<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
    "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">
<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" style="background: #e6e7e8;">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=utf-8">
<meta name="viewport" content="width=device-width,initial-scale=1">
<meta name="format-detection" content="telephone=no">
<meta name="x-apple-disable-message-reformatting">
<meta name="color-scheme" content="light">
<meta name="supported-color-schemes" content="light">
<meta name="ev-inliner" content="juice">
<meta name="template_framework" content="foundation">
<style type="text/css">
@media only screen and (max-width: 596px) {table.body img {width: 100% !important;height: auto;}table.body center {min-width: 0 !important;}table.body .container {width: 100% !important;}table.body .columns,table.body .column {height: auto !important;-moz-box-sizing: border-box;-webkit-box-sizing: border-box;box-sizing: border-box;padding-left: 16px !important;padding-right: 16px !important;}table.body .columns .column,table.body .columns .columns,table.body .column .column,table.body .column .columns {padding-left: 0 !important;padding-right: 0 !important;}table.body .collapse .columns,table.body .collapse .column {padding-left: 0;padding-right: 0;}td.small-1,th.small-1 {display: inline-block !important;width: 8.33333% !important;}td.small-2,th.small-2 {display: inline-block !important;width: 16.66667% !important;}td.small-3,th.small-3 {display: inline-block !important;width: 25% !important;}td.small-4,th.small-4 {display: inline-block !important;width: 33.33333% !important;}td.small-5,th.small-5 {display: inline-block !important;width: 41.66667% !important;}td.small-6,th.small-6 {display: inline-block !important;width: 50% !important;}td.small-7,th.small-7 {display: inline-block !important;width: 58.33333% !important;}td.small-8,th.small-8 {display: inline-block !important;width: 66.66667% !important;}td.small-9,th.small-9 {display: inline-block !important;width: 75% !important;}td.small-10,th.small-10 {display: inline-block !important;width: 83.33333% !important;}td.small-11,th.small-11 {display: inline-block !important;width: 91.66667% !important;}td.small-12,th.small-12 {display: inline-block !important;width: 100% !important;}.columns td.small-12,.column td.small-12,.columns th.small-12,.column th.small-12 {display: block !important;width: 100% !important;}td.small-12,th.small-12 {min-width: 100% !important;max-width: 100% !important;}td.small-12,td.small-12>table,td.small-12,td.small-12>table,th.small-12,th.small-12>table,th.small-12,th.small-12>table {width: 100% !important;}table.body td.small-offset-1,table.body th.small-offset-1 {margin-left: 8.33333% !important;Margin-left: 8.33333% !important;}table.body td.small-offset-2,table.body th.small-offset-2 {margin-left: 16.66667% !important;Margin-left: 16.66667% !important;}table.body td.small-offset-3,table.body th.small-offset-3 {margin-left: 25% !important;Margin-left: 25% !important;}table.body td.small-offset-4,table.body th.small-offset-4 {margin-left: 33.33333% !important;Margin-left: 33.33333% !important;}table.body td.small-offset-5,table.body th.small-offset-5 {margin-left: 41.66667% !important;Margin-left: 41.66667% !important;}table.body td.small-offset-6,table.body th.small-offset-6 {margin-left: 50% !important;Margin-left: 50% !important;}table.body td.small-offset-7,table.body th.small-offset-7 {margin-left: 58.33333% !important;Margin-left: 58.33333% !important;}table.body td.small-offset-8,table.body th.small-offset-8 {margin-left: 66.66667% !important;Margin-left: 66.66667% !important;}table.body td.small-offset-9,table.body th.small-offset-9 {margin-left: 75% !important;Margin-left: 75% !important;}table.body td.small-offset-10,table.body th.small-offset-10 {margin-left: 83.33333% !important;Margin-left: 83.33333% !important;}table.body td.small-offset-11,table.body th.small-offset-11 {margin-left: 91.66667% !important;Margin-left: 91.66667% !important;}table.body table.columns td.expander,table.body table.columns th.expander {display: none !important;}table.body .right-text-pad,table.body .text-pad-right {padding-left: 10px !important;}table.body .left-text-pad,table.body .text-pad-left {padding-right: 10px !important;}table.menu {width: 100% !important;}table.menu td,table.menu th {width: auto !important;display: inline-block !important;}table.menu.vertical td,table.menu.vertical th,table.menu.small-vertical td,table.menu.small-vertical th {display: block !important;}table.menu[align='center'] {width: auto !important;}table.button.small-expand,table.button.small-expanded {width: 100% !important;}table.button.small-expand table,table.button.small-expanded table {width: 100%;}table.button.small-expand table a,table.button.small-expanded table a {text-align: center !important;width: 100% !important;padding-left: 0 !important;padding-right: 0 !important;}table.button.small-expand center,table.button.small-expanded center {min-width: 0;}.mobile-padding-perc-2 {padding-bottom: 2.5% !important;}table.container table.row {display: table !important;}.remove-br div div br,.remove-br div p br,.remove-br div h1 br,.remove-br div h2 br,.remove-br div h3 br,.remove-br div h4 br,.remove-br div h5 br,.remove-br div h6 br {display: none !important;}.side-align-padding {padding-right: 0px !important;padding-left: 0px !important;}td.small-12>table.mobile-width-auto,th.small-12>table.mobile-width-auto {width: auto !important;}td.small-12>table.ev-mobile-table-width,td.small-12>table.ev-mobile-table-width,th.small-12>table.ev-mobile-table-width,th.small-12>table.ev-mobile-table-width {width: auto !important;margin-bottom: 8px !important;}.mobile-bottom-padding {padding-bottom: 16px !important;}.small-padding-24 {padding-left: 24px !important;padding-right: 24px !important;}.contribution-blue * table.button,.contribution-red * table.button {margin-top: 12px !important;Margin-top: 12px !important;}.ufm-img-pad {padding-left: 16px !important;padding-right: 16px !important;}.ufm-copy-big div div,.ufm-copy-big div span,.ufm-copy-big div p,.ufm-copy-big div h1,.ufm-copy-big div h2,.ufm-copy-big div h3,.ufm-copy-big div h4,.ufm-copy-big div h5,.ufm-copy-big div h6 {font-family: Georgia, serif !important;line-height: 1.1 !important;font-size: 26px !important;}.ufm-copy-small div div,.ufm-copy-small div span,.ufm-copy-small div p,.ufm-copy-small div h1,.ufm-copy-small div h2,.ufm-copy-small div h3,.ufm-copy-small div h4,.ufm-copy-small div h5,.ufm-copy-small div h6 {font-family: Georgia, serif !important;line-height: 1.1 !important;font-size: 16px !important;}.small-float-center {margin: 0 auto !important;float: none !important;text-align: center !important;}.small-text-center div h1,.small-text-center div h2,.small-text-center div h3,.small-text-center div h4,.small-text-center div h5,.small-text-center div h6,.small-text-center div p,.small-text-center div div,.small-text-center div span {text-align: center !important;}.small-text-left div h1,.small-text-left div h2,.small-text-left div h3,.small-text-left div h4,.small-text-left div h5,.small-text-left div h6,.small-text-left div p,.small-text-left div div,.small-text-left div span {text-align: