China. Europe. United States. Local. Japan 31 DECEMBER 2015 DAILY INVESTMENT UPDATE

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1 31 DAILY INVESTMENT UPDATE United States US stocks ended in negative territory on Wednesday as oil prices fell sharply on the back of a rise in US crude stockpiles. Europe European markets closed lower on Wednesday on the back of weaker commodity prices which saw mining and energy related shares tumbling. Online supermarket group Ocado fell 3.3% on concerns over increasing competition from a rival service at Amazon. China Chinese markets dropped on Thursday but the Shanghai stock exchange was still on track to end 2015 with a gain of nearly 10%, easily outperforming Wall Street and most other major equity markets. The Hong Kong market traded slightly higher. Local The JSE All Share Index ended 0.31% lower on Wednesday as it tracked other stock exchanges lower, with the possibility that it may close out 2015 in negative territory. Gold mining shares were hurt the most with Gold Fields dropping by 2.8%, followed by AngloGold Ashanti which lost 1.68% to R108.15, while Harmony closed 1.6% lower. Japan Japanese markets were closed on Thursday and will reopen on Monday. Rand Precious Metals Oil The rand extended its losses against the dollar late on Wednesday despite South Africa s trade account swinging into a surplus in November. Concerns over the economic slowdown in China hit all emerging-market currencies, triggering a sell-off in commodity prices. The rand was last trading at R against the US dollar, R against the euro and R against the British pound. The gold price was almost unchanged going into the last trading session of the year on Thursday but was still on track to post its third straight annual loss on the back of a strong dollar and the possibility of more US interest rate hikes. Gold was last trading at $ , with platinum at $ and palladium at $ Crude oil prices was under pressure during the final hours of Asian trading for the year following record US crude inventories which rose to 2.6 million barrels last week against expectations of a draw down of 2.5 million barrels. This reinforced fears over global oversupply that has seen prices fall by a third over the past year. Brent crude oil was last quoted at $36.50 a barrel.

2 Economic calendar Local Private Sector Credit (YoY) (NOV) M3 Money Supply (YoY) (NOV) International Australia: Private Sector Credit (YoY & MoM) (Oct) Eurozone: ECB Monetary Policy Meeting Accounts US: MBA Mortgage Applications (Dec 25) US: Initial Jobless Claims (Dec 25) US: Continuing Jobless Claims (Dec 18) US: Chicago Purchasing Managers' Index (Dec) Daily indicators Local Markets (R) Index Current Level 1 Day Move 3 Month Move 6 Month Move 1 Year Move ALSI 50, Gold Mining 1, Basic Minerals 17, Industrial Index 41, Financial 41, Fin + Ind 30 74, International Markets (Base currency) Index Current Level 1 Day Move 3 Month Move 6 Month Move 1 Year Move Dow Jones (USD) 17, S&P 500 PR (USD) 2, NASDAQ (USD) 5, FT-100 (GBP) 6, Hang Seng (HKD) 21, Nikkei 225 (JPY) Paris CAC (EUR) 4, Frankfurt (EUR) 10, Other Markets Index Current Level 1 Day Move 3 Month Move 6 Month Move 1 Year Move Gold ($) 1, Platinum ($) Brent Oil ($) Rand/USD Rand/GBP Rand/EUR ALBI (R) Some data may be delayed, the above tables reflects the latest available information.

