ANCHOR GLOBAL STABLE FUND A CLASS | March …

1 ANCHOR Capital (Pty) Ltd (Reg no: 2009/002925/07). An Authorised Financial Services Provider, FSP no: 39834 Page 1 Call: +27 (0) 11-591-0677 | Email: | Visit: performance is for illustrative purposes only and calculated by taking actual initial fees andongoing fees into account for the amount shown with income reinvested on reinvestment PERFORMANCE SINCE INCEPTION30025020015010050 Feb-15 Dec-15 Oct-16 Aug-17 Jun-18 Apr-19 Feb-20 Dec-20 Growth of $100 investment (cumulative).FundBenchmark This por olio has a higher exposure to equi es than any other riskprofiled por olio and therefore tend to carry higher vola lity due tohigh exposure to equity markets. Expected poten al long term returns are high, but the risk of poten alcapital losses is high as well, especially over shorter periods.

2 Therefore, it is suitable for long term investment horizons. Interna onal investments or investments in foreign securi es couldbe accompanied by addi onal risks such as poten al constraints onliquidity and repatria on of funds, macroeconomic risk, poli cal risk,foreign exchange risk, tax risk, se lement risk as well as poten allimita ons on the availability of market informa PROFILE: HIGHINVESTMENT PHILOSOPHYINVESTMENT OBJECTIVEThe fund s objec ve is to provide capital growth over the long aim to achieve this by inves ng in a concentrated por olio of high-quality, growing companies that are a rac vely valued. These companiesare selected from both developed and emerging fund willinvest primarily in equity securi es, which may include preference sharesand other securi es with equity characteris cs.

3 The fund may also investindirectly in equity securi es through holdings in collec ve INFORMATIONRisk profile:Portfolio Value$ mnUnit Price$ DateBenchmark/PerformanceFee HurdleFund ClassificationDistributionsAnnual Management FeeFees (Incl. VAT):Total Expense Ratio (TER)13 Mar 2015 MSCI World All Country Total Return IndexGlobal - Equity - GeneralThis fund does not Water MarkThe highest level of rela veoutperformance of the fund over the FeeHurdle since incep on of the fundIreland (Irish Stock Exchange) PERFORMANCE AT 31 JAN 2021 (%)Annualised return is the weighted average compound growth rate over the period MONTHSSINCE INCEPTION(CUMULATIVE)SINCE INCEPTION(ANNUALISED) ANCHOR GLOBAL EQUITY FUNDM inimum Disclosure Document | Issued 09 February 2021A CLASS | January 2021 RAGING BULL AWARDS | 2020 WINNERMONTHLY RETURNS (%) is calculated for the portfolio and individual investment performance may differ as a resultof the actual investment date.

4 Actual annual figures available on request. Past performance is notindicative of future returns. Source: BloombergCall: +27 (0) 11-591-0677 | Email: | Visit: Capital (Pty) Ltd (Reg no: 2009/002925/07). An Authorised Financial Services Provider, FSP no: 39834 Page 2 FEE DETAILSC lass AMaximum Initial Advisory Fees (Sanlam Ireland) Management Fee (incl VAT) CLASS FeeSharing Ratio: 10% of the outperformance againstthe benchmark (capped at 1%). Please refer to theprospectus supplement for investment Management and Transaction CostTotal Expense Ratio (TER) Cost (TC) investment Charge (TER + TC) MANAGER COMMENTARY AT 31 JAN 2021 Over me we have observed that a shi[ing investor base, away from tradi onal ac vemanagers towards passive and quant-oriented vehicles, is having a profound impact onmarket structure, from vola lity to valua ons.]

5 A new element has been added to thisdynamic with the return of the retail investor CLASS , fuelled in part by commission-freetrading on broker pla orms like Robinhood. GameStop, a struggling video game retailer,emerged as the symbol of this phenomenon, rising over 1,600% in January alone. The ini alcatalyst came as Ryan Cohen, founder of online pet food retailer , secured threeboard seats and pushed for a new ecommerce-oriented strategy. Then a group of retailinvestors from WallStreetBets, a forum within social media pla orm Reddit, engineered ashort squeeze, pushing hedge funds to scramble to buy stock to cover their short posi was added to the fire as retail investors also piled into call op ons, which in turn causedmarket makers (the sellers of those op ons) to buy ever more shares in GameStop in orderto hedge their exposure.

