Corporate Solutions market update

Important information
Collective investment schemes (CIS) are generally medium to long term investments and the manager gives no guarantee with respect to the capital or the return of the Fund. Funds are traded at ruling prices and can engage in borrowing and scrip lending. The fund may borrow up to 10% of its market value to bridge insufficient liquidity. A schedule of charges, fees and advisor fees is available on request from the Manager, Ninety One Fund Managers SA (RF) (Pty) Ltd which is registered under the CIS Control Act . Additional advisor fees may be paid and if so, are subject to the relevant FAIS disclosure requirements. Performance shown is that of the Fund and individual investor performance may differ as a result of initial fees, actual investment date, date of any subsequent reinvestment and any dividend withholding tax and past performance is not necessarily a guide to the future. Performance figures above are based on lump sum investments, using NAV to NAV figures gross of fees with gross income reinvested, in South African rands. Different classes of units apply to the fund. The money market funds are not the bank deposit accounts. The price of each unit of money market funds is aimed at a constant value. The total return to the investor is primarily made up of interest received and may also include any gain or loss made on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but in an extreme case it can have the effect of reducing the capital value of the money market funds. This portfolio may be closed in order to be managed in accordance with the mandate. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Excessive withdrawals may place the portfolio under liquidity pressures and in such cases a process of ring-fencing may be applied with managed pay-outs over time. Additional information on the Fund may be obtained, free of charge, at www.ninetyone.com. Ninety One SA (Pty) Ltd (“Ninety One SA”) is a member of the Association for Savings and Investment SA (ASISA). The scheme trustee is FirstRand Bank Limited, PO Box 7713, Johannesburg, 2000, Tel: (011) 282 1808.

In the event that specific collective investment schemes in securities(unit trust) are mentioned please refer to the relevant minimum disclosure document(MDD) in order to obtain all the necessary information in regard to that unit trust portfolio.

All information and opinions provided are of a general nature and are not intended to address the circumstances of any particular individual or entity. We are not acting and do not purport to act in any way as an advisor or in a fiduciary capacity. No one should act upon such information or opinion without appropriate professional advice after a thorough examination of a particular situation. We endeavour to provide accurate and timely information but we make no representation or warranty, express or implied, with respect to the correctness, accuracy or completeness of the information and opinions. We do not undertake to update, modify or amend the information on a frequent basis or to advise any person if such information subsequently becomes inaccurate. Any representation or opinion is provided for information purposes only.

Ninety One SA (Pty) Ltd is an authorised financial services provider.