15 February 2021

Since our last Investment Update in mid-April 2020, the Coronavirus and its impact on so many parts of our lives continues to make news headlines across the world.

Since our last update on April 16 2020, the markets and therefore the Funds’ investments and the value of your Fund Credit have improved slightly.

Since our last update on April 16 2020, the markets and therefore the Funds’ investments and the value of your Fund Credit have improved slightly.

These are very tough times for us all. The Coronavirus has many people anxious about their and their loved ones’ health and possibly also their jobs.

Last night you would have watched President Ramaphosa’s announcement about the Coronavirus and the South African lock-down which is to come into effect on Thursday night.

Due to the major effects of the Coronavirus (Covid-19) pandemic and the large, unexpected drop in the international oil price, the
Boards of the Funds thought it necessary to provide members with a brief update on the Funds’ very recent financial performance,
the impact of these two new developments and a few points on future return expectations.