Momentum MoM Selections Portfolio RangeThe Momentum MoM Selections Portfolio Range reflects Momentum Investments� best view of building blocks for creating bespoke solutions and accessing asset classes directly. The building blocks range from various equity and fixed-interest building blocks through alternative investments and multi-asset class solutions. Each portfolio has a market-linked index and is constructed using various underlying investment managers with skills in particular asset classes and strategies.

Investment managers are combined to maximise the probability of delivering benchmark-outperforminging returns at the lowest possible risk by combining diversified strategies and styles within each portfolio. With this toolkit, clients and consultants can put together custom solutions that may vary from Momentum Investments� best view for strategic asset allocation, for whatever reason, but still use the company�s best-of-class investment managers for each asset class or strategy.

Equity Fixed Interest Alternatives Other

TargetEquity Bond

Aggressive FoHF

Multiple Balanced

ClassicEquity

Inflation-linkedBond

ModerateFoHF

AbsoluteBond

StableFoHF

AbsoluteIncome

Commodity

Source: Momentum Investments

Global Money Market

Property

investments

Investment portfolio informationInception date: 1 July 2011Risk classification:

Investment strategyThis portfolio is a combination of passive and enhanced passive components. It includes a passive core with actively-managed beta strategies. The optimum allocation is achieved by combining skillful and well-diversified strategies in an equity-only solution. Managers are selected based on their value and momentum investment styles to ensure the portfolio benefits from the predominant styles in the market. Achieving diversification is a key feature of the portfolio-construction process and is addressed through effective manager allocations.

Investment portfolio mandateThe long-term return objective of this portfolio is to outperform the FTSE/JSE Shareholder Weighted All-Share Index by 0.5% to 1.5% over three-year rolling periods, but at reduced volatility of investment returns.

Benchmark The portfolio is benchmarked against the FTSE/JSE Shareholder Weighted All-Share Index.

Risk classification description The portfolio may experience a high degree of volatility in the short term due to

its exposure to the equity asset class This equity portfolio has a high probability of capital loss over the shorter term as

it will be fully invested at all times The portfolio�s objective is to outperform its benchmark by 0.5% to 1.5% over

three-year rolling periods

Momentum MoM Portfolio RangeSelections Momentum MoM PortfolioTarget Equity

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Target Equity Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment portfolio informationInception date: 1 May 1995Risk classification:

Investment strategyThis investment portfolio is the company�s best-view equity blend. The investment managers selected for this actively-managed equity portfolio are highly rated and complement each other. They demonstrate sufficient breadth in research and are able to invest across market-cap segments. The optimum allocation is achieved by combining skillful managers and well-diversified strategies. The managers have built up good track records over time and have demonstrated skill in share selection and sector allocation. Managers are selected based on their value and momentum investment styles to ensure the portfolio benefits from the predominant styles in the market. Achieving diversification is a key feature of the portfolio-construction process. Managers are thus selected on the bases of their diversified active return streams through market cycles, while also taking care not to have any particular manager dominate the risk in the portfolio at any point.

Investment portfolio mandateThe long-term return objective of this portfolio is to outperform the FTSE/JSE Shareholder Weighted All-Share Index by 2% to 3% over three-year rolling periods, but at reduced volatility of investment returns.

Benchmark The portfolio is benchmarked against the FTSE/JSE Shareholder Weighted All-Share Index.

Risk classification description The portfolio may experience a high degree of volatility in the short term due to

its exposure to the equity asset class This equity portfolio has a high probability of capital loss over the shorter term as

it will be fully invested at all times The portfolio�s objective is to outperform its benchmark by 2% to 3% over

three-year rolling periods

Momentum MoM PortfolioClassic Equity

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Classic Equity Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment portfolio informationInception date: 1 April 2011Risk classification:

Investment strategyThis is an actively-managed, multi-manager property portfolio comprising differentiated manager and investment strategies within the South African listed-property universe. Underlying managers are mandated to derive active investment returns from differentiated segments of the property market and have varying investment styles and return profiles. As a result, the managers are allowed to add value and take risk where they see opportunities in the market. The combination of managers is optimised to allow for the highest probability of enhancing returns at an aggregate level, given manager skill and market opportunities.

