Dear clients

As mentioned previously, we believed that Kanaan Hedge FoF will eventually follow the recent good returns of our Unit Trust FoF.

The Hedge FoF net of all fees has grown for July 2017 1.16% and the early indications for August 2017, at this stage, looks promising with 36One at 0.5%, Select Opportunity at 1.5%, Polar Star -0.13%, Laurium at 2% and NXN Capital at 2.9%.

Friendly greetings

Andre Delport