left !important;}.small-text-right div h1,.small-text-right div h2,.small-text-right div h3,.small-text-right div h4,.small-text-right div h5,.small-text-right div h6,.small-text-right div p,.small-text-right div div,.small-text-right div span {text-align: right !important;}.small-text-center h1,.small-text-center h2,.small-text-center h3,.small-text-center h4,.small-text-center h5,.small-text-center h6,.small-text-center p,.small-text-center div,.small-text-center span {text-align: center !important;}.small-text-left h1,.small-text-left h2,.small-text-left h3,.small-text-left h4,.small-text-left h5,.small-text-left h6,.small-text-left p,.small-text-left div,.small-text-left span {text-align: left !important;}.small-text-right h1,.small-text-right h2,.small-text-right h3,.small-text-right h4,.small-text-right h5,.small-text-right h6,.small-text-right p,.small-text-right div,.small-text-right span {text-align: right !important;}table.body .collapse .columns,table.body .collapse .column {padding-left: 0px !important;padding-right: 0px !important;}h1 {font-size: 16px!important;}table.button.red table td {width: 60px !important;}table.button.grey table td {width: 60px !important;}}@media only screen and (max-width: 596px) {.small-float-center {margin: 0 auto !important;float: none !important;text-align: center !important;}.small-text-center div h1,.small-text-center div h2,.small-text-center div h3,.small-text-center div h4,.small-text-center div h5,.small-text-center div h6,.small-text-center div p,.small-text-center div div,.small-text-center div span {text-align: center !important;}.small-text-left div h1,.small-text-left div h2,.small-text-left div h3,.small-text-left div h4,.small-text-left div h5,.small-text-left div h6,.small-text-left div p,.small-text-left div div,.small-text-left div span {text-align: left !important;}.small-text-right div h1,.small-text-right div h2,.small-text-right div h3,.small-text-right div h4,.small-text-right div h5,.small-text-right div h6,.small-text-right div p,.small-text-right div div,.small-text-right div span {text-align: right !important;}.small-text-center h1,.small-text-center h2,.small-text-center h3,.small-text-center h4,.small-text-center h5,.small-text-center h6,.small-text-center p,.small-text-center div,.small-text-center span {text-align: center !important;}.small-text-left h1,.small-text-left h2,.small-text-left h3,.small-text-left h4,.small-text-left h5,.small-text-left h6,.small-text-left p,.small-text-left div,.small-text-left span {text-align: left !important;}.small-text-right h1,.small-text-right h2,.small-text-right h3,.small-text-right h4,.small-text-right h5,.small-text-right h6,.small-text-right p,.small-text-right div,.small-text-right span {text-align: right !important;}table.body .collapse .columns,table.body .collapse .column {padding-left: 0px !important;padding-right: 0px !important;}}@media only screen and (max-width: 596px) {table.body table.container .show-for-large {display: none !important;width: 0;mso-hide: all;overflow: hidden;}}@media only screen and (max-width: 596px) {table.body table.container .callout-inner.hide-for-large {display: table-cell !important;width: 100% !important;}}@media only screen and (max-width: 596px) {table.body table.container .hide-for-large,table.body table.container .row.hide-for-large {display: table !important;width: 100% !important;}}@media only screen and (max-width: 596px) {.hide-for-large {display: block !important;width: auto !important;overflow: visible !important;max-height: none !important;font-size: inherit !important;line-height: inherit !important;}}@media only screen {html {min-height: 100%;}}
</style>
<!--[if gte mso 9]>     <xml>       <o:OfficeDocumentSettings>         <o:AllowPNG/>         <o:PixelsPerInch>96</o:PixelsPerInch>       </o:OfficeDocumentSettings>     </xml>     <![endif]-->
<style>
         #outlook a{padding:0}a{color:inherit;text-decoration:none}a:hover{color:inherit!important}a:active{color:inherit!important}a:visited{color:inherit!important}h1 a,h1 a:visited,h2 a,h2 a:visited,h3 a,h3 a:visited,h4 a,h4 a:visited,h5 a,h5 a:visited,h6 a,h6 a:visited{color:inherit!important}table.button:active table td,table.button:hover table td,table.button:visited table td{background:inherit!important;color:inherit!important}table.button table tr td a:visited,table.button.large table tr td a:visited,table.button.large:active table tr td a,table.button.large:hover table tr td a,table.button.small table tr td a:visited,table.button.small:active table tr td a,table.button.small:hover table tr td a,table.button.tiny table tr td a:visited,table.button.tiny:active table tr td a,table.button.tiny:hover table tr td a,table.button:active table tr td a,table.button:hover table tr td a{color:inherit!important}   [data-outlook-cycle] [x-apple-data-detectors-type="calendar-event"] {     color: inherit !important;      -webkit-text-decoration-color: inherit !important;      text-decoration: none !important;       }        #root [x-apple-data-detectors-type="calendar-event"] {         color: inherit !important;      -webkit-text-decoration-color: inherit !important;      text-decoration: none !important;       }        a[x-apple-data-detectors]{color: inherit !important;text-decoration: inherit !important;}     
</style>
<title></title>
</head>
<body style="width: 100%; min-width: 100%; -webkit-text-size-adjust: 100%; -ms-text-size-adjust: 100%; margin: 0; Margin: 0; padding: 0; -moz-box-sizing: border-box; -webkit-box-sizing: border-box; box-sizing: border-box; background: #ffffff;">

<span style="display:none; font-size:1px; font-family:Arial; max-height:0px; max-width:0px; opacity:0; overflow:hidden; mso-hide:all;">Your latest Quarterly Commentary</span>
<table class="body" style=
"border-spacing: 0; border-collapse: collapse; vertical-align: top; height: auto; width: 100%; background: #e6e7e8; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 17px; font-size: 14px;">
<tbody>
<tr>
<td class="center" align="center" valign="top" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; border-left: 16px solid #e6e7e8; border-right: 16px solid #e6e7e8;">
<center>
<table ev-content-builder="" class="container" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; width: 580px; margin: 0 auto; Margin: 0 auto; text-align: inherit; min-height: 0px;">
<tbody>
<tr>
<td class="main_panel" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; background: #ffffff; border: 0px solid #e6e7e8; border-bottom: 16px solid #e6e7e8;">
<center class=""><!-- ngRepeat: section in sections -->
<table class="grey-bg row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; background-color: #e6e7e8; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; padding-bottom: 16px; width: 564px; padding-left: 16px; padding-right: 16px; padding-top: 16px;" class="column small-12 large-12 last first">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="ev-block-dropzone text-right smaller-blue-link-12px" style="padding: 0; vertical-align: top; text-align: left;">
<div class="ev-control: text-editor ev-block" style="text-align: right; margin-bottom: 0px; Margin-bottom: 0px;">
<p style=
"word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; line-height: 17px; font-size: 14px; text-align: right;"><a href=
