Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Traders Forum: Centurion Shaun van den Berg Head of Client Education Tuesday, 25 th June h00 until 20h00

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Agenda Technical Market Overview Trading Equity Derivatives – Single Stock Futures (SSF) – ALSI & ALMI Index Futures – Contracts For Difference (CFD) The Stockbroker (Trade Ideas) The Investor (Long-term Investment Opportunities) Upcoming Webinars / Traders Forums Open the Floor Summary & Conclusion

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Technical Market Overview S&P 500 Index Hang Seng Index Nikkei Index DAX Index FTSE 100 Index

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No S & P 500 (Weekly) Bullish Support Resistance Resistance Support Resistance

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Hang Seng Index (Weekly) Bullish (But turning!) Support Resistance

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Nikkei Index (Weekly) Bullish Support Resistance

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No DAX Index (Weekly) Bullish Support Resistance Resistance

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No FT 100 Index (Weekly) Bullish Support Resistance Resistance

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Technical Market Overview Brent Crude Oil Gold $ & Platinum $ Euro / US $ Rand $ R157 & R186 Bonds

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Brent Crude Oil Bearish Support Resistance

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Gold $ Bearish Resistance Support Resistance Support

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Platinum $ Bullish

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Euro/ USD Resistance USD Weakness USD Weakness Support

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Rand $ ZAR Weakness ZAR Weakness Resistance

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No R157 & R186 Bonds Bond Weakness Bond Weakness

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Technical Market Overview JSE Top 40 Index JSE Resources 20 Index JSE Gold Mining Index JSE Platinum Mining Index JSE FINDI 30 Index

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No JSE Top 40 Index (Weekly) Bullish Bullish Resistance Resistance Support Support Bearish Divergence Bearish Divergence

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No JSE Resources 20 Index Support Support Bearish Resistance ResistanceSupport

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Support Resistance Resistance Support JSE Gold Mining Index Bearish

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Support Resistance Resistance JSE Platinum Mining Index Bearish

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No JSE FINDI 30 Index Bullish Bullish Support Resistance Resistance

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Summary: Technical Overview S&P 500 Index Bullish Hang Seng Index Bullish but turning! Nikkei Index - Bullish DAX Index - Bullish FT 100 Index - Bullish Brent Crude Oil - Bearish Gold $ - Bearish Platinum $ - Bullish USD/ EUR- Weakness ZAR/ USD - Weakness R157 & R186 Bonds - Weakness JSE Top 40 Index - Bullish JSE Res 20 Index - Bearish JSE Gold Mining Index – Bearish JSE Platinum Mining – Bearish JSE FINDI 30 Index - Bullish

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Undervalued, Quality shares with dividends

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Undervalued, Quality shares with dividends: Lewis (LEW)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Undervalued, Quality shares & dividends: Astrapak (APK)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Traders Forum Investor / Trader Matrix Trading Tools

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Investor / Trader Matrix Prudent High Reward / Low Risk Speculative Low Reward / High Risk Aggressive High Reward / High Risk Conservative Low Reward / Low Risk REWARDREWARD High LowHigh Low RISK

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Trading Tools Watch List (Top 100 shares) / Fundamentals Top 40 shares / Mid cap shares Mining & Resources / Financials / Industrials Rand-Hedges?

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Watch Lists

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Watch Lists – View as Investor

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Trading Tools Watch List (Top 100 shares) / Fundamentals Top 40 shares / Mid cap shares Mining & Resources / Financials / Industrials Rand-Hedges? Charting Software / Technical Analysis Price charts (Candlesticks) / 50 & 200-day MA Trend lines / Support & Resistance Fibonacci retracement levels Chart Patterns Stochastic & RSI indicators / Volume Indicators Risk & Money Management Stoploss Position Size

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Trading Equity Derivatives - Single Stock Futures (SSF) What are Single Stock Futures (SSF)? Comparable to Equities Trading Costs Dividend Neutral Contracts Hedging using SSF Pro’s & Con’s of Trading SSFs

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Equity SSF Regulated by the JSE A standardised contract – Standard quantity (100 shares) Expiry Date – Expires on the third Thursday of every quarter March, June, September & December. Initial Margin – ± 15% deposit Gearing ± 6 times Variation Margin – Adverse price movement

