NewFunds erafi Overall SA Index Exchange Traded Funds:

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1 Corporate and Investment Banking NewFunds erafi Overall SA Index Exchange Traded Funds: Bringing the South African market to Mauritius through one single product.

2 Table of Contents Page Exchange Traded Funds (ETFs) 3 NewFunds erafi TM Overall SA Index ETF 4 Fund Overview 4 Index Methodology 4 Fund Facts 4 Performance 5 Trading 8 The role of the Market Maker 9 Indexing 11 Fund Benefits 13 Risks 14 Corporate Actions 15 Contact Details 16 FAIS Act Notice and Disclaimer 16 2 NewFunds erafi Overall SA Index Exchange Traded Funds

3 Exchange Traded Funds (ETFs) The NewFunds erafi TM Overall SA Index Exchange Traded Fund is currently listed on the JSE (South Africa) soon to be listed on the SEM (Mauritius) and will be easily obtained through a SEM member stockbroker (Investment Dealer). The NewFunds erafi TM Overall SA Index Exchange Traded Fund, an Enhanced Fundamental Index ETF, comprises 40 stocks selected from the top 100 companies listed on the JSE. ETFs are listed on the stock exchanges and traded like shares ETFs enable investors to gain broad exposure to: stock markets, sectors, asset classes and investment themes ETFs are usually offered at lower costs than traditionally managed investment funds Exchange Traded Funds (ETFs) are open-ended passive investment vehicles that track the performance of an index, or a basket of securities. Fast and efficient - real-time access to market Convenient - exposure to an index or commodity through a single share Transparent - the underlying investments are fully disclosed on a daily basis. The investment/index methodology is published and easily replicable Cost effective - lower management fees 3 NewFunds erafi Overall SA Index Exchange Traded Funds

4 NewFunds erafi TM Overall SA Index ETF Fund Overview Absa CIB, a division of Absa Bank Limited, and Grindrod Asset Management (Pty) Limited have partnered for purposes of establishing and listing on the JSE Limited (JSE) several ETFs which track the proprietary enhanced RAFI TM (erafi TM ) indices. The first ETF to be brought to the market out of this partnership is the NewFunds erafi TM Overall SA Index ETF, an Enhanced Fundamental Index TM ETF comprising 40 stocks selected from the top 100 companies listed on the JSE, to which Mauritian investors will have exposure. The erafi TM ETF has been established with the intention of allowing an Investor to obtain market exposure to the constituent Companies in the erafi TM Overall SA Index in an easily tradable form and to replicate as far as possible the price and yield performance of the Index. The 40 stocks which make up the ETF are selected and weighted based on fundamental valuation metrics rather than market capitalisation. Index Methodology The erafi TM Overall SA Index, which is calculated by RisCura and verified by FTSE, is comprised of securities in the forty largest JSE listed companies when ranked by fundamental value (book value, cash flow, sales and gross dividends), selected from the top 100 JSE listed companies by market capitalisation, subject to those companies meeting certain liquidity requirements. Only companies whose ordinary shares are listed on the main board of the JSE (excluding securities listed on the exchange traded funds sector, debentures, linked units, preference shares and inward listed companies) are included in the investable universe. The Index is a fundamentally weighted index which has been created to allow investors to capture the long term effect of potentially smoother and higher compounding returns and benefit from the low correlations to traditional market capitalisation weighted indices. The Index weights its Constituent Companies by a company s economic value rather than its market capitalisation based on financial data provided by Bloomberg and Datastream. The economic value of each company and the investable universe is determined using the patented Research Affiliates Fundamental Indexation methodology which uses the following audited ZAR values: Sales company - sales averaged over the prior five years; Cash flow - company cash flow averaged over the prior five years. If cash flow is not reported, it is estimated based on net income plus depreciation and other non-cash items; Book value - company book value at the review date; Dividend - total dividend distributions averaged over the last five years, including both special and regular dividends paid in cash. Fund Facts The Issuer NewFunds Collective Investment Scheme (NewFunds CIS) ISIN Manager NewFunds (Pty) Ltd Offer Price Originators Index Absa Bank Limited acting through the Absa CIB division and Grindrod Asset Management (Pty) Limited The erafi Overall SA Index Index Rebalancing Frequency Investment Objective ZAE Approximately 1/1000 th of the average The erafi Overall SA Index Quarterly NewFunds erafi Overall SA Index ETF is created with the objective to track the performance of the erafi Overall SA Index Listing Stock Exchange of Mauritius (SEM) Base Currency MUR Sector Exchange Traded Funds Distribution Frequency Mar, Jun, Sep and Dec 4 NewFunds erafi Overall SA Index Exchange Traded Funds