"https://allangray.everlytic.net/public/messages/view-online/1z2QTww4eOQQVbVI/dWVYz74o783StrR7/2b0fb8bab19e0e86" style="text-decoration: none; line-height: inherit; font-size: 12px; color: #57AFD2;">View in browser</a></p>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc - Logo" class="row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th class="column pad-top16 mobile-padding-perc-2 small-12 large-12 last first" style=
"padding: 0; vertical-align: top; text-align: left; padding-top: 16px; margin: 0 auto; Margin: 0 auto; padding-bottom: 16px; width: 564px; padding-left: 16px; padding-right: 16px;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left;">
<div class="ev-block-dropzone" style="width: 23%;">
<div class="ev-image-wrap ev-control: image ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;"><a href=
"https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378742" title="" style=
"color: #ed0025; text-decoration: none; line-height: inherit; font-size: inherit;"><img src="http://aime.everlytic.net/images/templates/KD0NuRyL2SlehxQHWS95bjeD3BeA6TXs/logo.png" width="118" height="22" class="" style=
"outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block; border: none;"></a></div>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table class="collapse row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; padding-right: 0; padding-left: 0; width: 588px; padding-bottom: 0px;" class="column small-12 large-12 last first">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th style="vertical-align: top; float: right; text-align: right; padding: 0px; line-height: 0px; font-size: 0px; padding-left: 16px;" class="float-right">
<div class="ev-block-dropzone float-right" style="float: right; text-align: right;"><img src="https://templates.mailercdn.net/images/templates/QDmg5WFtKVJ3RCCN3Bd4PUeI5MJmgtkZ/new-top-timelime.jpg" width="564" height="16" class=
"ev-control: image float-right ev-block" style=
"outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block; float: right; text-align: right; margin-top: 0px; Margin-top: 0px; margin-bottom: 0px; Margin-bottom: 0px;"></div>
<div class="ev-block-dropzone float-right" style="float: right; text-align: right;">
<div class="ev-image-wrap ev-control: image ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;"><img src="https://cdn18.mailercdn.net/users/assets/427/images/Quarterly%20Commentary/2024/QC1_2024/header_image.png?v=1714664218785" width="564"
height="188" class="" alt="" style="outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block;"></div>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table class="row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th class="first last small-12 large-12 columns" style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; padding-bottom: 16px; width: 564px; padding-left: 16px; padding-right: 16px;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="ev-block-dropzone" style="padding: 0; vertical-align: top; text-align: left; width: 100%;"></th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc – Article Title" exclude="true" class="row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th class="column small-12 large-12 last first" style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; padding-bottom: 16px; width: 564px; padding-left: 16px; padding-right: 16px;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="ev-block-dropzone side-align-padding red-text-2 georgia-font dynamic-line-height" style="padding: 0; vertical-align: top; text-align: left; padding-right: 16px; padding-left: 16px;">
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_304" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h1 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; font-size: 28px; line-height: 1.1; color: #ed0025; font-family: Georgia, Times, 'Times New Roman', serif;">
<strong>Quarterly Commentary <font color="#58595B">1</font></strong></h1>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" style="margin-bottom: 0px; Margin-bottom: 0px; position: relative;" aria-controls="cke_65" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false">
<p style=
"word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; font-size: 14px; line-height: 1.1; font-family: Georgia, Times, 'Times New Roman', serif;">
<strong><span style="font-family: Georgia, Times, 'Times New Roman', serif; font-size: 12px;"><span style="font-family: Arial,Helvetica,sans-serif;">3 May 2024&nbsp;</span></span></strong></p>
</div>
</th>
<th class="expander" style="vertical-align: top; text-align: left; visibility: hidden; width: 0; padding: 0;"></th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections --><!-- end ngRepeat: section in sections --><table class="row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th class="column small-12 large-12 last first" style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; padding-bottom: 16px; width: 564px; padding-left: 16px; padding-right: 16px;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="ev-block-dropzone side-align-padding paragraph-spacing-bottom" style="padding: 0; vertical-align: top; text-align: left; padding-right: 16px; padding-left: 16px;">
<div class="ev-control: text-editor ev-block" aria-readonly="false" style="margin-bottom: 0px; Margin-bottom: 0px; position: relative;" aria-controls="cke_342" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false">
<p style="word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 17px; font-size: 14px;">
<br>
Welcome to the latest edition of our Quarterly Commentary.<br>
<br>
In a year when many nations around the world are heading to the polls, there is understandably some collective anxiety as we gear up for our own national elections later this month. As stewards of your capital, we do not have any special insight
into the election outcome, but we continue to construct our portfolios for various possible scenarios and to focus on the long term.<br>
<br>
As an investor, it is important to maintain perspective and be mindful of your own behaviour – even more so during uncertain times. Holding a diversified portfolio, including exposure to currencies, industries and opportunities outside South Africa,
reduces your risk and improves your chances of achieving return as you are less reliant on a particular outcome.<br>
<br>
These themes are reflected in this edition’s selection of articles. We hope that you find the content insightful.</p>
</div>
</th>
<th class="expander" style="vertical-align: top; text-align: left; visibility: hidden; width: 0; padding: 0;"></th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc - QC Contributor Image Right" exclude="true" class="row ev-section" style=
"border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; width: 564px; padding-left: 16px; padding-right: 16px; padding-bottom: 0px;" class="column small-12 large-12 last first">
<table dir="rtl" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="small-12 float-center ev-block-dropzone" width="50%" dir="ltr" style="padding: 0; vertical-align: top; margin: 0 auto; Margin: 0 auto; float: none; text-align: center;">
