United States Europe Hong Kong. Local. Japan 21 OCTOBER 2016 DAILY INVESTMENT UPDATE

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1 21 DAILY INVESTMENT UPDATE United States Europe Hong Kong US stocks were pushed lower by weak earnings reports from index heavyweights such as Verizon which fell 2.3%. The Dow Jones fell 0.32%, the S&P 500 lost 0.44% and the Nasdaq Composite dropped 0.49%. European shares rose on Thursday to their highest level in two weeks, helped by a weakness in the euro and further boosted by a rally in the bank sector stocks. The pan- European STOXX 600 index ended up 0.2%. Chinese stocks were down at midday on Friday, as an early morning rally fizzled out with continued yuan weakness intensifying selling pressure. The Hong Kong exchange did not open on Friday morning, as trading was suspended due to the severe Typhoon Haima. While the Shanghai Composite Index lost 0.4%. Local Asian stock exchanges trading ahead of the JSE s opening on Friday morning were generally red. The all share could follow this trend after closing up 0.16% yesterday. Japan Japan's Nikkei edged down in choppy trade on Friday, snapping a five-day winning streak while investors waited for major Japanese companies to report their mid-year results next week. The Nikkei ended 0.3% lower. Rand Precious Metals Oil The rand was weaker against major global currencies after the JSE s close, as the European Central Bank (ECB) held its benchmark refinancing rate unchanged. ECB president Mario Draghi said at a press conference that the bank s bond purchasing programme could be extended beyond March 2017 when it was due to expire, though he did not give a clear commitment. At 17h50, the rand was at R13.91 to the dollar from Thursday s R Gold edged down on Friday as the dollar strengthened, but was on track for its first weekly gain in four weeks on steady physical buying from China and exchange-traded funds. Spot gold was down 0.3% at $ an ounce. Oil prices were stable on Friday, weighed down by a stronger dollar but supported by signs fuel markets are balancing after two years of oversupply. International Brent crude oil futures were up 3c at $51.41 a barrel.

2 Economic Calendar Local International No economic data scheduled for release China: House Price Index SEP UK: CBI Industrial Trends Orders OCT EA: Consumer Confidence Flash OCT Source: Reuters, Business Day, Trading Economics Daily Indicators Local Markets (R) ALSI 51, Gold Mining 1, Basic Minerals 22, 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) 17, 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 -0.15

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 PSG Asset Management funds: 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 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 Solutions ($) (Weekly Priced) Global Preserver FoF (USD) D Global Flexible FoF (USD) D Solutions ( ) (Weekly Priced) Global Preserver FoF (GBP) D Global Flexible FoF (GBP) D Local Equity Portfolios SA Equity Portfolio Anglo American PLC 250, Aspen Pharmacare Holdings Ltd 139, BHP Billiton PLC 1,100, Bid Corp Ltd 84, Bidvest Group Ltd 54, Cie Financiere Richemont SA DR 522, Hudaco Industries Ltd 3, Imperial Holdings Ltd 34, Jse Ltd 13, Naspers Ltd Class N 1,025,475 2, Old Mutual PLC 166, Rand Merchant Investment Holdings Ltd 58, Reinet Investments SCA DR 55, Remgro Ltd 186, Sasol Ltd 256, Standard Bank Group Ltd 219, Steinhoff International Holdings NV 274, Truworths International Ltd 30, Woolworths Holdings Ltd 74, SA Dividend Income Equity Portfolio Barclays Africa Group Ltd 128, BHP Billiton PLC 1,100, British American Tobacco PLC 1,525, Coronation Fund Managers Ltd 27, Firstrand Ltd 255, Foschini Group Ltd 27, Imperial Holdings Ltd 34, Investec PLC 54, Liberty Holdings Ltd 32, MMI Holdings Ltd 34, MTN Group Ltd 195, Nampak Ltd 11, Nedbank Group Ltd 102, PPC Ltd 3, Reunert Ltd 11, Sasol Ltd 256, Sibanye Gold Ltd 38, Sun International Ltd 8, Truworths International Ltd 30,

5 Local Listed Property Portfolio SA Property Equity Portfolio Arrowhead Properties Ltd Class A 8, Capital & Counties Properties PLC 41, Emira Property Fund Ltd 6, Fortress Income Fund Ltd Class B 66, Growthpoint Properties Ltd 67, Hyprop Investments Ltd 28, Intu Properties PLC 66, Investec Property Fund Ltd 6, New Europe Property Investments PLC 52, Redefine Properties Ltd 51, Resilient REIT Ltd 44, Rockcastle Global Real Estate Co Ltd 33, SA Corporate Real Estate Fund 12, Vukile Property Fund Ltd 11, Local Managed Volatility Portfolio Managed Volatility Equity Portfolio AECI Ltd 11, Aspen Pharmacare Holdings Ltd 139, Cashbuild Ltd 8, Cie Financiere Richemont SA DR 522, Italtile Ltd 13, Jse Ltd 13, Liberty Holdings Ltd 32, Mondi PLC 101, Netcare Ltd 47, Reinet Investments SCA DR 55, Reunert Ltd 11, Santam Ltd 26, Tiger Brands Ltd 67, 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 547, Berkshire Hathaway Inc B 356, Heineken NV 49, ishares US Technology 2, Johnson & Johnson 314, JPMorgan Chase & Co 246, Mastercard Inc A 112, Microsoft Corp 446, Nestle SA 230, Pfizer Inc 197, Roche Holding AG 202, Unilever NV DR 129, Vodafone Group PLC 72, Volkswagen AG 73, Yum Brands Inc 31, 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.