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No SSF Trading Costs Brokerage - Charged at 0.4% (ex VAT) - Value of the transaction. Market Makers Fee – Charged at 0.1% (excluding VAT). – The total brokerage charge is 0.57% (including VAT). Booking Fee - R60 is charged per SSF contract – You pay only for the opening leg of all transactions – Only once per day per SSF contract. – If you buy a Sasol SSF10 times on one day; you only pay R60 once. Rollover Cost – 0.25% of Exposure Interest Payable – Interest paid on the SSF cost value – Determined daily by the market maker – Ruling SAFEX rates. Interest Received – Initial Margin – SAFEX less 2% – Cash balances - Rate linked to the JSE Trustees rate

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Comparable to Equities INVESTOR A (Share Trader) INVESTOR B (SSFs Trader) Confident that Sasol shares will increase. She has R which she can invest. Sasol’s share price is R350, therefore she buys 100 shares. 3 months later the price has increased by 10% so she sells her shares to make a R3 500 profit. Her return on her investment is 10%. The initial margin set by the broker is R6 000 which is paid by the buyer. Sasol’s share price is R350, therefore she buys 1 contract. After 3 months the price has increased by 10% & the investor closes out his position & sells out of the Sasol SSF contract. His profit is R3 500 but his return on his investment is 58%.

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Dividend Neutral Contracts Dividends expected in any quarter –Priced into SSFs –Includes expected interest to be received on dividend payment. Traders do not receive dividends as a cash payment even though they do benefit from them. Long Trades –N-contract = R100 –Q-contract = R95 plus interest –Plus F-Contract = R5 Short Trades –N-contract = R100 –Q-contract = R95 plus interest –Less F-Contract = R5 DividendR5 SSF Price R95

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Naspers R200

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Hedging using SSF Equity Position NPN Equity Position NPN SSF Position -5 NPN contracts SSF Position -5 NPN contracts Share Price: -R200 -R200 -R200 -R200 Loss: 500 x R200 = -R Loss: 500 x R200 = -R Profit: 500 x R200 = +R Profit: 500 x R200 = +R

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Pro’s & Con’s of Trading SSFs Capital Efficient Low trading costs Hedge your current portfolio Trading Platform – DMA – After hours – Stops AdvantagesDisadvantages Interest Payable Quarterly Rolling Fee Dividend Neutral No voting rights Gearing & Risk

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No ALSI futures are a futures contract based on the Top 40 index Go Long - Buy the index & Sell later (Make money as prices rise). Go Short - Sell the index & Buy back later (Falling prices). High liquidity – Very popular Cheap – R25 (including VAT) per ALSI index futures contract traded. – No booking fee. Tight spreads – The difference between bids & offers are narrow. Every index point is worth R10 (100 point move = R1 000 profit or loss) Initial Margin – Trade at the index price – Pay an initial margin as set per SAFEX plus the PSG Online variation margin (currently R29 250) Profits or Losses - Depends on where you exit trade based on the R10 per point value. Expiry Date – No rollover (Closeout) ALSI Index Future

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No ALSI Index Future ±200 Points

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Mini version of the ALSI futures (10%) Liquidity – Improving Spreads - Improving Market Maker - As there is a market maker this index will track the ALSI futures. Every index point is worth R1 Initial Margin required is a tenth of the ALSI futures margin = R2 925 R5 (including VAT) is charged per ALMI contract traded. No booking fee Expiry Date – No rollover (Closeout) ALMI Index Future

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Trading Equity Derivatives - Contracts for Difference (CFD) What are CFDs? Trading Costs CFD versus Equities Trading CFD Pro’s & Con’s of Trading CFDs

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No What are CFDs? Contracts for difference (CFDs) are contracts … – Two parties (i.e. client & PSG Online) – Settled at the close of the contract – Difference between opening & closing price. Derivative - It derives its value on an underlying share e.g. ANG, BIL, SOL “Go Long & Short” – Up or down “Long Only” – No Scrip available for shorting Top 100 JSE listed shares Initial Margin – 15% on Top 40 – 17.5% on next 60 Variation Margin – “Top-up” - Adverse price movement

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Trading Costs Minimum Cost Value - Each new CFD position opened needs to have a minimum cost value of R – R3 750 (15%) initial margin on a Top 40 shares – R4 375 (17.5%) initial margin for Top shares. Brokerage – Commission is 0.4% (excluding VAT). – Open to negotiate brokerage rates for large, active traders. Interest – Interest is charged on the total value of the open position at SAFEX +2%. – This is usually equal to around Prime -2%. Scrip Lending Fee – A fee of 1.5% per annum is charged for short positions – Charged per day on open positions – Minimum of R250 per position. Financing at competitive rates (CFD) – Current borrowing rate 6.50% (± Prime –2%)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No CFD versus Equities CFD Trade Equity Trade Details Instrument Exposure Brokerage Cost STT & STRATE Price (Cents) Initial Margin 15% % of Exposure Total Costs 14% VAT 500 ABC shares 6000c 6000c R None R R85.92 R37.45R16.80 R136.80R %1.30% R4 500 R5 250 Initial Margin 17.5% R R267.50

