Intelligent Investing

June 2017

Centaur Profile

● Operating since October 2000 as Category II FSB Authorised Fund Manager.

● On 30 April 2017 Centaur had R3.7bn of AuM including:

R1,7bn – Centaur BCI Flexible Fund.

R1,5bn – Centaur BCI Balanced Fund.

● Consistent excellent performance due the “Centaur Way” investment process.

● Strong investment team of 6 individuals with over 90 years of combined experience.

● With only 2 funds Centaur has won 8 industry awards, most recently:

Morningstar Award 2016 - Best Flexible Allocation Fund ending Dec’16.

3 Raging Bull Awards in 2016.

An Efficient Benchmark

Our Benchmark has Materially Outperformed the Peer Average

Source: Moneymate, Dec’16

132%

184%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

CBF Benchmark cumulative vs. Balanced Fund Sector Average return

SA -Mult Asset High Equity Ave. Centaur Balanced Fund Benchmark

● Via historic simulation an efficient benchmark was derived for the Centaur BCI Balanced Fund.

● Benchmark: 28% All Share Index (J203T); 28% Financial & Industrial Index (J250T);

8% MSCI World Index;

30% JSE ALBI; 6% SARB Repo rate

Asset and Sector Allocation

Seek 1% to 2% Asset Allocation Alpha & Risk Reduction

Derive an economic model to anticipate asset prices returns.

1. Utilise proven macro indicators to guide asset and sector allocation:

Purchasing power parity

Short term interest rates

Valuations

Other: Momentum; credit extension; risk premiums; commodity prices, inflation.

2. Confirmation of indicators with real world data.

3. Scenario analysis.

4. We are modest in our ability to fine tune asset allocation and require conviction to materially

deviate from our benchmarks.

5. Willing to act boldly if warranted.

Selecting Stocks: Philosophy & Process

● Opportunity identification – 20+ heuristic models.

● “The Centaur Way” investment process.

● Top-Seg Stock Selection Engine.

● Savvy trading.

VALU

E

3 Years

Value 100%

Price 75% of Value

Value 148%

Price 100% of Value

GROWTH

Disciplined and Consistent Research Framework

Risk Management

Target 4% pre-fee Fund Alpha against Benchmark

● Appropriate benchmarks with deviations guided by conviction.

● Diversification across asset classes and factor drivers.

● Understand contingent risks and be prepared.

● Due diligence of core holdings via fundamental research.

● Position stock size according to: liquidity; inherent risks; and forecast returns.

● Be independently minded and do our own research.

● Are there any ways of taking the same risk but earning a higher return?

Centaur‘s Performance Track Record

19% p.a. return since inception & 5% outperformance of benchmark - Moneymate

Source: Centaur and Moneymate as at 30 Apr 2017.

*Benchmark: 15% RESI (J258T), 65% FINDI (J250T), 20% SA Repo. Calculated over a 2 year rolling period. The Fund’s Benchmark was changed from 50% ALSI (J203), 50% FINDI

(J213) to 15% RESI (J258), 65% FINDI (J250), 20% SA Repo on 02 July 2007 and to its current benchmark on 01 Feb 2015.

-

100

200

300

400

500

600

700

800

900

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

Centaur BCI Flexible Fund Relative to Benchmark since inception

CFF (Distrib. Adj) Benchmark*

Centaur BCI Balanced Fund Performance

Material outperformance of Benchmarks and Peers

As at: 30 April 2017 1 year 2 years 3 yearsSince

Inception 1

Centaur BCI Balanced Fund 13.3% 7.8% 11.6% 14.0%

Benchmark 2 7.3% 5.1% 9.2% 11.4%

Relative to Benchmark 6.0% 2.7% 2.4% 2.6%

Average category return 3.3% 2.8% 6.1%

Relative to avg. in category 10.0% 5.0% 5.5%

Ranking in category #2/206 #6/174 #1/144

Std deviation 3 – Centaur BCI Balanced Fund 7.3% 8.7% 8.1% 8.2%

Std deviation 3 – Benchmark 7.3% 9.8% 9.1% 8.8%

Source: Centaur and MoneymateNote: Past performance is not a reliable indicator of future returns.1. Inception Date: 1 July 2013.2. 28% ALSI (J203T); 28% FINDI (J250T); 8% MSCI World Index; 30% All Bond Index; 6% SARB Repo rate.3. Weekly Standard Deviation annualised.

