GRAYSWAN SCORECARDS 01 DECEMBER 2017

GRAYSWAN SCORECARDS 01 DECEMBER 2017 Gray Swan Financial Services (Pty) Ltd (Reg No: 2010/009813/07) is an authorised Financial Services Provider (FSP No: 42290).

we keep the score, you secure the win EMPOWERING YOU TO INVEST WITH THE BEST INVESTMENT CONSULTING I WEALTH MANAGEMENT I REPORTING 2

At GraySwan we do not intend to predict the unpredictable. GraySwans are risks that have unintended consequences but can be identified and should be managed or avoided. Our superior investment and risk advisory services empower you to do exactly that. In theory a "Black Swan" as first described in AD 82 depicted a creature that did not exist. However, in 1790 a Black Swan was discovered and therefore proved the existence of the improbable. Nicholas Taleb used the bird in his book, The Black Swan, to explain that the belief that "all swans are white" is based on the limits of our experience. Some occurrences are unpredictable because they deviate so far beyond what is normally expected. Such experiences are rare but when they occur they have massive consequences. "Black Swan" events are therefore random and unexpected. They are unpredictable unknowns. However, GraySwans, as we coined the term, are risks that can be identified and which have unintended consequences on investors portfolios and therefore should be managed or avoided. INVESTMENT CONSULTING I WEALTH MANAGEMENT I REPORTING 3

WANT MORE SCORECARDS? We are your compass to navigate through the investment world. LOCAL SPECIALIST ASSET CLASS Money Market ScoreCard Enhanced Cash ScoreCard Bond ScoreCard Flexible Fixed Interest ScoreCard Credit Bond ScoreCard Inflation Linked Bond ScoreCard Listed Property ScoreCard Passive SWIX ScoreCard Quantitative Equity ScoreCard Equity ALSI ScoreCard Constrained Equity ScoreCard Unconstrained Equity ScoreCard BEE Equity ScoreCard Long Short Equity ScoreCard & Long Short FoF ScoreCard Mid & Small Cap Equity ScoreCard RESPONSIBLE INVESTMENT RI Balanced ScoreCard RI Equity ScoreCard RI Fixed Interest ScoreCard LOCAL BALANCED Guaranteed Fund ScoreCard Domestic Absolute Return ScoreCard Domestic Balanced ScoreCard INVESTMENT CONSULTING I WEALTH MANAGEMENT I REPORTING 4

MORE SCORECARDS We are your compass to navigate through the investment world. LOCAL MEDICAL AID Medical Aid Money Market ScoreCard Medical Aid Absolute Return ScoreCard SHARIAH Shariah Balanced ScoreCard Shariah Equity ScoreCard GLOBAL BALANCED Global Absolute Return ScoreCard Global Balanced ScoreCard MULTI-MANAGER Multi-Manager Money Market ScoreCard Multi-Manager Equity ScoreCard Multi-Manager Balanced ScoreCard OFFSHORE SPECIALIST Offshore Balanced ScoreCard Offshore Passive Equity ACWI ScoreCard Offshore Passive Equity DM ScoreCard Offshore Passive Equity EM ScoreCard Offshore Equity ScoreCard Offshore Listed Property ScoreCard Offshore Emerging Markets Equity ScoreCard Offshore China Equity ScoreCard Offshore Africa Equity ScoreCard CONSOLIDATED GraySwan Risk Profile ScoreCard INVESTMENT CONSULTING I WEALTH MANAGEMENT I REPORTING 5

TABLE OF CONTENT SA MONEY MARKET FUNDS SA ENHANCED CASH FUNDS SA BOND FUNDS SA LISTED PROPERTY FUNDS Page 7 Page 14 Page 21 Page 28 + Compliance Checklist 05 06 07 08 SA CONSTRAINED EQUITY FUNDS SA UNCONSTRAINED EQUITY FUNDS AFRICA EQUITY EX SOUTH AFRICA FUNDS SA GLOBAL BALANCED FUNDS Page 35 Page 42 Page 51 Page 58

SA MONEY MARKET FUNDS We always count 7

3 YEAR PERFORMANCE 8

5 YEAR PERFORMANCE Pan-African Money Market Taquanta Pooled Cash Coronation Strategic Cash MMI - Money Market (Max 90) Aluwani - Core Money Market Cadiz Money Market Mean SIM Moderate Cash Prescient Money Market Composite Futuregrowth 90 Day Core Money Market Nedgroup Money Market Stanlib Money Market Portfolio Prudential Money Market Nedgroup Corporate Money Market Fund ABSA AM Money Market Allan Gray Money Market STeFI STeFI 3 Month OMIG MacroSolutions (Profile Banker) STeFI Call 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 5 YEAR ANNUALISED RETURN 9

ABSOLUTE PERFORMANCE Portfolio 3 Months YTD 1 2 3 5 8 10 ABSA AM Money Market 1,93% 12 8,17% 14 8,17% 14 8,23% 12 7,80% 12 6,97% 14 6,80% 12 7,58% 12 Allan Gray Money Market 1,89% 15 7,88% 15 7,88% 15 7,79% 15 7,46% 15 6,76% 15 6,59% 14 7,42% 14 Aluwani - Core Money Market 2,09% 4 8,91% 4 8,91% 4 8,72% 4 8,22% 4 7,43% 5 7,22% 5 8,04% 5 Cadiz Money Market 2,03% 5 8,48% 6 8,48% 6 8,31% 8 8,09% 6 7,33% 6 7,00% 6 7,84% 6 Coronation Strategic Cash 1,95% 11 8,72% 5 8,72% 5 8,64% 5 8,20% 5 7,64% 3 7,58% 1 8,34% 1 Futuregrowth 90 Day Core Money Market 1,95% 10 8,36% 9 8,36% 9 8,29% 10 7,82% 10 7,10% 9 6,85% 11 7,72% 9 MMI - Money Market (Max 90) 2,11% 3 8,95% 3 8,95% 3 8,90% 3 8,39% 3 7,60% 4 7,43% 4 8,22% 3 Nedgroup Corporate Money Market Fund 1,97% 8 8,27% 11 8,27% 11 8,14% 14 7,73% 14 6,97% 13 Nedgroup Money Market 1,97% 9 8,24% 13 8,24% 13 8,17% 13 7,78% 13 7,08% 10 6,87% 9 7,73% 8 OMIG MacroSolutions (Profile Banker) 1,68% 16 6,98% 16 6,98% 16 7,01% 16 6,63% 16 6,05% 16 5,89% 15 6,75% 15 Pan-African Money Market 2,14% 2 9,50% 1 9,50% 1 9,23% 1 8,68% 1 7,78% 1 7,58% 2 8,18% 4 Prescient Money Market Composite 2,01% 6 8,38% 7 8,38% 7 8,30% 9 7,87% 9 7,16% 8 6,98% 7 7,83% 7 Prudential Money Market 1,93% 13 8,27% 12 8,27% 12 8,58% 6 7,89% 8 7,04% 12 6,75% 13 7,57% 13 SIM Moderate Cash 1,93% 14 8,36% 8 8,36% 8 8,34% 7 7,91% 7 7,16% 7 6,93% 8 7,72% 10 Stanlib Money Market Portfolio 2,00% 7 8,33% 10 8,33% 10 8,27% 11 7,81% 11 7,07% 11 6,85% 10 7,67% 11 Taquanta Pooled Cash 2,15% 1 9,34% 2 9,34% 2 9,03% 2 8,53% 2 7,66% 2 7,54% 3 8,29% 2 STeFI 1,80% 7,54% 7,54% 7,47% 7,13% 6,50% 6,33% 7,14% Top Quartile 2,05% 8,77% 8,77% 8,66% 8,20% 7,47% 7,33% 8,11% Mean 1,98% 8,45% 8,45% 8,37% 7,92% 7,17% 6,99% 7,79% Median 1,97% 8,36% 8,36% 8,30% 7,88% 7,13% 6,93% 7,73% Bottom Quartile 1,93% 8,26% 8,26% 8,21% 7,79% 7,03% 6,83% 7,62% STeFI 3 Month 1,71% 7,15% 7,15% 7,10% 6,76% 6,19% 6,04% 6,85% STeFI Call 1,65% 6,88% 6,88% 6,86% 6,50% 5,94% 5,79% 6,59% 10

ABSOLUTE CALENDAR YEAR PERFORMANCE Portfolio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ABSA AM Money Market 12,02% 15 9,47% 11 7,42% 13 6,31% 6 5,86% 11 5,53% 12 5,94% 15 6,94% 10 8,29% 8 8,17% 14 Allan Gray Money Market 12,13% 12 9,54% 10 7,44% 11 5,87% 14 5,61% 14 5,36% 15 6,08% 13 6,81% 14 7,70% 15 7,88% 15 Aluwani - Core Money Market 12,70% 6 10,09% 2 7,81% 4 6,54% 5 6,31% 5 5,99% 6 6,49% 5 7,23% 6 8,54% 6 8,91% 4 Cadiz Money Market 12,84% 4 9,73% 6 7,53% 8 5,96% 11 5,84% 12 6,28% 4 6,13% 12 7,65% 1 8,15% 12 8,48% 6 Coronation Strategic Cash 13,23% 1 9,72% 7 8,40% 1 7,35% 1 6,70% 3 6,78% 1 6,82% 1 7,32% 5 8,56% 5 8,72% 5 Futuregrowth 90 Day Core Money Market 12,95% 2 9,66% 8 7,46% 10 5,95% 12 5,90% 9 5,78% 7 6,28% 8 6,87% 13 8,23% 9 8,36% 9 MMI - Money Market (Max 90) 12,74% 5 10,08% 3 8,02% 3 6,87% 3 6,58% 4 6,19% 5 6,67% 2 7,37% 4 8,86% 3 8,95% 3 Nedgroup Corporate Money Market Fund 5,50% 14 6,19% 11 6,91% 11 8,02% 14 8,27% 11 Nedgroup Money Market 12,68% 7 9,73% 5 7,65% 7 6,00% 10 5,97% 8 5,70% 10 6,38% 6 7,00% 9 8,10% 13 8,24% 13 OMIG MacroSolutions (Profile Banker) 12,05% 14 8,46% 15 6,37% 15 5,40% 15 5,16% 15 4,82% 16 5,54% 16 5,87% 16 7,04% 16 6,98% 16 Pan-African Money Market 12,11% 13 9,19% 14 7,70% 6 6,69% 4 7,32% 1 6,32% 3 6,59% 3 7,59% 2 8,95% 1 9,50% 1 Prescient Money Market Composite 12,55% 9 10,13% 1 7,72% 5 6,28% 7 6,03% 7 5,65% 11 6,56% 4 7,02% 8 8,22% 10 8,38% 7 Prudential Money Market 12,44% 10 9,44% 12 7,20% 14 5,89% 13 5,71% 13 5,51% 13 6,06% 14 6,51% 15 8,90% 2 8,27% 12 SIM Moderate Cash 12,68% 8 9,28% 13 7,42% 12 6,11% 9 6,08% 6 5,74% 8 6,37% 7 7,06% 7 8,31% 7 8,36% 8 Stanlib Money Market Portfolio 12,39% 11 9,63% 9 7,51% 9 6,14% 8 5,87% 10 5,71% 9 6,22% 10 6,88% 12 8,21% 11 8,33% 10 Taquanta Pooled Cash 12,87% 3 9,85% 4 8,09% 2 7,03% 2 6,92% 2 6,50% 2 6,23% 9 7,55% 3 8,72% 4 9,34% 2 STeFI 11,70% 9,13% 6,93% 5,73% 5,54% 5,19% 5,91% 6,47% 7,39% 7,54% Top Quartile 12,79% 9,79% 7,77% 6,61% 6,44% 6,21% 6,51% 7,33% 8,60% 8,77% Mean 12,56% 9,60% 7,58% 6,29% 6,12% 5,84% 6,29% 7,04% 8,30% 8,45% Median 12,68% 9,66% 7,53% 6,14% 5,97% 5,72% 6,26% 7,01% 8,26% 8,36% Bottom Quartile 12,26% 9,46% 7,43% 5,95% 5,85% 5,52% 6,12% 6,87% 8,13% 8,26% STeFI 3 Month 11,71% 8,64% 6,58% 5,48% 5,34% 5,03% 5,65% 6,08% 7,05% 7,15% STeFI Call 11,34% 8,36% 6,26% 5,29% 5,11% 4,79% 5,42% 5,79% 6,84% 6,88% 11

