United States Europe Hong Kong. Local. Japan 6 APRIL 2017 DAILY INVESTMENT UPDATE

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1 6 DAILY INVESTMENT UPDATE United States Europe Hong Kong Minutes of the Fed's last meeting showed most policymakers thought the US central bank should begin trimming its $4.5 trillion balance sheet later this year, much earlier than many had expected. The Dow ended down 0.19%, while the S&P 500 lost 0.30% and the Nasdaq 0.58%. European shares ended little changed on Wednesday, as gains in commodity stocks were offset by weaker autos, but investors remained upbeat about prospects for the region's equities following solid economic data. The pan- European STOXX 600 index ended at 380 points after moving in and out of positive territory throughout the session. Asian markets trading before the JSE s opening were jittery ahead of US President Donald Trump s meeting with his Chinese counterpart, Xi Jinping, which is scheduled to start on Thursday. Hong Kong s Hang Seng index was down 0.6%. Local Wednesday continued the JSE s trend started on 27 March when President Jacob Zuma reversed SA s winning economic streak. The JSE s banking index has lost 13% over the past two weeks, while its resources 10 index has gained 13%. Japan Japan s Nikkei fell 1.4% to touch its lowest since early December on Thursday morning. Rand Precious Metals Oil The rand was trading at R13.84/$ at 07h00 on Thursday morning, with traders expecting it to weaken back over R14/$ by Friday. Gold prices held firm on Thursday due to a weaker dollar as appetite for risky assets like equities waned ahead of a potentially tense meeting between US President Donald Trump and his Chinese counterpart. Spot gold was mostly unchanged at $ /oz by 03h24 GMT. Oil prices fell on Thursday as record US crude inventories underscored that crude markets remain bloated, despite efforts led by oil cartel Opec to cut output and prop up prices. Brent crude futures were at $54.07 a barrel at 03h10.

2 Economic Calendar Local International No economic data scheduled for release EA: Retail PMI MAR US: Continuing Jobless Claims MAR Source: Reuters, Business Day, Trading Economics Daily Indicators Local Markets (R) Index Current Level 1 Day Move 1 Month Move 3 Month Move 6 Month Move 1 Year Move ALSI 52, Gold Mining 1, Basic Minerals 24, Industrials 77, Financials 39, Financials & Industrials 7, International Markets (Base currency) Index Current Level 1 Day Move 1 Month Move 3 Month Move 6 Month Move 1 Year Move Dow Jones (USD) 20, S&P 500 (USD) 2, NASDAQ (USD) 5, FT-100 (GBP) 7, Hang Seng (HKD) 24, Nikkei 225 (JPY) 18, Paris CAC (EUR) 5, Frankfurt (EUR) 12, Other Markets Index Current Level 1 Day Move 1 Month 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 table reflects the latest available information from Morningstar. PSG Wealth Equity Portfolios Portfolio PSG Wealth SA Equity Portfolio PSG Wealth Offshore Equity Portfolio (USD) PSG Wealth SA Property Equity Portfolio PSG Wealth SA Dividend Income Equity Portfolio PSG Wealth Managed Volatility Equity Portfolio * Portfolio performance is reported net of management fees of 1.71% pa (local) and 2.28% pa (offshore) * PSG Wealth SA and Offshore Equity Portfolio Inception date: 30 August 2015 * PSG Wealth SA Listed Property Portfolio Inception date: 1 December 2015 * PSG Wealth Dividend Income Equity Portfolio Inception date: 29 April 2016 * PSG Wealth Managed Volatility Equity Portfolio Inception date: 28 July 2016 * PSG Wealth s 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 -1.13

3 Local funds Performance data on local funds* is shown up to the last market close minus 1 day. PSG Wealth Solutions PSG Wealth Enhanced Interest D PSG Wealth Income FoF D PSG Wealth Preserver FoF D PSG Wealth Moderate FoF D PSG Wealth Creator FoF D PSG Wealth Global Moderate FF D PSG Wealth 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 PSG Wealth Solutions: 1 Year Move PSG Asset Management funds: 1 Year Move PSG Wealth Enhanced Interest D PSG Wealth Income FoF D PSG Wealth Preserver FoF D PSG Wealth Moderate FoF D PSG Wealth Creator FoF D PSG Wealth Global Moderate FF D PSG Wealth 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 PSG Wealth Solutions ($) PSG Wealth Global Moderate FoF D PSG Wealth Global Creator FoF D PSG Wealth Global Preserver FoF (USD) D PSG Wealth Global Flexible FoF (USD) D PSG Wealth Solutions ( ) PSG Wealth Global Preserver FoF (GBP) D PSG Wealth Global Flexible FoF (GBP) D

