Up July 2019

Kagiso Asset Management (Pty) Limited is a licensed financial services provider (FSP No. 784). Reg No. 1998/015218/07. Kagiso Asset Management (Pty) Limited Fifth Floor MontClare Place Cnr Campground and Main Roads Claremont 7708 PO Box 1016 Cape Town 8000 Tel +27 21 673 6300 Fax +27 86 675 8501 Email info@kagisoam.com Website www.kagisoam.com Disclaimer: TheKagisounit trust fundrange isofferedbyKagisoCollective Investments (RF)Limited (Kagiso),registrationnumber2010/009289/06.Kagiso isamemberof theAssociation forSavings and Investment SA (ASISA) and is a registered management company in terms of the Collective Investment Schemes Control Act,No 45 of 2002.Kagiso is a subsidiary of Kagiso Asset Management (Pty) Limited [a licensed financial services provider (FSP No. 784)], the investment manager of the unit trust funds. Unit trusts are generally medium to long-term investments.The value of units will fluctuate and past performance should not be used as a guide for future performance.Kagiso does not provide any guarantee either with respect to the capital or the return of the portfolio(s). Foreignsecuritiesmaybe included in theportfolio(s)andmayresult inpotentialconstraintson liquidityand therepatriationof funds. Inaddition,macroeconomic,political,foreignexchange,taxand settlement risks may apply.However,our robust investment process takes these factors into account.Unit trusts are traded at ruling prices and can engage in scrip lending and borrowing.Exchange rate movements, where applicable, may affect the value of underlying investments. Different classes of units may apply and are subject to different fees and charges. A schedule of the maximum fees, charges and commissions is available upon request. Commission and incentives may be paid, and if so, would be included in the overall costs. All funds are valued and priced at 15:00 each business day and at 17:00 on the last business day of the month. Forward pricing is used. The deadline for receiving instructions is 14:00 each business day in order to ensure same day value. Prices are published daily on our website. Performance is based on a lump sum investment into the relevant portfolio(s) and is measured using Net Asset Value (NAV) prices with income distributions reinvested.NAV refers to the value of the fund’s assets less the value of its liabilities,divided by the number of units in issue.A feeder fund is a portfolio that invests in a single portfolio of a collective investment scheme,which levies its own charges and which could result in a higher fee structure for the feeder fund.Figures are quoted after the deduction of all costs incurred within the fund. Individual investor performance may differ as a result of initial fees,the actual investment date,the date of reinvestment and dividend withholding tax.Kagiso may close a portfolio to new investors in order to manage it more effectively in accordance with its mandate. Please refer to the relevant fund fact sheets for more information on the funds by visiting www.kagisoam.com Footnote: 1 Annualised (ie the average annual return over the given time period); 2 TER (total expense ratio) = % of average NAV of portfolio incurred as charges, levies and fees in the management of the portfolio for the rolling three-year period to 30 June 2019; 3 Transaction costs (TC) are unavoidable costs incurred in administering the financial products offered by Kagiso Collective Investments and impact financial product returns. It should not be considered in isolation as returns may be impacted by many other factors over time including market returns, the type of financial product, the investment decisions of the investment manager and theTER.This is also calculated on the rolling three-year period to 30 June 2019; 4 Source:Morningstar;net of all costs incurred within the fund and measured using NAV prices with income distributions reinvested; 5 Source: Kagiso Asset Management; gross of management fees; 6 Median return of Alexander Forbes SA ManagerWatch:BIV Survey; 7 Median return of Alexander Forbes Global Large ManagerWatch.

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