Our approach is process driven and based on the following fundamentals: 1. Clients have different need Each client has a unique set of estate and retirement planning requirements, investment objectives and personal aspirations. We pay careful attention to individual contexts and listen very attentively to our clients’ needs. It is each client's specific individual profile which determines how we develop personalised financial planning and risk-profiled investment solutions. 2. Quality of Advice All investment advice is provided or endorsed at director level and is underpinned by our proven investment philosophy and rigorous investment process. If and when required, specialist advice (for example input on sophisticated estate planning structures or taxation) is sourced externally from our network of professional advisers as a value-add service to our clients. 3. Security of Assets We recognize our fiduciary responsibility in safeguarding the security of client assets. Accordingly, the custodianship of our clients’ domestic and offshore investments is handled by third-party administrators. In South Africa, our principal administrators are major institutions where the investments are held "off balance sheet", while some of the largest and most reputable trust companies in the world are utilised offshore. 4. Value System Our value set is based on fairness, integrity, quality and personalisation. These values are applied throughout the business and extend to our clients, support team and service providers alike. Client interests are always placed first, and this philosophy has benefited the business over the long-term. Although we believe that close relationships with our service providers are beneficial to the business, we are also demanding and challenging in terms of service and performance levels, which are constantly monitored. Our independence ensures that changes to providers are made when necessary. Ultimately, we strive to be innovative and dynamic, but always within the constraints of the highly disciplined environment in which we operate. 5. Client Service Excellence Futurity is committed to providing each client with the highest level of personal service and investment administration. Our recruitment policy is based not only on normal criteria (such as skills, experience and qualifications), but also on the individual’s compatibility with Futurity’s culture of attention to detail and the generally demanding needs of our client base. Our competent support team understands the importance of meeting client expectations, reinforced by a remuneration model that recognises client compliments. Client queries, work flow control, document management and investment reporting are all supported by proprietary or licensed business information systems. 6. Legal and Compliance We adhere to all areas of compliance within regulatory frameworks. Internal monthly compliance meetings are held which include updates on regulatory changes as well as random audits of client files. Particular attention is paid to adherence to client briefings as stipulated in our mandates, records of advice, transparency of fees and the electronic storage of client documentation. 7. Client Contact Based on Individual Requirements The frequency and method of client communication is determined on a case-by-case basis. Circumstances and requirements vary from weekly calls to regular meetings set at pre-determined intervals, or on an "in-need" basis. At the very minimum, all clients receive a Quarterly Valuation of their investments under Futurity’s management. 8. Regular and Meaningful Investment Reporting Futurity’s Quarterly Performance Reports include details of performances and transactions during the periods under review, as well as the provision of underlying Fund Fact Sheets. For clients requiring more detailed portfolio analysis, asset allocation weightings at both individual fund level and overall portfolio level are provided on a "look-through" basis. We recognise the complex financial structures which often pertain to high net worth individuals, and are therefore willing to accommodate any reasonable reporting request to enable such clients to analyse their portfolios, notwithstanding that certain investments may reside outside our management. 9. Client Access to Fund Managers Futurity at times host informal Investment Presentations or is invited along with its clients to interact with their fund managers on a personal basis. Our "technically inclined" clients find such presentations to be extremely beneficial, as they gain insight into the management of their portfolios as well as direct, meaningful exposure to the managers of multi-billion portfolios, who would not generally be directly accessible to retail clients. Our fund managers are also available to present to larger groupings of clients on a more formal basis at our client functions.

Key Investment Principles 1. Client Individuality We accept and embrace the fact that each client has a unique set of personal circumstances, aspirations and a particular risk tolerance profile. Our philosophy is to implement solutions appropriate to individual contexts. 2. Process Driven Solutions Our solutions are based on an in depth investment process whereby each portfolio building block is researched and selected to provide optimum performance within clearly defined and acceptable parameters, such as risk, time and performance benchmarks. 3. Asset Allocation We believe that overall portfolio returns are primarily driven by asset allocation (i.e. the portfolio weighting to equities, bonds, cash, currencies and alternative asset classes). 4. The 'Active' vs 'Passive' Debate Much of the outsourced research is focused on identifying long-term winning asset managers who have delivered enhanced returns when compared against their benchmarks, as well as having provided better risk and volatility metrics. However, we also recommend that the selection of active managers be complemented with passive funds which offer a credible low cost building-block alternative within our portfolio construction methodology. Futurity’s philosophy is, where appropriate, to intelligently combine the two seemingly opposed approaches so as to reduce overall portfolio costs via passive funds, whilst employing active managers who have mandated flexibility to take judicious action in terms of stock-picking and asset allocation during times of market turmoil. 5. We are not individual tock-pickers Futurity selects its managers based on criteria such as their resources and capabilities, as well as their performance track record. Our research thus focuses on manager / product selection and monitoring, while individual stock selection decisions are left to the underlying managers. 6. Offshore Investment We believe that the decision to invest offshore should primarily be driven by the principle of risk diversification, as well as from the greater opportunity set that exists outside the South African market. However, due to the unpredictability of currency movements, we strongly advocate that the allocation of offshore assets be set at a prudent level, ensuring there is no future mismatch of currency-based assets to currency-based liabilities. 7. Diversification Our portfolio construction, at overall portfolio and individual product levels, incorporates building block selection which is likely to display uncorrelated performance at any given point in time, without compromising returns over the long-term. This philosophy proved to be prudent and effective during recent periods of market turmoil such as the Global Financial Crisis and the European Sovereign Debt Crisis. 8. Conclusion Our investment philosophy is premised on our track record which demonstrates that in-depth research and appropriate portfolio construction result in optimal long-term outcomes.

Futurity’s investment process has been carefully enhanced over many years. We pride ourselves in ensuring that the process is rigorously managed, but that it remains sufficiently flexible to meet individual client needs. The process begins with an assessment of a client’s requirements, which thereafter culminates in a number of solutions being explored and proposed and finally resulting in an option best suited and agreed to by the client. For retail investors, the investment portfolios and solutions designed and managed by PortfolioMetrix, Miton Optimal and Momentum Outcome would include: • A determination and review of the number of investment portfolios deemed appropriate to adequately address the investment needs of our clients. • The formulation of detailed composite investment portfolio design documents that deal with the quantitative aspects of each portfolio. • A portfolio risk and return monitoring process. • A performance attribution program. • Analysis of a comprehensive database of manager and fund returns. • Maintaining an extensive qualitative database of documented information on the current (and possible future) managers. • A manager due diligence program. • Ensuring that all aspects of the investment process comply with the FAIS Act and other relevant legislation. For institutional, corporate or medical aid funds, the above would also be undertaken, but Futurity would in most cases, facilitate direct engagements with the respective asset management companies or multi-managers concerned. Adherence to a rigorous investment process has resulted in Futurity’s clients having consistently experienced optimum returns accompanied by reduced volatility over the long term, when compared against each investment’s respective benchmark.