Multi-Manager Portfolios Momentum Multi-Manager Global Money Market Portfolio September 2020 Investment strategy Investment portfolio mandate The portfolio is invested in South African and global money-market instruments and other cash or near-cash instruments.It will exhibit volatility due to exchange rates and could give negative returns if the local currency strengthens against the currencies in which the global money-market instruments are invested. The portfolio has a maximum average duration of 12 months. The managers may not hold instruments with a maturity of more than two years, enabling the portfolio to outperform short-term money-market rates while limiting exposure to the longer end of the money-market curve. Benchmark allocation Asset Class Allocation Benchmark Local cash 85.00% Short-term Fixed Interest Composite Index Dollar cash 7.50% Three-month US dollar LIBOR Euro cash 7.50% Three-month euro LIBOR Investment returns One Month Three Months One Year Three Years Five Years Since Inception Portfolio 0.04% 1.03% 9.16% 8.33% 7.29% 8.30% Benchmark -0.08% 0.71% 7.59% 7.26% 6.94% 7.93% Risk analysis (Calculation based on five-year period) Portfolio Benchmark Volatility 4.6% 2.4% Maximum drawdown -3.3% -0.8% Worst month -2.5% -0.8% Best month 4.2% 2.6% Local cash 85.26% Dollar cash 8.18 Euro cash 6.56% Total 100.0% Asset allocation The asset management fees exclude performance fees where applicable, as well as investment-management fees recovered by the underlying investment managers within the portfolio. All returns quoted are before deduction of fees, but after the deduction of performance-based fees. The local and global weightingt is rebalanced every month back to the strategic exposure. Comments Investment portfolio information Inception Date Investment Horizon Risk Profile July 2000 Short term Asset Management Fee 0.50% p.a. One Month One Year Weighting Local cash managers ALUWANI 0.48% 7.45% 14.9% Liquidity 7.0% Momentum Enhanced Yield 0.48% 7.92% 63.4% Short-term Fixed Interest Composite Index 0.35% 6.20% Global cash manager Momentum Global Investment Management (euro) -3.25% 20.54% 6.6% Momentum Global Investment Management (dollar) -1.17% 13.42% 8.2% Benchmark -2.53% 14.51% Total 100% Investment manager allocation and returns

Multi-Manager Portfolios · The portfolio is invested in South African and global money-market instruments and other cash or near-cash instruments.It will exhibit volatility due to

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Multi-Manager Portfolios

Momentum Multi-Manager Global Money Market Portfolio

September 2020

Investment strategy Investment portfolio mandate

The portfolio is invested in South African and global money-market instruments and other cash or near-cash instruments.It will exhibit volatility due to exchange rates and could give negative returns if the local currency strengthens against the currencies in which the global money-market instruments are invested.

The portfolio has a maximum average duration of 12 months. The managers may not hold instruments with a maturity of more than two years, enabling the portfolio to outperform short-term money-market rates while limiting exposure to the longer end of the money-market curve.

Benchmark allocation

Asset Class Allocation BenchmarkLocal cash 85.00% Short-term Fixed Interest Composite IndexDollar cash 7.50% Three-month US dollar LIBOREuro cash 7.50% Three-month euro LIBOR

Investment returns

One Month

Three Months

OneYear

Three Years

Five Years

Since Inception

Portfolio 0.04% 1.03% 9.16% 8.33% 7.29% 8.30%Benchmark -0.08% 0.71% 7.59% 7.26% 6.94% 7.93%

Risk analysis

(Calculation based on five-year period) Portfolio Benchmark Volatility 4.6% 2.4%Maximum drawdown -3.3% -0.8%Worst month -2.5% -0.8%Best month 4.2% 2.6%

Local cash 85.26%Dollar cash 8.18Euro cash 6.56%Total 100.0%

Asset allocation

The asset management fees exclude performance fees where applicable, as well as investment-management fees recovered by the underlying investment managers within the portfolio. All returns quoted are before deduction of fees, but after the deduction of performance-based fees. The local and global weightingt is rebalanced every month back to the strategic exposure.

Comments

Investment portfolio informationInception DateInvestment Horizon

Risk Profile

July 2000Short term

Asset Management Fee 0.50% p.a.

One Month One Year WeightingLocal cash managersALUWANI 0.48% 7.45% 14.9%Liquidity 7.0%Momentum Enhanced Yield 0.48% 7.92% 63.4%Short-term Fixed Interest Composite Index 0.35% 6.20%Global cash managerMomentum Global Investment Management (euro) -3.25% 20.54% 6.6%Momentum Global Investment Management (dollar) -1.17% 13.42% 8.2%Benchmark -2.53% 14.51%Total 100%

Investment manager allocation and returns