Investment portfolio mandateThe portfolio is aimed at offering returns above those of the South African local listed-property equity market, providing a high-yielding income stream and the prospect for capital growth.

Benchmark The portfolio is benchmarked against the FTSE/JSE South African Listed Property Index.

Risk classification description The portfolio may experience a high degree of volatility in the short term due to

its exposure to the property equity asset class This property equity portfolio has a high probability of capital loss over the shorter

term as the aim is for it to be fully invested in property equity at all times The portfolio�s objective is to outperform its benchmark by 1% to 1.5% over

three-year rolling periods

Momentum MoM PortfolioProperty

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Property Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment portfolio informationInception date: 1 May 1995Risk classification:

Investment strategyThis traditional bond investment portfolio is a local, multi-managed, bond portfolio, consisting of actively managed bond investments, where different strategies are used to enhance returns, including duration allocation and credit exposure. The portfolio has limited exposure to credit instruments as well as limitations in terms of active duration allocations. Due to its nature, the portfolio offers the investor the opportunity to take advantage of interest rate cycles, thereby maximising income and capital growth.The portfolio may from time to time include specialised derivative instruments.

Investment portfolio mandateThe portfolio is designed to provide returns above the Bond Exchange of South Africa All Bond Index. It is exclusively invested in South African bond instruments, inflation-linked bonds, money-market instruments and other cash or near-cash instruments.

Benchmark The portfolio is benchmarked against the Bond Exchange Association of SA All Bond Index.

Risk classification description The portfolio may experience a moderate degree of volatility over the shorter

term which is associated with longer-dated capital market instruments The portfolio may experience moderate capital losses over the shorter term as

changing bond yields will affect capital invested The portfolio�s objective is to outperform its benchmark by 0.5% to 1.5% over

three-year rolling periods

Momentum MoM PortfolioBond

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Bond Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment portfolio informationInception date: 1 March 2011Risk classification:

Investment strategyThis investment portfolio is a local, inflation-linked bond portfolio. The underlying investments of this portfolio are actively-managed and allocated to inflation-linked bond instruments. Different strategies are used to enhance returns, including duration bets and credit exposure. The portfolio has limited exposure to credit instruments as well as limitations in terms of active duration allocations. The investment managers take advantage of interest rate cycles and offer inflation protection over the medium to longer term.

Investment portfolio mandateThe portfolio is designed to provide returns above the Barclays Inflation-linked Bond Index. It is exclusively invested in South African inflation-linked bonds instruments, including corporate and government inflation-linked bonds, money-market instruments, bonds and other cash or near-cash instruments.

Benchmark The portfolio is benchmarked against the Bond Exchange Association of Barclays Inflation-linked Bond Index.

Risk classification description The portfolio may experience a moderate degree of volatility over the shorter

term which is associated with longer-dated capital market instruments The portfolio may experience moderate capital losses over the shorter term as

changing bond yields will affect capital invested The portfolio�s investment returns are linked to prevailing inflation rates over the

long term

Momentum MoM PortfolioInflation-linked Bond

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Inflation-linked Bond Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment portfolio informationInception date: April 2011Risk classification:

Investment strategyThis fixed-interest portfolio allows managers the flexibility and opportunity to move freely across the full duration spectrum. The underlying managers use different strategies, which include duration positions, credit exposure, inflation-linked debt and asset allocation as well as other risk-management strategies, to enhance returns and reduce absolute volatility of the returns. The portfolio has controlled opportunistic exposure to credit instruments. There is no limit in terms of duration positions relative to the Bond Exchange of South Africa All Bond Index. The investment managers take advantage of interest rate cycles by switching between fixed-interest investments on an active asset-allocation basis.

Investment portfolio mandateThe portfolio is an actively-managed bond portfolio aimed at outperforming the South African cash and bond markets through a full interest rate cycle. It is exclusively invested in South African bond instruments, inflation-linked bonds, South African money-market instruments and other cash or near-cash instruments. Limited exposure to property and preference shares could be included when valuations warrant this.

Benchmark The portfolio is benchmarked against the Bond Exchange Association of SA All Bond Index.

