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1. CALEO CAPITAL
Portfolio Construction:
The fundamentals which get 85% of your returns.
September 2023
1

2. Topics for discussion
1.Time Horizon
2.Risk Tolerance
3.Asset Allocation
4.Diversification
5.Personal Outcome / Goals
6.Monitor, Measure & Rebalance
2

3. 1. Time Horizon
• Understand current situation relative to where you want to be.
• Asset Liability Modelling (ALM).
• Defining the parameters of the ALM.
45 1 000 000,00
R
65 43 370 911,90
R
35 1 936 352,72
R
20
1 000 000,00
R 240 000,00
R
3 000 000
R
38 328 007,07
R
4,00% 5 042 904,83
R
10,00% 66 699,55
R
8,00%
Current Savings Balance:
Client Information Retirement Needs:
Current Age: Retirement Income (PV):
Retirement Age: Required Capital(FV):
Protected years:
Years of Saving: Savings Habits:
Current Income: Current Annual Contributions:
Maximum Income (FV)
Return Post-Retirement:
Assumptions: Retirement capital available:
Inflation: Shortall at Retirement:
Return Pre-Retirement: Extra Yearly Savings Needed:
3

4. 4
Year Age Salary Contribution Withdrawal Growth Balance % Return
3 000 000,00
R
1 45 1 000 000,00
R 240 000,00
R -
R 300 000,00
R 3 540 000,00
R 10,00%
2 46 1 040 000,00
R 249 600,00
R -
R 354 000,00
R 4 143 600,00
R 10,00%
3 47 1 081 600,00
R 259 584,00
R -
R 414 360,00
R 4 817 544,00
R 10,00%
4 48 1 124 864,00
R 269 967,36
R -
R 481 754,40
R 5 569 265,76
R 10,00%
5 49 1 169 858,56
R 280 766,05
R -
R 556 926,58
R 6 406 958,39
R 10,00%
6 50 1 216 652,90
R 291 996,70
R -
R 640 695,84
R 7 339 650,93
R 10,00%
7 51 1 265 319,02
R 303 676,56
R -
R 733 965,09
R 8 377 292,58
R 10,00%
8 52 1 315 931,78
R 315 823,63
R -
R 837 729,26
R 9 530 845,47
R 10,00%
9 53 1 368 569,05
R 328 456,57
R -
R 953 084,55
R 10 812 386,59
R 10,00%
10 54 1 423 311,81
R 341 594,83
R -
R 1 081 238,66
R 12 235 220,08
R 10,00%
11 55 1 480 244,28
R 355 258,63
R -
R 1 223 522,01
R 13 814 000,72
R 10,00%
12 56 1 539 454,06
R 369 468,97
R -
R 1 381 400,07
R 15 564 869,76
R 10,00%
13 57 1 601 032,22
R 384 247,73
R -
R 1 556 486,98
R 17 505 604,47
R 10,00%
14 58 1 665 073,51
R 399 617,64
R -
R 1 750 560,45
R 19 655 782,56
R 10,00%
15 59 1 731 676,45
R 415 602,35
R -
R 1 965 578,26
R 22 036 963,16
R 10,00%
16 60 1 800 943,51
R 432 226,44
R -
R 2 203 696,32
R 24 672 885,92
R 10,00%
17 61 1 872 981,25
R 449 515,50
R -
R 2 467 288,59
R 27 589 690,01
R 10,00%
18 62 1 947 900,50
R 467 496,12
R -
R 2 758 969,00
R 30 816 155,13
R 10,00%
19 63 2 025 816,52
R 486 195,96
R -
R 3 081 615,51
R 34 383 966,61
R 10,00%
20 64 2 106 849,18
R 505 643,80
R -
R 3 438 396,66
R 38 328 007,07
R 10,00%

5. 5

6. 2. Risk Tolerance
• Largely driven by time horizon.
• Market cycles are typically 5-7 years.
• Personal goals play a large role in
determining the levels of risk one can take.
6

