VISIO FUND MANAGEMENT

VISIO BCI GENERAL EQUITY FUNDMARCH 2021

Private and strictly confidential

The 6 senior team members together

Team experience ranging from 4 to 31yrs.

Investment team has a combined experience of 272

years and average experience of 17 years

12 YEARS

Staff

Owned

68% 32%Royal Investment

Managers (RIM)

Firm AUM of R35bn

SA Pension fund

mandatesand unit trusts:

SA Hedge funds

(long/short equity

& market neutral):

SA Multi Asset and

Fixed Interest:

(Balanced Fund

launched Sep-2019)

R32bn

R1.0bn

R1.4bn

$40m

R40m

Pan-Africa funds:

Shareholding :

RIM is a Royal Bafokeng JV with Rand Merchant Investments.

Pension funds,

sovereign wealth funds,

fund-of-funds,

family offices

and private clients.

(SA, Europe, US and Asia)

Johannesburg head office

Cape Town

Visio was founded in

and is a UNPRI signatory.

2003 17INVESTMENT PROFESSIONALS,

8 support staff and a business

development manager.

Predominantly

institutional

client base,

domestic and

internationalB-BBEE

2

London2

Property fund:

KEY PRE-REQUISITES:

STRONG CORPORATE GOVERNANCE

EXPERIENCED MANAGEMENT

STRONG FREE CASH GENERATION

SOLID BALANCE SHEETS

DOMESTIC CHAMPIONS

SA’s largest private hospital group

SA’s largest integrated motor group

Africa’s largest mobile operator. Cell towers (IHS) to list in NY.

Premium banking, SOTP valuation opportunity

SPECIAL OPPORTUNITIES

Cyclical low, lowest on the global cost curve, ESG

New management and strategy direction - ARC 33%

Life assurer – management change, solid balance sheet

Leading SA’s largest fast-food group at decade lows

SA’s largest discount clothing retailer

PGM = EV exposure

LONG TERM GROWTH OPPORTUNITY - SA

SA’s largest private education –schools & universities

Commuter transport and debt collection

Diversified global seafood business

3

INVESTMENT THEMESPROVEN OFFSHORE & GLOBAL COMPANIES

Internet investor and 31% Tencent stake

European packaging & ESG

UK wealth management

Global resources

PROPERTY OPPORTUNITIES

Value in a ‘bombed out’ sector

SELECT DOMESTIC OVERWEIGHT HOLDINGS:

