1 # NOTE: Investors and witnesses must initial every page.

CLIENT LETTER OF ENGAGEMENT AND CLIENT ADVICE RECORD

1. Letter of Engagement

I, ______________________________________________________________ (Client / Entity name)

ID number, _____________________________________________ (For Individual clients)

Registration number, _____________________________________________ (Company / CC / Trust)

the undersigned hereby confirm the following:

1.1 This Letter of Engagement serves as an instruction and once-off mandate to the FSP, Reitway Global

(Pty) Ltd, to invest the funds that I have at my disposal in the manner as described hereunder.

1.2 As the funds I intend to invest are not needed for my day-to-day living now or in the future, I do not

wish to provide the FSP with additional information to enable the FSP to conduct a Needs Analysis.

2. Risk Profile

I confirm that my Risk Profile analysis has been discussed with me.

My Risk profile has been identified as:

Conservative □

Moderate Conservative □

Moderate X

Moderate Aggressive □

Aggressive □

2 # NOTE: Investors and witnesses must initial every page.

3. Client Advice Record

3.1 Needs Identified

My need is to obtain income & capital growth in accordance with my Risk Profile as confirmed above.

3.2 Alternative solutions considered

The following alternatives were considered:

None

3.3 Recommendation

Against the above background it was decided the investment would be made as per the mandate.

3.4 Reason for Recommendation

Clients need for income & capital growth.

4. Declaration regarding the disclosure of fees and other potential conflicts of interest on third party collective investment scheme portfolios.

I, _____________________________________________ (ID nr) _____________________________

(The client), hereby declare that the following disclosures have been fully explained to me by the

Adviser (FSP) and where applicable I consent to the remuneration arrangement(s) with the intended

parties as mentioned.

Please see disclosures on the following page and initial at each disclosure made in the appropriate

block.

3 # NOTE: Investors and witnesses must initial every page.

1. The FSP (Reitway Global Pty Ltd) earns remuneration as a result of the business placed with the Collective Investment Scheme manager and although this is not passed on to the client, the client consents to such an arrangement.

CLIENT

INITIAL

2. The FSP has confirmed to me in writing that due to the nature of the business of the Third Party Portfolios, it recommended its own portfolio(s) only and that it did not consider other portfolios available in the market.

CLIENT

INITIAL

3. Notwithstanding the fact that the FSP disclosed and confirmed to me where their Third Party Portfolio stand in performance rankings over relevant periods of time (e.g. bi-annual, annual, 3 year and 5 year basis) in relation with other portfolios within the same category I hereby consent in writing to invest in the particular portfolio.

CLIENT

INITIAL

4. I confirm that all fees levied against the portfolio have been explained to me in great detail as reflected in the FSP’s documentation, brochures, & marketing material.

CLIENT

INITIAL

5. Not only has the various fees explained to me but the methodology in arriving at the respective figures were made clear to me as well.

CLIENT

INITIAL

6. The FSP confirmed that the fees above as explained to me, will be deducted as per agreement (i.e. either by way of a deduction from the investment amount or by way of a recovery from returns on investment or redemption of the units.)

CLIENT

INITIAL

7. I confirm that the anticipated aggregate fees levied against the Collective Investment scheme and by the underlying portfolios consisting of Funds of Funds, have been disclosed to me.

CLIENT

INITIAL

8. The roles of as well as their relationships to all parties (for example, the CIS Manager; Co-partner; FSP- distributor etc.) to the Collective Investment Scheme have been properly explained to me.

CLIENT

INITIAL

9. The bundled “all-in fee structure”, has been unpacked for my benefit and the FSP disclosed and explained fully what amounts are being paid to which parties and for what purpose.

CLIENT

INITIAL

10. The FSP made it explicitly clear that fees may be levied if I request a new or enhanced service that is not contemplated by the current fee structure.

CLIENT

INITIAL

11. I confirm that all fees referred to above were explained to me before I had signed any documentation.

CLIENT

INITIAL

12. I hereby confirm that I am aware that the Reitway Global Property Portfolio is still awaiting South African Financial Services Board approval even though it has been approved by the Malta Financial Services Authority.

CLIENT

INITIAL

Client Signature Date __________________________ ________________

4 # NOTE: Investors and witnesses must initial every page.