<div class="ev-image-wrap ev-control: image ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;"><img src="https://cdn18.mailercdn.net/users/assets/427/images/Quarterly%20Commentary/2024/QC1_2024/mahesh_cooper.png?v=1714665491928" width="274"
height="209" class="" alt="" style="outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block;"></div>
</th>
<th class="small-12 grey-bg" style="padding: 0; text-align: left; background-color: #e6e7e8; width: 50%; vertical-align: middle;" dir="ltr">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; text-align: left; width: 100%; vertical-align: middle;">
<tbody>
<tr>
<th class="ev-block-dropzone small-text-center contribution-red" style="vertical-align: top; text-align: left; padding: 16px;">
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_1693" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h4 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 16px; color: #58595b;">
<strong>Comments from the chief operating officer</strong></h4>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_1586" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h5 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 14px; color: #ed0025;">
<strong><em>Mahesh Cooper</em></strong></h5>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_1081" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<p style="word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 17px; font-size: 14px;">
It is hard to ignore the rand and its movements relative to global currencies. Its performance seems...</p>
</div>
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="button small-float-center" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: auto; margin: 0px; Margin: 0px; margin-top: 12px; Margin-top: 12px;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: auto; text-align: center; color: #ffffff; background: #ed0025; border: 0px solid #ed0025; padding: 8px;">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378743" style=
"line-height: inherit; font-family: Arial, sans-serif; font-size: 12px; font-weight: normal; color: #ffffff; text-decoration: none; display: inline-block; border: 0px solid #ed0025; border-radius: 3px; margin: 0; Margin: 0;">Read more</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc - QC Contributor Image Left" exclude="true" class="row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; width: 564px; padding-left: 16px; padding-right: 16px; padding-bottom: 0px;" class="column small-12 large-12 last first">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="small-12 float-center ev-block-dropzone" width="50%" style="padding: 0; vertical-align: top; margin: 0 auto; Margin: 0 auto; float: none; text-align: center;">
<div class="ev-image-wrap ev-control: image ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;"><img src="https://cdn18.mailercdn.net/users/assets/427/images/Quarterly%20Commentary/2024/QC1_2024/duncan_siphe_gif.gif?v=1714665525926" width=
"274" height="209" class="" alt="" style="outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block;"></div>
</th>
<th class="small-12 grey-bg" style="padding: 0; text-align: left; background-color: #e6e7e8; width: 50%; vertical-align: middle;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; text-align: left; width: 100%; vertical-align: middle;">
<tbody>
<tr>
<th class="ev-block-dropzone small-text-center contribution-red" style="vertical-align: top; text-align: left; padding: 16px;">
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_1252" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h4 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 16px; color: #58595b;">
<strong>Disney: The value of strong intellectual property</strong></h4>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_1421" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h5 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 14px; color: #ed0025;">
<strong><em>Duncan Artus and<br>
Siphesihle Zwane</em></strong></h5>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_1565" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<p style="word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 17px; font-size: 14px;">
Since March 2022, local unit trusts...</p>
</div>
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="button small-float-center" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: auto; margin: 0px; Margin: 0px; margin-top: 12px; Margin-top: 12px;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: auto; text-align: center; color: #ffffff; background: #ed0025; border: 0px solid #ed0025; padding: 8px;">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378744" style=
"line-height: inherit; font-family: Arial, sans-serif; font-size: 12px; font-weight: normal; color: #ffffff; text-decoration: none; display: inline-block; border: 0px solid #ed0025; border-radius: 3px; margin: 0; Margin: 0;">Read more</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc - QC Contributor Image Right" exclude="true" class="row ev-section" style=
"border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; width: 564px; padding-left: 16px; padding-right: 16px; padding-bottom: 0px;" class="column small-12 large-12 last first">
<table dir="rtl" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="small-12 float-center ev-block-dropzone" width="50%" dir="ltr" style="padding: 0; vertical-align: top; margin: 0 auto; Margin: 0 auto; float: none; text-align: center;">
<div class="ev-image-wrap ev-control: image ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;"><img src="https://cdn18.mailercdn.net/users/assets/427/images/Quarterly%20Commentary/2024/QC1_2024/thalia_petousis.png?v=1714665619892" width="274"
height="209" class="" alt="" style="outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block;"></div>
</th>
<th class="small-12 grey-bg" style="padding: 0; text-align: left; background-color: #e6e7e8; width: 50%; vertical-align: middle;" dir="ltr">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; text-align: left; width: 100%; vertical-align: middle;">
<tbody>
<tr>
<th class="ev-block-dropzone small-text-center contribution-red" style="vertical-align: top; text-align: left; padding: 16px;">
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_1781" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h4 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 16px; color: #58595b;">
<strong>The trillion-dollar endgame</strong></h4>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_2098" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h5 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 14px; color: #ed0025;">
<strong><em>Thalia Petousis</em></strong></h5>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_2407" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<p style="word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 17px; font-size: 14px;">
The US government has dug itself into a debt hole. With spending being its go-to solution for most problems...</p>
</div>
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="button small-float-center" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: auto; margin: 0px; Margin: 0px; margin-top: 12px; Margin-top: 12px;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: auto; text-align: center; color: #ffffff; background: #ed0025; border: 0px solid #ed0025; padding: 8px;">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378745" style=
