This document provides an overview of the Denker Capital investment team, their positioning and performance of the SIM Global Emerging Markets Fund, and arguments for investing in emerging markets. The key points are: 1) Denker Capital is an independent asset manager established in 2015 with an experienced investment team. The SIM Global Emerging Markets Fund is co-managed by Neal Smith and Richard Shepherd. 2) The fund is positioned with over half of assets in Asia and outperforms its benchmark over 1-year, 2-year and since inception periods. Top holdings include Alibaba, Samsung Electronics and Sberbank. 3) Emerging markets offer long-term growth opportunities due to underrepresentation

1. Discovering Opportunity  Building Wealth  Enabling Worth
The Case for
Emerging Markets
Senate Group 2 November 2017

2. This information is for financial advisers only and
should not be distributed to retail investors.
2
Agenda
Denker Capital
The team
Positioning and performance
Why invest in the SIM Global Emerging Markets Fund
Why invest in Emerging Markets
1
3
4
2
5

3. DENKER CAPITAL
Denker Capital is the appointed investment advisor to the investment manager,
Sanlam Investment Management (Pty) Ltd, an authorised financial services
provider in terms of Financial Advisory and Intermediary Act, 2002, FSP 579.

4. This information is for financial advisers only and
should not be distributed to retail investors.
Independent asset management company since 2015
• Senior team average experience of 19 years
• Won many awards over the years
Result of merger
• SIM Unconstrained Equities & SIM Global
• Two entrepreneurial, boutique businesses within Sanlam Investments
We are passionate about applying our independent
thinking to finding fresh insights.
4
Team owns 51% of shares, Sanlam 49%
• Sanlam is JSE listed with a market cap of $11bn and AUM of over $30bn
• Denker Capital is independent and owner managed with own culture and vision,
backed by strong operational and distribution capabilities of Sanlam Investments.

5. THE TEAM

6. This information is for financial advisers only and
should not be distributed to retail investors.
6
The team
SIM Global Emerging Markets Fund
Neal Smith
Portfolio manager
B.Comm., CA(SA)
Richard Shepherd
Equity analyst
B.Comm. (Acc), PG Dip Acc, CA(SA)
2000 Completed articles at BDO Spencer Steward
2001 Started investment career with
AllianceBernstein as equity analyst in 2001,
covering emerging market stocks
2005 Moved to their London offices to cover
European equity markets. Then moved to co-
manage consumer sleeve of $2 billion
international portfolio for institutional & retail
clients, was particularly active in emerging
markets
2007 Joined GLG Partners (London, large European
hedge fund) to manage global consumer sector
equity long/short fund with large emerging
market exposure
2009 Joined Carlson Capital (London)
2012 Returned to South Africa to join SIM Global as
an equity analyst for the non-financial sector
2014 Promoted to portfolio manager
2015 Launched SIM Global Emerging Markets Fund
1999 Completed articles with RSM International
1999 11 years: Consulting and audit partner with
RSM International (audit services, valuations,
due diligence investigations for diverse client
portfolio)
Also member of RSM SA’s Quality Assurance
Committee, responsible for interpretation,
application and adherence of national firm to
International Financial Reporting Standard &
International Auditing Standard
2008 Actively started investing some of the
retirement funds of the Cape Town partners’,
both domestically and internationally
2011 Joined SIM Global to pursue a career in the
investment industry full-time
2015 Joined the SIM Global Emerging Markets
team & is currently completing a supervision
period to act as co-portfolio manager to the
fund

7. This information is for financial advisers only and
should not be distributed to retail investors.
The team
Year joined Denker Capital business
Year joined the investment industry
5CFA
charter holders 8Chartered
accountants 4Master
degrees 1Ph.D
Investment team
SA EQUITY
RICCO FRIEDRICH CLAUDE VAN CUYCK JAN MEINTJES DYLAN MARTIN TAPIWA GWETE
Portfolio Manager Portfolio Manager Portfolio Manager Equity Analyst Trainee Equity Analyst
B.Bus.Sc., Pg.Dip., CA(SA),
CFA®
B.Comm. (Hons), CFA®
B.Comm. (Hons), CA(SA),
CFA®
B.Sc., B.Comm. B.Comm., Pg.Dip.
1998 2011 1994 2011 1995 2011 2014 2017 2017 2017
GLOBAL
FINANCIAL
KOKKIE KOOYMAN LAURA FORD BARRY DE KOCK BEN KOOYMAN
Portfolio Manager Equity Analyst Equity Analyst Equity Analyst
B.Comm. (Hons), CA(SA),
H.Dip.
B.Comm. M.Comm. B. Acc. (Hons), CA(SA)
1989 2004 1996 2004 2011 2015 2014 2014
GLOBAL
EQUITY
DOUW STEENEKAMP PIERRE MARAIS JACOBUS OOSTHUIZEN ANDREW EVANS
Portfolio Manager Portfolio Manager Equity Analyst Equity Analyst
B.Compt. (Hons), CA(SA) M.Sc., Ph.D, MBA M.Compt., CA(SA), CFA® B.A., Pg.Dip., CFA®
1991 2011 1998 2015 2003 2006 2001 2012
EMERGING
MARKETS
NEAL SMITH RICHARD SHEPHERD
Portfolio Manager Equity Analyst
B.Comm., CA(SA) B.Comm., Pg.Dip., CA(SA)
2001 2012 2011 2011
MULTI-ASSET
MADALET SESSIONS JAN MEINTJES
Portfolio Manager Portfolio Manager
M.Comm.
B.Comm. (Hons), CA(SA),
CFA®
2006 2016 1995 2011

