Standard Bank International Funds Limited · Standard Bank International Funds Limited (the...

Standard Bank

International Funds Limited

April 2017

Standard Bank International Funds

Limited (the “Fund”) is a registered Fund of Funds

incorporated in Jersey that offers a range of international

investment strategies. The Multi Manager Global Equity and Multi

Manager Global Balanced classes of the Fund have been approved

for distribution in South Africa by the Financial Services Board.

The Fund benefits from a highly qualified Asset Management team with over

25 investment professionals based in multiple global locations and assets under

management in excess of US$2billion.

A clear investment philosophy guides all investment decisions, specifically the belief that

superior long-term investment returns are best achieved by investing in long-term structural growth

opportunities identified by fundamental research. The heart of the investment process is the identification and

continuous challenging of the highest quality opportunities to suit prevailing market conditions. A unique and durable

competitive advantage, as well as considering the relative and absolute valuation is key. This should lead to sustainable

growth and long-term wealth creation for patient investors.

Asset allocation is the prime driver of investment performance and for this reason the investment strategy group constantly endeavor to get this aspect right. The focus on relative valuation and the long-term prospects for the various asset classes allows for a flexible and dynamic allocation policy. Risk management is also a fundamental aspect of this process, with ongoing assessments of the risks taken and whether clients can be rewarded for taking them.

The Investment Team A dedicated team of highly experienced investment professionals are focused on evaluation, selection and blending of funds from the global universe. The team has over 50 years of combined experience in managing fund of funds assets and has extensive global knowledge and understanding of the best investment expertise available.

The team is based in multiple jurisdictions, to ensure close contact is maintained with a chosen manager and abreast of ever change in industry and regulatory dynamics.

The team also benefits from the extensive expertise of the internal asset allocation committees and the global reach of the Standard Bank Group.

Multi Manager ApproachThe Fund provides investors with a diversified exposure to global markets via an actively managed portfolio of the world’s leading fund managers. The underlying managers are chosen for their expertise and investment track record in a specific area and then carefully blended with other specialist funds with the objective of providing long term returns and smoothing market volatility.

The appropriate number of underlying funds will vary from strategy to strategy, however the goal is diversification. Based on the premise that no single investment manager or style performs well in all market conditions, the aim is to tilt the portfolio towards the better performing areas of the market at the appropriate time.

Each class/strategy is monitored continuously, with daily exposure reports giving a ‘look through’ to the underlying exposures, allowing us to understand the precise investment risks we are taking.

Fund Selection Investing in third party funds, an investment model known as ‘open architecture’ or ‘best of breed’, opens up an initial universe of in excess of 10,000 funds. It is crucial to have access to the whole market as the best blend of managers will be derived from a wide range of fund providers. However, where the Fund differs from most open architecture models is that while being agnostic to some degree on the style adopted by a manager, the Fund always seeks to identify managers with similar investment beliefs to the guiding philosophy. This will generally lead to a bias to stock-picking strategies, with longer time horizons, high active share and high quality characteristics, which can create significant deviations from the benchmark indices.

The team, dedicated to third party fund selection, has built a robust and successful research process culminating in the selection of funds covering key asset classes, investment themes and sectors. Leveraging off long-standing relationships with well over 100 leading fund providers, the extensive market knowledge is combined with detailed proprietary qualitative research and quantitative tools to select managers best placed to deliver long-term performance.

Standard Bank

International Funds Limited

/ 01

Fund Manager Commentary

/ 02

Equity markets pushed higher for most of the quarter, with many regional equity indices hitting new record highs during the period. The combination of healthy economic data, improving investor sentiment and an uptick in corporate earnings all helped to drive risk assets to impressive gains. As expected, the US Federal Reserve increased interest rates by 0.25%, this was warmly received by markets as the Central Bank rhetoric seems to be supportive of the bull market case for a reflationary environment supported by a pick-up in global growth rates.

Donald Trump continues to dominate the headlines, and he has shown intent to follow through with his pledges on infrastructure spending, deregulation and healthcare reform. However, following the failure to agree his initial healthcare reform bill with congress, markets have retrenched from the intra-quarter highs.

