Mopai Equity Analyst BSc (Min and Eng) 4 years of industry experience 1 year with the firm Dumisani Ndlovu Equity Analyst BCom Hons, CFA 3 years of industry experience 3 years with the firm

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Allan Gray (Pty) Ltd www.allangray.co.za Company details

History

FAIS FSP registration number: 27145 Switchboard: +27 21 415 2300 Fax number: +27 21 415 2400 General email: info@allangray.co.za Address: 1 Silo Square, V&A Waterfront, Cape Town, 8001 PO Box 51318, V&A Waterfront, Cape Town, 8002 Compliance officer name: Ursuline Loubser +27 21 415 7471

When was the company established? 1973 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? AQRate Verification Services Date of accreditation: 2020-06-03

Investment philosophy Allan Gray’s investment philosophy is valuation oriented which means that their research effort is focused on identifying good quality assets that are priced below intrinsic value. Intrinsic value is calculated using a number of methodologies but is usually defined as the discounted value of expected future cash flows. They typically buy shares when research and analysis indicate that the intrinsic value of the company far exceeds its market price, in anticipation of the price rising to its intrinsic value. This is in contrast to the “momentum” approach where a manager identifies an upward trend and follows this by purchasing stock in the belief that the trend will continue.

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? Ernst and Young Date of verification: 2020-10-06 Expiry date of verification: The assurance report confirms compliance with the Global Investment Performance Standards (GIPS) for the period from 1 January 2019 to 31 December 2019.

FAIS requirements Who is your FAIS complaints officer? JP Hamman Please provide the link to the complaints policy on your website: https://www.allangray.co.za/globalassets/other-documents/ complaints-process.pdf

Investment mandates What are your total assets under management? R511.7 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R217.6 billion Retail: R294.1 billion Life: – Other: –

Ownership What is the ownership structure of the company? Allan Gray is a privately-owned company. Who are the directors of the company? Mahesh Cooper*, Rob Formby, William Gray*, Ian Liddle (Chairman)*, Nishaat Limbada, Nazeem Martin*, Khumo Morolo* (*Non-executive directors) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Past and present executive directors are shareholders of Allan Gray Group Proprietary Limited. Additionally, a 14% equity stake in Allan Gray Proprietary Limited has been reserved for current and future staff.

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Allan Gray (Pty) Ltd

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Key investment personnel

Londa Nxumalo Portfolio manager, Analyst BAcc, MCom (Development Finance), CA (SA) 9 years of industry experience 4 years with the firm

Size of investment team: 23 Duncan Artus CIO, Portfolio manager, Analyst BBusSc, PGDA, CFA, CMT 21 years of industry experience 20 years with the firm

Thalia Petousis Portfolio manager, Analyst MCom (Stats), CFA 9 years of industry experience 5 years with the firm

Tim Acker Portfolio manager, Analyst MAcc, CA (SA), CFA 8 years of industry experience 8 years with the firm

Jacques Plaut Portfolio manager, Analyst BSc (Hons) 13 years of industry experience 13 years with the firm

Sandy McGregor Portfolio manager, Analyst BSc, BA Hons (Econ) 49 years of industry experience 29 years with the firm Sean Munsie Portfolio manager, Analyst BAcc (Hons), CA (SA) 8 years of industry experience 8 years with the firm

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Aluwani Capital Partners (Pty) Ltd www.aluwanicapital.co.za Company details

B-BBEE credentials

FAIS FSP registration number: 46196 Switchboard: +27 21 204 3800 General email: aluwani@aluwanicapital.co.za Address: EPPF Office Park, 24 Georgian Crescent East, Bryanston East, Gauteng, 2152 Compliance officer name: Viwe Mngambi +27 21 204 3836

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? Renaissance SA Ratings Date of accreditation: 2019-11-18

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy We seek to provide sustainable risk- adjusted returns over the long term. The philosophy is based on three principles: ■ Risk-adjusted returns can be maximised by actively extracting value from as many alpha sources as possible ■ Focused diversification of risk across these sources should generate consistent performance in all market conditions ■ Incremental, consistent alpha that compounds over time ensures a low volatility portfolio that generates competitive active return in a predictable fashion, through all stages of the investment cycle

Investment mandates What are your total assets under management? R87.4 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R87 billion Retail: R403 million Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? Viwe Mngambi Please provide the link to the complaints policy on your website: https://www.aluwani.com/compliance

Key investment personnel Size of investment team: 18

Ownership

Patrick Mathidi Head of Equities, Multi Asset Class Strategies MSc (Fin), BCompt Hons 23 years of industry experience 5 years with the firm

What is the ownership structure of the company? 40% management and staff, 40% MMI Holdings, 20% Main Street 1413 (Pty) Ltd (BEE consortium). Who are the directors of the company? Jabulani Moleketi, Sibusiso Mabuza, Gillian Raine,Lulama Booi, Mokgadi Maunatlala, Thuto Masasa, Asokan Naidu Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 40% of the company is held by management and staff.

Conrad Wood Head of Fixed Income Strategies BCom (Econ), CFA 26 years of industry experience 5 years with the firm

History

Mishnah Seth Head of Frontier Strategies CFA, BAcc Hons 16 years of industry experience 5 years with the firm

When was the company established? 2015 List of mergers that have taken place since being established: –

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Argon Asset Management (Pty) Ltd

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www.argonassetmanagement.co.za

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Company details

B-BBEE credentials

FAIS FSP registration number: 835 Switchboard: +27 21 670 6570 Fax number: +27 21 671 8252 General email: information@argonasset.co.za Address: 1st Floor, Colinton House, The Oval, 1 Oakdale Road Newlands, 7700 PO Box 23254, Claremont, 7735 Compliance officer name: Tim Howse, eComply +27 21 671 8162

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 3 By whom have you been accredited? Empowerdex Date of accreditation: 2020-11-22

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? eComply Date of verification: 2020-07-08 Expiry date of verification: –

Investment philosophy Argon Asset Management is a client- centric investment management firm that is committed to internationally accepted best practices and global standards.They have a high-performance culture that filters through to the long-term sustainable success of their investment portfolios. They follow a bottom-up, fundamental research, valuation-based equity investment process. Multi-asset class investments follow an active tactical asset allocation approach, with a strong capital protection underpin and volatility-enhancing strategies that generate extra yield. They also follow a multi-strategy fixed income process, diversifying sources or risk and return with a mix of duration, credit and yield curve tactical trades.

Investment mandates What are your total assets under management? R25.0 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R24.7 billion Retail: R582 million Life: – Other:–

FAIS requirements

Key investment personnel

Who is your FAIS complaints officer? Tim Howse Please provide the link to the complaints policy on your website: http://www.argonassetmanagement. co.za/about-argon/ regulatory-details/

Size of investment team: 15 Dr Manas Bapela Chief Executive Officer/Chief Investment Officer PhD (Maths), MSc (Maths) cum laude, Global Investment Risk Mgt 21 years of industry experience 10 years with the firm

Ownership What is the ownership structure of the company? Independent, no group structure Who are the directors of the company? Luyanda Joxo and Dr Manas Bapela Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 49% Staff, 51% Management

Krishna Sathee Head of Fixed Income BSc Hons (Stats) 24 years of industry experience 11 years with the firm Mark Ansley Head of Equities BCom Hons 27 years of industry experience 5 years with the firm

History When was the company established? 2005 List of mergers that have taken place since being established: –

Ruen Naidu Head of Macro Strategies BBus Sc Hons (Act Sc) 13 years of industry experience 4 years with the firm

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Ashburton Fund Managers (Pty) Ltd www.ashburtoninvestments.co.za ■ It is our thesis that primary returns are obtained through asset allocation, then sector selection and lastly stock selection.

Company details FAIS FSP registration number: 40169 Switchboard: +27 11 282 8800 Fax number: +27 11 282 1619 General email: query@ashburtoninvest.co.za. Website: www.ashburtoninvestments.co.za Address: 3rd Floor, 4 Merchant Place, 1 Fredman Drive, Sandton, 2196 PO Box 650149, Benmore, 2010 Compliance officer name: Fallon Coetzee 087 736 9527

Within the other traditional strategies, we follow both passive and active investment strategies that are domestically, regionally (e.g. pan Africa; West Africa; India; and China), and globally focused across a broad range of asset classes. Within the alternative strategies, our private equity, commercial real estate, hedge fund, infrastructure and credit solutions form a complementary suite that augments the traditional solutions on offer. Our investment teams in South Africa and Jersey spend a great deal of time analysing macro-economic, regional and company specific information to generate tangible value within their specific area of focus. Each one of these other complementary investment capabilities has its own unique investment philosophy and process that lead to superior risk-adjusted returns for our clients.

Investment philosophy

FAIS requirements

A core belief of Ashburton Investments is to provide investors with access to more sources of return in order to more efficiently achieve their investment objectives. As such, we have multiple investment capabilities within our business that span both traditional and alternative strategies. For one of our core investment capabilities, the Multi-asset strategy, our investment philosophy is encapsulated below: ■ It is our belief that asset allocation delivers the bulk of a multi-asset portfolio return. We therefore follow a top-down approach as a first step in the investment process; ■ We focus on determining the key investment drivers across asset classes (themes). Thus there is a themedriven bias to portfolio construction. A theme is an area of investment that will deliver superior or inferior market returns. The portfolio weightings are adjusted based upon the thematic overlay to the portfolio; ■ Within the equity asset class we are construction. A theme is an area of investment that will deliver superior or inferior market returns. The portfolio weightings are adjusted based upon the thematic overlay to the portfolio; ■ Within the equity asset class we are style agnostic. It is our contention that value, growth and momentum styles of investment vary through the business cycle. We are biased towards thematic drivers, more so than specific investment styles; ■ Within equity selection, we focus on growth at a reasonable value as we believe that the price paid and earnings growth over time translate into equity returns; ■ Investment decisions are taken with a three- to five-year investment horizon. ■ The philosophy is to identify the best businesses and management in particular sectors and hold these investments. Short-term share price movements can trigger buy or sell decisions; ■ We are benchmark aware but not benchmark driven. In this manner multi-asset portfolios are managed to generate alpha; ■ A caveat to the investment philosophy is that within equities we are high- conviction investors. This is achieved through investing in concentrated portfolios of between18 and 30 shares;

Who is your FAIS complaints officer? Fallon Coetzee Please provide the link to the complaints policy on your website: http://www.ashburtoninvestments.com/docs/defaultsource/documents/legal/fais-complaints-resolution-policy. pdf?sfvrsn=2

Ownership What is the ownership structure of the company? Ashburton is 100% owned by the FirstRand Group Who are the directors of the company? Rudigor Kelyn, Patrice Rassou, Daryl Naidoo Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Ashburton is 100% owned by the FirstRand Group. Staff ownership is at FirstRand Group level

History When was the company established? Ashburton Investments forms the fourth pillar of the FirstRand Group alongside RMB, Wesbank and FNB. Ashburton is 100% owned by FirstRand Limited. Ashburton’s history dates to the genesis of Ashburton Jersey in 1982. FirstRand is committed to having a prominent asset manager as part of its financial service offering. Therefore, after RMB Asset Management was spun off to Momentum, a process was started to consolidate all remaining Group asset management functions under Ashburton. The businesses that were consolidated under the Ashburton brand are, the investment management arm of RMB Private Bank, BJM Multimanager, Ashburton Jersey and the retail stockbroking business of FNB. The business in its current form has been in operation since 2013. The investment process for our Houseview Balanced Portfolios was however established in 1999 and has therefore been in existence for 19 years initially as Ansbacher, then as RMB Private Bank and currently as Ashburton Investments. It should be noted that, as a new generation manager, we seek to provide investors 182

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Ashburton Fund Managers (Pty) Ltd

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Key investment personnel

with access to more sources of return, the opportunity to achieve greater portfolio diversification and, consequently, to improve overall portfolio efficiency and hence the Balanced Portfolios have evolved over time.

Size of investment team: 33

At the end of 2015 Ashburton acquired Atlantic Asset Management, a boutique Fixed Interest house, with a view to expanding on our Fixed Interest capabilities.

Patrice Rassou Chief Investment Officer MSc(Econ), MBA, CA 29 years of industry experience 1 year with the firm

The consolidation of Group asset and wealth management functions was completed in October of 2017 with the transfer of the Global Markets Fund Solutions business from RMB to Ashburton. This consolidation resulted in a common investment philosophy and common systems being applied across the various investment solutions.

Chris Siriram Head of LDI BSc Hons, FASSA 9 years of industry experience 7 years with the firm

In November 2017, having introduced efficiencies into the Wealth and Investment (WIM) business, this business, along with a large contingent of Ashburton staff, was returned to FNB in order to be closer to their clients.

Albert Botha Head of Fixed Income Portfolio Management BCom, AIA 16 years of industry experience 5 years with the firm

Ashburton is now a pure asset management company offering solutions primarily in the fixed interest space – both listed and unlisted, as well as other private market asset classes.”

Corneleo Keevy Head of Credit BAcc (Hons), CA (SA) 16 years of industry experience 7 years with the firm

List of mergers that have taken place since being established: At the end of 2015 Ashburton Investments acquired Atlantic Asset Management.

Santhuri Thaver Head of Credit Risk Management BAcc (Hons), CA (SA), CFA 16 years of industry experience 3 years with the firm

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? Sizwe Ntsaluba Gobodo Date of accreditation: 2019-09-18

Ringetani Ndlovu Lead Portfolio Manager: Impact BAcc (Hons), CA (SA) 12 years of industry experience 3 years with the firm Neil Browner Head of Fund Solutions MBBCh, MBA, CFA, CAIA, FRM, CIPM 11 years of industry experience 4 years with the firm

GIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Vicki Tagg Head of Indexation BCom (Hons), (CA) SA 21 years of industry experience 4 years with the firm Matthew John Head of Quantitative Research and Data Science MSc in Electrical Engineering 12 years of industry experience 1 year with the firm

Investment mandates What are your total assets under management? R66.31 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R33.8 billion Retail: R32.93 billion Life: – Other: –

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Balondolozi Investment Services www.balondolozi.co.za Company details

GIPS

FAIS FSP registration number: 2010/007109/07 Switchboard: +27 861 262 270 Fax number: +27 861 267 789 General email: admin@balondolozi.co.za Address: 71 4th Street, Building 1, Houghton Estate, 2198 PO Box 542, Melrose Arch Melrose, 2076 Compliance officer name: Christelle De Jager

Are you GIPS compliant? – Are you GIPS verified? – By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment mandates What are your total assets under management? R5.4 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R5.4 billion Retail: – Life: – Other: –

Investment philosophy All investments for their reward are subject to risk. Foremost to deliver on our mandate it is important to understand precisely the clients’ needs and risk tolerance for us to satisfactorily fulfil our obligation. In line with our name, Balondolozi, custodians and preservers of our clients’ investments, our philosophy is to produce superior risk-adjusted investment returns and provide investment solutions customised for our clients.

Key investment personnel Size of investment team: 9

Thus, all our investment strategies share an investment philosophy that centres on customised solutions where securities chosen for the portfolio can be mathematically blended in such a way that risk to the benchmark is reduced and there is good potential for superior returns.

Fannuel Tigere Chief Investment Officer BBusSci (Act Sc), CFA 12 years of industry experience 9 years with the firm

FAIS requirements

Bongisipho Mahlathi Trainee Fixed Income Portfolio Manager BCom (Econ) 5 years of industry experience 5 years with the firm

Who is your FAIS complaints officer? Christelle De Jager Please provide the link to the complaints policy on your website: –

Ownership

Christopher Pratt Trainee Fixed Income Portfolio Manager BCom Hons (Inv Man) 5 years of industry experience 5 years with the firm

What is the ownership structure of the company? Pedro Samuel Family Trust 40%, Balondolozi Employee Trust 30%, Royal Investment Services 30%. Who are the directors of the company? Pedro Samuel, Fikile Ndlovu, Yolande Mokhantso, Fannuel Tigere, Thabo Ntseare, Zintle Mjali, Christopher Pratt and Bongisipho Mahlathi Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Staff hold 30% of the shares of the company

Itumeleng Mojaki Trainee Money Market Portfolio Manager BCom Hons (Risk Man) 5 years of industry experience 5 years with the firm Sandelee Van Wyk Trainee Equities Portfolio Manager BCom Hons (Risk Man) 5 years of industry experience 5 years with the firm

History When was the company established? 2010 List of mergers that have taken place since being established: –

Magdalene Baloyi Trainee Money Market Portfolio Manager BCom (Econ and Econom) 4 years of industry experience 4 years with the firm

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? – Date of accreditation: – 184

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Blue Alpha Investment Management

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www.bluealphafunds.com

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Company details

History

FAIS FSP registration number: 118 Switchboard: +27 21 409 7100 Fax number: +27 21 425 6560 General email: info@bluealphafunds.com Address: 11th Floor, Convention Tower, Cnr Heerengraght Street & Walter Sisulu Avenue, Cape Town, 8001 PO Box 7601, Roggebaai, Cape Town, 8012 Compliance officer name: Kirsty Minor +27 21 409 7103

When was the company established? 2003 List of mergers that have taken place since being established: In January 2020, Crede Capital Consortium acquired a 51% holding in BlueAlpha resulting is BlueAlpha becoming a level 2 B BBEE contributor.

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Premier Verification Date of accreditation: TBC

Investment philosophy BlueAlpha’s investment philosophy and process are focused on identifying companies that have a track record of long-run value creation (Quality & Growth). We focus on businesses that generate high returns on invested capital, which translates into real economic profit (as opposed to accounting profit). These companies typically generate strong cash flows, which they can reinvest for growth. We focus on three main pillars in our process: 1. Value Creation the ability of a company to create economic value (Economic Profit, Return on Capital and Strong Free Cash Flow are the focus). 2. Growth Potential – whether a company has the broad ability to grow into the future. 3. Quant Signals – these in-house models are used as confirmation of our research, as well as a screening tool for new ideas and as part of our sell discipline.

GIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment mandates

Valuation is the final part of our process. Valuation is assessed relative to peers and history, although we focus on using the appropriate metrics given both industry and point in the cycle. The preferred methodology is a cash flow yield that allows for comparison with other asset classes.

What are your total assets under management? R5.6 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R3.2 billion Retail: R2.4 billion Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? Kirsty Minor Please provide the link to the complaints policy on your website: Available on request

Ownership What is the ownership structure of the company? BlueAlpha Investment Management is privately owned. BlueAlpha is 51% owned by Crede Capital Consortium and the rest of the company is owned by senior management. Who are the directors of the company? Richard Pitt, Sandile Sokhela, Kirsty Minor Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 49% of the company is held by senior management. All shareholders are actively involved in BlueAlpha.

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Blue Alpha Investment Management Continued Key investment personnel

Kyle Rix Portfolio Manager, Quants & Risk Analyst B Com Hons, CFA 8 years of industry experience 6 years with the firm

Size of investment team: 7 Walter Jacobs CIO, Portfolio Manager BCom Hons, CA(SA) 20 years of industry experience 3 years with the firm

Willie de Beer Investment Analyst, B Eng, MBA, CFA 7 years of industry experience 5 years with firm

Duzi Ndlovu Portfolio Manger BCom, M Phil, CFA 20 years of industry experience 1 year with the firm

Nicola Jordaan Research Analyst BSocSci, CFA Level 2 candidate 8 years of industry experience 4 years with firm

Gary Quinn Portfolio Manager BSc, MBA 20 years of industry experience 7 years with the firm Richard Pitt CEO, Portfolio Manager B Bus Sci, CFA 20 years of industry experience 17 years with the firm

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Cadiz Funds (Pty) Ltd

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www.cadiz.co.za

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Company details

B-BBEE credentials

FAIS FSP registration number: 45442 Switchboard: +27 21 657 8300 Fax number: +27 21 670 4651 General email: info@cadiz.co.za Address: Cadiz House, Alphen Estate, Alphen Drive, Constantia, 7806 PO Box 44547, Claremont, 7735 Compliance officer name: External Compliance Officer: Frits Rossouw (+27 21 558 9675)

Are you B-BBEE accredited? No What is your B-BBEE status? – By whom have you been accredited? – Date of accreditation: –

GIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy Cadiz seeks to invest in good quality businesses with capable management in place, which are exposed to low financial risk, while trading at a value which is substantiated by its future earnings ability. We believe that markets are inefficient in the short term, driven by emotion rather than reason. Cadiz strives to remain rational and objective taking advantage of market inefficiencies and creating value for our clients.

Investment mandates What are your total assets under management? R12.7 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R2.8 billion Retail: R6.5 billion Life: R1.2 billion Other: R2.2 billion

In order to identify these opportunities, Cadiz follows a sound, systematic and disciplined top-down bottom-up fundamental approach. Cadiz is disciplined in buying assets when we are convinced that there is an asymmetric pay-off profile for the investment. This limits the potential for permanent capital loss and enables Cadiz to create value for their clients while assuming the least amount of risk.