5 Performance erafi TM Overall SA ETF NAV (MUR) NAV per security since Inception Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Source: Absa CIB South African/Mauritian Rupee Cross historical performance ZAR/MUR Jun 08 Aug 08 Oct 08 Dec 08 Feb 09 Apr 09 Jun 09 Aug 09 Oct 09 Dec 09 Feb 10 Apr 10 Jun 10 Aug 10 Oct 10 Dec 10 Feb 11 Apr 11 Jun 11 Aug 11 Oct 11 Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Dec 12 Feb 13 Apr 13 Jun 13 Aug 13 Oct 13 Dec 13 Feb 14 Apr 14 Jun 14 Source: Absa CIB, Bloomberg 5 NewFunds erafi Overall SA Index Exchange Traded Funds

6 Sector Allocation as of 30 June 2014 Industrials 4% Healthcare 1% Consumer Goods 5% Oil and Gas 12% Consumer Services 2% Basic Materials 32% Telecommunications 16% Financials 28% Historical Performance in MUR as of 30 June 2014 Performance period erafi TM Overall ETF FTSE/JSE All Share Index Return since inception 10.99% 6.73% 1 year return 26.74% 23.96% 2 year return 27.94% 28.42% 3 year return 9.10% 8.86% 4 year return 9.75% 9.18% 5 year return 12.76% 11.27% Risk Statistics Since Listing in MUR as of 30 June 2014 erafi TM Overall ETF FTSE/JSE All Share Index Annualised Volatility 35.21% 35.50% Percentage positive months 44.44% 44.44% Maximum drawdown % % Source: Absa CIB Please note: For performance basis FTSE/JSE ALL Share Index was used instead of erafi TM Overall SA Index. All the returns are annualised. 6 NewFunds erafi Overall SA Index Exchange Traded Funds

7 Holdings as of 30 June 2014 Company Sector Weighting Company Sector Weighting MTN GROUP LIMITED Telecommunications 13,12% NASPERS LIMITED Consumer Services 1,08% SASOL LIMITED Oil & Gas 12,56% SAPPI LIMITED Basic Materials 1,07% ANGLO AMERICAN PLC Basic Materials 11,46% SIBANYE GOLD LTD Basic Materials 0,85% BHP BILLITON PLC Basic Materials 9,54% VODACOM GROUP Telecommunications 0,81% OLD MUTUAL PLC Financials 6,14% NETCARE LIMITED Health Care 0,79% STANDARD BK GRP LTD Financials 5,08% LIBERTY HOLDINGS LTD Financials 0,72% SANLAM LIMITED Financials 3,93% MEDICLINIC INTNL LTD Health Care 0,70% BRIT AMERICA TOBACO Consumer Goods 3,33% INVESTEC LIMITED Financials 0,68% MONDI PLC Basic Materials 3,31% ANGLOGOLD ASHANTI Basic Materials 0,54% FIRSTRAND LIMITED Financials 3,16% A E C I LIMITED Basic Materials 0,53% NEDBANK GROUP LTD Financials 3,14% TELKOM SA SOC LIMITED Telecommunications 2,03% ARCELORMITTAL SA LIMITED ANGLO AMERICAN PLATINUM Basic Materials 0,52% Basic Materials 0,50% INVESTEC PLC Financials 1,99% AVENG LTD Industrials 0,48% BIDVEST GROUP LTD Industrials 1,65% PICK N PAY STORES Consumer Services 0,47% BARCLAYS AFRICA GROUP LTD Financials 1,63% GOLD FIELDS LIMITED Basic Materials 0,47% STEINHOFF INT HLDS Consumer Goods 1,34% SHOPRITE HLDS LTD Consumer Services 0,42% BARLOWORLD LIMITED Industrials 1,20% KUMBA IRON ORE LTD Basic Materials 0,37% IMPALA PLATINUM Basic Materials 1,15% NAMPAK LIMITED Industrials 0,35% MMI HOLDINGS LIMITED Financials 1,13% LONMIN PLC Basic Materials 0,32% MONDI LIMITED Basic Materials 1,13% MURRAY & ROBERTS HLD LTD Industrials 0,31% Source: Absa CIB 7 NewFunds erafi Overall SA Index Exchange Traded Funds