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Trading CFD Buy 500 AVI 5529c Exposure = R Initial Margin Required = 17.5% x R = R Gearing = 5.71 times = R / R Brokerage = R x 0.4% = R –Equity trade = 0.9% x R = R225.00/ 0.85% x R2 645 = R22.48 = R (Minimum R98) 14% VAT = R34.64 = Total R Interest on Cost: SAFEX rate 4.73% +2% = 6.73% –R x 6.73% = R /365= R5.09 per day Interest on Initial Margin: SAFEX 4.73%-2% = 2.73% –R x 2.73% p.a. = R / 365 = 0.36 cents per day.

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Pro’s & Con’s of Trading CFDs Capital Efficient – No fixed quantities (R25 000) Low trading costs No expiry date – No rollover costs – Save the annual 1% expense – Ideal for the Position Trader Hedge your current portfolio? All the benefits – Capital growth & Dividend income Trading Platform – After hours – Stops & DMA Advantages Disadvantages High minimum trade values Scrip lending fees No voting rights Gearing & Risk

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No The Stockbroker Closed Trades Example of a Long Trade #1 (Naspers) Example of a Long Trade #2 (Sasol) Example of a Long Trade #3 (Shoprite) Example of a Short Trade #1 (Aspen) Example of a Short Trade #2 (Aspen) Example of a Short Trade # 3 (Growthpoint)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No The Stockbroker Sector Focus Fully-funded SSF & CFD accounts Daily Updates Entry, Take Profits, Stops Risk / Reward Ratio Commentary Technical Chart Open Trades

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No The Stockbroker – Closed Trades

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No The Stockbroker – Closed Trades

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Long Trade #1 (Naspers) Instrument: CFD & SSF Direction: Buy / Long Entry: 56700c Take Profit: 63000c Stop loss: 53600c Risk/ Reward: 1:2.03 Potential Profit: 6300c per share 11.11% (74.06%)* *15.00% Initial Margin R Capital 2% Risk Capital = R2000 Stop loss = 3100c = R2000/ 3100c Position size = 65 shares 1 SSF contract

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Long Trade #1 (Naspers) Revised Take Profit (TP) = 59500c (63000c) 2800 cps profit 4.93% (32.86%) High = 74500c Potential Profit = cps 31.39% (209.26%)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Long Trade #2 (Sasol) Instrument: CFD & SSF Direction: Buy / Long Entry: 38541c Take Profit: 42275c Stop loss: 36696c Potential Risk: 1845c per share Potential Profit: 3734c per share Risk/ Reward: 1: % (64.53%)* *15.00% Initial Margin R Capital 2% Risk Capital = R2000 Stop loss = 1845c = R2000/ 1845c Position size = 108 shares 1 SSF contract

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Long Trade #2 (Sasol) Revised Take Profit (TP) = 40659c 2118 cps profit 5.49% (36.60%) High = 43277c Potential Profit = 4736 cps 12.28% (81.86%)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Long Trade #3 (Shoprite) Instrument: CFD & SSF Direction: Buy / Long Entry: 17177c Take Profit: 18566c Stop loss: 16600c Potential Risk: 577c per share Potential Profit: 1389c per share Risk/ Reward: 1: % (53.86%)* *15.00% Initial Margin R Capital 2% Risk Capital = R2000 Stop loss = 577c = R2000/ 577c Position size = 347 shares 3 SSF contract

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Long Trade #3 (Shoprite) Revised Take Profit (TP) = 18051c 874 cps profit 5.08% (33.86%) High = 18280c Potential Profit = 1103 cps 6.42% (42.80%)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Short Trade #1 (Aspen) Instrument: SSF only Direction: Sell / Short Entry: 19300c Take Profit: 17800c Stop loss: 19900c Risk/ Reward: 1:2.50 Potential Profit: 1500c per share 7.77% (92.59%) R Capital 2% Risk Capital = R2000 Stop loss = 600c = R2000/ 600c Position size = 333 shares 3 SSF contracts

