Investment Management Mandate - Merchant West

1 Investment Management MandateInvestor Number:ENTITY DETAILSE xisting investor:New Investor:This Investment Mandate authorises Merchant West Capital Markets (Pty) Ltd; Registration Number 1999/000113/07 (hereinafter referred to asMerchant West) to make Investment decisions on a fully discretionary basis for the investor within strictly defined and managed parameters. In orderto streamline the decision-making within the Investment process, specifically in terms of market timing, re-balancing and asset allocation, it isnecessary that the investor Mandate Merchant West to act autonomously. This process will have the benefit of permitting Merchant West to takeappropriate action and create economies of scale in terms ofadministrative procedures and cost containment. Merchant West s registration with theFinancial Services Board (FSB) under a discretionary Mandate requires that this Mandate be signed by both parties.

2 Thisprocess is permitted andcontrolled by the FSB. Merchant West has accordingly registered as an Investment manager with the FSB in terms of The Financial Advisory andIntermediary Services Act of 2002 (Herein after referred to as the Act).Yes:No:Other Legal Entity:Partnership:Close Corporation:Company:Name of Entity: Trading Name:Code:(please specify)Company / Close Corporation Registration Number:Code:VAT Registration Number:Registered Address:If yes, specify income tax number:Source of funds (compulsory):Are you a registered taxpayer: Head Office Address:Fax Number:Physical Business Address:Code:Code:Telephone Number:Cellphone Number:Postal Address:AUTHORISED REPRESENTATIVES (Persons with Power of Attorney Acting on Behalf of the entity)(ADDITIONAL AUTHORISED REPRESENTATIVES AND JOINT SIGNATORIES MUST ALSO COMPLETE ANNEXURE D)Surname:Title:First Name(s):E-mail Address:ID Number:Female:Male:Gender:Date of Birth:Code:Yes:No:(Please attach a copy)South African Resident: Postal Address:Initial Here X.

3 AUTHORISATION AND MANDATECATEGORY IAdvice and intermediary services are offered in respect of the following: Merchant West is authorised to invest in, and switch from any of the following financial products, as listed in Category I and IIMerchant West is the holder of a category II FSP License and is authorised to render intermediary services of a discretionary nature in respect ofinvestment schemes and products as defined West shall exercise its discretion in the Management on behalf of the investorMerchant West shall obtain instructions from the investor before transacting on behalf of the Please Make an ElectionInvestment products and portfolios will be applied and signed for by the investor on the applicable initial Investment application forms. MerchantWest shall have full discretion pertaining to the process ofmanaging the investor s investments and shall not need to obtain instructions from theinvestor before entering into a transaction on behalf of theinvestor agreed to in terms of this Mandate , taking the investor s risk profile andinvestment objectives into account.

4 Merchant West will invest in and switch the investments within the chosen portfolio/s. Merchant West may alsoswitch between portfolios, at the request of the investor, or at its own ; Money Market Instruments; Debentures and securitized debt; Warrants, certificates and other instruments acknowledging, conferring orcreating rights to subscribe to, acquire, dispose of, or convert securities and instruments; Bonds; Derivative instruments excluding warrants;Participatory instruments In Collective Investment Schemes; Long-term deposits; Short-term II DISCRETIONARY FSPS hares; Money Market Instruments; Debentures and securitized debt; Warrants, certificates and other instruments acknowledging, conferring orcreating rights to subscribe to, acquire, dispose of, or convert securities and instruments; Derivative instruments,Excluding warrants; Participatoryinterests In Collective Investment schemes; Long-term deposits.

5 Short-term the event of a change of ownership or the transfer of the business, Merchant West is empowered to assign all its rights andduties andtransfer the Mandate to other West is authorised to appoint appropriate administrators for the pricing, record keeping, asset and liabilitymatching, ordinaryreporting, which may be different from those utilised by the investor at the time of first appointing Merchant investor authorises Merchant West, at its own discretion, to manage and administer the investments as detailed in Annexure A togetherwith any other future investments, which will be detailed inthe quarterly statement as referred to in Clause All mandated investmentsmay be managed without prior consultation or further authority from the investor. Merchant West is empowered to receive client funds forinvestment in a client specific bank account opened for this purpose as defined investor hereby authorises Merchant West to manage investments that will include but not necessarily be limited to, listed and unlistedsecurities, unit trusts, collective Investment schemes, bond derivatives, unregulated instruments (not under the auspices of the FSB)

