Dear client

The Mercantile Bank statement which you have received from the bank/ Exchange4free, just confirms that your Rand has been switched to US Dollar and has already been transferred to IAL (International Assurance LTD) the administrator of Moriah Global FoF. IAL only calculates the unit price of Moriah Global once a month, after the 26^th of every month, therefore your investment will only be made after the 26^th of January and once Sanne, the administrator in South Africa, of Kanaan Hedge FoF, has paid the balance of your investment, the left over of +-20% over to Mercantile bank, we will send you your investment Statement of Moriah Global FoF.

The R500 mentioned in the Mercantile statement is not payable by you and is inclusive of the 0.6% transfer fee (or 0.4% for amounts larger than R1 million), as according to our agreement with Mercantile bank.

Friendly greetings

Andre Delport