The Global Equity Fund was positioned well for this environment and both classes posted solid gains for the quarter, ahead of the reference benchmark index.

The main driver of the outperformance came from the thematic exposures, particularly to emerging markets, healthcare and technology. The MSCI Emerging Market TR Index

gained almost 11.5% in US dollars for the period, while the star performer in the Fund was the Aubrey Global Emerging Markets strategy which rose 17.4%. The GAM Technology fund was 15.6% higher while the Polar Healthcare fund gained 12.9% in US dollar terms.

This was offset by underperformance from the US and European managers as markets retrenched late in the quarter after the initial Trump exuberance wore off. In particular the US small cap managers suffered a pull-back after a particularly strong period of performance in late 2016. However, we continue to be encouraged by the improving fundamentals for domestically exposed US businesses and retain our high conviction to this theme.

It is interesting to note that while market volatility remains low by recent historical standards, since the beginning of the year there has been a marked drop in the correlations between individual stocks. According to Standard & Poors data, S&P 500 stock-to-stock correlation has dropped from above 40% to below 25%. This breakdown in correlation is significant as it may suggest that company specific factors are becoming a more dominant factor in share price determination and this in turn should present a better environment for stock picking, which would suit the Global Equity Fund strategy.


Multi Manager Global Equity Fund

Outlook

Fundamental data continues to be supportive of an improvement in the corporate earnings environment and it is encouraging to note that companies are reporting improvements in top line sales growth rather than fudging earnings per share numbers through share buy-back programs and financial engineering.

It is however impossible to ignore the fact that valuations in many developed market equity indices are expensive by historic standards. There are pockets of relative value, in specific sectors such as financials or healthcare and in regions like Japan and Emerging Markets and we will skew the fund towards the more attractive opportunities available in these

areas. Political risk also remains elevated, but for the time being markets appear to be driven by improving fundamentals and the belief that the US economy is shifting towards a reflationary environment with stronger domestic growth.

The only key change to the fund positioning during the period was to take advantage of the weakness at the end of March to introduce a US Financials fund. In our view, Trump will meet less resistance to his deregulation, infrastructure and tax reforms and these potential tailwinds combined with stronger domestic growth and a rising interest rate environment should provide a powerful driver for a recovery in financials earnings.

All data as at 31st March 2017

50%

30%

20%

10%

0%

40%

Current Fund Exposure

Benchmark

NorthAmerica

Europe UK Japan AsiaEx-Japan

EmergingMarkets

Cash

60%

30%

20%

10%

0%

40%

50%

NorthAmerica

Europe UK Japan AsiaEx-Japan

EmergingMarkets

Cash

Current Fund Exposure

Benchmark

Fund Positioning

Sterling Share ClassGeographic Allocations

US Dollar Share ClassGeographic Allocations

/ 03

Multi Manager

Global Equity Fund (USD)

TM

Fund Investment Objectives and Style

The Multi Manager Global Equity Fund is designed to provide long-term capital appreciation through investment solely in equity-orientated funds. The manager will look to maintain a fully invested strategy and maintain a bias towards investments denominated in US Dollars broadly in line with the reference benchmark index. A minimum exposure of 40% to larger capitalised shares means that the manager can position the fund significantly away from that of the peer group or benchmark in order to optimise performance. It is therefore suited to investors who are willing to accept the higher level of volatility associated with a fund of this flexibility.

Top Holdings

United Kingdom

JO Hambro UK Dynamic Fund 1.80%

Aberforth UK Smaller Companies Fund 1.79%

United States

Iridian US Equity Fund 4.02%

Legg Mason ClearBridge US Aggressive Growth Fund 3.98%

Europe

BlackRock Continental European Fund 3.05%

Threadneedle European Select Fund 3.05%

Japan

Baillie Gifford Japanese Smaller Companies Fund 3.44%

MAN GLG Japan Core Alpha Fund 3.21%

Asia

Hermes Emerging Asia Equity Fund 4.07%

Alquity Asia Fund 2.43%

Emerging Markets

Somerset Emerging Markets Dividend Growth Fund 3.67%

Aubrey Global Emerging Markets Opportunities Fund 3.00%

Number Of Funds Held 32

Market Capitalisation

Fund Facts

Portfolio Manager: David Jardine

Fund size as at 31/03/2017: $56.98m

Dealing: Daily

Cut off time: 2:30pm (Jersey Time) previous business day

Min invest: US$2,500

Min top up: US$1,000

Dividend policy: Roll Up

Largest yearly gain:* 45.74%

Largest yearly loss:* -47.32%

*Since Launch (A Class)

