OCTOBER 2015

SYGNIA LIMITEDINTRODUCING SYGNIA AND ITS PROPOSEDLISTING

The Marketing Sounding presentation, and further updated information provided, are not offers to subscribe for or purchase for shares. The offer, if made, will be subject to restrictions. Not everyone receiving information from the Sygnia Group in response to an enquiry will necessarily be entitled to participate in the offer.

This document, prepared by Sygnia Limited (“Sygnia” or “the Company”), has been outlined for the benefit and information of the recipient to whom this document is submitted in good faith and who is deemed by Sygnia to have accepted responsibility for ensuring that the confidentiality of this document will be maintained at all times. This document may not be submitted in any manner or form to any party or utilised in any manner or form without the prior written consent of Sygnia.

The material contained in this document is intended to be general background information on Sygnia and its activities. The information is supplied in summary form and is therefore not necessarily complete. The financial information contained in this document may include non-IFRS financial measures. This document may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical facts and may be “forward looking statements”. Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of words such as “expects”, “will”, “anticipates”, “estimates”, “believes”, or by statements indicating certain actions “may”, “could”, “should” or “might” occur. The Company is under no obligation, and does not intend, to update any forward looking statements contained in this document.

The recipient acknowledges that Sygnia does not assume responsibility to it or to any other person for loss or damage of any kind whatsoever arising as a result of the use or misuse by the recipient of this document or for any opinion, advice, recommendation, representation or information, expressed or implied, contained herein, notwithstanding any negligence, default or lack of care by it or that such loss or damage was foreseeable.

DISCLAIMER

CONTENTS

OUR BUSINESSES 17

TIMELINES 31

THE NUMBERS 26

LOOKING AHEAD 13

PRIVATE PLACEMENT 19

OUR COMPANY 4

OURCOMPANY

WHAT WE DO...WELL

We manage assets on behalf of South African institutional and retail investors.

We offer a wide range of top-performing investment funds, including:

• multi-manager funds (specialist and balanced mandates)• index-tracking funds (specialist and balanced mandates)• funds of South African hedge funds

Investment funds can be accessed directly as segregated accounts, unit trusts and pooled portfolios, or via a range of savings products, including retirement annuities,living annuities, preservation funds and endowment policies.

ASSET MANAGEMENT SERVICES

We administer assets on behalf of domestic and international institutional investors.

We offer institutional clients sophisticated investment administration services:

• multi-tier unitisation• optimised cash flow management• performance and risk analysis• compliance monitoring • transition management

Our institutional clients include:

• retirement funds• life insurance companies• umbrella funds• third party multi-managers• unit trust companies• trusts

INVESTMENT ADMINISTRATION SERVICES

SYGNIA AT A GLANCEAn independent financial services group offering a range of specialist financial

services, investment management solutions and administration services to institutional

and retail clients predominantly located in South Africa.

largest multi-management company in South Africa

BEE rating for SAM

in investment management and administration services

assets under management and administration

staff and management owned (pre-listing)

with leading employee benefits consulting, investment consulting and financial advisory businesses

2ND

LEVEL2

R137bn

MARKETDISRUPTOR

12YEARS’ EXPERIENCE

TECHNOLOGY LEADER

EXPERIENCEDMANAGEMENT TEAM

100%

LONG-STANDING RELATIONSHIPS

embraces innovation and unconventional/contrarian business strategies

120professional staff in

Cape Town and Johannesburg

in multi-management administration

with a successful track record

INCEPTION

2003

OUR GROUP100% OWNED SUBSIDIARIES OF SYGNIA LIMITED

Sygnia Asset Management

(Pty) Ltd

Sygnia Collective

Investments RF (Pty) Ltd

Sygnia Life Ltd

Sygnia Securities (Pty) Ltd

Sygnia Financial Services (Pty) Ltd

Sygnia Alchemy(Pty) Ltd

SYGNIA LTDHOLDING COMPANY – NON OPERATING

Sygnia Support Services (Pty) Ltd

Sygnia Systems (Pty) Ltd

OUR GROUP

INSTITUTIONAL CLIENT FOCUS

SYGNIA ASSET MANAGEMENTAn asset manager providing multi-manager, index-tracking and funds of hedge funds products (institutional and retail).

