Portfolio holdings as at 31 March 2018

Portfolio holdings as at 31 March 2018 PSG Equity Fund

PSG Flexible Fund

PSG Balanced Fund

PSG Stable Fund

PSG Diversified Income Fund

PSG Income Fund

PSG Money Market Fund

PSG Global Equity Sub-Fund

PSG Global Flexible Sub-Fund

Top 10 equities

Top 10 equities

Top 10 equities

Top 5 equities

Top 5 equities

Top 10 issuer exposures

Top issuer exposures

Top 10 equities

Top 10 equities

Old Mutual plc Discovery Holdings Ltd Glencore plc AECI Ltd Brookfield Asset Management Inc Tongaat-Hulett Ltd Super Group Ltd Babock International Group plc Grindrod Ltd Barclays Africa Group Ltd

Old Mutual plc Brookfield Asset Management Inc Discovery Holdings Ltd AECI Ltd Glencore plc Babock International Group plc Super Group Ltd Tongaat-Hulett Ltd Grindrod Ltd Nedbank Group Ltd

Brookfield Asset Management Inc Nedbank Group Ltd Old Mutual plc Discovery Holdings Ltd AIA Group Ltd AECI Ltd Super Group Ltd L Brands Inc Tongaat-Hulett Ltd Grindrod Ltd

Brookfield Asset Management Inc Nedbank Group Ltd Old Mutual plc Hudaco Industries Ltd AIA Group Ltd

Brookfield Asset Management Inc Discovery Holdings Ltd PSG Group Ltd Hudaco Industries Ltd AIA Group Ltd

Top 5 issuer exposures

Top 5 issuer exposures

FirstRand Bank Ltd Republic of South Africa Standard Bank of SA Ltd Absa Bank Ltd Nedbank Ltd

FirstRand Bank Ltd Absa Bank Ltd Republic of South Africa Standard Bank of SA Ltd Nedbank Ltd

Standard Bank of SA Ltd FirstRand Bank Ltd Absa Bank Ltd Nedbank Ltd Republic of South Africa Capitec Bank Ltd PSG Money Market Fund Land and Agricultural Development Bank of SA Bidvest Group Ltd MMI Group Ltd

Nedbank Ltd Standard Bank of SA Ltd FirstRand Bank Ltd Absa Bank Ltd Republic of South Africa Land and Agricultural Development Bank of SA Investec Bank Ltd Capitec Bank Ltd

Brookfield Asset Management Inc Babcock International Group plc AIA Group Ltd Simon Property Group Inc The Mozaic Co L Brands Inc Glencore plc Pandora A/S Colfax Corp Discovery Holdings Ltd

Brookfield Asset Management Inc Babcock International Group plc AIA Group Ltd Simon Property Group Inc The Mozaic Co Glencore plc L Brands Inc Pandora A/S Colfax Corp Discovery Holdings Ltd

Asset allocation

Asset allocation

Asset allocation

Asset allocation

Asset allocation

Asset allocation

Asset allocation

Regional allocation

Regional allocation

• Domestic equity 76%

• Domestic equity 51%

• Domestic equity

40%

• Domestic equity

23%

• Domestic equity

• Fixed-rate notes

57%

• Linked NCDs/Floating-rate notes 24%

• US 34%

• US 26%

• Domestic property

• Domestic cash and gold

• Domestic cash and NCDs

13%

• Domestic cash and NCDs

26%

• Domestic cash and NCDs

38%

• Floating-rate notes

39%

• Step rate notes

15%

• Europe 6%

• Europe 5%

• Foreign equity

22%

• Foreign property

1%

Total 100%

20%

5%

• Domestic bonds

5%

• Domestic bonds

24%

• Domestic bonds

37%

• Domestic bonds

53%

• Domestic cash and NCDs 4%

• NCDs 44%

• UK 21%

• UK 17%

• Domestic property

1%

• Foreign equity

22%

• Foreign equity

12%

• Foreign equity

3%

Total 100%

• Bill 15%

• Asia ex Japan

• Asia ex Japan

1%

• Call deposits

2%

• Japan 6%

• Japan 5%

Total 100%

• Canada 9%

• Canada 7%

• Africa 5%

• Africa 4%

• Other 1%

• Other 1%

• Cash 10%

• Cash 28%

Total 100%

Total 100%

Performance

Performance

• Foreign equity

18%

• Foreign cash and gold

3%

• Foreign property

2%

• Foreign property

1%

Total 100%

• Foreign cash

1%

• Foreign cash

• Foreign property

1%

Total 100%

Total 100%

Total 100%

200

1 200

180

1 000 800 600 400

500 400 300 200

200 0

600

'02

'04

'06

PSG Equity Fund

'08

'10

'12

'14

'16

FTSE/JSE All Share TR Index

'18

100

1 000 800 600 400 200

'04

'06

'08

'10

PSG Flexible Fund

'12

'14

'16

Inflation +6%

'18

0

160 140 120 100 80

'00

'02

'04

'06

'08

PSG Balanced Fund

'10

'12

'14

'16

Inflation +5%

'18

60

'11

'12

'13

'14

PSG Stable Fund

'15

'16

'17

'18

Inflation +3% over a rolling 3-year period

Performance

Performance

300

160

500

250

140

400

200 150 100 50

'06

'08

'10

'12

PSG Diversified Income Fund

'14

'16

'18

Inflation +1%

120 100 80 60

'11

'12

'13

PSG Income Fund

'14

'15

'16

'17

STeFI Composite Index

'18

250 US dollar (thousands)

1 400

700

1 200

Rand (thousands)

800

1 400

Rand (thousands)

1 600

Performance

Rand (thousands)

Performance

Rand (thousands)

Performance

Rand (thousands)

Performance

Rand (thousands)

Rand (thousands)

Performance

300 200 100 0

8%

'00

'02

'04

'06

'08

PSG Money Market Fund

'10

'12

'14

'16

'18

(ASISA) South African IB Money Market Mean

200 150 100 50

7%

180 US dollar (thousands)

1%

'10

'11

'12

'13

PSG Global Equity Sub-Fund

'14

'15

'16

'17

MSCI Daily TR Net World USD Index

'18

160 140 120 100 80 60 40

'13

'14

'15

PSG Global Flexible Sub-Fund

'16

'17

'18

US inflation +6%