INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

LOCAL MARKET- ZAR LOCAL EQUITY SECTORS – ZAR

OFFSHORE MARKET - USD OFFSHORE MARKET - ZAR

AFRICA INDICES - USD BRICS INDICES - USD

SA Inflation (y-o-y) 6.0%ALSI Level 52,733.12Prime Rate 10.5%Overnight Call 6.96%Gold Price (R/kg) R 613,098.29

Dollar/Rand Exchange Rate R 14.69Euro/Rand Exchange Rate R 16.40British Pound /Rand Exchange Rate R 19.31Brent Crude Oil ($/ Barrel) $ 46.98Gold Price ($/OZ) $ 1,308.79

LOCAL ECONOMIC INDICATORS OFFSHORE ECONOMIC INDICATORS

Current Month Performance SummaryAPRIL 2016

MARKET SUMMARIESJULY 2020

INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

TABLE OF CONTENTS

01 02 03 04

05 06

CURRENT MONTH PERFORMANCE

LOCAL MARKET (ZAR)

LOCAL EQUITY MARKET (ZAR)

- By Index- By Sector- By Style- By Market Cap

OFFSHORE MARKET

- In USD- In ZAR

OFFSHORE AFRICAN MARKET

- African Country Indices

- African Indices

OFFSHORE MSCIBRICS INDICES

(USD)

BALANÇOIRE

A French ballet term meaning to step quickly from one direction to another. This is a 'see-saw' movement.

www.grayswan.co.za I 021 852 9092 (CT) I 011 431 0141 (JHB)

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07LOCAL AND OFFSHORE

- Equity Indices (ZAR)- Equity Indices (USD)- Equity Indices (Local

Page 3 Page 4 Page 5-8 Page 9-10

Page 11-12 Page 13 Page 14-16

08CONTACT US

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INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

LOCAL MARKET- ZAR LOCAL EQUITY SECTORS – ZAR

OFFSHORE MARKET - USD OFFSHORE MARKET - ZAR

AFRICA EQUITY INDICES - USD BRICS EQUITY INDICES - USD

SA Inflation (y-o-y) 2.2%ALSI Level 55,721.81Prime Rate 7.00%Overnight Call 3.57%Gold Price (R/kg) R 1,067,450.02

Dollar/Rand Exchange Rate R 17.06Euro/Rand Exchange Rate R 20.11British Pound /Rand Exchange Rate R 22.34Brent Crude Oil ($/ Barrel) $ 43.52Gold Price ($/OZ) $ 1,976.28

LOCAL ECONOMIC INDICATORS OFFSHORE ECONOMIC INDICATORS

Current Month Performance SummaryJuly 2020

3

INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Local Market Summary (ZAR)July 2020

*All Share Index

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

RISK COMPARISON (15 years)

SA Inflation SA Money Market SA Inflation Bonds SA Fixed Rate Bonds SA Listed Property SA Equities*

Standard Deviation 1.44% 0.47% 8.26% 7.64% 19.51% 15.36%Upside Deviation 1.36% 0.47% 5.58% 5.33% 10.97% 10.07%

Downside Deviation 0.24% 0.00% 5.17% 4.02% 12.98% 8.08%Worst Month -0.61% 0.39% -17.47% -9.75% -36.57% -13.24%

Worst Peak-to-Trough -1.12% 0.00% -18.55% -9.79% -60.50% -40.45%

CALENDAR YEAR

SA Inflation SA Money Market SA Inflation Bonds SA Fixed Rate Bonds SA Listed Property SA Equities*

2016 6.61% 7.39% 6.27% 15.45% 10.20% 2.63%2017 4.62% 7.54% 2.93% 10.22% 17.15% 20.95%2018 5.18% 7.25% -0.43% 7.69% -25.26% -8.53%2019 3.56% 7.29% 2.25% 10.32% 1.92% 12.05%2020 1.23% 3.62% -3.71% 0.97% -39.55% -0.68%

ABSOLUTE PERFORMANCE

SA Inflation SA Money Market SA Inflation Bonds SA Fixed Rate Bonds SA Listed Property SA Equities*