RETAIL CLIENT FOCUS

SYGNIA COLLECTIVE INVESTMENTS RFA management company offering multi-managerand index-tracking unit trusts to the retail market.

SYGNIA FINANCIAL SERVICESA LISP offering investment administration services and savings products to the retail market.

OUR GROUP

BUSINESS SUPPORT

SYGNIA LIFE • A linked investment life insurance company.• Offers a range of savings and investment products suitable for institutional and retail investors.• The limited life license enables Sygnia Asset Management to offer pooled portfolio investment solutions to institutional clients, and Sygnia Financial Services to offer living annuities and sinking fund policies to retail investors.• Provides pooled portfolio for both retail and institutional solutions.

SYGNIA SECURITIES• A stockbroking company which may offer products and services to direct investors (controlled client license).• Offers trading support for Sygnia Asset Management-managed index-tracking funds and transition management exercises undertaken by Sygnia Asset Management for institutional clients.

SYGNIA ALCHEMY• A company established solely to house the intellectual property associated with Sygnia’s retail system, Sygnia Alchemy Investment Administration system.

SYGNIA SUPPORT SERVICES• An internal support services company.• Provides centralised services to the group, including office management, IT, accounting services.

SYGNIA SYSTEMS• A systems development entity which develops and supports the administration systems used by Sygnia Asset Management, and Sygnia Collective Investments RF.

HAROON BHORAT (46)NON-EXECUTIVE CHAIRPERSON PhD (Economics)

• Professor of Economics and Director of the Development Policy Research Unit at UCT• Director on the Board of the Western Cape Tourism, Trade and Investment Promotion Agency (WESGRO)• Member of the Statistics Council, Statistics South Africa• Member the South African Journal of Economics Editorial Board• Member of the World Bank Commission on Global Poverty

MAGDA WIERZYCKA (45)CHIEF EXECUTIVE OFFICERBBusSc (Actuarial), PhDip (Actuarial), FFA, FASSA, CFP

• Founder of Sygnia• Former CEO of the African Harvest Group• Former Head of Institutional Business and Director at Coronation Fund Managers

21 YEARS’ FINANCIAL SERVICES EXPERIENCE

LEADERSHIP AND EXPERTISEBOARD OF DIRECTORS

NIKI GILES (40)FINANCIAL DIRECTORBBusSc (Finance), CA(SA), CFA

• Former CFO of the African Harvest Group

17 YEARS’ FINANCIAL SERVICES EXPERIENCE

LEADERSHIP AND EXPERTISEBOARD OF DIRECTORS

KEN HOPKINS (60)INDEPENDENT NON-EXECUTIVE DIRECTORBCom (Hons), CA(SA)

• Member of SAICA’s Investment Funds and ASISA’s Collective Investment Scheme interest groups• Former head of KPMG South Africa Investment Funds sector • Former head of financial services at Deloitte Cape Town

30 YEARS’ EXPERIENCE AS A PARTNER IN A BIG 4 AUDIT FIRM

LEADERSHIP AND EXPERTISEBOARD OF DIRECTORS

KAIZER MOYANE (43)INDEPENDENT NON-EXECUTIVE DIRECTORBA, LLB

• Executive Manager: Employee Relations of Edcon Group • Former Group Head of Sanlam Labour Relations• Member of the Governing Body of The Commission for Conciliation, Mediation and Arbitration (CCMA) and the CCMA’s Governance, Social and Ethics Committee

SHIRLEY ZINN (54)LEAD INDEPENDENT NON-EXECUTIVE DIRECTORBA, HDip (Education), Bed Hons, M.Ed, Ed.M (Harvard), Ed.D (Harvard)

• Chairman of DHL • Non-Executive Director on the Boards of AdvTech, Tuesday Consulting, Business Engage, and the Boston Consulting Group• Former HR Director of Standard Bank South Africa• Former Group Executive of HR at Nedbank

LOOKINGAHEAD

TREATING CUSTOMERS FAIRLY – 2011

• Lowest-cost savings and investment products in South Africa and our innovative software tools facilitate fair service provision

RETAIL DISTRIBUTION REVIEW - 2014

• Our business model and software tools are supportive of multi-tied agent relationships• DIY investing forms part of our business development strategy

REGULATION OF HEDGE FUNDS UNDER CISCA – 2014

• We have a 12-year track record in managing funds of South African hedge funds • Our collective investment schemes and life insurance licenses facilitate offering

both Retail Investor and Qualified Investor hedge funds

DRAFT DEFAULT REGULATION - 2015

• We have a 12-year track record in managing index-tracking funds• Our software tools facilitate ease of decision making by retirement funds• We enable the use of retail administration platforms in combination with

institutional investment products

SYGNIA-FRIENDLYREGULATORY LANDSCAPE

• Sygnia’s institutional multi-manager business has the potential to attract clients of large employee benefits consulting companies in SA, e.g. Investment Solutions, Old Mutual.

