Fund Fact Sheet - sanlam.com

1 fund fact Sheet Glacier Invest Cautious January 2019. fund Details Investor Profile fund Category SA Multi Asset Low Equity This fund is suitable for investors looking for: Benchmark Avg SA Multi Asset Low Equity - Stable income and a high level of capital stability Risk Profile Cautious - Low probability of capital loss over the medium to long term Investment period 3 years - A minimum investment horizon of 3 years Launch Date 01 April 2001 Cumulative performance since launch fund Size R 630 million fund Objective The wrap fund aims to provide investors with stable income and a high level of capital stability. The probability of capital loss over the medium to long term is low. The fund will consist primarily of income orientated assets with a below average exposure to equities (maximum of 40%).

2 Investors in this fund should have a minimum investment horizon of 3. years. The fund is compliant with Regulation 28 of the Pension Funds Act, 1956. Asset Allocation Performance (%) fund Benchmark 1 Month 3 Months 6 Months 1 Year 2 Years (annualised) 3 Years (annualised) 5 Years (annualised) Since Launch Manager Selection (%). Coronation Balanced Defensive Prudential Inflation Plus Matrix Defensive Balanced PSG Flexible Nedgroup Opportunity SIM Inflation Plus Nedgroup Stable SMM Property Prescient Income Provider Truffle SCI Flexible Monthly fund Performance (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. fund 2019 fund 2018 fund 2017 Fees (% incl. VAT). Annual wrap fee Underlying Manager TER's *The investor is liable for CGT on any transactions in the units of the underlying unit trusts within the wrap funds.

3 Compulsory investments are not subject to CGT. Performance is calculated using net returns (after fees) of the underlying unit trusts, and quoted excluding wrap fund fees. Performance quoted is pre-tax. fund performance numbers shown are for a notional portfolio and do not reflect the actual performance of the client invested in the wrap fund due to timing differences of investments or disinvestments of the client. Benchmark returns for CPI are based on actual published returns and an estimated one month return for the month of the report date. ASISA. Benchmark returns are the ASISA returns available as at the time of reporting. fund fact Sheet Glacier Invest Cautious January 2019. Manager Comment Portfolio Manager The World Bank cut its forecast for the global economy as slowing Rafiq Taylor growth in trade and investment and rising interest rates buckled momentum, especially in emerging markets.

4 Downside risks to the BCom (Hons) Financial world economy have become more acute, including the threat of Analysis and Portfolio disorderly market movements and an escalation of trade disputes. As Management ; BCom such, major central banks are set to rethink their plans to tighten (Politics, Philosophy &. monetary policy in 2019 as global growth slows, according to the Economics). investors and former policy makers attending the Davos summit. Locally, as we enter an election year we also note the headwinds to SA markets in the form of geopolitical tensions and uncertainty in major economies that will likely keep investors risk-averse for much of the year. Also, low business confidence and policy uncertainty continue to weigh on investor appetite.

5 The rand strengthened some relative to the dollar. Furthermore, risk assets experienced a welcome respite in January. The MSCI. World declined some in rands. Emerging market equities About the Portfolio Manager outperformed their developed counterparts, delivering some in rands. The underlying mood remained broadly positive due to hopes for a breakthrough in the US-China trade dispute and signs of a more Rafiq heads up the retail consulting function within the investment dovish Fed, and emerging market bonds rallied but declined in team. This follows his roles at Sanlam Investments' multi manager rands. Developed market bonds delivered muted positive returns in business, Sanlam Multi Manager International, which he joined in dollars relative to their developing market counterparts.

6 As such, the 2006. He was initially appointed as an Investment Analyst and was JP Morgan Global Aggregate index delivered some in dollars responsible for carrying out manager research analysis. He was later and in rands. The Fed changing its tone significantly was a promoted to Portfolio Manager, managing investment portfolios for real tailwind for global listed property. As such, the sector rallied some institutional and retail investors. In 2012, Rafiq helped establish the in rands. retail investment consulting offering that he now heads up. Given the more dovish forward guidance from major central banks, the He started his career in the financial services industry in 2004 as a ALSI ended the month up in rands. Also, the Fini-15 index Client Service Consultant at Glacier Financial Solutions (previously rallied some for the month.)

7 Longer dated sovereign bond yields Innofin), where he serviced financial advisers. fell during January, in line with other emerging markets on the back of the Fed policy change. As such, the ALBI marginally outperformed the Rafiq holds in Politics, Philosophy and Economics and local equity market, delivering some in rands. Over the month (Honours) in Financial Analysis and Portfolio Management from the inflation-linked bond yields fell across the yield curve, but less than the University of Cape Town. fixed coupon bonds. Local inflation-linked bonds underperformed their nominal counterparts, delivering some in rands. Given the risk- Manager Information on environment, SA listed property rallied some in rands. SA The management of this portfolio has been outsourced to Sanlam cash delivered for the month of January.

8 Multi Manager International (Pty) Ltd by Glacier Financial Solutions (Pty) Ltd Physical address 55 Willie van Schoor Avenue, Bellville, 7530. Postal Address: Private Bag X8, Tygervalley, 7536. Website: Contact Details Tel: +27 (21) 950-2500. Fax: +27 (21) 950-2126. Email: Investment Committee Francis Marais Glacier Research Luke McMahon Glacier Research Liesl-Mari de Jager Glacier Research Dries Human - Glacier BDM. Rocco Carr Glacier BDM. Clive Preston Glacier BDM. Rainier van der Nest Glacier BDM. Leigh Kohler Glacier Invest Glacier Financial Solutions (Pty) Ltd is a licensed financial services provider. The information contained in this document has been recorded and arrived at by Glacier Financial Solutions (Pty) Ltd (FSP). Licence No.

9 770 in good faith and from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to the accuracy, completeness or correctness. Past performance is not necessarily a guide to future performance. Performance figures are calculated using net returns (after-fee) of funds but are quoted gross of wrap fund fee. Changes in currency rates of exchange may cause the value of your investments to fluctuate. The value of investments and income from them may therefore go down as well as up, and are not guaranteed. The information is provided for information purposes only and should not be construed as the rendering of investment advice to clients. Glacier Financial Solutions (Pty) Ltd and its' shareholders, subsidiaries, agents, officers and employees accordingly accept no liability whatsoever for any direct, indirect or consequential loss arising from the use or reliance, in any manner, on the information provided in this document.

10 Total expense ratios (TERs) are calculated quarterly and are accurate at the latest available date quoted on this document, intermediary and LISP fees are client-dependent and therefore not reflected. The wrap fund is made up of registered Collective Investment Schemes. The Minimum Disclosure Document of the underlying funds can be obtained from the respective Managers.