1 month 0.52% 0.42% -1.67% 0.61% -3.19% 2.56%2 months -0.09% 0.86% -2.07% -0.58% 9.80% 10.50%3 months -0.61% 1.36% -0.61% 6.44% 8.97% 10.83%6 months 0.97% 3.02% -3.73% -0.21% -37.64% 1.03%

1 year 2.22% 6.66% -5.01% 4.25% -41.19% 1.58%2 years 3.34% 6.99% -0.53% 6.14% -23.28% 1.89%3 years 3.75% 7.10% 0.23% 7.79% -20.18% 3.63%4 years 4.08% 7.23% 0.07% 7.63% -14.87% 4.60%5 years 4.51% 7.18% 1.38% 7.40% -10.55% 4.58%

10 years 5.00% 6.46% 5.82% 7.93% 3.67% 10.31%15 years 5.65% 7.28% 7.46% 7.97% 9.05% 12.31%

Source: iress

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INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Local Equity Indices (ZAR)July 2020

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

RISK COMPARISON (15 years)

CAPI Dividend PlusEqual Weighted

Top 40 RAFI SWIX ALSI

Standard Deviation 15.06% 16.36% 15.66% 16.12% 14.90% 15.36%Upside Deviation 9.85% 10.29% 10.11% 10.23% 9.65% 10.07%

Downside Deviation 7.91% 9.14% 8.40% 8.79% 7.99% 8.08%Worst Month -13.28% -19.97% -16.23% -18.71% -14.15% -13.24%

Worst Peak-to-Trough -38.25% -34.01% -34.53% -35.82% -36.98% -40.45%

CALENDAR YEAR

CAPI Dividend Plus Equal Weighted Top 40

RAFI SWIX ALSI

2016 3.94% 24.70% 1.91% 19.72% 4.13% 2.63%2017 18.06% 27.35% 11.85% 17.41% 21.21% 20.95%2018 -7.67% -1.63% -10.71% -4.00% -11.67% -8.53%2019 10.52% 4.92% 7.09% 9.06% 9.32% 12.05%2020 -2.41% -11.28% -5.96% -12.13% -4.10% -0.68%

ABSOLUTE PERFORMANCE

CAPI Dividend Plus Equal Weighted Top 40

RAFI SWIX ALSI

1 month 2.89% 3.68% 2.74% 1.63% 2.37% 2.56%2 months 10.12% 7.46% 10.38% 8.39% 10.64% 10.50%3 months 10.94% 14.06% 10.24% 9.34% 9.57% 10.83%6 months -0.39% -7.14% -2.37% -9.11% -2.36% 1.03%

1 year 0.02% -11.87% -0.13% -10.34% -1.69% 1.58%2 years 0.53% -2.68% -1.83% -4.55% -1.41% 1.89%3 years 2.60% 4.18% -1.18% 0.48% 0.72% 3.63%4 years 3.50% 4.79% -1.69% 2.55% 1.70% 4.60%5 years 3.89% 4.14% -0.41% 3.18% 2.59% 4.58%

10 years 10.02% 7.41% 7.15% 7.92% 9.99% 10.31%15 years 12.28% 11.84% 10.32% 10.82% 12.11% 12.31%

Source: iress

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INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Local Equity Sector Indices (ZAR)July 2020

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

Source: iress

RISK COMPARISON (15 years)

Financials Industrials Resources SWIX ALSI

Standard Deviation 17.80% 14.50% 25.11% 14.90% 15.36%Upside Deviation 10.31% 9.44% 15.72% 9.65% 10.07%

Downside Deviation 11.22% 7.56% 13.90% 7.99% 8.08%Worst Month -29.43% -12.44% -21.86% -14.15% -13.24%

Worst Peak-to-Trough -45.31% -31.32% -58.27% -36.98% -40.45%

CALENDAR YEAR

Financials Industrials Resources SWIX ALSI

2016 5.44% -6.55% 34.24% 4.13% 2.63%2017 20.61% 22.50% 17.90% 21.21% 20.95%2018 -8.76% -17.55% 15.55% -11.67% -8.53%2019 0.63% 8.90% 28.53% 9.32% 12.05%2020 -31.41% 5.38% 15.06% -4.10% -0.68%