• Sygnia has a 12-year track record in managing index-tracking funds and is well-positioned to benefit from changing legislation supporting index-tracking.

• Sygnia has a 12-year track record in managing funds of SA hedge funds and aims to expand that offering to the retail market.

• Sygnia’s institutional investment administration platform is well-established as a market leader in SA and has the potential to attract more clients.

• Sygnia’s retail index-tracking business has significant growth potential in the direct and independent financial advisory markets.

• Sygnia’s retail platform (LISP) business is attracting the attention of direct investors and financial advisors, and offers significant potential once retirement reform and default regulation are implemented.

• The newly-established Sygnia Securities has growth potential among third party stockbroking clients and individual share investors.

WHERE DO WESEE THE GROWTH

• To grow and transition from a medium- to a large-sized financial services company within the next 5 years

• To offer a broad range of financial products and services to both the institutional and the retail markets, with a particular focus on index-tracking

• To support our product offering with innovative software which enhances client experience

• To grow our brand and profile in the South African market

• To look for opportunities to expand into the international investment administration market

• To enter into strategic distribution partnerships to allow for more rapid growth

• To acquire complementary businesses to grow product and service offerings (however, the primary focus is on organic growth)

OUR ASPIRATIONS

PRIVATE PLACEMENT

WHY WE ARE

RAISING CAPITAL AND LISTINGCORPORATE PROFILE BENEFITS• Raises Sygnia’s corporate profile• Increases market awareness and visibility• Provides new marketing opportunities • Facilitates the “ease of doing business”

EQUITY CAPITAL MARKET ACCESS• Provides future access to capital for faster organic growth and/or acquisitions• Listed scrip becomes a useful “currency” for acquisitions

STAFF INCENTIVISATION AND RETENTION• Facilitates staff share option scheme to retain key management and staff• Aligns interests

STATUTORY RESERVES• Provides capital to boost our statutory capital requirements, enabling us to speed up growth

ORGANIC GROWTH• Systems development strategies can be pursued faster• Active marketing campaign to build Sygnia’s brand and the profile of index-tracking• R&D investment• Expansion of distribution channels

PRIVATEPLACEMENT DETAILSOFFER FOR:• subscription by Sygnia: R237 256 606 (90.5%)

• sale by an existing shareholder: R25 032 000 (9.5%)

Placing Shares: 31 224 834 (22.8% free float)

Private Placing Price: R8.40

Total Shares in Issue: 137 178 000

On-listing Market Cap: R1.152 billion

LISTING: MAIN BOARDSector: Financial Services

Abbreviated Name: “SYGNIA”

JSE Code: “SYG”

Date: 14 October 2015

OURBUSINESSES

OUR PEOPLESENIOR MANAGEMENT TEAM

ROLE DETAILS LENGTH OF SERVICE YEARS OF AT SYGNIA EXPERIENCE

CEO: Sygnia Securities Willem van der Merwe (40) 12 years 16 years BSc (Actuarial), BCom (Honours in Financial Analysis), CFA

Head: Investments Simon Peile (53) 12 years 28 years BBusSc (Actuarial), FFA, CFP

Investor Iain Anderson (47) 4 years 14 yearsRelations and Portfolio Manager CFA, BMath (Hons)

Company Secretary Dave Johnson (55) 5 years 30 years BBusSci (Act Sci)

Head: Charlene Swartz (36) 2 years 13 yearsRetail Investment Administration BBusSc (Fin Hons), BCom (Acc Hons), MCom (Acc), CA(SA)

Head: Finance Louw Rabie (32) 6 years 10 years BAcc, BAcc (Hons), CA(SA)

Head: Legal Gavin Stansfield (39) Joined 1 June ’15 13 years BA, LLB, LLM, HDipCo. Law, Cert. Pension Law

