Methodical Investment Management provides confidential documents intended for professional investors regarding their investment strategies and funds. The documents disclose that Methodical uses a systematic investment process called AlphaGeneration to select stocks based on proprietary algorithms and modules that analyze over 13.3 million data points daily from a global universe of over 1,500 stocks. The process aims to create long-term alpha through various market cycles while maintaining market-level risk. Methodical believes this systematic implementation helps avoid emotional biases and errors compared to traditional discretionary investment approaches.

1. Methodical Investment Management
INTENDED FOR PROFESSIONAL INVESTORS ONLY – MAY 2018

2. CONFIDENTIAL – FOR PROFFESIONAL USE ONLY
This document is confidential and is being made available to a limited number of persons for informational purposes only and for their exclusive use subject to the provisions below. This document is not
intended to form the basis of any investment decision and should not be considered as a recommendation by Methodical Investment Management (Pty) Limited (the “Company”) or any other person in relation
to the Company.
This document is not being provided to or intended for persons located in the United States, Canada or Japan. Any person reading this document should first satisfy themselves that they are not subject to any
local requirements that prohibit or restrict such access and must not contact the Company with an intention to invest unless authorised, eligible and lawful to do so.
None of the information contained in this document has been verified by the Company. The Company makes no representations or warranties, express or implied, as to the adequacy, completeness or accuracy
of any statement or other information contained herein or in any other oral or written information furnished or made available, nor as to the reasonableness of any assumption contained herein or therein and
any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Nothing contained herein or therein is, or shall be relied upon as, a promise or
representation, whether as to the past or the future. No party shall have any right of action against the Company or any other person (including, for the avoidance of doubt, their respective employees,
directors, officers, contractors, advisors, members, affiliates, successors and agents) in relation to the accuracy or completeness of the information contained in this document or any other written or oral
information made available to it in connection with the Company or its business.
This document may contain forward-looking statements, opinions and/or projections concerning funds managed by the Company prepared by the Company’s management which involve significant elements of
subjective judgement and analysis which may or may not be correct. Such forward-looking statements, opinions and projections are not guarantees of future performance and involve known and unknown risks
and uncertainties. Other important factors could cause actual results to differ from the statements, opinions and projections contained herein. Forward-looking statements, opinions and projections are based
on historical and/or current information that relate to future operations, strategies, financial results or other developments.
The recipient agrees to keep confidential any information contained herein and any other written or oral information otherwise made available in connection with the Company or in connection with any further
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may become apparent.
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Any investment in financial products or funds carries substantial risk and may involve special risks that could lead to a loss of all or of a substantial amount of such investment. The Company strongly
recommends that any persons reading this information document consult with financial advisors.

3. Methodical Investment Management – Highlights
Owner-managed
independent
investment
manager
Invests only
in equities
Capital raised
ensures business
is fully financed
for five years
South African ZAR equity fund
Long-only
Low correlation
to other leading
funds
Global USD equity fund
Long-only
Fundamental
investment principles
applied using
systematic processes
Alpha creation
through the
cycle
Managed Accounts
Segregated Mandates

4. What we’ve done in just 2 years…
Creation of a real business with long-term, sustainable prospects
• Established a permanent office and a recognisable brand
• Grown the company size from 3 to 10 team members
• Successfully partnered with professional third-party firms for Compliance, Fund Administration, Legal and
Accounting.
• Launched 3 long-only Unit Trusts (June 2016, July 2016, Feb 2017) and an institutional segregated account
• AUM now approaching ZAR 450 million
• Launched and promoted the Methodical brand: TV segments
Monthly newsletter (the Methodical Insider) and articles
Participation in conferences and international symposiums and
recently appointed to the advisory board of the Systematic
Investment Symposium
Placed on Euroclear with growing investor interest
• Moved the algorithm base from Excel to an R-program platform
• Reduced trading costs and time significantly through tailored systems with Ducat and Pictet
• Social responsibility: sponsoring the Children of the Dawn charity – currently 4 children

6. Methodical believes in the wisdom of the crowd
..but uses technology to mitigate left-hand tail risks – an adaptive, modernised strategy
Source: Bloomberg (USD), Methodical

