China. Europe. United States. Local. Japan 14 DECEMBER 2015 DAILY INVESTMENT UPDATE

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1 14 DAILY INVESTMENT UPDATE United States US markets dropped on Friday with the S&P 500 Index recording its steepest weekly loss since August, when stocks plunged on fears of a slowdown in China. Falling oil prices and worries about junk-bond markets had investors rattled. Europe European markets dropped on Friday as investors fretted over the impact that a weaker Chinese yuan would have on the global economy, especially those companies that export to China such as automakers and luxury brands. Lower oil prices also added to the gloomy market outlook ahead of the much anticipated US interest rate hike later this week. China The Shanghai Index traded firmer on Monday on the back of better-thanexpected factory activity data which lifted market sentiment without hurting hopes of fresh economic stimulus. The Hang Seng Index, however, followed global markets lower, with investors expecting a possible US interest rate hike later this week. Local The JSE All Share Index dropped 1.87% on Friday to hit a four-month low following the sovereign debt rating downgrades a week earlier, as well as the axing of Finance Minister Nhlanhla Nene. Banking and financial shares took the worst of the punishment on the day. Japan The Nikkei Index slumped more than 3% to a 7½-week low on Monday with mining houses under performing on the back of the lower global oil and commodity prices, which added to market skittishness over an expected US interest rate hike later this week. Rand Precious Metals Oil The rand extended its losses against the dollar, pound and euro on Friday afternoon, reaching new record lows, as negative sentiment persisted. The rand surged nearly 5% on Sunday evening after Pravin Gordhan was reappointed as finance minister. The rand was last trading at R against the US dollar, R against the euro and R against the British pound. The gold price edged higher in Asian trade on Monday but remains under pressure ahead of the US Federal Reserve policy meeting this week where it is expected to raise interest rates by 25 basis points. Gold was last trading at $ , with platinum at $ and palladium at $ Crude oil futures dropped for a seventh straight session on Monday, their longest losing streak in 18-months, as a industry forecast that the global oversupply was likely to extend into next year weighed on prices. OPEC is pumping near record levels in an attempt to drive higher-cost producers such as US shale firms out of the market. Brent crude oil was last quoted at $37.67 a barrel.