3 YEAR ANNUALISED VOLATILITY & RETURN 12

5 YEAR ANNUALISED VOLATILITY & RETURN 13

SA ENHANCED CASH FUNDS We always count 14

3 YEAR PERFORMANCE 15

5 YEAR PERFORMANCE 16

ABSOLUTE PERFORMANCE Portfolio 3 Months YTD 1 2 3 5 8 10 Aluwani - Cash Plus 2,05% 7 9,25% 2 9,25% 2 9,07% 5 8,50% 4 7,71% 3 7,55% 3 8,32% 3 Argon Enhanced Money Market Fund 2,01% 11 8,83% 10 8,83% 10 8,80% 7 8,17% 9 7,34% 10 7,08% 10 7,84% 11 Coronation Institutional Cash 2,09% 5 8,96% 7 8,96% 7 8,59% 11 8,27% 8 7,53% 6 7,35% 7 8,08% 8 Futuregrowth Enhanced 180 day MM 1,99% 12 8,64% 11 8,64% 11 8,62% 10 8,12% 11 7,27% 11 7,06% 11 7,94% 9 Investec Money Fund 2,04% 9 8,61% 12 8,61% 12 8,54% 12 8,07% 12 7,34% 9 7,32% 8 8,15% 6 Investec Stable Money Fund 2,04% 8 8,96% 8 8,96% 8 8,69% 9 8,15% 10 7,23% 12 7,12% 9 7,91% 10 JM Busha CashPlus 2,11% 3 8,47% 13 8,47% 13 8,02% 13 7,64% 13 7,00% 13 6,92% 12 7,75% 12 MMI - Money Market (Max 91-180) 2,17% 2 9,21% 3 9,21% 3 8,93% 6 8,44% 5 7,70% 5 7,59% 2 8,36% 2 Nedgroup Core Income 2,10% 4 8,84% 9 8,84% 9 8,72% 8 8,31% 6 7,51% 7 7,43% 5 8,22% 5 Prudential High Interest 2,06% 6 9,01% 6 9,01% 6 9,09% 4 8,27% 7 7,45% 8 SIM Cash Enhanced Fund 1,98% 13 9,08% 5 9,08% 5 9,17% 3 8,54% 3 7,70% 4 7,39% 6 8,13% 7 Stanlib Enhanced Yield 2,03% 10 9,11% 4 9,11% 4 9,33% 2 8,57% 2 7,76% 2 7,51% 4 8,31% 4 Taquanta Core Cash 2,25% 1 9,69% 1 9,69% 1 9,34% 1 8,77% 1 7,88% 1 7,70% 1 8,43% 1 STeFI 1,80% 7,54% 7,54% 7,47% 7,13% 6,50% 6,33% 7,14% Top Quartile 2,10% 9,11% 9,11% 9,09% 8,50% 7,70% 7,52% 8,31% Mean 2,07% 8,97% 8,97% 8,84% 8,30% 7,49% 7,34% 8,12% Median 2,05% 8,96% 8,96% 8,80% 8,27% 7,51% 7,37% 8,14% Bottom Quartile 2,03% 8,83% 8,83% 8,62% 8,15% 7,34% 7,11% 7,94% STeFI 3 Month 1,71% 7,15% 7,15% 7,10% 6,76% 6,19% 6,04% 6,85% STeFI Call 1,65% 6,88% 6,88% 6,86% 6,50% 5,94% 5,79% 6,59% 17

ABSOLUTE CALENDAR YEAR PERFORMANCE Portfolio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Aluwani - Cash Plus 12,83% 7 10,04% 5 8,03% 6 7,04% 3 6,78% 3 6,42% 4 6,67% 3 7,37% 5 8,89% 5 9,25% 2 Argon Enhanced Money Market Fund 12,09% 11 9,83% 9 7,23% 12 6,08% 13 6,60% 6 5,88% 10 6,32% 10 6,93% 11 8,78% 6 8,83% 10 Coronation Institutional Cash 12,94% 4 9,15% 12 7,61% 11 7,00% 4 6,57% 7 5,97% 9 6,89% 1 7,62% 2 8,23% 12 8,96% 7 Futuregrowth Enhanced 180 day MM 13,22% 1 9,89% 8 7,73% 8 6,15% 12 6,25% 12 5,67% 12 6,36% 9 7,14% 8 8,60% 9 8,64% 11 Investec Money Fund 13,12% 2 10,01% 6 8,24% 3 6,89% 6 6,71% 5 6,25% 7 6,25% 12 7,14% 7 8,48% 10 8,61% 12 Investec Stable Money Fund 12,24% 10 10,05% 4 7,83% 7 6,65% 8 6,36% 11 5,82% 11 5,91% 13 7,07% 9 8,43% 11 8,96% 8 JM Busha CashPlus 11,96% 12 10,32% 1 7,70% 9 6,50% 10 6,15% 13 5,63% 13 6,46% 5 6,89% 12 7,57% 13 8,47% 13 MMI - Money Market (Max 91-180) 12,79% 9 10,14% 3 8,25% 2 7,09% 2 6,92% 2 6,46% 3 6,71% 2 7,47% 4 8,66% 7 9,21% 3 Nedgroup Core Income 12,89% 5 9,98% 7 8,30% 1 6,93% 5 6,71% 4 6,34% 6 6,28% 11 7,50% 3 8,60% 8 8,84% 9 Prudential High Interest 6,54% 9 6,44% 10 6,08% 8 6,39% 7 6,67% 13 9,16% 3 9,01% 6 SIM Cash Enhanced Fund 12,80% 8 9,50% 11 7,62% 10 6,46% 11 6,55% 8 6,36% 5 6,53% 4 7,31% 6 9,26% 2 9,08% 5 Stanlib Enhanced Yield 12,87% 6 10,23% 2 8,06% 4 6,77% 7 6,51% 9 6,64% 2 6,46% 6 7,04% 10 9,56% 1 9,11% 4 Taquanta Core Cash 13,01% 3 9,77% 10 8,06% 5 7,12% 1 7,06% 1 6,74% 1 6,36% 8 7,65% 1 8,98% 4 9,69% 1 STeFI 11,70% 9,13% 6,93% 5,73% 5,54% 5,19% 5,91% 6,47% 7,39% 7,54% Top Quartile 12,95% 10,08% 8,11% 7,00% 6,71% 6,42% 6,53% 7,47% 8,98% 9,11% Mean 12,73% 9,91% 7,89% 6,71% 6,58% 6,17% 6,43% 7,21% 8,71% 8,97% Median 12,85% 9,99% 7,93% 6,77% 6,57% 6,25% 6,39% 7,14% 8,66% 8,96% Bottom Quartile 12,65% 9,81% 7,68% 6,50% 6,44% 5,88% 6,32% 7,04% 8,48% 8,83% STeFI 3 Month 11,71% 8,64% 6,58% 5,48% 5,34% 5,03% 5,65% 6,08% 7,05% 7,15% STeFI Call 11,34% 8,36% 6,26% 5,29% 5,11% 4,79% 5,42% 5,79% 6,84% 6,88% 18