Manager’s Fee: A Class: 1.50% per annum

B Class: 1.20% per annum

C Class 0.90% per annum

Custodian’s fee: up to 0.035% per annum

Upfront fee: up to 3%

Fund Costs

Fund Class TER TC TIC

A 2.59% 0.01% 2.60%

B 2.29% 0.01% 2.30%

C 2.00% 0.01% 2.01%

Performance1

Month6

Month1

Year3 Years

Annualised5 Years

Annualised10 Years

Annualised

A Class 1.07% 7.47% 12.41% 2.13% 6.59% 2.12%

B Class2 1.13% 7.62% 12.74% 2.42% 6.91% 2.42%

C Class3 1.19% 7.79% 13.02% 2.75% 7.21% 2.73%

Benchmark Return1 1.22% 8.34% 15.16% 5.22% 8.49% 3.87%

1 FTSE All World TR Net / FTSE UK TR Net (60% / 40%) (31st August 2008 Benchmark changed from Lipper Global Equity Indices)

2 B share class launched February 2016. Performance prior to this date is calculated using an extended trackrecord based upon the track record of the ‘A’ share class adjusted to reflect the lower fee structure of the B share class and is in accordance with Morningstar extended performance methodology.

3 C share class launched February 2017. Performance prior to this date is calculated using an extended track record based upon the track record of the ‘A’ share class adjusted to reflect the lower fee structure of the C share class and is in accordance with Morningstar extended performance methodology.

Risk Profile

Lower risk reduced potential

Higher risk increased potential reward

Risk

Large 47.7%

Mid 30.6%

Small 15.1%

Micro 2.7%

Cash 3.9%

/ 04

Performance1

Month6

Month1

Year3 Years

Annualised5 Years

Annualised10 Years

Annualised

A Class 1.09% 11.36% 25.55% 10.17% 11.92% 6.59%

B Class2 1.16% 11.61% 26.04% 10.54% 12.29% 6.92%

C Class3 1.06% 11.66% 26.24% 10.82% 12.59% 7.22%


1 FTSE All World TR Net / FTSE UK TR Net (60% / 40%) (31st August 2008 Benchmark changed from Lipper Global Equity Indices)

2 B share class launched February 2016. Performance prior to this date is calculated using an extended track record based upon the track record of the ‘A’ share class adjusted to reflect the lower fee structure of the B share class and is in accordance with Morningstar extended performance methodology.

3 C share class launched February 2017. Performance prior to this date is calculated using an extended track record based upon the track record of the ‘A’ share class adjusted to reflect the lower fee structure of the C share class and is in accordance with Morningstar extended performance methodology.

Multi Manager

Global Equity Fund (GBP)

TM


The Multi Manager Global Equity Fund is designed to provide long-term capital appreciation through investment solely in equity-orientated funds. The manager will look to maintain a fully invested strategy and maintain a bias towards investments denominated in Sterling broadly in line with the reference benchmark index. A minimum exposure of 40% to larger capitalised shares means that the manager can position the fund significantly away from that of the peer group or benchmark in order to optimise performance. It is therefore suited to investors who are willing to accept the higher level of volatility associated with a fund of this flexibility.