Key investment personnel Size of investment team: 13

FAIS requirements

Adrian Meager Chief Investment Officer and Managing Director 25 years of industry experience 14 years with the firm

Who is your FAIS complaints officer? Frits Rossouw Please provide the link to the complaints policy on your website: https://cadiz.co.za/wp-content/uploads/2019/03/20160705FAIS-Client-Complaint-ProcedureManual.pdf

Sidney McKinnon Senior Fixed Income Portfolio Manager BSc (Comp Sc and Maths) 25 years of industry experience 7 years with the firm

Ownership What is the ownership structure of the company? Spirit Invest owns 100% of Cadiz Funds (Pty) Ltd Who are the directors of the company? Ian Kilbride, Adrian Meager, Sidney McKinnon, Rudi Kotze, Richard Rattue, John Rodney Reid, Christiaan Meyer Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, share ownership scheme is in place

Johan Louwrens, CFA Senior Portfolio Manager BCom (Hons) Investment Management, MSc Financial Markets and Investments, CFA Charterholder 7 Years of industry experience 3 years with the firm Thomas Blamey, CFA Portfolio Manager BCom Investment Management, CFA Charterholder 7 Years of industry experience 5 years with the firm

History When was the company established? 1996 List of mergers that have taken place since being established: Spirit Invest acquired the asset management business of Cadiz in May 2018

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Cannon Asset Managers (Pty) Ltd www.cannonassets.co.za Company details

Yet, there is a place for active investing: the price you pay for an investment is the primary determinant of your investment return, and mispriced assets can create specific opportunities that are particularly handsome.

FAIS FSP registration number: 736 Switchboard: +27 11 407 3530/3533 General email: info@cannonassets.co.za Address: 1 Park Lane, Wierda Valley, Sandton, 2196 Compliance officer name: Johan Van Zyl +27 61 491 1585

Costs matter. We build effective investments by buying the right assets at the right price while keeping a keen eye on fees and portfolio management costs to ensure we deliver reliable results to all our clients across all our offerings. Significantly, our investment process and business model are not dependent on “personalities” or specific individuals to be successful, and our ownership structure enables us to maintain independence in our thinking, a feature that is uncommon – yet invaluable – in the world of investment management.

Investment philosophy Cannon Asset Managers has a 20-year track record built on an investment philosophy that is founded on three core principles.

All our portfolios carry these same chromosomes, although the emphasis may change from one investment to another, based on mandate directives such as tracking error constraints; geographic or industry bias; or an emphasis on a specific factor, such as company size, dividends or cash flow, to name a few examples. In this way, we offer each of our clients a robust, time-tested solution that suits their investment need.

1 Effective investment management must start with managing risk before considering returns. 2 Asset allocation is the single most important determinant of long-term investment results. 3 Gains in technology, gains in access to data and an ever-growing body of investment knowledge mean that capital markets are increasingly efficient, with the implication being that “owning the market” is generally the most effective and efficient way in which to achieve investment results.

FAIS requirements Who is your FAIS complaints officer? Johan Van Zyl Please provide the link to the complaints policy on your website: https://www.cannonassets.co.za/admin/resources/ complaints-policy.pdf

However, portfolio results can benefit in several ways from investment knowledge, including tactical asset allocation; portfolio construction; and the identification of mispriced individual assets, which makes a place for active management alongside passive management.

Ownership What is the ownership structure of the company? 100% owned by Bidvest Financial Services Who are the directors of the company? Chief Executive: Adrian Saville Chairman: Japie van Niekerk Non-executive Directors: Thinus Liebenberg, Kumeran Govender Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: –

We also recognise that the investment industry is in an almost-constant state of change, which means we never stop learning from our decisions, the experiences of others and the world at large. Being secured in a sound philosophy, with the ability to continuously develop our process through improved data, refined models or deeper knowledge, gives our investment team a strength that translates into sustainable investment results. In practice, these views lead to an investment process that recognised asset allocation as the dominant factor in ensuring the investment exposure and asset class diversification needed to deliver results. The most powerful factor is time, and long holding periods handsomely reward patient investors.

History When was the company established? 1998 List of mergers that have taken place since being established: –

Our clients know that the creation of long-term wealth is the reward for patience, persistence and resilience. The best place to invest most assets is a market portfolio.

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Key investment personnel

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 3 By whom have you been accredited? Empowerdex Date of accreditation: 2018-11-06

Size of investment team: 5 Adrian Saville Founder and Chief Executive PhD (Econ), MCom (cum laude), BA Hons (cum laude) 24 years of industry experience 24 years with the firm Samantha Steyn Chief Investment Officer BCom Hons (Inv Man) 7 years of industry experience 6 years with the firm

GIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Yanga Nozibele Investment Associate BCom (Econ and Econom) 5 years of industry experience 2 years with the firm Tlotliso Phakisi Investment Analyst BSc (Prop Stud) 5 years of industry experience 5 years with the firm

Investment mandates What are your total assets under management? R1.30 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R1.30 billion Retail: – Life: – Other: –

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Catalyst Fund Managers SA (Pty) Ltd www.catalyst.co.za Company details

History

FAIS FSP registration number: 36009 Switchboard: +27 21 657 5500 Fax number: +27 21 683 7579 General email: operations@catalyst.co.za Address: 4th Floor Protea Place, Claremont, 7708 PO Box 44845, Claremont, 7735 Compliance officer name: Tim Howse (eComply) +27 21 671 8162

When was the company established? 2006 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? AQ Rate Verification Services Date of accreditation: 10 March 2020

Investment philosophy Property – Income – Security Catalyst Fund Managers’ view is that real estate is a separate asset class, providing diversification benefits to a multi-asset class portfolio resulting in enhanced riskadjusted returns. They are strong advocates of listed real estate as a long-term investment and follow a rigorous process in the analysis of listed real estate securities. The team follows a bottom-up approach in assessing the sustainability and growth of income streams by focusing primarily on key underpins, specifically considered to be the quality of property portfolios, management teams and the capital structure of the business.

GIPS

Their primary consideration in identifying intrinsic value is the total return profile for investors, comprised of capital appreciation as well as an income/yield component from regular dividends, which tend to grow closely with inflation over time.

Investment mandates

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

What are your total assets under management? R5.97 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R4.90 billion Retail: R1.07 billion Life: – Other: –

Their philosophy also drives their independent internal company research capability, which consolidates property knowledge with company-specific features. This, together with consistently applied valuation methodology designed specifically for listed property assessment, differentiates them from their competitors and allows them to add real value to their clients’ portfolios.

Key investment personnel Size of investment team: 3 Zayd Sulaiman Portfolio manager CA(SA) 22 years of industry experience 14 years with the firm

FAIS requirements Who is your FAIS complaints officer? Michael Arbuthnot Please provide the link to the complaints policy on your website: https://www.catalyst.co.za/wp-content/uploads/2019/04/ Complaints Resolution Process.pdf

Mvula Seroto Portfolio manager CA(SA), CFA 7 years of industry experience 7 years with the firm

Ownership What is the ownership structure of the company? Catalyst Fund Managers 84.9%, Staff Trust 10.1% Who are the directors of the company? Directors: M Arbuthnot, Z Sulaiman, N Naidoo Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, Staff Trust 10.1% 190

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Colourfield Liability Solutions (Pty) Ltd

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www.colourfield.co.za

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Company details

B-BBEE credentials

FAIS FSP registration number: 35113 Switchboard: 086 100 7656 General email: cls@colourfield.co.za Address: Unit 16B, 3 Melrose Boulevard, Melrose Arch, 2192 Compliance officer name: Elzabe Botha, Compli-Serve 087 897 6970 Elzabe@compliserve.co.za

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? AQRate Date of accreditation: 2020-03-31

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy Colourfield is South Africa’s largest and only dedicated “liability driven” investment management business. As an LDI manager, Colourfield’s investment philosophy is built around the understanding and de-risking of liabilities. We use a scientific approach to portfolio construction that will track a liability-based benchmark irrespective of market circumstances.

Investment mandates

Unlike other investment managers that attempt to outperform a benchmark where the core components are known in advance, Colourfield has the objective of tracking the movement of a non-investable liability stream.

What are your total assets under management? R48.7 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R48.7 billion Retail: – Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? Elzabe Botha Please provide the link to the complaints policy on your website: –

Key investment personnel Size of investment team: 6

Ownership

Dr Nick Sennett Chief Investment Officer Actuary, PhD (Fin) 32 years of industry experience 11 years with the firm

What is the ownership structure of the company? Privately-owned company Who are the directors of the company? Nick Sennett, Costa Economou, Shaun Levitan, Brenda Matyolo Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: 71.7% owned by staff and management

Troy du Plessis Trader Actuary, CFA, CAIA 14 years of industry experience 11 years with the firm

History

Shaun Levitan Chief Operating Officer and Specialist Portfolio Structurer Actuary, MSc (Act Sci), CFA 18 years of industry experience 11 years with the firm

When was the company established? 2006 List of mergers that have taken place since being established: –

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Coronation Asset Management (Pty) Ltd www.coronation.com Company details

History

FAIS FSP registration number: 548 Switchboard: +27 21 680 2000 Fax number: +27 21 680 2100 General email: clientservice@coronation.co.za Address: 7th Floor MontClare Place, Cnr Campground and Main Roads Claremont, Cape Town, South Africa PO Box 44684, Claremont, Cape Town, 7735 Compliance officer name: Mr Stephan Kemp +27 21 680 2809 Ms Jamie Rowland +27 21 680 7703

When was the company established? 1993 List of mergers that have taken place since being established: –

Investment philosophy

Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? Ernst and Young Date of verification: 2019-05-10 Expiry date of verification: 2018-12-31

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Empowerdex Date of accreditation: 2019-02-08

GIPS

All Coronation products are managed according to a single investment philosophy. It is based on two key tenets: using a long-term horizon to establish a company’s fair value and a disciplined valuation-driven approach, which drives buy and sell decisions.

FAIS requirements Who is your FAIS complaints officer? Jamie Rowland and Stephan Kemp Please provide the link to the complaints policy on your website: Available on request

Investment mandates What are your total assets under management? R484.1 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R243.03 billion Retail: R241.07 billion Life: – Other: –

Ownership What is the ownership structure of the company? Coronation Asset Management (Pty) Ltd (“Coronation Asset Management”) is a wholly owned subsidiary of Coronation Fund Managers Limited (“Coronation Fund Managers”). Coronation Fund Managers is, in turn, a public company listed on the Johannesburg Stock Exchange. Any member of the public may therefore acquire shares in Coronation Fund Managers. Who are the directors of the company? Anton Pillay and Mary-Anne Musekiwa Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Staff in aggregate hold approximately 24% of the shares of Coronation Fund Managers, being the holding company of Coronation Asset Management-staff therefore do, indirectly, have an ownership interest in Coronation Asset Management.

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Key investment personnel

Gavin Joubert Head of Global Emerging Markets BBusSc, CA(SA), CFA 21 years of industry experience 21 years with the firm

Size of investment team: 67 Karl Leinberger Chief Investment Officer BBusSc, CA(SA), CFA 20 years of industry experience 20 years with the firm

Suhail Suleman Portfolio Manager BBusSc, CFA 20 years of industry experience 13 years with the firm

Sarah-Jane Alexander Portfolio Manager BBusSc, CFA 17 years of industry experience 12 years with the firm

Peter Leger Head of Global Frontiers BCom Hons, BSc (Eng), CFA 23 years of industry experience 16 years with the firm

Neville Chester Senior Portfolio Manager BCom, CA(SA), CFA 24 years of industry experience 20 years with the firm

Anthony Gibson Portfolio Manager BCom 40 years of industry experience 27 years with the firm

Pallavi Ambekar Portfolio Manager BBusSc, CA(SA), CFA 18 years of industry experience 18 years with the firm

Louis Stassen Head of Global Developed Markets BCom Hons, BSc, CFA 31 years of industry experience 27 years with the firm

Quinton Ivan Head of SA Equity Research Bcom Hons, BBusSc, CA(SA), CFA 16 years of industry experience 15 years with the firm

Neil Padoa Head of Global Developed Markets Research BEconSc, FFA 13 years of industry experience 8 years with the firm

Neill Young Portfolio Manager BBusSc, CA(SA), CFA 22 years of industry experience 22 years with the firm

Mauro Longano Portfolio Manager BSc Hons (Eng), CFA 10 years of industry experience 7 years with the firm

Charles de Kock Head of Absolute Return MCom, BCom Hons 35 years of industry experience 16 years with the firm Nishan Maharaj Head of Fixed Income MBA, BSc Hons 18 years of industry experience 8 years with the firm

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Element Investment Managers www.elementim.co.za Company details

B-BBEE credentials

FAIS FSP registration number: 663 Switchboard: +27 21 426 1313 Fax number: +27 21 426 0999 General email: info@elementim.co.za Address: 405 Manhattan Place, 130 Bree Street Cape Town, 8001 Compliance officer name: Independent Compliance Services +27 21 975 6597

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Exempted Micro Enterprise Date of accreditation: 2019-01-17

GIPS

Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy Element Investment Managers believe that a disciplined long-term contrarian approach is the most reliable way to achieve superior absolute returns for investors over the long term. They are index agnostic as their aim is to research companies and assets and buy them when their current prices are below their long-term intrinsic values and have the discipline to hold them until these intrinsic values are realised. As a result of their longterm contrarian philosophy, it is likely that their portfolios will at times be materially different from other market participants or indices against which they are measured.

Investment mandates What are your total assets under management? R865 million Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R865 million Retail: – Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? Independent Compliance Services Please provide the link to the complaints policy on your website: www.elementim.co.za/institutions/risk-management-andcompliance

Key investment personnel Size of investment team: 4 Terence Craig Chief Investment Officer BBusSc Hons, CA(SA), CFA 27 years of industry experience 20 years with the firm

Ownership What is the ownership structure of the company? Element Investment Team – 41% First South Group – 8% VC Investors and non-Investment Element Staff – 17% Private Equity Financial Services Investor – 31% Total BEE Shareholding > 36% Who are the directors of the company? Terence Craig, Jayendra Naidoo*, Tom Barlow* (*Non-executive Director) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 47%

Shamier Khan Portfolio Manager BCom, CA(SA), CFA 22 years of industry experience 8 years with the firm Andrew Bishop Portfolio Manager BCom Hons, CA(SA), CFA 13 years of industry experience 13 years with the firm

History When was the company established? 1998 List of mergers that have taken place since being established: –

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Excelsia Capital (Pty) Ltd

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www.excelsia.co.za

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Company details

History

FAIS FSP registration number: 46756 Switchboard: +27 21 276 1740 General email: info@excelsia.co.za Website: www.excelsia.co.za Address: 3rd Floor, Sunclare Building 21 Dreyer Street, Claremont, Cape Town, South Africa, 7708 Compliance officer name: Debbie Carse (Independent Compliance Services) +27 21 975 6597

When was the company established? 2016 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Exempted Micro Enterprise– affidavit Date of accreditation: 2019-06-03

Investment philosophy Our investment philosophy is valuation based, focused on long-term thinking and assessing the key variables of what drives value in a business. We invest in businesses that we believe are selling at a discount to our assessment of their intrinsic value. Various valuation methods are used to determine the value of a business and normalisation of earnings forms a key part of assessing through-thecycle intrinsic value. We also consider the probability of outcomes around our valuation and the possible timeframes over which value can be unlocked. Included in the valuation process are both quantitative and qualitative factors to help evaluate the key revenue drivers of the business, its risks/rewards and the industry dynamics in which the business operates. The key aspects of our philosophy include: ■ Taking a business approach; ■ Looking for a margin of safety; ■ Taking advantage of fear and greed; ■ Not basing investments on macro forecasting, and ■ Taking a long-term approach.

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment mandates What are your total assets under management? R1.22 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R1.22 billion Retail: – Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? Derek McDonald Please provide the link to the complaints policy on your website: http://www.excelsia.co.za/legal.html#Client

Key investment personnel Size of investment team: 5 Rajay Ambekar Chief Investment Officer CA(SA) CFA 24 years of industry experience 4 years with the firm

Ownership What is the ownership structure of the company? 100% owned by Rajay Ambekar Who are the directors of the company? Rajay Ambekar Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Not currently, but a staff shareholding scheme is planned in the near future.

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Fairtree Asset Management (Pty) Ltd www.fairtree.com Company details

History

FAIS FSP registration number: 25917 Switchboard: 0861 760 760 Fax number: +27 21 914 3103 General email: c!ientservices@fairtree.com Address: Willowbridge Place, Cnr Carl Cronje & Old Oak Road, Bellville, 7530 PO Box 4124, Tygervalley, 7536 Compliance officer name: Enrique Goosen Independent Compliance Services

When was the company established? 2006 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 4 By whom have you been accredited? AQRate Date of accreditation: 2020-10-16

Investment philosophy

GIPS

Fairtree is a South African investment manager that manages alternative and long only investment portfolios for a diversified selection of local and offshore clients. Based in Cape Town, our commitment to a consistent and sound investment philosophy has continued to serve our investors well since the inception of our first fund in 2003. Our expert team of investment professionals manage R60 billion in award-winning portfolios in multiple asset classes, hedge funds, traditional unit trusts, and private equity real assets.

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

FAIS requirements

Investment mandates

Who is your FAIS complaints officer? Enrique Goosen – Independent Compliance Services Please provide the link to the complaints policy on your website: www.fairtree.com

What are your total assets under management? R92.5 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R63.47 billion Retail: R29.03 billion Life: – Other: –

Ownership What is the ownership structure of the company? 100% owned by staff Who are the directors of the company? Andre Malan, Kobus Nel, Bradley Anthony Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: 100%

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Fairtree Asset Management (Pty) Ltd

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www.fairtree.com

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Key investment personnel

Paul Crawford Portfolio Manager MBA, BSc (Elec Eng), CFA 23 years of industry experience 8 years with the firm

Size of investment team: 36 Andre Malan Director MBA, BCom 26 years of industry experience 15 years with the firm

Joe Bester Portfolio Manager CA(SA) 10 years of industry experience 7 years with the firm

Kobus Nel Director CA(SA), CFA 14 years of industry experience 14 years with the firm

Cephas Dube Portfolio Manager MCom (Econ), BCom Hons (Act Sc)) 14 years of industry experience 4 years with the firm

Bradley Anthony Director BA (Econ), CAIA 27 years of industry experience 9 years with the firm

Rob Hart Portfolio Manager BBusSci (Fin) 24 years of industry experience 4 years with the firm

Ian Millard Portfolio Manager BCom 30 years of industry experience 11 years with the firm

Deon Botha Portfolio Manager MCom (Econ) 8 years of industry experience 7 years with firm

Stephen Brown Portfolio Manager MBA, BCom, CFA 23 years of industry experience 9 years with the firm

Cornelius Zeeman Portfolio Manager CA(SA), CFA 6 years of industry experience 6 years with firm

Jacobus Lacock Macro Strategist/Portfolio Manager BCom (Fin Econ), CFA 16 years’ industry experience 9 years with the firm

Dane Merrick Portfolio Manager MSc & BSc Hons in (Mech Eng) Mechanical Engineering, CFA 5 years of industry experience 5 years with firm

Cor Booysen Portfolio Manager BEng 15 years of industry experience 8 years with the firm Louis Antelme Portfolio Manager CFA 31 years of industry experience 8 years with the firm

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First Avenue Investment Management (Pty) Ltd www.firstavenue.co.za Company details

Who are the directors of the company? Hlelo Giyose, Jorge Haynes, Nersan Naidoo, Nadim Mohamed Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 85% staff ownership

FAIS FSP registration number: 42693 Switchboard: +27 11 772 2480 General email: admin@firstavenue.co.za Address: 21 Fricker Road, Ground Floor, Cnr Chaplin and Fricker Road, Illovo, 2196 PostNet Suite 92, Private Bag X11 Birnam Park, 2015 Compliance officer name: Deon Harmse +27 21 554 5745

History When was the company established? 2010 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Qualifying Small Enterprise – Sworn affidavit Date of accreditation: 2015-05-20

Investment philosophy First Avenue focuses purely in long only equities as a specialist manager. Within equities, their research shows that investing in high-quality companies generates superior outcomes compared to any other strategy. This is because high-quality companies are able to produce persistently high and stable profits independent of market conditions by controlling ‘fundamental risk’. As the returns earned by equity holders are ultimately driven by corporate profits, this results in superior stock returns with lower ‘price risk’ or volatility. Modern corporate finance theory would expect investors to receive higher rates of return on investment for bearing greater risk. With this view of the world, highquality companies appear to be an anomaly delivering higher returns with lower risk.

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PricewaterhouseCoopers Date of verification: July 2016 Expiry date of verification: –

High-quality companies possess sustainable competitive advantages that allow them to dominate the profit pool of an industry and earn returns above their cost of capital for extended periods. These advantages or economic moats enable a company to remain resilient throughout the entire economic cycle by leveraging unique attributes such as superior pricing power or cost control. Their research shows that this universe of companies has a high propensity to outperform the market and also offers greater downside protection during periods of distress.

Investment mandates What are your total assets under management? R5.6 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R4.8 billion Retail: R800 million Life: – Other: –

By restricting their universe to high-quality companies only, their portfolio is inherently of lower fundamental risk. Their view is that risk (not valuation) is a continuum from low to extreme risk. As one moves up the continuum, the investment philosophy also shifts from a probabilistic exercise to pure speculation highly reliant on timing. Instead of trying to predict the turn of the economic cycle or movements in commodity prices and exchange rates, they study the sustainability of a company’s economic moat to arrive at an intrinsic value. In their world, the greatest risk is a loss of quality and earnings power through economic changes and deterioration of management as put forward by Benjamin Graham. They therefore aim for consistently high returns through the entire economic cycle.