3 YEAR ANNUALISED VOLATILITY & RETURN 19

5 YEAR ANNUALISED VOLATILITY & RETURN 20

SA BOND FUNDS We always count 21

3 YEAR PERFORMANCE 22

5 YEAR PERFORMANCE 23

ABSOLUTE PERFORMANCE Portfolio 3 Months YTD 1 2 3 5 8 10 ABAX Bond Fund 2,84% 6 11,91% 3 11,91% 3 14,67% 2 9,00% 4 ABSA AM Bond 2,36% 17 12,41% 2 12,41% 2 14,50% 4 9,03% 3 7,55% 7 9,59% 16 9,04% 21 Aluwani Active Bond 2,30% 19 11,09% 14 11,09% 14 13,66% 13 7,62% 17 6,84% 18 9,60% 14 9,61% 8 Argon SA Bond Fund 2,57% 9 11,73% 7 11,73% 7 14,03% 9 8,24% 8 7,66% 4 9,62% 12 9,21% 20 Cadiz Houseview Bond Fund 1,11% 24 8,95% 24 8,95% 24 12,16% 24 7,04% 24 6,57% 23 9,30% 21 9,23% 19 Coronation Active Bond 3,03% 2 11,55% 9 11,55% 9 14,07% 7 8,08% 11 7,53% 8 10,09% 5 9,78% 6 Coronation Strategic Bond 3,07% 1 11,07% 15 11,07% 15 13,57% 16 8,00% 12 7,65% 6 10,24% 4 10,09% 4 Futuregrowth Active Bond 2,38% 15 10,62% 23 10,62% 23 13,09% 22 7,28% 23 6,92% 16 9,63% 11 9,46% 14 Futuregrowth Core Bond 2,48% 13 11,07% 16 11,07% 16 13,46% 18 7,49% 19 6,95% 14 9,64% 10 9,38% 16 Futuregrowth Infrastructure & Development 2,89% 3 11,76% 6 11,76% 6 14,17% 6 8,97% 5 8,64% 1 11,55% 1 11,16% 1 Futuregrowth Yield Enhanced Bond 2,84% 5 11,88% 4 11,88% 4 14,40% 5 9,09% 2 8,63% 2 11,47% 2 11,08% 2 Investec Corporate Bond 2,49% 12 12,53% 1 12,53% 1 14,81% 1 9,57% 1 7,76% 3 10,69% 3 10,55% 3 Investec Flexible Bond 2,67% 7 11,43% 10 11,43% 10 13,59% 15 8,18% 10 7,21% 9 9,59% 15 9,50% 13 Investec Triple Alpha 2,35% 18 11,40% 11 11,40% 11 13,67% 12 8,19% 9 7,02% 12 9,67% 9 9,53% 12 JM Busha Bond Plus 2,22% 22 10,69% 21 10,69% 21 13,18% 21 7,80% 14 6,81% 21 9,05% 22 8,77% 22 MMI - SA Bond 2,24% 21 10,78% 20 10,78% 20 13,36% 19 7,43% 21 6,74% 22 9,52% 18 9,54% 11 Pan-African Active Bond 2,16% 23 10,90% 18 10,90% 18 13,33% 20 7,45% 20 6,83% 20 9,54% 17 9,42% 15 Prescient Bond Quant Composite 2,54% 10 11,15% 13 11,15% 13 13,61% 14 7,75% 15 6,96% 13 9,34% 20 9,24% 18 Prescient Bond Quantplus Composite 2,87% 4 11,81% 5 11,81% 5 14,07% 8 8,57% 6 7,66% 5 9,45% 19 9,63% 7 Prowess Corporate Bond Fund 2,37% 16 10,93% 17 10,93% 17 12,21% 23 7,59% 18 6,83% 19 9,03% 23 Prudential Yield Enhanced Bonds 2,42% 14 10,64% 22 10,64% 22 13,54% 17 7,74% 16 6,94% 15 9,88% 8 9,59% 10 SIM Institutional Total Return Bond Fund 2,30% 20 10,84% 19 10,84% 19 13,75% 11 7,39% 22 6,86% 17 9,61% 13 9,30% 17 Stanlib Core Bond 2,62% 8 11,64% 8 11,64% 8 14,54% 3 8,27% 7 7,17% 10 9,98% 6 9,60% 9 Vunani Domestic Active Bond 2,53% 11 11,17% 12 11,17% 12 14,01% 10 7,94% 13 7,16% 11 9,90% 7 9,88% 5 ALBI 2,22% 10,22% 10,22% 12,80% 6,92% 6,27% 8,82% 8,58% Top Quartile 2,71% 11,74% 11,74% 14,10% 8,34% 7,60% 9,94% 9,74% Mean 2,48% 11,25% 11,25% 13,73% 8,07% 7,26% 9,83% 9,66% Median 2,49% 11,16% 11,16% 13,66% 7,97% 7,02% 9,62% 9,53% Bottom Quartile 2,34% 10,89% 10,89% 13,44% 7,56% 6,85% 9,53% 9,32% BEASSA Inflation Linked 1,52% 2,93% 2,93% 4,59% 4,28% 4,90% 8,37% 8,81% STeFI 1,80% 7,54% 7,54% 7,47% 7,13% 6,50% 6,33% 7,14% 24

ABSOLUTE CALENDAR YEAR PERFORMANCE Portfolio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ABAX Bond Fund -1,51% 6 17,49% 2 11,91% 3 ABSA AM Bond 14,91% 21-0,61% 21 14,45% 21 9,13% 18 15,76% 20 0,71% 23 10,26% 11-1,14% 5 16,63% 8 12,41% 2 Aluwani Active Bond 18,60% 2 1,33% 7 16,41% 9 9,63% 12 17,21% 10 1,38% 20 10,18% 12-3,52% 22 16,28% 13 11,09% 14 Argon SA Bond Fund 16,98% 20-1,04% 23 13,81% 22 6,83% 23 18,54% 3 2,68% 6 11,08% 5-2,46% 12 16,37% 12 11,73% 7 Cadiz Houseview Bond Fund 17,79% 12 0,72% 13 16,07% 16 8,99% 22 17,15% 13 1,93% 13 9,97% 14-2,52% 13 15,47% 23 8,95% 24 Coronation Active Bond 17,78% 13 0,00% 17 16,12% 15 9,85% 6 17,66% 6 2,30% 10 11,33% 4-2,98% 14 16,65% 7 11,55% 9 Coronation Strategic Bond 18,54% 5 1,14% 9 16,34% 11 9,70% 9 18,25% 4 2,75% 5 11,68% 3-2,33% 11 16,12% 15 11,07% 15 Futuregrowth Active Bond 18,49% 6-0,13% 18 16,14% 14 9,69% 10 17,21% 9 2,42% 9 10,50% 7-3,46% 20 15,61% 22 10,62% 23 Futuregrowth Core Bond 17,64% 15-0,27% 20 16,40% 10 9,34% 15 17,30% 8 2,11% 11 10,33% 8-3,53% 23 15,91% 18 11,07% 16 Futuregrowth Infrastructure & Development 18,31% 7 1,57% 6 18,91% 1 11,38% 2 19,64% 1 3,67% 1 12,80% 2-0,71% 2 16,63% 9 11,76% 6 Futuregrowth Yield Enhanced Bond 18,69% 1 1,06% 10 18,44% 3 11,29% 3 19,58% 2 3,29% 2 12,81% 1-0,82% 3 16,98% 4 11,88% 4 Investec Corporate Bond 17,80% 11 2,63% 2 18,70% 2 11,56% 1 17,16% 12 3,21% 3 7,02% 23-0,20% 1 17,13% 3 12,53% 1 Investec Flexible Bond 18,58% 3 0,40% 15 16,03% 17 9,09% 20 16,05% 18 1,95% 12 9,75% 16-1,87% 8 15,79% 20 11,43% 10 Investec Triple Alpha 18,05% 8 0,60% 14 16,48% 8 9,82% 7 16,49% 17 1,90% 14 8,82% 22-2,00% 9 15,99% 17 11,40% 11 JM Busha Bond Plus 13,71% 22 1,89% 5 13,65% 23 9,15% 17 15,97% 19 1,28% 22 9,60% 20-2,22% 10 15,73% 21 10,69% 21 MMI - SA Bond 18,55% 4 1,33% 8 16,33% 12 9,59% 13 17,17% 11 1,34% 21 10,28% 9-3,51% 21 16,00% 16 10,78% 20 Pan-African Active Bond 17,87% 9 0,77% 12 16,81% 6 9,10% 19 16,85% 15 1,70% 16 10,27% 10-3,41% 19 15,82% 19 10,90% 18 Prescient Bond Quant Composite 17,34% 18 0,96% 11 15,39% 18 9,48% 14 15,56% 21 1,59% 19 10,13% 13-3,08% 16 16,13% 14 11,15% 13 Prescient Bond Quantplus Composite 17,59% 17 3,58% 1 14,88% 20 9,17% 16 13,53% 23 3,01% 4 9,68% 17-1,63% 7 16,37% 11 11,81% 5 Prowess Corporate Bond Fund 2,28% 4 15,34% 19 9,02% 21 14,15% 22 2,49% 7 9,03% 21-1,09% 4 13,50% 24 10,93% 17 Prudential Yield Enhanced Bonds 17,60% 16 0,03% 16 17,30% 4 10,56% 5 17,15% 14 1,77% 15 9,87% 15-2,99% 15 16,52% 10 10,64% 22 SIM Institutional Total Return Bond Fund 17,72% 14-0,78% 22 16,82% 5 9,67% 11 16,69% 16 1,70% 17 10,66% 6-4,28% 24 16,73% 6 10,84% 19 Stanlib Core Bond 17,02% 19-0,19% 19 16,27% 13 10,61% 4 17,77% 5 1,62% 18 9,61% 19-3,26% 18 17,51% 1 11,64% 8 Vunani Domestic Active Bond 17,82% 10 2,33% 3 16,72% 7 9,73% 8 17,59% 7 2,44% 8 9,68% 18-3,26% 17 16,93% 5 11,17% 12 ALBI 16,97% -0,99% 14,96% 8,82% 15,99% 0,64% 10,15% -3,93% 15,45% 10,22% Top Quartile 18,45% 1,45% 16,76% 9,83% 17,63% 2,59% 10,58% -1,60% 16,67% 11,74% Mean 17,61% 0,85% 16,25% 9,67% 16,98% 2,14% 10,23% -2,41% 16,26% 11,25% Median 17,79% 0,77% 16,33% 9,63% 17,16% 1,95% 10,18% -2,49% 16,32% 11,16% Bottom Quartile 17,59% -0,07% 15,71% 9,14% 16,27% 1,66% 9,68% -3,30% 15,89% 10,89% BEASSA Inflation Linked 13,62% 7,66% 10,97% 13,05% 19,37% 0,79% 11,15% 3,68% 6,27% 2,93% STeFI 11,70% 9,13% 6,93% 5,73% 5,54% 5,19% 5,91% 6,47% 7,39% 7,54% 25

3 YEAR ANNUALISED VOLATILITY & RETURN 26

5 YEAR ANNUALISED VOLATILITY & RETURN 27

SA LISTED PROPERTY FUNDS We always count 28

3 YEAR PERFORMANCE 29

5 YEAR PERFORMANCE 30

ABSOLUTE PERFORMANCE Portfolio 3 Months YTD 1 2 3 5 8 10 ABSA AM Property Equity Fund 8,03% 9 29,20% 1 29,20% 1 20,14% 1 23,46% 1 24,40% 1 Catalyst SA Property Composite Portfolios 8,88% 1 18,58% 6 18,58% 6 14,65% 5 15,10% 3 16,74% 4 19,12% 2 16,23% 2 Coronation Property Equity 7,60% 11 15,71% 13 15,71% 13 12,61% 13 11,77% 15 14,92% 10 18,70% 3 16,11% 3 Bridge Fund Managers Listed Property -3,43% 16-0,56% 16-0,56% 16 7,60% 16 7,78% 16 11,86% 16 Investec Property Equity Fund 8,10% 8 18,44% 7 18,44% 7 12,49% 14 13,00% 7 15,28% 6 18,69% 4 15,87% 5 Meago Composite 8,70% 3 20,26% 3 20,26% 3 15,63% 2 14,02% 5 15,36% 5 18,26% 8 Metope Listed Property 8,79% 2 20,62% 2 20,62% 2 15,17% 3 15,28% 2 17,26% 3 20,24% 1 17,16% 1 MMI - SA Property 8,60% 4 19,87% 5 19,87% 5 13,94% 7 13,22% 6 14,59% 12 17,65% 9 14,47% 9 Old Mutual SA Listed Property Index Fund 8,30% 6 17,27% 9 17,27% 9 13,71% 9 12,25% 12 14,28% 14 Old Mutual SA Quoted Property Fund 6,09% 15 15,09% 15 15,09% 15 9,95% 15 12,48% 10 14,96% 8 18,29% 7 15,40% 7 Prescient Property Equity Composite 8,31% 5 17,37% 8 17,37% 8 13,38% 11 12,74% 8 14,99% 7 16,15% 11 14,51% 8 Prudential Enhanced SA Property Fund 6,22% 14 15,29% 14 15,29% 14 13,21% 12 12,41% 11 14,76% 11 18,33% 6 15,79% 6 Satrix Property Index Fund 8,25% 7 17,01% 10 17,01% 10 13,47% 10 11,96% 13 13,87% 15 Sesfikile SA Listed Property 7,81% 10 19,99% 4 19,99% 4 15,08% 4 15,03% 4 17,33% 2 SIM Property Fund 7,50% 13 16,01% 11 16,01% 11 13,93% 8 11,87% 14 14,42% 13 16,74% 10 13,79% 10 STANLIB Institutional Property 7,59% 12 15,93% 12 15,93% 12 14,19% 6 12,67% 9 14,92% 9 18,45% 5 16,04% 4 SAPY 8,32% 17,15% 17,15% 13,62% 11,71% 13,86% 17,65% 14,87% Top Quartile 8,38% 19,90% 19,90% 14,76% 14,27% 15,71% 18,69% 16,09% Mean 7,21% 17,26% 17,26% 13,70% 13,44% 15,62% 18,24% 15,54% Median 8,06% 17,32% 17,32% 13,82% 12,71% 14,94% 18,33% 15,83% Bottom Quartile 7,57% 15,88% 15,88% 13,06% 12,18% 14,55% 17,96% 14,73% JSE SWIX 9,63% 21,21% 21,21% 12,35% 9,36% 12,75% 14,55% 11,67% ALBI 2,22% 10,22% 10,22% 12,80% 6,92% 6,27% 8,82% 8,58% 31