Top Holdings

United Kingdom

Threadneedle UK Fund 4.63%

Unicorn UK Smaller Companies Fund 4.56%

United States

Conventum Lyrical US Value Fund 2.97%

Janus US Venture Fund 2.97%

Europe

BlackRock Continental European Fund 2.05%

Threadneedle European Select Fund 1.81%

Japan

Baillie Gifford Japanese Smaller Companies Fund 2.28%

MAN GLG Japan Core Alpha Fund 2.24%

Asia

Hermes Emerging Asia Equity Fund 2.52%

Alquity Asia Fund 2.02%

Emerging Markets

Somerset Emerging Markets Dividend Growth Fund 2.00%

Aubrey Global Emerging Markets Opportunities Fund 1.80%


Market Capitalisation

Fund Facts


Fund size as at 31/03/2017: £77.14m

Dealing: Daily


Min invest: £1,500

Min top up: £750




*Since Launch (A Class)



C Class: 0.90% per annum



Fund Costs


A 2.57% 0.01% 2.58%

B 2.29% 0.01% 2.30%

C 2.00% 0.01% 2.01%

Risk Profile



Risk

Large 43.1%

Mid 29.1%

Small 18.5%

Micro 5.7%

Cash 3.6%

/ 05


Multi Manager Global Balanced Fund

Equity markets began the year in buoyant mood, with many regional equity indices hitting new record highs during the period as the post Trump equity market rally extended into 2017. Despite a slightly more hawkish tone from the major Central Banks, bond markets also nudged higher in both the US and the UK. As expected the US Federal Reserve hiked interest rates by 0.25% in March with another two or possibly three hikes through the rest of the year. Economic data continues to support the case for stronger global growth rates, with manufacturing sentiment data in particular suggesting a market pick-up in activity.

Donald Trump continues to dominate the headlines, and he has shown intent to follow through with his pledges on infrastructure spending, deregulation and healthcare reform. However, following the failure to agree his initial healthcare reform bill with congress, risk assets have retrenched from the intra-quarter highs.

The Global Balanced Fund posted a solid gain for the period with the sterling class fractionally ahead of the reference benchmark index and the US dollar class fractionally behind.

The asset allocation policy was broadly neutral over the period, with a slight overweight bias to equities, which was helpful. Strong performance from the thematic equity exposures, particularly to Emerging Markets, Healthcare, Technology and Infrastructure was encouraging and after review meetings with a number of our key managers we feel we are well positioned for the current environment. In the US dollar Class this was offset by underperformance from the US regional managers as markets retrenched late in the quarter after the initial Trump exuberance wore off. In the sterling class the regional managers outperformed, hence the performance differential between the classes.

Outlook

While the fundamentals for global growth have improved, it is difficult to commit to a more significant overweight exposure to equities when current valuations in most developed markets appear stretched by historic standards. Political risk also remains elevated, but for the time being markets appear to be driven by improving fundamentals and the belief that the US economy is shifting towards a reflationary environment with stronger domestic growth. This is likely to be a catalyst for rising bond yields so we retain the short duration policy in the fixed income allocation.

There are however pockets of relative value in equity markets, in specific sectors such as financials or healthcare and in regions like Japan and Emerging Markets. We will skew the fund towards the more attractive thematic opportunities available in these areas.

The only key change to the fund positioning during the period was to take advantage of the weakness at the end of March to introduce a US Financials fund. In our view, Trump will meet less resistance to his deregulation, infrastructure and tax reforms and these potential tailwinds combined with stronger domestic growth and a rising interest rate environment should provide a powerful driver for a recovery in financials earnings.

All data as at 31st March 2017

Fund Positioning

Sterling Share ClassInvestment Themes

US Dollar Share ClassInvestment Themes

UK Equity

30%

15%

10%

5%

0%

20%

35%

40%

45%

25%

Investment Grade Bonds

Global Equity

Global Equity / Chinese Consumer

Global Equity / TechnologyCash

Japan Equity

Global Equity / Healthcare

Global Equity / Infrastucture

Global Equity / Property

Global Equity / Energy

Emerging Market Equity

US Equity

30%

15%

10%

5%

0%

20%

35%

40%

45%

25%

Investment Grade Bonds

Global Equity

Global Equity / Chinese Consumer

Global Equity / TechnologyCash

Japan Equity

Global Equity / Healthcare

Global Equity / Infrastucture

Global Equity / Property

Global Equity / Energy

Emerging Market Equity

/ 06

Multi Manager

Global Balanced Fund (USD)