Disclosures concerning REITWAY GLOBAL (PTY) LTD as required by FAIS

In terms of the Financial Advisory and Intermediary Services Act (FAIS) (Act No. 37 of 2002) the following

information must be disclosed to clients and potential clients:

Full Name of FSP: REITWAY GLOBAL (PTY) LTD [FSP 43747]

Registration number: 2011/125542/07

Physical/Postal address: The Pavilion – Unit 14

Century Way, Central Park, Century City

Cape Town

7441

Telephone: 021 - 551 3688 Fax: 021 - 9131269

Mobile: 083 412 7910 Email: gregr@reitwayglobal.com

I, Gregory Keith Rawlins, the principal of Reitway Global have been in practice since 1 November 2008 and

have achieved the following formal qualifications:-

B.Comm, Dip Acc., CA (SA)

REITWAY GLOBAL (Pty) Ltd (FSP 43747) holds a category II FSP licence and I am authorised to provide financial

services with respect to the following products:

CATEGORY I:

Securities and Instruments: Shares (Advice & Intermediary services)

Securities and Instruments: Derivative instruments (Advice & Intermediary services)

Participatory interests in Collective Investment Schemes (Advice & Intermediary services)

CATEGORY II - Discretionary FSP

Securities and Instruments: Shares (Intermediary services)

Securities and Instruments: Derivative instruments (Intermediary services)

Participatory interests in Collective Investment Schemes (Intermediary services)

As the Principal of the brokerage I have access to and have been accredited to market the following products:

5 # NOTE: Investors and witnesses must initial every page.

Reitway Global does not hold more than 10% of issued shares directly or indirectly of any Assurer or Financial

Product provider.

Reitway Global is not an associated company of any assurer or product provider.

Reitway Global has earned more than 30 % of its total commission from any one product provider within the

past 12 months being Metropolitan Collective Investments.

Reitway Global earns its income from commission / a management fee that the Product Providers pay over to

the FSP in respect of financial services rendered with respect to products offered by these Product Providers.

From time to time Reitway Global may receive indirect consideration from product providers.

A Gift Register is available for inspection upon request.

Reitway Global has Professional Indemnity Insurance cover of R 5,0m

Fund performance feedback, which will be updated on a regular basis, can be obtained from our website

www.reitwayglobal.com at any time. Should you require additional information, feel free to contact us.

As an authorised Financial Services Provider I may not request or induce in any manner a Client to waive any

right or benefit conferred on the Client by or in terms of any provision of the General Code of Conduct, or

recognise, accept or act on any such waiver by a Client

If you feel that your rights have been prejudiced, or you have been aggrieved in any way, you have the right to

lodge a complaint. A copy of the complaints process is available upon request.

We do have a Conflict of Interest policy. The policy is available upon request. Should a material Conflict of

Interest arise, this will be disclosed to you at the earliest reasonable opportunity.

Moonstone Compliance (Pty) Ltd is the business’s Compliance Officer and is represented by Deon Harmse.

Moonstone Compliance can be contacted at:

Physical Address: 1st Floor, Valerida Centre, Piet Retief Street, Stellenbosch 7600.

Telephone Number: 021 - 883 8000

6 # NOTE: Investors and witnesses must initial every page.

MANDATE

ENTERED INTO BETWEEN

Reitway Global (Pty) Ltd

(Hereinafter referred to as Reitway)

AND

_____________________________________________

(Hereinafter referred to as the Client)

FOR THE RENDERING OF INTERMEDIARY SERVICES AND THE

MANAGEMENT OF INVESTMENTS BY A DISCRETIONARY FINANCIAL

SERVICES PROVIDER

7 # NOTE: Investors and witnesses must initial every page.

WHEREBY IT IS AGREED

1. AUTHORISATION

1.1 Reitway is the holder of a category II FSP license and is authorised to render intermediary

services of a discretionary nature in respect of investments schemes and products as defined

in 1.3 below.

1.2 Reitway shall obtain instructions from the client before entering into a transaction on behalf

of the investor.