ABSOLUTE CALENDAR YEAR PERFORMANCE Portfolio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ABSA AM Property Equity Fund 35,57% 8 11,27% 3 42,30% 1 30,40% 1 11,72% 4 29,20% 1 Catalyst SA Property Composite Portfolios -4,26% 7 15,95% 3 27,84% 7 7,92% 11 35,53% 9 9,88% 7 29,39% 3 16,00% 3 10,84% 7 18,58% 6 Coronation Property Equity -2,90% 5 16,34% 2 28,46% 6 10,24% 3 38,84% 1 12,87% 2 27,17% 12 10,11% 11 9,60% 12 15,71% 13 Bridge Fund Managers Listed Property 12,34% 1 36,84% 6 11,24% 4 25,72% 16 8,15% 15 16,43% 1-0,56% 16 Investec Property Equity Fund -0,87% 2 11,72% 11 28,99% 5 8,23% 9 38,54% 2 9,86% 8 28,43% 6 14,04% 6 6,83% 15 18,44% 7 Meago Composite 14,05% 9 27,77% 8 8,68% 7 34,86% 11 8,23% 14 27,36% 10 10,88% 9 11,18% 5 20,26% 3 Metope Listed Property -2,91% 6 14,84% 8 31,41% 1 8,46% 8 38,29% 3 11,24% 5 30,07% 2 15,52% 4 9,96% 11 20,62% 2 MMI - SA Property -9,06% 10 15,68% 4 22,80% 10 10,25% 2 37,22% 4 8,02% 15 26,03% 15 11,78% 7 8,30% 14 19,87% 5 Old Mutual SA Listed Property Index Fund 8,58% 13 26,93% 13 9,39% 13 10,26% 9 17,27% 9 Old Mutual SA Quoted Property Fund -5,22% 8 15,33% 5 29,37% 4 8,99% 6 35,38% 10 9,69% 10 28,65% 5 17,70% 2 5,04% 16 15,09% 15 Prescient Property Equity Composite 3,32% 1 13,21% 10 16,63% 11 8,06% 10 30,78% 14 9,63% 11 27,97% 8 11,47% 8 9,53% 13 17,37% 8 Prudential Enhanced SA Property Fund -2,20% 3 15,25% 7 30,57% 2 9,72% 5 34,81% 12 10,04% 6 27,34% 11 10,82% 10 11,17% 6 15,29% 14 Satrix Property Index Fund 8,01% 16 26,34% 14 8,98% 14 10,04% 10 17,01% 10 Sesfikile SA Listed Property 36,85% 5 13,09% 1 29,17% 4 14,91% 5 10,38% 8 19,99% 4 SIM Property Fund -8,48% 9 15,31% 6 24,32% 9 6,97% 12 32,21% 13 9,83% 9 27,53% 9 7,87% 16 11,88% 3 16,01% 11 STANLIB Institutional Property -2,70% 4 17,38% 1 29,40% 3 9,76% 4 36,16% 7 9,47% 12 27,99% 7 9,71% 12 12,46% 2 15,93% 12 SAPY -4,47% 14,07% 29,62% 8,93% 35,88% 8,39% 26,64% 7,99% 10,20% 17,15% Top Quartile -2,32% 15,81% 29,38% 9,88% 37,13% 11,24% 28,78% 15,06% 11,31% 19,90% Mean -3,53% 15,00% 27,05% 9,14% 35,85% 10,06% 28,65% 12,98% 10,35% 17,26% Median -2,91% 15,31% 28,46% 8,84% 35,86% 9,85% 27,75% 11,17% 10,32% 17,32% Bottom Quartile -4,98% 14,44% 26,04% 8,19% 34,99% 9,24% 27,11% 9,63% 9,58% 15,88% JSE SWIX -21,67% 29,91% 20,86% 4,26% 29,09% 20,71% 15,42% 3,62% 4,13% 21,21% ALBI 16,97% -0,99% 14,96% 8,82% 15,99% 0,64% 10,15% -3,93% 15,45% 10,22% 32

3 YEAR ANNUALISED VOLATILITY & RETURN 33

5 YEAR ANNUALISED VOLATILITY & RETURN 34

SA CONSTRAINED EQUITY FUNDS We always count 35

3 YEAR PERFORMANCE 36

5 YEAR PERFORMANCE 37

ABSOLUTE PERFORMANCE Portfolio 3 Months YTD 1 Aeon Active Equity 10,08% 5 25,79% 1 25,79% 1 13,20% 5 11,14% 3 14,85% 2 15,48% 4 ABSA AM Core Equity Fund 5,96% 23 22,18% 6 22,18% 6 11,71% 13 11,15% 2 Afena Capital SWIX 8,31% 15 17,79% 14 17,79% 14 12,99% 6 7,93% 20 10,36% 20 11,28% 16 9,67% 10 Aluwani - Equity 10,91% 2 24,35% 3 24,35% 3 10,57% 16 10,26% 5 13,11% 10 14,68% 9 12,16% 4 Argon SA Equity Fund 5,89% 24 17,45% 15 17,45% 15 8,57% 24 8,98% 12 13,51% 6 13,95% 11 11,02% 7 Benguela SA Equity 9,97% 8 19,70% 11 19,70% 11 12,73% 9 Coronation Core Equity 8,90% 14 21,94% 7 21,94% 7 13,45% 4 8,90% 13 13,34% 8 15,47% 5 13,82% 1 JM Busha Diversified Equity 9,87% 10 18,39% 13 18,39% 13 12,57% 10 6,16% 24 10,45% 19 Kagiso Core SWIX Fund 5,69% 25 15,28% 24 15,28% 24 10,57% 17 5,21% 25 9,97% 21 12,35% 15 10,50% 9 Mergence ESG Equity Fund 7,40% 18 15,57% 23 15,57% 23 9,11% 22 7,80% 21 12,20% 13 Mergence SWIX Fund 7,06% 20 16,36% 18 16,36% 18 10,36% 18 9,34% 8 13,45% 7 14,23% 10 11,88% 5 Mianzo Active Equity 8,94% 13 16,26% 19 16,26% 19 12,80% 7 6,89% 23 11,68% 15 Mianzo Enhanced Equity 10,00% 7 20,45% 10 20,45% 10 14,00% 2 8,54% 16 Mvunonala Core Satelite Equity 10,12% 4 22,44% 5 22,44% 5 8,09% 25 7,36% 22 OMIG Double Alpha SWIX 40 10,07% 6 25,47% 2 25,47% 2 12,50% 11 10,51% 4 13,99% 3 15,78% 2 OMIG Managed Alpha Equity 6,89% 22 16,16% 20 16,16% 20 8,89% 23 8,85% 14 13,26% 9 15,48% 3 12,23% 3 OMIG Managed Volatility 8,98% 11 17,18% 17 17,18% 17 9,17% 21 8,59% 15 11,45% 18 15,27% 7 OMIG Premium Equity 6,90% 21 17,43% 16 17,43% 16 11,41% 14 9,62% 7 12,27% 12 15,36% 6 Prescient Core Equity Composite 9,89% 9 21,61% 9 21,61% 9 12,80% 8 9,87% 6 Prudential Core Equity 10,90% 3 23,19% 4 23,19% 4 14,20% 1 11,34% 1 15,26% 1 16,52% 1 13,78% 2 Sentio General Equity Fund 12,06% 1 16,04% 21 16,04% 21 10,22% 19 9,04% 11 13,09% 11 SIM Aggressive Equity 1,90% 27 13,95% 25 13,95% 25 13,57% 3 8,13% 18 12,00% 14 13,16% 13 10,98% 8 SIM Moderate Equity 7,25% 19 19,58% 12 19,58% 12 12,21% 12 9,20% 10 13,59% 5 15,07% 8 Stanlib Core Equity 7,73% 16 13,41% 27 13,41% 27 6,45% 26 4,13% 26 8,08% 22 12,76% 14 8,98% 11 Stanlib Enhanced Index 8,95% 12 21,66% 8 21,66% 8 10,67% 15 8,04% 19 11,60% 17 13,89% 12 11,17% 6 Truffle SWIX Equity 2,18% 26 13,79% 26 13,79% 26 5,39% 27 8,52% 17 13,77% 4 Vunani Core Equity 7,62% 17 16,00% 22 16,00% 22 10,03% 20 9,22% 9 11,63% 16 JSE SWIX 9,63% 21,21% 21,21% 12,35% 9,36% 12,75% 14,55% 11,67% Top Quartile 9,98% 21,80% 21,80% 12,80% 9,55% 13,49% 15,47% 12,20% Mean 8,16% 18,87% 18,87% 11,05% 8,64% 12,40% 14,42% 11,47% Median 8,90% 17,79% 17,79% 11,41% 8,88% 12,68% 14,87% 11,17% Bottom Quartile 6,98% 16,10% 16,10% 9,60% 7,96% 11,61% 13,71% 10,74% JSE ALSI 7,44% 20,95% 20,95% 11,42% 9,28% 11,93% 13,31% 10,67% JSE Capped SWIX 8,44% 16,49% 16,49% 10,68% 7,98% 11,90% 2 3 5 8 10 38