4 PSG Asset Management ($) PSG Global Flexible USD A PSG Global Equity USD Local Equity Portfolios Anglo American PLC 301, Aspen Pharmacare Holdings Ltd 128, Barclays Africa Group Ltd 117, BHP Billiton PLC 1,178, Cie Financiere Richemont SA DR 604, Hudaco Industries Ltd 4, Jse Ltd 10, MTN Group Ltd 221, Naspers Ltd Class N 1,039,206 2, Old Mutual PLC 160, Reinet Investments SCA DR 60, Remgro Ltd 186, Sasol Ltd 269, Standard Bank Group Ltd 219, Steinhoff International Holdings NV 287, Super Group Ltd 12, Tiger Brands Ltd 70, Truworths International Ltd 35, Tsogo Sun Holdings Ltd 26, Wilson Bayly Holmes-Ovcon Ltd 8, Woolworths Holdings Ltd 66, Local Property Equity Portfolio PSG Wealth SA Equity Portfolio PSG Wealth SA Property Equity Portfolio Arrowhead Properties Ltd Class A 8, Attacq Ltd 11, Capital & Counties Properties PLC 43, Emira Property Ltd 6, Fortress Income Ltd Class A 36, Fortress Income Ltd Class B 74, Growthpoint Properties Ltd 70, Hammerson PLC 78, Hyprop Investments Ltd 29, Intu Properties PLC 65, Investec Property Ltd 10, New Europe Property Investments PLC 46, Redefine Properties Ltd 46, Resilient REIT Ltd 46, Rockcastle Global Real Estate Co Ltd 30, SA Corporate Real Estate 13, Vukile Property Ltd 12,

5 Local Dividend Income Equity Portfolio Barclays Africa Group Ltd 117, British American Tobacco PLC 1,558, Cie Financiere Richemont SA DR 604, Exxaro Resources Ltd 44, Firstrand Ltd 253, Imperial Holdings Ltd 30, Liberty Holdings Ltd 27, Mondi Ltd 162, Mr Price Group Ltd 40, MTN Group Ltd 221, Nedbank Group Ltd 109, Netcare Ltd 34, Old Mutual PLC 160, Reunert Ltd 12, Sanlam Ltd 126, Sasol Ltd 269, Sibanye Gold Ltd 30, Tiger Brands Ltd 70, Truworths International Ltd 35, Woolworths Holdings Ltd 66, Local Managed Volatility Portfolio PSG Wealth SA Dividend Income Equity Portfolio PSG Wealth Managed Volatility Equity Portfolio AECI Ltd 12, Aspen Pharmacare Holdings Ltd 128, Cashbuild Ltd 8, Cie Financiere Richemont SA DR 604, Italtile Ltd 12, Jse Ltd 10, Liberty Holdings Ltd 27, Mondi PLC 122, Netcare Ltd 34, Reinet Investments SCA DR 60, Reunert Ltd 12, Santam Ltd 26, Sun International Ltd 7, Super Group Ltd 12, Tiger Brands Ltd 70, Tsogo Sun Holdings Ltd 26, Wilson Bayly Holmes-Ovcon Ltd 8,

6 Offshore Equity Portfolio PSG Wealth Offshore Equity Portfolio Share name Market Cap (USD million) Current Price (Base Currency) 1 Day Return (USD) 1 Month Return (USD) Alphabet Inc C 574, Berkshire Hathaway Inc B 409, Heineken NV 48, ishares US Technology 3, Johnson & Johnson 338, JPMorgan Chase & Co 307, Mastercard Inc A 120, Microsoft Corp 506, Nestle SA 236, Pfizer Inc 203, Roche Holding AG 218, Vodafone Group PLC 68, Volkswagen AG 73, Yum Brands Inc 22, Yum China Holdings Inc 10, 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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