Head: IT and Systems Wojtek Wierzycki (40) 3 years 16 years MCSE

Head: Client Relations Andrew Steyn (45) 7 years 20 years BCom (Economics)

Head: Marketing Cher Leetjer (38) 6 years 15 years BTech (Marketing)

Co-Head of Marlene Budge (47) 3 years 20 yearsInstitutional Administration BCom (Economics) Hons, International Capital Markets RPE

Co-Head of Taryn Hopwood (32) 6 years 6 yearsInstitutional Administration BBusSc (Fin Hons), CA(SA)

SYGNIA PRODUCTS & SERVICES LAUNCH TIMELINE

Customised multi-management

Specialist index-tracking

Funds of SA hedge funds

Institutional investment administration

Institutional multi-manager products

Unit trust company

Retail multi-manager unit trusts

Institutionalbalanced index-tracking products

LISP

Retail index-tracking unit trusts

Stockbroking(execution only)

Proposed listing

Stockbroking (controlled clients)

2003 2007 2012 2013 2014 2015

1 November 2006 Unbundling from African Harvest Group

OUR EVOLUTION

STRONG ORGANIC GROWTHAssets under management and administration (R’bn)

SE

P 0

6

R’B

N

140

120

100

80

60

40

20

10

5

0

SE

P 1

0

SE

P 1

0

SE

P 0

8

SE

P 0

7

SE

P 1

1

SYGNIA INSTITUTIONAL SYGNIA RETAILS

EP

12

SE

P 1

3

SE

P 1

4

MA

R 1

5

JU

N 1

5

R62.7bn

R40.4bn

R4.5bnR4.7bn

R70.4bn

R82.7bn

R103.0bnR105.1bn

R128.8bn

R112.4bnR8.5bn

R4.5bn

R5.9bnR7.5bn

R8.6bn

16.4% CAGRin Sygnia Institutional assets under management and administration

26.9% CAGRin Sygnia Retail assets under management

100%organic growth

OUR PERFORMANCESYGNIA SIGNATURE 70 FUND VS OTHER MULTI-MANAGERS

AND SINGLE ASSET MANAGERS - 31 JULY 2015

Source: Alexander Forbes Multi-Manager Watch and Global Large

Manager Watch Surveys data,Sygnia drawn charts, July 2015

1 YEAR 3 YEAR 5 YEAR

Investec

27Four CPI+ 7%

Sygnia Signature 70 Fund

Momentum Target 7

OMIGSA

Momentum Classic 7

Momentum Enhanced 7

Foord

Old Mutual Aggressive

Momentum

Stanlib

IS Performer

Coronation

Prudential

SIM

IS Entrepreneur

SMM 70

IS High Equity

Absa

IS Spectrum

Allan Gray

Oasis

RE:CM

Sygnia Signature 70 Fund

Coronation

Momentum Classic 7

Investec

Momentum Enhanced 7

Old Mutual Aggressive

IS Performer

Prudential

Foord

SMM 70

IS High Equity

OMIGSA

Oasis

Momentum

SIM

IS Entrepreneur

Stanlib

IS Spectrum

Allan Gray

Absa

RE:CM

Sygnia Signature 70 Fund

Foord

Momentum Classic 7

Momentum Enhanced 7

Coronation

Investec

Prudential

Old Mutual Aggressive

IS Performer

Stanlib

IS High Equity

OMIGSA

SMM 70

Oasis

IS Spectrum

SIM

IS Entrepreneur

Allan Gray

Momentum

RE:CM

15.4%

15.3%

14.9%

12.4%

11.9%

11.9%

11.6%

11.2%

11.2%

10.7%

9.5%

9.4%

9.3%

9.1%

8.0%

7.9%

7.9%

7.2%

7.0%

6.7%

5.3%

4.9%

-18.1%

20.5%

19.8%

19.8%

19.6%

19.6%

19.6%

18.3%

18.2%

17.7%

17.3%

17.1%

17.1%

17.0%

16.8%

16.5%

16.4%

16.3%

16.2%

16.2%

14.9%

4.3%

18.0%

17.9%

17.7%

17.7%

17.4%

17.0%

16.8%

16.7%

16.6%

16.5%

15.6%

15.4%

15.4%

15.4%

15.3%

15.3%

15.1%

14.9%

14.8%

6.3%

“SYGNIA IS THE EFFICIENT FRONTIER IN THE INSTITUTIONAL MARKET”5 YEAR RISK AND RETURN SCATTERPLOT TO 31 JULY 2015 MULTI-MANAGERS AND SINGLE ASSET MANAGERS - BEST HOUSE VIEW PORTFOLIOS Source: Alexander Forbes Multi-Manager Watch and Global Large Manager Watch Surveys data, Sygnia drawn charts, July 2015