ABSOLUTE PERFORMANCE

Financials Industrials Resources SWIX ALSI

1 month 0.40% -1.28% 9.04% 2.37% 2.56%2 months 4.58% 6.92% 18.61% 10.64% 10.50%3 months 1.25% 5.04% 25.19% 9.57% 10.83%6 months -27.62% 3.76% 19.21% -2.36% 1.03%

1 year -29.71% 1.46% 29.31% -1.69% 1.58%2 years -18.52% 0.47% 22.74% -1.41% 1.89%3 years -9.92% 0.22% 23.05% 0.72% 3.63%4 years -6.44% 2.09% 19.83% 1.70% 4.60%5 years -5.90% 2.82% 14.41% 2.59% 4.58%

10 years 6.89% 13.49% 5.27% 9.99% 10.31%15 years 8.46% 15.06% 9.09% 12.11% 12.31%

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INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Local Equity Style Indices (ZAR)July 2020

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

Source: iress

RISK COMPARISON (15 years)

Growth Value Top 40 SWIX ALSI

Standard Deviation 16.40% 16.32% 16.25% 14.90% 15.36%Upside Deviation 11.23% 9.99% 10.76% 9.65% 10.07%

Downside Deviation 8.16% 9.40% 8.40% 7.99% 8.08%Worst Month -13.43% -19.02% -14.27% -14.15% -13.24%

Worst Peak-to-Trough -42.74% -39.32% -43.42% -36.98% -40.45%

CALENDAR YEAR

Growth Value Top 40 SWIX ALSI

2016 -3.63% 17.15% -1.60% 4.13% 2.63%2017 25.56% 12.15% 23.07% 21.21% 20.95%2018 -11.51% -4.44% -8.31% -11.67% -8.53%2019 17.87% 6.14% 12.41% 9.32% 12.05%2020 13.85% -16.00% 2.81% -4.10% -0.68%

ABSOLUTE PERFORMANCE

Growth Value Top 40 SWIX ALSI

1 month 4.00% 0.45% 2.43% 2.37% 2.56%2 months 12.77% 7.28% 10.47% 10.64% 10.50%3 months 13.47% 7.15% 10.94% 9.57% 10.83%6 months 14.19% -13.32% 4.31% -2.36% 1.03%

1 year 17.92% -15.18% 4.62% -1.69% 1.58%2 years 10.54% -7.64% 3.38% -1.41% 1.89%3 years 9.20% -2.58% 4.93% 0.72% 3.63%4 years 9.47% -1.23% 6.03% 1.70% 4.60%5 years 9.09% -0.88% 5.13% 2.59% 4.58%

10 years 13.64% 5.68% 10.62% 9.99% 10.31%15 years 14.23% 9.27% 12.32% 12.11% 12.31%

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INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Local Equity Market Cap Indices (ZAR)July 2020

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

Source: iress

RISK COMPARISON (15 years)

Small Caps Mid Caps Large Caps / Top 40 SWIX ALSI

Standard Deviation 14.90% 15.78% 16.25% 14.90% 15.36%Upside Deviation 8.60% 9.20% 10.76% 9.65% 10.07%

Downside Deviation 9.43% 9.80% 8.40% 7.99% 8.08%Worst Month -21.67% -23.66% -14.27% -14.15% -13.24%

Worst Peak-to-Trough -45.59% -35.57% -43.42% -36.98% -40.45%

CALENDAR YEAR

Small Caps Mid Caps Large Caps / Top 40 SWIX ALSI

2016 20.90% 26.89% -1.60% 4.13% 2.63%2017 2.95% 7.36% 23.07% 21.21% 20.95%2018 -14.59% -9.73% -8.31% -11.67% -8.53%2019 -4.10% 15.58% 12.41% 9.32% 12.05%2020 -19.93% -24.40% 2.81% -4.10% -0.68%

ABSOLUTE PERFORMANCE

Small Caps Mid Caps Large Caps / Top 40 SWIX ALSI

1 month 1.29% 1.71% 2.43% 2.37% 2.56%2 months 12.76% 7.87% 10.47% 10.64% 10.50%3 months 9.15% 8.11% 10.94% 9.57% 10.83%6 months -19.36% -21.97% 4.31% -2.36% 1.03%