Key investment personnel Size of investment team: 3 Hlelo Giyose Chief Investment Officer/Portfolio Manager MSc (Inv Man), BSc (Bus Adm) 23 years of industry experience 10 years with the firm Nadim Mohammed Investment Analyst MSc (Eng) (cum laude), MBA (cum laude) 12 years of industry experience 9 years with the firm

FAIS requirements Who is your FAIS complaints officer? Deon Harmse Please provide the link to the complaints policy on your website: http://firstavenue.co.za/disclaimer/

Shirley Mabasa Investment Analyst BCom Hons, BCom 3 years of industry experience 2 year with the firm

Ownership What is the ownership structure of the company? 15% Sanlam Investment Holdings, 85% Staff 198

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Foord Asset Management (Pty) Ltd

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www.foord.co.za

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Company details

Diversify and manage risk Diversification offers possibly the only “free lunch” in the market – it affords the investor the chance to manage the risk of being wrong. Diversification should be used often, but not excessively. Where careful analysis gives an investor greater conviction, less diversification is needed – because the risk of being wrong is lower.

FAIS FSP registration number: 578 Switchboard: +27 21 532 6988 Fax number: +27 21 532 6999 General email: info@foord.co.za Address: 8 Forest Mews, Forest Drive, Pinelands, 7405 PO Box 135, Howard Place, 7450 Compliance officer name: Diane Behr +27 21 532 6916

FAIS requirements Who is your FAIS complaints officer? Diane Behr Please provide the link to the complaints policy on your website: https://foord.co.za/sites/default/files/2019-05/ Complaints%20resolution_May2019.pdf

Investment philosophy

Ownership

How Foord thinks about investments determines how they act. The tenets of their investment philosophy are the lights that guide what they do:

What is the ownership structure of the company? Privately owned company Who are the directors of the company? PE Cluer, B Africa, WL Fraser, P Desai Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: 86%

Get the big calls right Meaningful investment returns are not earned by making incremental decisions. Superior long-term returns are generated by identifying and taking advantage of economic cycles. In the long term, it is never beneficial to invest in the fast hounds of the slow pack.

History

Buy at the right price The price at which one purchases an investment dictates future returns: pay too dear, and future returns are compromised. “Cheap” or “dear” are concepts that crystallise with fundamental analysis of the future revenue streams and associated risks of an investment security. Investing with a margin of safety is critical to reducing the future risk of loss.

When was the company established? 1981 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Non-compliant By whom have you been accredited? AQ Rate Date of accreditation: 13-12-2019

Take a long-term view and be patient Speculation is a short-term activity with an inherently uncertain result. Investment is a long-term activity with a more certain result. Like the maturation of a good wine or the growing of a tree, an investment’s full potential realises over time. Ignore the benchmark when building portfolios A benchmark is often representative of what is in vogue or what is simply big.Bigger isn’t always better and fashion is fickle. Portfolios should be constructed by applying objective, independent perspectives to their composition. To outperform the herd you have to be different from the herd.

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Foord Asset Management (Pty) Ltd continued GIPS

Key investment personnel

Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Size of investment team: 18 Dave Foord Chief Investment Officer BCom, CA(SA) 42 years of industry experience 38 years with the firm William Fraser Strategy, Portfolio Manager, Director BCom (Act), Cert (Fin Eng) 23 years of industry experience 14 years with the firm

Investment mandates What are your total assets under management? R105 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R64 billion Retail: R41 billion Life: – Other: –

Daryll Owen Deputy CIO BCom, CAIB(SA), AEP 34 years of industry experience 6 years with the firm Nick Balkin Portfolio Manager BCom Hons, CFA 17 years of industry experience 14 years with the firm

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Futuregrowth Asset Management (Pty) Ltd

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www.futuregrowth.co.za

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Company details

FAIS requirements

FAIS FSP registration number: 520 Switchboard: +27 21 659 5300 Fax number: +27 21 659 5400 General email: info@futuregrowth.co.za Address: 3rd Floor, Great Westerford, Main Road Rondebosch, 7700 Private Bag X6, Rondebosch, 7725 Compliance officer name: Ryan Kieser +27 21 659 5447

Who is your FAIS complaints officer? Ryan Kieser Please provide the link to the complaints policy on your website: http://www.futuregrowth.co.za/legal-and-policies/ complaints-procedure/

Ownership What is the ownership structure of the company? As at August 2018 the dispersion of Futuregrowth shares was as follows: Old Mutual Investment Group (SA) (Pty) Ltd 75.9%, OMIGSA Black Management Trust 6.80%, OMIGSA Management Trust 12%, Imfundo SP Holdings (Pty) Ltd 5.3% Who are the directors of the company? Henk Beets, Andrew Canter, Paul Rackstraw, Dinao Lerutla, Hywel George, Gcinikhaya Gobodo Interest in ownership? Please provide the percentage held by staff and management: 18.8%

Investment philosophy Futuregrowth’s fixed interest investment philosophy is to maximise long-term investment returns by identifying, measuring and managing all value-adding components of interest-bearing investments. This can be broadly broken down into two core areas. Firstly, the interest rate process involves the determination of the most likely future direction of interest rates, followed by the most appropriate allocation to money market, nominal and inflation-linked bonds as well as yield curve positioning across all three of these broad interest rate asset classes.

History When was the company established? 2000 List of mergers that have taken place since being established: 2008 – OMIGSA became the majority shareholder

The interest rate strategy is expressed mainly by utilising the most liquid RSA government bond market. The process endeavours to identify market anomalies by finding balance between economic fundamental analysis (top down) and market valuation (bottom up). They frequently find a mismatch which enables them to express their view, preferably against a well-priced market consensus.

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? AQRate Date of accreditation: 2019-05-28

Along with the intense scrutiny they pay to the interest rate process, they channel substantial efforts into asset selection. The core of the asset selection process is the creation of diversified portfolios with substantial yield enhancement through a robust credit/analysis process. As a result the portfolio’s running yield should produce longterm, stable outperformance.

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? E-Comply Date of verification: 2018-08-08 Expiry date of verification: –

In terms of market anomalies, Futuregrowth believe that they can add alpha through focused exploitation of market inefficiencies. They use well practised quantitative processes to select high credit quality and high yielding assets. They do realise that in the course of earning higher yields the portfolio is exposed to both default risk and widening credit spreads. These risks are minimised in a number of ways that include: ■ Using a rigorous fundamental process that screens good assets for inclusion in the portfolio ■ Ensuring diversity by credit exposure limits (issuer, credit class, sector) ■ Negotiating strong lender covenants, security and protections which reduce the likelihood of default and also increase our estimated recovery rates in an event of default ■ Actively monitoring and managing these assets ■ Pricing appropriately for credit risk 201

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Futuregrowth Asset Management (Pty) Ltd continued Investment mandates

Daphne Botha Portfolio Manager B Com Hons, Diploma in Financial Markets 23 years of industry experience 18 years with Futuregrowth

What are your total assets under management? R180.38 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R88.38 billion Retail: R42.24 billion Life: R49.76 billion Other: –

Michael van Rensburg Head: Dealing, Portfolio Manager B Com 30 years of industry experience 20 years with OMIG/Futuregrowth

Key investment personnel

Jason Lightfoot Portfolio Manager / Credit Analyst BA, B Com Hons 22 years of industry experience 18 years with Futuregrowth

Size of investment team: 45 (Includes Specialist Investment Administration team) Andrew Canter Chief Investment Officer, Head of Fixed Income BSc, CFA 29 years of industry experience 18 years with Futuregrowth

Paul Semple Portfolio Manager B Com, CAIB (SA) 21 years of industry experience 12 years with Futuregrowth

Wikus Furstenberg Portfolio Manager MCom 29 years of industry experience 20 years with OMIG/Futuregrowth

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Granate Asset Management (Pty) Ltd

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www.granate.co.za

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Company details

By whom have you been accredited? AQrate (Pty) Ltd Date of accreditation: 2019-07-01

FAIS FSP registration number: 2015/090537/07 Switchboard: +27 21 446 9428 General email: info@granate.co.za Address: 23rd Floor, Portside Building, 5 Buitengracht Street, Cape Town, Western Cape, South Africa, 8001 Compliance officer name: Christelle De Jager +27 21 975 6597

GIPS

Investment philosophy The Granate Fixed Interest philosophy is focused on maximising risk-adjusted returns by actively extracting value from a range of sources within the Fixed Interest market. Our philosophy avoids forecasting and uses the concept of risk compensation as its central pillar. The domestic fixed interest market, like all capital markets, is not fully efficient at times. This, together with the segmented nature of this market, creates opportunities for extracting value across a range of aspects, including choice of asset class, duration management, yield curve positioning, credit exposure, sector rotation and security selection.

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment mandates What are your total assets under management? R2.61 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R1.98 billion Retail: R623 million Life: – Other: –

Key investment personnel

Both our investment philosophy and process are geared towards seeking opportunities arising from mispricing and we believe we have the capability, experience and research depth to be able to implement this philosophy and process successfully across a variety of different mandates. This philosophy has been in place since 2006 and there have been no significant changes to the philosophy over time.

Size of investment team: 6 Bronwyn Blood Portfolio Manager/Credit Analyst BCom Hons 20 years of industry experience 5 years with the firm

FAIS requirements Who is your FAIS complaints officer? Ismail Vinoos Please provide the link to the complaints policy on your website: http://www.granate.co.za/governance/

Vaneshen Naidoo Portfolio Manager/Property Analyst MSc (Eng), CFA 13 years of industry experience 5 years with the firm

Ownership

Tyron Green Equity Analyst CA(SA) MBA 13 years of industry experience 1 year with the firm

What is the ownership structure of the company? Staff and management of Granate Asset Management own 70%. The remainder is owned by RMI Affiliates 2. Who are the directors of the company? Directors: PJ Bosman, HP Vermaak, AFV Rousseau, AR De Swardt Interest in ownership? Please provide the percentage held by staff and management: Staff and management own 70% of the company.

History

Dalya Abromowitz Credit Analyst BBusSc Hons, CFA 7 years of industry experience 4 years with the firm Paul Bosman Portfolio Manager/Equity Analyst BCom Hons, CFA 16 years of industry experience 1 year with the firm

When was the company established? 2015 List of mergers that have taken place since being established: –

B-BBEE credentials

Henno Vermaak Portfolio Manager/Equity Analyst BCom Hons, FFA, CFA 12 years of industry experience 1 year with the firm

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 4 203

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Kagiso Asset Management (Pty) Ltd www.kagisoam.com Company details

Who are the directors of the company? Danisa, RG Greaver, Y Mahlangu, GJ Wood, T Scott, SP Sepeng Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes – 49.9%

FAIS FSP registration number: 784 Switchboard: +27 21 673 6300 Fax number: 086 675 8501 General email: info@kagisoam.com Address: 5th Floor, MontClare Place, Cnr Main & Campground Roads, Claremont, 7708 PO Box 1016, Cape Town, Compliance officer name: Sanchia Sobotker-Johnson +27 21 673 6326

History When was the company established? 2001 List of mergers that have taken place since being established: –

B-BBEE credentials

Investment philosophy

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? AQRate Date of accreditation: 2018-12-07

Kagiso Asset Management makes investment decisions based on mispricings they observe in the market. Simply put, they buy investments that are priced well below their considered assessment of intrinsic values and avoid those that they believe are overpriced. Opportunities arise when market prices deviate from intrinsic value. All investments represent a set of future cash flows, which can be valued with reasonable accuracy. Over time, this intrinsic value progresses at a fairly stable pace. Asset prices, however, fluctuate considerably through time. This is largely due to self-reinforcing cycles of investor enthusiasm or negativity, often fuelled by an excessive focus on near- term data and news flow.

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PriceWaterhouseCooper Date of verification: 2018-12-12 Expiry date of verification: –

Their aim is to identify and exploit mispricings in the markets. They therefore buy investments at prices well below their estimation of intrinsic value and hold them while they deliver strong cash returns and until they can be sold above this value. Once sold, Kagiso Asset Management avoids such overvalued investments for as long as the market price is above the intrinsic value.

Investment mandates What are your total assets under management? R30.72 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R25 billion Retail: R5.72 billion Life: – Other: –

The future is never certain Kagiso Asset Management recognises that there is considerable danger in operating with the comfort of a false sense of certainty and the accompanying behavioural reinforcement cycles that lead to a distorted evaluation of new information. As a result, they understand that despite their best efforts, they cannot possibly know all the facts.

Key investment personnel

This drives them to think more deeply, to work harder and to be more alert. They view the future in terms of probabilities, explore alternative scenarios, diversify their positions, hedge risk and seek out potential asymmetries.

Size of investment team: 19 Gavin Wood Chief Investment Officer BBusSc, FFA, CFA 25 years of industry experience 19 years with the firm

FAIS requirements Who is your FAIS complaints officer? Sanchia Sobotker-Johnson Please provide the link to the complaints policy on your website: http://www.kagisoam.com/legal/

Abdul Davids Portfolio Manager BCom, CFA 22 years of industry experience 13 years with the firm

Ownership What is the ownership structure of the company? 50.1% owned by Kagiso Tiso Holdings 49.9% owned by management and staff 204

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Laurium Capital (Pty) Ltd

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www.lauriumcapital.com

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Company details

We believe that our strategy will perform best in times following abnormal market volatility, because during the volatile periods, prices tend to overshoot fundamental valuations, which provides opportunities to take positions in those stocks. During strong bull markets, our performance is likely to lag on a relative basis. During periods of range trading, our performance is likely to be worst on a relative basis.

FAIS FSP registration number: 34142 Switchboard: +27 11 263 7700 General email: laurium@lauriumcapital.com Website: www.lauriumcapital.com Address: 9th Floor, 90 Grayston, 90 Grayston Drive, Sandown, Johannesburg, 2196 4th Floor, The Citadel, 15 Cavendish Street, Claremont, Cape Town, 7708 Compliance officer name: Independent Compliance Services; Enrique Goosen +27 21 975 6597

FAIS requirements Who is your FAIS complaints officer? Mark Preston Please provide the link to the complaints policy on your website: http://www.lauriumcapital.com/assets/ Complaints2af1a0bf6771d597bad9fb7 2d26bcb47.pdf

Ownership

Investment philosophy

What is the ownership structure of the company? The company was started in August 2008 with Murray Winckler and Gavin Vorwerg (founders) each owning 41.6% and Artha Capital Management owning the remaining 9.2%. In 2014, Craig Sorour was appointed as a director of Laurium capital and acquired 7.5% ownership of the company. All existing shareholders were diluted pro rata.

Laurium uses value driven, fundamental bottom-up research combined with a macro, top-down overlay to generate a concentrated portfolio of investments that should generate attractive returns over time. Given the relative lack of liquidity and inefficiencies still prevalent on many of the African exchanges, a broad, flexible mandate is believed to be the most effective way to invest in the region. All of our funds are underpinned by a common investment philosophy.

Other key staff have a combination of phantom equity and ordinary equity, aligning them with the business. Refer below the shareholding of the business if phantom shares were to be included in the calculation of all shares issued. Who are the directors of the company? Murray Winckler 37.5%, Gavin Vorwerg 37.5%, Craig Sorour 7.0% Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 18%

Bottom-up fundamental research and valuations – the core of our philosophy: We seek to identify companies whose share prices differ materially from our intrinsic valuations, based on longer term, through-the-cycle cash flows and earnings. However, we acknowledge that there are material deviations of share prices from intrinsic valuations for extended periods, and these must be taken into consideration in the risk management of a valuation-driven stock-picking process.

History When was the company established? 2008 List of mergers that have taken place since being established: –

Top-down views – an important overlay: Identifying and taking advantage of economic cycles and market trends is an important contributor to the generation of superior long-term investment returns and is complementary to bottom-up research. However, cycles and trends are often unpredictable and are subject to change. Therefore, the risk of being wrong must be acknowledged and managed.

B-BBEE credentials Are you B-BBEE accredited? – What is your B-BBEE status? – By whom have you been accredited? – Date of accreditation: –

Trading – a part of both bottom-up and top-down research: The market is right most of the time, but regular inefficiencies arise in the short term. Shorter-term inefficiencies may present trading opportunities, irrespective of a company’s intrinsic value. These opportunities often arise due to large flows of money, news flow and emotions, structural inefficiencies, corporate actions, and other special situations or events.

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Laurium Capital (Pty) Ltd continued GIPS

Craig Sorour Head of Research CA(SA), CFA 22 years of industry experience 12 years with the firm

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? No Date of verification: – Expiry date of verification: –

JP du Plessis Head of Fixed Income BCom, CFA 22 years of industry experience 2 years with the firm Gavin Vorwerg Head of Equities and Portfolio Manager (Co-Founder) CA(SA), CFA 22 years of industry experience 12 years with the firm

Investment mandates What are your total assets under management? R25.10 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R20.33 million Retail: R4 40 million Life: R361 million Other: –

Brian Thomas Portfolio Manager BBusSci Hons, CA(SA), ACA, CFA 20 years of industry experience 3 years with the firm

Key investment personnel

Junaid bray Co-Portfolio Manager and Research Coordinator B. Bus. Sci (Finance Honours), CFA 16 years of industry experience 1 year with the firm

Size of investment team: 13 Murray Winckler Chief Investment Officer and Portfolio Manager (Co-Founder) CA(SA), CFA 38 years of industry experience 12 years with the firm

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Legacy Africa Fund Managers Pty Ltd

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https://legacyafrica.co.za

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Company details

Ownership

FAIS FSP registration number: 34142 Switchboard: +27 11 263 7700 General email: info@legacyafrica.co.za Address: Oxford & Glenhove, 114 Oxford Road, Building 2 Suite 1, Rosebank, 2196 Compliance officer name: Sharen Gerald 011 969 1649

What is the ownership structure of the company? ■ Legacy Africa Fund Managers PTY LTD (Holdings Company) – Godwin Sepeng owns 60%, Lentswe Gopane owns 20% and Senzo Hlangu owns 20% ■ Legacy Africa Fund Managers PTY LTD owns 76% of Legacy Africa Multi Strategies and Joe Kainja owns 24% of Legacy Africa Multi-Strategies. ■ Legacy Africa Fund Managers PTY LTD owns 60% of Legacy Africa Capital Partners and Legacy Africa Capital Partners Management owns 40%” Who are the directors of the company? Godwin Sepeng, Senzo Hlangu & Lentswe Gopane Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 100% owned by staff

Investment philosophy We are a style agnostic long- term investor. We believe that Fundamental Research and Engagement, taken together, form the basis of mutually beneficial long-term relationships between shareholders and companies. We adopt rigorous fundamental analysis to identify companies that have the ability to grow profits faster than average over long periods of time. We use ESG research to generate a holistic picture of the enterprise and its operating model, insights that are not considered when you simply look at financial statements. Furthermore, it provides us with an opportunity to benchmark different companies and provides us with a better understanding of why a company’s financial metrics or performance may be substantially different from others. That could lead to a hidden risk that’s uncovered, or a promising opportunity that is unveiled. Hence, ESG integration can be seen as a natural step in the evolution of long-term investment.

History When was the company established? 2012 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? Affidavit Date of accreditation: 01-Sep-20

We aim to invest in superior economically sustainable companies that have the following characteristics: ■ Sustainable competitive advantage(s) ■ Good and repeatable business model ■ Good operational management ■ Management assumptions about their operating environment and their business are realistic ■ Well-articulated and sensible business strategy ■ Large and/or open ended market opportunity ■ Strong balance sheet ■ Growing free cash flows ■ Higher standards of corporate governance and good corporate citizenship”

GIPS Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

FAIS requirements Who is your FAIS complaints officer? Sharen Gerald Please provide the link to the complaints policy on your website: https://legacyafrica.co.za/index.php/publications/policies

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Legacy Africa Fund Managers Pty Ltd Continued Investment mandates

Kgosi Monametsi Head of Private Equity BBusBsc (Hons) 17 years of industry experience 2 years with the firm

What are your total assets under management? R24.82 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R24.66 billion Retail: – Life: – Other: R162 million

Mduduzi Ngobeni Quantitative & Research Analyst BCom Economics and BCom (Hons – Econometrics) 6 years of industry experience 2 years with the firm

Key investment personnel

Tshepang Marishane Private Equity Associate BCom (Accounting Sciences), BCom (Hons – Act), (CA) SA 4.5 years of industry experience 6 months with the firm

Size of investment team: 6 Godwin Sepeng Chief Investment Officer BSc Statistics & Economics, CFA 26 years of industry experience 7 years with the firm Senzo Hlangu Head of Research BSc Statistics & Economics 23 years of industry experience 7 years with the firm Joe Kainja Head of Multi – Strategies (Multi-Asset Class & Interest Bearing) BSc (Mathematics), MSc (Statistics) 26 years of industry experience 1.5 years with the firm

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Lima Mbeu Investment Managers (Pty) Ltd

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www.limambeu.co.za

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Company details

Risk Control: We believe in building highly diversified portfolios as this enhances the probability of outperformance through various cycles. The best way to build wealth is through the compounding of consistent absolute and relative investment returns. Therefore, risk management is embedded within our investment processes to create portfolios that have low to moderate active risk.