7. Traditional strategies earn alpha in cycles, not consistently
Which style to choose? Over time, investors at risk from manager selection AND from market risk
Source: Bloomberg (USD), Methodical, Jan 2000 – March 2018 (reverse attribution prior to June 2016)
Alpha Over Time: 12-month rolling outperformance of MSCI Value and MSCI Growth
style indices compared to the MSCI World index (baseline)
Value Value ValueGrowth Growth Growth GrowthGrowth

8. Momentum: Perception vs Reality
Amplitude of returns ranked on a monthly basis
Source: MSCI, Bloomberg

9. Methodical presents AlphaGeneration™
An adaptive trend-following equity strategy that creates sustainable long-term alpha
Implement robust
investment systems
3
Refrain from
interference
Avoid sentiment
2
Invest on facts,
not feelings
Emphasise alpha,
not beta factors
1
Invest with
conviction
Invest in the best
opportunities
4
Be open-minded &
style agnostic
Extend the
investment horizon
5
Invest through the
cycle
Adapt continuously
6
Always be ready to
adjust holdings
• AlphaGeneration™ creates long-term alpha with market-level risk¹.
• The process keeps investors above the benchmark an expected 7 years out of 10¹.
• Methodical’s process results in low correlation to other leading global equity funds.
• Including Methodical within a portfolio increases diversification, reduces volatility and enhances returns².
1. Methodical’s retroactive attribution 1999-2016 demonstrates viability of model at MSCI average-level downside risk.
2. Methodical has run several composite portfolios to test inclusion impact. These are available upon request.
AlphaGeneration™ integrates several cardinal investment rules:

10. AlphaGeneration™: active, systematic investment process
Technology enables resolution of historic limitations and reduces risk
Source: Methodical
The global investment universe is
flooded with information.
Traditional analysts struggle to reliably
process all potential positions.
Traditional investment can suffer from impulsive and irrational
decision-making.
Bias and emotion cloud human
judgement, especially in times of stress.
Result: inconsistent, impulsive &
irrational decision-making.
Limited time and attention mean that
decision-making is prone to shortcuts
and mistakes.
S
C
O
P
E
B
I
A
S
E
R
R
O
R
Traditional strategies have always been compromised

11. Systematic investing is already well-established
Globally, almost $3 trillion is managed using systematic methods
10 Largest Quant Fund Managers Region AUM (USD)
AQR USA $225bn
Bridgewater USA $160bn
QMα USA $138bn
Acadian Asset Management USA $ 87bn
Renaissance Technologies USA $ 84bn
MAN Group (quant strategies) UK $ 57bn
Two Sigma USA $ 51bn
JPM Asset Management (quant strategies) USA $ 45bn
DE Shaw & Co USA $ 45bn
Millennium Management USA $ 35bn
$927bn
Data crunching
Smart Beta
Quant Statistical Arbitrage
Systematic Pairs Trading
Risk Arbitrage
Directional Trading Relative Value
Convertible Arbitrage
Managed Volatility
High-Frequency Trading
Hedging
Quantitative strategies come in a variety of
forms. All focus on data processing and a rules-
based environment.
Methodical uses systematic investment to avoid
emotional interference.
It is an active management style markedly
different from both passive trackers and
traditional discretionary funds.
Source: Methodical, individual public company websites, Financial Times, Bloomberg, 2017 – Q1 2018 data

13. AlphaGeneration™ employs systematic implementation
It’s all about process, process, process
Methodical analyses a universe of 1500+ eligible global stocks
Strong international reach: all listed liquid equities on major, developed-market exchanges
Objective, data-driven investment decisions
Stocks chosen without emotional attachment, without individual bias & filters market noise
In-house proprietary algorithms calculate over 13.3 million data points daily
Consistent, coherent analysis of each eligible stock in the investment universe
A buy list is constructed comprising the best available stocks
As market conditions change, the portfolio is regularly adjusted
Portfolio managers oversee, interrogate and test system integrity
New investment theses are examined rigorously and fed back into the investment model

14. Data sourcing
Financial analysis
Asset identification
Sorting
Ranking
Valuation analysis
Allocation & weightings
Portfolio construction
Tilt to/from equities into cash
Risk management
Implementation delivered through proprietary algorithms
Portfolio managers encode guidelines into two principal modules
Objective, ruthless stock selection Reliable, continuous and error-free
Source: Methodical