ABSOLUTE CALENDAR YEAR PERFORMANCE Portfolio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Aeon Active Equity 27,82% 10 20,64% 9 3,18% 17 27,14% 16 28,22% 2 13,50% 16 7,13% 9 1,87% 19 25,79% 1 ABSA AM Core Equity Fund 10,04% 2 2,14% 17 22,18% 6 Afena Capital SWIX -18,83% 3 31,91% 5 17,48% 15 2,73% 18 19,05% 21 20,25% 18 8,26% 24-1,52% 21 8,39% 3 17,79% 14 Aluwani - Equity -19,81% 5 31,29% 6 19,32% 12 5,91% 7 27,88% 14 21,58% 16 13,59% 15 9,65% 4-1,68% 25 24,35% 3 Argon SA Equity Fund -21,45% 9 27,39% 13 18,64% 14 0,89% 19 26,00% 18 25,26% 10 16,22% 4 9,81% 3 0,36% 23 17,45% 15 Benguela SA Equity 6,17% 6 19,70% 11 Coronation Core Equity -13,36% 1 33,31% 3 24,74% 2 5,58% 8 28,28% 12 29,00% 1 12,25% 17 0,34% 19 5,55% 10 21,94% 7 JM Busha Diversified Equity 34,58% 2 22,58% 14 12,06% 18-5,58% 26 7,03% 5 18,39% 13 Kagiso Core SWIX Fund -19,90% 6 33,50% 2 20,97% 7 4,30% 12 25,08% 19 25,94% 7 9,65% 22-4,73% 25 6,05% 7 15,28% 24 Mergence ESG Equity Fund 4,53% 11 31,02% 9 21,55% 17 16,79% 2 5,22% 15 3,02% 16 15,57% 23 Mergence SWIX Fund -18,89% 4 30,73% 7 14,44% 16 6,22% 5 26,87% 17 25,45% 9 14,61% 12 7,31% 8 4,68% 13 16,36% 18 Mianzo Active Equity 3,69% 13 28,19% 13 27,52% 4 11,56% 19-4,02% 24 9,45% 2 16,26% 19 Mianzo Enhanced Equity 14,38% 14-1,61% 22 7,91% 4 20,45% 10 Mvunonala Core Satelite Equity 16,64% 3 5,91% 13-4,57% 27 22,44% 5 OMIG Double Alpha SWIX 40 20,54% 10 6,02% 6 31,27% 6 23,80% 12 15,19% 9 6,64% 11 0,87% 21 25,47% 2 OMIG Managed Alpha Equity -21,40% 8 27,54% 11 22,72% 4 3,58% 14 33,53% 3 24,91% 11 15,69% 6 8,78% 5 2,07% 18 16,16% 20 OMIG Managed Volatility 24,82% 1 10,76% 2 31,13% 7 16,24% 22 15,49% 7 7,45% 7 1,71% 20 17,18% 17 OMIG Premium Equity 18,98% 13 12,21% 1 31,73% 5 17,97% 21 14,79% 11 6,12% 12 5,70% 9 17,43% 16 Prescient Core Equity Composite 4,25% 16 4,63% 14 21,61% 9 Prudential Core Equity -16,06% 2 27,49% 12 20,42% 11 6,67% 3 30,01% 11 28,06% 3 15,11% 10 5,82% 14 5,86% 8 23,19% 4 Sentio General Equity Fund 4,55% 10 31,05% 8 23,02% 13 15,97% 5 6,70% 10 4,70% 12 16,04% 21 SIM Aggressive Equity -21,03% 7 33,53% 1 22,85% 3 3,48% 15 20,04% 20 25,61% 8 10,95% 20-1,97% 23 13,19% 1 13,95% 25 SIM Moderate Equity 33,07% 4 21,88% 6 4,62% 9 27,46% 15 26,84% 5 14,49% 13 3,42% 17 5,30% 11 19,58% 12 Stanlib Core Equity -29,62% 11 28,54% 9 22,68% 5 6,45% 4 35,68% 1 18,64% 20 10,09% 21-0,37% 20-0,07% 24 13,41% 27 Stanlib Enhanced Index -21,55% 10 29,81% 8 20,95% 8 3,34% 16 30,85% 10 18,89% 19 15,48% 8 2,96% 18 0,67% 22 21,66% 8 Truffle SWIX Equity 26,57% 6 17,84% 1 15,05% 1-2,39% 26 13,79% 26 Vunani Core Equity 31,80% 4 21,88% 15 9,19% 23 7,60% 6 4,38% 15 16,00% 22 JSE SWIX -21,67% 29,91% 20,86% 4,26% 29,09% 20,71% 15,42% 3,62% 4,13% 21,21% Top Quartile -18,86% 33,07% 22,69% 6,12% 31,27% 26,41% 15,54% 7,41% 5,95% 21,80% Mean -20,17% 30,46% 20,75% 5,20% 28,98% 23,63% 13,74% 4,25% 3,81% 18,87% Median -19,90% 30,73% 20,80% 4,55% 30,01% 24,35% 14,55% 5,87% 4,63% 17,79% Bottom Quartile -21,43% 27,82% 19,23% 3,53% 27,14% 21,56% 11,93% -0,19% 1,29% 16,10% JSE ALSI -23,23% 32,13% 18,98% 2,57% 26,68% 21,43% 10,88% 5,13% 2,63% 20,95% JSE Capped SWIX 29,09% 20,71% 15,42% 2,78% 5,16% 16,49% 39

3 YEAR ANNUALISED VOLATILITY & RETURN 40

5 YEAR ANNUALISED VOLATILITY & RETURN 41

SA UNCONSTRAINED EQUITY FUNDS We always count 42

3 YEAR PERFORMANCE 43

5 YEAR PERFORMANCE 44

ABSOLUTE PERFORMANCE Portfolio 3 Months YTD 1 2 3 5 8 10 ABAX Equity Fund 6,75% 17 18,32% 7 18,32% 7 8,24% 19 9,16% 8 13,83% 6 15,63% 4 12,43% 11 ABSA AM Value Equity Fund 7,21% 15 14,09% 16 14,09% 16 9,32% 17 4,95% 26 9,06% 20 12,29% 13 12,78% 8 Afena Capital Aggressive Equity 8,02% 10 11,42% 23 11,42% 23 17,90% 4 5,89% 22 7,19% 24 Allan Gray Domestic Equity 9,36% 4 14,44% 14 14,44% 14 13,97% 10 10,98% 3 14,56% 4 15,15% 5 13,09% 5 Ashburton Equity Fund 2,65% 28 12,99% 19 12,99% 19 7,95% 21 6,55% 18 Aylett Institutional Equity 9,24% 5 13,40% 17 13,40% 17 15,83% 7 9,49% 7 13,21% 8 14,18% 11 13,62% 3 Bateleur Long Only Equity 5,54% 19 14,18% 15 14,18% 15 8,00% 20 9,78% 6 15,10% 2 Cannon ALSI Institutional 4,61% 23-0,56% 32-0,56% 32 9,77% 15 2,42% 31 4,10% 29 6,14% 22 4,82% 21 ClucasGray Equity Prescient Fund 10,79% 1 18,40% 6 18,40% 6 14,19% 9 9,80% 5 13,17% 9 Coronation Aggressive Equity 3,71% 25 15,96% 10 15,96% 10 15,97% 5 7,03% 16 11,43% 13 14,26% 10 12,93% 7 Coronation Houseview Equity 5,65% 18 15,74% 11 15,74% 11 11,19% 14 7,37% 15 12,55% 10 14,72% 7 12,97% 6 Denker SA Equity 3,03% 27-1,69% 33-1,69% 33 7,29% 25 0,54% 34 5,84% 26 9,15% 17 8,18% 16 Electus Equity Fund 3,15% 26 11,23% 24 11,23% 24 9,43% 16 6,05% 20 11,13% 15 12,31% 12 9,39% 15 Element Equity 4,81% 22 15,50% 12 15,50% 12 18,50% 3 5,60% 23 4,00% 30 6,16% 21 6,00% 19 Fairtree Capital Equity Fund 9,96% 3 21,47% 3 21,47% 3 15,97% 6 13,40% 1 16,94% 1 First Avenue Equity 7,57% 12 14,65% 13 14,65% 13 5,63% 29 6,92% 17 10,84% 16 First Avenue Focused Equity 7,35% 13 16,94% 8 16,94% 8 5,87% 27 8,15% 14 11,79% 12 Foord Specialist Domestic Equity -0,33% 32 5,39% 29 5,39% 29 4,24% 32 3,79% 29 10,77% 17 14,74% 6 12,72% 9 JSE SWIX 9,63% 21,21% 21,21% 12,35% 9,36% 12,75% 14,55% 11,67% Top Quartile 8,16% 16,14% 16,14% 14,14% 9,01% 13,20% 14,74% 12,97% Mean 5,58% 12,20% 12,20% 10,45% 6,77% 10,41% 12,36% 10,61% Median 6,20% 13,31% 13,31% 8,80% 6,74% 10,98% 13,25% 12,43% Bottom Quartile 3,29% 8,96% 8,96% 7,27% 5,01% 7,72% 9,21% 8,18% JSE ALSI 7,44% 20,95% 20,95% 11,42% 9,28% 11,93% 13,31% 10,67% JSE Capped SWIX 8,44% 16,49% 16,49% 10,68% 7,98% 11,90% 45