8. This information is for financial advisers only and
should not be distributed to retail investors.
WHY INVEST IN EMERGING MARKETS
Outperforms
DM
materially over
the long-term
Growth
pillars
remain
intact to
reassert EM
outperformance
Valuations
are
extremely
attractive
A great
diversifier
1 2 3 4
8

9. This information is for financial advisers only and
should not be distributed to retail investors.
9
Outperforms developed markets
Short-term volatile, but long-term outperform
Source: FactSet, DataStream, Bloomberg, Goldman Sachs Global Investment Research.
*Cumulative USD Total Returns | As at 30 September 2017
EM vs. DM
(Relative equity performance index in log terms)
1
MSCI
World
1,901%*
6.4% p.a.
MSCI
EM
17,747%*
11.5% p.a.

10. This information is for financial advisers only and
should not be distributed to retail investors.
-1%
MSCI EM
70%
MSCI World
-2%
23%
-7%
-39%
-28%
-4%
Outperforms developed markets
Since previous bull market
peak (Oct '10), in USD
Source: FactSet | As at 30 September 2017
-31%
62%
-44%
3%
China
India
Indonesia
South Africa
Turkey
Russia
Brazil
Mexico
Chile
22%
Asia
EM
-26%
EMEA
EM
-34%
Latam
EM
24%
142%
25%
76%
53%
67%
34%
35%
Current bull market
as from Jan 16
42% 25%
1
10

11. This information is for financial advisers only and
should not be distributed to retail investors.
Outperforms developed markets
Currencies compared
since previous bull
market peak (Oct ‘10),
in USD
-59%
-47%
-47%
-48%
-32%
-34%
-2%
-15%
-14%
-26%
-19%
1%
Source: FactSet | As at 30 September 2017
3%
32%
23%
-1%
-5%
9%
13%
4%
6%
46%
4%
-15%
Current bull market
as from Jan 16
1
11
Korean
Won
Indonesian
Rupiah
Australian
Dollar
Russian
Rouble
Chinese
Remnimbi
Indian
Rupee
Turkish
Lira
Euro
UK
Pound
Brazilian
Real
South
African Rand
Japanese
Yen

12. This information is for financial advisers only and
should not be distributed to retail investors.
Growth pillars
EM under-represented in capital markets
Source: FactSet, MSCI | As at 30 September 2017
MSCI
World
SA
MSCI EM
Global
Stock
Markets
Dev
Mkts
SA
Emerg
Mkts
Global
Economy
Share of GDP
(PPP)
2
12

13. This information is for financial advisers only and
should not be distributed to retail investors.
Growth pillars
EM has structural tailwinds
Source: BofA Merrill Lynch Global Equity Strategy, BP, CIA World Factbook, IMF World Economic Outlook
82% 18% 75% 25% 63% 37%
Resources & demographics
land
natural
resourcespopulation
2
13

14. This information is for financial advisers only and
should not be distributed to retail investors.
Growth pillars
EM has structural tailwinds
Source: BofA Merrill Lynch Global Equity Strategy, BP, CIA World Factbook, IMF World Economic Outlook
Population pyramid
0-4
5-9
10-14
15-19
20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85-89
90-94
95-99
100+
Developed
regions
Emerging
regions
Male Female
% of Developed Markets % of Emerging Markets
2
14

15. This information is for financial advisers only and
should not be distributed to retail investors.
Growth pillars
A strong driver of growth
Urbanisation is a key driver
Source: Population Division of the United Nations; Angus Maddison via Timetrics; Global Insight; Census reports of England and Wales;
Honda in Steckel & Floud, 1997; Bairoch, 1975
1860
2015
1820
2015
1950
2015
1920
2015
1891
2015
1950
2015
100
1 000
10 000
100 000
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Per Capita GDP
Urban population %
2
15

16. This information is for financial advisers only and
should not be distributed to retail investors.
Valuations are extremely attractive
EM cheap relative to DM
EM vs. DM – Price to NAV
Source: Haver Analytics, Barclays Research | As at 30 September 2017
3
16

17. This information is for financial advisers only and
should not be distributed to retail investors.
A great diversifier
EM have historically been excellent diversifiers
Source: FactSet, DataStream, Bloomberg, Goldman Sachs Global Investment Research. All figures are daily USD total returns since 1970
* Cumulative USD Total Returns as at 30 September 2017
4
17
MSCI
World
1,901%*
6.4% p.a.
MSCI
EM
17,747%*
11.5% p.a.