1 year -22.34% -14.49% 4.62% -1.69% 1.58%2 years -15.86% -6.35% 3.38% -1.41% 1.89%3 years -11.44% -4.43% 4.93% 0.72% 3.63%4 years -8.57% -4.81% 6.03% 1.70% 4.60%5 years -5.49% 0.08% 5.13% 2.59% 4.58%

10 years 6.37% 7.44% 10.62% 9.99% 10.31%15 years 9.65% 11.72% 12.32% 12.11% 12.31%

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INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Offshore (USD)July 2020

*Global Bonds: Barclays Global Aggregate Bond IndexGlobal Equities: MSCI ACWI

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

Source: iress, GPR & InflationData.com

RISK COMPARISON (15 years)

US Inflation USD Cash Global Hedge FoFs Global Bonds* Global Property Global Equities*

Standard Deviation 1.37% 0.49% 5.47% 5.38% 19.55% 15.90%Upside Deviation 0.90% 0.49% 2.69% 3.39% 10.54% 8.92%

Downside Deviation 0.76% 0.00% 3.81% 2.93% 13.43% 10.23%Worst Month -1.92% 0.01% -7.63% -3.97% -27.71% -19.82%

Worst Peak-to-Trough -4.43% 0.00% -22.22% -10.07% -67.29% -54.92%

CALENDAR YEAR

US Inflation USD Cash Global Hedge FoFs Global Bonds* Global Property Global Equities*

2016 1.69% 0.51% 0.49% 2.09% 5.29% 7.86%2017 2.20% 1.14% 7.76% 7.40% 10.17% 23.97%2018 2.18% 2.06% -4.02% -1.20% -4.49% -9.42%2019 2.05% 2.20% 8.38% 6.84% 22.57% 26.60%2020 0.23% 0.41% -0.22% 6.27% -18.02% -1.29%

ABSOLUTE PERFORMANCE

US Inflation USD Cash Global Hedge FoFs Global Bonds* Global Property Global Equities*

1 month 0.55% 0.01% 1.35% 3.19% 3.03% 5.29%2 months 0.55% 0.03% 3.40% 4.11% 5.71% 8.65%3 months -0.12% 0.04% 5.80% 4.56% 6.35% 13.38%6 months 0.32% 0.28% -0.50% 4.93% -19.15% -0.19%

1 year 0.65% 1.19% 1.60% 7.85% -13.19% 7.20%2 years 1.15% 1.78% 1.40% 6.78% -2.74% 5.05%3 years 1.72% 1.74% 2.37% 4.30% -0.30% 6.99%4 years 1.69% 1.51% 3.26% 2.88% -0.91% 9.42%5 years 1.56% 1.28% 1.73% 4.16% 2.24% 7.37%

10 years 1.69% 0.74% 2.85% 2.79% 6.84% 8.87%15 years 1.90% 1.49% 2.61% 3.82% 4.91% 6.53%

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INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Source: iress, GPR & InflationData.com*Global Bonds: Barclays Global Aggregate Bond IndexGlobal Equities: MSCI ACWI

10

Offshore (ZAR)July 2020

RISK COMPARISON (15 years)

US Inflation USD Cash Global Hedge FoFs Global Bonds* Global Property Global Equities* ZAR/USD

Standard Deviation 16.51% 16.45% 14.25% 15.00% 16.93% 13.84% 16.41%Upside Deviation 11.63% 11.63% 9.90% 10.66% 10.48% 9.97% 11.46%

Downside Deviation 7.75% 7.67% 6.86% 6.95% 9.70% 6.42% 7.80%Worst Month -11.66% -11.84% -10.95% -11.08% -18.21% -10.77% -11.87%

Worst Peak-to-Trough -33.46% -35.18% -23.94% -24.14% -54.09% -35.06% -35.60%

CALENDAR YEAR

US Inflation USD Cash Global Hedge FoFs Global Bonds* Global Property Global Equities* ZAR/USD

