United States Europe Hong Kong. Local. Japan 13 OCTOBER 2016 DAILY INVESTMENT UPDATE

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1 13 DAILY INVESTMENT UPDATE United States Europe Hong Kong The S&P 500 and the Dow Jones ended Wednesday's session with small gains as expectations for timing on a rate hike were largely unchanged after US Federal Reserve minutes were released and investors waited on earnings reports. The Dow rose 0.09%, the S&P 500 gained 0.11% and the Nasdaq dipped 0.15%. European stock markets fell slightly on Wednesday with Sweden's Ericsson slumping to eight-year lows after issuing a profit warning. The STOXX 600 index fell 0.5%. Hong Kong stocks fell to a six-week low on Thursday, as disappointing export data from China hit the already fragile sentiment amid rising profit-taking pressure and global policy uncertainty. Hong Kong's Hang Seng index dropped 1.5%. Local The JSE is likely to follow Asian stock markets down on Thursday. Hong Kong s Hang Seng index fell 1.5% after China s September exports showed an unexpected 10% drop in dollar terms from the previous year. Japan Japan's Nikkei gave up early gains and slipped on Thursday as the yen clawed back ground it had lost to the dollar, with sentiment further undercut by China's weak trade numbers. The Nikkei slipped 0.4%. Rand Precious Metals Oil The rand has yet to recover its value to the dollar, a day after fraud charges were brought against Finance Minister Pravin Gordhan. In late trade on Wednesday, the rand was at R to the dollar, from R on Tuesday. Gold prices rose on Thursday as the US dollar pared early gains and equities plunged on Chinese trade data that stoked concerns about the health of the world's number two economy. Spot gold was up 0.5% at $ an ounce. Oil prices fell on Thursday after OPEC said its production had risen to the highest level in at least eight years and following reports of an increase in US crude stockpiles. International Brent crude oil futures were trading at $51.37 per barrel this morning.

2 Economic Calendar Local ZA: Mining Production AUG ZA: Gold Production AUG ZA: Manufacturing Production AUG International Japan: Foreign Bond Investment 0OCT China: Balance of Trade SEP US: Continuing Jobless Claims Source: Reuters, Business Day, Trading Economics Daily Indicators Local Markets (R) ALSI 51, Gold Mining 1, Basic Minerals 23, Industrials 75, Financials 39, Financials & Industrials 7, International Markets (Base currency) Dow Jones (USD) 18, S&P 500 (USD) 2, NASDAQ (USD) 5, FT-100 (GBP) 7, Hang Seng (HKD) 23, Nikkei 225 (JPY) 16, Paris CAC (EUR) 4, Frankfurt (EUR) 10, Other Markets Gold ($) 1, Platinum ($) Brent Oil ($) Rand/USD Rand/GBP Rand/EUR ALBI (R) **Some data may be delayed, the above table reflects the latest available information from Morningstar. Equity Portfolios Portfolio SA Equity Portfolio Offshore Equity Portfolio (USD) SA Property Equity Portfolio SA Dividend Income Equity Portfolio Managed Volatility Equity Portfolio * Portfolio performance is reported net of management fees of 1.71% pa (local) and 2.28% pa (offshore) * SA and Offshore Equity Portfolio Inception date: 30 August 2015 * SA Listed Property Portfolio Inception date: 1 December 2015 * Dividend Income Equity Portfolio Inception date: 29 April 2016 * Managed Volatility Equity Portfolio Inception date: 28 July 2016 * Funds are exclusively available through registered PSG planners and/or advisors 1 Month Move 3 Month Move 6 Month Move 1 Year Move Since Inception N/A N/A N/A N/A N/A N/A 0.79

3 Local funds Performance data on local funds* is shown up to the last market close minus 1 day. Solutions Enhanced Interest D Income FoF D Preserver FoF D Moderate FoF D Creator FoF D Global Moderate FF D Global Creator FF D PSG Asset Management PSG Money Market A PSG Income A PSG Diversified Income PSG Stable A PSG Balanced A PSG Flexible PSG SA Equity D PSG Equity A PSG Global Flexible FF A PSG Global Equity FF A Solutions: 1 Year Move Enhanced Interest D Income FoF D Preserver FoF D Moderate FoF D Creator FoF D Global Moderate FF D Global Creator FF D PSG Asset Management funds: 1 Year Move PSG Money Market A PSG Income A PSG Diversified Income PSG Stable A PSG Balanced A PSG Flexible PSG SA Equity D PSG Equity A PSG Global Flexible FF A PSG Global Equity FF A Offshore funds Performance data on offshore funds* is shown up to the last market close minus 1 day Solutions ($) Global Moderate FoF D Global Creator FoF D PSG Asset Management ($) PSG Global Flexible USD A PSG Global Equity USD

4 Local Equity Portfolios SA Equity Portfolio Anglo American PLC 252, BHP Billiton PLC 1,141, Bid Corp Ltd 84, Bidvest Group Ltd 53, Capitec Bank Holdings Ltd 77, Cie Financiere Richemont SA DR 518, Imperial Holdings Ltd 31, Jse Ltd 13, Naspers Ltd Class N 1,000,953 2, Old Mutual PLC 168, Rand Merchant Investment Holdings Ltd 58, Reinet Investments SCA DR 55, Remgro Ltd 188, Sasol Ltd 266, Standard Bank Group Ltd 221, Steinhoff International Holdings NV 277, Truworths International Ltd 29, Tsogo Sun Holdings Ltd 30, Woolworths Holdings Ltd 74, SA Dividend Income Equity Portfolio Barclays Africa Group Ltd 128, BHP Billiton PLC 1,141, British American Tobacco PLC 1,568, Coronation Fund Managers Ltd 26, Firstrand Ltd 255, Foschini Group Ltd 26, Imperial Holdings Ltd 31, Investec PLC 55, Liberty Holdings Ltd 31, MMI Holdings Ltd 33, MTN Group Ltd 206, Nampak Ltd 12, Nedbank Group Ltd 104, PPC Ltd 3, Reunert Ltd 11, Sasol Ltd 266, Sibanye Gold Ltd 35, Sun International Ltd 8, Truworths International Ltd 29, Tsogo Sun Holdings Ltd 30,

5 Local Listed Property Portfolio SA Property Equity Portfolio Arrowhead Properties Ltd Class A 8, Capital & Counties Properties PLC 39, Emira Property Fund Ltd 7, Fortress Income Fund Ltd Class B 67, Growthpoint Properties Ltd 66, Hyprop Investments Ltd 28, Intu Properties PLC 65, Investec Property Fund Ltd 6, New Europe Property Investments PLC 51, Redefine Properties Ltd 49, Resilient REIT Ltd 44, Rockcastle Global Real Estate Co Ltd 33, SA Corporate Real Estate Fund 12, Vukile Property Fund Ltd 11, Offshore Equity Portfolio Offshore Equity Portfolio Share name Market Cap (USD million) Current Price (Base Currency) 1 Day Return (USD) 1 Month Return (USD) Alphabet Inc C 540, Berkshire Hathaway Inc B 357, Heineken NV 48, ishares US Technology 2, Johnson & Johnson 322, JPMorgan Chase & Co 246, Mastercard Inc A 111, Microsoft Corp 445, Nestle SA 232, Pfizer Inc 200, Roche Holding AG 204, Unilever NV DR 135, Vodafone Group PLC 72, Volkswagen AG 73, Yum Brands Inc 32, The information in this document is to the best of our knowledge correct at the time of distribution but due to the nature thereof cannot be guaranteed. This document only contains general information and not the opinion of the distributor. Affiliates of the PSG Konsult Group are authorised financial services providers.

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