18. POSITIONING &
PERFORMANCE

19. This information is for financial advisers only and
should not be distributed to retail investors.
19
Positioning
The fund: 30 September 2017
Regional allocation
20.6% 6.4%
54.0% 72.2%
20.6% 12.9%
- -
3.4% 0.4% Asia
Eastern
Europe
EuropeUSA
Latam
1.5% 8.3%
Middle East
& Africa
SIM Global Emerging Markets Fund
MSCI Emerging Markets Index

20. This information is for financial advisers only and
should not be distributed to retail investors.
20
Positioning
…benchmark in brackets 30 September 2017
Portfolio positioning
36%
25%
2%
28%
8%
2%
Financials (26%)
Utilities (3%)
Energy (7%)
Health Care (2%)
Materials (7%)
Industrials (5%)
Consumer
Staples (6%)
Consumer Discretionary (10%)
Telecomms (5%)
Information
Technology (28%)
0
%

21. This information is for financial advisers only and
should not be distributed to retail investors.
21
Positioning
30 September 2017
Market capitalisation
Source: FactSet

22. This information is for financial advisers only and
should not be distributed to retail investors.
22
Positioning
30 September 2017
Fund characteristics
Source: FactSet | Benchmark: MSCI Emerging Markets Index

23. This information is for financial advisers only and
should not be distributed to retail investors.
23
Positioning
30 September 2017
Top 10 holdings
Source: FactSet
Company Country Sector
% Next 12 Months Mkt Cap
USD’
billionHolding FROE P/NAV PE DY
Alibaba China IT 6.9% 22.1% 7.2 31.4 0.0% 459.3
Samsung Electronics South Korea IT 6.6% 19.6% 1.2 6.6 1.7% 256.5
Sberbank Russia Financials 4.9% 20.1% 1.1 5.9 5.6% 76.1
Vipshop China Consumer discretionary 4.7% 35.8% 3.0 9.7 0.0% 4.0
Matahari Department
Store
Indonesia Consumer discretionary 4.7% 66.9% 6.7 11.4 5.7% 1.9
NetEase China IT 4.6% 24.6% 4.1 17.3 1.4% 36.5
Magnit Russia Consumer staples 4.5% 18.7% 3.5 17.8 2.7% 14.1
Banco Bradesco Brazil Financials 4.3% 16.3% 1.8 10.7 3.0% 72.2
Estacio Participacoes Brazil Consumer discretionary 3.2% 18.7% 2.6 13.5 2.6% 2.7
Baidu China IT 3.1% 17.1% 4.3 25.7 0.0% 65.1
Total Average
47.5% 26.0% 3.6 15.0 2.3% 98.8

24. This information is for financial advisers only and
should not be distributed to retail investors.
24
Performance
30 September 2017
Outperformance over all periods
Source: Morningstar | Performance calculated before any fees has been deducted in USD
YTD returns are cumulative, returns for periods of 1 year or longer are annualised.
31.6%
37.3%
18.1%
22.5%
19.6%
5.9%
1 Year 2 Years Since Inception
SIM Global Emerging Markets Fund C1 MSCI World Emerging Markets Index
4/582 1/556 1/537

25. This information is for financial advisers only and
should not be distributed to retail investors.
WHY INVEST IN EMERGING MARKETS
Outperforms
DM
materially over
the long-term
Growth
pillars
remain
intact to
reassert EM
outperformance
Valuations
are
extremely
attractive
A great
diversifier
1 2 3 4
25