> Capital light – Quilter, Famous Brands

> Strong management teams – Transaction Capital, Motus, Afrimat

> Commodities – Impala Platinum, Anglo American, BHP Plc

> Liquidity and Inflation hedge – Anglogold, GoldFields, Sibanye

> Healthcare – Netcare, Life Healthcare, Dischem

> ESG – Mondi, Sea Harvest

> Possible corporate activity – Liberty Life, Investec

> Asia/China – Naspers, BHP Plc

TENCENT / AN AMAZING ASSET MANAGER

5

- 100 200 300 400 500 600 700 800 900

GDS HOLDINGS LTD - ADR

BILIBILI INC-SPONSORED ADR

TENCENT MUSIC ENTERTAINM-ADR

JD HEALTH INTERNATIONAL INC

NIO INC - ADR

XIAOMI CORP-CLASS B

BAIDU INC - SPON ADR

JD.COM INC-ADR

KUAISHOU TECHNOLOGY

PINDUODUO INC-ADR

MEITUAN-CLASS B

PING AN INSURANCE GROUP CO-H

ALIBABA GROUP HOLDING-SP ADR

TENCENT HOLDINGS LTD

MARKET CAPS OF TENCENT INVESTMENTS IN CHINA

TENCENT INVESTMENT

- 5 10 15 20 25 30

KAKAO CORP

FOXCONN INDUSTRIAL INTERNE-A

NETMARBLE CORP

ACTIVISION BLIZZARD INC

SPOTIFY TECHNOLOGY SA

SNAP INC - A

SEA LTD-ADR

TESLA INC

CURRENT VALUE OF TENCENT GLOBAL INVESTMENTS

USD bn

USD bn

6

DISCHEM / EARLY STAGE PLAYER IN CONSOLIDATING MARKETCONSOLIDATION AND LOW PHARMACY PENETRATION

> In the sweet spot of consolidating pharmacy market

> Only has 182 stores giving it 6% pharmacy store market share

> Market share increased 78% over 6 years vs 48% for Clicks

> Aging independent pharmacists selling to corporate

> Increasing generics market share puts pressure on independent

pharmacies - no scale and limited front shops

> Driving revenues and future acquisition targets into independent

pharmacies through TLC franchise

> Long term growth through pharmacies in underserved communities

HIGH RETURNS COUPLED WITH HIGH EARNINGS GROWTH

> Although we see marginal earnings increase in 2021, we expect 22%

3-year CAGR in future

> Opportunity for further upside should operating margins recover

quicker than we expect

> Acquisitions are complementary to existing business and position the

business for transforming healthcare market – e.g. Telemedicine

> Healthy Balance Sheet with Net Debt to Equity less than 5% pre

acquisitions

> Generates ROE of +25% and ROIC of +30%

0

2

4

6

8

10

12

Pharmacists (per 10 000 population)

0%

1%

2%

3%

4%

5%

6%

2014 2015 2016 2017 2018 2019

Dis-Chem Store Market Share

-10 000

-

10 000

20 000

30 000

40 000

50 000

EBITDA Contribution $ mil Iron ore Petroleum Potash Copper Met Coal Thermal Coal

Copper

OIL Metcoal

Iron Ore 62%Shanghai Copper Inventory

BHP GROUP / LONG TERM COMMODITY PRICES

8

TRANSACTION CAPITAL / FILLING THE PUBLIC TRANSPORT GAPSA TAXI FINANCE – ONE OF SA’S LARGEST SME’S

• Only taxi financier in the country of scale

• 240 000 minibus taxis, 80 000 nationally are financed

• 32 890 financed by SA Taxi – remainder of market fragmented

• Vertically integrated

• Owns panel beaters, dealerships, insurance etc.

• Traditional financiers - difficult to compete

• Acquired a non-controlling interest of 49.9% in WeBuyCars in September 2020

COLLECTIONS BUSINESS

• Collection business on both principal & agency basis

• 24 million credit active consumers in South Africa, of which 11 million

are “over indebted”, up from 5 million in 2014

• Significant growth potential for Collections Business

GENERAL

• 5 year share price CAGR: 17.1%

• Conservative management team, strong balance sheet

• Essentially a promoter of small business enterprise in SA

WHAT WE ARE AVOIDING

STRUCTURAL HEADWINDS

• Pandemic expedited weaknesses –

implications of working from home, online

shopping, consumer behavioural changes, etc

• Companies unable to adjust to the “new

normal” through innovation therefore being

gradually disintermediated.

• Examples range from large banks, life assurers,

certain property REITS.

CREDIT DEPENDENT RETAILERS

• Distressed consumers = risks of defaults

• Disposable income increasingly under pressure

• Unhealthy credit books, inadequate provisions,

‘stale’ business model

ESG RED FLAGS

• Governance is critical

• Don’t ignore aggressive accounting

• Regulatory driven “Green” recovery

VULNERABLE BUSINESS MODELS

• High debt levels – balance sheet a risk

to survival.

• Access to liquidity constrained

• Exposed to an intense regulatory

environment

• Examples include gaming and

construction

PERSISTENT ROLLING OF LOANS AGGRAVATING POVERTY NATIONWIDE

10

RECKLESS LENDING AGGRAVATING POVERTY NATIONWIDE

TransUnion, Econometrix

RESPONSIBLE INVESTING / CORE TO VISIO’S INVESTMENT PHILOSOPHY

VISIO HAS BEEN A UN PRI SIGNATORY SINCE 2012

WE RECOGNISE THAT SUSTAINABILITY AND

“GOING CONCERN” GO HAND-IN-HAND AND WILL

DRIVE LONG TERM RETURNS

> 2018 and 2019 demonstrated importance of Governance oversight (Omnia, Tongaat)

> Rising risk of intervention (government, civil organisations, etc.) if Sustainability issues not addressed