FAIS FSP registration number: 49018 Switchboard: +27 10 023 0113 Fax: +27 86 415 5280 General email: invest@limambeu.co.za Address: 2nd Floor, Fredman Towers, 13 Fredman Drive, Sandton, 2196 Postnet Suite 189, Private Bag X9 Benmore, 2010 Compliance officer name: Germa Beukes +27 82 894 5148

FAIS requirements Who is your FAIS complaints officer? Ndinavhushavhelo Rabali Please provide the link to the complaints policy on your website: http://www.limambeu.co.za/sites/ default/files/ downloads/4.%20 COMPLAINTS%20RESOLUTION%20 PROCEDURES.pdf

Investment philosophy

Ownership

We believe that disciplined growth investing is the best way to build wealth and capital in the long term

What is the ownership structure of the company? Staff (50%). African Rainbow Capital Financial Services Holdings (Pty) Ltd (50%) Who are the directors of the company? Board of Directors: Investec Asset Management (Pty) Ltd Ndinavhushavhelo Rabali, Thabo Stanley Seopa, Adv. Lindelani Patience Sigogo, Willem Theron Lategan and Brian Tafadzwa Mushonga Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: 50%

The four key components of our philosophy are as follows: Active Management: We believe that although the market is hard to beat consistently, it is still inefficient. There are opportunities for skilled investors to generate excess returns, and it is for this reason that we believe in active management. Therefore, we actively manage our investment portfolios with a benchmark-cognisant mindset. Growth Investing: We believe that buying companies whose earnings are growing much faster than average leads to the outperformance of the market in the long run. We concentrate on finding companies that have a clear prospect of unusually rapid increases in earnings, as we believe that this presents the best way to outperform the market.

History When was the company established? 2017 List of mergers that have taken place since being established: –

Process: We believe that long-term success comes only from the most rigorous pursuit of disciplines designed to neutralise the emotional pressures that arise when one is responsible for investing other people’s money. We believe that a process that combines human foresight with the discipline of a quantitative framework is likely to generate relatively better investment returns.

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? A sworn affidavit Date of accreditation: 2019-04-16

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Lima Mbeu Investment Managers (Pty) Ltd continued GIPS

Key investment personnel

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Size of investment team: 4 Ndinavhushavhelo Rabali Chief Investment Officer MSc (Fin Maths) (cum laude) 15 years of industry experience 2 years with the firm Teboho Tsotetsi Portfolio Manager MSc (Quant Risk Man) 15 years of industry experience 2 years with the firm

Investment mandates What are your total assets under management? R532.85 million Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R429.20 million Retail: R103.65 million Life: – Other: –

Bhekinkosi Khuzwayo Portfolio Manager MCom (Stats) (cum laude) 13 years of industry experience 2 years with the firm Thobile Ngcobo Investment Analyst CA(SA) 6 years of industry experience 1 year with the firm

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Matrix Fund Managers

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www.matrixfundmanagers.co.za

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Company details

History

FAIS FSP registration number: 44663 Switchboard: +27 21 673 7800 General email: info@matrixfm.co.za Address: The Terraces, 2nd Floor, 25 Protea Road, Claremont, Cape Town, 7708 Compliance officer name: Roushana Dean +27 21 673 7821

When was the company established? 2006 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Renaissance SA Ratings Date of accreditation: 2018-07-16

Investment philosophy We are a boutique asset management firm with extensive experience in alternative and traditional investments. We are pragmatic in our investment philosophy, focusing on capital growth and limited drawdowns. We combine bottomup stock selection with tactical asset allocation, which we manage dynamically as informed by our strong market timing skills and macro research.

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

FAIS requirements Who is your FAIS complaints officer? Ms D Wahl Please provide the link to the complaints policy on your website: www.matrixfundmanagers.co.za/ complaints-resolutionsprocess/

Investment mandates What are your total assets under management? R11.59 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R8.26 billion Retail: R3.32 billion Life: – Other: –

Ownership What is the ownership structure of the company? Matrix Fund Managers is 52% owned by management and 48% by external investors. Who are the directors of the company? Lourens Pretorius (Chair and CIO), Robert Coombe (COO), Roushana Dean (CFO), Nersan Naidoo (Non-executive Director) and Reece Briesies (Non-executive Director) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 52% held by staff and management

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Matrix Fund Managers www.matrixfundmanagers.co.za Key investment personnel

Carmen Nel Fixed Income Economic Strategist BSc, CFA, FRM 18 years of industry experience 3 years with the firm

Size of investment team: 11 Lourens Pretorius Chief Investment Officer / Head of Fixed Income BCom Hons 26 years of industry experience 16 years with the firm

Leon Michaelides Equity Investment Manager BCom (Hons), CA(SA) 20 years of industry experience 5 years with the firm

Bruce Mommsen Head of Research and Equities BBusSci, CA(SA), CFA 20 years of industry experience 14 years with the firm

Anthony de la Cour Equity Senior Analyst MA, MBA, CFA 14 years of industry experience 2 years with the firm

Konstantin Egorov Fixed Income Investment Manager MSc (Phys) 24 years of industry experience 16 years with the firm

Ndumiso Ndebele Equity Analyst MPhil (Fin Maths), BBusSci (Act Sci), CFA 9 years of industry experience 5 years with the firm

Sollie Van Der Linde Fixed Income Investment Manager BCom (Hons) 14 years of industry experience 9 years with the firm

Mellony Spark Equity Analyst PhD (Astr), BSc (Hons) (Astr & Phy) 6 years of industry experience 1 year with the firm

Craig le Riche Fixed Income Investment Manager BSc (Hons) (Adv Maths of Fin) 13 years of industry experience 2 years with the firm Chris-Sandra Klaasen Fixed Income Investment Manager BSc (Hons), BCom (Hons) 19 years of industry experience 3 years with the firm

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Meago (Pty) Ltd

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www.meago.co.za

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Company details

GIPS

FAIS FSP registration number: 24919 Switchboard: +27 11 646 2944 General email: thabor@meago.co.za Address: 73 Oxford Road, Saxonwold, 2196 PO Box 1180, Edenvale, 1610 Compliance officer name: Thabo Ramushu +27 11 646 2944

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy

What are your total assets under management? R7.94 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R7.94 billion Retail: – Life: – Other: –

Investment mandates

Meago uses an active investment strategy within agreed upon client restrictions. Portfolios are constructed to reflect Meago’s fundamental investment principles: ■ Attractive recurring income at acceptable risk level ■ Be overweight with companies with reasonable valuations relative to investment alternatives ■ Continually recycle its position by selling outperforming and fully valued assets and buying undervalued shares at an opportune time ■ Invest in companies with sustainable cash flow and strong balance sheet that can grow and support the dividend payout ■ Companies with assets in strong and growing nodes ■ Invest in companies with good corporate governance and are conscious on social and environmental issues

Key investment personnel Size of investment team: 7 Jay Padayatchi Chief Investment Officer HDip (Tax), Bcom Hons, BSc (Quant Surv), CA(SA) 20 years of industry experience 16 years with the firm

FAIS requirements

Anas Madhi Portfolio Manager MBBCH, MBA (cum laude) 18 years of industry experience 14 years with the firm

Who is your FAIS complaints officer? Sharen Gerald Please provide the link to the complaints policy on your website: –

Thabo Ramushu Portfolio Manager MSc (Real Estate) 20 years of industry experience 16 years with the firm

Ownership What is the ownership structure of the company? Jay Padayatchi 30%, Thabo Ramushu 30%, Sharif Hoosen 30% and Anas Madhi 10% Who are the directors of the company? Jay Padayatchi, Anas Madhi, Thabo Ramushu and Sharif Hoosen Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Meago is 100% owned by management and staff

Ryan Eichstadt Head of Research BCompt (Acc), CA(SA) 7 years of industry experience 2 year with the firm Bongwa Mthembu Investment Analyst BCom Hons (Fin Man) 5 years of industry experience 5 years with the firm

History When was the company established? 2004 List of mergers that have taken place since being established: –

Sanelisiwe Memela Investment Analyst BBusSc (Fin with Acc) 1.5 years of industry experience 1.5 years with the firm

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? Exempted Micro Enterprise Date of accreditation: –

Dineo Matjila Graduate BCom (Investment Man) 8 months of industry experience 8 months with the firm

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Mergence Investment Managers (Pty) Ltd www.mergence.co.za Company details

History

FAIS FSP registration number: 16134 Switchboard: +27 21 433 2960 Fax number: +27 21 433 0675 General email: info@mergence.co.za Address: 2nd Floor, Dockside Cruise Terminal, V&A Waterfront, Cape Town, 8002 PO Box 8275, Roggebaai, 8012 Compliance officer name: Gerry Grispos (outsourced to CompliServe +27 86 127 3783

When was the company established? 2004 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Authentic Rating Solutions Date of accreditation: 2020-03-03

Investment philosophy

GIPS

Mergence Investment Managers is an independent asset management company founded in 2004. Mergence has a pragmatic approach or philosophy to investing, which means that they attempt to understand how the world really works rather than how they think it should work, especially concerning markets and investing. They manage listed investments, listed equity and multi-asset class portfolios, as well as unlisted equity and debt mandates with a particular bias toward infrastructure and development investing.

Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PwC Date of verification: 2020-12-08 Expiry date of verification: 2021-12-07

FAIS requirements Who is your FAIS complaints officer? Andy Howard Please provide the link to the complaints policy on your website: https://www.mergence.co.za/wp-content/uploads/2020/09/ Mergence-Complaints-Policy-2020.pdf

Investment mandates What are your total assets under management? R35 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R33.68 billion Retail: R0.16 billion Life: R1.16 billion Other: –

Ownership What is the ownership structure of the company? Mergence Investment Managers is a subsidiary of the Mergence Group. Who are the directors of the company? Masimo Magerman, Fabian de Beer, Bongani Jack and Amanda Allie (non-executive director) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 42% is owned by staff directly (excluding founding partner)

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Key investment personnel

Fazila Manjoo Portfolio Manager (Multi-Asset) PG Dip in Man in Actuarial Science, BSc (Actuarial Science) 16 years of industry experience 1 month with the firm

Size of investment team: 19 Fabian de Beer Deputy Managing Director BCom (Acc & Econ), HDipEd 33 years of industry experience 14 years with the firm

Kasief Isaacs Senior Investment Principal Infrastructure & Development BCom Hons, CA(SA) 27 years of industry experience 6 years with the firm

Bradley Preston Joint Managing Director MSc (Fin Maths), BSc Hons 15 years of industry experience 15 years with the firm

Bulelwa Ntshingwa Investment Principal (Private Markets) BCom (Accounting), PGDA (Development Finance) 17 years of industry experience 6 months with the firm

Peter Takaendesa Head: Equities MCom (Econ), MCom (Fin & Econ) 14 years of industry experience 7 years with the firm

Chitongwa Siame Investment Principal (Private Markets) BCom (Accounting), PGDA (Development Finance) 14 years of industry experience 10 years with the firm

Izak van Niekerk Co-Portfolio Manager BCom Hons, CA(SA) 15 years of industry experience 10 years with the firm

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Mianzo Asset Management (Pty) Ltd www.mianzo.co.za Company details

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Staff in aggregate hold 45% of the shares being Mianzo Asset Management, being the holding company of Mianzo Asset Management. Staff therefore do, indirectly, have an ownership interest in Mianzo Asset Management.

FAIS FSP registration number: 43114 Switchboard: +27 21 552 3555 General email: info@mianzo.co.za Address: The Forum, EG01, Vesta House Northbank Lane, Century City, 7441 PO Box 1210, Milnerton, 7442 Compliance officer name: Deon Harmse – Moonstone +27 21 554 5745

History When was the company established? 2010 List of mergers that have taken place since being established: –

Investment philosophy

B-BBEE credentials

We hold ourselves accountable for the investment decisions we make by being innovative, professional and having a strong sense of integrity and discipline through continuous and consistent excellence.

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? Sworn Affidavit – Qualifying Small Enterprise Date of accreditation: 2020-06-02

Our equity philosophy is based on the belief that superior investment performance is achieved by investing in companies that are priced below their intrinsic value with a sufficient margin of safety. Our intrinsic value is calculated by looking at what the company is currently worth based on sustainable earnings or net asset value.

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Our equity philosophy is centred on assembling the following: ■ VALUATION: The current value of the business. ■ QUALITY: The quality of the business. ■ MARKET EXPECTATIONS: The market’s expectation on the business. We blend both fundamental and quantitative investment approaches to gain a more comprehensive perspective of business.

Investment mandates

FAIS requirements

What are your total assets under management? R9.42 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R9.32 billion Retail: R98.5 million Life: – Other: –

Who is your FAIS complaints officer? Thembeka Sobekwa and Faldie Isaacs Please provide the link to the complaints policy on your website: info@mianzo.co.za

Ownership What is the ownership structure of the company? Mianzo Asset Management is a black owned and managed third-party Investment Management Company. ■ Luvo Tyandela 55% ■ Mianzo Employee Share Trust 45% Who are the directors of the company? Luvo Tyandela (Executive Director), Pieter Joubert (Non-executive Director) and Nkosinathi Mbatha (Non-executive Director)

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Mianzo Asset Management (Pty) Ltd

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Key investment personnel

Nkanyezi Mwelase Equity Analyst MCom (Fin & Inv), BCom (Hons – Acc Sc), BCom (Acc), CA(SA) 5 years of industry experience 1 month with the firm

Size of investment team: 11 Luvo Tyandela Chief Executive Officer BSc (Stats), PGDM, MBA 19 years of industry experience 10 years with the firm

Yanga Mxinwa Junior Analyst BCom (Acc) 3 years of industry experience 1.5 years with the firm

Mark Lamohr Head of Equities and Portfolio Manager BSc (Maths & App Maths) 22 years of industry experience 7 years with the firm

Mpho Mashishi Junior Analyst BSc (Min Eng) 1.5 years of industry experience 1.5 years with the firm

Thembeka Sobekwa Portfolio Manager BBusSci (Act Sc) 11 years of industry experience 10 years with the firm

Sibusiso Mahlalela Junior Analyst BCom (Hons – Fin & Investments) 3 years of industry experience 1 year with the firm

Mohamed Shafee Loonat Portfolio Manager BCompt Hons and Advanced Taxation, PGD (Islamic Banking & Insurance), BCom (Econ), CA(SA); CFA 22 years of industry experience 3 years with the firm

Ayanda Ndlovu Multi-Asset Analyst BCom (Hons – Fin & Investments) 4 years of industry experience 4 years with the firm

Zukile Thamsanqa Business Development Manager BSc (Hons – Maths) and PGD (Fin Pl & Ins) 14 years of industry experience 1.5 years with the firm Sifiso Similane Head of Alternative Investments BCom and BCom (Hons – FAPM) and Portfolio Management 15 years of industry experience 3 months with the firm

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Momentum Investments (Pty) Ltd www.momentuminv.co.za Company details

Ownership

FAIS FSP registration number: 19840 Switchboard: +27 86 153 8732 Fax number: +27 86 573 7384 General email: InvestmentsComms@momentum.co.za Address: 268 West Avenue, Centurion, 0157 PO Box 7400, Centurion, 0046 Compliance officer name: Bernard Pieterse

What is the ownership structure of the company? Momentum Metropolitan Holdings (MMH) Limited Who are the directors of the company? Directors: Sonja Saunderson, Letshego Rankin, Daleen Lessing and Jannie du Randt Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: No

History When was the company established? 2004 List of mergers that have taken place since being established: Momentum Investments includes all the investments-related businesses of MMH Limited and offers a wide spectrum of investment services and solutions to individual and institutional investors. Momentum Investments includes the following businesses Momentum Outcome-Based Solutions, Momentum Asset Management, Momentum Alternative Investments, Momentum Global Investment Management and the Eris Property Group.

Investment philosophy Momentum Investments follows an Outcomes-based investment philosophy. They have adapted their unique value proposition to create investment portfolios that centre on their clients and increase the likelihood of reaching their investment goal. Their unique value proposition is to understand clients’ goals and their attitudes and capacities to take on risk. They recognise and understand market forces and human behaviour (for example, the herd mentality – investors making the wrong investment decisions at times of stress). They craft investment solutions for clients by considering their liabilities or needs, defining a goal, risk tolerance and appropriate time frame and then diversifying across multiple asset classes, investment strategies and mandates to match and deliver on the objectives that have been set.

The investment capabilities are: ■ Corporate and Retail Portfolio Solutions ■ Fixed Interest ■ Listed Property ■ Indexation and Smart Beta ■ Alternative Investments ■ Global Investment Management ■ Macro Research and Asset Allocation

B-BBEE credentials

Momentum executes robust solutions by blending asset classes and strategies in the most efficient and optimal manner through modern financial engineering techniques. They help clients understand and articulate their needs and solve for appropriate investment outcomes. Their investment team remains focused on the right outcome and makes this journey as comfortable as possible.

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? National Empowerment Rating Agency Date of accreditation: 2020-02-04

FAIS requirements Who is your FAIS complaints officer? Shital Jeeva Please provide the link to the complaints policy on your website: http://www.momentuminv.co.za/ Libraries/Legal_ Documents/Complaints_ Resolution_Policy_and_ Procedure.sflb. ashx

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

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Momentum Investments (Pty) Ltd

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Investment mandates

Wayne Dennehy Head: Systematic Strategies & Structuring and Head of Distribution BSc Hons, BCom, Fellow of the Institute of Actuaries, FRM 27 years of industry experience 4 years with the firm

What are your total assets under management? R563.6 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R263.2 billion Retail: R300.4 billion Life: – Other: –

Nina Saad Head of Corporate Portfolio Solutions BSc, CFA 23 years of industry experience 3 years with the firm

Key investment personnel Size of investment team: 61

Jako de Jager Head of Retail Portfolio Solutions BCom Hons 18 years of industry experience 18 years with the firm

Sonja Saunderson Chief Investment Officer MCom (cum laude), BCom Hons, BSc 20 years of industry experience 20 years with the firm Michael Adsetts Deputy Chief Investment Officer –Investment Strategy MBA, BSc Hons, CFA 16 years of industry experience 12 years with the firm

Herman van Papendorp Head: Research and Asset Allocation MCom (Econ) (cum laude), BCom (Hons – Econ), BCom (Act Sc) 28 years of industry experience 7 years with the firm

Eugene Botha Deputy Chief Investment Officer –OBI Research MSc, BSc Hons 15 years of industry experience 15 years with the firm

James Klempster Head of Global Investment Management MA (Oxford), CFA, IMC 16 years of industry experience 13 years with the firm

Pelo Manyeneng Head of Listed Property BCom, CAIA, RPE 10 years of industry experience 10 years with firm

Ian Scott Head of Fixed Income BCom (Hons – Inv Man) 24 years of industry experience 2 year with the firm

Motlatsi Mutlanyane Head: Alternatives MBA, BSc Hons, FIA, FASSA 25 years of industry experience 12 years with the firm

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Nedgroup Investments (Pty) Ltd www.nedgroupinvestments.co.za Company details

B-BBEE credentials

FAIS FSP registration number: N/A Switchboard: +27 86 012 3263 Fax number: +27 86 011 9733 General email: institutional@nedgroupinvestments.co.za Address: 2nd Floor, Nedbank Clocktower Precinct, V&A Waterfront Cape Town, 8001 PO Box 1510, Cape Town, 8000 Compliance officer name: Liezel Momberg +27 21 416 6204

Are you B-BBEE accredited? No What is your B-BBEE status? Level 1 By whom have you been accredited? Sizwe Ntsaluba Gobodo Date of accreditation: 2019-02-20

GIPS Are you GIPS compliant? No Are you GIPS verified? – By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy We offer individual and institutional investors access to a range of South African and offshore unit trust portfolios to meet their investment needs. These portfolios are managed by a range of Best of Breed™ investment managers that they actively monitor and review, so that clients don’t have to.

Investment mandates

Who is your FAIS complaints officer? – Please provide the link to the complaints policy on your website: http://www.nedgroupinvestments.co.za

What are your total assets under management? R300.5 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R143.8 billion Retail: R156.7 billion Life: – Other: –

Ownership

Key investment personnel

What is the ownership structure of the company? Wholly owned subsidiary of Nedbank Group Ltd Who are the directors of the company? NA Andrew, CE Sevenaoks, I Ruggiero Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: No

Size of investment team: 26

FAIS requirements

Nic Andrew Executive Head, Asset Management BCom, CA(SA), PG Dip (Tax Law), CFA, AMP (Insead) 27 years of industry experience 22 years with the firm Trevor Garvin Head of Investments & Multi-management MBA, MCom (Finance), BCom Hons (Econ), Dip FMI (cum laude), SAFEX, ACIBM, CAIA 25 years of industry experience 18 years with the firm

History When was the company established? 1997 List of mergers that have taken place since being established: 2003 – African Harvest, BoE, FTNIB, NIBi and Nedbank Unit Trusts merged to form Nedcor Collective Investments. Changed to Nedgroup Collective Investments in 2005

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Ngwedi Investment Managers (Pty) Ltd

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www.ngwedi.com

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■ We evaluate the most likely macroeconomic and monetary policy scenarios and select those asset classes that perform reasonably well for most scenarios under consideration.

Company details FAIS FSP registration number: 46668 Switchboard: +27 21 000 1900 General email: monei@ngwedi.com Address: Suite 4b, 1st Floor, Madison Place, Alphen Office Park, Constantia Main Road, Constantia, 7848 Compliance officer name: Deon Harmse Moonstone Compliance +27 21 554 5745

Diversification ■ While diversification cannot always protect our client’s investments against a loss, it is one way we can help reduce risk and protect our client assets. ■ Given an investment opportunity set we will always prefer building a portfolio that includes different types of investments strategies or asset classes that may perform differently over various business cycles.