8 Trading What intra-day price change limits apply? The +/- 20% intra-day price change that is applicable to other securities traded on SEM will not apply to the erafi TM Overall SA Index Exchange Traded Fund. At what currency will the erafi Overall SA Index Exchange Traded Fund be traded? In Mauritian Rupee How often during a trading session will Absa provide liquidity to the market? Absa, as a market maker, will provide liquidity to the market at certain pre-determined daily times through its executing broker, namely 11:25, 12:25 and 13:25. Absa will provide liquidity to the market outside of these above trading windows within SEM s trading hours, if the transaction is greater than MUR 20 million. It is, however, to be noted that, on any large transactions, trading can only take place within the South Africa JSE trading times, i.e. 09h00 to 17h00 SA time. How often will the latest indicative bid and ask price be published on the SEM website? The latest indicative bid and ask prices in MUR for the erafi TM Overall SA Index Exchange Traded Fund from the market maker, as well as the reference ZAR/MUR exchange rate that was used to determine the prices, will be displayed on the website of the Stock Exchange of Mauritius Ltd ( com). This information will be updated every 15 minutes during trading hours. Quarterly distribution a. When there is a dividend payment the promoter will need to provide the relevant information (dividend amount, cum-date, ex-date etc.) to SEM and CDS. The last cum-date on SEM should be three business days before the record date. b. On the record date, CDS will make available to the Registrar and Transfer Agent of the ETF an Entitlement Schedule (text file) which contains all the relevant details of the ETF securities holders, including name, address and disposal instruction (bank account details). c. The Registrar and Transfer Agent will then use the Entitlement Schedule to make dividend payment of directly to the ETF securities holders. If the Registrar and Transfer Agent is not a local one, it will have to make the necessary arrangements with a local bank or paying agent for making payments to Mauritian investors. Fees Management fee: Total Expense Ratio (TER), this fee is built in to the bid/offer spread. TER is a measure of the fund s assets that have been sacrificed as a payment for services rendered in the management of the fund, expressed as a percentage of the daily average value of the portfolio and calculated over a 12 month rolling period and the TER varies on quarterly or monthly basis. TER as of March 2014: 0.10% Trading Fees : 0.35% Mauritius trading costs 0.15% creation/redemption costs Both costs are of the transaction value Pricing structure of the portfolio A Total Expense Ratio is charged on the fund, this fee differs on monthly/quarterly basis. TER is a measure of the fund s assets that have been sacrificed as a payment for the services rendered in the management of the fund, expressed as a percentage of the daily average value of the portfolio and calculated over a 12 month rolling period. NewFunds erafi TM Overall SA Index TER was 0.10% in March 2014 The Net Asset Value (NAV) price is calculated as: NAV = Fund Assets Liabilities Example NAV = Cash + Equity + Income - Expenses Outstanding Shares 8 NewFunds erafi Overall SA Index Exchange Traded Funds

