The primary objective is to achieve higher than average long-term growth. This is a portfolio with assertive risk characteristics and investments are diversified across all major asset classes. Short-term volatility in value will be reflective of the risk profile of the portfolio.

Fund Objective

This fund has a worldwide flexible mandate. This means it can invest in any asset class (equities, bonds, or cash) anywhere in the world. Typically it will focus on equities, including property shares, because those are the assets that have over time offered the highest returns, certainly far in excess of interest-bearing instruments. Because this is a hybrid fund, it can invest up to 80% of its assets in other collective investments. Our conscious strategy will be to invest in funds that have over time strongly outperformed their peers. Typically these (rand-denominated) underlying funds will carry high equity content. A minimum of 20% (but typically more) of its assets will be invested in direct securities, especially equities.The fund will furthermore invest a substantial portion of its assets abroad to diversify its exposure and thus reduce risk, but also to benefit from attractive international opportunities. Bear in mind as well that the SA Rand is fundamentally a weak currency.The investment manager will also be allowed to invest in listed and unlisted financial instruments (derivatives) as allowed by the Act from time to time in order to achieve its investment objective.

Fund Strategy

• This fund should appeal to assertive investors who look beyond short term market volatility in the hope of excellent long term capital growth.• This fund is also aimed at investors who can appreciate the worldwide flexible mandate, plus the fund's hybrid nature, being able to invest in both collective investments and direct securities.• The fund is not compliant with Regulation 28 of the Pension Funds Act.

Why choose this fund?

Fund Information

ASISA Fund Classification Worldwide Multi Asset Flexible

Risk Profile Aggressive

Benchmark Avg Worldwide MA Flexible

Fee Class Launch date 15 January 2015

Portfolio Launch date 15 January 2015

Minimum investment LISP dependent

Portfolio Size R 136 million

Bi-annually Distributions 30/06/16: 10.45 cents per unit31/12/15: 0 cents per unit

Income decl. dates 30/06 | 31/12

Income price dates 1st working day

*Portfolio valuation time 15:00

Transaction cut off time 15:00

Daily price information The Local newspaper and www.sanlamunittrusts.co.za

Repurchase period 2 to 3 working days

Risk ProfileFund Composition

Securities (%) 31-Aug 30-Sep

Direct Shares 20.2 22.5

Flagship IP Flexible Value Fund 9.7 10.5

Investec Global Strategic Managed 10.1 10.0

Investec Global Franchise Feeder 9.1 8.9

Flagship IP Worldwide Flexible Fund 8.0 8.0

Old Mutual Global Emer Market 7.1 7.1

Coronation Global Opp Equity Feeder 7.1 7.0

Anchor BCI Worldwide Flexible 7.1 7.0

Old Mutual Global Equity 7.0 7.0

Coronation Global Managed 7.1 6.9

Catalyst Global Real Estate Feeder 5.0 4.9

Cash (RSA) 2.5 0.2

Asset Allocation (%)

Advice fee | Any advice fee is negotiable between the client and their financial advisor. An annual advice fee negotiated is paid via a repurchase of units from the investor.

Obtain a personalised cost estimate before investing by visiting www.sanlamunittrustsmdd.co.za and using our Effective Annual Cost (EAC) calculator. Alternatively, contact us at 0860 100 266.

Performance fee | No performance fees are charged.

PERIOD: 15 January 2015 to 30 June 2016Total Expense Ratio (TER) | 3.06% of the value of the Financial Product was incurred as expenses relating to the administration of the Financial Product. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER’s. Transaction Cost (TC) | 0.08% of the value of the Financial Product was incurred as costs relating to the buying and selling of the assets underlying the Financial Product. Transaction Costs are a necessary cost in administering the Financial Product and impacts 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 the TER. Total Investment Charges (TER + TC) | 3.14% of the value of the Financial Product was incurred as costs relating to the investment of the Financial Product.

The TER and Transaction Costs cannot be determined accurately because of the short life span of the Financial Product. Calculations are based on actual data where possible and best estimates where actual data is not available.

The fund manager may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. This fund is also available via certain LISPS (Linked Investment Services Providers), who levy their own fees.

Fees (Incl. VAT) Retail-class (%)

Advice initial fee (max.) 0.00

Manager initial fee (max.) 0.00

Advice annual fee (max.) 1.14

Manager annual fee (max.) 1.42

Total Expense Ratio (TER) 3.06

This Monthly Minimum Disclosure Document should be viewed in conjunction with the Glossary Terms Sheet.

Issue date: 15 November 2016

30 September 2016

Trésor Sanlam Collective Investments Flexible Fund

(Fund Fact Sheet)

Market sentiment shifted considerably throughout the quarter, driven largely by statements from global central banks and releases of various economic data. The US Fed kept interest rates unchanged, which was in line with market expectations, although there is growing belief that the Fed may raise rates further before the end of the year. The lead-up to the last two meetings of the year should continue to drive sentiment throughout the fourth quarter. Locally, growth expectations remain fairly weak while consumer inflation eased to within the inflation target band of the South African Reserve Bank (SARB). The most recent International Monetary Fund (IMF) forecast for South African growth was revised lower to 0.8% while the SARB’s expectation was revised higher to 0.4% from 0%. The SARB therefore opted to hold interest rates unchanged during the quarter, in line with market expectations.