FAIS requirements Who is your FAIS complaints officer? Daniel Acres (COO) Please provide the link to the complaints policy on your website: https://ngwedi.com/legal/#legal

Investment philosophy At Ngwedi, our investment philosophy is centered around capital preservation in absolute or relative terms. Our overriding belief is that by minimising capital losses while compounding positive returns, we can ensure superior, consistent, stable returns over the long term. The compounded effect of steady positive returns over time leads to long-term wealth creation.

Ownership What is the ownership structure of the company? Ngwedi Investment Managers and Ngwedi Alternative Investment are 100% owned by Ngwedi Capital Holdings, which has more than 51% Black ownership and more than 51% Black economic interest. Who are the directors of the company? Executive: Monei Pudumo–Roos, Farzana Bayat, Daniel Acres Non-executive: Dudu Garekwe and Ryan Kruger Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 85%

We are committed to generating above absolute or relative benchmark returns through a careful blend of fundamental and quantitative analysis of investment opportunities over market cycles. The long-term sustainability of our investment offerings rests on four key investment pillars, namely; Capital Preservation ■ We believe that a balanced risk-return approach that emphasises stable returns and capital preservation will provide greater and more consistent returns to our investors and the management teams that operate our businesses. Thus, rather than merely searching ■ for prospective profits, we place the highest priority on preventing losses. It is our overriding belief that if we avoid the losers, the winners will take care of themselves over the long run.

History When was the company established? August 2018 List of mergers that have taken place since being established: None

Long-Term Horizon ■ We believe a long-term strategy is the best way to build and preserve our client’s financial security. ■ Ngwedi is Privately owned by the founders and focused exclusively on asset management. Ngwedi provides the ideal environment for investment professionals to maintain a long- term perspective when pursuing investment opportunities.

B-BBEE credentials Are you B-BBEE accredited? We currently have a sworn affidavit What is your B-BBEE status? Level 2 By whom have you been accredited? We signed a sworn affidavit Date of accreditation: 2020-07-05 to 2021-07-04

No Point Forecasting ■ We do not believe in the predictive ability required to correctly time markets. It is a well-known fact that point forecasting is notoriously difficult and easily prone to noise. Instead of making use of point forecasting we allocate a considerable amount of time building scenario analysis.

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Ngwedi Investment Managers (Pty) Ltd Continued GIPS

Key investment personnel

Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Size of investment team: 6 Farzana Bayat Chief Investment Officer BBusSci (Actuarial), CFA 18 years of industry experience 2 years with firm Raphael Nkomo Head of Research and Strategy PhD, MSc, BSc 20 years of industry experience 2 years with firm

Investment mandates

What are your total assets under management? R6.04 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R5.77 billion Retail: R270 million Life: – Other: –

Teresa Lu Portfolio Manager PhD, MSc, BSc 11 years of industry experience 2 years with firm Ryan van Breda Portfolio Manager MCom (Finance), FRM 14 years of industry experience 2 years with firm

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Ninety One

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https://ninetyone.com/south-africa

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List of mergers that have taken place since being established: In March 2020, Investec Asset Management demerged from Investec Group, rebranded as Ninety One and independently listed on the London and Johannesburg Stock Exchanges.

Company details FAIS FSP registration number: 587 Switchboard: +27 21 416 2000 General email: natalie.phillips@ninetyone.com Address: 36 Hans Strijdom Avenue, Foreshore, Cape Town, 8000 PO Box 1655, Cape Town, 8000 Compliance officer name: Sizo Mabuso +27 21 416 1932

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Premier Verification (Pty) Ltd Date of accreditation: 2020-07-24

Investment philosophy Ninety One is a multi-specialist investment manager with core offerings in equities, fixed income and multi-asset management. Ninety One does not have an over-arching house style instead choosing to allow the heads of our specialist investment teams the freedom to operate according to their investment beliefs, with complete discretion over their own teams.

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? KPMG Date of verification: 2020-03-20 Expiry date of verification: –

FAIS requirements Who is your FAIS complaints officer? Sizo Mabuso Please provide the link to the complaints policy on your website: https://ninetyone.com/-/media/documents/ miscellaneous/91-global-complaints-handling-procedureen.pdf

Investment mandates What are your total assets under management? R604.28 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R441.07 billion Retail: R163.21 billion Life: – Other: –

Ownership What is the ownership structure of the company? Ninety One is owned by Ninety One staff (circa 21% shareholding), the Investec Group (circa 25% shareholding), and other shareholders (circa 54% shareholding). Who are the directors of the company? The Directorate of Ninety One SA (Pty) Ltd: ■ Thabo Khojane – Chairman/Managing Director Ninety One SA ■ Nazmeera Moola – Executive Director/Deputy Managing Director – Investments ■ Khadeeja Bassier – Executive Director/Head of Product and Strategic Change ■ Sangeeth Sewnath – Executive Director/ Deputy Managing Director – Advisor Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, key employees own circa 21% of the company.

Key investment personnel Size of investment team: 257 John McNab Co-Chief Investment Officer BEng Industrial (Cum Laude), MEng Industrial (Cum Laude), CFA 24 years of industry experience 24 years with firm Mimi Ferrini Co-Chief Investment Officer BCom, CFA 31 years of industry experience 28 years with firm

History When was the company established? Ninety One was established in South Africa in 1991 as Investec Asset Management, an independent business within Investec Group.

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Northstar Asset Management (Pty) Ltd https://northstar.co.za/ Company details

History

FAIS FSP registration number: 601 Switchboard: +27 21 810 8400 Fax number: +27 21 794 2885 General email: info@northstar.co.za Website: www.northstar.co.za Address: Suite 1A, Madison Place, Alphen Office Park Constantia, 7806 Postnet Suite 784, Private Bag x16, Constantia, 7848 Compliance officer name: Independent Compliance Services Enrique Goosen +27 21 975 6597

When was the company established? 1996 List of mergers that have taken place since being established: –

Investment philosophy

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

B-BBEE credentials Are you B-BBEE accredited? No What is your B-BBEE status? – By whom have you been accredited? – Date of accreditation: –

GIPS

Northstar’s philosophy centres around long-term exposure to quality assets where value exceeds price. In short, we are Quality Investing at a reasonable price. We identify this by screening for companies which have a strategic competitive advantage, evident in superior and sustainable return on invested capital (ROIC) and free-cash-flow (FCF) measures. We believe that our proprietary research and portfolio construction process gives us a competitive edge in both the onshore and offshore space. Our highly structured, in-house research model enables us not only to run our own branded funds well, but to apply institutional levels of research to our segregated fund mandates and direct retail clients. Our fixed income portfolios are managed to continually optimise positions, ensuring the highest possible return at a point in time, without incurring the risk of underperforming the benchmark.

Investment mandates What are your total assets under management? R5.04 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R1.30 billion Retail: R3.74 billion Life: – Other: –

Our business principles are: ■ Delivery of long-term investment returns to clients ■ Focused fundamental research produces consistent long-term returns ■ Class-leading client service delivery ■ Integrity and honesty as the bedrock of our value system.

Key investment personnel Size of investment team: 9 Adrian Clayton Chief Investment Officer BSocSc (Econ) 25 years of industry experience 8 years with the firm

FAIS requirements Who is your FAIS complaints officer? Enrique Goosen Please provide the link to the complaints policy on your website: https://northstar.co.za/legal-information/

Marco Barbieri Head of Local Equities BSc Hons (Chem), BCom (Hons – Fin Acc), CFA 12 years of industry experience 8 years with the firm

Ownership What is the ownership structure of the company? 70% privately owned, 30% RMI Investment Managers Who are the directors of the company? A Clayton, M Seymour, M Barbieri, R Spangenberg, M Bertram, A De Swardt, A Rousseau (Alternate) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes – 63%

Mark Seymour Head of Fixed Income BSc Eng 19 years’ industry experience 8 years with the firm Rory Spangenberg Head of Global Equities BCom (Econ) 21 years of industry experience 4 years with the firm

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Oasis Asset Management Ltd

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www.oasiscrescent.com

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Company details

Date of accreditation: 2019-12-18

FAIS FSP registration number: 603 Switchboard: +27 21 413 7860 Fax number: +27 21 413 7900 General email: Clients@za.oasiscrescent.com Address: Oasis House, 96 Upper Roodebloem Road University Estate, Cape Town, 7925 PO Box 1217, Cape Town, South Africa, 8000 Compliance officer name: Nazeem Ebrahim +27 21 413 7860

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? SAB & T Date of verification: 07-02-2020 Expiry date of verification: Not Applicable

Investment mandates

Investment philosophy

What are your total assets under management? R16.6 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: Not disclosed Retail: Not disclosed Life: Not disclosed Other: Not disclosed

Oasis Asset Management Ltd strives to provide unrivalled world-class financial services to its clients and is responsible for investment fund management of collective investment schemes, retail retirement funds, institutional investment funds and linked investment insurance policies. The products are managed through the application of a low volatility fund management philosophy, to protect our clients’ assets.

Key investment personnel Size of investment team: 20

The application of this philosophy is epitomised in the focused management of financial assets through the utilisation of proven stock selection skills that leverage off a meticulous research process.

Adam Ebrahim Chief Investment Officer CA(SA), CFA 38 years of industry experience 24 years with the firm

FAIS requirements Who is your FAIS complaints officer? Nazeem Ebrahim Please provide the link to the complaints policy on your website: Available on request

Mohamed Shaheen Ebrahim Strategist AltX Dip 48 years of industry experience 24 years with the firm

Ownership

Nazeem Ebrahim Strategist BSocSci, BProc 39 years of industry experience 23 years with the firm

What is the ownership structure of the company? The company is 100% owned by Oasis Group Holdings (Pty) Ltd Who are the directors of the company? Mohamed Shaheen Ebrahim, Adam Ebrahim, Nazeem Ebrahim, Bint Bur Ebrahim Cassim, Roshin Ebrahim (Non-executive Director) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: The Oasis staff incentive scheme is based on profit participation rather than ownership interest.

Micheal Swingler Senior Analyst CA(SA), CFA 26 years of industry experience 23 years with the firm Yusuf Ebrahim Senior Analyst 14 years of industry experience 14 years with the firm

History When was the company established? 1997 List of mergers that have taken place since being established: –

Zahrah Dutton Analyst PGDA, BBusSci (Law), CA(SA) 6 years of industry experience 5 years with the firm

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? aBEErate Verification Agency

Bint Bur Ebrahim - Cassim Analyst BBusSci (Fin and Acc) 5 years of industry experience 5 years with the firm 225

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Oasis Crescent Capital (Pty) Ltd www.oasiscrescent.com Company details

Date of accreditation: 2019-12-18

FAIS FSP registration number: 796 Switchboard: +27 21 413 7860 Fax number: +27 21 413 7900 General email: Clients@za.oasiscrescent.com Address: Oasis House, 96 Upper Roodebloem Road University Estate, Cape Town, 7925 PO Box 1217, Cape Town, South Africa, 8000 Compliance officer name: Nazeem Ebrahim +27 21 413 7860

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? SAB & T Date of verification: 07-02-2020 Expiry date of verification: Not Applicable

Investment mandates What are your total assets under management? R25.5 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: Not disclosed Retail: Not disclosed Life: Not disclosed Other: Not disclosed

Investment philosophy Oasis Crescent Capital (Pty) Ltd strives to provide unrivalled world-class financial services to its clients and is responsible for the investment fund management of ethical and Shari’ah compliant collective investment schemes, retail retirement funds, institutional investment funds and linked investment insurance policies. The products are managed through the application of a low volatility fund management philosophy, to protect our clients’ assets.

Key investment personnel

Adam Ebrahim Chief Investment Officer CA(SA), CFA 38 years of industry experience 24 years with the firm

Size of investment team: 20

FAIS requirements

Mohamed Shaheen Ebrahim Strategist AltX Dip 48 years of industry experience 17 years with the firm

Who is your FAIS complaints officer? Nazeem Ebrahim Please provide the link to the complaints policy on your website: Available on request

Nazeem Ebrahim Strategist BSocSci, BProc 40 years of industry experience 17 years with the firm

Ownership What is the ownership structure of the company? The company is 100% owned by Oasis Group Holdings (Pty) Ltd Who are the directors of the company? Mohamed Shaheen Ebrahim, Adam Ebrahim, Nazeem Ebrahim, Bint Bur Ebrahim - Cassim, Roshin Ebrahim (Non-Executive Director) Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Oasis staff incentive scheme is based on profit participation rather than ownership interest.

Micheal Swingler Senior Analyst CA(SA), CFA 27 years of industry experience 17 years with the firm Yusuf Ebrahim Senior Analyst 15 years of industry experience 15 years with the firm

History When was the company established? 2002 List of mergers that have taken place since being established: –

Zahrah Dutton Analyst PGDA, BBusSci (Law), CA(SA) 6 years of industry experience 5 years with the firm

B-BBEE credentials

Bint Bur Ebrahim - Cassim Analyst BBusSci (Fin and Acc) 5 years of industry experience 5 years with the firm

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? aBEErate Verification Agency 226

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Old Mutual Investment Group (Pty) Ltd

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www.oldmutualinvest.com

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Company details

History

FAIS FSP registration number: 604 and 721 Switchboard: +27 21 509 5022 Fax number: +27 21 509 5025 General email: listening@oldmutualinvest.com Address: West Campus Entrance 1, Mutual Park Jan Smuts Drive, Pinelands, Cape Town, 7405 PO Box 878, Cape Town 8000 Compliance officer name: Shaheed Mohamed +27 21 504 7296

When was the company established? 1993 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? AQRate Date of accreditation: 2020-04-28

Investment philosophy

GIPS

Old Mutual Investment Group is the asset management business responsible for listed investments. We operate as a multi-boutique investment house. Our boutiques function with investment autonomy, while being supported by shared world-class operating systems and teams.

Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PricewaterhouseCoopers Date of verification: 2018-12-31 Expiry date of verification: –

Our independent investment boutiques use their distinct skills and areas of expertise to manage a range of diverse portfolios. In addition, we draw on the specialist expertise of the affiliate investment businesses within Old Mutual. This model brings an unparalleled depth of investment expertise that enables us to readily adapt to the changing needs of our clients and the environment in which we operate.

Investment mandates

Who is your FAIS complaints officer? Shaheed Mohamed Please provide the link to the complaints policy on your website: http://ww2.oldmutual.co.za/docs/defaultsource/about-usdocs/complaints-policy- omig-aug-2015-final.pdf

What are your total assets under management? R664 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R82.1 billion Retail: R112.8 billion Life: R159.8 billion Other: R309 billion

Ownership

Key investment personnel

What is the ownership structure of the company? Old Mutual Investment Group is majority owned by Old Mutual Investment Group Holdings, which is ultimately owned by Old Mutual Limited. Who are the directors of the company? Tebogo Naledi, Khaya Gobodo, Hywel George, David Lumby Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Old Mutual Investment Group has set aside 20% of each boutique to be owned over time by the teams in the business, with 8% of this 20% specifically reserved for black staff. The Imfundo Trust holds 5.3% with the remaining 74.7% ultimately being owned by Old Mutual.

Size of investment team: 48

FAIS requirements

Kieyam Gamieldien Boutique Head: Customised Solutions B.Com (Hons), HDip Tax, CA (SA) 20 years of industry experience 13.5 years with the firm Siboniso Nxumalo Boutique Head: MacroSolutions B.Com (Hons), MBA 15 years of industry experience 16 years with the firm Trevor Abromowitz Boutique Head: Liability Driven Investments MSc (Actuarial Science), FASSA, FIA, CFA 17 years of industry experience 9 years with the firm

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Old Mutual Multi-Managers www.ommultimanagers.co.za Company details

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Employees of Old Mutual Multi-Managers do not directly own any level of the multi-management business. Old Mutual Multi-Managers is a member of Old Mutual. Employees participate in the Old Mutual variable base scheme.

FAIS FSP registration number: 703 Switchboard: +27 21 524 4430 Fax number: +27 21 441 1199 General email: ommmclientquery@ommm.co.za

History

Address: Mutualpark, Jan Smuts Drive, Pinelands, Cape Town, 7405 PO Box 44604, Claremont, 7735 Compliance officer name: Leah-Joy Williams

When was the company established? Old Mutual Multi-Managers is a specialist investment boutique within the Old Mutual Group. The business was formed in 2013 through the merger of SYm|mETRY MultiManager and the Research and Investment Management team of Acsis. Our business was renamed Old Mutual MultiManagers in 2014.

Investment philosophy The primary focus of Old Mutual Multi-Managers is on ensuring that all our portfolios consistently outperform inflation. We are convinced that this is the single most important consideration for any investor, whether individual, corporate, or retirement fund.

With more unit trusts in South Africa than there are shares listed on the JSE, the South African investment landscape can be complex and intimidating for many investors. Old Mutual Multi-Managers works to demystify this complex environment by offering a range of investment funds and strategies to suit the needs of all types of investors.

Then, with that key objective in place, our investment philosophy builds on this ‘inflation plus’ approach by clearly defining each portfolio’s target objectives and then working to deliver precisely on these objectives.

We deliver specialised investment offerings and administration services for the corporate and institutional clients (including retirement funds) of Old Mutual Corporate and the individual clients of Old Mutual Wealth. Currently we have more than R100 billion in assets under management. List of mergers that have taken place since being established: Old Mutual Multi-Managers was formed through the business consolidation of SYm|mETRY Multi-Manager and the Acsis Research and Investment Management team. The consolidation process began in 2013.

Defining these target objectives ensures that our investment teams and asset managers have clear targets to work towards, which keeps them 100% focused and prevents them from being distracted by market shifts or investor sentiment. Our investment philosophy is underpinned by the three integrated pillars of: ■ a long-term investment horizon; risk diversification across asset classes and asset managers, and ■ a valuation-driven approach that informs all our asset manager and asset selection decisions.

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? AQ Rate Verification Services Date of accreditation: 2020-03-17

FAIS requirements Who is your FAIS complaints officer? Leah-Joy Williams Please provide the link to the complaints policy on your website: http://ww2.oldmutual.co.za/docs/defaultsource/about-usdocs/complaints-policy- omig-aug-2015-final.pdf

GIPS

Ownership

Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? Ernst & Young Date of verification: 2019 Expiry date of verification: 2020

What is the ownership structure of the company? Old Mutual Investment Group is majority owned by Old Mutual Investment Group Holdings, which is ultimately owned by Old Mutual Limited. Who are the directors of the company? TA Manuel (Chairman), I Williamson (CEO), CG Troskie (CFO), PG De Beyer, AK Essien, I Kgaboesele, JR Lister, Dr S Magwentshu-Rensburg, T Mokgosi-Mwantembe, N Molope, BM Rapiya and EM Kirsten (Company Secretary)

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Old Mutual Multi-Managers

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Investment mandates

Shawn Thomas Performance Analyst MCom (Fin & Risk Man), BCom (Hons – Fin & Inv), NDip (Cost Acc) 15 years of industry experience 6 years with the firm

What are your total assets under management? R98.7 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R49 billion Retail: R49.7 billion Life: – Other: –

Dave Mohr Chief Investment Strategist MCom (Econ) 37 years of industry experience 8 years with the firm

Key investment personnel Size of investment team: 14

Taruona Mhuru Product Manager MSc (Fin Maths), BSc (Hons – Fin Mod) 14 years of industry experience 12 years with the firm

Monene Watson Chief Investment Officer BCom Hons, CFA, PGDip (Fin Plan), CFP 27 years of industry experience 18 years with the firm

Barry van Zyl Head: Quants BCom Hons, BSc 18 years of industry experience 18 years with the firm

Trevor Pascoe Managing Director BSc Hons, FASSA, FIA 33 years of industry experience 11 years with the firm

Craig Whitfield Investment Analyst BCom Hons, CFP 11 years of industry experience 9 years with the firm

Ameer Amod Head: Absolute & Fixed Interest MCom (Fin Man), MSc (Eng) 19 years of industry experience 9 years with the firm

Izak Odendal Investment Strategist MPhil 16 years of industry experience 7 years with the firm

Andreea Bunea Head: Global Investments BCom Hons, CFA, CAIA 18 years of industry experience 13 years with the firm

Taj Badrodien Performance Analyst BCom Hons, PGD (Fin Plan) 14 years of industry experience 5 years with the firm

Stephen Brierley Portfolio Manager BCom (Econ) 21 years of industry experience 12 years with the firm

Pumeza Nkenkana Performance Measurer BCom (Econ and Stats) 4 years of industry experience 3 years with the firm

Michael Dodd Head: Equities BBusSc Hons, FRM, CFA 14 years of industry experience 13 years with the firm Nosibusiso Nqgondoyi Head: Property and Hedge BCom (Hons – FAPM), BCom (Acc) 15 years of industry experience 3 years with the firm

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Perpetua Investment Managers (Pty) Ltd www.perpetua.co.za Company details

FAIS requirements

FAIS FSP registration number: 29977 Switchboard: +27 21 674 4274 Fax number: +27 21 674 4599 General email: info@perpetua.co.za Website: www.perpetua.co.za Address: 5th Floor, The Citadel, 15 Cavendish Street, Claremont, 7708 PO Box 44367, Claremont, 7735 Compliance officer name: James George +27 86 127 3783

Who is your FAIS complaints officer? Logan Govender Please provide the link to the complaints policy on your website: www.perpetuaim.co.za/governance/

Ownership What is the ownership structure of the company? 85% of the shares in the company are held by directors and staff. The remaining 15% is held by RMI Investment Managers. Perpetua has granted them an option to acquire an additional 10% over the next two years. Who are the directors of the company? Delphine Govender, Logan Govender, Patrick Ntshalintshali, Raymond Ndlovu, Alida de Swardt Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Currently 76% of the shares are held by senior management while 9 % has been reserved for the Staff Share Incentive Scheme.