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Short Trade #1 (Aspen) Revised TP 18520c 780cps 4.04% (48.14%) 2013/04/ c 1165c per share 6.03% (71.91%)*

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Short Trade #2 (Aspen) Instrument: SSF only Direction: Sell / Short Entry: 21500c Take Profit: 20700c Stop loss: 21900c Risk/ Reward: 1:2 Potential Profit: 800c per share 3.72% (24.80%) R Capital 2% Risk Capital = R2000 Stop loss = 400c = R2000/ 400c Position size = 500 shares 5 SSF contracts

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Short Trade #2 (Aspen) Stoploss 21900c 400c per share % ( %) Low = 20830c Potential Profit = 670 cps 3.11% (20.73%)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Short Trade # 3 (Growthpoint) Instrument: SSF only Direction: Sell / Short Entry: 2982c Take Profit: 2774c Stop loss: 3050c Potential Risk: 68c per share Potential Profit: 208c per share Risk/ Reward: 1: % (46.46%)* R Capital 2% Risk Capital = R2000 Stop loss = 68c = R2000/ 68c Position size = 2941 shares = 30 SSF contracts

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Example of a Short Trade # 3 (Growthpoint) Stoploss 3050c 68c per share % ( %) Low = 2688c Potential Profit = 294 cps 9.85% (65.66%)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No The Investor Transcap (TCP) KG Media (KGM) Cashbuild (CSB)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No The Investor Bi-monthly newsletter One Share Spot Long-term equity investor Positives & Negatives Technical View Recommendation Equity Account 3-year view

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Methodology Step 1: Click Research Step 2: Click Search PEG ratio (PE%) is less than or equal to 85% Quality rating (%) is greater than 70%

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Methodology

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Transcap (TCP) 23 May 2013

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Transcap (TCP) Transaction Capital (JSE code: TCP) is listed on the JSE Alt-X. It is an independent group of industry leading companies participating in non-deposit-taking financial services with a focus on Asset Backed Lending, Unsecured Lending, Credit Services and Payment Services in Southern Africa. Bayport, its unsecured lending division contributed 38% to headline earnings, while SA Taxi and Rand Trust, its asset backed lending division contributed 29% to headline earnings.

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Earnings growth a result of improved performances delivered by all operating segments, but ROE declined following the equity raised in the previous year. The profitable application of its excess capital is thus essential to drive earnings growth. Although the group expects difficult trading conditions in the second half due to the high level of financially stressed households & client indebtedness - Remain confident of its revenue generation capability & will continue to exercise discipline in cost control & prudence in credit extension. Management anticipates Transaction Capital to deliver continued growth in the second half of the year. We like Transcap because:

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No We are concerned about: Softer South African consumer economy in which higher unemployment & increasing food & electricity prices weighed heavily on lower income households. Its higher credit loss ratio because of strong growth in loans and advances in its more risky unsecured lending business of Bayport business. Increasing move towards unsecured lending, which combined with deteriorating consumer affordability adds additional risk to the sustainability of earnings. PSG Online feels that Transcap offers value Trading at P/NAV of 1.2 times & a rolling PE ratio of 7.6 times. Would only recommend the share as a buy to speculative investors.

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Transcap (TCP) (Daily)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No KG Media (KGM) 6 June 2013

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No KG Media (KGM) Kagiso Media (KG Media) is a black-owned and managed investment holding company with interests in substantial media assets, which are divided into four segments. Broadcasting (contributed 67% to revenue) Information and Other (contributed 4% to revenue) New Media (contributed 8% to revenue) Content (contributed 21% to revenue)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No The markets in which most of the group’s operations trade is expected to provide resilience against a continued slowdown in economic growth, anticipated in the second half of the year. The group hopes to further benefit from its partner Microsoft’s approved expansion plans into East & West Africa, with the MSN Africa portals planned to go live in July Kagiso Media has a diversified portfolio of assets & has historically recorded strong performances. The group boasts healthy margins, a high ROE & a strong balance sheet. The New Media division’s performance & improved profitability from Juta’s performance is expected to further enhance earnings in the next six months. We like KG Media because:

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No We are concerned about: The group has a strong market position but organic growth for the group seems limited of this high base. Outperformance in the current year reliant on an improving economy. PSG Online feels that the share is fairly valued Trading on a rolling PE ratio of 15.2 times & a Price/ NAV of 2.3 times. Recommend investors to hold their shares.