9 The Role of the Market Maker How does the market maker ensure liquidity on the SEM? Absa, who is the originator and SA market maker, has an obligation as required by the SEM Listing Requirements, to make a market and provide liquidity for the securities in Mauritius, through its local executing broker. Absa Bank Ltd, as market maker in South Africa provides continuous liquidity to the local market during Continuous Trading and Closing Auction. In Mauritius, Absa Bank Ltd will provide liquidity to the market at pre-determined times as agreed with the Exchange. Absa Bank Ltd will hold limited securities at its account at the DCS, however in the situation that an investor requires purchasing a greater amount than Absa has in its account, Absa will then transfer additional securities from South Africa to Mauritius to facilitate the trade settlement. Execution in this example will only occur once the additional securities have settled in Absa s account at the CDS in Mauritius. Absa will provide continuous indicative erafi TM Overall SA Index Exchange Traded Fund bid/offer spread/prices to Mauritius website ( Reuters and to Bloomberg. How are bid and offer prices determined? Absa, as a Market Maker, calculates bid / offer spread for the erafi TM Overall SA Index Exchange Traded Fund. The spread is a function of brokerage spread and the liquidity of the underlying shares (Bid/ Offer spread of the underlying shares). Absa, as a Market Maker of the erafi TM Overall SA Index ETF, continuously calculates bid / offer prices for erafi TM Overall SA Index in each jurisdiction / secondary listing using the underlying price levels and known fees to create the final bid / offer spread of the ETF. As an example, the erafi TM Overall SA Index ETF and exchange rates can be viewed by all market participants by price reporting agencies such as Reuters or Bloomberg. Example: Bid Offer Rand Price MUR Price Mauritius Fees 0.35% 0.35% Creation/Redemption Fees 0.15% 0.15% Final Bid/Offer Spread [ x (0.35% %)] = [ x (0.35% %)] = Spread in MUR = 1.52 Spread (Offer Bid) ( ) = = 1.41% Offer NewFunds erafi Overall SA Index Exchange Traded Funds

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11 Indexing Indexing, often called passive investing, is a straightforward way to participate in the broad equity market, it has low turnover and therefore low trading costs, there are relatively low management fees (compared to the fees charged by active managers), and index portfolios have historically outperformed most actively managed portfolios most of the time. Market capitalisation weighting index construction methodology dominates index portfolios in both the global and South African investment industries. However, this method of indexing does have its problems. Index construction based upon market capitalisation, as almost all indices are, will by definition overweight those stocks that are overvalued by the market and it will underweight those stocks that are relatively undervalued the opposite of good investment practice. An index portfolio will therefore participate positively in every market bubble, but it will fall equally with every market correction. Research Affiliates Fundamental Indexing Research Affiliates has pioneered an innovative approach to index construction that has won widespread acceptance in the US and internationally. The Research Affiliates Fundamental Index method uses various fundamental accounting measures of each company, rather than market capitalisation, in its index construction. By avoiding the inherent valuation bias of cap weighting, Fundamental Index strategies have outperformed cap-weighted index strategies by as much as 2.0% per year in the US and by more than 2.5% per year internationally, based on extensive backtesting (to 1962 in the US and to 1988 internationally). The actual results of real money managed according to this methodology show very similar results. Research Affiliates employs four specific metrics in Fundamental Index portfolio construction: Book value Cash flow Sales Gross dividends Research Affiliates Fundamental Index strategy is based upon several key propositions Fundamental Index portfolios outperform capweighted index portfolios Fundamental Index portfolios are even more powerful internationally (i.e. excluding US companies) than in the US market. Across Across international markets, Fundamental Index portfolios have outperformed capitalisation-weighted index portfolios by an average of 3% per year. See Diagram below. Fundamental Index vs. Capitalisation-weighted Index 300 FRX1XTR Index (FTSE RAFI Global Ex US 1000 TR Index) NDUEACWZ Index (MSCI AC World Daily TR Net Ex USA USD) 250 Dec 99 Dec 01 Dec 03 Dec 05 Dec 07 Dec 09 Growth of $ Jun 00 Dec 00 Jun 01 Jun 02 Dec 02 Jun 03 Jun 04 Dec 04 Jun 05 Jun 06 Dec 06 Jun 07 Jun 08 Dec 08 Jun 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Year Source: Bloomberg No guarantee is being made that the stated results will be achieved going forward. 11 NewFunds erafi Overall SA Index Exchange Traded Funds