6 Smelling blood among their hedge fund brethren, other funds tooklong posi ons, adding to the squeeze. The confluence of mul ple posi ve feedback loopsul mately triggered a more than twentyfold rise at one stage. While we have never heldGameStop (if only!) it is a useful case study, revealing to what extent non -fundamentals can overpower fundamentals. It is also a mely reminder that in a world of extremeoutcomes, sound risk management and humility are more important than MANAGERASSET & SECTOR ALLOCATION AT 31 JAN 2021 (%) DiscretionaryCommunication ServicesInformation TechnologyCashFinancialsNick Dennis, Southridge GLOBAL CapitalTOP TEN HOLDINGS AT 31 JAN 2021 CloudflareEtsyFiverrMercadolibreRokuSeaS napSquareTeslaTwilioThe Fund is a sub-fund of the Sanlam Universal Funds plc, a company incorporated with limited liability as an open-ended umbrella investment company with variable capital and segregated liability between subfunds under the laws of Ireland and authorised by the Central Bank.

7 The Fund is managed by Sanlam Asset Management (Ireland) Limited, Beech House, Beech Hill Road, Dublin 4, Ireland, Tel + 353 1 205 3510, Fax+ 353 1 205 3521 which is authorised by the Central Bank of Ireland; as a UCITS Management Company; and an Alterna ve investment Fund Manager; and is licensed as a Financial Service Provider in terms ofSecon 8 of the South African FAIS Act of 2002. The Sanlam Universal Funds Plc full prospectus, the Fund supplement, the MDD and the KIID is available free of charge from the Manager or at . Thisis neither an offer to sell, nor a solicita on to buy any securi es in any fund managed by us. Any offering is made only pursuant to the relevant offering document, together with the current financial statements ofthe relevant fund, and the relevant subscrip on/applica on forms, all of which must be read in their en rety together with the Sanlam Universal Funds Plc prospectus, the Fund supplement, the MDD and the offer to purchase securi es will be made or accepted prior to receipt by the offeree of these documents, and the comple on of all appropriate documenta on.

8 A schedule of fees and charges and maximumcommissions is available on request from the Manager. This is a Secon 65 approved fund under the Collecve investment Schemes Control Act 45 , 2002 (CISCA). Sanlam Collec ve Investments (RF ) ( Pty ) Ltd is theSouth African Representa ve Office for this fund. Use or rely on this informa on at your own risk. Independent professional financial advice should always be sought before making an investment Financial advice should be sought, as not all investments are suitable for all investors. Collec ve investment Schemes (CIS ) are generally medium to long term investments. The value of par cipatoryinterest may go down as well as up and past performance is not necessarily a guide to the future performance.

9 The Manager does not provide any guarantee either with respect to the capital or the return of apor olio. Fluctua ons or movements in exchange rates may cause the value of the underlying investments to go up or down. The performance calculated for the por olio and the investor performance may differas a result of inial fees, the actual investment date, the date of reinvestment and dividend withholding tax. NAV to NAV figures are used. Calculaons are based on a lump sum investment . The Manager has the rightto close any Porolios to new investors to manage them more efficiently in accordance with their mandates. Collec ve investments are traded at ruling prices and can engage in borrowing and scrip lending. The fundprice is calculated on a net asset value basis, which is the total value of all assets in the por olio including any income and expense accruals.

10 Trail commission and incen ves may be paid and are for the account ofthe manager. Performance figures quoted are from Bloomberg and are shown net of NumberINFORMATION & DISCLOSURESINVESTMENT MANAGERA nchor Capital (Pty ) Ltd is an authorized Financial Services Provider FSP 39834. Prices published daily - % available from ISE or at Actual annual percentage figures are available to exis ng investors on request. Upon request the Manager will provide the investor with quarterly por olioinvestment holdings reports Fund financial year-end : 31 Dec (semi-annual 30 June)MANAGERS anlam Asset Management (Ireland) LimitedDEPOSITORY/CUSTODIANB rown Brothers Harriman Trustee Service (Ireland) LtdTel : + 353 1 241 7130 SUBSCRIPTIONSD ealingDaily.