<strong>By: QED</strong>

<h2>New partnership paves the way for QED Growth</h2>

We are excited to share the news that QED has agreed to sell a majority interest to leading South African empowerment investment holding company African Rainbow Capital (ARC).

ARC is majority owned by Ubuntu - Botho Investments, of which Mr Patrice Motsepe is an anchor shareholder.

The transaction, which is done through ARC Financial Services, creates growth opportunities for both parties. It elevates QED to the status of the largest majority black-owned actuarial firm in both South Africa and the rest of Africa. ARC’s financial services-orientated investment strategy is set to benefit from our experience and presence, as well as access to QED’s highly-skilled team of 56 staff members. While, for us, the ability to grow quickly and strategically is of paramount importance.

As a self-funded business we’ve grown extremely well over the past two to three years. This exciting partnership will take QED to its next phase of growth by enabling us to diversify, fund new complementary areas of service and pursue acquisition opportunities thereby making QED more impactful and globally relevant.

We also see scope for increased internal investment in our staff, as well as into technologies, systems and software. This, together with our growth ambitions, will create more opportunities for black actuaries to enter and develop within our group enabling meaningful transformationnacross the business.

The new Level 2 B-BBEE status of QED South Africa increases business opportunities with government, parastatals and leading corporates.

Other than these key strategic moves, very little will change at QED on a day-to-day basis. Our existing management team will continue to run the business as before with the only notable change being that two ARC representatives will join the QED board.

For our clients our growth will ultimately create a stronger, more impactful and more globally relevant firm capable of offering you an enhanced QED experience.