Investment philosophy Perpetua is a value-oriented investment manager with the belief that the best predictor of returns is the price paid for an investment relative to a determination of its true value. The investment philosophy is centred on the bottom-up, fundamental research of companies. Perpetua seeks out mispriced, undervalued companies and invests with a longterm and patient view.

History When was the company established? 2012 List of mergers that have taken place since being established: –

Our investment process ensures investments are made according to the convictions of our research, not to benchmarks. The firm is therefore unconstrained in its approach to portfolio management and is concerned with doing what is right for the long term, not simply what is popular for now.

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Exempt as per black-owned QSE scorecard Date of accreditation: 27 November 2019

We pursue our own interpretation of value investing, termed True Value investing. True Value investing means that: ■ Undervalued shares can be uncovered due to more than one central thesis – from “mean reversion” on one end of what we refer to as Perpetua True Value Continuum to “quality at a reasonable price” at the other end. ■ Correctly determining the “value thesis” at the point of investment reduces the typical shortfalls of more onedimensional value investors. Theses can and do change over the lifecycle of the investment. ■ Share attributes or metrics (low or high PE; low or high Price to Book) do not indicate fundamental under or over valuation in isolation.

GIPS Are you GIPS compliant? No Are you GIPS verified? – By whom have you been verified? – Date of verification: – Expiry date of verification: –

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Perpetua Investment Managers (Pty) Ltd

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Investment mandates

Patrick Ntshalintshali Portfolio Manager BCom Hons, EDP 24 years of industry experience 5 years with the firm

What are your total assets under management? R9.7 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R9.3 billion Retail: R0.4 billion Life: – Other: –

Glen Heinrich Portfolio Manager PhD (Chem Eng), CFA 13 years of industry experience 3 years with the firm

Key investment personnel

Graeme Ronné Co-Portfolio Manager B Econ Hons, CFA 14 years of industry experience 2 years with the firm

Size of investment team: 10 Delphine Govender Chief Investment Officer CA(SA), CFA 22 years of industry experience 8 years with the firm

Johannes Visser Co-Portfolio Manager BCom Hons, CFA 16 years of industry experience 3 years with the firm

Lonwabo Maqubela Head of Research and Portfolio Manager CA(SA), CFA 13 years of industry experience 8 years with the firm

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Prowess Investment Managers (Pty) Ltd www.prowessinvestments.com Company details

B-BBEE credentials

FAIS FSP registration number: 38318 Switchboard: +27 21 565 0065 Fax number: +27 86 614 7173 General email: precious@prowessinvestments.com Address: 20th Floor, Thibault Square, 1 Long Street, Cape Town, 8001 Private Bag 15086, Vlaeberg, 8078 Compliance officer name: Debbi Carse +27 21 975 6597

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? BEE Empowered Date of accreditation: 2018-01-23

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy Given the efficiency of the South African bond market, we believe that excess returns can be generated by taking active long-term interest rate views while placing less emphasis on market timing. This then necessitates a focus on yield enhancement through identification of and investment in fixed income securities that offer higher value on a relative basis. Prowess’ active approach to fixed income investment management is built upon relative value investing, with the goal of producing excess returns over the long term while minimising volatility. Prowess seeks to build diversified portfolios through: a) active management of issues, sector, quality and yield curve positions; b) focus on yield enhancement through investments in assets that offer higher value on a relative basis; c) seeking credit quality through rigorous research and analysis, and management of credit risk through various credit trends; and d) management of interest rate risk by constraining duration around a client’s target benchmark.

Investment mandates What are your total assets under management? R5.43 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R3.97 billion Retail: R261.74 million Life: R69.46 million Other: R1.13 billion

Key investment personnel Size of investment team: 5 Kelebogile Moloko Chief Investment Officer BCom (Hons – FAPM), BCom (Econ & Fin) 25 years of industry experience 12 years with the firm

FAIS requirements Who is your FAIS complaints officer? Kelebogile Moloko Please provide the link to the complaints policy on your website: Available on request

Jacques Simpson Senior Fixed Income Portfolio Manager BCom (Econ & Fin), BCom (Hons – FAPM) & Portfolio Management) 23 years of industry experience 3 years with the firm

Ownership What is the ownership structure of the company? Prowess is 100% owned by Kelebogile Moloko. Who are the directors of the company? Executive Director: K.B. Moloko, C.G. Wyngaard Non-executive Director: S Ndoga, J. De Bruyn, P Ncetezo Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: No.

James Clayton Head of Implementation/LDI Portfolio Management BSc Hons (Eng) 34 years of industry experience 2 years with the firm

History

Gcobisa Ntshobane Senior Fixed Income Portfolio Manager BCom. (Economics), B.Com Honours 9 years of industry experience 1 year with the firm

When was the company established? 2008 List of mergers that have taken place since being established: –

Vishal Rama Graduate Trainee: Quantitative Analyst BBusSSc (Act Sc) 1 year of industry experience 1 year with the firm

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Prudential Investment Managers

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www.prudential.co.za

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Company details

History

FAIS FSP registration number: 45199 Switchboard: +27 21 670 5100 Fax number: +27 21 683 7156 General email: query@prudential.co.za Address: 5th Floor, Protea Place, Corner Dreyer Street and Protea Road, Claremont, 7708 PO Box 44813, Claremont, 7735 Compliance officer name: Kerry Horsley (Head of Risk and Compliance) +27 21 670 2858

When was the company established? Prudential Plc was Founded in 1848. The South African business was opened in 1994. List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? AQRate Verification Services Date of accreditation: 2020-08-05

Investment philosophy Prudential are prudent, valuation- based investors who place a special emphasis on managing risk in their client portfolios. Prudential believe that market prices are broadly efficient over the long term, but can be very inefficient over shorter periods. Therefore, at any point in time, market prices may not reflect intrinsic values. Short-term inefficiencies are essentially driven by repeating behavioural errors by market participants, particularly an alternation between ‘greed and fear’. Prices do not stay at unrealistic levels indefinitely; sooner or later they reflect intrinsic values dictated by fundamental economic factors. Repeating behavioural errors and the eventual convergence of market prices to reflect fundamental values provide sustainable opportunities for active, long-term investors like Prudential to earn excess returns by investing in mispriced assets.

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? EY Date of verification: 2019-12-31 Expiry date of verification: –

Investment mandates What are your total assets under management? R234 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R175 billion Retail: R59 billion Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? Kerry Horsley Please provide the link to the complaints policy on your website: https://www.prudential.co.za/institutional- investor/termsand-conditions

Key investment personnel

Ownership

Size of investment team: 37

What is the ownership structure of the company? Prudential Investment Management (South Africa) (Pty) Ltd (PIMSA) is 100% owned by Prudential Portfolio Managers (South Africa) (Pty) Ltd (PPMSA). Who are the directors of the company? Prudential Investment Management (South Africa) (Pty) Ltd (PIMSA) directors are the following BR Fick, VJW Theron, C Sickle and S Davenhill Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes. 28.01%

David Knee Chief Investment Officer MSc (Econ), BSc(Econ), ASIP 30 years of industry experience 23 years with the firm

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PSG Asset Management Holdings (Pty) Ltd www.psg.co.za/asset-management Company details

FAIS requirements

FAIS FSP registration number: 29524 Switchboard: +27 21 799 8000 Fax number: +27 21 799 8182 General email: psgassetmanagement@psg.co.za Address: 1st Floor, PSG House, Alphen Park Constantia Main Rd, Constantia, Cape Town PBX3, Constantia, 7848 Compliance officer name: Elana Honiball elana.honiball@psg.co.za

Who is your FAIS complaints officer? Elana Honiball Please provide the link to the complaints policy on your website: www.psg.co.za/support/ legal/#Complaints-ResolutionProcedure

Ownership What is the ownership structure of the company? 100% owned by PSG Konsult Ltd Who are the directors of the company? Anet Ahern, Greg Hopkins, Chris Henderson and Terence Collopy Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Not directly. Staff and management have shares in PSG Konsult Ltd.

Investment philosophy PSG puts risk first in all that they do. They look for investment opportunities that will provide them with a sufficient margin of safety and an asymmetrical payoff range. This pay-off range should translate into little downside and sufficient upside. They believe that they will invest in any opportunity (equity or fixed income) provided that there is a sufficient margin of safety to ensure that they are not likely to incur permanent capital loss on that investment.

History When was the company established? 1999 List of mergers that have taken place since being established: PSG Tanzanite (PTY) Ltd and Alphen Asset Management (Pty) Ltd merged into PSG Asset Management (Pty) Ltd in 2011

In essence they compare ideas across a range of opportunities, both fixed income and equity, looking for the highest probability, real, risk-adjusted yields. This leads to an absolute rather than relative mindset.

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 8 By whom have you been accredited? AQRate Date of accreditation: 2020-05-27

Their equity philosophy is guided by their simple checklist of the 3 Ms: Moats, Management and Margin of safety. They look to invest in companies with strong business models and management teams and a sufficient margin of safety. They prefer to invest in high-quality compounding return type companies with strong management teams and a long runway of future opportunities to invest in.

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

They will, however, also invest in mean reverting type companies on a more opportunistic basis, provided there is a sufficient margin of safety. Their highest return ideas typically come from high-quality companies that have a large though fixable problem or temporary headwind, which has resulted in a depressed share price. They then are buying a compounder with strong mean reverting valuation properties.

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PSG Asset Management (Pty) Ltd

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Continued

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Phillip Worz Portfolio Manager BCom Hons, CFA 14 years of industry experience 14 years with the firm

Investment mandates What are your total assets under management? R29 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R4 billion Retail: R25 billion Life: – Other: –

Kevin Cousins Head of Research BCom, CA(SA) 28 years of industry experience 6 years with the firm

Key investment personnel

Lyle Sankar Portfolio Manager BBusSci (Fin), CA(SA), CFA 7 years of industry experience 6 years with the firm

Size of investment team: 16 Greg Hopkins Chief Investment Officer / Portfolio Manager BCom, CA(SA), CFA 24 years of industry experience 11 years with the firm

Shaun Le Roux Portfolio Manager BCom Hons, CA(SA), CFA 25 years of industry experience 21 years with the firm

John Gilchrist Portfolio Manager BCom, CA(SA), CFA 25 years of industry experience 2 years with the firm

Dirk Jooste Assistant Portfolio Manager MCom, CFA 11 years of industry experience 3 years with the firm

Justin Floor Portfolio Manager MPhil, BBusSc Hons, CFA, FASSA 11 years of industry experience 2 year with the firm

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Rezco Asset Management www.rezco.co.za Company details

History

FAIS FSP registration number: 702 Switchboard: +27 86 173 9468 Fax number: +27 86 532 8925 General email: info@rezco.co.za Website: www.rezco.co.za Address: Unit 33, 4th Floor, Katherine & West Building 114 West Street, Sandton, 2196 146 Main Road, Port Elizabeth, 6001 Compliance officer name: Ronald Cape +27 82 888 7466

When was the company established? 2004 List of mergers that have taken place since being established: –

Investment philosophy

Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? ACA Compliance Services Inc. Date of verification: 2017-06-26 Expiry date of verification: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Non-compliant By whom have you been accredited? Moore Stephens Date of accreditation: December 2018

GIPS

It is fundamental to their approach that capital must be protected. Rezco’s objective is to preserve capital during times of market weakness and to outperform the overall index during periods that are positive for equities. Their strategy is to acquire interests in well-managed companies for less than they are intrinsically worth, and to timeously position their clients in the correct asset classes. The Rezco investment philosophy combines the best aspects of value investing with superior sustainable earnings growth, primary trend analysis and measured market timing. They seek companies with attractive price:earnings ratios relative to their long-term growth prospects. Investments are intended for the long term but they recognise the changes in circumstances that can lead to altered risk levels, necessitating earlier adjustments to the portfolios.

Investment mandates What are your total assets under management? R7.76 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R589 million Retail: R7.17 billion Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? Ronald Cape Please provide the link to the complaints policy on your website: https://rezco.co.za/policies/complaints- policy/

Key investment personnel Size of investment team: 14 Rob Spanjaard Chief Investment Officer & CEO BCom, CTA 32 years of industry experience 21 years with the firm

Ownership What is the ownership structure of the company? Rezco Collective Investments Ltd is an FSCA registered Manco, 100% held by Rezco Investment Holdings Ltd, which is 100% held by Rezco Asset Management (Pty) Ltd. Who are the directors of the company? WJH Gray, RB Spanjaard, RR Cape, B Nackan, L Kaplan, J Krynauw and B du Plessis Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 77% owned by executive management.

Simon Sylvester Head of Research & Co-Portfolio Manager BBusSc Hons, CFA, CIPM 8 years of industry experience 5 years with the firm

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Sanlam Investment Management (Pty) Ltd

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www.sanlaminvestments.com

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Company details

FAIS requirements

FAIS FSP registration number: 579 Switchboard: +27 21 950 2500 Fax number: +27 21 950 2916 General email: institutional@sanlaminvestments.com Address: 55 Willie van Schoor Avenue, Tyger Valley, Bellville Compliance officer name: Francis Hitchinson +27 21 950 2980

Who is your FAIS complaints officer? Francis Hitchinson Please provide the link to the complaints policy on your website: https://www.sanlam.co.za/contact/ complimentsandcomplaints/Pages/default.aspx

Ownership What is the ownership structure of the company? SIM is a wholly owned subsidiary of Sanlam Ltd Who are the directors of the company? Thobeka Bonoyi, Temba Mvusi, Nersan Naidoo, Karabo Nondumo, Robert Roux, Preston Speckmann, Johan van der Merwe, Reece Briesies Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: As SIM is a wholly owned subsidiary of Sanlam Ltd, staff and management have no direct ownership interest but rather have a shareholding at Sanlam Limited in the form of long term incentives.

Investment philosophy SIM follows a pragmatic value investment philosophy. They believe that financial markets are inefficient and that they can add value relative to the general market indices as a result of this. Market inefficiency exists primarily because financial market participants are driven by human emotions, such as fear and greed. These emotions cause asset prices to move away from their fair values, which creates investment opportunities for patient investors. Also, as various market participants have different investment time frames and liquidity requirements, assets can become mispriced on a temporary basis.

History When was the company established? 1967-11-13 List of mergers that have taken place since being established: –

As all information is publicly available, SIM cannot claim to add value by trying to gain an information edge relative to our competitors. The markets are global and they compete against the best teams in London, New York and elsewhere. In light of this, SIM do not believe that it is possible to forecast economic variables and company earnings better than anybody else, and it is a feature of their approach that they do not rely on such forecasts.

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 3 By whom have you been accredited? AQRate Date of accreditation: 2020-07-31 Expiry date: 2021-07-30

Rather, in terms of their pragmatic value approach, they believe that they can identify mispriced assets given current available information. The word “pragmatic” refers to the Charles Peirce School of investment philosophy, which advocates taking a practical approach to matters with reference to historical events. For valuing assets, SIM use a fair value framework based on long-term historical asset returns.

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PwC Date of verification: 2020-10-01 Expiry date of verification: –

Opportunities arise when current prices differ from these long-term fair values. The assumption that assets revert to their long-term average real returns is fundamental to their approach. For example, they would assume that a company’s return on equity will return to its long run average over time. SIM’s approach works particularly well for assets with future cash flow streams. Valuing currencies and commodities are more difficult as economic factors, such as supply and demand, come into play.

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Sanlam Investment Management (Pty) Ltd Continued Investment mandates

Marlo Scholtz Head of Equity Research BCom (Hons – Fin Analysis), CFA 18 years of industry experience 14 years with firm

What are your total assets under management? R494.3 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R202.2 billion Retail: R77.3 billion Life: R214.8 billion Other: –

Natasha Narsingh Head of Absolute Return BSc, MBA 19 years of industry experience 13 years with firm

Key investment personnel

Fred White Head of Balanced BEng, Meng, MBA, CFA 22 years of industry experience 17 years with firm

Size of investment team: 24 Nersan Naidoo CEO: Sanlam Investments & Acting CE: Sanlam Investment Management BSc (Eng), Post Grad Dip Organisation Leadership (Oxford), CFA 19 years of industry experience 18 years with firm

Mokgatla Madisha Head of Fixed Income BCom (Hon – FAPM), BSc Eng 20 years of industry experience 4 years with firm

Andrew Kingston Co-Head of Equities BCom, GDipAcc, CA (SA), CFA 30 years of industry experience 21 years with firm Cromwell Mashengete Co-Head of Equities BA (Hons – Econ), MA, MBA 23 years of industry experience 3 years with firm

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Sanlam Multi-Manager International (Pty) Ltd

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www.sanlaminvestments.com

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Company details

SMMI then tailor its clients’ portfolios to take advantage of this integrated view.

FAIS FSP registration number: 845 Switchboard: +27 21 950 2600 Fax number: +27 21 950 2126 General email: Institutional@sanlaminvestments.com Address: 55 Willie van Schoor Avenue Bellville, 7530 Private Bag X8, Tyger Valley, 7736 Compliance officer name: Francis Hitchinson +27 21 950 2690

What sets SMMI apart as an investment manager is the way in which they integrate disparate information into a cohesive whole and tilt its clients’ portfolios to take advantage of this whilst never losing sight of the client’s performance.

FAIS requirements Who is your FAIS complaints officer? Francis Hitchinson Please provide the link to the complaints policy on your website: https://www.sanlam.co.za/contact/ complimentsandcomplaints/Pages/default.aspx

Investment philosophy

Ownership

SMMI believes the market is inefficient in the short term. For various reasons, the market may either under- or overweight the importance of certain information and cause asset prices to deviate from their fair value in the short term. This creates the potential for superior investment managers to take advantage of this deviation between fair value and market price, and to outperform the general market or benchmark substantially over time. Anyone can pick a manager based on past performance. But as we all know, past performance is not an indication of future performance. SMMI’s skill lies in distinguishing between whether outperformance was due to luck, and is therefore unlikely to be repeated; or due to skill, and is therefore repeatable in future.

What is the ownership structure of the company? SMI is a wholly owned subsidiary of Sanlam Ltd Who are the directors of the company? Reece Briesies, Shaun Ruiters, Shaheem Jakoet, Thomas van Heerden, Selwyn Pillay, Nersan Naidoo Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: As SMMI is a wholly owned subsidiary of Sanlam Ltd, staff and management have no direct ownership interest.

History When was the company established? 2002 List of mergers that have taken place since being established: Merger between Sanlam Multi Manager International and Coris Capital

SMMI also believes that not all managers perform equally well in all phases of the market cycle. At times the market favors a particular investment style, only for another style or bias to outperform at a different time in the cycle. SMMI’s world-class research enables it to distinguish between skillful managers and lucky managers, without being blinded by short term performance noise in the market that happen to favor their particular investment style.

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 3 By whom have you been accredited? AQRate Date of accreditation: 2020-07-31 Expiry date: 2021-07-30

SMMI continuously analyses the performance characteristics of various managers and develops an understanding of their particular way of constructing portfolios. This provides them with insight into how their investment style differs, or where there may be overlaps with other managers. SMMI understands which manager combinations will lead to a concentration or under allocation of risk in the portfolio that ultimately jeopardizes the ability of the portfolio to meet the client’s performance expectations in the long run. When it comes to constructing portfolios, SMMI considers: ■ Who the skillful managers are, ■ The current market and economic environment, ■ How these conditions are likely to change in future.

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Sanlam Multi-Manager International (Pty) Ltd Continued GIPS

Paul Wilson Chief Investment Officer BSc (Hons – Actuarial Mathematics), CFA 16 years of industry experience 8 years with firm

Are you GIPS compliant? No Are you GIPS verified? – By whom have you been verified? – Date of verification: – Expiry date of verification: –

David Galloway Head: Strategy & Market Research BBusSc (Hons), BCom (Hons), MCom 27 years of industry experience 14 years with firm Adam Bulkin Head: Manager Research BA (Hons) LLB 18 years of industry experience 2 year with firm

Investment mandates What are your total assets under management? R224.4 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R90.2 billion Retail: R80.6 billion Life: R53.6 billion Other: –

Rafiq Taylor Head: Implemented Consulting BCom, BCom (Hons – FAPM) 16 years of industry experience 16 years with firm

Key investment personnel

Lilian Lerm Portfolio Manager BCom (Inv Man), BCom (Hons – Fin Analysis) 11 years of industry experience 8 years with firm

Size of investment team: 17 Shaun Ruiters Chief Executive: SMMI BCom (Hons), PGDip Management 17 years of industry experience 16 years with the firm

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Sasfin Asset Managers (Pty) Ltd

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www.sasfin.com

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Company details

Ownership

FAIS FSP registration number: 2002/003307/07 Switchboard: +27 11 809 7500 General email: info@sasfin.com Address: 23 Melrose Boulevard, Melrose Arch Johannesburg, 2196 Compliance officer name: Mrs S Appalsamy – +27 11 305 2323 Mrs N Jooste – +27 21 883 8000

What is the ownership structure of the company? Sasfin Asset Managers (Pty) Ltd is a wholly owned subsidiary of Sasfin Holdings Limited. Sasfin Holdings Limited is a public company listed on the Johannesburg Stock Exchange. Who are the directors of the company? Erol Zeki, Gloria Serobe and Roland Sassoon Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: –

Investment philosophy

History

The foundation of the investment philosophy of Sasfin Asset management is built on four main pillars These are:

When was the company established? 2002 List of mergers that have taken place since being established: –

■ identifying global macro-economic themes; ■ appropriate asset allocation; ■ managing risk; and ■ controlling costs.