15. PROPEL
Earnings drive price – price drives performance
Liquidity
Earnings Consistency
Relative Valuation
Relative Earnings Change
Price Momentum
Earnings Price Sensitivity
Apart from short-term technical
fluctuations, the only long-term driver
of share price is company earnings.
PROPEL searches the markets for stocks
that meet Methodical’s eligibility
criteria and investment parameters.
The optimal portfolio is dominated by
the following six factors.
Over 13.3m discreet data points are
calculated before every trade date.
Source: Methodical

16. Greater Upside
Lower Upside
Each tier has an initial weight for
new investments.
Weighting of each stock initially
determined by its tiering.
Before investment, the relative
weighting of stocks is adjusted by
NAVIGATE.
PROPEL NAVIGATE
PROPEL & NAVIGATE
PROPEL ranks selected shares into tiers – NAVIGATE adjusts share allocations
Source: Methodical
Tier 1
Tier 3
Tier 2

17. Stocks with less clear signals enter the
portfolio in the bottom tier. A stock is
sold if the initial signal to buy was false.
Stocks may be given a higher initial
weight in the portfolio if valuation signals
are clear.
As a stock becomes expensive
(relative to itself), NAVIGATE
reduces stock weighting and
harvests alpha.
As a stocks show more upside,
NAVIGATE assigns a higher weight
and the stock moves into next tier. At the point when
the stock is sold,
exposure within the
portfolio is low.
NAVIGATE
Continuously monitors the portfolio and manages exposure to individual stocks
Source: Methodical

18. Vito Algorithms
The Strategy currently employs 3
1) Earnings Test 2) The MAT Test 3) The Bubble Test

19. In trending periods, Methodical does
very well relative to peers
Sub-optimal performance in
trendless periods
Performance expectations
Long-term alpha generation – through the cycle
Trendless
Sharp reversal
LESS
FAVOURABLE
FAVOURABLE

20. 0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
Outperformance Methodical Global Equity MSCI World
Jan 2000 – April 2018
Performance expectations
Methodical Equity Prescient Fund compared to the JSE ALSI

22. Global Fund: ongoing performance
Methodical Global Equity Fund
Source: Morningstar, Methodical, as at 31 March 2018. Inception date 01 August 2016; launch date 01 June 2016.
Fund return
since inception:
20.04%
Fund Performance
Methodical Global
Equity Fund
MSCI World
Index
% of Peers Beaten
by Methodical
Running 3-month 1.85% -1.74% 97%
Running 6-month 7.86% 3.31% 94%
Running 9-month 15.93% 7.85% 97%
Running 12-month 15.83% 11.50% 75%

23. Global Fund: low correlation
An outlier compared to other SA global equity funds
Source: Morningstar, Methodical

24. Global Fund: clear portfolio benefits
Combining Methodical with Orbis creates an ideal sample alpha strategy
Source: Morningstar, Bloomberg (USD), 01 Jan 2002 – 31 March 2018
Alpha Over Time: 12-month rolling outperformance of MSCI Value and Growth
styles compared to the MSCI World index (baseline)

25. Each re-balancing date offers upside
Actual performance does not deviate significantly from the outer “best possible” performance boundary
Source: Morningstar, Bloomberg (USD), 01 Jan 2002 – 31 March 2018
The outline of actual performance does not deviate significantly from the outer “best possible” envelope

26. Top 10 holdings
Source: Bloomberg, Morningstar, Methodical, as at 30 April 2018
Stocks selected for alpha generation potential – not to manage a benchmark
Company Sector Size %
NETFLIX Communications 4.26%
Adobe Systems Inc Technology 4.13%
Red Hat Inc Technology 4.07%
MICRON TECHNOLOGY Technology 4.02%
WW Grainger Inc Consumer, Cyclical 3.72%
Nektar Therapeutics Consumer, Non-cyclical 3.16%
Macy's Inc Consumer, Cyclical 2.78%
INTEL CORP Technology 2.66%
Siltronic AG Technology 2.56%
AUTODESK Technology 2.55%
Total 33.91%

