36ONE Fund Fact Sheet September 2012

The 36ONE Fund is a single strategy, equity long-short hedge fund with a low net equity bias that invests in equities and other financial instruments which are used to enhance returns and manage risk. Fund name: Strategy: Investment Manager: E-mail: Investment Objectives: Generate absolute returns over the long-term regardless of market direction; Enhance investors' capital in real terms; Generate above average returns; Reduce market timing risk by managing market volatility.
Cumulative Performance Since Inception
200 195 190 185 180 175 170 165 160 155 150 145 140 135 130 125 120 115 110 105 100 95 90 85 80

INVESTMENT PERFORMANCE Returns to 30 Sep 2012 1 Month 3 Months 6 Months 12 Months Since Inception p.a. Risk Measures Standard Deviation (annualised)* Loss Deviation* Gain Deviation* Sharpe Ratio* Sortino Ratio* Largest Draw Down Largest Uninterupted Loss Best Month Worst Month Gain Periods Loss Periods % Gain Periods Correlation Value at Risk - 95%
*Statistics based on 36 month rolling period

36ONE
0.43% 5.02% 6.87% 20.26% 19.58%

Cash
0.37% 1.10% 2.35% 4.88% 6.16%

ALSI
1.64% 7.26% 8.31% 24.43% 17.89%

36ONE Fund Equity long-short 36ONE Asset Management

sliptz@36one.co.za

36ONE
3.89% 0.52% 3.55% 2.76 20.10 -1.09% -1.09% 3.53% -0.83% 41 5 89.13% 1.00 2.73%

Cash
0.18% 0.48% n/a 0.92% 0.37% 46 100.00% 0.26 0.68%

ALSI
13.96% 5.4% 11.75% 0.73 1.84 -13.70% -13.70% 11.02% -9.87% 28 18 60.87% 0.62 5.42%

Growth

Contact Name: Tel: Fax:

Benchmark ALSI Fund

Steven Liptz (2711) 722 7393 (2711) 722 7391 sliptz@36one.co.za 6A Sandown Valley Crescent, Sandown, Sandton, 2196

E-mail: Physical:

Relative Frequency Distribution of Returns

70%

60%

Inception: Fund Size: Benchmark: Subscriptions: Redemptions: Management fee: Performance fee:
<-10% -10--8% -8--6% -6--4% -4--2% -2--0% 0-2% 2-4% 4-6% 6-8% 8-10% >10%

1 December 2008 R302.7 million Standard Bank Wholesale Call Rate Monthly 1 calendar month 1% p.a. 20% of gains using the high watermark Investment Data Services PWC

50%

Monthly Periods (%)

40%

30%

20%

10%

0%

Administrators: Auditors:

Return Range (% )

Net Monthly Performance Since Inception: Jan

2008 2009 2010 2011 2012 2.04 1.08 1.12 2.57

Feb
1.88 2.00 1.30 2.61

Mar
2.49 1.96 -0.01 1.58

Apr
2.10 1.41 2.02 2.21

May
2.80 -0.83 0.75 -0.28

Jun
1.72 -0.26 0.24 -0.16

Jul
3.53 2.22 0.37 1.90

Aug
2.00 0.46 0.35 2.62

Sep
1.35 2.01 1.32 0.43

Oct
3.43 2.09 3.34 -

Nov
0.11 0.75 1.15 -

Dec
1.50 3.47 1.89 0.71 -

YTD
1.50 30.44 15.76 13.36 14.25

This Data Sheet is a private publication intended for private circulation, and may not be distributed to any person other than the recipient. It is for information purposes only, regarding decisions taken within the fund and the profile assumed by the fund, and should not be seen as an offer to sell or an invitation to invest. It is the responsibility of any person in possession of this document to inform themselves of, and observe, any applicable laws and regulations of the relevant jurisdiction. Performance numbers are historical, and the performance data is provided by Investment Data Services. The value of all investments and the income there from can go down as well as up, and as such the past is not necessarily a guide to future performance. 36ONE Asset Management is an authorised financial services provider. The 36ONE Fund, along with all other hedge funds in South Africa, is unregulated by the FSB.