B-BBEE credentials

The belief is that these are the “core drivers” necessary to achieve sustainable, compounding returns over the long term that will allow investors to achieve their required targets.

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? AQRate Date of accreditation: 2019-02-13 Expiry date: –

Whilst the specialist portfolios have different risk and return profiles, the investment philosophy remain consistent across the portfolios. The principles that guide our investment philosophy remain consistent when applied to all asset classes both locally and globally. We do not subscribe to a single stylistic investment philosophy but rather to the core premise of remaining invested and being diverse.

GIPS

We advocate the need to be adaptive to changing market conditions as new information is being disseminated continuously. We are aware that financial markets are generally efficient, but opportunities will present themselves, driven by extreme human behaviour or sentiment. Also, as market participants have varying investment time frames and liquidity requirements, assets may become mispriced on a short-term basis, thereby creating investment opportunities. We also understand that risk (objective dependent) and return are interrelated. Our investment process that combines global macro-economic analysis with fundamental analysis is applied across asset classes. The implementation of the process, however, may differ depending on the objective of the portfolio. (For example, a fixed income portfolio may have different exposures to individual bonds compared to the bonds held in a multi-asset class portfolio due to different investment mandates and objectives.)

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment mandates What are your total assets under management? R14.07 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R9.78 billion Retail: R4.28 billion Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? Shaun Dhora Please provide the link to the complaints policy on your website: Available on request

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Sasfin Asset Managers (Pty) Ltd www.sasfin.com Key investment personnel

Jonathan Wernick Co-portfolio Manager CA(SA), CFA 9 years of industry experience 5 years with the firm

Size of investment team: 13 Arno Lawrenz Chief Investment Officer BSc (Hons), CFA 30 years of industry experience 2 months with the firm

Alec Abraham Senior Equity Analyst BCom 25 years of industry experience 7 years with the firm

Errol Shear Portfolio Manager BBusSc, CA(SA), CFA 34 years of industry experience 3 years with the firm

Nicholas Dakin Junior Equity Analyst MCom, BSc Hons 6 years of industry experience 5 years with the firm

David Shapiro Portfolio Manager B Com, CA(SA), H Dip (BDP 47 years of industry experience 14 years with the firm

Lwando Ngwane Junior Equity Analyst BSc (Eng) 2 year of industry experience 2 year with the firm

Mike Haworth Investment Strategist MBL, BSc (Eng) 33 years of industry experience 8 years with the firm

Raphi Rootshtain Quantitative Analyst BSc 7 years of industry experience 7 years with the firm

Bruce Ackerman Portfolio Manager MBA, BA (Hons – Econ) 44 years of industry experience 3 years with the firm Veenesh Dhayalam Head of Asset Management Research MBA, BSc, HED 20 years of industry experience 2 years with the firm

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Sentio Capital Management (Pty) Ltd

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www.sentio-capital.com

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Company details

GIPS

FAIS FSP registration number: 33843 Switchboard: +27 11 880 1994 Fax number: +27 11 447 8818 General email: TC@sentio-capital.com Address: Illovo Edge, Building 3 1st Floor, 5 Harries Road, Illovo 2146 PO Box 1120, Houghton, Johannesburg, South Africa, 2041 Compliance officer name: Jan H Scholtz +27 86 127 3783

Are you GIPS compliant? Not yet Are you GIPS verified? Not Yet By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment mandates What are your total assets under management? R16.55 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R16.55 billion Retail: – Life: – Other: –

Investment philosophy Sentio customised investment filters used to highlight high probability investment opportunities and risk categorisation. Detailed fundamental models using multidimensional analysis are used to value companies. Management interaction and macro analysis to highlight key risks and catalysts for each investment opportunity. The stock selection process is integrated with quantitative portfolio construction to make buy and sell decisions. These decisions are made with a view to building portfolios that deliver superior risk-adjusted returns.

Key investment personnel Size of investment team: 11 Mohamed Mayet Chief Investment Officer / Head of research BCom, BCom (Hons – Adv Fin), NASD (USA) 23 years of industry experience 12 years with the firm

FAIS requirements Who is your FAIS complaints officer? Doug Stott Please provide the link to the complaints policy on your website: http://www.sentio-capital.com/complaints

Rayhaan Joosub Chief Investment Officer BSc Chemical Engineering, BCom 21 years of industry experience 12 years with the firm

Ownership What is the ownership structure of the company? Management and staff 78%, RMI – 22% Who are the directors of the company? Mohamed Mayet, Rayhaan Joosub, Imtiaz Suliman, Olwethu Notshe, Traugott (TC) von Czettritz und Neuhaus Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes they do, 78%

Sanveer Hariparsad Head of Fixed Income Actuarial Exams (Current), MSc (Financial Engineering), BSc (Hons – Financial Mathematics) (Cum Laude), BSc (Actuarial Science) 12 years of industry experience 3 years with the firm Imtiaz Suliman Senior Portfolio Management CFA, CFA Institute, BSc, Financial Mathematics 16 years of industry experience 9 years with the firm

History When was the company established? 2007List of mergers that have taken place since being established: –

Olwethu Notshe Senior Portfolio Management BBusSci, CFA, CAIA 11 years of industry experience 8 years with the firm

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? Premier Verification Date of accreditation: 2018-11-26 243

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Sesfikile Capital (Pty) Ltd www.sesfikilecapital.com Company details

What is your B-BBEE status? Level 1 By whom have you been accredited? Renaissance SA rating (Pty)Ltd Date of accreditation: 2018-10-29

FAIS FSP registration number: 39946 Switchboard: +27 11 684 1200 Fax number: +27 86 619 5265 General email: Sescap@sescap.co.za Address: 2nd Floor, 18 The High Street, Melrose Arch, 2076 Suite 334, Private Bag X1, Melrose Arch, 2076 Compliance officer name: Enrique Goosen +27 21 975 6597

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy Our investment philosophy is that long-term returns in listed property investment are driven by the underlying fundamentals of the property assets and management, considering systematic and unsystematic risks associated with those fundamentals. We also believe that earnings growth is a key driver to total returns over the medium term, but due regard should be given to the quality of those earnings. We summarise our philosophy as fundamentals at a reasonable price (FARP).

Investment mandates What are your total assets under management? R17.06 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R17.06 billion Retail: – Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? – Please provide the link to the complaints policy on your website: Available on request

Key investment personnel Size of investment team: 3 Evan Jankelowitz, Portfolio Manager BCom (Fin Man), CFA 16 years of industry experience 9 years with the firm

Ownership What is the ownership structure of the company? Ukukhlua Sibanye En Commandite Partnership: 37.40%, Evan Jankelowitz: 12.50%, Mohammed Kalla: 12.50%, Kundayi Munzara: 12.50% and Royal Investment Managers: 25.01% Who are the directors of the company? Executive director: Evan Jankelowitz, Kundayi Munzara and Mohamed Kalla Non-executive director: Mapitsi Matebane, Nomthandazo Zulu, Carlo Dickson and Stanley Pierre du Preez Alternate director: Andries Rousseau Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Staff and management hold a 37.5% ownership interest in the company.

Mohamed Kalla Portfolio Manager BCom (Inv Man), CFA 15 years of industry experience 9 years with the firm Kundayi Munzara Portfolio Manager BSc (Hons – Prop Stud), PLD (HBS), CFA 14 years of industry experience 9 years with the firm Naeem Tilly Head of Research BAcc, CA(SA), CFA 14 years of industry experience 1.5 years with the firm

History When was the company established? 2010. List of mergers that have taken place since being established: –

Anil Ramjee Global REIT Analyst MCom (Econ Sci), BEconSci 8 years of industry experience 5 years with the firm

B-BBEE credentials Are you B-BBEE accredited? Yes 244

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STANLIB Asset Management Ltd

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www.stanlib.com

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Company details

Ownership

FAIS FSP registration number: 719 Switchboard: +27 11 448 5000 General email: stanlibinstitutional@stanlib.com Address: 17 Melrose Boulevard, Melrose Arch Johannesburg, 2196 PO Box 202, Melrose Arch, 2076 Compliance officer name: Njabulo Duma +27 11 448 5374

What is the ownership structure of the company? STANLIB Asset Management (STANLIB) is wholly owned by Liberty Life, which in turn is owned 54% by the Standard Bank Group. Who are the directors of the company? DTV Msibi, DC Munro, JH Sutcliffe, MW Hlahla, H Walker, T Skweyiya and N Criticos. Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Not in the form of share ownership as STANLIB is wholly owned by Liberty. Instead, STANLIB offers incentives in the form of deferred investment units. This deferred scheme is applied to all investment professionals and senior management and is akin to ownership as investment professionals have a direct interest in the success of their investment team funds, clients and the overall firm.

Investment philosophy At STANLIB, we do not have a centralised investment philosophy. Instead, we have adopted a specialist approach to managing investments. This approach allows STANLIB to deliver tailored investment solutions to meet diverse client needs. The broader investment team is made up of focused teams of investment professionals who are specialists in their particular discipline and responsible for managing clients’ assets in their areas of expertise. STANLIB’s specialist approach to managing investments encourages accountability and independent thinking by the investment teams, with the benefit of

History

When was the company established? 2002 List of mergers that have taken place since being established: The formation of STANLIB in 2002 effected through the merger of seven entities owned by Standard Bank and Liberty resulting in STANLIB, STANLIB Asset Management, STANLIB Collective Investments, STANLIB Multi-Manager and STANLIB Wealth Management. Subsequent to the above there were no further mergers.

the scale of the broader investment team. Oversight and governance are provided by experienced professionals, with alignment to our clients’ interests, need for protection and outcomes.

B-BBEE credentials

Our specialist investment team structure offers the following unique opportunities:

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Empowerdex Date of accreditation: 2020-12-03

■ Investment team heads have ownership in their teams and are accountable for the performance of their portfolios, ■ The Portfolio Managers invest in the funds they manage, aligning their interests with those of their clients, ■ Portfolios are not managed by large committees, but rather by small, dynamic teams that are able to build diversified portfolios and quickly react to changing circumstances in the market, ■ Portfolio Managers are able to leverage off a broad range of specialist skills enabling them to make informed investment decisions, ■ The structure allows for autonomy and ownership whilst still benefiting from the scale of the overall group.

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PricewaterhouseCoopers Date of verification: 2019-12-31 Expiry date of verification: –

FAIS requirements Who is your FAIS complaints officer? Njabulo Duma Please provide the link to the complaints policy on your website: https://stanlib.com/contact-us/

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STANLIB Asset Management Ltd Continued Kevin Lings Chief Economist BCom (Hons – Econ) 30 years of industry experience 19 years with the firm

Investment mandates What are your total assets under management? R569 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R140 billion Retail: R165 billion Liberty: R179 billion Other: R85 billion

Marius Oberholzer Head of Absolute Return MSc (Glob Fin), BCom (Econ and Comm Law), MSc (Global Finance) 20 years of industry experience 7 years with the firm

Key investment personnel Size of investment team: 82 Greg Babaya Head of Infrastructure MBA, BCom (Hons – Acc), BCom 23 years of industry experience 7 years with the firm

Mark Lovett Head of Investments Securities Industry Qualification in Investment Analysis and Fund Management 30 years of industry experience 2 year with the firm

Giles Heeger Executive: Asset Management MSc, BBusSc Hons, PGDA 20 years of industry experience 2 years with the firm

Rademeyer Vermaak Head of Portfolio Management: Index Investments M. Eng (Electronic Engineering) Cum Laude, CFA 16 years of industry experience 8 months with the firm

Herman Van Velze Head of Equity & Balanced MBL, BEng 27 years of industry experience 22 years with the firm

Victor Mphaphuli Head of Fixed Income BCom (Hons – Econ), GEDP, GMP 23 years of industry experience 19 years with the firm

Johan Marnewick Head of Credit Alternatives LLB, PGDA, HDIP (Tax), BCom (Law), BCom (Acc), CA(SA) 17 years of industry experience 3 years with the firm

Henry Munzara Deputy head of investments BA (Hons - Econ) 24 years of industry experience 14 years with the firm

Keillen Ndlovu Head of Listed Property BCom Hons, CAIB (SA), Property Development Programme 15 years of industry experience 15 years with the firm

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STANLIB Multi-Manager, a division of STANLIB Asset Management (Pty) Ltd

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www.stanlibmultimanager.com

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■ Consider all sources of risk and return ■ Continuous monitoring and evaluation ■ Efficient and effective communication

Company details FAIS FSP registration number: 763 Switchboard: +27 11 448 6000 Fax number: +27 11 448 6671 General email: SMMBusinessDevelopment@stanlib.com Address: 17 Melrose Boulevard, Melrose Arch Johannesburg, 2196 PO Box 202, Melrose Arch, 2076 Compliance officer name: Njabulo Duma +27 11 448 5374

FAIS requirements Who is your FAIS complaints officer? Molatelo Raphadu Please provide the link to the complaints policy on your website: https://stanlib.com/contact-us-individual/

Ownership What is the ownership structure of the company? STANLIB Asset Management (Pty) Ltd is a wholly owned subsidiary of STANLIB Limited which is in turn wholly owned by Liberty Life Who are the directors of the company? Directors: D T V Msibi (CEO), N Criticos, M W Hlahla, D C Munro, T Skweyiya, J H Sutcliffe*, H Walker* (* British) Secretary: J M Parratt Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Not in the form of share ownership as STANLIB is wholly owned by Liberty. Instead, STANLIB offers incentives in the form of deferred investment units. This deferred scheme is applied to all investment professionals and senior management, and is akin to ownership as investment professionals have a direct interest in the success of their franchise(s), funds, clients and the overall firm.

Investment philosophy ■ We begin with a focused and uncompromising commitment to exploiting the highest quality data, systems, processes and people, since these are the controllable factors in an otherwise uncertain investment environment ■ We recognise that asset managers with skill may exist within certain markets or specific market segments or asset classes – they have the ability to deliver returns in excess of their benchmarks or passive alternatives ■ We identify these managers through a rigorous and integrated approach of quantitative and qualitative manager research ■ Using advanced modelling and statistical techniques, we combine these managers with passive alternatives where appropriate, to produce superior net investment returns, with a greater consistency than single mandates, through the diversification of idiosyncratic manager risks ■ Strategic (long-term) and tactical (short-term) asset allocation ensures that portfolios are appropriately designed and maintained to maximise the probability of meeting investment objectives ■ Our systematic and ongoing portfolio management process includes inputs from manager and market research, asset allocation and portfolio construction. This value-add ensures portfolios are efficiently managed and positioned ■ Our investment due-diligence (IDD) process is a full operational due-diligence (ODD) review on managers to ensure they are able to operate as desired for inclusion in our portfolios. The ODD process is run totally independently of the IDD process by the SMM Operations Team and the outcome has a veto right over the final investment decision. ■ Portfolio risk is managed at each and every step of the process to ensure that portfolios are designed, constructed and maintained so as to maximise the chances of achieving the investment objectives within any specified constraints

History When was the company established? 1999 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? TRANSFORMEX Date of accreditation: 2019-09-13

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

Core values: ■ Focus on highest quality inputs ■ Do not begin with investment ideologies ■ Apply curiosity throughout ■ Deliberately insist on diversity in thinking ■ Value collective wisdom ■ Individual measurement and accountability 247

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STANLIB Multi-Manager, a division of STANLIB Asset Management (Pty) Ltd Continued Investment mandates

Nadeem Hoosen Portfolio Manager BBusSc (Finance), CFA 20 years of industry experience 6 years with the firm

What are your total assets under management? R72.1 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R72.1 billion Retail: – Africa: – Other: –

Lubabalo Khenyane Portfolio Manager BBA, CIPM, CFA 15 years of industry experience 5 years with the firm

Key investment personnel

Imelda Watkins Portfolio Manager BCom (Economics), CAIA, Passed CFA Level 2 18 years of industry experience 2 years with the firm

Size of investment team: 14 Joao Frasco Chief Investment Officer BSc (Actuarial Science and Mathematical Statistics), MBA (Investments), CFA, CIPM, FASSA, FIA, CAIA 19 years of industry experience 9 years with the firm

Richo Venter Portfolio Manager BCom Hons (Cum Laude), CFA 17 years of industry experience 13 years with the firm

Malcolm Holmes Head of Portfolio Management (Local) BCom (Hons – Economics), CFA 26 years of industry experience 24 years with the firm

Naweed Hoosenmia Portfolio Manager BSc (Hons – Actuarial Science) 9 years of industry experience 5 years with the firm

Jennifer Henry Head of Strategic Investments and Manager Research BCom (Hons – Information Systems and Finance), CFA 14 years of industry experience 7 years with the firm Kent Grobbelaar Head of Portfolio Management (Global) BCom (Hons – Strategic Management), ICMQ, FAUT, IMC 23 years of industry experience 23 years with the firm

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Taquanta Asset Managers (Pty) Ltd

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www.taquanta.co.za

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Company details

History

FAIS FSP registration number: 618 Switchboard: +27 21 681 5100 Fax number: +27 21 681 5199 General email: crm@taquanta.co.za Address: 7th Floor, Newlands Terraces, 8 Boundary Road, Newlands, 7700 PO Box 23540, Claremont, South Africa, 7735 Compliance officer name: Timothy Howse +27 21 671 8162

When was the company established? 1999 List of mergers that have taken place since being established: –

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? AQRate Verification Services Date of accreditation: 2018-11-01

Investment philosophy

GIPS

Taquanta’s investment philosophy is guided by the premise that investors are in general too easily swayed by short- term sentiment and that a rules-based, systematic approach guided by a sound investor hypothesis will outperform in the long term. Taquanta view themselves as being style agnostic, focusing on delivering tailor-made solutions across all asset classes focused on investor preferences or constraints. Taquanta fundamentally believes that a product or portfolio is born only where their process meets an investor’s preference.

Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? eComply Consultants (Pty) Ltd Date of verification: 2019-11-08 Expiry date of verification: 2020-12-31

FAIS requirements

Investment mandates

Who is your FAIS complaints officer? Timothy Howse Please provide the link to the complaints policy on your website: timh@taquanta.com

What are your total assets under management? R217.6 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R217.6 billion Retail: – Life: – Other: –

Ownership What is the ownership structure of the company? 100% Private Who are the directors of the company? Directors: S Matsebula (Chairperson), JW Kretzschmar (CEO) SPC Rogers (Managing Director), BLE Khan, FL Lamola, MJ Mokoala, N Mqikela Company Secretary: Humeira Kazi Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: 42.92%

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Taquanta Asset Managers (Pty) Ltd Continued Key investment personnel

Clyde Gangerdine Portfolio Manager BCom (Fin) 12 years of industry experience 8 years with the firm

Size of investment team: 11 Ray Wallace Chief Investment Officer BCompt Hons, CFA 25 years of industry experience 24 years with the firm

Liezel Louw Portfolio Manager BCom (Hons – Fin Man), CFA 16 years of industry experience 9 years with the firm

Charles Allderman Head of Fixed Income BCom, CFA 24 years of industry experience 23 years with the firm

Chané Hendricks Trainee Portfolio Manager (under supervision) BBA 4 years of industry experience 4 years with the firm

Sharika Salie Senior Portfolio Manager BCom Hons 14 years of industry experience 13 years with the firm

Neo Mokhesi Trainee Portfolio Manager (under supervision) MSc (Med), BCom (Hons – Port Man), BSc (Hons – Biochem) 3 years of industry experience 2 years with the firm

Marshall Brown Senior Portfolio Manager BCom (Law & Bus Econ), Adv Dip Banking 26 years of industry experience 7 years with the firm

Keo Leballo Portfolio Manager (under supervision) MCom (Econometrics), BCom (Hons – Fin Economics) 8 years of industry experience 1 year with the firm

Faith Muramba Senior Portfolio Manager BSc Hons, CFA 10 years of industry experience 9 years with the firm

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Terebinth Capital (Pty) Ltd

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www.terebinthcapital.com

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Company details

B-BBEE credentials

FAIS FSP registration number: 47909 Switchboard: +27 21 943 4824 General email: team@terebinthcapital.com Address: Willowbridge Place, Office P1 and P2, Cnr Carl Cronje and Old Oak Roads, Bellville, 7530 Compliance officer name: eComply Consultants (Pty) Ltd +27 21 671 8162

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 2 By whom have you been accredited? Sworn Affidavit Date of accreditation: 2019-09-02

GIPS Are you GIPS compliant? No Are you GIPS verified? – By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy The investment process (and thus strategy across funds) focuses on macro-economic principles. Macroeconomics is the study of the economic system as a whole – total production, total consumption, total savings and total investment. The study of macroeconomics is indispensable. As it is the main agent for formulation and successful execution of government economic policies, it is also indispensable for the formulation of microeconomic models. The key drivers of an economy broadly cover national output (measured by GDP), unemployment and inflation.