1.3 Reitway is authorized to invest in, and switch from any of the following financial products:

1.3.1 - Securities and Instruments: Shares

1.3.2 - Securities and Instruments: Derivative Instruments

1.3.3 - Participatory Interests in Collective Investment Schemes

1.4 Investment products and portfolios will be applied and signed for by the client on the applicable

initial investment application forms. Reitway shall have full discretion pertaining to the

process of managing the client’s investments and shall not need to obtain instructions from

the Client before entering into a transaction on behalf of the Client agreed to in terms of this

mandate, taking the client’s risk profile and investment objectives into account. Reitway will

invest in and switch the investments within the chosen portfolio/s. Reitway may also switch

between portfolios, at the request of the client, or at its own discretion.

1.5 Reitway will have full discretion in terms of this mandate to manage the Investor’s portfolio

applicable to both local and off-shore jurisdictions unless the client indicates in writing that

only the local jurisdiction applies. Should the client wish to exclude any of the above

investment instruments it should be so indicated in writing.

1.6 Reitway may make use of the services of its staff, or that of other approved FSP’s, to execute

certain administrative functions in the course of rendering intermediary services to the client.

8 # NOTE: Investors and witnesses must initial every page.

2. INVESTMENT OBJECTIVES The investment objectives are specified as follows:

*(Risk profile is determined considering the current set of information and circumstances of the Client

but may change as the circumstances of the Client change)

The following jurisdiction restrictions apply to the management of the above investments:

N/A

The following investment restrictions apply to the management of the above investments:

N/A

The following special instructions apply to the management of the above investments:

N/A

3. STATEMENTS

All legally prescribed documents such as statements and performance reports will be directly

transmitted and furnished to the client by the relevant product suppliers together with quarterly

statements concerning the investments. The relevant product suppliers may furnish the client with

electronic statements provided that the client can access the statements.

4. RISK DISCLOSURE

4.1 Reitway uses its discretion to invest on the client’s behalf with great care and diligence. There is a risk

associated however with investing in the financial products involved. The value of the investments and

income may rise as well as fall, and there is a risk that the client may suffer financial losses. The client

does not have a claim against Reitway in the event of the realisation of this risk unless it can be proved

that the losses were due to negligence, fraud, misconduct or dishonesty by Reitway or its staff.

Long term (5 years or longer) Capital growth X

Income generation X

Medium (2 to 5 years) Capital growth

Income generation

Short Term (3 months to 2 years) Capital Growth

Income Generation

Risk Preference* Moderate

9 # NOTE: Investors and witnesses must initial every page.

4.2 When investing in foreign investment products it is important to be aware of the following risks:

4.2.1 Getting access to investment performance information may be more difficult than

South African based investments.

4.2.2 Investments are exposed to different tax regimes that may change without warning

and it may influence investment returns.

4.2.3 Exchange control measures may change in the country of investment and it may

influence accessibility to the invested capital.

4.2.4 The value of the Rand has deteriorated over the last number of years. However it is

important to understand that should the Rand exchange rate strengthen against

the exchange rate of the foreign currency (ies) in which the Client’s money is

invested, it may create a loss of capital or reduced returns when the money is

returned to South Africa in Rand.

4.3 Reitway may invest in wrap funds on behalf of the client in terms of this mandate and is thus required by the FSB to make certain disclosures regarding wrap funds and how they differ from fund of funds.

4.3.1 A fund of funds is a collective investment scheme fund that is not allowed to invest

more than 50% of the value of the fund in any one collective investment scheme

fund. The Collective Investment Scheme Act guarantees the repurchase of

participatory interests in a fund of funds by the management company.

4.3.2 A wrap fund is a basket of different collective investment schemes wrapped as a

single investment portfolio. The underlying combination of collective investment

schemes is selected to optimally target the risk/return requirements and

investment objectives of the client. In fact it's a number of separate investments

in which the investor has direct ownership and could be better described as an

account. These underlying investments are selected in line with the investment

requirements of the client. There's no joint ownership among investors and

individual ownership of the participatory interests in the collective investment

schemes can be transparently demonstrated at all times. A wrap fund investment

is administered and facilitated by a linked investment service provider (LISP) i.e.

an Administrative FSP. A wrap fund has no limit concerning the collective

investment schemes that that it may include in its portfolio. The Administrative

FSP of the wrap funds does not guarantee the repurchase of participatory interests

in the collective investment schemes that comprise the wrap funds. The

Administrative FSP has service level agreements in place with the management

company of each collective investment scheme according to which the repurchase

of participatory interests in collective investment schemes comprising wrap funds

are guaranteed. The costs and other information applicable to wrap funds are set

out in the documentation of the administrator of the wrap funds.

