Investment Choice: Low risk/return profile

Investment Choice: Low risk/return profile 30 April 2020

Objective

This portfolio is designed to deliver (but does not guarantee) a net investment return of 1% per annum above CPI. This portfolio is appropriate for members wishing to avoid market volatility over the very short-term. It is not appropriate for medium to long-term investment horizons.

Benchmark Returns SA Cash

Asset Allocation South Africa SA Cash

Month 0.5%

1 Year 7.1%

3 Years 7.3%

Fund 100% 100%

Benchmark 100% 100%

Performance Target Benchmark Risk Tolerance Portfolio Size (R'm)

CPI + 1% SA Cash 1% Around Benchmark 1,912

Net Investment Returns

FYTD* 1 Month

Fund 6.3% 0.5%

1 Year 3 Years 5 Years

7.8% 8.1% 8.0%

10 Years

*From 1 July 2019

7.2%

Returns are annualised for periods greater than 1 year

Benchmark 5.9% 0.5% 7.1% 7.3% 7.2% 6.5%

CPI+1% 4.2% 0.4% 5.0% 5.3% 6.4% 6.6%

Risk Profile

Low

Medium

High

Probability of capital loss or negative returns in 12-month period

Volatility of returns in any 12-month period

Long-term expected return above inflation

Risk Metrics

% Positive Months Tracking Error Annualized Volatility Information Ratio Sharpe Ratio Maximum drawdown Highest monthly return Lowest monthly return

Fund 100% 0.2% 0.5% 3.5 3.4 0.0% 1.2% 0.3%

Benchmark 100%

0.5%

2.3 0.0% 1.0% 0.4%

R400 R350 R300 R250 R200 R150 R100

R50 R0

Growth of R100 Investment at Inception

Money Market Benchmark CPI+1%

Top 10 Holdings^

Investec Bank Limited FRN 14/02/22

Absa Bank Limited FRN 23/04/22

Nedbank FRN 8.46 30/07/19

354

Standard Bank FRN 15/02/23

343

Standard Bank FRN J3+1.2% 26/10/20

318

Standard Bank FRN J3+1.15% 26/06/22

Investec Bank Limited FRN 19/08/20

Standard Bank FRN J3+1.15% 19/01/20

Industrial Dev Corp FRN J3+1.44% 26/04/21

Absa FRN J3+1.30% 30/05/20

^31 December 2019

1.9% 1.0% 1.0% 1.0% 1.0% 0.9% 0.8% 0.8% 0.6% 0.6%

Retirement Savings Charges*

FYTD

Investment Charges

0.1%

Advice Charges

0.0%

Admin Charges

0.2%

Other Charges

0.0%

Total Charges

0.3%

*Best estimates used where final numbers

are not available

1 Year 0.1% 0.0% 0.2% 0.0% 0.3%

Explanatory notes:

Cost Disclosure

Total Retirement Savings Charges will comprise of four components:

? Investment Charges: Investment management fees, including all charges of underlying investment funds and transaction costs. ? Advice Charges: Advice fees, including investment consulting fees not included in investment charges. ? Admin Charges: Administration costs, which in Sentinel's self-administered model will include personnel, information technology and operational

costs. These costs include member and pensioner communication, counselling and advice. ? Other Charges: Other costs and fees, including legal & consulting fees, audit fees, Board fees, FSCA levies, insurances, valuation charges and annual

report costs

Investment returns reported are after Total Retirement Savings Charges have been considered.

In order to obtain the 1-year gross investment return, the 1-year total charges should be added to the 1-year net investment return.

Glossary Annualized Volatility:

Also known as standard deviation. This measures the risk. The higher the standard deviation the higher the risk.

Benchmarks:

SA Cash: The Alexander Forbes Short Term Fixed Interest Composite index

CPI:

South African headline Consumer Price Inflation as publish by Statistics South Africa

Information Ratio:

The Information Ratio measures a portfolios ability to generate excess returns relative to a benchmark per unit of relative risk. The higher the ratio the better.

Maximum Drawdown: Maximum Drawdown refers to the highest percentage of continuous loss (or negative returns) since the inception of the fund.

Net Returns:

Investment returns after all costs have been considered

Sharpe Ratio:

The Sharpe Ratio is the excess return over the risk-free rate (cash return) generated per unit of risk in the portfolio. The higher the Sharpe Ratio the more return you get for risk taken.

Tracking Error:

Tracking Error is the difference between the return on a portfolio and the benchmark. This is also known as active risk.

Sentinel's Contact Details

Sentinel Retirement Fund ? Reg No 12/8/1215 Sentinel House ? 1 Sunnyside Drive ? Sunnyside Park ? PARKTOWN 2193 P O Box 61172 ? MARSHALLTOWN 2107 ? Johannesburg ? South Africa Tel (27)(11) 481-8000 ? Fax (27)(11) 481-8111 info@sentinel. ? sentinel.

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