36ONE Hedge Fund Fact Sheet September 2012

The 36ONE Hedge Fund is a single strategy, equity long-short hedge fund that invests in equities and other financial instruments which are used to enhance returns and manage risk. Fund name: Strategy: Investment Manager: E-mail: Investment Objectives: Generate absolute returns over the long-term regardless of market direction; Enhance investors' capital in real terms; Generate above average returns; Reduce market timing risk by managing market volatility.
Cumulative Performance Since Inception
340 330 320 310 300 290 280 270 260 250 240 230 220 210 200 190 180 170 160 150 140 130 120 110 100 90

INVESTMENT PERFORMANCE Returns to 30 Sep 2012 1 Month 3 Months 6 Months 12 Months Since Inception p.a. Risk Measures Standard Deviation (annualised)* Loss Deviation* Gain Deviation* Sharpe Ratio* Sortino Ratio* Largest Draw Down Largest Uninterupted Loss Best Month Worst Month Gain Periods Loss Periods % Gain Periods Correlation Value at Risk - 95%
*Statistics based on 36 month rolling period

36ONE
0.42% 6.32% 8.59% 26.38% 20.32%

Cash
0.37% 1.10% 2.35% 4.88% 7.54%

ALSI
1.64% 7.26% 8.31% 24.43% 12.19%

36ONE Hedge Fund Equity long-short 36ONE Asset Management

sliptz@36one.co.za

36ONE
5.61% 1.24% 5.02% 2.54 11.29 -11.57% -11.57% 6.25% -11.57% 64 14 82.05% 1.00 3.48%

Cash
0.18% 0.18% n/a 0.95% 0.37% 78 100.00% -0.23 0.68%

ALSI
13.96% 5.4% 10.01% 0.73 1.84 -23.34% -23.34% 12.45% -13.24% 49 29 62.82% 0.61 5.42%

Growth

Contact Name: Tel: Fax:

Benchmark ALSI Fund

Steven Liptz (2711) 722 7393 (2711) 722 7391 sliptz@36one.co.za 6A Sandown Valley Crescent, Sandown, Sandton, 2196

E-mail: Physical:

Relative Frequency Distribution of Returns

50% 45% 40% 35%

Inception: Fund Size: Benchmark: Subscriptions: Redemptions: Management fee: Performance fee:
<-10% -10--8% -8--6% -6--4% -4--2% -2--0% 0-2% 2-4% 4-6% 6-8% 8-10% >10%

1 April 2006 R2.2 billion Standard Bank Wholesale Call Rate Monthly 1 calendar month 1% p.a. 20% of gains using the high watermark Investment Data Services PWC

Monthly Periods (%)

30% 25% 20% 15% 10% 5% 0%

Administrators: Auditors:

Return Range (% )

Net Monthly Performance Since Inception: Jan

2006 2007 2008 2009 2010 2011 2012 5.86 -11.57 -0.11 1.27 1.92 3.24

Feb
1.79 4.74 -1.04 1.61 1.98 3.15

Mar
3.79 1.12 1.47 0.54 0.04 2.04

Apr
1.27 6.24 4.32 2.65 1.68 2.69 2.57

May
0.02 5.28 2.24 4.65 -1.90 1.34 -0.52

Jun
1.44 -0.07 -2.28 2.20 -0.43 0.70 0.10

Jul
2.40 0.44 -5.73 5.18 3.03 0.47 2.39

Aug
3.35 1.76 -0.38 1.29 0.16 0.36 3.40

Sep
2.39 1.40 -3.25 2.89 2.55 1.26 0.42

Oct
4.58 5.43 1.26 5.39 2.45 4.36 -

Nov
6.25 -2.76 -1.97 -0.80 1.64 1.58 -

Dec
3.81 2.08 1.30 5.16 1.40 1.03 -

YTD
28.44 35.57 -10.80 32.72 14.83 19.17 18.00

This Data Sheet is a private publication intended for private circulation, and may not be distributed to any person other than the recipient. It is for information purposes only, regarding decisions taken within the fund and the profile assumed by the fund, and should not be seen as an offer to sell or an invitation to invest. It is the responsibility of any person in possession of this document to inform themselves of, and observe, any applicable laws and regulations of the relevant jurisdiction. Performance numbers are historical, and the performance data is provided by Investment Data Services. The value of all investments and the income there from can go down as well as up, and as such the past is not necessarily a guide to future performance. 36ONE Asset Management is an authorised financial services provider. The 36ONE Hedge Fund, along with all other hedge funds in South Africa, is unregulated by the FSB.

36ONE OFFSHORE PORTFOLIO

FUND ADVISOR
The 36ONE O shore Portfolio is a single strategy, equity long short hedge fund that invests in equities and other nancial instruments which are used to enhance returns and manage risk.

September 2012

Commentary

STRATEGY
- generate absolute returns regardless of market direction; - enhance investors capital in real terms; - generate above average returns; - reduce market timing risk by managing market volatility.

