Portfolio holdings as at 31 March 2016 - PSG

Portfolio holdings as at 31 March 2016

PSG Equity Fund

PSG Flexible Fund

PSG Balanced Fund

Top 10 equities Imperial Holdings Ltd Glencore plc FirstRand Ltd Old Mutual plc Discovery Holdings Ltd Nedbank Group Ltd Microsoft Corp Grindrod Ltd Reunert Ltd Capital One Financial Corp

Top 10 equities Berkshire Hathaway Inc J Sainsbury plc FirstRand Ltd Imperial Holdings Ltd Glencore plc Capitec Bank Holdings Ltd Old Mutual plc Super Group Ltd Coronation Fund Managers Discovery Holdings Ltd

Top 10 equities Berkshire Hathaway Inc FirstRand Ltd Old Mutual Ltd Imperial Holdings Ltd Super Group Ltd Brookfield Asset Management Inc J Sainsbury plc Microsoft Corp Reunert Ltd Discovery Holdings Ltd

Asset allocation

Asset allocation

Asset allocation

PSG Stable Fund

Top 5 equities Berkshire Hathaway Inc Brookfield Asset Management Inc FirstRand Ltd Imperial Holdings Ltd Old Mutual plc

Top 5 issuer exposures Absa Bank Ltd FirstRand Bank Ltd Standard Bank of SA Ltd Republic of South Africa Nedbank Group Ltd

Asset allocation

PSG Diversified Income Fund

Top 5 equities Berkshire Hathaway Inc Old Mutual plc Markel Corp Microsoft Corp FirstRand Ltd

Top 5 issuer exposures Absa Bank Ltd Standard Bank of SA Ltd Nedbank Group Ltd Republic of South Africa FirstRand Bank Ltd

Asset allocation

PSG Income Fund

Top 10 bond exposures Absa Bank Ltd Standard Bank of SA Ltd Nedbank Group Limited FirstRand Bank Ltd Republic of South Africa Capitec Bank Holdings Ltd Imperial Holdings Ltd Bidvest Group Ltd The Thekwini Fund (RF) Ltd MMI Group Ltd

Asset allocation

PSG Money Market Fund

Top 10 issuer exposures Nedbank Group Ltd FirstRand Bank Ltd Standard Bank of SA Ltd Absa Bank Ltd Republic of South Africa Investec Bank Ltd Capitec Bank Ltd Transnet Soc Ltd Mercedes-Benz South Africa Ltd Land and Agricultural Development Bank of SA

PSG Global Equity Sub-Fund

Top 10 equities Berkshire Hathaway Inc Brookfield Asset Management Inc J Sainsbury plc Capital One Financial Corp Microsoft Corp Cisco Systems Inc Softbank Corp Colfax Corp JP Morgan Chase & Co Markel Corp

PSG Global Flexible Sub-Fund

Top 10 equities Berkshire Hathaway Inc Brookfield Asset Management Inc J Sainsbury plc Capital One Financial Corp Microsoft Corp Softbank Corp Colfax Corp Cisco Systems Inc JP Morgan Chase & Co Markel Corp

Asset allocation

Regional allocation

Regional allocation

? Resources ? Financials ? Industrials ? Domestic cash ? Foreign equity Total

12% 25% 38%

1% 24% 100%

? Resources ? Financials ? Industrials ? Domestic cash ? Foreign equity Total

5% 18% 23% 28% 26% 100%

? Resources ? Financials ? Industrials ? Domestic cash ? Domestic bonds ? Foreign equity Total

5% 16% 18% 19% 17% 25% 100%

? Resources ? Financials ? Industrials ? Domestic cash ? Domestic bonds ? Foreign equity ? Foreign cash Total

1% 7% 10% 46% 19% 16% 1% 100%

Performance

1400 1200 1000

800 600 400 200

0 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

PSG Equity

FTSE/JSE All Share TR ZAR

Performance

700 600 500 400 300 200 100

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

PSG Flexible

Inflation +6%

Performance

1200 1000

800 600 400 200

0 '00 '02 '04 '06 '08 '10 '12 '14 '16

PSG Balanced

Inflation +5%

Performance

160 140 120 100

80 60 40 20

0 '11

'12

'13

PSG Stable

'14

'15

'16

Inflation +3%

? Domestic equity ? Domestic cash ? Domestic bonds ? Foreign equity Total

4% 48% 43%

5% 100%

Performance

250

200

150

100

50 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

PSG Diversified Income

Inflation +1%

? Fixed rate notes ? Floating rate notes ? Cash and NCDs Total

29% 64%

7% 100%

? Linked NCDs/Fixed rate notes 23%

? Step rate note

9%

? NCDs

55%

? Corporate paper

1%

? Call

3%

? Bill

9%

Total

100%

? US ? Europe ? UK ? Asia ? Canada ? Singapore ? Cash Total

56% 5%

17% 12% 7% 2%

1% 100%

Performance

140 120 100

80 60 '11

'12

'13

PSG Income

'14

'15

'16

STeFI Composite ZAR

Performance

400

300

200

100

0 '00 '02 '04 '06 '08 '10 '12 '14 '16

PSG Money Market Fund

(ASISA) South African IB Money Market (Benchmark)

Performance

200 180 160 140 120 100

80

60 '10

'11

'12

'13

PSG Global Equity Sub-Fund

'14

'15

'16

MSCI World Free NR USD Index

? US ? Europe ? UK ? Asia ? Canada ? Singapore ? Cash Total

52% 5%

15% 11% 7% 1% 9% 100%

Performance

140

120 100

80 60 40 20

0

'13

'14

'15

'16

PSG Global Flexible Sub-Fund

US Inflation +6% USD

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