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Multi-Manager Portfolios Momentum Multi-Manager Shari'ah Portfolio February 2020 Investment strategy Investment portfolio mandate This investment portfolio has been specifically constructed in accordance with Shari ah, the sacred law of the religion of Islam, as well as the regulatory and investment-return requirements of a retirement-fund investor.The Shari'ah principles have been taken into account. The long-term return objective of this portfolio is inflation plus 5% a year over five- year rolling periods. The underlying investments of this portfolio comply with Islamic Law. Each component of this portfolio has an appointed Shari ah board to oversee the investments of this portfolio. Benchmark allocation Asset Class Allocation Benchmark Local equities 60.00% FTSE/JSE Shariah All-Share Index Local cash 40.00% Short-term Fixed Interest Composite Index less 1% Investment returns One Month Three Months One Year Three Years Five Years Since Inception Portfolio -4.89% -4.69% -0.04% 4.58% 4.63% 7.24% Benchmark -6.68% -5.75% -1.46% 4.31% 2.50% 8.09% CPI + 5.0% p.a 9.49% 9.29% 10.13% 10.14% Risk analysis (Calculation based on five-year period) Portfolio Benchmark Volatility 6.4% 9.8% Maximum drawdown -7.2% -16.2% Worst month -4.9% -6.7% Best month 4.0% 5.3% Portfolio Benchmark 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. After careful consideration, Momentum Outcome-based Solutions decided to adopt the FTSE/JSE Shariah All Share Index as the benchmark for the equity component of this portfolio from 1 April 2013. The company feels this is more appropriate, given the nature of the portfolio as well as the investable opportunities available to its equity managers. Comments Investment portfolio information Inception Date Investment Horizon Risk Profile April 2009 Long term Asset Management Fee 1.50% p.a. One Year Weighting Local cash managers 5.72% Absa Islamic Bank 26.6% Standard Bank 8.2% Short-term Fixed Interest Composite Index less 1% a year 6.26% Equity managers -3.01% Element -0.96% 19.8% Kagiso -3.80% 45.4% FTSE/JSE Shariah All Share Index -6.87% Total 100% Investment manager allocation and returns

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Multi-Manager Portfolios

Momentum Multi-Manager Shari'ah Portfolio

February 2020

Investment strategy Investment portfolio mandate

This investment portfolio has been specifically constructed in accordance with Shari’ah, the sacred law of the religion of Islam, as well as the regulatory and investment-return requirements of a retirement-fund investor.The Shari'ah principles have been taken into account.

The long-term return objective of this portfolio is inflation plus 5% a year over five-year rolling periods. The underlying investments of this portfolio comply with Islamic Law. Each component of this portfolio has an appointed Shari’ah board to oversee the investments of this portfolio.

Benchmark allocation

Asset Class Allocation BenchmarkLocal equities 60.00% FTSE/JSE Shariah All-Share IndexLocal cash 40.00% Short-term Fixed Interest Composite Index less 1%

Investment returns

One Month

Three Months

OneYear

Three Years

Five Years

Since Inception

Portfolio -4.89% -4.69% -0.04% 4.58% 4.63% 7.24%Benchmark -6.68% -5.75% -1.46% 4.31% 2.50% 8.09%CPI + 5.0% p.a 9.49% 9.29% 10.13% 10.14%

Risk analysis

(Calculation based on five-year period) Portfolio Benchmark Volatility 6.4% 9.8%Maximum drawdown -7.2% -16.2%Worst month -4.9% -6.7%Best month 4.0% 5.3%

Portfolio Benchmark

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.After careful consideration, Momentum Outcome-based Solutions decided to adopt the FTSE/JSE Shariah All Share Index as the benchmark for the equity component of this portfolio from 1 April 2013. The company feels this is more appropriate, given the nature of the portfolio as well as the investable opportunities available to its equity managers.

Comments

Investment portfolio informationInception DateInvestment Horizon

Risk Profile

April 2009Long term

Asset Management Fee 1.50% p.a.

One Year WeightingLocal cash managers 5.72%Absa Islamic Bank 26.6%Standard Bank 8.2%Short-term Fixed Interest Composite Index less 1% a year

6.26%

Equity managers -3.01%Element -0.96% 19.8%Kagiso -3.80% 45.4%FTSE/JSE Shariah All Share Index -6.87%Total 100%

Investment manager allocation and returns

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