2 Economic calendar Local International No new local economic events scheduled for today Japan: Industrial production Eurozone: Industrial production Daily indicators Local Markets (R) Index Current Level 1 Day Move 3 Month Move 6 Month Move 1 Year Move ALSI 48, Gold Mining 1, Basic Minerals 16, Industrial Index 37, Financial 36, Fin + Ind 30 71, 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) 4, FT-100 (GBP) 5, Hang Seng (HKD) 21, Nikkei 225 (JPY) 19, 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 Tuesday 15 December 2015 Sablementl SMM Next Interim Results Unconfirmed Tuesday 15 December 2015 Cullinan CUL Next Final Results Unconfirmed Tuesday 15 December 2015 Mineresi MRI Next Interim Results Unconfirmed Tuesday 15 December 2015 Tharisa THA Next Final Results Unconfirmed Thursday 17 December 2015 Sacoven SCV Next Interim Results Unconfirmed Thursday 17 December 2015 Marshall MMP Next Final Results Unconfirmed Friday 18 December 2015 ZCI ZCI Next Interim Results Unconfirmed Friday 18 December 2015 Ellies ELI Next Interim Results Unconfirmed Tuesday 22 December 2015 Eastplats EPS Next Quarterly Results Unconfirmed Tuesday 22 December 2015 Stratcorp STA Next Interim Results Unconfirmed Wednesday 23 December 2015 SVF SVF Next Quarterly Results Unconfirmed Thursday 24 December 2015 Chemspec CSP Next Interim Results Unconfirmed Wednesday 30 December 2015 IPSA IPS Next Interim Results Unconfirmed Dividend Pay Date Day Date Company Share Code Expectation Monday 14 December 2015 Accelerate APF Income Distribution ZARc Monday 14 December 2015 Afrimat AFT Interim Dividend ZARc Monday 14 December 2015 Arrow A AWA Interest on Cash ZARc Monday 14 December 2015 Arrow B AWB Interest on Cash ZARc Monday 14 December 2015 Cartrack CTK Interim Dividend ZARc Monday 14 December 2015 CMH CMH Interim Dividend ZARc Monday 14 December 2015 Holdsport HSP Interim Dividend ZARc Monday 14 December 2015 HCI HCI Interim Dividend ZARc Monday 14 December 2015 Ingenuity ING Regular Cash Dividend 3.50 ZARc Monday 14 December 2015 Investec Ltd INL Interim Dividend ZARc Monday 14 December 2015 Investec Plc INP Interim Dividend GBpc Monday 14 December 2015 Investec Property IPF Interim Dividend ZARc Monday 14 December 2015 Life Healthcare LHC Final Dividend ZARc Monday 14 December 2015 Mr Price Group MRP Interim Dividend ZARc Monday 14 December 2015 Niveus NIV Regular Cash Dividend 7.00 ZARc Monday 14 December 2015 Panaf PAN Regular Cash Dividend GBp\ Monday 14 December 2015 Pickwik PWK Interim Dividend 11.6 ZARc Monday 14 December 2015 Picknpay PIK Interim Dividend ZARc Monday 14 December 2015 Rex Trueform RTN Final Dividend ZARc Monday 14 December 2015 Rex Trueform-N RTO Final Dividend ZARc Monday 14 December 2015 Safari SGA Interim Dividend ZARc Monday 14 December 2015 Synergy A SGA Interim Dividend ZARc Monday 14 December 2015 Synergy B SGB Interim Dividend ZARc Monday 14 December 2015 Tsogo TSH Interim Dividend ZARc Monday 21 December 2015 Iliad ILA Special Cash Dividend 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 lost 1.56% on Friday with the benchmark index testing the lower support trend line of a down channel, while still trading below both its 50 & 200 day moving averages. The long term trend remains bearish despite both the Stochastic and RSI indicators trading in oversold territory. A bearish candlestick was formed because the index price closed lower than it opened. During the past ten days, there have been three bullish candles and seven bearish candles for a net of four bearish candles. During the past 50 days, there have been 24 bullish candles and 26 bearish candles for a net of two bearish candles. We may have a rebound today on the back of the reappointment of Pravin Gordhan as finance minister. The rand has already recovered about 80c against the dollar.

6 Trade Spotlight: CFD & SSF Grindrod (GND) The share price of Grindrod gained 3.95% on Friday but is 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 trading in oversold territory but do not have clear bullish signals as yet. The share price also needs to breakout above previous support levels, which will now act as strong resistance levels, to trigger a change in trend to bullish again. Currency report Commentary South Africa's rand strengthened more than 4% in early trade on Monday, extending overnight gains after President Jacob Zuma named Pravin Gordhan as the new finance minister. The rand had strengthened 4.39% against the dollar to , adding to gains notched up overnight after Zuma restored a widely respected Gordhan to the ministry in a dramatic U-turn that gave Africa's most advanced economy its third finance chief in a week. A key dollar index recorded its second straight weekly loss Friday as the worsening selloff in crude oil raises concerns that it could slow the pace of any Federal Reserve interest-rate increases in The US Dollar index, a measure of the dollar s strength against a basket of six rivals, was down 0.7% on the week to On Friday, the euro advanced against most of the majors but was marginally lower against the British pound. In economic news, German consumer prices remained unchanged for November from the previous estimates. In the UK, consumers' one-year inflation expectations were unchanged from August. Elsewhere, the Chinese yuan traded in the onshore market fell to a 4½-year low as the People s Bank of China continued to guide the currency lower. It traded at a low of 6.46 to the dollar, compared with 6.43 to the dollar when the Chinese market closed Thursday. 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.