Investment mandates

Fixed income markets are almost solely driven over time by these broad economic factors. Studying the behaviour of all these units combined provides the most sustainable picture of any fixed income market. Applied in trading the manager implements strategies spread across various timelines, broadly characterised as:

What are your total assets under management? R7.16 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R6.80 billion Retail: R360 million Life: – Other: –

■ Tactical/technical (mostly event-driven – such as over key data releases and monetary/fiscal statements); ■ Structural trading (focusing mostly on technical issues related to intra- market issues – such as switch auctions etc – and their impact on the broader economy); ■ Strategic trading (normally the longest timeline applied – such as trading upside/downside views on GDP/inflation over cycles relative to consensus).

Key investment personnel Size of investment team: 6 Erik Nel Chief Investment Officer IMCQ (Member of Institute of Financial Markets) 20 years of industry experience 7 years with the firm

FAIS requirements Who is your FAIS complaints officer? Mandy Pick (internal), Tim and Nick Howse (eComply Consultants (Pty) Ltd) Please provide the link to the complaints policy on your website: Available on request

Nomathibana Matshoba Portfolio Manager MPhil (Maths of Finance), BBusSc (Act Sc), CFA 10 years of industry experience 3 years with the firm

Ownership What is the ownership structure of the company? Nomathibana Matshoba 51%, Erik Nel 49% Who are the directors of the company? Nomathibana Matshoba, Erik Nel, Bonolo Zwane Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes. 100%

Johan Kurtz Portfolio Manager BCom (Hons – Inv Man), BCom (Econ) 25 years of industry experience 1.5 years with the firm

History When was the company established? 2013 List of mergers that have taken place since being established: –

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Think Capital Investment Management Pty Ltd www.thinkcapital.co.za Company details

B-BBEE credentials

FAIS FSP registration number: 46714 Switchboard: 021 001 2372 General email: info@thinkcapital.co.za Address: 39 Carl Cronjé Drive, Unit F12, Willowbridge Centre, Tyger Valley, Cape Town, South Africa, 7536 Compliance officer name: Independent Compliance Services (“ICS”) 021 975 6597

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 4 By whom have you been accredited? Automatic accreditation due to SME status Date of accreditation: 2014

GIPS Are you GIPS compliant? No Are you GIPS verified? – By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment philosophy A single hedge fund is unable to fully harness the opportunity set of the asset class. Style, strategy and source of return diversification is achievable by combining hedge funds. A fund of hedge funds is able to generate an asymmetrical return stream resulting in strong positive compounding. Risk management by nature should provide capital protection even if the manager incorrectly predicted market moves.

Investment mandates What are your total assets under management? R210 million Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R210 million Retail: – Life: – Other: –

FAIS requirements Who is your FAIS complaints officer? Independent Compliance Services (“ICS”) Please provide the link to the complaints policy on your website: –

Ownership

Key investment personnel

What is the ownership structure of the company? Elmien Wagenaar (75.2%), Tree of Life Investment Trust (24.8%) Who are the directors of the company? Executive director: E Wagenaar Non-executive director: Johan du Preez Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: No

Size of investment team: 2 Elmien Wagenaar Chief Investment Officer MSc (Applied Mathematics), CFA 20 years of industry experience 6.5 years with the firm Etienne Jacobs Analyst BCom (Hons – Financial Risk Management) 6 months of industry experience 6 months with firm

History When was the company established? 2014 List of mergers that have taken place since being established: –

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Truffle Asset Management (Pty) Ltd

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www.truffle.co.za

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Company details

Ownership

FAIS FSP registration number: 36584 Switchboard: +27 11 325 0030 Fax number: +27 11 325 0331 General email: info@truffle.co.za Address: Ground Floor, Lancaster Gate Building Hyde Park Lane Business Park, Hyde Lane, Hyde Park, Sandton, 2196 PO Box 535, Pinegowrie, 2123 Compliance officer name: Independent Compliance Services +27 21 975 6597

What is the ownership structure of the company? The holding company, Truffle Capital (Pty) Ltd, owns 100% of Truffle Asset Management (Pty) Ltd. RMI Investment Managers (RMI IM) owns 28% of Truffle Capital. The remainder of the shares are held by staff, management and ex-staff. Who are the directors of the company? Executive Directors of Truffle Capital (Pty) Ltd: Louis van der Merwe, Hannes van der Westhuyzen, Charles Booth, Iain Power Non-Executive Directors of Truffle Capital (Pty) Ltd: Alida de Swart, Andre Rousseau Directors of Truffle Asset Mangement (Pty) Ltd: Louis van der Merwe, Hannes van der Westhuyzen, Charles Booth Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes. The management and staff of Truffle hold 69% of the interest, the Investment team holds 94% of this interest.

Investment philosophy Our philosophy is that the market is efficient over the long term in pricing/ valuing companies, but inefficient over the short term. These short-term inefficiencies are largely due to investors extrapolating current good/bad news into perpetuity.

History When was the company established? 2008 List of mergers that have taken place since being established: –

This results in investors either overpaying and overvaluing the businesses, or becoming excessively pessimistic and undervaluing the businesses. This presents us, as an active manager with an opportunity to exploit these inefficiencies between price and value. These inefficiencies are not obvious and can be difficult to identify but, with an experienced team and a rigorous and robust process, it is possible. Truffle’s investment approach is bottom-up, fundamental and valuation-based.

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 5 By whom have you been accredited? – Date of accreditation: –

FAIS requirements Who is your FAIS complaints officer? Craig Sampson Please provide the link to the complaints policy on your website: https://www.truffle.co.za/policies/

GIPS Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? – Date of verification: – Expiry date of verification: –

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Truffle Asset Management (Pty) Ltd Continued Investment mandates

Nicole Agar Portfolio Manager CA(SA) 23 years of industry experience 5 years with the firm

What are your total assets under management? R20.9 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R15.4 billion Retail: R5.5 billion Life: – Other: –

Sophié-Marié van Garderen Portfolio Manager MCom, CFA 25 years of industry experience 4 years with the firm

Key investment personnel

Palvi Kala Portfolio Manager: Fixed Interest BCom Hons 15 years of industry experience 2 years with the firm

Size of investment team: 11 Iain Power Chief Investment Officer BCom Hons 27 years of industry experience 10 years with the firm

Louis van der Merwe Head of Alternative Investments BCom 32 years of industry experience 12 years with the firm

Hannes van der Westhuyzen Head of Fixed Income CA(SA) 31 years of industry experience 12 years with the firm Saul Miller Portfolio Manager MBusSci, FFA 22 years of industry experience 4 years with the firm

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Vunani Fund Managers (Pty) Ltd

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www.vunanifm.co.za

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Company details

Ownership

FAIS FSP registration number: 608 Switchboard: +27 21 670 4900 Fax number: +27 21 683 5788 General email: info@vunanifm.co.za Address: 6th Floor, Letterstedt House, Newlands on Main Newlands, 7700 PO Box 44586, Claremont, 7735 Compliance officer name: Carmen Peskin +27 21 670 4980

What is the ownership structure of the company? Vunani Capital – 80%, Vunani Fund Managers Staff Share Trust – 30% Who are the directors of the company? Executive Directors: Butana Khoza, Snowy Masakale Non-Executive Directors: Nathi Chonco (Chairman), Manana Nhlanhla Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Vunani Fund Managers staff own 30% of the equity in the business through a participatory rights structure via the Vunani Fund Managers Staff Share Trust.

Investment philosophy

When was the company established? 1999 List of mergers that have taken place since being established: None. In June 2010 long-term empowerment partner, the Vunani Group, increased its stake from 11% to a majority 51% shareholding, whilst the controlling company at the time, Peregrine Holdings, retained a meaningful 49% interest.

History

Vunani Fund Managers (VFM) has a strong investment capability in the areas of absolute return (CPI + range), enhanced income, vanilla bond, ILB, core domestic equity, specialist equity, global equity capability, as well as property funds. Their investment philosophy is based on the use of inference as opposed to forecasting and the minimisation of drawdown risk across all product groups. To this end the following principles guide their investment process and philosophy ■ Risk control. Their objective in each of their product groups is to deliver performance that exceeds the benchmark but with less-than-commensurate risk. ■ Emphasis on consistency. They value consistency in everything they do. This includes delivering alpha as consistently as they are able to. ■ Market efficiency. Unlike most market participants that believe that they possess some skill or are able to find inefficiencies in the market (and whilst this is possible in some cases), Vunani Fund Managers don’t believe it to be the primary source of long-term alpha generation. ■ Specialisation. They believe that specialisation offers the surest path to the achievement of results. ■ Macro-environment. Using inference as opposed to forecasting they extract the key values discounted by the market at any point in time and debate these. Their analysis shows that aggregate return expectations differ for both asset classes and companies in each of the three regimes identified within the macro-economic environment. ■ Market timing. Whilst they do not seek to time the market or believe that it’s time in the market that counts, they focus their market timing decisions in the context of the potential for drawdown risk as defined by their composite macro indicator.

On 15 August 2011 Vunani Fund Managers became 100% owned by Vunani Capital. In February 2019 Vunani Capital allocated 30% of the equity in the company to a staff share scheme. The share scheme is in the form of a participatory rights structure.

B-BBEE credentials Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? Empowerlogic (provisionally please see above) Date of accreditation: Final accreditation pending

GIPS Are you GIPS compliant? Yes Are you GIPS verified? Yes By whom have you been verified? PricewaterhouseCoopers Inc (PwC) Date of verification: 2019-05-03 Expiry date of verification: 2019-12-01

FAIS requirements Who is your FAIS complaints officer? Carmen Peskin Please provide the link to the complaints policy on your website: www.vunanifm.eo.za/wp-content/ uploads/2019/09/ Complaints- procedure_IPM310_V2.xl 7238.pdf

Investment mandates What are your total assets under management? R42.15 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R34.54 billion Retail: R7.61 billion Life: – Other: – 255

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Vunani Fund Managers (Pty) Ltd Continued Key investment personnel

Ntsekhe Moiloa Portfolio Manager: Absolute Return MA (Econ), LLM (Fin), CAIA 16 years of industry experience 3 years with the firm

Size of investment team: 13 Safs Narker Chief Investment Officer & Head: Equities CA(SA), CFA 15 years of industry experience 7 years with the firm

Morotola Pholohane Portfolio Manager: Absolute Return MBA, BCom Hons, BSc, CAIA 17 years of industry experience 2 years with the firm

Tony Bell Head: Global BCom Hons, MBA 33 years of industry experience 20 years with the firm

Tshidiso Maduwa Junior Credit Analyst: Fixed Interest CA(SA) 5 years of industry experience 2 years with the firm

Rowan Williams-Short Head: Fixed Interest MSc, FIFM, CFA, CIPM 31 years of industry experience 12 years with the firm

Nompumelelo Qwabe Junior Analyst: Equity BCom Hons 3 years of industry experience 4 years with the firm

Craig MacArthur Head: Passive BSc Hons, CFA 27 years of industry experience 20 years with the firm

Gershwin Long Portfolio Manager (under supervision) MPhil, BCom Hons 14 years of industry experience 2 years with the firm

Johan de Kock Portfolio Manager: Equity BCom (Hons), MBA 30 years of industry experience 7 years with the firm

Siv Govender Head: Dealer CBS (SA) 28 years of industry experience 5 years with the firm

Nino Frodema Portfolio Manager: Equity MSc, CAIA 12 years of industry experience 5 years with the firm Ntobeko Stampu Senior Portfolio Manager: Fixed Interest BCom Hons, BSc, CAIA, CQF 20 years of industry experience 2 years with the firm

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X-Chequer Fund Management (Pty) Ltd

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www.xfm.co.za

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Company details

GIPS

FAIS FSP registration number: 31388 Switchboard: +27 21 918 8200 General email: info@xfm.co.za Address: Unit 714, The Cliffs, Tygerfalls Tygervalley, Bellville, 7530 Compliance officer name: Enrique Goosen +27 21 975 6597

Are you GIPS compliant? No Are you GIPS verified? N/A By whom have you been verified? – Date of verification: – Expiry date of verification: –

Investment mandates

Investment philosophy

What are your total assets under management? R1.3 billion Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R1.2 billion Retail: R100 million Life: – Other: –

Our Market Neutral and Equity funds follow a bottom-up portfolio construction and stock-picking strategy based on fundamental research with a top-down risk framework overlay. Our aim is to provide superior risk-adjusted returns to our investors over the medium term, while focusing on capital protection continuously.

FAIS requirements Who is your FAIS complaints officer? Enrique Goosen Please provide the link to the complaints policy on your website: https://xfm.co.za/legal/

Key investment personnel Size of investment team: 4 Werner Prinsloo Chief Investment Officer & Joint Head of Market Neutral Strategy Actuary 18 years of industry experience 13 years with the firm

Ownership What is the ownership structure of the company? The X-Chequer Fund Management (Pty) Ltd ownership structure is a wholly owned privately held structure. Who are the directors of the company? Executive Directors: Eugene Prinsloo, Warren Erasmus. Non-Executive Directors: Nikos Michalopoulos Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: No

Eugene Prinsloo Joint Head of Market Neutral and Equity Long Only Strategy CA(SA) 22 years of industry experience 11 years with the firm Nico McDonald Joint Head of Equity Long Only Strategy CA(SA) 14 years of industry experience 12 years with the firm

History When was the company established? 2006 List of mergers that have taken place since being established: –

Michael Klopper Junior Analyst BBusSc 3 years of industry experience 3 years with the firm

B-BBEE credentials Are you B-BBEE accredited? No What is your B-BBEE status? – By whom have you been accredited? – Date of accreditation: –

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MANAGER WATCH™ SURVEY

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Allan Gray Proprietary Limited Grant Pitt / Vuyo Nogantshi Tel: +27 21 415 9156 / +27 21 431 9525 Email: institutional@allangray.co.za www.allangray.co.za

Argon Asset Management (Pty) Ltd Luyanda Joxo, CFA Tel: +27 21 670 6576 Mobile: +27 84 701 1271 www.argonassetmanagement.co.za An African investment firm with global standards

Ashburton Investments Gordon Wessels | Naleni Govender | Rudigor Kleyn Tel: +27 11 282 8800 (reception) Email institutional@ashburtoninvestments.co.za www.ashburtoninvestments.com Access to fixed income and private markets for diversified sources of return

Foord Asset Management Nick Curtin Tel: +27 21 532 6917 Email: nick.curtin@foord.co.za www.foord.co.za

Futuregrowth Asset Management Maseabi Marageni Tel: +27 21 659 5431 Email: MMarageni@futuregrowth.co.za www.futuregrowth.co.za Futuregrowth Asset Management is a licensed discretionary financial services provider

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Mergence Investment Managers (Pty) Ltd Ronel Bantjes Cell: 082 563 8610 Email: ronel@mergence.co.za www.mergence.co.za Pragmatic Investing

Mianzo Asset Management (Pty) Ltd Luvo Tyandela | Mark Lamohr Thembeka Sobekwa | Mohamed Shafee Loonat Sifiso Simelane | Zukile Nchukane | Faldie Isaacs Tel: +27 21 552 3555 Email: info@mianzo.co.za www.mianzo.co.za Creating certainty in uncertain times

Momentum Invetsments (Pty) Ltd Willem Gaymans | Letshego Rankin Cell: +27 72 780 7815 | +27 83 253 8408 Email: Willem.gaymans@momentum.co.za Letshego.rankin@momentum.co.za www.momentuminv.co.za

Ninety One Natalie Phillips Tel: +27 21 901 1700 Email: natalie.phillips@ninetyone.com www.ninetyone.com

Oasis Asset Management Limited Adam Ebrahim Tel: +27 21 413 7860 Fax: + 27 21 413 7900 Email: clients@za.oasiscrescent.com www.oasiscrescent.com Superior Returns at Lower than Market Risk

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Old Mutual Investment Group Sinenhlanhla Dlamini | Vishal Bhika | Craig Chambers | Theresa Delcarme Tel: +27 21 509 5022 Email: sdlamini@oldmutualinvest.com vbhikha@oldmutualinvest.com cchambers@oldmutualinvest.com TDelcarme@oldmutualinvest.com www.oldmutualinvest.com Invest for a future that matters

Old Mutual Multi-Managers Trevor Pascoe Tel: +27 21 524 4815 Email: trevor.pascoe@ommm.co.za www.ommultimanagers.co.za

Perpetua Investment Managers (Pty) Ltd Kevin Dantu Tel: +27 21 674 4274 Fax: +27 21 674 4599 Email: clients@perpetua.co.za www.perpetua.co.za Disciplined value investing

Prescient Investment Management Vuyo Mvulane Tel: +27 11 044 2602 Mobile: +27 76 117 5734 Email: vuyo.mvulane@prescient.co.za www.prescient.co.za

Prudential Institutional Team Tel: 0860 105 775 Email: icm@prudential.co.za CONSISTENCY IS THE ONLY CURRENCY THAT MATTERS.™

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PSG Asset Management (Pty) Ltd Anet Ahern | CEO Tel: +27 21 799 8000 www.psg.co.za/asset-management Bigger picture thinkers

Sasfin Asset Managers Kere’shea Govender Cell: 083 636 0572 Tel: +27 11 531 9216 Email: kereshea.govender@sasfin.com Boutique with a brand

Sentio Capital Management Traugott “TC” von Czettritz Cell: +27 72 780 7815 Tel: +27 11 880 1994 Email: tc@sentio-capital.com

O’Lerato Veti Cell: +27 72 449 4294 Tel: +27 11 880 1994 Email: oveti@sentio-capital.com

STANLIB Asset Management Limited Tel: 0860 123 003 Email: contact@stanlib.com www.stanlib.com

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Visio Fund Management (Pty) Limited Craig French Tel: 010 020 6263 / 082 416 54880 Email: craig@visiofund.co.za Kabelo Rikhotso Tel: +27 11 245 8900 Email: kabelo@visiofund.co.za Look beyond the ordinary

Vunani Fund Managers (Pty) Ltd Snowy Masakale Tel: +27 11 263 9583 / +27 21 670 4900 Fax: +27 21 683 5788 Email: snowym@vunanifm.co.za www.vunanifm.co.za Constancy. Defined.

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Notes

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Thank you The Annual Retirement Fund Survey 2020 is the product of Don Andrews and the Survey team on behalf of Alexander Forbes. Through extensive research within the industry and comprehensive quantitative analysis of asset manager data, the team produced a complete analysis of performance over 2020. The Survey team would like to thanks the following people for their extensive contribution to this publication in service of the asset management industry of South Africa: Premal Ranchod

Muitheri Wahome

Bev Bouwer

Isaah Mhlanga

Murendeni Nengovhela

Khanyisa Phika

Janina Slawski

Riccardo Fontanella

Alexander Forbes Communications team: Sharmaine Chanee Production Manager

Sibahle Dlamini Senior Marketing Manager

Lebogang Mokoana Studio Manager

Irene Stotko Senior Copy Editor

Kim Jonson Designer and Desktop Publisher

Consi Kalamaras Head of PR and Media Relations

A special thank you to the asset management industry for supplying Alexander Forbes with the necessary data and information in order for the publication to be produced. Thank you!

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HOW DO WE CREATE A FUTURE THAT REALLY MATTERS?

With investment experience and expertise over the years in both local and global markets to help people achieve their investment goals, Old Mutual Investment Group understands the significance of responsible investment. It means we incorporate Environmental, Social and Governance (ESG) factors into all our investment and ownership decisions. Our focus is always on the responsible stewardship of the assets we manage for our clients, whilst ensuring we deliver sustainable long-term returns that make a positive impact for a future that matters.

INVESTMENT GROUP DO GREAT THINGS EVERY DAY Old Mutual Investment Group (Pty) Ltd (Reg No 1993/003023/07) is a licensed financial services provider, FSP 604, approved by the Financial Sector Conduct Authority (www.fsca.co.za) to provide intermediary services and advice in terms of the Financial Advisory and Intermediary Services Act 37 of 2002. Old Mutual Investment Group (Pty) Ltd is wholly owned by the Old Mutual Investment Group Holdings (Pty) Ltd.

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To answer more of your investment-related questions or queries, visit www.oldmutualinvest.com or email futurematters@oldmutualinvest.com

ALEXANDER FORBES FINANCIAL SERVICES Alexander Forbes, 115 West Street, Sandton PO Box 787240, Sandton, 2146 Tel:+27 (0)11 269 0000 Email: managerwatch@aforbes.com or andrewsdo@aforbes.com www.alexanderforbes.co.za

Alexander Forbes Financial Services is a licensed financial services provider (FSP 1177). The information in this document belongs to Alexander Forbes. You may not copy, distribute or modify any part of this document without the express written permission of Alexander Forbes. This information is not advice nor is it intended as a personal recommendation, guidance or a proposal on the suitability of any financial product or course of action as defined in the Financial Advisory and Intermediary Services (FAIS) Act. While care has been taken to present correct information, Alexander Forbes and its directors, officers and employees take no responsibility for any actions taken based on this information, all of which require advice. Note that past performance is not a reliable indicator of future investment returns. Please speak to your financial adviser for tailored advice based on your individual financial needs before you make financial decisions based on this information. Credits: Alexander Forbes Communications (production) | Getty Images (imagery). 21165-SUR-2021-03