ABSOLUTE PERFORMANCE (continued) Portfolio 3 Months YTD 1 2 3 5 8 10 Foord Specialist Equity SWIX -0,23% 31 5,51% 28 5,51% 28 4,39% 31 3,90% 28 10,65% 18 14,59% 8 12,63% 10 Investec General Equity 5,53% 20 13,21% 18 13,21% 18 7,71% 22 10,17% 4 14,02% 5 14,45% 9 10,80% 12 Investec Value Equity 1,12% 30-4,04% 34-4,04% 34 21,37% 1 6,14% 19 6,16% 25 7,34% 20 7,30% 17 Kagiso Managed Equity Fund 5,51% 21 16,20% 9 16,20% 9 13,47% 12 5,53% 24 9,63% 19 11,79% 15 10,23% 13 Laurium Equity Prescient Unit Trust 8,20% 9 19,44% 4 19,44% 4 7,27% 26 8,36% 13 Maestro Prescient Equity Fund -2,49% 34 1,97% 31 1,97% 31 0,66% 34 1,81% 32 7,61% 23 9,39% 16 MAZI Capital Equity SWIX 7,76% 11 18,55% 5 18,55% 5 7,49% 23 9,14% 9 13,42% 7 17,83% 1 15,11% 1 Mvunonala Pure Active Equity SWIX 9,12% 6 23,84% 1 23,84% 1 8,28% 18 8,44% 11 12,54% 11 Oasis Specialist Domestic Equity 7,14% 16 11,80% 21 11,80% 21 13,40% 13 5,19% 25 8,44% 21 11,86% 14 9,56% 14 Perpetua Domestic Specialist Equity 8,29% 8 8,60% 26 8,60% 26 14,79% 8 4,60% 27 8,06% 22 Prudential Deep Value Equity 10,77% 2 23,06% 2 23,06% 2 13,72% 11 11,17% 2 14,81% 3 15,67% 3 13,21% 4 PSG SA Equity 8,41% 7 10,02% 25 10,02% 25 20,68% 2 8,44% 12 Stanlib Unconstrained Equity 7,31% 14 12,20% 20 12,20% 20 7,36% 24 1,25% 33 4,89% 28 8,85% 19 4,88% 20 Stanlib Value Equity -1,08% 33 4,14% 30 4,14% 30 4,18% 33 3,71% 30 5,41% 27 8,99% 18 6,37% 18 Steyn Capital Equity 1,41% 29 6,95% 27 6,95% 27 5,68% 28 8,62% 10 Visio SWIX 3,95% 24 11,60% 22 11,60% 22 5,50% 30 5,95% 21 11,20% 14 16,34% 2 13,85% 2 JSE SWIX 9,63% 21,21% 21,21% 12,35% 9,36% 12,75% 14,55% 11,67% Top Quartile 8,16% 16,14% 16,14% 14,14% 9,01% 13,20% 14,74% 12,97% Mean 5,58% 12,20% 12,20% 10,45% 6,77% 10,41% 12,36% 10,61% Median 6,20% 13,31% 13,31% 8,80% 6,74% 10,98% 13,25% 12,43% Bottom Quartile 3,29% 8,96% 8,96% 7,27% 5,01% 7,72% 9,21% 8,18% JSE ALSI 7,44% 20,95% 20,95% 11,42% 9,28% 11,93% 13,31% 10,67% JSE Capped SWIX 8,44% 16,49% 16,49% 10,68% 7,98% 11,90% 46

ABSOLUTE CALENDAR YEAR PERFORMANCE Portfolio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ABAX Equity Fund -21,58% 16 28,71% 17 20,81% 15 8,91% 4 27,06% 10 28,04% 4 14,77% 9 11,01% 6-0,97% 29 18,32% 7 ABSA AM Value Equity Fund -3,61% 1 36,64% 2 24,32% 8 6,27% 9 24,03% 16 18,74% 22 12,39% 20-3,25% 23 4,74% 18 14,09% 16 Afena Capital Aggressive Equity 2,72% 18 20,02% 21 17,05% 25 1,80% 29-14,58% 32 24,76% 3 11,42% 23 Allan Gray Domestic Equity -11,93% 3 25,67% 20 20,17% 17 9,00% 3 19,58% 22 24,51% 13 15,92% 6 5,23% 13 13,51% 11 14,44% 14 Ashburton Equity Fund 13,13% 18 3,82% 15 3,13% 22 12,99% 19 Aylett Institutional Equity -8,70% 2 35,91% 4 22,04% 13 5,62% 10 20,50% 19 23,83% 14 14,41% 12-2,18% 22 18,32% 7 13,40% 17 Bateleur Long Only Equity 26,92% 6 20,29% 1 13,44% 3 2,15% 26 14,18% 15 Cannon ALSI Institutional -26,55% 18 35,40% 5 18,69% 18-1,71% 22 12,91% 24 16,02% 28-1,90% 31-10,83% 28 21,16% 6-0,56% 32 ClucasGray Equity Prescient Fund 26,23% 11 23,14% 16 13,89% 16 1,53% 19 10,13% 14 18,40% 6 Coronation Aggressive Equity -15,08% 6 36,73% 1 27,92% 2 5,05% 11 25,82% 13 30,91% 2 7,06% 27-8,84% 25 15,98% 9 15,96% 10 Coronation Houseview Equity -16,50% 11 35,11% 6 25,81% 5 3,50% 16 27,60% 8 32,52% 1 10,11% 24 0,10% 20 6,83% 16 15,74% 11 Denker SA Equity -17,48% 13 32,02% 11 23,05% 10 1,55% 20 21,45% 17 18,02% 23 10,70% 21-11,71% 29 17,09% 8-1,69% 33 Electus Equity Fund -26,70% 19 32,14% 9 23,68% 9 2,47% 19 17,89% 23 24,63% 12 14,00% 15-0,39% 21 7,66% 15 11,23% 24 Element Equity -12,38% 4 26,68% 18 14,76% 20 3,96% 14 11,16% 25 2,16% 29 1,14% 30-16,14% 33 21,57% 4 15,50% 12 Fairtree Capital Equity Fund 31,72% 5 24,93% 11 20,07% 2 8,42% 10 10,71% 13 21,47% 3 First Avenue Equity 31,19% 6 20,21% 20 13,85% 17 9,52% 8-2,68% 31 14,65% 13 First Avenue Focused Equity 20,78% 19 14,28% 13 12,86% 4-4,14% 33 16,94% 8 Foord Specialist Domestic Equity -15,96% 8 31,21% 14 25,83% 4 8,10% 5 32,47% 3 28,49% 3 16,05% 5 2,90% 17 3,11% 23 5,39% 29 JSE SWIX -21,67% 29,91% 20,86% 4,26% 29,09% 20,71% 15,42% 3,62% 4,13% 21,21% Top Quartile -15,08% 35,11% 25,53% 7,50% 29,73% 25,92% 14,99% 8,68% 15,74% 16,14% Mean -18,43% 31,61% 22,19% 5,04% 24,40% 21,65% 11,72% 0,39% 9,29% 12,20% Median -16,50% 32,02% 22,29% 4,74% 25,67% 23,45% 13,87% 2,84% 4,92% 13,31% Bottom Quartile -21,58% 29,95% 20,24% 3,08% 20,25% 18,20% 9,94% -9,33% 2,23% 8,96% JSE ALSI -23,23% 32,13% 18,98% 2,57% 26,68% 21,43% 10,88% 5,13% 2,63% 20,95% JSE Capped SWIX 29,09% 20,71% 15,42% 2,78% 5,16% 16,49% 47

ABSOLUTE CALENDAR YEAR PERFORMANCE (continued) Portfolio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Foord Specialist Equity SWIX -15,96% 7 31,39% 13 25,71% 6 7,83% 6 32,27% 4 27,86% 5 15,65% 8 2,92% 16 3,28% 21 5,51% 28 Investec General Equity -25,10% 17 26,48% 19 14,60% 22 6,51% 8 25,14% 15 22,44% 17 17,72% 3 15,26% 1 2,47% 25 13,21% 18 Investec Value Equity -13,04% 5 32,04% 10 25,00% 7 1,48% 21 3,03% 26-0,29% 30 13,09% 19-18,81% 34 53,50% 1-4,04% 34 Kagiso Managed Equity Fund -20,27% 15 36,24% 3 22,51% 11 4,64% 13 20,17% 20 25,11% 10 7,67% 26-8,71% 24 10,81% 12 16,20% 9 Laurium Equity Prescient Unit Trust 10,59% 7-3,67% 32 19,44% 4 Maestro Prescient Equity Fund 18,40% 19-4,38% 23 25,51% 14 23,77% 15 10,49% 23 4,13% 14-0,63% 28 1,97% 31 MAZI Capital Equity SWIX -16,44% 10 31,51% 12 28,81% 1 12,44% 2 36,69% 2 26,12% 8 14,49% 11 12,50% 5-2,54% 30 18,55% 5 Mvunonala Pure Active Equity SWIX 21,63% 18 16,38% 4 8,77% 9-5,32% 34 23,84% 1 Oasis Specialist Domestic Equity -18,60% 14 24,89% 21 20,92% 14 7,18% 7 26,15% 12 16,55% 26 10,52% 22-9,49% 26 15,02% 10 11,80% 21 Perpetua Domestic Specialist Equity 17,68% 24 9,43% 25-13,15% 31 21,32% 5 8,60% 26 Prudential Deep Value Equity -16,97% 12 29,95% 16 20,42% 16 4,74% 12 27,41% 9 26,77% 7 14,53% 10 6,23% 12 5,09% 17 23,06% 2 PSG SA Equity 15,86% 7-12,43% 30 32,36% 2 10,02% 25 Stanlib Unconstrained Equity -38,40% 21 32,60% 7 14,66% 21 3,81% 15 30,43% 7 16,26% 27 5,23% 28-9,96% 27 2,73% 24 12,20% 20 Stanlib Value Equity -29,53% 20 32,17% 8 22,08% 12 3,45% 17 21,15% 18 19,22% 21-2,13% 32 2,78% 18 4,21% 20 4,14% 30 Steyn Capital Equity 14,75% 2 4,42% 19 6,95% 27 Visio SWIX -16,34% 9 30,31% 15 27,88% 3 12,74% 1 36,92% 1 25,34% 9 14,07% 14 6,85% 11-0,27% 27 11,60% 22 JSE SWIX -21,67% 29,91% 20,86% 4,26% 29,09% 20,71% 15,42% 3,62% 4,13% 21,21% Top Quartile -15,08% 35,11% 25,53% 7,50% 29,73% 25,92% 14,99% 8,68% 15,74% 16,14% Mean -18,43% 31,61% 22,19% 5,04% 24,40% 21,65% 11,72% 0,39% 9,29% 12,20% Median -16,50% 32,02% 22,29% 4,74% 25,67% 23,45% 13,87% 2,84% 4,92% 13,31% Bottom Quartile -21,58% 29,95% 20,24% 3,08% 20,25% 18,20% 9,94% -9,33% 2,23% 8,96% JSE ALSI -23,23% 32,13% 18,98% 2,57% 26,68% 21,43% 10,88% 5,13% 2,63% 20,95% JSE Capped SWIX 29,09% 20,71% 15,42% 2,78% 5,16% 16,49% 48