2016 -9.96% -11.00% -11.02% -9.61% -6.77% -4.49% -11.46%2017 -7.60% -8.56% -2.57% -2.90% -0.40% 12.09% -9.59%2018 18.49% 18.36% 11.31% 14.58% 10.76% 5.05% 15.97%2019 -0.46% -0.32% 5.71% 4.21% 19.55% 23.48% -2.46%2020 22.14% 22.37% 21.59% 29.50% -0.10% 20.29% 21.86%

ABSOLUTE PERFORMANCE

US Inflation USD Cash Global Hedge FoFs Global Bonds* Global Property Global Equities* ZAR/USD

1 month -1.14% -1.67% -0.35% 1.45% 1.30% 3.52% -1.68%2 months -2.19% -2.70% 0.58% 1.27% 2.82% 5.69% -2.73%3 months -8.02% -7.87% -2.57% -3.70% -2.06% 4.41% -7.91%6 months 14.06% 14.02% 13.13% 19.30% -8.07% 13.48% 13.70%

1 year 19.71% 20.36% 20.85% 28.28% 3.26% 27.51% 18.94%2 years 14.66% 15.39% 14.95% 21.05% 10.26% 19.09% 13.36%3 years 10.87% 10.90% 11.58% 13.69% 8.67% 16.62% 9.00%4 years 7.15% 6.96% 8.80% 8.40% 4.40% 15.29% 5.37%5 years 7.82% 7.53% 8.00% 10.58% 8.54% 13.99% 6.16%

10 years 10.72% 9.69% 11.98% 11.91% 16.32% 18.53% 8.88%15 years 8.61% 8.18% 9.37% 10.66% 11.83% 13.55% 6.59%

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Offshore African Equity Country Indices (USD)July 2020

CUMULATIVE PERFORMANCE (10 years) RISK RETURN COMPARISON (10 years)

Source: iress

RISK COMPARISON (10 years)

Egypt Kenya Mauritius Morocco Nigeria Tunisia EFM Africa ex SA

Frontier Africa

Standard Deviation 29.65% 21.32% 18.24% 16.19% 27.15% 16.01% 17.43% 17.66%Upside Deviation 17.29% 12.89% 8.42% 8.80% 14.58% 10.22% 8.58% 9.30%

Downside Deviation 18.63% 12.02% 13.86% 10.51% 17.69% 8.79% 12.05% 11.83%Worst Month -33.52% -15.47% -37.70% -25.40% -25.78% -10.66% -24.58% -23.69%

Worst Peak-to-Trough -46.86% -41.40% -48.14% -42.88% -75.84% -36.41% -43.50% -44.56%

CALENDAR YEAR

Egypt Kenya Mauritius Morocco Nigeria TunisiaEFM Africa

ex SA Frontier Africa

2016 -11.53% 1.11% 9.15% 34.33% -35.98% 0.07% -7.91% -6.94%2017 5.13% 35.97% 42.13% 11.11% 36.94% 11.56% 22.31% 26.20%2018 -14.00% -12.51% -21.28% -7.46% -14.34% 13.38% -12.95% -12.82%2019 41.75% 48.73% 15.14% 11.00% -16.27% 8.82% 16.65% 10.81%2020 -23.38% -23.85% -38.87% -14.33% -17.46% 5.04% -20.10% -19.07%

ABSOLUTE PERFORMANCE

Egypt Kenya Mauritius Morocco Nigeria TunisiaEFM Africa

ex SA Frontier Africa

1 month -1.82% -4.07% -5.92% 5.17% -0.68% 3.44% -0.03% 0.54%2 months -1.21% -3.88% -5.34% 9.72% -4.39% 10.24% 0.80% 1.45%3 months -4.50% -5.42% 6.84% 14.95% 9.87% 16.29% 4.66% 7.77%6 months -25.75% -22.57% -40.72% -15.99% -20.92% 4.19% -21.61% -20.29%

1 year -11.30% -3.75% -29.36% -10.10% -16.13% 10.41% -11.42% -11.42%2 years -2.61% -5.64% -14.34% -4.29% -22.87% -5.76% -9.34% -10.98%3 years -3.28% 1.78% -13.99% -3.73% -17.85% 9.78% -6.68% -7.62%4 years -6.72% 6.24% -5.22% 2.52% -5.34% 8.65% -0.98% 0.42%5 years -6.28% 6.02% -5.81% 3.66% -12.80% 4.29% -3.38% -2.72%