10 # NOTE: Investors and witnesses must initial every page.

5. REGISTRATION OF INVESTMENTS

Reitway shall register the investments that from time to time it holds on behalf of the Client in the name

of the Client, or in the name of a FSB approved nominee company that the client may nominate in

writing to Reitway.

6. VOTING ON BEHALF OF CLIENTS Reitway may vote on behalf of the Client in respect of a ballot conducted by collective investment

scheme in so far as the ballot relates to the investments managed by Reitway on behalf of the client.

7. INFORMATION TO BE DISCLOSED BY PRODUCT PROVIDERS

The Client confirms that Reitway shall not be required to provide the investor with any other

information than what a product provider such as a collective investment scheme or other listed

insurance company is required by law to disclose to the client.

8. ACCRUALS

All cash accruals received in respect of the Investments, including dividends and interest, shall be as per

the application form:

- Re-invested as and when they fall due and shall form part of the Investments.

- paid out to the Client into the following nominated bank account held at (As per the application form) Bank bearing the name (as per the application form) with the

account number (as per the application form).

9. TREATMENT OF FUNDS

Reitway will forthwith deposit all money received from the client for the purpose of managing their

investments as defined in this mandate, directly into the bank account of the Investment Company

(Metropolitan Collective Investments) where such funds are to be placed for the future management

of the investment. All Cash accruals (including dividends and interest) which are paid by the

Investment Company may be deposited directly into the Client’s nominated bank account as they

accrue and fall due, such account being held at (as per the application form) Bank bearing the name

(as per the application form) with account number (as per the application form) or be re-invested by

Reitway in terms of this mandate at the request of the Client as indicated in 8 above.

11 # NOTE: Investors and witnesses must initial every page.

10. REMUNERATION

10.1 The Client shall remunerate Reitway for the management of the investments on behalf of the

client as follows:-

10.1.1 An initial administration fee of 0% based on the market value of the portfolio of all

clients.

10.1.2 The annual portfolio management fee (which is already included in the 1.5%

management fee levied) will be: -

0.2% to 0.5% based on the market value of the Client’s collective scheme portfolio

Such management fees will be calculated on the market value of the portfolio at the end of each month.

Reitway may recover the remuneration referred to in paragraph 10.1.2 at intervals of one month from the

investment of the Client.

10.2 Reitway will receive a commissions, incentives, fee reductions or rebates from LISPs or

collective investment schemes. This will be for placement of Client’s funds with them. The

amounts will range between 0.2% and 0.5% of the market value of the portfolio.

10.3 Unless indicated in 10.2 above, Reitway will not receive any soft commissions, rebates, fee

reductions, or any discounts from administrative FSP’s, Management Companies and/or

members of an Exchange for placing funds with them.

11. DECLARATION REGARDING FUNDS AND INVESTMENTS

11.1 The Client declares that all funds and investments placed under Reitway’s management in terms

of this mandate are from a legitimate source and are not the “proceeds of unlawful activities”,

as defined in the Prevention of Organised Crime Act, No. 121 of 1998.

11.2 The Client further warrant that, where required, all funds placed under Reitway’ management in

terms of this mandate are declared in terms of the Income Tax Act of 1962 and that the client

has any necessary approval from the South African Reserve Bank for foreign funds, assets or

investments owned by the Client

12 # NOTE: Investors and witnesses must initial every page.

12. TERMINATION OF MANDATE

12.1 Any amendment of any provision of this mandate shall be in writing and shall be by means of a Supplementary or New Agreement between Reitway and the Client.

12.2 Reitway or the Client shall be entitled to terminate this mandate after notice in writing of not

more than sixty (60) calendar days.

13. EFFECTIVE DATE

This mandate will become of force and effect on _____________________________________________ 2014

SIGNED AT ____________________________. ON THIS _______ DAY OF __________________________ 2014

By the Client:

___________________________________

As witnesses to the signature of the Client:

1. ____________________________ 2. _____________________________

For and on behalf of Reitway, the signatory warranting that he is duly authorised:

___________________________________

As witnesses to the signature of Reitway

1. ____________________________ 2. _____________________________

SIGNED AT ____________________________ ON THIS _______ DAY OF __________________________ 2014