by

Annie Yates

Sandisile Dlamini

Fungai Tarirah

Passion. Independence. Rigour.

Passion. Independence. Rigour.

Source: Jantoo Cartoons

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Passion. Independence. Rigour.

External stresses…

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Passion. Independence. Rigour.

The stress test…

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Passion. Independence. Rigour.

Internal stresses…

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You lost…

…You gotta go…

Passion. Independence. Rigour.

The stress test…

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…the score card…

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Passion. Independence. Rigour.

Resilient informal markets kept economies going

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Passion. Independence. Rigour.

Nimble management teams adjusted

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Passion. Independence. Rigour.

The stress test…

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Though rising, public debt

remains manageable, unlike

EM, DM

Median <55%, mostly in local

currency

Show in resilient GDP numbersGDP growth bottomed at 1.4%

pa, expected to rise c4% in

3yrs. SA below 2.5% pa

Growing, resourceful, undersupplied populace

Commitment to improve infrastructure

Improving institutions and

governance structures

Zero tolerance of corruption,

focus on improving conditions

for doing business

Oil importers continue to

enjoy reprieve

Reduction in inflation in East

Africa Community, removal of

subsidies in Morocco, Egypt

Passion. Independence. Rigour.

The stress test…

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Passion. Independence. Rigour.

Sentiment is turning positive

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Passion. Independence. Rigour.

Quicker than you can say “tourists are flocking to Egypt”

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Passion. Independence. Rigour.

& quicker than you can say “Buhari is back in London”

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Passion. Independence. Rigour.

Buy orders are back and strong

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It gonna be a 10-bagger

Get me stock before quarter end!

Current portfolio positioning

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…selected by an experienced fund management team…

Passion. Independence. Rigour. 17

…spending time on the ground

Passion. Independence. Rigour.

• 216 interactions last year, 208 the year before. 65 in the year to date

• Meeting with people on the ground remains a key ingredient of our process

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Passion. Independence. Rigour.

Rudiarius

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Past performance referred to in this presentation is not necessarily indicative of future performance. Similarly, forecasts contained inthis presentation involve risks and uncertainties which may result in future performance, outcomes and results which differ materiallyfrom such forecasts. You are accordingly cautioned not to place undue reliance on any historical data, general information orforecasts used in this presentation. A schedule of fees and charges and maximum commissions is available on request.

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