10 years -2.22% 9.62% -0.49% -1.45% -5.89% 0.75% -1.51% 1.10%15 years 1.64% 8.88% 7.53% 5.34% -1.35% 5.89% 1.79% 3.69%

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INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Offshore African Equity Indices (USD)July 2020

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

Source: iress

RISK COMPARISON (15 years)

MSCI EFM Africa ex SA

MSCI EFM Africa MSCI Frontier Africa MSCI South Africa MSCI ACWI

Standard Deviation 21.23% 24.54% 23.84% 26.46% 15.90%Upside Deviation 11.52% 14.13% 14.41% 15.56% 8.92%

Downside Deviation 14.19% 14.78% 15.16% 15.54% 10.23%Worst Month -26.23% -26.38% -32.12% -26.18% -19.82%

Worst Peak-to-Trough -62.83% -54.47% -70.39% -54.93% -54.92%

CALENDAR YEAR

JSE All Africa 40JSE All Africa

ex SA 30MSCI EFM Africa

ex SA MSCI EFM AfricaMSCI Frontier

Africa MSCI South Africa MSCI ACWI

2016 -2.39% -9.13% -7.91% 14.82% -6.94% 17.91% 7.86%2017 34.29% 28.95% 22.31% 34.85% 26.20% 36.12% 23.97%2018 -13.38% -9.33% -12.95% -23.71% -12.82% -24.76% -9.42%2019 18.14% 16.47% 16.65% 10.78% 10.81% 10.04% 26.60%2020 -13.92% -18.87% -20.10% -19.66% -19.07% -19.63% -1.29%

ABSOLUTE PERFORMANCE

JSE All Africa 40JSE All Africa

ex SA 30MSCI EFM Africa

ex SA MSCI EFM AfricaMSCI Frontier

Africa MSCI South Africa MSCI ACWI

1 month 1.24% -0.05% -0.03% 5.29% 0.54% 5.96% 5.29%2 months 6.17% 1.09% 0.80% 15.01% 1.45% 16.98% 8.65%3 months 11.50% 5.38% 4.66% 17.55% 7.77% 19.30% 13.38%6 months -12.73% -20.20% -21.61% -13.00% -20.29% -11.85% -0.19%

1 year -7.95% -10.21% -11.42% -17.53% -11.42% -18.27% 7.20%2 years -6.53% -8.56% -9.34% -12.97% -10.98% -13.40% 5.05%3 years -2.16% -4.64% -6.68% -7.61% -7.62% -7.75% 6.99%4 years 3.42% 0.99% -0.98% -3.69% 0.42% -4.02% 9.42%5 years 0.45% -1.80% -3.38% -3.71% -2.72% -3.77% 7.37%

10 years 1.61% -0.01% -1.51% -0.11% 1.10% 0.06% 8.87%15 years 1.79% 3.86% 3.69% 4.40% 6.53%

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INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

*Global Equities: MSCI ACWI

13

Source: iress

Offshore BRICS Equity Indices (USD)July 2020

RISK COMPARISON (15 years)

Brazil Russia India China South Africa BRIC Global Equities*

Standard Deviation 34.73% 32.30% 28.57% 25.34% 26.46% 25.07% 15.90%Upside Deviation 21.29% 19.41% 18.06% 15.23% 15.56% 15.42% 8.92%

Downside Deviation 19.95% 19.48% 16.46% 14.86% 15.54% 14.63% 10.23%Worst Month -38.17% -35.28% -28.48% -22.75% -26.18% -29.12% -19.82%

Worst Peak-to-Trough -73.28% -78.21% -68.93% -64.83% -54.93% -64.38% -54.92%

CALENDAR YEAR

Brazil Russia India China South Africa BRIC Global Equities*

2016 66.24% 54.82% -1.43% 0.90% 17.91% 12.12% 7.86%2017 24.11% 5.20% 38.76% 54.07% 36.12% 41.75% 23.97%2018 -0.49% -0.70% -7.30% -18.88% -24.76% -13.43% -9.42%2019 26.30% 51.37% 7.58% 23.46% 10.04% 22.83% 26.60%2020 -30.16% -22.47% -8.33% 13.29% -19.63% 1.34% -1.29%

