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Sarona Asset Management

PRI reporting framework 2019

Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]

Direct – Private Equity

Overview [PE 01 - 02] Fundraising of private equity funds [PE 03 - 04] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15] Communication [PE 16]

Confidence building measures

Confidence building measures [CM1 01 - 07]

Export Public Responses

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer	% of asset under management (AUM) in ranges
Fund management	0% <10% 10-50% >50%
Fund of funds, manager of managers, sub-advised products	0% <10% 10-50% >50%
Other	0% <10% 10-50% >50%
Total 100%

Further options (may be selected in addition to the above)

Hedge funds

Fund of hedge funds

01.2. Additional information. [Optional]

Sarona manages three discretionary portfolios (Sarona Frontier Markets Fund 1 LP, Sarona Frontier markets Fund 2 LP and Sarona Trade Finance Fund LP), is in fundraising stages of a fourth (Sarona Frontier Markets Fund 3 LP) and provides advisory services to one client (Mennonite Economic Development Associates).

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

Canada

02.2. Indicate the number of countries in which you have offices (including your headquarters).

2-5

6-10

>10

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

15 FTE

02.4. Additional information. [Optional]

Sarona’s three partners, based in the Netherlands and Canada have a long history of investing in private equity funds and companies in Frontier and Emerging Markets. The full team consists of 15 people and is growing.

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

Yes

03.3. Additional information. [Optional]

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

30/06/2018

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2

Total AUM
Total AUM	trillions	billions	millions	thousands	hundreds
Currency
Assets in USD
Assets in USD	trillions	billions	millions	thousands	hundreds

Not applicable as we are in the fund-raising process

04.4. Indicate the total assets at the end of your reporting year subject to an execution and/or advisory approach.

Not applicable as we do not have any assets under execution and/or advisory approach

04.5. Additional information. [Optional]

Sarona Frontier Markets Fund 1 LP

USD $18,211,171
Basis: Total Assets
As of: 30-June-18

Sarona Frontier Markets Fund 2 LP

USD $150,231,625
Basis: Committed Capital
As of : 30-June-18

Sarona Trade Finance Fund LP

USD $12,360,711
Basis: Total Assets
As of: 30-June-18

MEDA (SRCF)

USD $25,850,732
Basis: Total Assets, adjusted for IFRS fair value
As of: 30-June-18

SRCF (LP)

USD $426,153
Basis: Total Assets, adjusted for IFRS fair value
As of: 30-June-18

Total 207,080,392

OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

as percentage breakdown

as broad ranges

	Internally managed (%)	Externally managed (%)
Listed equity	0 0	0 0
Fixed income	0 0	0 0
Private equity	>50% 91.5	0 0
Property	0 0	0 0
Infrastructure	0 0	0 0
Commodities	0 0	0 0
Hedge funds	0 0	0 0
Fund of hedge funds	0 0	0 0
Forestry	0 0	0 0
Farmland	0 0	0 0
Inclusive finance	<10% 2	<10% 6.5
Cash	0 0	0 0
Money market instruments	0 0	0 0
Other (1), specify	0 0	0 0
Other (2), specify	0 0	0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

Yes

06.5. Indicate whether your organisation uses fiduciary managers.

Yes, we use a fiduciary manager and our response to OO 5.1 is reflective of their management of our assets.

No, we do not use fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

Sarona currently manages three discretionary mandates for a total of approximately $180.5mm: 1) Sarona Frontier Markets Fund 1 LP ("SFMF1") - $18mm; 2) Sarona Frontier Markets Fund 2 LP ("SFMF2") - $150.2mm; and 3) Sarona Trade Finance Fund LP ("STFF") - $12.3mm.

In addition, Sarona advices on $25.8mm MEDA-managed account.

OO 07. Fixed income AUM breakdown (Not Applicable)

OO 08. Segregated mandates or pooled funds (Private)

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

3.4 Developed Markets

68.3 Emerging Markets

26.8 Frontier Markets

1.5 Other Markets

Total 100% 100%

09.2. Additional information. [Optional]

Sarona exclusively focuses on private equity and private debt investments in Frontier and Emerging Markets.

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