12 Fundamental Index portfolios are adaptable to distinct strategies Fundamental Index strategies can be used to construct either large or small-company indices. Research Affiliates analysis confirms that portfolios consisting of the largest 100, 500, and 3 000, as well as the smallest companies, measured by economic measures found in public accounting data (such as annual reports), have out performed indices of similarly ranked companies as selected by market capitalisation. Fundamental Index portfolios effectively limit portfolio risk Fundamental Index portfolios provide all the benefits of traditional cap-weighted indices, including diversification, broad market participation, liquidity and low turnover, while generating incrementally higher returns with somewhat lower volatility than comparable capweighted indices. Fundamental Index portfolios are the index investor s best protection against market bubbles and fads because a stock s weight in the index is immune to errors in stock pricing. You can have exuberance in a stock s price but not in a stock s financial metrics. During the bubble of the 1990s, for example, cap-weighted indices assigned too much weight to overvalued Internet stocks. By contrast Fundamental Index portfolios select and weight stocks by their underlying value as evidenced by financial accounting measures, not by price which is affected by market speculation. Fundamental Index portfolios thereby avoid the huge run-ups and subsequent. 12 NewFunds erafi Overall SA Index Exchange Traded Funds

13 Fund Benefits Traded like a share ETFs are funds listed and traded like ordinary shares on a stock exchange. Profits or losses are made from the difference between buying and selling prices. Like any other security, ETFs carry the risk of a loss or profit as its value changes. The advantage of ETFs is that they can readily be bought or sold as with any listed security. They can be traded throughout normal SEM trading hours and their actual value can be calculated at any time, unlike an unlisted collective investment scheme (unit trust) or other actively managed fund where the unit price is calculated internally and is reported weekly, monthly or sometimes only quarterly. Lower fee structure Tracking the performance of an index or market is deemed to be passive investing. Passive investment products are usually associated with lower costs. Active investing attempts to outperform a given market or index. In return for the promise of premium performance, active investment managers and advisors charge fees over and above the usual investment costs. Easily verifiable Another advantage of ETFs is its record keeping process. All purchases, sales and creations are through an exchange, which provides an additional reconciliation for funds. The SEM stipulates that an ETF can only track a publicly traded index. This means the performance of NewFunds ETF can easily be measured against its stated index. The prices quoted can be reconciled and verified making the investment totally transparent. Liquidity ETFs are easy to buy and sell. All NewFunds ETFs make use of Absa CIB, a reputable market maker, to ensure that liquidity is always maintained. If there is no willing buyer or seller at the other end of the trade, the market maker will step in as the counterparty. Those investors, who do not wish to receive cash for their shares, will always have the right to get their proportionate holding of the actual underlying assets instead (subject to minimum size limits of erafi TM Overall SA Index ETF securities) provided that the investor has got a central depository securities account in South Africa (STRATE). Convenience and flexibility NewFunds ETFs offers exposure to a broad range of different markets through a single investment transaction and responds to market movements on the securities exchange throughout the trading day. Active funds, on the other hand, require the active attention of investment managers. Therefore, investors generally are not in a position to know when and at what prices the shares in their portfolios are being traded. Transparency The holdings of NewFunds ETF track the underlying index as their benchmark, these components are fully disclosed. Structured products Since NewFunds ETFs are listed instruments, it is possible to write structured products against the performance of these securities to create a specific payoff profile. For example, a bank could guarantee the investor s capital over a 12-month period whilst the investor could still benefit from the performance of NewFunds ETF up to a stated capped return. Investor Protection The assets of NewFunds ETFs are held in custody on behalf of investors and are part of a registered Collective Investment Scheme approved by the Financial Services Board and regulated in accordance with the provisions of the Collective Investment Schemes Control Act, 2002 (CISCA). Importantly, compliance and control is performed by a management company which is run by board of independent non executive directors. The assets of the investors are held by Standard Bank Trustees. 13 NewFunds erafi Overall SA Index Exchange Traded Funds