"line-height: inherit; font-family: Arial, sans-serif; font-size: 12px; font-weight: normal; color: #ffffff; text-decoration: none; display: inline-block; border: 0px solid #ed0025; border-radius: 3px; margin: 0; Margin: 0;">Read more</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc - QC Contributor Image Left" exclude="true" class="row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; width: 564px; padding-left: 16px; padding-right: 16px; padding-bottom: 0px;" class="column small-12 large-12 last first">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="small-12 float-center ev-block-dropzone" width="50%" style="padding: 0; vertical-align: top; margin: 0 auto; Margin: 0 auto; float: none; text-align: center;">
<div class="ev-image-wrap ev-control: image ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;"><img src="https://cdn18.mailercdn.net/users/assets/427/images/Quarterly%20Commentary/2024/QC1_2024/povilas_matteo_gif.gif?v=1714665645753" width=
"274" height="209" class="" alt="" style="outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block;"></div>
</th>
<th class="small-12 grey-bg" style="padding: 0; text-align: left; background-color: #e6e7e8; width: 50%; vertical-align: middle;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; text-align: left; width: 100%; vertical-align: middle;">
<tbody>
<tr>
<th class="ev-block-dropzone small-text-center contribution-red" style="vertical-align: top; text-align: left; padding: 16px;">
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_2594" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h4 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 16px; color: #58595b;">
<strong>US opportunities with a good prognosis</strong></h4>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_2885" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h5 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 14px; color: #ed0025;">
<span style="color:#4280ba;"><strong><em>Povilas Dapkevicius and Matteo Sbalzarini</em></strong></span></h5>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_2997" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<p style="word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 17px; font-size: 14px;">
While the US stock market...</p>
</div>
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="button small-float-center" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: auto; margin: 0px; Margin: 0px; margin-top: 12px; Margin-top: 12px;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: auto; text-align: center; color: #ffffff; background: #ed0025; border: 0px solid #ed0025; padding: 8px; background-color: rgb(66, 128, 186); border-color: rgb(66, 128, 186);">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378746" style=
"line-height: inherit; font-family: Arial, sans-serif; text-decoration: none; display: inline-block; border: 0px solid #ed0025; border-radius: 3px; margin: 0; Margin: 0; color: rgb(255, 255, 255); border-color: rgb(66, 128, 186); font-size: 12px; font-weight: 400;">
Read more</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc - QC Contributor Image Right" exclude="true" class="row ev-section" style=
"border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; width: 564px; padding-left: 16px; padding-right: 16px; padding-bottom: 0px;" class="column small-12 large-12 last first">
<table dir="rtl" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="small-12 float-center ev-block-dropzone" width="50%" dir="ltr" style="padding: 0; vertical-align: top; margin: 0 auto; Margin: 0 auto; float: none; text-align: center;">
<div class="ev-image-wrap ev-control: image ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;"><img src="https://cdn18.mailercdn.net/users/assets/427/images/Quarterly%20Commentary/2024/QC1_2024/horacia_-_new.png?v=1714665720963" width="274"
height="209" class="" alt="" style="outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block;"></div>
</th>
<th class="small-12 grey-bg" style="padding: 0; text-align: left; background-color: #e6e7e8; width: 50%; vertical-align: middle;" dir="ltr">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; text-align: left; width: 100%; vertical-align: middle;">
<tbody>
<tr>
<th class="ev-block-dropzone small-text-center contribution-red" style="vertical-align: top; text-align: left; padding: 16px;">
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_3628" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h4 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 16px; color: #58595b;">
<strong>Beyond our borders: A case for investing offshore</strong></h4>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_3322" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h5 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 14px; color: #ed0025;">
<strong><em>Horacia Naidoo-McCarthy</em></strong></h5>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_3455" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<p style="word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 17px; font-size: 14px;">
While home may offer great comfort and safety in the known...</p>
</div>
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="button small-float-center" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: auto; margin: 0px; Margin: 0px; margin-top: 12px; Margin-top: 12px;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: auto; text-align: center; color: #ffffff; background: #ed0025; border: 0px solid #ed0025; padding: 8px;">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378747" style=
"line-height: inherit; font-family: Arial, sans-serif; font-size: 12px; font-weight: normal; color: #ffffff; text-decoration: none; display: inline-block; border: 0px solid #ed0025; border-radius: 3px; margin: 0; Margin: 0;">Read more</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc - QC Contributor Image Left" exclude="true" class="row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; width: 564px; padding-left: 16px; padding-right: 16px; padding-bottom: 0px;" class="column small-12 large-12 last first">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="small-12 float-center ev-block-dropzone" width="50%" style="padding: 0; vertical-align: top; margin: 0 auto; Margin: 0 auto; float: none; text-align: center;">
<div class="ev-image-wrap ev-control: image ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;"><img src="https://cdn18.mailercdn.net/users/assets/427/images/Quarterly%20Commentary/2024/QC1_2024/julie_campbell.png?v=1714665845610" width="274"
height="209" class="" alt="" style="outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block;"></div>
</th>
<th class="small-12 grey-bg" style="padding: 0; text-align: left; background-color: #e6e7e8; width: 50%; vertical-align: middle;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; text-align: left; width: 100%; vertical-align: middle;">
<tbody>
<tr>
<th class="ev-block-dropzone small-text-center contribution-red" style="vertical-align: top; text-align: left; padding: 16px;">