Risk classification description The portfolio may experience a moderate degree of volatility over the shorter

term which is associated with longer-dated capital market instruments The portfolio may experience moderate capital losses over the shorter term as

changing bond yields will affect capital invested The portfolio�s objective is to outperform the best-performing asset class,

irrespective of whether it is cash or bonds

Momentum MoM PortfolioAbsolute Bond

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Absolute Bond Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment portfolio informationInception date: 1 May 2012Risk classification:

Investment strategyThe underlying investments of this portfolio are actively-managed and allocated to local, income-generating investments, including cash, short-term, high-quality capital market instruments, listed property, fixed- and variable-rate interest-bearing instruments and derivatives. A number of strategies are used to generate returns, including duration management, yield enhancements via credit exposure, as well as other risk management strategies.

Investment portfolio mandateThe portfolio is aimed at maximising income and outperforming the South African cash and short-term bond market through a full interest rate cycle. The portfolio is further aimed at providing capital growth over the medium to long term as well as capital preservation over the shorter term.

Benchmark The portfolio is benchmarked against the Bond Exchange Association of SA All Bond One- to Three-year Total Return Index.

Risk classification description The portfolio has exposure to short- and medium-term capital market

instruments and will therefore exhibit lower volatility over all periods The portfolio is aimed at preserving invested capital over all periods, although no

explicit guarantees are made The portfolio�s objective is to enhance investment returns over and above

prevailing cash rates by adding additional duration exposure

Momentum MoM PortfolioAbsolute Income

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Absolute Income Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment portfolio informationInception date: 1 July 2011Risk classification:

Investment strategyThis investment portfolio is a discretionary, actively-managed fund-of-hedge-funds portfolio and is managed within what are regarded to be aggressive investment parameters. Investments are allocated to managers with alternative-investment strategies, including hedge-fund strategies. The liquidity of this portfolio is bound by the liquidity constraints of the underlying investments and certain terms and conditions associated with these investments are more restrictive when compared with traditional portfolios.

Investment portfolio mandateThe portfolio offers consistent returns not correlated with equity market returns and active risk management. The underlying investments are predominantly allocated to equity hedge-fund strategies.

Benchmark The portfolio�s returns are targeted at two thirds of the upside of the FTSE/JSE All-Share Index (ALSI) and one third of the downside of the ALSI.

Risk classification description The portfolio is designed to reduce absolute volatility over all periods by being

invested in differentiated alternative investments The portfolio may experience capital losses over the shorter term due to

fluctuating market conditions and the exposure to equities The portfolio offers consistent returns not correlated with equity market returns

and active risk management

Momentum MoM PortfolioAggressive Fund-of-Hedge-Funds

Liquidity constraintsThe alternative-investment strategies applied in this portfolio differ from strategies applied in traditional portfolios. Therefore, the portfolio has unique risks and the portfolio�s liquidity is bound by the liquidity constraints of the underlying Investments. Certain terms and conditions associated with this portfolio are more restrictive when compared with traditional portfolios. These include, but are not limited to, monthly dealing as well as gating provisions which may be applied when there are large and excessive outflows. Gating provisions allow underlying investment managers to liquidate investments held in the portfolio in an orderly manner to prevent remaining investors from being prejudiced. This may lead to an extended period of liquidating investments from the portfolio before policy benefits are paid.

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Aggressive Fund-of-Hedge-Funds Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment strategyThis investment portfolio is a discretionary, actively-managed fund-of-hedge-funds portfolio and is managed within what are regarded to be moderate investment parameters. Investments are allocated to managers with alternative-investment strategies, including hedge-fund strategies. The liquidity of this portfolio is bound by the liquidity constraints of the underlying investments and certain terms and conditions associated with these investments are more restrictive when compared with traditional portfolios.

Investment portfolio mandateThe portfolio offers consistent returns not correlated with equity market returns and active risk management. The underlying investments are predominantly allocated to equity long-short strategies and other select opportunities.

Benchmark The portfolio is benchmarked against the Short-term Fixed Interest Composite Index plus 5% a year.

