Southern Charter BCI Growth Fund of Fund as at 31 January 2017Minimum Disclosure Document - Date of issue 24 February 2017

Risk profile

Low Low-Mod Mod Mod-High High

Portfolio manager

Ursula Maritz / Mark Thompson

First Floor, Silverberg Terrace

Steenberg Office Park

Steenberg Road

TOKAI, 7945

Authorised Financial Services Provider

FSP No. 740

Contact: Mark Thompson / Ursula MaritzTelephone: (021) 7001000Web: http://www.southerncharter.co.za

Portfolio details

Sector: SA Multi Asset High EquityLaunch date: 25 October 2007Size of fund: R778.9 MBenchmark: Composite *Composition: 60% FTSE JSE Swix

15% ALBI index10% FTSE JSE Listed Property0% SteFI5% JPM INT Bond Index10% MSCI World index

Minimum investment

R25 000 Lump sum or R1000 monthly debit order.

Income distribution

Income distribution 2015: 2.34 centsIncome distribution 2016: 2.90 centsDeclaration date 29 Feb, 31 AugPayment date 2nd working day of March /SeptemberValuation time 08h00 (T + 1)Transaction time 14H00

Total Expense Ratio (TER)

Total Expense Ratio (Including VAT) 2.37%Performance fee included in TER 0.00%Portfolio Transaction Cost 0.18%Total Investment Charge (TER + TC) 2.55%

A higher TER ratio does not necessarily imply a poor

return, nor does a low TER imply a good return. The

current TER cannot be regarded as an indication of

future TER's. Transaction Costs are a necessary cost in

administering the Fund and impacts Fund 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 Fund, the investment

decisions of the investment manager and the TER. The

TER and Transaction cost is calculated for the 3 year

period / since inception (annualised) ending 30

September 2016.

Fees incl VAT

Manager's upfront charge (max) 0.00%FSP upfront commission (max) 0.00%Annual management fee 1.14%

Performance fee

15% (share rate) of out performance above the

portfolio benchmark (hurdle rate), capped at 1.5% p.a

over a 2 year rolling period. The fees are accrued on a

daily basis and paid out on a monthly basis. Any

shortfall to the hurdle rate is carried forward for set-off

against future positive out performances. Fee example:

0% performance fee if portfolio performs in line with its

benchmark.

Investment objectiveThe Southern Charter BCI Growth Fund of Funds is an aggressively managed fund of funds. Theprimary investment objective of the portfolio is to provide the investor with a relatively high long termtotal return. The Fund aims to provide investors with capital growth of 7% above inflation over thelonger term by investing in a combination of asset classes including local and international equities,fixed interest, property and cash. As the Fund has a high allocation growth assets, it is ideal forinvestors with a long investment horizon, who seek capital growth and who are at least 10 years fromretirement. The fund is Regulation 28 compliant.

StrategyThe Fund is actively managed with a value bias. By focusing on macro themes, the Fund looks toexploit valuation discrepancies in asset classes when they occur. The allocation to equities will be max75%, with a neutral weighting of 65%.

Fund Performance (net of all fees)