> RAP framework for companies – qualitative overlay to our quantitative process

> Cognizant of the constraints of the investment universe (Sasol, BTI)

> But willing to avoid returns for socially unacceptable practices (i.e. unsecured lending)

> We sponsor research and raise awareness of key social concerns (i.e. unsecured lending practices)

VISIO EXPOSURES / TO THE 17 U.N. SUSTAINABLE DEVELOPMENT GOALS

MEANINGFUL ENGAGEMENT / THE VISIO DIFFERENTIATORCOMPANY ISSUES DATE OUTCOME

COMPANY A Value realisation for UK Specialist Bank 2021 Ongoing interaction

COMPANY B Company disclosure & Board skills 2018 / 2020 Ongoing interaction

COMPANY C Capital allocation & strategy 2020Concluded, did not go ahead with the acquisition. Share rerated considerably. Now net cash.

COMPANY DProject execution, debt positioning

2019/2020Joint CEO departure, better remuneration policy. Insufficient changes, weak management and board. Sasol is no longer a position in the funds.Market communication

COMPANY E Board composition; Disclosure 2017/18 New chairman, board changes.

COMPANY F ESG Policies - Listeriosis Outbreak 2018 No longer a position in the funds; TBS facing litigation

COMPANY G Executive & board under-performance 2018Ongoing interaction

CEO resigns in Q1 2019

COMPANY H Board composition - Chairmanship 2018 Ongoing interaction

COMPANY I Company disclosure 2018 Ongoing interaction

COMPANY J Allocation of capital & strategy re UK ops 2017 Positive outcome

COMPANY K Allocation of capital & strategy 2017Early days – but new CEO & Chairperson. Ongoing interaction

COMPANY L Capital Allocation & returns to shareholders 2017 Company declared spec dividend in 2018.

COMPANY M Board composition & independence 2017 Pending investigation

COMPANY NBoard composition

2015New CEO

Rights issue size and costs Significant board changes

COMPANY OPoor disclosure

2015/2019Ongoing interaction

Insufficient management incentivisation Significant value unlock

VISIO BCI FUNDS / PERFORMANCE (ZAR)

14

Source: Moneymate as at 28 February 2021. Past performance is not a reliable indicator of future returns. Investment performance is for illustrative purposes only and is calculated by taking actual initial fees and ongoing fees into account for amount shown with income reinvested on reinvestment dates. Annualised return is weighted average compound growth rate over the period measured. Benchmarks:ASISA SA Equity General, SA Multi Asset Flex, SA Multi Asset HighEquity, SA Multi-Asset Income category average

Actual annual figures are available to the investor on request.

Name:Year to Date

Quartile Rank

6 Months To:

28/02/2021

Quartile Rank

1 Year To:

28/02/2021

Quartile Rank

2 Years To:

28/02/2021

Quartile Rank

3 Years To:

28/02/2021

Quartile Rank

6 Years To:

28/02/2021

Quartile Rank

Sinceincept.

ann.

Launchdate

Highest annual return

Lowest annual return

Visio BCI General Equity Fund - A 12,29% 1 20,14% 2 23,61% 2 13,10% 3 5,08% 3 14,29% 3 4.66% 04/04/14 10.96% -9.51%

Visio BCI SA Equity Fund - B8 12,39% 1 22,30% 1 23,43% 2 9,99% 3 3,53% 3 2.54% 06/06/17 1.82% -7.34%

BCI Shari'ah Equity Fund - C 11,31% 1 16,18% 3 26,42% 2 24,29% 1 8.03% 14/06/18 7.81% 5.67%

SA - Equity - General 8,79% 17,61% 22,50% 14,75% 26,19%

Name:Year to Date

Quartile Rank

6 Months To:

28/02/2021

Quartile Rank

1 Year To:

28/02/2021

Quartile Rank

2 Years To:

28/02/2021

Quartile Rank

3 Years To:

28/02/2021

Quartile Rank

6 Years To:

28/02/2021

Quartile Rank

Sinceincept.

ann.