The Multi Manager Global Balanced Fund aims to provide long-term capital growth through investing in a diverse range of asset classes including international, regional and thematic equity funds together with fixed income funds, exchange traded funds and cash. The diverse nature of the asset classes has historically resulted in a moderate level of volatility, although given the potential exposure ranges to equity as an asset class, the Fund is suitable only for investors with a longer term investment horizon, and who are prepared to tolerate the risk of shorter term loss. The manager will at all times maintain a bias towards investments denominated in US Dollars broadly in line with the reference benchmark index.

Top Holdings

Fixed Income

iShares 1-3yrs US Treasury Bond UCITS ETF 13.71%

Smith & Williamson Short Dated Corporate Bond Fund 13.23%

North American Equity

iShares Core S&P 500 UCITS ETF 10.77%

Conventum Lyrical US Value Fund 1.99%

Thematic Equity

GAM Star Technology Fund 2.70%

Polar Healthcare Opportunities Fund 2.45%

Global Equity

Vanguard FTSE All-World UCITS ETF $ 13.21%

Emerging Markets

Vanguard FTSE Emerging Markets UCITS ETF $ 1.52%

Other

USD Cash 4.51%


Asset Allocation Weighting

Fund Facts


Fund size as at 31/03/2017: $11.41m

Dealing: Daily


Min invest: US$2,500

Min top up: US$1,000




*Since 14/8/2012 (A Class)

*Month end price and data for information and valuation purposes only






Fund Costs


A 2.09% 0.00% 2.09%

B 1.79% 0.00% 1.79%

C 1.47% 0.00% 1.47%

Risk Profile



Risk

Flexible Asset Allocation30% - 70% Equities

30% - 70% Bonds and Cash

Equity 54.8%

Fixed Income 40.7%

Cash 4.5%

Performance1

Month6

Month1

Year3 Years

Annualised5 Years

Annualised10 Years

Annualised

A Class 0.26% 2.89% 5.77% 0.06% - -

B Class2 0.36% 3.09% 6.17% 0.40% - -

C Class3 0.40% 3.29% 6.46% 0.71% - -


1 FTSE All World TR Net 30.00% FTSE USA TR Net 20.00% Bloomberg/EFFAS Bond Indices US Govt. 1-10yr 50.00%

2 B share class launched February 2016 - Performance prior to this date = A Share class performance adjusted for B Share class fee structure

3 C Share class launched February 2017 - Performance prior to this date = A Share class performance adjusted for C Share class fee structure

/ 07

Multi Manager

Global Balanced Fund (GBP)


The Multi Manager Global Balanced Fund aims to provide long-term capital growth through investing in a diverse range of asset classes including international, regional and thematic equity funds together with fixed income funds, exchange traded funds and cash. The diverse nature of the asset classes has historically resulted in a moderate level of volatility, although given the potential exposure ranges to equity as an asset class, the Fund is suitable only for investors with a longer term investment horizon, and who are prepared to tolerate the risk of shorter term loss. The manager will at all times maintain a bias towards investments denominated in Sterling broadly in line with the reference benchmark index.

Top Holdings

Fixed Income

SPDR Barclays 1-5 Year Gilt UCITS ETF 13.96%

Smith & Williamson Short Dated Corporate Bond Fund 13.48%

United Kingdom Equity

iShares FTSE 100 UCITS ETF 10.93%

Old Mutual UK Select Smaller Companies Fund 2.65%

Thematic Equity

GAM Star Technology Fund 2.95%

Polar Healthcare Opportunities Fund 2.52%

Global Equity

Vanguard FTSE All-World UCITS ETF £ 13.46%

Emerging Markets

Vanguard FTSE Emerging Markets UCITS ETF £ 1.54%

Other

GBP Cash 3.85%


Asset Allocation Weighting

Fund Facts


Fund size as at 31/03/2017: £9.68m

Dealing: Daily


Min invest: £1,500

Min top up: £750




*Since 14/8/2012 (A Class)

