Disclaimer

In accessing any Electronic Communications, whether it be by way of visiting this website or opening any electronic communication from NVest, the person so doing accepts the following:

1. Whilst NVest has taken all reasonable steps to ensure that all information contained in Electronic Communications is current and accurate, it cannot guarantee the accuracy of the information nor that it is up to date. The use of Electronic Communications is therefore entirely at the users own risk.

2. Although NVest has taken all reasonable steps to guard against viruses or destructive codes, it gives no warranty that Electronic Communications are free of viruses or any other data or code that has the ability to corrupt or affect your system.

3. Electronic Communications may contain information that is confidential and subject to legal privilege. It is intended solely for the individual or entity to whom it is addressed and to others who have the authority to receive it. Unintended recipients of Electronic Communications may not under any circumstances disclose, copy, distribute or take action that relies on the content of the information contained therein.

4. Where the contents of Electronic Communications expressly state the author thereof, any views expressed in the contents shall be construed to be, unless otherwise stated, the views of the author and not those of NVest or any of its management or directors. Electronic Communications will only be legal, valid and enforceable on NVest if an authorised NVest employee or the head of the respective division has confirmed or consented thereto.

5. Any information contained in Electronic Communications does not constitute advice as defined in the Financial Advisory and Intermediary Services Act, and the user thereof shall bear the responsibility to seek professional advice to ascertain whether any such information is suitable to his/her personal circumstances.

6. NVest may, in good faith, provide links that would appear useful to recipients of Electronic Communications, but does not make any representation regarding such links and does not endorse the products and/or services that may be offered thereon. Links are provided for convenience only and may be discontinued at any time. NVest accepts no responsibility for the content or use of information contained in the said links.

7. Unless otherwise noted, Electronic Communications are subject to intellectual property rights that vest in NVest. Use of the content in web pages, electronic or written publications or any other media and/or words, phrases, names, designs or logos that are NVest intellectual property are expressly prohibited, without the express written permission of NVest.

8. NVest disclaims all implied warranties, including but not limited to, warranties of compatibility, security and accuracy, and NVest will not be liable for any special, indirect, incidental, consequential or punitive damages or any damages whatsoever, whether in an action of contract, statute, delict (including, without limitation, negligence) or otherwise that relate to the use of Electronic Communications. You agree to indemnify and hold harmless NVest and its respective directors, officers, employees, agents, licensors, suppliers, and any third-party information providers from and against all losses and expenses (including attorney- and own client costs), resulting from any failure to adhere to this disclaimer.

9. All information contained in Electronic Communications pertaining to products and services on or accessed through the website are for your personal and non - commercial use only and their terms and conditions are subject to change without notice.

10. Electronic Communications are governed by all applicable South African legislation, including in particular (and without limiting the generality of the aforegoing) sections 11 to 20 of the Electronic Communications and Transactions Act 25 of 2002. All legislation shall be deemed to include any amendments thereto or re-enactments thereof.

ASSET MANAGEMENT DISCLAIMER

The information provided is of a general nature only and does not take into account investor’s objectives, financial situations or needs. The information does not constitute financial product advice and it should not be used, relied upon or treated as a substitute for specific, professional advice. It is, therefore, recommended that investors obtain the appropriate legal, tax, investment and/or other professional advice and formulate an investment strategy that would suit the investor’s risk profile prior to acting on such information and to consider whether any recommendation is appropriate considering the investor’s own objectives and particular needs. Although the information provided and statements of fact are obtained from sources that NFB AM considers reliable, we do not guarantee their accuracy, completeness or currency and any such information may be incomplete or condensed. Any opinions, statements and information made available, whether written, oral or implied are expressed in good faith. Views are subject to change on the basis of additional or new research, new facts or developments. All charts are in base currency terms unless otherwise indicated and are sourced from Refinitiv. However, as data series can have differing reporting frequencies each chart may have a slightly different end point. End points may not necessarily coincide with the date indicated.

Collective Investment 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 necessarily a guide to future performance. CIS are traded at ruling prices and can engage in borrowing and scrip lending. Different classes of units apply to the portfolios and are subject to different fees and charges. A schedule of fees and charges is available on request from Ci. Ci does not provide any guarantee either with respect to the capital or the return of the portfolio. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. International investments 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. The portfolios may be closed from time to time in order to manage it more efficiently in accordance with its mandate. A fund of funds is a portfolio that invests in portfolios of collective investment schemes, which levy their own charges, which could result in a higher fee structure for the fund of funds. The NFB portfolios are portfolios established and administered by Ci, and NFB Asset Management (Pty) Limited has been appointed to manage and market the portfolios. NFB is an indirect shareholder of Ci. As an indirect shareholder, NFB may earn dividends from time to time and participation in any dividends may be linked to the revenue generated by Ci from the NFB portfolios, and from any other Ci portfolios. Ci retains full legal responsibility for the co-named portfolios. Additional information on the portfolios may be obtained, free of charge, directly from NFB or Ci. Ci is an affiliate member of the Association for Savings & Investment SA (ASISA). Total Expense Ratio (TER): The TER % has been annualised and indicates the percentage of the value of the portfolio which was incurred as expenses relating to the administration of the portfolio over the rolling 3-year period or since fund inception, on an annualised basis. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TERs cannot be regarded as an indication of future TERs. Transaction Cost (TC): The TC % has been annualised and indicates the percentage of the value of the portfolio which was incurred as costs relating to the buying and selling of the assets underlying the portfolio. TCs are a necessary cost in administering the portfolio and impacts portfolio 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 portfolio, investment decisions of the investment manager and the TER. Total Investment Charge (TIC):The TER plus TC which indicates the percentage of the value of the portfolio which was incurred as costs relating to the investment of the portfolio. Note that all fees are inclusive of VAT. Performance quoted is for lump sum investment with income distributions, prior to deduction of applicable taxes, included. NAV to NAV figures have been used. The annualised return is the return of the performance period re-scaled to a period of one year. Performance is calculated for the portfolio and individual investor performance may differ as a result of initial fees, actual investment date, date of reinvestment and dividend withholding tax. The NFB Ci Stable Fund, previously NFB Ci Cautious Fund of Funds, won the Raging Bull certificate for Top Performance on the Basis of Risk-Adjusted Returns by a Domestic Collective Investment Scheme in the sub-category South African Multi-Asset Low-Equity in 2016, 2017 and 2018 and the Raging Bull Award for Top Performance by a Domestic Collective Investment Scheme on a Risk-adjusted Basis in the category Best South African Multi-Asset Equity Fund for both 2016 and 2017. The fund also won a Morningstar award for Best Cautious Allocation Fund for 2017. The full details and basis of the awards are available from NFB.

Financial Services Provider: NFB Asset Management FSP No 25962 Tel: (011) 895 8000 E-mail: am@nfb.co.za. Company/scheme: Ci Collective Investments (RF) (Pty) Limited, PO Box 412249, Craighall, 2024; Tel: 0861 000 881, website: www.cicollective.co.za. Trustee: FirstRand Bank Limited Tel: (011) 371 2111.