Global equity markets performed well with developed market equity ending the quarter 4.4% higher in US dollar (USD) while emerging markets gained a stellar 8.3% in USD. Global bonds lagged, with developed market bonds returning 0.8% while emerging markets delivered 3.1%, both in USD. Global property returned 1.45% in USD. Despite positive returns in base currency, the continued strengthening of the rand detracted from performance, with the rand strengthening against most major currencies other than the Japanese yen.

Locally, the FTSE/JSE All-Share Index ended marginally higher, gaining 0.48% driven mostly by resources stocks (particularly platinum miners). Nominal bonds had another solid quarter returning 3.42% thereby outperforming inflation linkers, which returned 0.42%, while listed property was down -0.73%.

Fund returns were fairly muted for the quarter, with offshore exposures generally detracting due to rand strength while managers with large holdings in bonds performed well. Flexible fixed income funds therefore continued to perform well. Funds with an overweight exposure to platinum miners and banks also performed well.

The increasing likelihood of another rate hike in the US in the fourth quarter, US presidential elections and general macroeconomic uncertainty should continue to drive market sentiment. Market volatility and valuations continue to support our view that investing with a diversified blend of superior asset managers, with a preference for defensive managers, is appropriate given the current challenging market environment.

Portfolio Manager(s) Comment

Performance (Annualised) as at 30 Sep 2016 on a rolling monthly basis*

Fund (%) Benchmark (%)

1 Year 4.48 8.16

3 Year N/A N/A

5 Year N/A N/A

Since inception 7.43 8.53

An annualised rate of return is the average rate of return per year, measured over a period either longer or shorter than one year, such as a month, or two years, annualised for comparison with a one-year return.

Performance (Cumulative) as at 30 Sep 2016 on a rolling monthly basis*

Fund (%) Benchmark (%)

1 Year 4.48 8.16

3 Year N/A N/A

5 Year N/A N/A

Since inception 12.69 14.61

Cumulative return is the aggregate return of the portfolio for a specified period.

Risk statistics: 3 years to 30 Sep 2016

Std Deviation (Ann) N/A

Sharpe Ratio (Ann) N/A

Actual highest and lowest annual returns*

Highest Annual % 4.48

Lowest Annual % 4.48

*Performance figures sourced from Morningstar.

Trésor Wealth (Pty) LtdG01, Block B, Pro Sano ParkSouth Gate, Tyger WaterfrontCarl Cronje DriveBellville, 7530Tel: (021) 914 4861Fax: 086 510 9227E-mail: kooslx@tresor.co.za

Funds with a larger exposure to local bonds and resources stocks outperformed during the quarter, while those which held significant exposures to financials and rand hedge stocks tended to struggle. Offshore funds also struggled during the quarter following mixed movements of the rand against developed market currencies, as well as muted offshore returns. Flexible income funds therefore led the gainers due to their large exposure to bonds.

The outcome of the Brexit vote adds additional uncertainty to an already volatile market. The full consequences remain unclear and markets will adjust accordingly as it becomes more certain. Following a diversified approach in this market remains the most appropriate way to manage risk. We therefore continue to hold a blend of managers with diversified styles with a preference for managers with a capital preservation mindset.

Portfolio Management

Koos Le Roux

BCom, CTA, BBA (Hons), MBA

Investment Consultant

The investment consulting is provided by Sanlam Multi Managers International (Pty) Ltd, FSP 845, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act, 2002.

The management of investments is outsourced to Trésor Wealth (Pty) Ltd. FSP 44772, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act, 2002.

Rafiq Taylor

BCom (Hons) in Financial Analysis and Portfolio ManagementBCom (Politics, Philosophy & Economics)

Investment Manager

This Monthly Minimum Disclosure Document should be viewed in conjunction with the Glossary Terms Sheet.

Issue date: 15 November 2016

Trésor Sanlam Collective Investments Flexible Fund

30 September 2016

(Fund Fact Sheet)

This is an aggressively managed, high-risk portfolio that aims to deliver capital growth over the long term (greater than 5 years). It is designed to substantially outperform the markets and therefore carries a long-term investment horizon (5 years and upwards). The portfolio will be diversified across all major asset classes with significant exposure to equities, and may include offshore equities. There may be some capital volatility in the short term, although higher returns may be expected from five years or beyond.

Risk Profile (Aggressive)

Trustee Information

Standard Bank of South Africa Ltd

Additional Information

All reasonable steps have been taken to ensure the information on this MDD is accurate. The information to follow does not constitute financial advice as contemplated in terms of the Financial Advisory and Intermediary Services Act. Use or rely on this information at your own risk. Independent professional financial advice should always be sought before making an investment decision.  