*Month end price and data for information and valuation purposes only






Risk Profile



Flexible Asset Allocation30% - 70% Equities

30% - 70% Bonds and Cash

Risk

Equity 54.5%

Fixed Income 41.7%

Cash 3.8%

Fund Costs


A 2.09% 0.00% 2.09%

B 1.79% 0.00% 1.79%

C 1.47% 0.00% 1.47%

Performance1

Month6

Month1

Year3 Years

Annualised5 Years

Annualised10 Years

Annualised

A Class 0.54% 4.42% 12.09% 4.91% - -

B Class2 0.61% 4.58% 12.46% 5.23% - -

C Class3 0.59% 4.62% 12.72% 5.53% - -


1 FT All World TR Net 30.00% FTSE UK TR Net 20.00% Bloomberg/EFFAS Bond Indices UK Govt. 1-10yr 50.00%

2 B share class launched February 2016 - Performance prior to this date = A Share class performance adjusted for B Share class fee structure

3 C Share class launched February 2017 - Performance prior to this date = A Share class performance adjusted for C Share class fee structure

/ 08

Standard Bank Offshore Services

Offshore Investments (Africa)David Joshuatel: +27 72 105 6738 / [email protected]

Gauteng, Mpumalanga, Limpopo, Free State, Northern Cape and North WestErik Olwagentel: +27 11 721 7815 / [email protected]

Eastern Cape & KZN Peter McCullochtel: +27 31 374 1859 / [email protected]

Western & Southern CapeFiona du Toittel: +27 21 401 2141 / [email protected]

Standard Bank International Investments LimitedStandard Bank House / 47-49 La Motte Street / St Helier / Jersey / JE2 4SZ

Web: www.standardbank.com/international

ContactInformation

Important information

Investment in the shares of open-ended investment companies is generally a medium to long-term investment. The value of shares may go down as well as up and investors may get back less cash than originally invested. Past performance figures quoted refer to the past, and past performance is not a reliable indicator of future results. The investment performance is for illustrative purposes only and is calculated by taking the actual initial fees and all ongoing fees into account for the amount shown. Income is reinvested on the reinvestment date. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. The funds can engage in borrowing. The shares of Standard Bank International Funds Limited are traded at ruling prices (i.e. the last recorded sales price) and are priced daily using the forward pricing method. The price of the fund is available from the manager on request or via Bloomberg or Morningstar. Details of fees and charges and maximum commissions are available on request from STANLIB Fund Managers Jersey Limited, the Manager, and are fully disclosed in the fund prospectus. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio.

Standard Bank International Funds Limited is a fund of funds collective investment scheme, which only invests in other collective investment schemes, which levy their own charges, which could result in a higher fee structure for the fund of funds. Commission and incentives may be paid and if so, are included in the overall costs. Figures quoted are from STANLIB Fund Managers Jersey Limited for the current month for a lump sum investment using NAV prices, which exclude initial fees. Standard Bank International Funds Limited is an accumulation fund and does not distribute income. Performance is quoted in Sterling and US Dollar terms. Please refer to the prospectus of this scheme for more details, a copy of which is available on request from the Manager, the registered office of which is Standard Bank House, 47-49 La Motte Street, St Helier, Jersey JE2 4SZ, Channel Islands. Other than the fund-specific data contained in this document, the information provided has been compiled from a number of freely available market sources that are believed to be reliable. We make no warranty, express or implied, as to the accuracy, correctness or completeness of the general market information contained herein.