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_3746" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h4 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 16px; color: #58595b;">
<strong>How to invest offshore with Allan Gray – and allow for the transfer of wealth</strong></h4>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_3923" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h5 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 14px; color: #ed0025;">
<strong><em>Julie Campbell</em></strong></h5>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_4038" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<p style="word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 17px; font-size: 14px;">
Investing offshore is an important...</p>
</div>
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="button small-float-center" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: auto; margin: 0px; Margin: 0px; margin-top: 12px; Margin-top: 12px;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: auto; text-align: center; color: #ffffff; background: #ed0025; border: 0px solid #ed0025; padding: 8px;">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378748" style=
"line-height: inherit; font-family: Arial, sans-serif; font-size: 12px; font-weight: normal; color: #ffffff; text-decoration: none; display: inline-block; border: 0px solid #ed0025; border-radius: 3px; margin: 0; Margin: 0;">Read more</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc - QC Contributor Image Right" exclude="true" class="row ev-section" style=
"border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; width: 564px; padding-left: 16px; padding-right: 16px; padding-bottom: 0px;" class="column small-12 large-12 last first">
<table dir="rtl" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="small-12 float-center ev-block-dropzone" width="50%" dir="ltr" style="padding: 0; vertical-align: top; margin: 0 auto; Margin: 0 auto; float: none; text-align: center;">
<div class="ev-image-wrap ev-control: image ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;"><img src="https://cdn18.mailercdn.net/users/assets/427/images/Quarterly%20Commentary/2024/QC1_2024/jaya_leibowitz.png?v=1714665855496" width="274"
height="209" class="" alt="" style="outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block;"></div>
</th>
<th class="small-12 grey-bg" style="padding: 0; text-align: left; background-color: #e6e7e8; width: 50%; vertical-align: middle;" dir="ltr">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; text-align: left; width: 100%; vertical-align: middle;">
<tbody>
<tr>
<th class="ev-block-dropzone small-text-center contribution-red" style="vertical-align: top; text-align: left; padding: 16px;">
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_4578" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h4 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 16px; color: #58595b;">
<strong>The two-pot system simplified</strong></h4>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_4438" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h5 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 14px; color: #ed0025;">
<strong><em>Jaya Leibowitz</em></strong></h5>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_4244" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<p style="word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 17px; font-size: 14px;">
South Africa’s retirement savings system is changing, with the implementation date...</p>
</div>
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="button small-float-center" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: auto; margin: 0px; Margin: 0px; margin-top: 12px; Margin-top: 12px;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: auto; text-align: center; color: #ffffff; background: #ed0025; border: 0px solid #ed0025; padding: 8px;">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378749" style=
"line-height: inherit; font-family: Arial, sans-serif; font-size: 12px; font-weight: normal; color: #ffffff; text-decoration: none; display: inline-block; border: 0px solid #ed0025; border-radius: 3px; margin: 0; Margin: 0;">Read more</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc - QC Contributor Image Left" exclude="true" class="row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; width: 564px; padding-left: 16px; padding-right: 16px; padding-bottom: 0px;" class="column small-12 large-12 last first">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="small-12 float-center ev-block-dropzone" width="50%" style="padding: 0; vertical-align: top; margin: 0 auto; Margin: 0 auto; float: none; text-align: center;">
<div class="ev-image-wrap ev-control: image ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;"><img src="https://cdn18.mailercdn.net/users/assets/427/images/Quarterly%20Commentary/2024/QC1_2024/marise_bester.png?v=1714665941083" width="274"
height="209" class="" alt="" style="outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block;"></div>
</th>
<th class="small-12 grey-bg" style="padding: 0; text-align: left; background-color: #e6e7e8; width: 50%; vertical-align: middle;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; text-align: left; width: 100%; vertical-align: middle;">
<tbody>
<tr>
<th class="ev-block-dropzone small-text-center contribution-red" style="vertical-align: top; text-align: left; padding: 16px;">
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_4753" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h4 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 16px; color: #58595b;">
<strong>The power of perspective in an election year</strong></h4>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_4900" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<h5 style=
"-webkit-hyphens: none; -moz-hyphens: none; hyphens: none; word-wrap: normal; font-family: Georgia, Times, 'Times New Roman', serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 1.3; font-size: 14px; color: #ed0025;">
<strong><em>Marise Bester</em></strong></h5>
</div>
<div class="ev-control: text-editor ev-block" aria-readonly="false" aria-controls="cke_5040" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false" style="margin-bottom: 8px; Margin-bottom: 8px; position: relative;">
<p style="word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; text-align: left; line-height: 17px; font-size: 14px;">
Many local investors are understandably worried about what the future holds and how the election...</p>
</div>
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="button small-float-center" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: auto; margin: 0px; Margin: 0px; margin-top: 12px; Margin-top: 12px;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: auto; text-align: center; color: #ffffff; background: #ed0025; border: 0px solid #ed0025; padding: 8px;">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378750" style=