Fund Return 1 Year 3 Years 5 Years 8 Years

SC Growth FoF's Cumulative 4.5% 22.9% 75.3% 173.0%

CPI +7% Cumulative 14.3% 44.9% 84.9% 164.2%

Benchmark * Cumulative 8.4% 36.1% 93.8% 211.4%

SC Growth FoF's Annualised 4.5% 7.1% 11.9% 13.4%

CPI +7% Annualised 14.3% 13.2% 13.1% 12.9%

Benchmark * Annualised 8.4% 10.8% 14.1% 15.3%

Highest and Lowest Monthly Figures per Calendar Year

Year 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

High 3.57% 5.98% 1.84% 5.33% 3.45% 5.82% 5.68% 7.32% 5.82% -

Low -3.32% -2.37% -1.33% -3.12% -1.74% -1.11% -3.9% -5.5% -5.68% -

R229K

R203K

Fund Average Fund

Ince

ptio

nN

ov 0

7D

ec 0

7Ja

n 08

Feb

08

Mar

08

Apr

08

May

08

Jun

08Ju

l 08

Aug

08

Sep

08

Oct

08

Nov

08

Dec

08

Jan

09F

eb 0

9M

ar 0

9A

pr 0

9M

ay 0

9Ju

n 09

Jul 0

9A

ug 0

9S

ep 0

9O

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9N

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9D

ec 0

9Ja

n 10

Feb

10

Mar

10

Apr

10

May

10

Jun

10Ju

l 10

Aug

10

Sep

10

Oct

10

Nov

10

Dec

10

Jan

11F

eb 1

1M

ar 1

1A

pr 1

1M

ay 1

1Ju

n 11

Jul 1

1A

ug 1

1S

ep 1

1O

ct 1

1N

ov 1

1D

ec 1

1Ja

n 12

Feb

12

Mar

12

Apr

12

May

12

Jun

12Ju

l 12

Aug

12

Sep

12

Oct

12

Nov

12

Dec

12

Jan

13F

eb 1

3M

ar 1

3A

pr 1

3M

ay 1

3Ju

n 13

Jul 1

3A

ug 1

3S

ep 1

3O

ct 1

3N

ov 1

3D

ec 1

3Ja

n 14

Feb

14

Mar

14

Apr

14

May

14

Jun

14Ju

l 14

Aug

14

Sep

14

Oct

14

Nov

14

Dec

14

Jan

15F

eb 1

5M

ar 1

5A

pr 1

5M

ay 1

5Ju

n 15

Jul 1

5A

ug 1

5S

ep 1

5O

ct 1

5N

ov 1

5D

ec 1

5Ja

n 16

Feb

16

Mar

16

Apr

16

May

16

Jun

16Ju

l 16

Aug

16

Sep

16

Oct

16

Nov

16

Dec

16

Jan

17 80K 90K100K110K120K130K140K150K160K170K180K190K200K210K220K230K

Fund CommentaryThe fund returned 2.22% for the month of January, well ahead of the average fund in the Multi-AssetHigh Equity category which returned 1.60%. The outperformance mainly attributable to the fund’soverweight position in resources through the Nedgroup Mining and Resources fund, which returned9.75%.

The reflation trade is well underway with the global industrial cycle turning upwards, filtering down tothe corporate profit level, leading to an expected rise in earnings, which is positive for equities. Asdeflation fears were left behind in 2015, the early signs in the improvement of this corporate profitgrowth cycle is expected to continue throughout 2017 and extend into next year as well.

The All Share Index (ALSI) bounced back in January returning 4.31%, outperforming SA ListedProperty (SAPY) and the All Bond Index (ALBI) which returned 1.63% and 1.36% respectively.

The fund's bond position has been added to as local bond yields are attractive and real returns shouldbe underpinned by a favourable inflation trajectory. The outlook for local inflation has improved,primarily due to the deceleration in food inflation.

Annualised return is the weighted average compound growth rate over the period measured.

Southern Charter BCI Growth Fund of Fund as at 31 January 2017

Risk profile

Low Low-Mod Mod Mod-High High

Medium | Medium-High Risk

These portfolio's generally hold more equity exposure

than low risk portfolio's but less than high risk

portfolios. In turn the expected volatility is higher than

low risk portfolios, but less than high risk portfolios.

The probability of losses are higher than that of the low

risk portfolios, but less than high risk portfolios.

Expected potential long term investment returns could

therefore be lower than high risk portfolios due to lower

equity exposure, but higher than low risk portfolios.

FAIS Disclosure

Please note that your financial advisor may be a related

party to the conaming partner and/or BCI. It is your

financial advisor's responsibility to disclose all fees

he/she receives from any related party. The portfolio's

TER includes all fees paid by portfolio to BCI, the

trustees, the auditors, banks, the co-naming partner,

underlying portfolios, and any other investment

consultants/managers as well as distribution fees and

LISP rebates, if applicable. The portfolio's performance

numbers are calculated net of the TER expenses. The

investment manager earns a portion of the service

charge and performance fees where applicable. In some

instance portfolios invest in other portfolios which forms

part of the BCI Schemes. These investments will be

detailed in this document, as applicable.