3 YEAR ANNUALISED VOLATILITY & RETURN 49

5 YEAR ANNUALISED VOLATILITY & RETURN 50

AFRICA EQUITY EX SOUTH AFRICA FUNDS We always count 51

3 YEAR PERFORMANCE 52

5 YEAR PERFORMANCE 53

ABSOLUTE PERFORMANCE Portfolio 3 Months YTD 1 2 3 5 8 10 Absa Africa Equity Fund 5,19% 13 24,62% 15 24,62% 15 4,74% 13-4,16% 10 All Seasons Africa Fund 8,25% 7 34,99% 9 34,99% 9 9,40% 9-4,34% 11-0,58% 11 0,92% 7 Allan Gray Africa Equity ex ZA 9,26% 6 52,85% 2 52,85% 2 19,63% 3-1,19% 8 1,34% 7 Altree Africa Opportunities Fund 9,32% 5 27,88% 12 27,88% 12 2,03% 16-7,17% 16-3,66% 15 2,12% 5-1,89% 2 Ashburton Africa Equity Opportunities Fund 8,14% 8 38,38% 5 38,38% 5 6,48% 11-6,08% 14 Ashmore EM Frontier Fund 1,95% 18 25,43% 14 25,43% 14 0,89% 18-6,39% 15 0,18% 8 3,27% 4-0,26% 1 Coronation African Frontiers 9,88% 4 36,93% 7 36,93% 7 15,48% 5-0,31% 6 4,52% 2 6,71% 1 Duet Africa Opportunities Fund 5,12% 14 18,30% 19 18,30% 19-2,91% 20-8,48% 19-2,95% 12 1,52% 6 Imara African Opportunities 20,22% 2 21,71% 16 21,71% 16 7,00% 10-2,23% 9 1,44% 6 3,63% 2-2,48% 3 Investec Africa I 7,22% 10 35,57% 8 35,57% 8 2,48% 15-8,00% 17-4,79% 16-0,58% 9 Laurium Limpopo Africa Equity Fund 7,01% 11 47,84% 3 47,84% 3 18,10% 4 7,12% 1 Metsi Fund 4,57% 15 25,45% 13 25,45% 13 1,83% 17-8,41% 18-3,38% 14 0,83% 8 Momentum Africa ex SA Equity Fund 7,70% 9 37,35% 6 37,35% 6 3,86% 14-4,93% 12-0,36% 10 3,49% 3 Old Mutual African Frontiers Fund 5,31% 12 33,68% 10 33,68% 10 9,68% 8-0,11% 5 2,85% 4 Prescient Africa Equity Fund 1,15% 19 21,62% 17 21,62% 17 0,10% 19-9,50% 20-3,09% 13 Prudential SICAV SIF Africa Fund 2,30% 17 28,99% 11 28,99% 11 10,57% 7 0,15% 4 2,72% 5 Rudiarius BCI Africa Equity Fund 3,87% 16 21,50% 18 21,50% 18 6,44% 12-5,09% 13 Sanlam African Frontier Markets Fund 16,09% 3 44,49% 4 44,49% 4 14,97% 6 0,16% 3 3,25% 3 Steyn Capital Africa Fund 24,12% 1 66,01% 1 66,01% 1 20,40% 2 3,80% 2 8,73% 1 Sustainable Capital Africa Alpha 0,16% 20 15,77% 20 15,77% 20 31,65% 1-0,39% 7 0,03% 9 MSCI Africa ex SA Index 2,62% 22,31% 22,31% 6,13% -3,22% 0,21% 1,95% -4,00% Top Quartile 9,28% 37,61% 37,61% 15,10% -0,26% 2,75% 3,49% -1,08% Mean 7,84% 32,97% 32,97% 9,14% -3,28% 0,39% 2,43% -1,54% Median 7,11% 31,33% 31,33% 6,74% -4,25% 0,11% 2,12% -1,89% Bottom Quartile 4,39% 23,89% 23,89% 2,36% -6,58% -2,99% 0,92% -2,18% MSCI Emerging Markets 7,44% 37,28% 37,28% 23,55% 9,10% 4,35% 4,47% 1,68% MSCI World 5,51% 22,40% 22,40% 14,71% 9,26% 11,64% 9,85% 5,03% 54

ABSOLUTE CALENDAR YEAR PERFORMANCE Portfolio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Absa Africa Equity Fund -19,74% 7-11,97% 11 24,62% 15 All Seasons Africa Fund 2,05% 5 15,05% 9-25,06% 8 28,46% 8 19,96% 14-7,48% 13-26,87% 17-11,33% 10 34,99% 9 Allan Gray Africa Equity ex ZA 36,46% 4 19,97% 13-7,67% 14-32,59% 19-6,37% 6 52,85% 2 Altree Africa Opportunities Fund -32,54% 1 3,53% 4 32,03% 2-9,32% 1 19,05% 13 22,33% 6-15,19% 16-23,16% 10-18,60% 16 27,88% 12 Ashburton Africa Equity Opportunities Fund -5,35% 8-26,92% 18-18,06% 15 38,38% 5 Ashmore EM Frontier Fund -44,63% 2 35,96% 1 22,54% 6-18,46% 5 28,32% 9 25,35% 3-1,88% 4-19,41% 6-18,84% 17 25,43% 14 Coronation African Frontiers 24,40% 2 25,94% 3-16,37% 4 27,91% 11 21,61% 7 3,56% 3-25,72% 13-2,60% 2 36,93% 7 Duet Africa Opportunities Fund 25,89% 4-18,81% 6 28,21% 10 29,79% 1-13,46% 15-18,69% 5-20,32% 18 18,30% 19 Imara African Opportunities -47,70% 3 11,90% 3 21,10% 7-12,43% 2 16,77% 14 20,22% 12-4,42% 6-18,36% 4-5,93% 5 21,71% 16 Investec Africa I 32,18% 1-30,99% 10 33,76% 5 21,02% 9-16,95% 18-25,85% 14-22,54% 20 35,57% 8 Laurium Limpopo Africa Equity Fund 6,30% 1-11,88% 1-5,66% 4 47,84% 3 Metsi Fund 20,14% 8-18,82% 7 30,10% 7 17,02% 16-6,35% 11-25,91% 15-17,35% 13 25,45% 13 Momentum Africa ex SA Equity Fund 24,54% 5-15,23% 3 26,95% 12 22,46% 5-6,68% 12-20,33% 8-21,47% 19 37,35% 6 Old Mutual African Frontiers Fund -28,61% 9 32,67% 6 19,70% 15-3,54% 5-17,15% 2-10,01% 9 33,68% 10 Prescient Africa Equity Fund 43,07% 2 20,97% 10-4,69% 7-26,03% 16-17,61% 14 21,62% 17 Prudential SICAV SIF Africa Fund 20,64% 11-5,63% 9-17,84% 3-5,22% 3 28,99% 11 Rudiarius BCI Africa Equity Fund -24,54% 12-6,76% 7 21,50% 18 Sanlam African Frontier Markets Fund -31,32% 11 41,02% 3 23,94% 4-5,78% 10-23,98% 11-8,51% 8 44,49% 4 Steyn Capital Africa Fund 44,49% 1 28,13% 2 6,05% 2-22,85% 9-12,67% 12 66,01% 1 Sustainable Capital Africa Alpha 21,30% 8-16,45% 17-42,98% 20 49,72% 1 15,77% 20 MSCI Africa ex SA Index -46,79% 7,12% 17,72% -30,51% 41,12% 18,31% -5,76% -19,52% -7,91% 22,31% Top Quartile -38,59% 24,40% 25,94% -15,80% 35,79% 22,83% -3,76% -19,23% -6,26% 37,61% Mean -41,63% 15,57% 24,38% -20,49% 31,23% 22,15% -5,87% -23,54% -9,61% 32,97% Median -44,63% 11,90% 24,54% -18,81% 29,28% 21,16% -5,71% -23,57% -11,65% 31,33% Bottom Quartile -46,17% 3,53% 21,10% -26,83% 27,99% 20,15% -7,63% -25,94% -18,20% 23,89% MSCI Emerging Markets -53,33% 78,51% 18,88% -18,42% 18,22% -2,60% -2,19% -14,92% 11,19% 37,28% MSCI World -40,71% 29,99% 11,76% -5,54% 15,83% 26,68% 4,94% -0,87% 7,51% 22,40% 55

3 YEAR ANNUALISED VOLATILITY & RETURN 56

5 YEAR ANNUALISED VOLATILITY & RETURN 57

SA GLOBAL BALANCED FUNDS We always count 58

3 YEAR PERFORMANCE 59

5 YEAR PERFORMANCE 60

ABSOLUTE PERFORMANCE Portfolio 3 Months YTD 1 2 3 5 8 10 ABAX Balanced Fund 0,51% 20 9,07% 18 9,07% 18 10,35% 3 8,98% 9 12,13% 12 ABSA AM Global Balanced 3,22% 8 11,26% 17 11,26% 17 7,41% 15 7,74% 16 10,25% 20 Allan Gray Global Balanced Life 3,42% 5 11,87% 16 11,87% 16 9,81% 5 10,84% 3 13,48% 3 13,46% 10 12,13% 5 Allan Gray Global Balanced Segregated 3,47% 4 11,94% 15 11,94% 15 9,70% 6 10,72% 4 13,36% 5 13,28% 11 11,98% 8 Aluwani - Global Balanced 2,74% 9 13,71% 8 13,71% 8 6,86% 17 8,02% 15 10,83% 17 11,70% 17 10,25% 14 Cadiz Global Balanced 2,11% 15 12,06% 14 12,06% 14 8,91% 10 7,56% 17 8,79% 22 10,61% 19 Coronation Full Discretion 2,66% 11 14,13% 5 14,13% 5 8,65% 13 8,73% 10 13,18% 7 14,14% 4 12,70% 3 Coronation Managed 0,54% 19 12,54% 12 12,54% 12 10,23% 4 8,49% 13 13,06% 10 14,64% 3 13,25% 2 Foord Global Balanced - Moderate -1,41% 23 7,76% 20 7,76% 20 4,08% 21 6,18% 20 10,51% 18 13,23% 12 11,64% 10 Investec Balanced 2,44% 14 13,48% 9 13,48% 9 7,17% 16 9,97% 6 13,34% 6 13,60% 7 12,04% 7 Investec Managed 2,57% 12 13,78% 6 13,78% 6 9,19% 9 12,46% 1 13,90% 2 14,05% 5 11,45% 11 Investec Segregated Full Discretion 2,57% 13 13,77% 7 13,77% 7 7,56% 14 10,11% 5 13,09% 9 13,48% 9 11,88% 9 Oasis Global Full Discretion 1,73% 18 6,63% 23 6,63% 23 5,52% 19 5,60% 23 10,30% 19 11,63% 18 9,08% 17 OMIG MacroSolutions (Profile Balanced) 3,25% 7 14,19% 4 14,19% 4 8,67% 12 8,70% 11 11,72% 14 12,47% 14 10,18% 15 OMIG MacroSolutions (Profile Edge28) 5,22% 2 15,79% 1 15,79% 1 9,24% 7 9,85% 8 13,47% 4 13,50% 8 11,36% 12 OMIG MacroSolutions Segregated Full Discretion 3,36% 6 14,29% 3 14,29% 3 8,71% 11 8,65% 12 11,70% 15 12,46% 15 10,36% 13 Prescient Global Balanced Composite 2,74% 10 13,44% 10 13,44% 10 5,79% 18 5,88% 21 8,19% 23 8,82% 20 7,98% 19 Prudential Global Balanced 4,21% 3 14,49% 2 14,49% 2 10,47% 2 9,92% 7 13,11% 8 14,01% 6 12,08% 6 PSG Balanced 5,22% 1 12,94% 11 12,94% 11 13,74% 1 11,38% 2 14,98% 1 14,72% 2 12,46% 4 Rezco Managed Plus 0,06% 22 7,04% 22 7,04% 22 0,39% 23 6,61% 18 12,27% 11 Rezco Value Trend (Balanced) 0,23% 21 7,25% 21 7,25% 21 1,26% 22 6,60% 19 11,83% 13 14,98% 1 13,81% 1 SIM Global Unique 1,85% 17 12,37% 13 12,37% 13 9,21% 8 8,28% 14 11,44% 16 12,50% 13 10,13% 16 Stanlib Full Discretion 2,06% 16 8,64% 19 8,64% 19 4,44% 20 5,67% 22 9,62% 21 12,39% 16 8,98% 18 GraySwan Global Balanced Peer Group 2,30% 12,00% 12,00% 8,35% 8,51% 11,87% 13,01% 11,24% Top Quartile 3,30% 13,77% 13,77% 9,47% 9,95% 13,26% 14,02% 12,10% Mean 2,38% 11,84% 11,84% 7,71% 8,56% 11,94% 12,98% 11,25% Median 2,57% 12,54% 12,54% 8,67% 8,65% 12,13% 13,37% 11,64% Bottom Quartile 1,79% 10,17% 10,17% 6,32% 7,08% 10,67% 12,44% 10,22% CPI + 5% 2,11% 9,85% 9,85% 10,89% 10,59% 10,69% 10,56% 11,23% JSE SWIX 9,63% 21,21% 21,21% 12,35% 9,36% 12,75% 14,55% 11,67% 61