ABSOLUTE PERFORMANCE

Brazil Russia India China South Africa BRIC Global Equities*

1 month 14.23% 2.63% 10.38% 9.44% 5.96% 9.62% 5.29%2 months 22.68% 0.60% 17.88% 19.27% 16.98% 18.23% 8.65%3 months 33.13% 9.26% 14.60% 18.69% 19.30% 18.78% 13.38%6 months -24.52% -20.05% -7.60% 19.01% -11.85% 6.01% -0.19%

1 year -25.78% -11.01% -3.39% 24.49% -18.27% 10.34% 7.20%2 years -2.58% 4.44% -3.67% 8.83% -13.40% 5.70% 5.05%3 years -1.58% 11.13% -0.77% 8.74% -7.75% 6.38% 6.99%4 years 3.00% 11.53% 4.00% 15.64% -4.02% 11.83% 9.42%5 years 5.79% 10.43% 2.57% 9.71% -3.77% 8.36% 7.37%

10 years -4.02% 1.50% 2.63% 6.88% 0.06% 3.16% 8.87%15 years 5.49% 3.53% 7.58% 11.19% 4.40% 8.16% 6.53%

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Local & Offshore Equity Indices (ZAR)July 2020

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

Source: iress

RISK COMPARISON (15 years)

ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA

Standard Deviation 15.36% 14.90% 14.22% 15.22% 13.84% 20.89%Upside Deviation 10.07% 9.65% 10.31% 10.34% 9.97% 13.40%

Downside Deviation 8.08% 7.99% 6.50% 7.67% 6.42% 11.34%Worst Month -13.24% -14.15% -11.21% -13.90% -10.77% -17.69%

Worst Peak-to-Trough -40.45% -36.98% -34.15% -44.33% -35.06% -58.35%

CALENDAR YEAR

ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA

2016 2.63% 4.13% -4.81% -1.55% -4.49% -18.46%2017 20.95% 21.21% 10.67% 24.12% 12.09% 10.59%2018 -8.53% -11.67% 5.87% -0.94% 5.05% 0.95%2019 12.05% 9.32% 24.53% 15.52% 23.48% 13.78%2020 -0.68% -4.10% 20.33% 19.76% 20.29% -2.63%

ABSOLUTE PERFORMANCE

ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA

1 month 2.56% 2.37% 3.02% 7.10% 3.52% -1.71%2 months 10.50% 10.64% 4.62% 13.75% 5.69% -1.95%3 months 10.83% 9.57% 3.84% 8.52% 4.41% -3.61%6 months 1.03% -2.36% 12.96% 17.21% 13.48% -10.86%

1 year 1.58% -1.69% 27.55% 26.73% 27.51% 5.36%2 years 1.89% -1.41% 19.50% 15.73% 19.09% 2.77%3 years 3.63% 0.72% 17.20% 12.10% 16.62% 1.71%4 years 4.60% 1.70% 15.49% 13.74% 15.29% 4.33%5 years 4.58% 2.59% 14.15% 12.69% 13.99% 2.58%

10 years 10.31% 9.99% 19.34% 12.50% 18.53% 7.24%15 years 12.31% 12.11% 13.67% 13.48% 13.55% 8.50%

14

INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Local & Offshore Equity Indices (USD)July 2020

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

Source: iress

RISK COMPARISON (15 years)

ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA

Standard Deviation 25.11% 25.56% 15.51% 21.88% 15.90% 21.23%Upside Deviation 14.82% 14.87% 8.63% 13.11% 8.92% 11.52%

Downside Deviation 14.87% 15.29% 9.99% 13.18% 10.23% 14.19%Worst Month -25.47% -25.70% -18.96% -27.37% -19.82% -26.23%