"line-height: inherit; font-family: Arial, sans-serif; font-size: 12px; font-weight: normal; color: #ffffff; text-decoration: none; display: inline-block; border: 0px solid #ed0025; border-radius: 3px; margin: 0; Margin: 0;">Read more</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table class="row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th class="first last small-12 large-12 columns" style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; padding-bottom: 16px; width: 564px; padding-left: 16px; padding-right: 16px;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="ev-block-dropzone" style="padding: 0; vertical-align: top; text-align: left; width: 100%;"></th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc - CPD Text" exclude="true" class="row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th class="column small-12 large-12 last first" style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; padding-bottom: 16px; width: 564px; padding-left: 16px; padding-right: 16px;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th class="light-grey-bg" style="vertical-align: top; text-align: left; background-color: #f1f2f2; padding: 16px 24px;">
<table width="100%" border="0" cellspacing="0" cellpadding="0" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td class="ev-block-dropzone text-center" style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<div class="ev-control: text-editor ev-block" aria-readonly="false" style="text-align: center; margin-bottom: 0px; Margin-bottom: 0px; position: relative;" aria-controls="cke_2725" aria-activedescendant="" aria-autocomplete="list" aria-expanded=
"false">
<p style=
"word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; font-family: Arial, sans-serif; font-weight: normal; padding: 0; margin: 0; Margin: 0; line-height: 17px; font-size: 14px; text-align: center;">
<span style="text-align: center; font-size: 10.5px;">We are in the process of certifying this Quarterly Commentary for Continuous Professional Development (CPD) hours with the FPI. If approved, it will be available on the FAIS Exchange
platform.</span></p>
</div>
</td>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table class="grey-bg row ev-section" save="AGN Ad Hoc - Contact Details: Info" style=
"border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; background-color: #e6e7e8; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; padding-bottom: 16px; width: 564px; padding-left: 16px; padding-right: 16px; padding-top: 16px;" class="column small-12 large-12 last first">
<table border="0" cellpadding="0" cellspacing="0" style="border-spacing: 0; border-collapse: collapse; padding: 0; text-align: left; width: 100%; min-width: 100%; max-width: 100%; vertical-align: middle;">
<tbody>
<tr>
<th class="small-12 large-3 small-float-center" style="padding: 0; vertical-align: top; text-align: left; padding-left: 8px; padding-right: 8px; width: 25%;">
<table class="small-float-center ev-mobile-table-width" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: auto;">
<tbody>
<tr>
<th class="ev-block-dropzone float-right" style="padding: 0; vertical-align: top; float: right; text-align: right; min-width: 20px;"><img class="ev-control: image float-right ev-block" height="16" src=
"https://dy9rgikdeqxu.cloudfront.net/users/assets/412/images/call.png" width="20" style=
"outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block; float: right; text-align: right; margin-top: 0px; Margin-top: 0px; margin-bottom: 0px; Margin-bottom: 0px;"></th>
<th class="ev-block-dropzone adobe-font small-text-left numbers-mrgn" style="padding: 0; text-align: left; vertical-align: middle; min-width: 50px; white-space: nowrap;">
<div class="ev-control: text-editor ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<p style=
"word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; padding: 0; margin: 0; Margin: 0; text-align: left; font-family: Georgia, Times, 'Times New Roman', serif; font-size: 11px; line-height: 11px; font-weight: bold;">
0860 000 654</p>
</div>
</th>
</tr>
</tbody>
</table>
</th>
<th class="small-12 large-5 float-center small-float-center" style="padding: 0; vertical-align: top; padding-left: 8px; padding-right: 8px; margin: 0 auto; Margin: 0 auto; float: none; text-align: center; width: 41.66667%;">
<table class="float-center small-float-center left ev-mobile-table-width" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; margin: 0 auto; Margin: 0 auto; float: none; text-align: center; width: auto;">
<tbody>
<tr>
<th class="ev-block-dropzone float-right" style="padding: 0; vertical-align: top; float: right; text-align: right; min-width: 23px;"><img class="ev-control: image float-right ev-block" height="18" src=
"https://templates.mailercdn.net/images/templates/hn4t7gRhSmEJNL8yY0iRO84ax4ZezySZ/email_1.png" width="23" style=
"outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block; float: right; text-align: right; margin-top: 0px; Margin-top: 0px; margin-bottom: 0px; Margin-bottom: 0px;"></th>
<th class="ev-block-dropzone adobe-font" style="padding: 0; text-align: left; vertical-align: middle;">
<div class="ev-control: text-editor cke_editable cke_editable_inline cke_contents_ltr cke_show_borders ev-block" style="margin-bottom: 0px; Margin-bottom: 0px; position: relative;" aria-readonly="false" aria-controls="cke_65" aria-activedescendant=
"" aria-autocomplete="list" aria-expanded="false" tabindex="0" spellcheck="false" role="textbox" aria-multiline="true" aria-label="Editor, editor1" title="Editor, editor1" aria-describedby="cke_57">
<p style=
"word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; padding: 0; margin: 0; Margin: 0; text-align: left; font-family: Georgia, Times, 'Times New Roman', serif; font-size: 11px; line-height: 11px; font-weight: bold;">
<a data-cke-saved-href="mailto:info@allangray.co.za?subject=Re%3A%20Your%20latest%20Quarterly%20Commentary" href="mailto:info@allangray.co.za?subject=Re%3A%20Your%20latest%20Quarterly%20Commentary" style=
"font-family: Georgia, Times, 'Times New Roman', serif; font-size: 11px; line-height: 11px; font-weight: bold; color: #58595b; text-decoration: none; text-align: center;">info@allangray.co.za</a></p>
</div>
</th>
</tr>
</tbody>
</table>
</th>
<th class="small-12 large-4 float-right small-float-center" style="padding: 0; vertical-align: top; float: right; text-align: right; padding-left: 8px; padding-right: 8px; width: 33.33333%;">
<table class="float-right small-float-center ev-mobile-table-width" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; float: right; text-align: right; width: auto;">
<tbody>
<tr>
<th class="ev-block-dropzone float-right" style="padding: 0; vertical-align: top; float: right; text-align: right; min-width: 22px;"><img class="ev-control: image float-right ev-block" height="16" src=
"http://aime.everlytic.net/images/templates/KD0NuRyL2SlehxQHWS95bjeD3BeA6TXs/icon_web.png" width="22" style=
"outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block; float: right; text-align: right; margin-top: 0px; Margin-top: 0px; margin-bottom: 0px; Margin-bottom: 0px;"></th>
<th class="ev-block-dropzone adobe-font" style="padding: 0; text-align: left; vertical-align: middle; min-width: 120px;">
<div class="ev-control: text-editor ev-block" style="margin-bottom: 0px; Margin-bottom: 0px; position: relative;" aria-readonly="false" aria-controls="cke_63" aria-activedescendant="" aria-autocomplete="list" aria-expanded="false">
<p style=
