Cortex Asset Management t/a Cortex Wealth, An Authorised Financial Services Provider (FSP No. 564)

Eliminate market risk and generate absolute returns

Enlightened directional trading for optimum performance

Proprietary intra-day trading

“…the portfolio is non directional in nature, focused on market neutral strategies ofwhich pair trades are the primary tool …Our aim is to deliver consistent positiveinvestment performance above benchmark, with capital preservation and lowcorrelation to the general equity market.”

Portfolio Manager: Michele Santangelo

Investment Strategy: Equity Market Neutral

Benchmark: STEFI + 4%

Target return: 20 – 30%/annum

Inception date: 1st February 2008

• 67.48% return net of fees since inception, relative to the JSE AllShare down –19.91%

• Average monthly returns of 4.04%

• YTD return for 2009, 21.46%

• 14 out of 15 positive months. Worst month –0.72%

• Low levels of gearing, between 1 – 2 x geared

• Low correlation with AllShare, currently –0.541

“…patiently waiting like a master chess player we are constantly on the lookout for opportunities to take on directional trades. Our proprietary trading system allows us to

time our entry to perfection, while our conservative money management system allows us to lock in profits and limit losses in volatile as well as trending markets. ”

Portfolio Manager: Gerhard Labuschagne

Investment Strategy: Directional Long/Short

Benchmark: STEFI + 2%

Target return: 2 – 3%/month

Inception date: 1st February 2009

• Cautious, short-term stock-picking

• Limited to liquid, blue chip stocks

• Gearing used to magnify profits

• Trend reversal

• Market timing

• Discipline/money management

Portfolio Manager: Danie Sidders

Investment Strategy: Intra-day opportunistic

Benchmark: STEFI + 4%

Target return: 2 – 3%/month

Inception date: 1st March 2009

Performance fee: 25%

• Participate in a professional day traders performance

• Aggressive intra-day trading eg. Purchase when stock is 5% down on an up day

• Only trade Top40 stocks and main Indices

• Trade commodity stocks based on Rand/commodity prices

• Ability to trade in both directions and include short-term pairs

• Trade around important economic numbers

• Trade any dual-listing arbitrage

• Trade obvious intra-day ranges

• No overnight positions and strict money management/stop-losses

• Portfolio manager incentives to produce positive returns