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No KG Media (KGM) (Weekly)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Cashbuild (CSB) 20 June 2013

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Cashbuild (CSB) Cashbuild (JSE code: CSB) is southern Africa’s largest retailer of quality building materials and associated products, selling direct to a cash-paying customer base through a constantly expanding chain of stores. The group carries an in-depth quality product range tailored to the specific needs of the community it serves. Its customers are typically home builders and improvers, contractors, farmers, traders, as well as large construction companies and government-related infrastructure developers.

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No The group’s historically high ROE, good cash generation & strong balance sheet, which are indicative of the company’s strength and potential going forward. The group’s niche focus of building supplies for the lower LSM segment should sustain growth in the medium term. It has no debt, while its cash flow is also good. We like Cashbuild because:

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No We are concerned about: Trading conditions are expected to remain depressed during the next quarter. Revenue declined by 1% in the first eight weeks of trading compared to the previous year. Cashbuild offers value as the share is trading on a rolling PE ratio of 10.2 times, while it also has an attractive dividend yield of 4.5%. PSG Online would only recommend the share as a buy to longer term investors due to difficult trading conditions expected in the short term.

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Cashbuild (CSB) (Weekly)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No The Investor - Share Picks to be added to The Investor mailing Open DateStockEntry P&L %P&L %Net DividendsNet DividendsPayable SOL % /04/ BCF % /04/ SUI % /03/ HDC % /03/ WBO % /04/ GND % /04/ SFN % /04/ LEW % /07/ EQS % No interim dividend declared ALT %No dividend declared TCP % /06/ KGM % CSB % 59.45%

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Summary: Traders Forum Technical Market Overview Understanding the Market - Opportunities Technical Trading Understanding the Tools Trading Equity Derivatives (SSF & CFD) Understanding the Product The Stockbroker (Trade Ideas) Understanding the Trade The Investor (Long-term Investment) Understanding the Investment Opportunities

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Upcoming Traders Forum meetings Traders Forum meeting (JHB) Date: Tuesday, 30 July 2013 Time: 18:00 until 20:00 Traders Forum meeting (CPT) Date: Wednesday, 21 August 2013 Time: 18:00 until 20:00 Traders Forum meeting (DBN) Date: Monday, 30 September 2013 Time: 18:00 until 20:00 Traders Forum meeting (PTA) Date: Tuesday, 29 October 2013 Time: 18:00 until 20:00 Traders Forum meeting (JHB) Date: Tuesday, 26 November 2013 Time: 18:00 until 20:00 Traders Forum meeting (CPT) Date: Tuesday, 10 December 2013 Time: 18:00 until 20:00

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Upcoming Webinars** Trading Equity Derivatives: SSF, ALSI & CFD Date: Wednesday, 26 June 2013 Time: 13:00 14:00 Trading Currency Futures Date: Wednesday, 10 July 2013 Time: 13:00 14:00 Technical Analysis Explained: Elliot Wave, Cycle Analysis, etc. Date: Wednesday, 24 July 2013 Time: 13:00 14:00 **Please note: limited to 100 people

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Conclusion: The Traders Forum Information session – Open a trading account / Add more funding / Trade and invest Subscribe to tools – The Stockbroker (CFD & SSF traders) – The Investor (Long-term Equity investors) Look out for – Upcoming Webinars Good Luck Happy Trading!

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Contact Us Thank You Shaun van den Berg (011) Tiaan Heydenrich (MIFM) (011)

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Disclaimer This publication has been issued by PSG Online. It is confidential and issued for the information of clients only. It shall not be reproduced in whole or in part without our permission. The information contained herein has been obtained from sources which and persons whom we believe to be reliable but is not guaranteed for accuracy, completeness or otherwise. Opinions and estimates constitute our judgement as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This report is provided for informational purposes only. No information contained herein, no opinion expressed and no recommendation made constitutes a representation by us or a solicitation for the purchase of any of the securities mentioned herein and we have no responsibility whatsoever arising here from or in consequence hereof. Securities, financial instruments or strategies mention herein may not be suitable for all investors and investors must make their own investment decisions using their own independent advisers as they believe necessary and based upon their specific financial situations and investment objectives. The employees of PSG Online may from time to time own securities mentioned herein. Analyst Certification The research analyst who prepared this report certifies that the view expressed herein accurately reflect the research analyst’s personal views about the subject security and issuer and that no part of his compensation was, is or will be directly or indirectly related to specific recommendations or views contained in this report.

Online Securities Ltd. Is a member of the JSE Ltd. and an authorised Financial Services Provider, FSP No Open the Floor Questions Comments Trade & Investment Ideas