Investor Presentaiton

Operating environment remained uncertain • • Global environment Rising geopolitical tension - Russia/Ukraine conflict US/China tension Supply chain disruption • Elevated inflation • Tighter monetary policy 3 | Pressure on financial assets Sub-Saharan Africa • Inflationary pressures • Increased policy rates • • Higher country risk premium Some sovereign debt challenges Portfolio diversity supported growth • South Africa Commodity price benefits • Slowing GDP growth • Rate increases exceeded expectations • Higher inflation • Power and infrastructure challenges • Consumer strain building • FATF grey listing

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