ABSOLUTE CALENDAR YEAR PERFORMANCE Portfolio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ABAX Balanced Fund 23,56% 6 17,14% 21 16,91% 1 6,28% 19 11,64% 2 9,07% 18 ABSA AM Global Balanced 8,38% 11 20,01% 16 16,70% 22 11,57% 12 8,41% 15 3,70% 11 11,26% 17 Allan Gray Global Balanced Life -1,38% 4 15,95% 16 11,84% 18 13,06% 2 15,43% 21 25,33% 6 10,27% 19 12,93% 6 7,78% 4 11,87% 16 Allan Gray Global Balanced Segregated -1,06% 3 15,62% 17 11,68% 19 12,63% 3 15,14% 22 25,05% 7 10,29% 18 12,77% 7 7,51% 5 11,94% 15 Aluwani - Global Balanced -12,39% 14 24,91% 5 14,37% 10 5,93% 20 19,65% 19 20,67% 19 9,95% 20 10,37% 10 0,42% 19 13,71% 8 Cadiz Global Balanced 20,33% 10 15,91% 7 4,35% 21 21,55% 10 18,69% 20 3,18% 23 4,90% 23 5,86% 8 12,06% 14 Coronation Full Discretion -8,29% 7 25,13% 4 17,76% 3 8,21% 12 21,72% 8 28,88% 4 12,10% 10 8,88% 11 3,44% 12 14,13% 5 Coronation Managed -7,56% 6 25,89% 3 19,41% 1 9,05% 7 24,00% 5 30,10% 3 11,22% 14 5,09% 22 7,96% 3 12,54% 12 Foord Global Balanced - Moderate -5,62% 5 17,93% 14 17,16% 5 11,42% 4 25,57% 2 24,03% 10 11,00% 15 10,51% 9 0,53% 18 7,76% 20 Investec Balanced -10,96% 9 26,23% 1 14,09% 12 7,73% 14 20,60% 13 24,07% 9 13,35% 3 15,80% 4 1,21% 17 13,48% 9 Investec Managed -14,85% 17 21,33% 7 12,81% 16 8,79% 8 21,66% 9 23,45% 12 9,16% 22 19,30% 2 4,79% 9 13,78% 6 Investec Segregated Full Discretion -11,49% 11 26,17% 2 14,53% 9 7,59% 16 20,66% 12 22,33% 14 13,27% 5 15,41% 5 1,68% 16 13,77% 7 Oasis Global Full Discretion -14,39% 16 15,60% 18 11,95% 17 8,56% 9 21,49% 11 22,80% 13 12,91% 6 5,74% 21 4,43% 10 6,63% 23 OMIG MacroSolutions (Profile Balanced) -12,79% 15 18,14% 13 13,70% 15 7,84% 13 19,95% 18 20,84% 18 12,15% 7 8,76% 13 3,42% 13 14,19% 4 OMIG MacroSolutions (Profile Edge28) -11,76% 12 20,69% 9 14,17% 11 6,65% 18 20,27% 14 23,71% 11 14,72% 2 11,07% 8 3,07% 15 15,79% 1 OMIG MacroSolutions Segregated Full Discretion -12,02% 13 19,03% 12 14,03% 13 7,57% 17 19,99% 17 20,89% 17 12,14% 8 8,52% 14 3,40% 14 14,29% 3 Prescient Global Balanced Composite 0,74% 2 8,76% 20 10,31% 20 6,51% 19 12,88% 23 12,63% 23 10,88% 17 6,07% 20-1,35% 21 13,44% 10 Prudential Global Balanced -8,70% 8 19,99% 11 15,99% 6 8,39% 10 22,68% 7 24,83% 8 11,67% 11 8,83% 12 6,60% 6 14,49% 2 PSG Balanced -11,11% 10 21,38% 6 17,25% 4 10,14% 5 15,61% 20 28,31% 5 13,35% 4 6,80% 17 14,54% 1 12,94% 11 Rezco Managed Plus 24,88% 3 31,28% 1 12,13% 9 20,23% 1-5,85% 23 7,04% 22 Rezco Value Trend (Balanced) 6,86% 1 11,64% 19 14,01% 14 15,48% 1 32,65% 1 30,10% 2 11,00% 16 18,12% 3-4,39% 22 7,25% 21 SIM Global Unique -15,43% 18 20,96% 8 15,31% 8 7,66% 15 20,20% 15 21,61% 16 11,33% 13 6,44% 18 6,15% 7 12,37% 13 Stanlib Full Discretion -21,19% 19 17,78% 15 18,03% 2 9,34% 6 24,62% 4 22,30% 15 9,69% 21 8,17% 16 0,42% 20 8,64% 19 GraySwan Global Balanced Peer Group -8,92% 19,70% 14,61% 9,42% 21,11% 23,67% 10,88% 8,85% 4,81% 12,00% Top Quartile -6,59% 22,27% 16,28% 9,34% 23,12% 25,19% 12,53% 12,85% 6,37% 13,77% Mean -9,13% 19,67% 14,72% 8,82% 21,08% 23,29% 11,49% 10,41% 3,78% 11,84% Median -11,11% 20,16% 14,27% 8,38% 20,66% 23,45% 11,57% 8,83% 3,44% 12,54% Bottom Quartile -12,59% 17,32% 13,48% 7,59% 19,97% 20,87% 10,59% 6,62% 0,87% 10,17% CPI + 5% 16,79% 11,21% 8,66% 11,49% 10,89% 10,58% 11,09% 10,00% 11,94% 9,85% JSE SWIX -21,67% 29,91% 20,86% 4,26% 29,09% 20,71% 15,42% 3,62% 4,13% 21,21% 62

3 YEAR ANNUALISED VOLATILITY & RETURN 63

5 YEAR ANNUALISED VOLATILITY & RETURN 64

TAKE NOTE The essence of investment management is the management of risks, not the management of returns. - Benjamin Graham All performance calculations in excess of 12 months are annualised. All relative performance statistics are to the indicated benchmark. Performance numbers for South African funds are gross of fees. Performance numbers for Offshore funds are net of fees. Performance for South African funds are noted in ZAR. Performance for Offshore funds are noted in USD. The # indicates the ranking of the fund over the specified period of analysis. Usually funds with AUM in excess of R100 million and a track record longer than 12 months may be included in the GraySwan ScoreCards. INVESTMENT CONSULTING I WEALTH MANAGEMENT I REPORTING 65

As with our motto ALWAYS COUNT we test and verify everything, only thereafter do we trust. The GraySwan ScoreCards as well as our other range of quantitative reports form part of our initial quantitative screening of the universe of institutional investment managers / products / mandates. As part of our ongoing investment manager monitoring and research we maintain a proprietary local and offshore performance database of more than 1000 institutional mandates/products which we monitor across more than 30 different peer group surveys. In addition, we also monitor the universe of more than 1000 retail unit trust mandates/products not only for our private clients but also for potential investment by our institutional clients. We produce summary GraySwan ScoreCards for public consumption but also produce detailed (30 pager) ScoreCards exclusively for our clients. These detailed reports measure all major risk and performance statistics over multiple time frames and compare such to individual benchmarks, industry benchmarks and relative to each other. By dissecting all quantitative aspects, we provide our clients with the most comprehensive and transparent investment manager surveys in the South African investment industry. We aim to truly compare apples with apples and provide objective and fair results to our clients. We always count, then we test, we verify and only then do we trust. We use an evidence-based analytical approach empower us to identify investable opportunities for our clients after which we proceed with rigorous qualitative research and on site due diligence. INVESTMENT CONSULTING I WEALTH MANAGEMENT I REPORTING 66

GRAYSWAN REPORTS Market Summary Reports Fund Composite Reports We produce a unique and comprehensive range of reports that provides in-depth and transparent analyses of investments opportunities and decisions. Contact us for objective and value-add insights. Fact Sheet Reports Asset Allocation Reports Asset Class Composite Reports Investment Manager Reports Investment Manager Hit Rate Reports Fund & Manager Attribution Reports Transaction Cost Analysis Reports Securities Lending Income Reports Costs & Fees Reports Pre & Post Trade Transition Reports Regulation 28 Compliance Reports Regulation 30 Compliance Reports INVESTMENT CONSULTING I WEALTH MANAGEMENT I REPORTING 67

CONTACT US The core of our investment team has been working together for more than 10 years. Our collective investment experience exceeds a 110 years of advising to and managing most of the largest institutional client s assets in South Africa. Since the inception of GraySwan have we not lost any investment consultants, making us one of the most stable and experienced investment teams in the industry. DAVID MAETLA Head of PeerGroup ScoreCards david@grayswan.co.za GREGOIRE THERON Head of Manager Research greg@grayswan.co.za DISCLAIMER The GraySwan ScoreCards provide backward looking insight of the universe of institutional investment products and mandates. Users should seek appropriate professional advice from their investment advisors before taking any action in reliance on any information provided. All data is factual and is provided for informational purposes. The data is obtained from the investment managers and should be reliable. No guarantee, representation or warranty is given by GraySwan, and no responsibility or liability, contingent or otherwise, as to its quality, accuracy, timeliness, availability and completeness of the data and information provided. Past performance is no guarantee for future performance. This information is not advice as defined and contemplated in the Financial Advisory and Intermediary Services Act, 37 of 2002, as amended. GraySwan shall not be liable for any actions taken by any person based on the correctness of this information. INVESTMENT CONSULTING I WEALTH MANAGEMENT I REPORTING www.grayswan.co.za I 021 852 9092 (CT) I 011 431 0141 (JHB) 68

UN PRI is an international investor initiative sponsored by the UN and based on six principles for responsible investments. The aim is to help investors actively to incorporate environmental, social and governance issues into their investments.