26. This information is for financial advisers only and
should not be distributed to retail investors.
26
Disclaimer
DENKER CAPITAL The information in this communication or document belongs to Denker Capital (Pty) Ltd (Denker Capital). This information should only be evaluated for its intended purpose and may
not be reproduced, distributed or published without our written consent. While we have undertaken to provide information that is true and not misleading in any way, all information provided by Denker
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transaction. Because there are risks involved in buying or selling financial products, please do not rely on any information without appropriate advice from an independent financial adviser. We will not be
held responsible for any loss or damages suffered by any person or entity as a result of them relying on, or not acting on, any of the information provided.
You may not (under no circumstances whatsoever) distribute this document to end clients. Distribution of this document may lead to enforcement action by the Financial Services Board which may lead to
penalties on the management company (SCI/Satrix/SAMI). You may only use approved marketing material or the Minimum Disclosure Document when advising clients. We reserve the right to refuse you
further access to this document or documents of this nature in future if you breach any of the terms of use or if we believe that your use of the document is illegal or places us in disrepute. We reserve the
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GLOBAL FUNDS The Fund(s) is a sub-fund of the Sanlam Universal Funds plc, a company incorporated with limited liability as an open-ended umbrella investment company with variable capital and
segregated liability between sub-funds under the laws of Ireland and authorised by the Central Bank. The Fund is managed by Sanlam Asset Management (Ireland) Limited, Beech House, Beech Hill
Road, Dublin 4, Ireland, Tel + 353 1 205 3510, Fax + 353 1 205 3521 which is authorised by the Central Bank of Ireland, as a UCITS Management Company, and an Alternative Investment Fund
Manager, and is licensed as a Financial Service Provider in terms of Section 8 of the South African FAIS Act of 2002. The Sanlam Universal Funds Plc full prospectus, the Fund supplement, the MDD and
the KIID is available free of charge from the Manager or at www.sanlam.ie. This is neither an offer to sell, nor a solicitation to buy any securities in any fund managed by us. Any offering is made only
pursuant to the relevant offering document, together with the current financial statements of the relevant fund, and the relevant subscription/application forms, all of which must be read in their entirety
together with the Sanlam Universal Funds plc prospectus, the Fund supplement the MDD and the KIID. No offer to purchase securities will be made or accepted prior to receipt by the offeree of these
documents, and the completion of all appropriate documentation. A schedule of fees and charges and maximum commissions is available on request from the Manager. This information does not
constitute financial advice as contemplated in terms of the South African Financial Advisory and Intermediary Services Act. Use or rely on this information at your own risk. Independent professional
financial advice should always be sought before making an investment decision, not all investments are suitable for all investors. Trail commission and incentives may be paid and are for the account of
the Manager. Performance figures for periods longer than 12 months are annualised. The performance fee is accrued daily, based on performance over a rolling 6 month period with payment to the
manager being made bi-annually. Performance fees will only be charged once the performance fee benchmark is outperformed.
LOCAL FUNDS The information to follow does not constitute financial advice as contemplated in terms of the Financial Advisory and Intermediary Services Act. Use or rely on this information at your
own risk. Independent professional financial advice should always be sought before making an investment decision. The manager retains full legal responsibility for the third party named portfolio. The
Sanlam Group is a full member of the Association for Savings and Investment SA. If the fund holds assets in foreign countries and could be exposed to the following risks regarding potential constraints on
liquidity and the repatriation of funds, macroeconomic, political, foreign exchange, tax risks, settlement risks and potential limitations on the availability of market information. A feeder fund is a portfolio
that invests in a single portfolio of a collective investment scheme, which levies its own charges and which could result in a higher fee structure for the feeder fund. A schedule of fees and charges and
maximum commissions is available from the Manager, Sanlam Collective Investments, a registered and approved Manager in Collective Investment Schemes in Securities. Standard Bank of South Africa
Ltd is the appointed trustee of the Sanlam Collective Investments Scheme.
GENERAL Returns are annualised and net of fees, unless otherwise stated. Annualised returns are returns for a period that are scaled to one year. Collective investment schemes are generally
medium- to long-term investments. Please note that past performances are not necessarily an accurate determination of future performances, and that the value of investments / units / unit trusts may go
down as well as up. Changes in exchange rates may have an adverse effect on the value, price or income of the product. Collective investments are traded at ruling prices and can engage in borrowing
and scrip lending. Collective investments are calculated on a net asset value basis, which is the total market value of all assets in the portfolio including any income accruals and less any deductible
expenses such as audit fees, brokerage and service fees. Actual investment performance of the portfolio and the investor will differ depending on the initial fees applicable, the actual investment date, and
the date of reinvestment of income as well as dividend withholding tax. Forward pricing is used. Additional information of the proposed investment, including brochures, application forms and annual or
quarterly reports, can be obtained from the Manager, free of charge. The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The performance of the
portfolio depends on the underlying assets and variable market factors. Performance is based on NAV to NAV calculations with income reinvestments done on the ex-div date. The Manager has the right
to close any portfolios to new investors to manage them more efficiently in accordance with their mandates. Lump sum investment performances are quoted. The portfolio may invest in other unit trust
portfolios which levy their own fees, and may result is a higher fee structure for our portfolio. All the portfolio options presented are approved collective investment schemes in terms of Collective
Investment Schemes Control Act, No 45 of 2002 (CISCA). The portfolio management of all the portfolios is outsourced to financial services providers authorized in terms of the Financial Advisory and
Intermediary Services Act, 2002.

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should not be distributed to retail investors.
General enquiries: service@denkercapital.com
The team: firstname@denkercapital.com
+27 21 950 2670
www.denkercapital.com
27
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