Fund of Hedge Funds Manager Watch™ Survey

Objective: The portfolios in this survey show the performance of fund of hedge fund 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 2021

Investment Manager Fund Status Open / Closed Inception Date Fund Size (R m) Return Objectives 1 Year 3 Years 5 Years Calendar Year 2018 Calendar Year 2017 Calendar Year 2016

Multi Strategy AF Investments Moderate QI Hedge Fund of Funds AF Investments Performance QI Hedge Fund of Funds

Open Mar-00 1 581.79 30% FTSE/JSE CAPPED SWIX ALSI + 70% STeFI 14.06% 11.59% 9.15% 9.26% 11.50% 3.60% Open Jan-06 8 975.70 40% FTSE/JSE CAPPED SWIX ALSI + 60% STeFI 21.92% 13.95% 10.17% 9.79% 10.53% 1.67% AF Investments Stable QI Hedge Fund of Funds Open Jan-06 1 499.55 15% FTSE/JSE CAPPED SWIX ALSI + 85% STeFI 8.68% 8.29% 7.65% 6.31% 9.92% 7.58% Mayibentsha Focused Fund of Hedge Funds Open Dec-08 545.40 CPI + 4.5% 11.82% 10.62% 7.49% 13.56% 6.60% 3.96% Mayibentsha Moderate Fund of Hedge Funds Open Apr-03 446.86 CPI + 3.5% 10.81% 10.26% 8.14% 12.97% 7.07% 5.90% Mayibentsha Neutral Fund of Hedge Funds Open Apr-08 439.59 CPI + 2.5% 8.48% 8.61% 7.89% 9.13% 8.22% 7.81% Momentum Investments ZAR Diversified Fund Open Nov-07 486.10 STeFI + 4% net of fees 7.04% 7.77% 6.91% 1.80% 14.87% 6.08%

Prime Optimal QI FOHF Open Mar-04 144.22 CPI + (4% - 6%) net of fees 14.12% 11.12% 7.80% 13.07% 6.34% 4.24%

RCIS THINK Growth QI Hedge Fund Open Nov-14 156.19 STeFI + 3% 20.72% 13.60% 9.56% 9.47% 10.95% 1.67%

Specialist Mandates AF Investments Focus QI Hedge Fund of Funds Open Feb-11 710.74 65% FTSE/JSE CAPPED SWIX ALSI + 35% STeFI 23.87% 13.17% 8.47% 5.57% 10.85% -0.61%

Alpha Equity Hedge Fund Open Nov-07 419.81 JSE All Share Index 17.24% 11.26% 7.83% 7.01% 9.78% 2.66%

Edge RCIS Matador Retail Hedge Fund Open May-04 293.30 FTSE/JSE SWIX All Share Index TriAlpha Enhanced Fixed Income Fund Open Aug-07 275.03 STeFI + 2% Fund Size Total 15 974.28 21.15% 12.34% 6.83% 6.05% 10.37% -7.64%

5.57% 6.13% 7.05% 4.63% 8.22% 7.89%

Statistics Highest Median Average Lowest Number of participants

Market Statistics FTSE/JSE All Share Index Short Term Fixed Interest Rate Index All Bond Index AECPI AECPIXU

# Inflation figures in this table are lagged by one month 23.87% 13.95% 10.17% 13.56% 14.87% 7.89% 14.06% 11.12% 7.83% 9.13% 9.92% 3.96% 14.27% 10.67% 8.07% 8.36% 9.63% 3.45% 5.57% 6.13% 6.83% 1.80% 6.34% -7.64% 13 13 13 13 13 13

29.23% 15.71% 11.38% 7.00% 12.05% -8.53% 3.81% 5.49% 6.25% 5.39% 7.29% 7.25% 8.40% 9.12% 9.05% 8.65% 10.32% 7.69% 5.47% 4.06% 4.40% 3.17% 3.56% 5.18% 5.07% 3.92% 4.35% 2.98% 3.73% 5.37%

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 2021 – Quantitative Analysis

1 Year 3 Years

Investment Manager Percentage of positive months Worst month Standard Deviation Percentage of positive months Worst month Max Drawdown Standard Deviation

Multi Strategy AF Investments Moderate QI Hedge Fund of Funds 100.00% 0.38% 2.34% 88.89% -5.60% -7.87% 5.98% AF Investments Performance QI Hedge Fund of Funds 100.00% 0.27% 2.90% 83.33% -3.78% -6.85% 6.32% AF Investments Stable QI Hedge Fund of Funds 91.67% -0.04% 1.89% 88.89% -4.80% -5.39% 4.23% Mayibentsha Focused Fund of Hedge Funds 83.33% -0.43% 3.22% 77.78% -4.25% -5.93% 5.64% Mayibentsha Moderate Fund of Hedge Funds 83.33% -0.35% 2.68% 80.56% -3.52% -4.22% 4.38% Mayibentsha Neutral Fund of Hedge Funds 83.33% -0.29% 2.09% 86.11% -4.21% -4.42% 4.08% Momentum Investments ZAR Diversified Fund 66.67% -1.93% 3.94% 75.00% -15.31% -18.59% 12.22% Prime Optimal QI FOHF 83.33% -1.11% 4.22% 80.56% -6.60% -9.50% 7.94% RCIS THINK Growth QI Hedge Fund 83.33% -0.56% 4.23% 77.78% -6.04% -10.40% 7.28%

Specialist Mandates AF Investments Focus QI Hedge Fund of Funds Alpha Equity Hedge Fund Edge RCIS Matador Retail Hedge Fund TriAlpha Enhanced Fixed Income Fund 83.33% -0.34% 4.93% 75.00% -5.56% -10.43% 8.63% 83.33% -0.70% 4.41% 75.00% -8.52% -14.06% 9.56% 83.33% -3.27% 8.77% 66.67% -14.57% -22.10% 16.67% 75.00% -0.53% 2.54% 86.11% -1.37% -1.37% 2.08%

Statistics Highest Median Average Lowest Number of participants 100.00% 0.38% 8.77% 88.89% -1.37% -1.37% 16.67% 83.33% -0.43% 3.22% 80.56% -5.56% -7.87% 6.32% 84.62% -0.68% 3.70% 80.13% -6.47% -9.32% 7.31% 66.67% -3.27% 1.89% 66.67% -15.31% -22.10% 2.08% 13 13 13 13 13 13 13