"word-wrap: break-word; -webkit-hyphens: none; -moz-hyphens: none; hyphens: none; color: #58595b; padding: 0; margin: 0; Margin: 0; text-align: left; font-family: Georgia, Times, 'Times New Roman', serif; font-size: 11px; line-height: 11px; font-weight: bold;">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378751" style=
"font-family: Georgia, Times, 'Times New Roman', serif; font-size: 11px; line-height: 11px; font-weight: bold; color: #58595b; text-decoration: none; text-align: center;">www.allangray.co.za</a></p>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table class="collapse row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th class="column small-12 large-12 last first" style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; padding-bottom: 16px; padding-right: 0; padding-left: 0; width: 588px;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<th style="vertical-align: top; float: right; text-align: right; padding: 24px 0 0 16px; line-height: 0px; font-size: 0px;" class="ev-block-dropzone float-right">
<div class="ev-image-wrap ev-control: image ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;"><a href=
"https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378752" title="" style=
"color: #ed0025; text-decoration: none; line-height: inherit; font-size: inherit;"><img src="https://cdn18.mailercdn.net/users/assets/427/images/Timelines%20and%20Footers/3853_Dark_Mode_Emailer_Footer_Logo_%26_timeline_58x596px.png?v=1699874102927"
width="564" height="55" class="float-right" alt="" style="outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block; border: none; float: right; text-align: right;"></a></div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections -->
<table save="AGN Ad Hoc - Disclaimers 4 Buttons" exclude="true" class="row ev-section" style="border-spacing: 0; border-collapse: collapse; vertical-align: top; text-align: left; padding: 0; width: 100%; position: relative; display: table-row;">
<tbody>
<tr>
<th class="column small-12 large-12 last first" style="padding: 0; vertical-align: top; text-align: left; margin: 0 auto; Margin: 0 auto; padding-bottom: 16px; width: 564px; padding-left: 16px; padding-right: 16px;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%; min-width: 100%; max-width: 100%;">
<tbody>
<tr>
<th style="vertical-align: top; text-align: left; width: 100%; min-width: 100%; max-width: 100%; padding: 0px;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%; min-width: 100%; max-width: 100%;">
<tbody>
<tr>
<th class="ev-block-dropzone small-12 footer-btn-grey" style="padding: 0; vertical-align: top; text-align: left; width: 24%;">
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="expanded button" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; margin: 0px; Margin: 0px; width: 100%;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: 120px; text-align: center; color: #58595b; background: #e6e7e8; border: 0px solid #e6e7e8; border-radius: 5px; padding: 8px;">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378753" style=
"text-align: center; width: 100%; padding-left: 0; padding-right: 0; font-family: Arial, sans-serif; font-size: 11px; line-height: 12px; font-weight: normal; color: #58595b; text-decoration: none; display: inline-block; border: 0px solid #e6e7e8; border-radius: 0px; margin: 0; Margin: 0;">
Download PDF</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
<th class="small-12 mobile-bottom-padding" style="vertical-align: top; text-align: left; padding: 0px 8px;"></th>
<th class="ev-block-dropzone small-12 footer-btn-grey" style="padding: 0; vertical-align: top; text-align: left; width: 24%;">
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="expanded button" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; margin: 0px; Margin: 0px; width: 100%;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: 120px; text-align: center; color: #58595b; background: #e6e7e8; border: 0px solid #e6e7e8; border-radius: 5px; padding: 8px;">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378754" style=
"text-align: center; width: 100%; padding-left: 0; padding-right: 0; font-family: Arial, sans-serif; font-size: 11px; line-height: 12px; font-weight: normal; color: #58595b; text-decoration: none; display: inline-block; border: 0px solid #e6e7e8; border-radius: 0px; margin: 0; Margin: 0;">
Investor information</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
<th class="small-12 mobile-bottom-padding" style="vertical-align: top; text-align: left; padding: 0px 8px;"></th>
<th class="ev-block-dropzone small-12 footer-btn-grey" style="padding: 0; vertical-align: top; text-align: left; width: 24%;">
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="expanded button" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; margin: 0px; Margin: 0px; width: 100%;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: 120px; text-align: center; color: #58595b; background: #e6e7e8; border: 0px solid #e6e7e8; border-radius: 5px; padding: 8px;">
<a href="https://allangray.everlytic.net/servlet/link/25945/81340/53870894/378755" style=
"text-align: center; width: 100%; padding-left: 0; padding-right: 0; font-family: Arial, sans-serif; font-size: 11px; line-height: 12px; font-weight: normal; color: #58595b; text-decoration: none; display: inline-block; border: 0px solid #e6e7e8; border-radius: 0px; margin: 0; Margin: 0;">
Email legal notice</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
<th class="small-12 mobile-bottom-padding" style="vertical-align: top; text-align: left; padding: 0px 8px;"></th>
<th class="ev-block-dropzone small-12 footer-btn-grey" style="padding: 0; vertical-align: top; text-align: left; width: 24%;">
<div class="ev-control: button ev-block" style="margin-bottom: 0px; Margin-bottom: 0px;">
<table class="expanded button" style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; margin: 0px; Margin: 0px; width: 100%;">
<tbody>
<tr>
<td style="word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left;">
<table style="border-spacing: 0; border-collapse: collapse; padding: 0; vertical-align: top; text-align: left; width: 100%;">
<tbody>
<tr>
<td width="100%" style=
"word-wrap: break-word; -webkit-hyphens: auto; -moz-hyphens: auto; hyphens: auto; border-collapse: collapse; vertical-align: top; width: 120px; text-align: center; color: #58595b; background: #e6e7e8; border: 0px solid #e6e7e8; border-radius: 5px; padding: 8px;">
<a href="https://allangray.everlytic.net/public/contacts/unsubscribe/1z2QTww4eOQQVbVI/dWVYz74o783StrR7/2b0fb8bab19e0e86" style=
"text-align: center; width: 100%; padding-left: 0; padding-right: 0; font-family: Arial, sans-serif; font-size: 11px; line-height: 12px; font-weight: normal; color: #58595b; text-decoration: none; display: inline-block; border: 0px solid #e6e7e8; border-radius: 0px; margin: 0; Margin: 0;">
Unsubscribe</a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<!-- end ngRepeat: section in sections --></center>
</td>
</tr>
</tbody>
</table>
</center>
</td>
</tr>
</tbody>
</table>
<img src="https://allangray.evread18.net/s/r/25945/81340/53870894/18.gif?m=dWVYz74o783StrR7&amp;h=6f396ace88b6a95f0c6b2ba349130ce0" alt="" height="1" width="1" style=
"outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: auto; max-width: 100%; clear: both; display: block;">
</body>
</html>