Momentum MoM PortfolioModerate Fund-of-Hedge-Funds

Investment portfolio informationInception date: 1 March 2011Risk classification:

Risk classification description The portfolio is designed to reduce absolute volatility over all periods by being

invested in differentiated alternative investments The portfolio may experience capital losses over the shorter term due to

fluctuating market conditions and the exposure to equities The portfolio offers consistent returns not correlated with equity market returns

and active risk management

Liquidity constraintsThe alternative-investment strategies applied in this portfolio differ from strategies applied in traditional portfolios. Therefore, the portfolio has unique risks and the portfolio�s liquidity is bound by the liquidity constraints of the underlying Investments. Certain terms and conditions associated with this portfolio are more restrictive when compared with traditional portfolios. These include, but are not limited to, monthly dealing as well as gating provisions which may be applied when there are large and excessive outflows. Gating provisions allow underlying investment managers to liquidate investments held in the portfolio in an orderly manner to prevent remaining investors from being prejudiced. This may lead to an extended period of liquidating investments from the portfolio before policy benefits are paid.

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Moderate Fund-of-Hedge-Funds Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment strategyThis investment portfolio is a discretionary, actively-managed fund-of-hedge-funds portfolio and is managed within what are regarded to be conservative investment parameters. Investments are allocated to managers with alternative-investment strategies, including fixed-income hedge-fund strategies. The liquidity of this portfolio is bound by the liquidity constraints of the underlying investments and certain terms and conditions associated with these investments are more restrictive when compared with traditional portfolios.

Investment portfolio mandateThe portfolio offers consistent returns not correlated with equity market returns and active risk management. The underlying investments are predominantly allocated to fixed-income hedge-fund strategies.

Benchmark The portfolio is benchmarked against the Short-term Fixed Interest Composite Index plus 3% a year.

Momentum MoM PortfolioStable Fund-of-Hedge-Funds

Investment portfolio informationInception date: 1 July 2011Risk classification:

Risk classification description The portfolio is designed to reduce absolute volatility over all periods by being

invested in differentiated alternative investments The portfolio may experience capital losses over the shorter term due to

fluctuating market conditions and its exposure to predominantly fixed-interest instruments

The portfolio offers consistent returns not correlated with equity market returns and active risk management

Liquidity constraintsThe alternative-investment strategies applied in this portfolio differ from strategies applied in traditional portfolios. Therefore, the portfolio has unique risks and the portfolio�s liquidity is bound by the liquidity constraints of the underlying Investments. Certain terms and conditions associated with this portfolio are more restrictive when compared with traditional portfolios. These include, but are not limited to, monthly dealing as well as gating provisions which may be applied when there are large and excessive outflows. Gating provisions allow underlying investment managers to liquidate investments held in the portfolio in an orderly manner to prevent remaining investors from being prejudiced. This may lead to an extended period of liquidating investments from the portfolio before policy benefits are paid.

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Stable Fund-of-Hedge-Funds Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment portfolio informationInception date: 1 March 2011Risk classification:

Investment strategyThe underlying investments of this investment portfolio will over time be allocated to a diversified basket of commodities, as these become available in the local market. It is currently allocated to gold bullion, denominated in rands, through an exchange-traded fund. The portfolio will be fully invested at all times.

Investment portfolio mandateThe portfolio is aimed at providing investors with a direct exposure to the rand-based fluctuations and returns associated with commodities, as these investment opportunities become available.

Benchmark The portfolio is benchmarked against the Short-term Fixed Interest Composite Index.

Risk classification description The portfolio may experience a moderate degree of volatility over the shorter

term which is associated with the underlying commodity exposure and prevailing exchange rates

The portfolio may experience moderate capital losses over the shorter term due to fluctuating commodity prices and exchange rates

Momentum MoM PortfolioCommodity

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Commodity Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment portfolio informationInception date: 1 August 2010Risk classification:

Investment strategyThis investment portfolio is managed by investment managers which allocate investments between various asset classes based on their market views, derived from differentiated sources. The investment returns will be driven by the industry and share selection as well as asset-allocation skills of the underlying managers, with these skills selected to be complementary at the portfolio level. A guiding principle in the portfolio construction is to select investment managers with different alpha (outperformance of the benchmark) and beta (exploiting market and risk premia) strategies, combined in such a way that they are complementary in the total portfolio.