27. A2 Milk Company
Stock Example
Ticker A2M AT (Bloomberg)
Industry Sector Consumer Non-Cyclical
Country of Operations New Zealand
Current Share Price 12 AUD$ 52 week High/Low 3 – 13 AUD$
Market Capitalisation 8.7 bn AUD$ ($6.52 bn USD)
Date entered portfolio 04 July 2017
Min/Max Exposure 0.94% - 2.22%
Exposure Momentum Negative
Source: Bloomberg, Methodical.
Geographic Distribution (%)
Portfolio Date: 31 March 2017
Product Distribution (%)
Portfolio Date: 31 March 2018
Company Summary The A2 Milk Company produces cow’s milk which is free of a
protein called beta casein A1. The Company offers its
products in Australia and New Zealand.
Interesting facts A2 milk is a strain that naturally lacks a form of β-casein
proteins called A1 and instead has mostly the A2 form. Such
milk is more easily digested by humans with dairy
intolerances. Since launch in NZ, the company now also sells
Australia, New Zealand, China, United States and the UK.
The company has begun branching into associated products
such as infant formula.
Investment Rationale • Increasing buy
recommendations
• Stable price momentum
• Moderate earnings
growth
• Constant valuations
PROPEL Ranking NAVIGATE Vector Position Size Holding Period HPR
1.05% 11m 211.35%# 40
Milk Sales

28. Kering
Stock Example
Ticker KER FP (Bloomberg)
Industry Sector Consumer Cylical
Country of Operations France
Current Share Price € 493 52 week High/Low € 285 – 493
Market Capitalisation € 61.95 billion ($74.2 bn USD)
Date entered portfolio 01 September 2017
Min/Max Exposure 0.44% - 1.77%
Exposure Momentum Positive
Source: Bloomberg, Methodical.
Geographic Distribution (%)
Portfolio Date: 31 March 2018
Product Distribution (%)
Portfolio Date: 31 March 2018
Company Summary Kering designs, manufactures and markets fashion and leather
goods globally. The Company specializes in ready-to-wear
products, sports goods, shoes, jewelry, and watches.
Interesting facts Kering’s luxury portfolio includes Gucci, Bottega Veneta, Saint
Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher
Kane, McQ, Stella McCartney, Tomas Maier, Sergio Rossi,
Boucheron, Dodo, Girard-Perregaux, JeanRichard, Pomellato,
Qeelin, and Ulysse Nardin. The Sports and Lifestyle brings
iconic brands including Puma, Volcom, Cobra, Electric, and
Tretorn. The company was founded in 1881 and is
headquartered in Paris, France. Previous names include PPR
and Pinault-Printemps-Redoute; it is ranked in the Top 300
Global Best Employers (Forbes).
Investment Rationale • Increasing buy
recommendations
• Strong price momentum
• Moderate earnings
growth
• Moderate valuations
PROPEL Ranking NAVIGATE Vector Position Size Holding Period HPR
# 27 1.33% 11m 52.64%

29. - ZAR denominated
- Pricing negotiated in line with mandate
- Available on: Direct Retail
IMS
Glacier
- USD denominated
- ZAR Feeder Fund launched Feb 2017
- Pricing negotiated in line with mandate
- Available on: Direct Retail
Euroclear
Glacier International
Nedgroup Private Wealth
Feeder Fund: IMS & Glacier
Fund availability

30. © 2018. All rights reserved. The processes and ideas provided herein - the intellectual property of Methodical Investment Management (Pty) Ltd - are of a confidential nature and shall not be made available to any third party. This document contains privileged material and is intended solely for use by the intended
recipient and approved associates. Any review, dissemination, or other use of, or taking of any action in reliance upon the information contained in this document by persons or entities other than the intended recipient is prohibited.
This presentation is meant for professional investors only.
Methodical Investment Management (Pty) Ltd is an authorised financial services provider FSP 44480. Registered address: 58 Main Street, Newlands, 7700, Cape Town, South Africa. www.methodical.co.za
Contact details: alpha@methodical.co.za
Sales & Distribution: Andrew Cormack
+27 62 807 3879
andrew@methodical.co.za