No fund manager's comment available.

The mandate of the Satrix SA Bond Satrix ETF is to track, as closely as possible, the value of the S&P South Africa Sovereign Bond 1+ Year Index. The Satrix SA Bond ETF is an index tracking fund, registered as a Collective Investment Scheme, and is also listed on the Johannesburg Stock Exchange as an Exchange Traded Fund. The Satrix SA Bond ETF provides investors with South Africa Government Bond exposure as an asset class. In accordance with the investment policy of the Satrix SA Bond, all income received from instruments comprising the index, net of cost is re-invested on behalf of investors through the purchase of instruments comprising the S&P South Africa Sovereign Bond 1+ Year Index in line with total return index methodology, thereby increasing the net asset value of each Satrix SA Bond security. In order to reduce costs and minimise tracking error, the Satrix SA Bond may engage in scrip lending activities.