Fund Codes

JSE:MSCR

ISIN:ZAE000103867

Bloomberg:SOUCHGF:SJ

Full details and basis of the award is available from the

company

Asset Allocation

Fund Benchmark *

50.7%

7.0%

13.2%

8.4%

4.4%

16.0%

0.3%

60.0%

10.0%

15.0%

0.0%

0.0%

10.0%

5.0%

Local Equity

Property

Bonds

Cash

Int Property

Int Equity

Int Fixed Income

0 % 10 % 20 % 30 % 40 % 50 % 60 % 70 %

Asset Class Performance

Monthly 1 Year

4.3%

1.6%

1.4%

0.7%

-1.4%

1.0%

0.1%

10.4%

15.4%

11.9%

7.5%

-8.1%

-0.1%

-14.0%

ALSI

Property

Bonds

Cash

Global Property

MSCI World

Global Bonds

-10% 0% 10%

Manager Selection

6.5%

9.7%

8.5%

14.1%

12.2%8.2%

6.7%

4.5%

5.4%

5.9%

8.1%

4.4%

5.8%

Money Market - 6.5%Foord Equity - 9.7%Prudential Dividend Maximiser - 8.5%Investec Equity - 14.1%Allan Gray SA Equity - 12.2%Nedgroup Mining & Resource - 8.2%Prudential Property Tracker - 6.7%Investec Diversified Income - 4.5%Stanlib Flexible Income - 5.4%Coronation Bond Fund - 5.9%Investec Global Franschise FF - 8.1%Catalyst Global Real Estate FF - 4.4%Coronation Global EM Flexible - 5.8%

Top 10 Equity Holdings

Holding Fund Weight Holding Fund Weight

Naspers 5.49% First Rand 2.18%

Sasol 5.38% Standard Bank 2.10%

BAT 4.78% Richemont 1.96%

Billiton 3.81% Sappi 1.84%

Anglo American 2.45% Steinhoff 1.75%

Additional information●Additional information, including application forms, annual or quarterly reports can be obtained from BCI, free of charge or can be accessed on ourwebsite www.bcis.co.za●Valuation takes place daily and prices can be viewed on our website (www.bcis.co.za) or in the daily newspaper.●Actual annual performance figures are available to existing investors on request.●Upon request the Manager will provide the investor with portfolio quarterly investment holdings reports.Custodian: The Standard Bank of South Africa Limited: Tel (021) 441-4100. Boutique Collective Investments (RF) (Pty) Limited, Catnia Building,Bella Rosa Village, Bella Rosa Street, Bellville, 7530. Tel: 021 007 1500/1/2 | Fax: 086 502 5319 | Email: clientservices@bcis.co.za|www.bcis.co.za. Registration No 2003/024082/07.Boutique Collective Investments (RF) (Pty) Ltd ("BCI") is a registered Manager of the Boutique Collective Investments Scheme, approved in terms ofthe Collective Investments Schemes Control Act, No 45 of 2002 and is a full member of the Association for Savings and Investment SA. CollectiveInvestment Schemes in securities are generally medium to long term investments. The value of participatory interests may go up or down and pastperformance is not necessarily an indication of future performance. The Manager does not guarantee the capital or the return of a portfolio.Collective Investments are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees, charges and maximumcommissions is available on request. BCI reserves the right to close and reopen certain portfolios from time to time in order to manage them moreefficiently. Additional information, including application forms, annual or quarterly reports can be obtained from BCI, free of charge. Performancefees are calculated and accrued on a daily basis based upon the daily outperformance, in excess of the benchmark, multiplied by the share rate andpaid over to the manager monthly. Performance figures quoted are from Morningstar, as at the date of this MDD for a lump sum investment, usingNAV-NAV with income reinvested and do not take any upfront manager's charge into account. Income distributions are declared on the ex-dividenddate. Actual investment performance will differ based on the initial fees charge applicable, the actual investment date, the date of reinvestment anddividend withholding tax. Investments in foreign securities may include additional risks such as potential constraints on liquidity and repatriation offunds, macroeconomic risk, political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of marketinformation. Certain investments - including those involving futures, options, equity swaps, and other derivatives may give rise to substantial riskand might not be suitable for all investors. Boutique Collective Investments (RF) Pty Ltd retains full legal responsibility for the third party namedportfolio. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, BCI does not acceptany responsibility for any claim, damages, loss or expense, however it arises, out of or in connection with the information in this document, whetherby a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed asadvice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice beforeinvesting with or in any of BCI/the Manager's products. A fund of funds is a portfolio that invests in portfolios of collective investment schemes thatlevy their own charges, which could result in a higher fee structure. A fund of funds is a portfolio that invests in portfolios of collective investmentschemes that levy their own charges, which could result in a higher fee structure.