Launchdate

Highest annual return

Lowest annual return

Visio BCI Actinio Portfolio - R 11,80% 1 17,11% 1 20,09% 2 21,04% 2 17,43% 3 27,58% 3 15.39% 01/04/04 36.51% -14.92%

SA - Multi Aset - Flex 6,04% 11,58% 16,75% 15,84% 16,76% 32,88%

Name:Year to Date

Quartile Rank

6 Months To:

28/02/2021

Quartile Rank

1 Year To:

28/02/2021

Quartile Rank

Sinceincept.

ann.

Launchdate

Highest annual return

Lowest annual return

Visio BCI Balanced Fund - A 7,37% 1 12,52% 2 27,74% 1 22.89% 04/12/19 16.85% 16.85%

SA -Mut Aset High Eq 5,87% 10,11% 15,75%

Name:Year to Date

Quartile Rank

6 Months To:

28/02/2021

Quartile Rank

1 Year To:

28/02/2021

Quartile Rank

2 Years To:

28/02/2021

Quartile Rank

3 Years To:

28/02/2021

Quartile Rank

Sinceincept.

ann.

Launchdate

Highest annual return

Lowest annual return

Visio BCI Unconstrained Fixed Interest Fund - A 1,82% 1 5,85% 1 8,03% 1 17,12% 1 26,18% 1 8.37% 01/04/16 9.46% 6.00%

SA Multi Aset - Income 0,84% 3,63% 5,85% 13,77% 22,54%

VISIO FUNDS

15

FUND FACTORS UNCONSTRAINED FI BALANCED PROPERTY SA LONG-ONLY EQUITY HEDGE AFRICA

COMPETITIVE FOCUSRisk Management / Asset

Allocation / Duration Mng

Asset class

optimisation / Risk

management / Stock

selection / Macro

Global listed real estate Specialist equity

Risk Management / Asset

Allocation / Downside

protection

EM growth focus

PORTFOLIO BENEFITS Asset allocation across FI Asset allocation Property alpha Equity alpha Uncorrelated alpha EM Growth

OBJECTIVE

Manage volatility whilst

max. capital returns and

income. Not lose capital

over rolling 6 months.

All-in investor solution

Income and capital

appreciation at low

volatility. CPI+5 over

rolling 3 years

Provide a combination

of high income growth

and long term capital

appreciation.

Sustain high long-term capital

growth

Generate absolute returns

with lower correlation to

equity markets

Targets positive returns to

businesses that generate

significant portion of their

earnings from Africa.

BENCHMARK STeFi Composite x 1.25ASISA SA Multi Asset High

Equity category average

FTSE JSE J253T Real

Estate IndexSWIX, Capped SWIX, CAPI STEFI

MSCI EFM Africa ex-SA

Index

INVESTABLE UNIVERSE

Fixed income, listed

property, preference

shares, derivatives,

currency

Equity, fixed income,

listed property,

preference shares,

derivatives, currency

Property securities &

CIS, real estate equity,

FI & money market

Instruments

Domestic equity securities &

property related

securities

Domestic & offshore equity,

fixed income, listed

property, preference shares,

derivatives & currency

Securities listed on

worldwide exchanges that

provide exposure to

businesses that generate

significant portion of their

earnings from Africa

AUM R1.4bn R52m R40m R32bn R1.0bn $40m

ANN. RETURNS SINCE

INCEPTION8.2% 22.6% n.a. 10.4% (SWIX) 18.5% +1.6% (USD)

TRACK RECORD 4 years >1 year 8 months 13 years 17 years 11 years

REG COMPLIANCE CISCA + Reg28 CISCA + Reg28 CISCA CISCA CISCA

INCEPTION Apr 2016 Oct 2019 July 2020 Nov 2007 Nov 2003 Jun 2009

Contact details

CAPE TOWN

Unit 704, 7th floor, Touchstone House, 7 Bree Street, Cape Town, 8001

> +27 10 020 6263 (Tel)

JOHANNESBURG

5th Floor, 92 Rivonia Road, Wierda Valley, Sandton, 2196

> + 27 11 245 8900 (Tel)

> +27 11 245 8915 (Fax)

> info@visiofund.co.za

Thank you

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 the portfolio to new investors 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 figures quoted for the portfolio is from Morningstar, as at the date of this document 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.

Visio Fund Management (Pty) Ltd is an authorised Financial Service Provider FSP 49566.