Portfolio Commentary

The views and opinions expressed in this article are for information purposes only and should not be seen as advice as defined in the Financial Advisory and Intermediary Services Act. Discovery shall not be liable for any actions taken by any person based on the correctness of this information. For full details on the products, benefits and any conditions, please refer to the relevant product fact file.Any examples and figures shown are for illustrative purposes only. The value of investments may go down as well as up and past performance is not necessarily a guide to the future. Fluctuations or movements in exchange rates may also cause the value of underlying investments to go up or down.

Discovery Life Investment Services Pty (Ltd): Registration number 2007/005969/07, branded as Discovery Invest, is an authorised financial services provider. All life assurance products are underwritten by Discovery Life Ltd. Registration number: 1966/003901/06. A licensed Insurer and an authorised financial service provider and registered credit provider, NCA Reg No. NCRCP3555. Product Rules, Terms and Conditions Apply. The Global Endowment Plan is a unit-linked life insurance policy contract, issued by Discovery Life International, the Guernsey branch of Discovery Life Limited (South Africa), licensed by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law 2002, to carry on long-term insurance business. Discovery Life is a registered long-term insurer registered under the South African Long-term Insurance Act of 1998 and an authorised financial services provider (registration number 1966/003901/06).

iShares® and BlackRock® are registered trademarks of BlackRock, Inc. and its affiliates ("BlackRock") and are used under license. BlackRock has licensed certain trademarks and trade names of BlackRock to Discovery Life Limited. The Licensee Product/Service is not sponsored, endorsed, sold, or promoted by BlackRock. BlackRock makes no redocuments or warranties to the owners of the Licensee Product/Service or any member of the public regarding the Licensee Product/Service. BlackRock has no obligation or liability in connection with the operation, marketing, trading or sale of any product or service offered by Discovery Life Limited. The Discovery Global Portfolios are managed and provided to you by Discovery Mauritius Asset Management and utilise asset allocations provided by BlackRock. BlackRock does not provide any service or product to you, and has not considered the suitability of its asset allocations against individual needs, objectives and risk tolerances for investors. As such, BlackRock's asset allocations do not constitute investment advice or an offer to sell or a solicitation of an offer to buy any securities.

Goldman Sachs Asset Management (GSAM) are registered trademarks of Goldman Sachs International and its affiliates ('Goldman Sachs') and are used under license. GSAM has licensed certain trademarks and trade names of GSAM to Discovery Life Limited. The Licensee Product/Service is not sponsored, endorsed, sold, or promoted by GSAM. GSAM makes no representations or warranties to the owners of the Licensee Product/Service or any member of the public regarding the Licensee Product/Service. GSAM has no obligation or liability in connection with the operation, marketing, trading or sale of any product or service offered by Discovery Life Limited.