Investment portfolio mandateThe long-term return objective of this portfolio is inflation plus 5% a year over five-year rolling periods. This portfolio is aimed at generating long-term capital growth for

TMinvestors. It is also aimed at outperforming the median of the Alexander Forbes Global Manager Large Watch .

Asset and benchmark allocation

This portfolio�s benchmark is inflation plus 5% a year over five-year rolling periods and will be proxied for reporting purposes weighted to the following asset classes:Asset class Allocation BenchmarkLocal equities 60% FTSE/JSE Shareholder Weighted All-Share IndexLocal bonds 15% Bond Exchange Association of South Africa All Bond IndexLocal cash 5% Short-term Fixed Interest Composite IndexGlobal equities 15% MSCI All Countries World IndexGlobal bonds 5% Citigroup World Government Bond Index

Risk classification description The portfolio may experience a high degree of volatility in the short term due to

its more aggressive nature, and the higher equity allocation allowed Possibility of capital loss over short term due to high equity content Low income yield

Momentum MoM PortfolioMultiple Balanced

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Multiple Balanced Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

Investment portfolio informationInception date: May 1998Risk classification:

Investment strategyThis investment portfolio provides preservation of capital while maintaining full liquidity. It is invested in South African and global money-market instruments and other cash or near-cash instruments. It will exhibit volatility due to exchange rates, but will provide some shelter against currency risk. The investment return will be lower due to the absence of equity and other long-term capital growth asset classes.

Investment portfolio mandateThe portfolio has a maximum average duration of 12 months. The managers may not hold instruments with a maturity of more than two years, enabling the portfolio to outperform short-term money-market rates while limiting exposure to the longer end of the money-market curve.

Asset and benchmark allocationThe portfolio has a composite benchmark weighted to the following asset classes: Asset class Allocation BenchmarkLocal cash 85% Short-term Fixed Interest Composite IndexDollar cash 7.5% Three-month US LIBOREuro cash 7.5% Three-month Euro LIBOR

Risk classification description The portfolio will be exposed to currency risk as there is an allocation to global

money-market instruments The strict minimum credit policy reduces default risk One of the primary benefits of the portfolio is the safety of capital in safe-haven

currency terms Risk is also managed by limiting the duration of the instruments in

the portfolio

Momentum MoM PortfolioGlobal Money Market

Important informationMomentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees that Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

investments

Momentum MoM Portfolio RangeSelections

Published: May 2017Outcome-based solutions for businesses

Momentum MoM Global Money Market Portfolio

Term

Risk

Very short

Very low

Very long

Very high

Medium

Medium

The company is an authorised financial services provider registration number 2004/023064/07268 West Avenue Centurion 0157 PO Box 7400 Centurion 0046

Telephone +27 (0) 86 153 8732 or +27 (12) 671 8911 Facsimile +27 (0) 86 573 7384 or +27 (12) 684-5869MOBS.emailus@momentum.co.za www.momentuminv.co.za/MomentumOutcome-basedSolutions

Disclaimer:Momentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider in terms of Section 8 of the Financial Advisory and Intermediary Services Act, 37 of 2002 (FAIS Act), as amended, FSP licence number 19840. This information is not advice as defined and contemplated in the FAIS Act.

Momentum Outcome-based Solutions (Pty) Ltd is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401.

Given that past returns may not be indicative of future returns and the value of investments will fluctuate over time, independent professional advice should always be sought before making an investment decision. MMI Group Limited�s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request.

The information reproduced in this document has been compiled by or arrived at by Momentum Outcome-based Solutions (Pty) Ltd from sources believed to be reliable. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, Momentum Outcome-based Solutions (Pty) Ltd does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. The information and any view or opinion contained in this report is proprietary to Momentum Outcome-based Solutions (Pty) Ltd and is protected by copyright under the Berne Convention. In terms of the Copyright Act, 98 of 1978, as amended, this report or any part thereof may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without prior permission in writing from Momentum Outcome-based Solutions (Pty) Ltd. The illegal and unlawful or attempted illegal and unlawful copying or use of this information or views may result in criminal or civil legal liability.

FTSE/JSE disclaimer: www.jse.co.za.

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