Portfolio holdings as at 30 September 2016 - PSG

Portfolio holdings as at 30 September 2016

PSG Equity Fund

Top 10 equities Glencore plc FirstRand Ltd Old Mutual plc Discovery Holdings Ltd Imperial Holdings Ltd Super Group Ltd Nedbank Group Ltd Capital One Financial Corp Grindrod Ltd Hudaco Industries Ltd

Asset allocation

PSG Flexible Fund

Top 10 equities Berkshire Hathaway Inc FirstRand Ltd Glencore plc J Sainsbury plc Old Mutual plc Discovery Holdings Ltd Imperial Holdings Ltd Super Group Ltd Capital One Financial Corp PSG Group Ltd

Asset allocation

PSG Balanced Fund

Top 10 equities FirstRand Ltd Imperial Holdings Ltd Berkshire Hathaway Inc Old Mutual plc Super Group Ltd Dicovery Holdings Ltd Brookfield Asset Management Inc J Sainsbury plc Nedbank Group Ltd Colfax Corp

Asset allocation

PSG Stable Fund

Top 5 equities FirstRand Ltd Berkshire Hathaway Inc Imperial Holdings Ltd Brookfield Asset Management Inc Discovery Holdings Ltd

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

Asset allocation

PSG Diversified Income Fund

Top 5 equities Berkshire Hathaway Inc FirstRand Ltd Nedbank Group Ltd J Sainsbury plc Discovery Holdings Ltd

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

Asset allocation

PSG Income Fund

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

Asset allocation

PSG Money Market Fund

Top 10 issuer exposures Standard Bank of SA Ltd Nedbank Ltd Absa Bank Ltd FirstRand Bank Ltd Investec Bank Ltd Transnet Soc Ltd Capitec Bank Ltd Growthpoint Properties Ltd Republic of South Africa Land and Agricultural Development Bank of SA

PSG Global Equity Sub-Fund

Top 10 equities Berkshire Hathaway Inc Capital One Financial Corp Brookfield Asset Management Inc J Sainsbury plc Cisco Systems Inc JP Morgan Chase & Co Colfax Corp Qualcomm Inc Glencore plc Union Pacific Corp

PSG Global Flexible Sub-Fund

Top 10 equities Berkshire Hathaway Inc Capital One Financial Corp Brookfield Asset Management Inc J Sainsbury plc Cisco Systems Inc JP Morgan Chase & Co Colfax Corp Union Pacific Corp Glencore plc Qualcomm Inc

Asset allocation

Regional allocation

Regional allocation

? Domestic resources

12%

? Domestic financials

28%

? Domestic industrials

35%

? Domestic cash and NCDs 1%

? Foreign equity

24%

Total

100%

? Domestic resources

5%

? Domestic financials

21%

? Domestic industrials

25%

? Domestic cash and NCDs 26%

? Foreign equity

23%

Total

100%

? Domestic resources

3%

? Domestic financials

20%

? Domestic industrials

22%

? Domestic cash and NCDs 11%

? Domestic bonds

20%

? Foreign equity

24%

Total

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 Fund

FTSE/JSE All Share TR Index ZAR

Performance

700 600 500 400 300 200 100

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

PSG Flexible Fund

Inflation +6%

Performance

1200 1000

800 600 400 200

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

PSG Balanced Fund

Inflation +5%

? Domestic financials

10%

? Domestic industrials

11%

? Domestic cash and NCDs 37%

? Domestic bonds

26%

? Foreign equity

16%

Total

100%

Performance

180

160

140

120

100

80

60

40

20

0 '11

'12

'13

PSG Stable Fund

'14

'15

'16

Inflation +3% over a rolling 3-year period

? Domestic equity

4%

? Domestic cash and NCDs 37%

? Domestic bonds

54%

? Foreign equity

5%

Total

100%

Performance

250

200

150

100

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

PSG Diversified Income Fund

Inflation +1%

? Fixed rate notes

64%

? Floating rate notes

34%

? Domestic cash and NCDs 2%

Total

100%

Performance

140 120 100

80

60 '11

'12

'13

PSG Income Fund

'14

'15

'16

STeFI Composite Index (ZAR)

? Linked NCDs/Floating rate notes 27%

? Step rate notes

10%

? NCDs

58%

? Corporate paper

4%

? Bill

1%

Total

100%

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

60% 4%

14% 12% 7%

1% 2% 100%

Performance

500

400

300 200

100 0 '00 '02 '04 '06 '08 '10 '12 '14 '16

PSG Money Market Fund

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

Performance

200 180 160 140 120 100

80

60 '10

'11

'12

PSG Global Equity Sub-Fund

'13

'14

'15

'16

MSCI Daily Total Return Net World USD Index

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

51% 3% 12% 11% 6% 1% 16% 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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