14 Risks Although ETFs are generally regarded as lower-risk investments, particularly over the medium to long term, they are still based on securities, with the inherent risks of trading on any securities exchange. Market risk The value of ETF securities will rise and fall according to market changes. As with most investment vehicles, the investor s capital is not protected in an ETF. Therefore, depending on market movements during the investment period, an investor is not guaranteed to get back their initial capital upon the sale of the ETF. Structured products can however be used to provide capital guarantees should this be a requirement. Tracking error The aim of an ETF is to track a stated index, but there may be times when slippage from the index is inevitable. This slippage is known as tracking error and can be caused by a number of different factors: Differences in dividend reinvestment Lack of liquidity in the underlying index Timing lags in rebalancing the underlying securities in line with the index Management fees and expenses in running the ETF However, tracking error is usually quite small and detracts very little from the overall return 14 NewFunds erafi Overall SA Index Exchange Traded Funds

15 Corporate Actions The following corporate actions will have an impact on the constitution of the Index: 1. Consolidation An event where the number of issued shares of a class is consolidated into a lesser quantity of shares of the same class with a corresponding increase in the par value of the resulting shares. The effect of consolidation is that the number of shares of the class in question in issue reduces but the total nominal value of the issued share capital in respect of that class remains the same. The Index Divisor will be adjusted so that the Index remains unchanged as the result of such event. 2. Subdivision An event where the number of issued shares of a class is split into a greater quantity of shares of the same class with a corresponding decrease in the par value of the resulting shares. This will change the holdings for the effected constituent in the Index. The Index Divisor will be adjusted so that the Index value remains unchanged as the result of such event. 3. Mergers, restructuring and complex takeovers If the effect of a merger or takeover is that one Index constituent is absorbed by another Index constituent, the resulting company will remain an Index constituent, and a vacancy will be created. This vacancy will be filled only at the next quarterly re-balancing date by selecting the highest ranking security on the reserve list. If the effect of a merger or takeover is that an Index constituent is absorbed by a company the securities of which are not included in the Index, the constituent security that has been absorbed will no longer be included in the Index and a vacancy will be created. If a constituent security is split so as to form two or more classes of securities, then all of the resulting classes of securities will be included in the Index until the next re-balancing date, and weighted in the Index based on their pro-rata percentage market capitalisations relative to the original constituent s market capitalisation. 4. Suspension of listing Where the listing on the stock exchange of a constituent security is suspended, the Index constituent shall remain in the Index, at the price at which it is suspended until being reconsidered at the next quarterly review. 5. Removal and replacement If a constituent security is de-listed from the stock exchange, or ceases to have a firm quotation or is subject to a take-over the structure will cease to be included in the Index and will be simultaneously removed and replaced by the highest ranking constituent (by fundamental value) on the reserve list, such removal and replacement taking place as at the close of the Index calculation two business days immediately following the announcement of the removal event. 6. Other corporate actions All other corporate actions that may affect the holdings in the Index will be dealt with by the Index Committee from time to time and will be communicated via an Index Change Advice to NewFunds and Absa CIB, be published on SENS, at the close of trading on the business day immediately following the business day on which RisCura has implemented any changes to the Index. 15 NewFunds erafi Overall SA Index Exchange Traded Funds