The Sanlam Group is a full member of the Association for Savings and Investment SA. Collective investment schemes are generally medium- to long-term investments. Please note that past performance is not necessarily a guide to future performance, and that the value of investments / units / unit trusts may go down as well as up. A schedule of fees and charges and maximum commissions is available from the Manager, Sanlam Collective Investments (RF) Pty Ltd, a registered and approved Manager in Collective Investment Schemes in Securities. Additional information of the proposed investment, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge.  Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Collective investments are calculated on a net asset value basis, which is the total market value of all assets in the portfolio including any income accruals and less any deductible expenses such as audit fees, brokerage and service fees. Actual investment performance of the portfolio and the investor will differ depending on the initial fees applicable, the actual investment date, and the date of reinvestment of income as well as dividend withholding tax. Forward pricing is used.  The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The performance of the portfolio depends on the underlying assets and variable market factors. Performance is based on NAV to NAV calculations with income reinvestments done on the ex-div date.  Lump sum investment performances are quoted. The portfolio may invest in other unit trust portfolios which levy their own fees, and may result is a higher fee structure for our portfolio. All the portfolio options presented are approved collective investment schemes in terms of Collective Investment Schemes Control Act, No 45 of 2002 (“CISCA”). The fund may from time to time invest in foreign instruments which could be accompanied by additional risks as well as potential limitations on the availability of market information. The Manager has the right to close any portfolios to new investors to manage them more efficiently in accordance with their mandates.  The portfolio management of all the portfolios is outsourced to financial services providers authorized in terms of the Financial Advisory and Intermediary Services Act, 2002. Standard Bank of South Africa Ltd is the appointed trustee of the Sanlam Collective Investments Scheme.

Sanlam Collective Investments is responsible for the administration of investments in the portfolio and retains full legal responsibility for this portfolio.  Trésor Wealth (Pty) Ltd is responsible for the management of the investments held in the Fund. The management of investments is outsourced to Trésor Wealth (Pty) Ltd. FSP 44772, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act, 2002.

The lowest and highest annualised performance numbers are based on 10 non-overlapping one year periods or the number of non-overlapping one year periods from inception where performance history does not yet exist for 10 years.

Tel no.: 021 441 4100E-mail: Compliance-SANLAM@standardbank.co.za

Glossary Terms

Capital growthCapital growth is the profit made on an investment, measured by the increase in its market value over the invested amount or cost price. It is also called capital appreciation.

Capital VolatilityVolatility is a measure of ‘risk’, and refers to the extent to which the price of an investment or capital value fluctuates over a certain period of time. Funds with a high volatility usually offer the potential for higher returns over the longer term than low volatility funds.

DiversificationThis is a strategy designed to reduce risk within a portfolio by combining a variety of investments (or asset classes) such as equities, bonds, cash or property, which are unlikely to all move in the same direction. This is designed to reduce the risk (and protect against capital losses) within a portfolio. Diversification allows for more consistent performance under a wide range of economic conditions as it smoothes out the impact of negative market events. The positive performance of some investments or asset classes should neutralize the negative performance of others.

Regulation 28Regulation 28 of the Pension Funds Act sets out prudent investment limits on certain asset classes in investment funds. It applies specifically to investments in Retirement Annuities and Preservation Funds.The allowed maximum exposures to certain asset classes is: 75% for equities25% for property25% for foreign (offshore) assets +5% to African Assets

Sharpe ratioThe Sharpe ratio measures risk-adjusted performance of an investment or portfolio. It measures the amount of risk associated with the returns generated by the portfolio and indicates whether a portfolio’s returns are due to excessive risk or not. The greater a portfolio’s Sharpe ratio, the better its risk-adjusted performance has been (i.e. a higher return with a contained risk profile, where the portfolio manager is not taking excessive risk to achieve those returns).

Standard deviationStandard deviation (also called monthly volatility) is a measure of how much the returns on an investment change from month to month. It is typically used by investors to gauge the amount of expected volatility in an investment.

Total Expense Ratio (TER)This is the total costs associated with managing and operating an investment (excluding administration, financial planning and servicing fees). These costs consist primarily of management fees and additional expenses such as trading fees, legal fees, auditor fees and other operational expenses. The total cost of the fund is divided by the fund's total assets under management to arrive at a percentage amount, which represents the TER.

Manager information: Sanlam Collective Investments (RF)(Pty.) Ltd. Physical address: 2 Strand Road, Bellville 7530, Postal address: PO Box 30, Sanlamhof 7532Tel: +27 (21) 916 1800, Fax: +27 (21) 947 8224, Email: service@sanlaminvestments.com, Website: www.sanlamunittrusts.co.za

Issue date: 15 November 2016

Trésor Sanlam Collective Investments Flexible Fund

30 September 2016

(Fund Fact Sheet)