7. 3. Asset Allocation
• Largely driven by the parameters of the ALM.
• Dependent on the time horizon of the
investor.
• Can be influenced by one's personal goals.
7

8. 4. Diversification
• Diversifying holdings across different asset classes and sub-asset classes.
• Ability to add alpha via manager selection and style allocation.
• Using active managers to shift between different styles of investing.
8

9. 9

10. 5. Personal Outcome / Goals
• Short term goals.
• Long term goals.
• Any defined outcomes other than retirement.
10

11. 6. Monitor, Measure & Rebalance
• Monitor performance relative to benchmarks on a quarterly and
annual basis.
• Monitor performance relative to financial plan and ALM. This
can be done at longer intervals due to market cycles.
• Identify changes in ALM parameters and re-model this.
• Rebalance the portfolio if there have been any significant
changes in the parameters or if specific targets have been met.
Reallocate to investments that offer greater upside potential.
11

12. September 2023
GarthWellman
garth@caleocapital.com
m
Anthony Dinham
anthony@caleocapital.com
Caleo Capital (PTY) Ltd 2011/121079/07 | © 2021
An Authorised Financial Services Provider. FSP 44125
12

13. Disclaimer
General Disclaimer:
This presentation has been prepared by Caleo Capital (“Caleo”). The information contained in this presentation is confidential and intended solely for the use of the intended recipient. This presentation contains
information proprietary to Caleo’s and accordingly may not be reproduced, acted upon or disseminated in whole or in part without Caleo’s prior written consent. By attending this presentation or receiving it, the
intended recipient undertakes to keep the information contained in this presentation confidential and not to do any act or allow same to be done on his/her behalf which is in breach of the above mentioned
prohibition.
Any liability of whatsoever nature and howsoever arising on the part of Caleo’s, their directors, officers, employees and agents relating to the contents of this presentation is hereby expressly disclaimed.
This presentation is intended for discussion purposes only and does not represent a commitment, proposal, recommendation, advice, offer open for acceptance or agreement to enter into a transaction. Any
transaction is subject to the agreement of final terms to be set out in a separate written agreement. The recipient is required to seek his/her own legal, tax, and financial advice before entering into any transaction.
The decision to enter into any transaction and to assume the risks associated with the transaction rests solely with the intended recipient.
Forward Looking Statements and Financial Projections:
Certain information in this presentation and oral statements made in any meeting are forward-looking and relate to Caleo and its anticipated financial position, business strategy, events and course of action. Words
or phrases such as “anticipated”, “objective”, “may”, “will”, “should”, “could”, “can”, “intended”, “expect”, “believe”, “estimate”, “predict”, “potential”, “plan”, “is designed to”, or similar expressions suggesting future
outcomes. Forward-Looking statements and financial projections include, among other things, statements about: our expectations regarding our expenses, sales and operations; the future customer concentration of
our investee companies; our anticipated cash needs, our estimates regarding our capital requirements, our need for additional financing; our ability to anticipate the future needs of our investee companies’
customers; the plans of our investee companies for future products and enhancements of existing products; our future growth projections are based on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and
financial projections. Although we believe that the expectations reflected in the forward-looking statements and financial projections are reasonable, there can be no assurance that such expectations will prove to be
correct. We cannot guarantee future results, level of activity, performance or achievements and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the
forward-looking statements and financial projections.
By their nature, forward-looking statements and financial projections involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the
predictions, forecasts, projections and other forward-looking information will not occur, which may cause the Company’s actual performance and financial results in future periods to differ materially from any
estimates or projections of future performance or results expressed or implied by such forward-looking statements and financial projections.
The forward-looking statements and financial projections contained in this presentation are expressly qualified by this cautionary statement. Except as required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Readers are cautioned not to place undue reliance on forward-looking statements or financial projections.