The fund did not participate in the local markets rise of 1.6% for the month principally due to our underweight position in resources, which bounced from multi-year lows. The violent labour unrest currently underway in the local mining sector will negatively impact the profitability of affected mining companies, but will also disrupt supply of certain key minerals, pushing up spot prices. We have positioned the fund to benefit from the anticipated increase in spot commodity prices of those metals for which South Africa constitutes the majority of world supply a much better risk/reward trade than exposure to the miners themselves, in our opinion. We are also growing increasingly concerned about the strong growth in unsecured lending, which could ultimately lead to a credit bubble and increased strain on consumer spending. We have therefore positioned the fund more defensively to mitigate against these risks.
Monthly Returns (USD)

STRATEGY
Long - Short Equity with a low net bias

Jan 2008 2009 2010 2011 2012 -0.31% 0.62% 0.04% 2.58%

Feb 0.43% 1.31% 1.11% 2.49%

Mar 1.66% 2.77% 0.03% 1.12%

April 2.50% 0.97% 1.67% 1.62%

FUND DATA
Domicile Fund Structure Subscriptions Redemptions Administrator Auditors Base Currency Cayman Islands Segregated Portfolio Monthly 1 Calendar Month Altree Fund Services Ltd. Deloitte USD $150 000 $100 000 2% 20%* 1 May 2008

These gures represent net returns. Management and Performance fees have been deducted from the fund

Fund Analysis

May June 2.99% 1.29% 3.11% 3.10% -0.94% -0.34% 0.81% 0.06% -0.96% -0.07%

July 2.20% 4.01% 2.94% 0.16% 1.58%

Aug Sep 2.24% -0.60% 1.52% 1.79% 0.37% 2.15% 0.25% 1.18% 1.98% 0.08%

Oct 4.29% 2.33% 1.57% 3.16%

Nov 1.48% 0.10% 0.69% 1.12%

Dec 2.64% 3.62% 2.58% 0.58%

YTD 17.68% 26.67% 15.63% 10.61% 10.85%

Fund Analysis
Current Month Return Deepest Drawdown % Protable Months Average Monthly Return Average Loss Best Month Worst Month Last 12 Months 0.08% -1.28% 88.68% 1.43% -0.54% 4.28% -0.96% 16.30% LIBOR Annualised Return Annualised Volatility Sharpe Net Equity Exposure Leverage Largest Long Exposure Largest Short Exposure 0.22% 18.43% 4.44% 3.99 51.43% 120.37% 6.85% 3.32%

Minimum investment Top Up Investment Annual Management Fee Annual Performance Fee Formation Date

* 20% of increase in NAV will be levied on a high watermark basis.

CONTACT DETAILS
Maree Wilms maree.wilms@sa-alpha.com T +27 11 722 7309

Net Sector Exposure

Basic Materials Bonds Consumer Goods Consumer Services Financials Health Care 4.7% 6.8% 13.0% 7.6% 6.9% 5.1% Index Futures Industrials Oil and Gas Other Technology Telecommunications Unlisted -7.1% 7.0% 1.7% 2.3% 4.0% 4.5% 1.6%

CUMULATIVE PERFORMANCE GRAPH

120% 100% 80% 60% 40% 20% 0% -20% -40% -60%
36ONE MSCI World DJ/CS Hedge Fund Index HFRX Equity Hedge Index

Dec-08

Dec-09

Dec-10

Apr-08

Aug-08

Aug-09

Aug-10

Aug-11

Dec-11

Apr-09

Jun-08

Apr-10

Jun-09

Apr-11

Jun-10

Apr-12

Oct-08

Jun-11

Disclaimer
Investment in a fund carries a high degree of risk including, but not limited to, the risks referred to below. No assurance can be given that investors will realise a pro t on their investment. Moreover, investors may lose some or all of their investment. The risks referred to below are not exhaustive. They relate to investment in a portfolio, the investment activities of the portfolio and the underlying funds in which they may invest or to which they may be exposed. References to a Portfolio below should be referred to in this context. The information herein does consequently not constitute an o er, or an invitation to o er, or a recommendation to enter into any transaction. You are privy to this information our capacity as a potential counterparty acting at arms length. We are not acting as your nancial adviser or in a duciary capacity in respect of this proposed transaction or any other transaction with you unless otherwise expressly agreed by us in writing. Potential investors should review the Private Placement Memorandum carefully and in its entirety and consult with their professional advisors before making an application for shares. The success of the fund and furthermore each Portfolio is signi cantly dependent on the investment advisors to each Portfolio as detailed in the Appendix. Their past investment performance may not be construed as an indication of the future results of an investment in the Fund or a Portfolio. Investments in a fund are generally medium to long term investments. The value of shares in the fund may go down as well as up and past performance is not necessarily a guide to future performance. Investments are traded as ruling prices and can engage in scrip lending. Forward pricing is used. Commission and incentives maybe be paid and if so, are included in the overall cost. Fluctuations or movements in exchange rates may cause the value of the underlying investments to go up or down. Share prices are calculated on a net asset value basis and brokerage, marketable securities, tax, auditors fees, amongst others, maybe be levied against the portfolio.

Aug-12

Oct-09

Feb-09

Feb-10

Oct-10

Feb-11

Oct-11

Feb-12

Jun-12