OUR PERFORMANCE

19%

18%

17%

16%

15%

14%

13%

12%

11%

10%

9%3.0%2.0% 4.0% 5.0%

Risk (standard deviation)

6.0% 7.0% 8.0%

Re

turn

Sygnia Signature 50

Sygnia Signature 40

IS Low EquityIS Conserver

IS Medium Equity

IS 62.5% Equity

IS 37.5% Equity

SMM 50

SMM 60

Allan Gray

Foord

Stanlib

Coronation

Prudential

Momentum Enhanced 6

Sygnia Signature 60

Sygnia Signature 70

Momentum

Investec

IS EntrepreneurIS Spectrum SIM

OMIGSA OasisIS High Equity

SMM 70

IS PerformerOld Mutual Aggressive

* RECM removed from global large manager watch universe; 5 year return of 6.3% p.a., annualised 5 year standard deviation of 8.5%

Momentum Enhanced 7

WE DEVELOP OUR OWN SYSTEMS:

SYGNIA PLATINUM INVESTMENT ADMINISTRATION SYSTEM• Specialist multi-manager administration system

SYGNIA PLATINUM LIGHT SYSTEM (INSTITUTIONAL)• Internet portal which provides access to

administration and performance information, analytical tools and manager research

SYGNIA ALCHEMY SYSTEM (RETAIL)• CRM system• Internet portal which provides access to

individual investment information, analytical tools, online transacting and a financial planning model

SYGNIAPROPRIETARY TECHNOLOGIES

THENUMBERS

STATEMENT OF COMPREHENSIVE INCOME

(RAND)FOR THE YEAR ENDED

30 SEPTEMBER 2015FOR THE YEAR ENDED

30 SEPTEMBER 2014

Revenue 1,2

ExpensesOperating profit

Finance incomeFinance costsOther income

Operating profit before taxIncome tax expense

Net profit for the periodWeighted average number of Ordinary Shares in issueBasic and diluted earnings per Share (cents)

Headline and diluted headline earnings per Share (cents)

239 454 159(168 871 122)

70 583 0375 814 905(196 071)4 970 768

81 172 639(23 319 532)57 853 107

100 000 00057.8558.88

165 798 175(125 998 291)

39 799 8844 256 073

(61 229)10 764 92354 759 651

(16 294 133)38 465 518

100 000 00038.4742.11

1 In the 6 months to 31 March 2015, 81.7% of revenue was derived from the institutional client base and 18.3% from retail clients2 In terms of the contribution of lines of business to revenue, asset management (multi-management, index- tracking, funds of hedge funds) contributed 74.2%, administration services contributed 17.9% and other services contributed 7.9%

Sygnia intends to pursue a progressive dividend policy consistent with its strategy, targeting a dividend cover in the range of between 1.5 and 2.0 times earnings. The dividend policy will consider the Company’s overall capital requirements, liquidity and profitability.

The 30 September 2015 figures are an aggregation of the Interim Historical Financial Information for the 6 months ended 31 March 2015, the Profit Estimate for the 4 months ended 31 July 2015 and the Profit Forecast for the 2 months ending 30 September 2015.

STATEMENT OF FINANCIAL POSITIONHISTORIC

ALL AMOUNTS IN R’M UNAUDITED AT 31 MARCH 2015

Non-current assets 25 115.0 Fixed assets 18.9 Goodwill and intangible assets 1.3 Investments 1 63.6 Investments linked to investment contract liabilities 25 028.4 Other non-current assets 2 2.8Current assets 282.2 Trade and other receivables 204.1 Cash and cash equivalents 66.3 Other current assets 11.8Total assets 25 397.2Equity 144.6Non-current liabilities 25 133.0 Investment contract liabilities 25 120.7 Other non-current liabilities 2 12.3Current liabilities 119.6 Trade and other payables 114.2 Other current liabilities 3 5.4Total liabilities 25 252.6Total equity and liabilities 25 397.2

1 “Investments” mostly comprises investments in collective investment schemes and listed equity, and relates to investments held for regulatory purposes by Sygnia Life

2 “Other non-current assets” and “Other non-current liabilities” comprise deferred tax assets and liabilities, respectively

3 “Other current liabilities” comprises short- term loans payable (c. R2.1m) and tax payable (c. R3.3m)

EXPECTEDSHAREHOLDERS AT LISTING

1. Beneficiaries are M. Wierzycka (CEO), S. Peile (Head: Investments) and their sons. M. Wierzycka and S. Peile will remain the controlling shareholders post private placement.