6 Orregulated instruments in terms of any other law and property, granting special power of attorney to Merchant West to act asagent inmanaging other investments consisting of long-term Assurance and retirement fund West may make use of the services of its staff to execute certain administrative functions in the course of rendering intermediaryservices to the West will have full discretion in terms of this Mandate to manage the investor s portfolio applicable to both local and off- shorejurisdictions unless the investor indicates in writing that only the local jurisdiction applies. Should the investor wish to exclude any of the aboveinvestment instruments it should be so indicated in Act regulates and sets the parameters within which Merchant West is permitted to operate, within the constraints of a Category One andCategory Two License. Furthermore, the Act protects the investor as it defines how Merchant West may operate as indicatedin this copy of the Act is available on request from the offices of Merchant West accepts this Mandate and authority, subject to the terms and conditions contained Here X.

7 Investment OBJECTIVE AND CORRESPONDING RISK LEVELSThe investor nominates the desired primary Investment objectives by signing next to the appropriate option hereunder:(Please sign next to the suitable option only choose one option)INVESTOR IMPOSED RESTRICTIONSTHE INVESTOR'S TIME HORIZONIn appointing Merchant West as Investment manager, Merchant West is authorised to utilise investments defined as being long-term insuranceor retirement fund policies. the investor acknowledges that disclosures as prescribed by the Long-Term Insurance Act of 1998, shall bereceived only upon conclusion of the relevant contract. theinvestor authorises Merchant West, as with all other investments, to sign anyrelevant documentation to implement the relevant Investment . Upon receipt of the disclosure information, the investor will, where permitted,have 30 days in which to withdraw from the Liquidity/WithdrawalsMaximise Capital GrowthCapital PreservationSignature:Signature:Signatur e:Any specific requirements of the investor in terms of specified assets/products/services or the like and/or the inclusion or exclusion of any Legal and /or geographic jurisdictions shall be committed to this Mandate in writing or advised to Merchant West in writing or e-mail as and when Combination of Withdrawals & Capital PreservationOther Strategy as defined belowStrategy : expiration of the initial time period, Merchant West shall continue to manage the investments on the basis of a rolling time horizon.

8 In respect and , Merchant West shall manage these investments consistent with a medium term horizon and shall not assume thereis a specific deadlinedate unless so notified by the investor in writing.(Please sign next to the suitable option only choose one option)Signature:Signature:Signature:Lon g Term: Beyond 5 yearsMedium Term: 3- 5 yearsShort Term: 1 3 yearsImmediate: Less than one Here X .RISK DISCLOSURE STATEMENTThe performance of the underlying Investment itself;Any fluctuations between the Rand and the selected currency of the foreign OF INVESTMENTSI nvestments shall be held in the name of the following:The investor; An approved nominee company nominated by the investor; or A nominee company of a member of a stock exchange and/or a financial exchange through which the Investment Manager deals; orA nominee company of a bank referred to in the Banks Act, 1990 (Act No 94 of 1990) The independent custodian of an administrative financial services providerAll nominee companies are required to be FSB value of investments and any income derived from them mayfall as well as rise and the investor may not get back the full amountinvested.

9 The performance and risk arising from investing in a foreign Investment can be attributed to the following factors:AWrapFund, by contrast, has no limitations on the number of collectiveinvestment schemes, which it may include in its portfolio. The InvestmentManager of the wrap fund does not directly guarantee the repurchase of underlying participatory interests, which comprise the wrap fund. However,the administrator of the wrap fund has service level agreements in place with each Management company, which in turn guarantees to repurchase theparticipatory interests of the underlying schemes, which comprise the wrap fund. Any costs specifically applicable towrap funds, as well as additionalinformation, will be set out in the application form or supplementary documentation addressed to the a collective Investment scheme, governed by the Collective Investment Schemes Control Act 45 of 2002.

10 A Fund of Funds cannotinvest more than 75% of the value of the fund in any one , the Collective Investment Schemes Control Act guarantees therepurchase of participatory interests in the Fund of Funds by the Management (a) (b) (c) (d) risk disclosure statement is required as part of this Investment investor understands that any Investment structured through SAFEZ, such as investments in futures, options, warrants and likeinstruments, the risk disclosure of SAFEX should suffice (Annexure B attached).A foreign Investment may differ, administratively, from its South African counterpart; for example; the time frame required to liquidate aportfolio may be a longer due to different structures and banking requirements for foreign investments. It may be that these investments maytake place through a foreign Investment West may make use of wrap funds or Fund of Funds in the Management of the Investments in terms of this Mandate and istherefore required by the FSB to make certain disclosures regarding wrap funds and how such funds differ from a Fund of Funds.