Standard Bank International Investments Limited, Standard Bank Jersey Limited, Standard Bank International Funds Limited, STANLIB Fund Managers Jersey Limited and Capita Trust Company (Jersey) Limited are regulated by the Jersey Financial Services Commission. Standard Bank International Investments Limited and Standard Bank Jersey Limited are wholly owned subsidiaries of Standard Bank Offshore Group Limited, a company incorporated in Jersey. Standard Bank Offshore Group Limited is a wholly owned subsidiary of Standard Bank Group Limited. STANLIB Fund Managers Jersey Limited is wholly owned by STANLIB Asset Management Limited which is a wholly owned subsidiary of STANLIB Limited, is a subsidiary of Liberty Holdings Limited which in turn is a subsidiary of Standard Bank Group Limited. Standard Bank Group Limited has its registered office at 9th Floor, Standard Bank Centre, 5 Simmonds Street, Johannesburg 2001, Republic of South Africa.The fund Promoter is Standard Bank Jersey Limited. The shield and Standard Bank logo is a registered trademark of the Standard Bank Group Limited, of which Standard Bank Jersey Limited, Standard Bank International Investments Limited and Liberty Holdings Limited are part.

A representative agreement exists between STANLIB Collective Investments Limited and STANLIB Fund Managers Jersey Limited.

This does not constitute an invitation to buy or the solicitation of an offer to sell securities or to accept deposits or to provide any other products or services in any jurisdiction, to any person to whom it is unlawful to make such an offer or solicitation, nor should it be construed to constitute any investment advice. Legislation or regulations in jurisdictions relevant to you may prohibit you from entering into certain transactions with us and we strongly recommend that you contact your financial or legal adviser in this regard. It is your responsibility for informing yourself about and complying with such restrictions.

This document is provided to you for your information only and is not an invitation or inducement to invest in the fund to which it relates. This fund is not generally targeted at the investing public and will only be suitable for a small number of pre-approved retail investors. If you are in any doubt as to whether this fund is suitable for you, please consult an appropriately qualified financial advisor.Source: FTSE International Limited (“FTSE”) © FTSE. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Annualised figures are figures expressed in yearly terms, even though the variable does not directly apply to a year. Cumulative figures are figures expressed fully by the accumulation of successive additions.

Important Notice for EU and UK Investors: this document has not been approved for circulation to the general public in the European Union and does not constitute a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 (FSMA). UK residents should be aware that the protections provided to investors by the UK regulatory system established under FSMA do not apply to any investment services or products provided by Standard Bank Group Limited or any of its subsidiaries. In particular, investors will not be entitled to compensation from the Financial Services Compensation Scheme, nor will they be entitled to the benefits provided by the Financial Ombudsman Service or other protections to customers under FSMA. Furthermore, UK residents should be aware that the fund to which this document relates is not a UCITS fund and is not recognised under sections 270 or 272 of FSMA. South African Residents - Disclaimer and confidentiality note: Standard Bank Offshore Services (RSA), operates under the license of The Standard Bank of South Africa Limited (“SBSA”), an authorised Financial Services Provider (“FSP”) number 11287. We are authorised to provide financial services for the following products: Long-Term Insurance A, B1, B2 and C; Short-Term Insurance: Personal Lines and Commercial Lines; Retail Pension Benefits; Securities and Instruments: shares, money market, debentures and securitised debt, warrants, bonds, and derivative instruments; Collective Investment Schemes; and Long and Short term deposits. The compliance department can be contacted on + 27 11 636 1781 or by email at [email protected]. SBSA holds professional indemnity insurance cover.

The Standard Bank of South Africa Limited, an authorised Financial Services Provider (“FSP”) number 11287.Standard Bank Financial Consultancy, an authorised Financial Services Provider (FSP 3825).

Total Expense Ratio (TER): This shows the charges, levies and fees relating to the management of the portfolio and is expressed as a percentage of the average net asset value of the portfolio, calculated over a rolling three years (where applicable) and annualised to the most recently completed quarter. A higher TER 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 TERs.

Transaction Costs (TC): The percentage of the value of the fund as costs relating to the buying and selling of the Fund’s underlying assets. 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, investment decisions of the investment manager and the TER.

Total Investment Charges (TIC): The percentage of the value of the Fund incurred as costs, relating to the investment of the Fund. As fund returns are reported after deducting all fees and expenses, these costs (the TER & TC) should not be deducted from the fund returns. It is the sum of the TC & TER.

All transactions to the account are to be in line with current Exchange Control Regulation to the country in which you are resident or working.

Telephone calls may be recorded.

Publication Date - 3rd May 20172017-058HX3598

2017-01/120114

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