S.Peile Head: Investments

M. WierzyckaChief Executive Officer

33.1%

5.7%

1.8%

0.9%

6.5%

22.8%

N. Giles Financial Director

Ulundi Holdings (BEE Shareholer)

External Shareholders

J. Potgieter Chief System Architect

Mobula Trust

Zatoka Trust1

14.6%

14.6%

78.2%

21.8%

93.4%

6.6%

OUR PEERSEARNINGS COMPOSITION

Coronation

PAT LFY R2 032m

PAT: Profit after tax attributable to shareholders of the parent.

LFY: Last financial year

Note: The segmental analysis is based on each entities’ latest published annual financial statements and relevant segmental earnings metrics.

PAT LFY R24m

PAT LFY R3 197m

Anchor

MMI

Alexander Forbes

PAT LFY R253m

PAT LFY R129m

PAT LFY R3 917m

Prescient

Liberty

PSG Konsult

PAT LFY R340m

PAT LFY R677m

PAT LFY R9 393m

Peregrine

Sanlam

100%

Sygnia

FY2014 PAT R38.5m

1H2015 PATR29.3m

100%

91.1%

8.9%

46.5%

53.5%

18.6%

81.4%

99.1%

0.9% 29.3%

70.7%

65.4%

34.6%

Asset and wealth management

Other

PEERS MULTIPLE ANALYSIS

MARKETCAP 1 P/E MULTIPLE 2 ATTRIBUTABLE

EARNINGS GROWTH 3

DIVIDEND YIELD

PEER ANALYSIS R ‘M 30 SEP 14 30 SEP 15 30 SEP 16 HISTORIC FORECAST CURRENT

Coronation 26 934.5 13.3x 14.7x 12.2x 46.7% 4.0% 6.9%

Prescient 1 668.6 13.8x n/a n/a 21.9% n/a 5.2%

Anchor 1 681.4 87.9x n/a n/a 546.5% n/a 0.2%

PSG Konsult 11 890.2 39.3x 29.8x 22.5x 30.2% 31.9% 1.2%

Alexander Forbes 11 430.3 43.8x 29.5x 21.1x (5.9%) 49.2% 1.4%

Peregrine 6 780.9 12.3x 11.1x 11.7x 29.2% (4.4%) 2.8%

MMI 45 336.4 13.6x 11.7x 10.5x 25.6% 15.1% 4.6%

Liberty 37 449.9 9.6x 9.7x 9.2x 13.6% 2.8% 4.6%

Sanlam 137 634.4 14.8x 13.6x 12.3x 17.7% 10.5% 2.9%

Mean 27.6x 17.2x 14.2x 80.6% 15.6% 3.3%

Median 13.8x 13.6x 12.2x 25.6% 10.5% 2.9%

Sources: Company annual reports, Anchor prospectus, INET BFA, S&P Capital IQ, Bloomberg

Notes:1 Market Cap and price data as at 29 July 2015.2 Interpolated peer multiples are calculated with reference to Sygnia’s 30 September 2014, 2015 and 2016 financial year-ends.3 Historic and forecast growth rates are based on each peer company’s financial year-end. Historic earnings growth for all entities is a 3-year CAGR, apart from Anchor and Alexander Forbes, which reflect growth over the last year. Forecast metrics reflect a 2-year CAGR.

TIMELINES

PROPOSED

TIMELINEDATE (2015) DESCRIPTION

Monday, 14 September Commence final investor roadshows

Thursday, 1 October Pre-listing statement published

Thursday, 1 October Private placement opens

Thursday, 8 October Private placement closes

Friday, 9 October Notification of allotments

Wednesday, 14 October Sygnia lists on the JSE

THANK YOU