Worst Peak-to-Trough -60.21% -59.11% -54.03% -61.59% -54.92% -62.83%

CALENDAR YEAR

ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA

2016 15.91% 17.60% 7.51% 11.19% 7.86% -7.91%2017 33.78% 34.07% 22.40% 37.28% 23.97% 22.31%2018 -21.12% -23.83% -8.71% -14.58% -9.42% -12.95%2019 14.87% 12.08% 27.67% 18.44% 26.60% 16.65%2020 -18.50% -21.31% -1.26% -1.72% -1.29% -20.10%

ABSOLUTE PERFORMANCE

ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA

1 month 4.31% 4.13% 4.78% 8.94% 5.29% -0.03%2 months 13.59% 13.74% 7.56% 16.94% 8.65% 0.80%3 months 20.35% 18.98% 12.75% 17.84% 13.38% 4.66%6 months -11.15% -14.13% -0.66% 3.08% -0.19% -21.61%

1 year -14.60% -17.35% 7.23% 6.55% 7.20% -11.42%2 years -10.12% -13.04% 5.41% 2.09% 5.05% -9.34%3 years -4.93% -7.60% 7.52% 2.84% 6.99% -6.68%4 years -0.72% -3.48% 9.61% 7.95% 9.42% -0.98%5 years -1.49% -3.37% 7.52% 6.15% 7.37% -3.38%

10 years 1.31% 1.02% 9.61% 3.33% 8.87% -1.51%15 years 5.37% 5.17% 6.64% 6.46% 6.53% 1.79%

15

INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

Local & Offshore Equity Indices (Base currency)July 2020

CUMULATIVE PERFORMANCE (15 years) RISK RETURN COMPARISON (15 years)

Source: iress

RISK COMPARISON (15 years)

ALSI (ZAR) SWIX (ZAR) MSCI Develop (USD)

MSCI Emerging (USD)

MSCI All Country (USD)

MSCI Africa ex ZA (USD)

Standard Deviation 15.36% 14.90% 15.51% 21.88% 15.90% 21.23%Upside Deviation 10.07% 9.65% 8.63% 13.11% 8.92% 11.52%

Downside Deviation 8.08% 7.99% 9.99% 13.18% 10.23% 14.19%Worst Month -13.24% -14.15% -18.96% -27.37% -19.82% -26.23%

Worst Peak-to-Trough -40.45% -36.98% -54.03% -61.59% -54.92% -62.83%

CALENDAR YEAR

ALSI (ZAR) SWIX (ZAR)MSCI Develop

(USD)MSCI Emerging

(USD)MSCI All Country

(USD)MSCI Africa ex ZA

(USD)

2016 2.63% 4.13% 7.51% 11.19% 7.86% -7.91%2017 20.95% 21.21% 22.40% 37.28% 23.97% 22.31%2018 -8.53% -11.67% -8.71% -14.58% -9.42% -12.95%2019 12.05% 9.32% 27.67% 18.44% 26.60% 16.65%2020 -0.68% -4.10% -1.26% -1.72% -1.29% -20.10%

ABSOLUTE PERFORMANCE

ALSI (ZAR) SWIX (ZAR)MSCI Develop

(USD)MSCI Emerging

(USD)MSCI All Country

(USD)MSCI Africa ex ZA

(USD)

1 month 2.56% 2.37% 4.78% 8.94% 5.29% -0.03%2 months 10.50% 10.64% 7.56% 16.94% 8.65% 0.80%3 months 10.83% 9.57% 12.75% 17.84% 13.38% 4.66%6 months 1.03% -2.36% -0.66% 3.08% -0.19% -21.61%

1 year 1.58% -1.69% 7.23% 6.55% 7.20% -11.42%2 years 1.89% -1.41% 5.41% 2.09% 5.05% -9.34%3 years 3.63% 0.72% 7.52% 2.84% 6.99% -6.68%4 years 4.60% 1.70% 9.61% 7.95% 9.42% -0.98%5 years 4.58% 2.59% 7.52% 6.15% 7.37% -3.38%

10 years 10.31% 9.99% 9.61% 3.33% 8.87% -1.51%15 years 12.31% 12.11% 6.64% 6.46% 6.53% 1.79%

16

INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS17

BALANÇOIRE

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KOBUS FOUCHEHead of Reporting

kobus@grayswan.co.za

DAVID GOOSENInvestment Analyst

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