Centaur BCI Balanced Fund Performance

Source: Moneymate, Centaur as at 30 Apr 2017.

*Benchmark: 28% ALSI (J203T); 28% FINDI (J250T); 8% MSCI World Index; 30% All Bond Index; 6% SARB Repo rate

Best performing fund in category over 3 years as at 30 April 2017! – Moneymate

90

100

110

120

130

140

150

160

170

Jun'13 Dec'13 Jun'14 Dec'14 Jun'15 Dec'15 Jun'16 Dec'16

Centaur BCI Balanced Fund Relative to Benchmark since inception

CBF (Distrib. Adj) Benchmark *

Market Outlook

SA Equities Bonds/Prop Offshore Cash

Status Quo 4 1 2 2

Hyperinflation 2 4 1 3

Positive ∆ Regime 1 2 4 3

1=Best performer; 4=Worst performer

SA investment outlook dominated by politics - 3 scenarios:

1. Status quo: Deflationary, SA equities mediocre, ZAR stable, fixed income best.

2. Pro-Market change in regime: Country and ZAR will react positively, and

growth can accelerate to 3%+ in time.

3. Hyperinflation: Populism/ loss of SARB Independence/ wealth destruction like

Venezuela.

Asset Allocation

Centaur BCI Balanced Fund Asset Allocation:

Assets 24 May ‘17 Benchmark Diff.

Fixed Income 38% 36% 2%

SA Bonds 20%30% -4%

Duration 1.7 vs Benchmark 2.2

6% Investment in income funds.SA Property 6%

Preference Shares 5% - 5% Expected returns 13% p.a.

Cash 7% 6% 1% 3% in offshore cash.

Equities 62% 64% -2%

JSE Equity 48% 56% -8%

World Equities 14% 8% 6% Increase exposure selectively.

Total 100% 100%

Source: Maitland, Centaur

Conclusion

Centaur is Well Placed to Continue Delivering Alpha

● Excellent and consistent performance over many years.

● Experienced and stable team.

● Time tested investment processes which are well placed to outperform.

● Unique and independent approach to investment.

● Current environment favours Centaur as savvy stock pickers and experienced traders.

Contact Details and Disclosures

Centaur Asset Management (Pty) Ltd is an authorised Financial Service Provider FSP 647.

Valuation takes place daily and prices can be viewed on BCI’s 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.

Contact Details

Tel: 021 685 2408

E-Mail: admin@centaur.co.za

Website: www.centaur.co.za

Physical address: Great Westerford Building, 240 Main Road, Rondebosch,

Cape Town, 7700

Postal address: P.O. Box 35, Newlands, 7725

Management Company Information

Boutique Collective Investments (RF) (Pty) Limited

Catnia Building, Bella Rosa Office Park, Durban Road, Bellville, 7530

Tel: 021 007 1500/1/2

Fax: 086 502 5319

Email: clientservices@bcis.co.za

Website: www.bcis.co.za

Custodian / Trustee Information

The Standard Bank of South African Limited

Tel: 021 441 4100

Disclaimer

Boutique Collective Investments (RF) (Pty) Ltd (“BCI”) is a registered Manager of the Boutique Collective Investments Scheme, approved in terms of the Collective Investments

Schemes Control Act, No 45 of 2002 and is a full member of the Association for Savings and Investment SA. Collective Investment Schemes in securities are generally medium to

long term investments. The value of participatory interests may go up or down and past performance 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

maximum commissions is available on request. BCI reserves the right to close and reopen certain portfolios from time to time in order to manage them more efficiently. Additional

information, including application forms, annual or quarterly reports can be obtained from BCI, free of charge. Performance fees are calculated and accrued on a daily basis based

upon the daily outperformance, in excess of the benchmark, multiplied by the share rate and paid over to the manager monthly. Performance figures quoted are from Moneymate,

as at the date of this report for a lump sum investment, using NAV-NAV with income reinvested and do not take any upfront manager’s charge into account. Income distributions

are declared on the ex-dividend date. Actual investment performance will differ based on the initial fees charge applicable, the actual investment date, the date of reinvestment

and dividend withholding tax. Investments in foreign securities may include additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk,

political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information. Boutique Collective Investments (RF) Pty Ltd

retains full legal responsibility for the third party named portfolio. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this

document, BCI does not accept any responsibility for any claim, damages, loss or expense, however it arises, out of or in connection with the information in this document,

whether by 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 as advice or guidance in

any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of BCI/the Manager’s products.