3 Company results calendar Company Reports Expected Day Date Company Share Code Expectation Monday 4 January 2016 Giyani GIY Next Quarterly Results Unconfirmed Tuesday 12 January 2016 Atleaf ALP Next Quarterly Results Unconfirmed Tuesday 12 January 2016 Rockwell RDI Next Quarterly Results Unconfirmed Thursday 28 January 2016 Capprop CPF Next Final Results Unconfirmed Thursday 28 January 2016 Hudaco HDC Next Final Results Unconfirmed Ex-Dividend Date Day Date Company Share Code Expectation Monday 4 January 2016 Aforbes AFH Regular Cash Dividend ZARc Monday 4 January 2016 PPC PPC Final Dividend ZARc Monday 11 January 2016 AME AME Interim Dividend ZARc Monday 11 January 2016 Barworld BAW Final Dividend ZARc Monday 11 January 2016 TFG TFG Interim Dividend ZARc Monday 11 January 2016 Indequity IDQ Final Dividend ZARc Monday 11 January 2016 Nampak NPK Final Dividend ZARc Monday 11 January 2016 Oceana OCE Final Dividend ZARc Monday 11 January 2016 Omnia OMN Interim Dividend ZARc Monday 11 January 2016 Reunert RLO Final Dividend ZARc Monday 11 January 2016 Tigerbrands TBS Final Dividend ZARc Monday 11 January 2016 Trematon TMT Regular Cash Dividend 3.75 ZARc Monday 11 January 2016 Value Group VLE Interim Dividend 5.00 ZARc Dividend Pay Date Day Date Company Share Code Expectation Monday 11 January 2016 Aforbes AFH Regular Cash Dividend ZARc Monday 11 January 2016 PPC PPC Final Dividend ZARc Monday 18 January 2016 AME AME Interim Dividend ZARc Monday 18 January 2016 Barworld BAW Final Dividend ZARc Monday 18 January 2016 TFG TFG Interim Dividend ZARc Monday 18 January 2016 Indequity IDQ Final Dividend ZARc Monday 18 January 2016 Nampak NPK Final Dividend ZARc Monday 18 January 2016 Oceana OCE Final Dividend ZARc Monday 18 January 2016 Omnia OMN Interim Dividend ZARc Monday 18 January 2016 Reunert RLO Final Dividend ZARc Monday 18 January 2016 Tigerbrands TBS Final Dividend ZARc Monday 18 January 2016 Trematon TMT Regular Cash Dividend 3.75 ZARc Monday 18 January 2016 Value Group VLE Interim Dividend 5.00 ZARc

4 PSG MM Income FoF B PSG MM Cautious FoF B PSG MM Balanced FoF B PSG MM Equity FoF B PSG MM Foreign Flex FoF B PSG Money Market A PSG Income PSG Diversified Income PSG Stable PSG Balanced A PSG Flexible PSG Equity A PSG Global Flexible FF A PSG Global Equity FF Local funds Performance data on local funds* is shown up to the last market close. PSG Multi Management PSG MM Income FoF B PSG MM Cautious FoF B PSG MM Balanced FoF B PSG MM Equity FoF B PSG MM Foreign Flex FoF B PSG Asset Management PSG Money Market A PSG Income PSG Diversified Income PSG Stable PSG Balanced A PSG Flexible PSG Equity A PSG Global Flexible FF A PSG Global Equity FF PSG Multi-Management Funds: 1 Year Move PSG Asset Management funds: 1 Year Move Offshore funds Performance data on offshore funds* is shown up to the last market close minus 1 day PSG Multi-Management PSG MM Foreign Flex FoF B PSG Asset Management ($) PSG Global Flexible USD A PSG Global Equity USD

5 Sector focus JSE ALSI 40 Index The JSE ALSI 40 Index slipped 0.21% lower on Wednesday with the benchmark index price now testing the lower support trend line of a narrow up channel. A break out and close below this support trend line would trigger a change of trend to bearish. The index price is trading just above the 50 and 200 day moving averages and the long term trend remains bullish. The two technical indicators are giving mixed signals with the Stochastic indicator still moving higher but the RSI indicator moving lower to suggest that the rally is losing momentum. A bearish candlestick was formed yesterday because the index price closed lower than it opened. Three bearish candles occurred in the last three days. Although these candles were not big enough to create whatis called three black crows, the steady downward pattern is bearish. During the past ten days, there have been six bullish candles and four bearish candles for a net of two bullish candles. During the past 50 days, there have been 24 bullish candles and 26 bearish candles for a net of two bearish candles.

6 Trade Spotlight: CFD & SSF Firstrand (FSR) The share price of Firstrand lost 2.68% on Wednesday as the share price recently failed to break out and close above a previous support, which is now the new resistance level. The share price is also still trading far below both its 50 & 200 day moving averages and the long term trend remains bearish. Both the Stochastic and RSI indicators are showing signs that momentum is slowing, which suggest that the rally may be nearing the end. 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.