16 Contact Details Absa CIB ETPs Tel: +27(0) Website: etf.absacapital.com 15 Alice Lane, Sandton, 2196, South Africa :: FAIS Act Notice and Disclaimer This document is for information purposes only and may be amended without notice. This is not a prospectus for any security, financial product, transaction or service. NewFunds (Pty) Ltd, Absa Bank Limited, NewFunds Collective Investment Scheme (NewFunds CIS) (collectively the Promoters ) do not recommend or propose that the securities and/or financial or investment products or services ( the products ) referred to in this document are appropriate and/or suitable for your particular investment objectives or financial situation or needs. The products are issued by NewFunds CIS and managed by NewFunds (Pty) Ltd. This document and any other information supplied in connection with the NewFunds CIS is not: (i) advice as defined and/ or contemplated in Financial Advisory and Intermediary Services Act, 37 of 2002, ( FAIS Act ) or (ii) any other financial, investment, trading, tax, legal, accounting, retirement, actuarial or other professional advice or service whatsoever ( advice ) or (iii) provide the basis of any credit, financial or other evaluation. Accordingly, the information contained herein merely contains a description of certain facts as at the date hereof and should not be considered as a recommendation by the Promoters or any other professional advisers. If you are contemplating purchasing any participatory interest you carry out your own independent investigation of the financial condition and affairs and your own appraisal of the Promoters, in particular the NewFunds CIS (a member of the Association For Savings & Investment SA). You therefore have to obtain your own independent advice prior to making any decision or taking any action whatsoever based on this document and the Promoters disclaim any liability for any direct, indirect or consequential damage or losses that you may suffer from using or relying on this document even if notified of the possibility of such damage or loss and irrespective of whether or not you have obtained independent advice. This document is neither an offer to sell nor a solicitation of an offer to buy any of the products, which shall always be subject to the Promoters internal approvals and a formal agreement between you and the relevant Promoter. Any pricing included in this document is only indicative and is not binding as such on the Promoters. Not all the risks and issues related to the products are disclosed and therefore, prior to investing or transacting, you should fully understand the products and any risks and issues related to or associated with them. The products may involve a high degree of risk including, but not limited to, the risk of (a) low or no investment returns, (b) capital loss, (c) counterparty or issuer default, (d) adverse or unanticipated financial market fluctuations, (e) inflation and (f) currency exchange. The value of any product may fluctuate daily as a result of these risks. Collective Investments Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not generally a guide to the future. CIS products are traded at ruling prices and can engage in borrowing and scrip lending. Any investment is speculative and involves significant risks and in making any investment decision, or in advising a third party in respect of an investment decision, you will rely solely on your own view and examination of the facts, information, opinions and the records relating to such investment. The Promoters do not predict actual results, performances and/or financial returns and no assurances, warranties or guarantees are given in this regard. The information, views and opinions expressed herein are based on third party sources believed by the Promoters to be reliable and are therefore expressed in good faith. The Promoters give no recommendation, guide, warranty, representation, undertaking or guarantee concerning the accuracy, adequacy and/or completeness of the information or any view or opinion expressed herein. Any information on past financial returns, modelling or back-testing is no indication of future returns. No representation on the reasonableness of the assumptions in any modelling or back-testing is made. The Promoters do not warrant merchantability, non- infringement or third party rights or fitness for a particular use and/or purpose. All opinions, views and estimates are given as of the date hereof and may change without notice. The Promoters expressly disclaim any liability for any damage or loss as a result of errors or omissions. The Promoters, their affiliates and individuals associated with them may (in various capacities) have positions or deal in securities (or related derivative securities), financial products or investments identical or similar to the products. The information and views contained in this document are proprietary to NewFunds Pty Ltd and are protected by copyright under the Berne Convention. In terms of the Copyright Act, 98 of 1978, as amended, no part of this document may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, electronic scanning, recording, or by any information storage or retrieval system, without the prior permission in writing from NewFunds Pty Ltd. The illegal or attempted illegal copying or use of this information or views may result in criminal or civil legal liability. Corporate and Investment Banking, a division of Absa Bank Limited, Reg No 1986/004794/06. Authorised Financial Services Provider. Registered Credit Provider Reg No NCRCP7.