Portfolio holdings as at 31 December 2016

Portfolio holdings as at 31 December 2016 PSG Equity Fund

PSG Flexible Fund

PSG Balanced Fund

PSG Stable Fund

PSG Diversified Income Fund

PSG Income Fund

PSG Money Market Fund

PSG Global Equity Sub-Fund

PSG Global Flexible Sub-Fund

Top 10 equities

Top 10 equities

Top 10 equities

Top 5 equities

Top 5 equities

Top 10 bond exposures

Top 10 issuer exposures

Discovery Holdings Ltd FirstRand Ltd Old Mutual plc J Sainsbury plc Brookfield Asset Management Inc Glencore plc Super Group Ltd Grindrod Ltd Cisco Systems Inc PSG Group Ltd

Top 10 equities

Top 10 equities

Discovery Holdings Ltd Old Mutual plc Glencore plc FirstRand Ltd Super Group Ltd Brookfield Asset Management Inc Tongaat-Hulett Ltd Grindrod Ltd J Sainsbury plc PSG Group Ltd

Discovery Holdings Ltd FirstRand Ltd Brookfield Asset Management Inc Old Mutual plc Nedbank Group Ltd Super Group Ltd Colfax Corp Berkshire Hathaway Inc J Sainsbury plc Glencore plc

Discovery Holdings Ltd FirstRand Ltd Brookfield Asset Management Inc Nedbank Group Ltd Old Mutual plc

Discovery Holdings Ltd FirstRand Ltd Berkshire Hathaway Inc Nedbank Group Ltd Brookfield Asset Management Inc

Top 5 issuer exposures

Top 5 issuer exposures

Absa Bank Ltd Republic of South Africa Nedbank Ltd Standard Bank of SA Ltd FirstRand Bank Ltd

Republic of South Africa Standard Bank of SA Ltd Absa Bank Ltd Nedbank Ltd FirstRand Bank Ltd

Absa Bank Ltd Standard Bank of SA Ltd Nedbank Ltd Republic of South Africa FirstRand Bank Ltd Capitec Bank Ltd Imperial Group Ltd The Thekwini Fund (RF) Ltd MMI Group Ltd Investec Bank Ltd

FirstRand Bank Ltd Nedbank Ltd Absa Bank Ltd Standard Bank of SA Ltd Republic of South Africa Investec Bank Ltd Capitec Bank Ltd Land and Agricultural Development Bank of SA Transnet Soc Ltd Netcare Ltd

Brookfield Asset Management Inc J Sainsbury plc Berkshire Hathaway Inc Cisco Systems Inc Colfax Corp Yahoo Japan Corp Capital One Financial Corp Glencore plc Apple Inc Qualcomm Inc

Brookfield Asset Management Inc J Sainsbury plc Berkshire Hathaway Inc Cisco Systems Inc Colfax Corp Yahoo Japan Corp Capital One Financial Corp Glencore plc JPMorgan Chase & Co Apple Inc

Asset allocation

Asset allocation

Asset allocation

Asset allocation

Asset allocation

Asset allocation

Asset allocation

Regional allocation

Regional allocation

• Domestic resources 9%

• Domestic resources 4%

• Domestic resources

3%

• Domestic financials

11%

• Domestic equity

• Fixed rate notes

66%

• Linked NCDs/Floating rate notes 30%

• US 53%

• US 43%

• Domestic financials

31%

• Domestic financials

22%

• Domestic financials

20%

• Domestic industrials

10%

• Domestic cash and NCDs

43%

• Floating rate notes

32%

• Step rate notes

9%

• Europe 3%

• Europe 2%

• Domestic industrials

35%

• Domestic industrials

23%

• Domestic industrials

18%

• Domestic cash and NCDs

40%

• Domestic bonds

48%

• Domestic cash and NCDs 2%

• NCDs 48%

• UK 13%

• UK 11%

• Domestic cash and NCDs

28%

• Domestic cash and NCDs

18%

• Domestic bonds

24%

• Foreign equity

4%

Total 100%

• Corporate paper

1%

• Asia 13%

• Asia 11%

• Foreign equity

20%

• Domestic bonds

18%

• Foreign equity

15%

Total 100%

• Bill 12%

• Canada 9%

• Canada 7%

• Foreign equity

23%

Total 100%

Total 100%

• Singapore 1%

• Singapore 1%

• Africa 1%

• Africa 1%

• Cash 7%

• Cash 24%

Total 100%

Total 100%

Performance

Performance

• Domestic cash and NCDs • Foreign equity • Foreign cash

3% 21% 1%

Total 100%

• Foreign cash

3%

Total 100%

5%

Total 100%

Performance

Performance

Performance

Performance

Performance

Performance

Performance

1400

700

1200

140

500

600

1000

200

120

400

500

800

180 160 140 120 100 80

250

1200 1000 800 600 400

600

300

400

200

200 0

400

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 PSG Equity Fund

FTSE/JSE All Share TR Index ZAR

100

200 '04 '05 '06 '07 '08 '09 PSG Flexible Fund

'10 '11

'12 '13 '14

'15 '16

Inflation +6%

0

'00

'02

'04

'06

'08

PSG Balanced Fund

'10

'12

'14

Inflation +5%

'16

60 40 20 0

80

'11

'12

'13

PSG Stable Fund

'14

'15

'16

Inflation +3% over a rolling 3-year period

50

'06

'07

'08

'09

'10

'11

PSG Diversified Income Fund

'12

'13

'14

'15

'16

Inflation +1%

60

'12 PSG Income Fund

'13

'14

'15

'16

STeFI Composite Index (ZAR)

0

100 80 60

120

40

100

100 '11

120

140

200 100

140

180 160

300

100

150

200

20

80 '00

'02

'04

'06

PSG Money Market Fund

'08

'10

'12

'14

'16

(ASISA) South African IB Money Market Mean (Benchmark)

60

0 '10

'11

'12

PSG Global Equity Sub-Fund

'13

'14

'15

'16

MSCI Daily Total Return Net World USD Index

'13

'14

PSG Global Flexible Sub-Fund

'15

'16 US Inflation +6% USD