1. SA Economic Indicators Report updated:April 2016 Next update:May 2016

2. SA Economic Indicators Updated to end March 2016 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ © 2016 | How to read this report Depending on the indicator itself, data is released by the various institutions on a daily, monthly or quarterly basis. The frequency and release date has been indicated at the foot of each slide, next to the data source. These dates are indicative however, since the institutions may publish the data with a delay. Data lag: Data availability varies according to the data source, at times with a lag of a couple of months. e.g. Retail Trade Sales for July 2015 were released with a two-month lag in September 2015 GDP figures for Q2/2015 were released two months after Q2 (i.e. in August 2015) Readers are reminded to bear this data lag in mind when looking for parallels between indicators. It might therefore be necessary to go back to previous months’ reports in order to correctly analyse indicators over the same reporting periods. SA Economic Indicators What is the SA Economic Indicators report? Ti’s SA Economic Indicators report is a clear and easy-to-read view of the most currently available data for South Africa’s key economic indicators. Produced on a monthly basis by Ti Research, it draws on official information from various public and private institutions. The report is released in the first week of each new month, reporting on the available data up to and including the last day of the previous month. Page 2

3. SA Economic Indicators Updated to end March 2016 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ © 2016 | SA Economic Indicators Percentage of Household Debt to Disposable Income – Q4 2011 to Q4 2015 Page 3 SOURCE: South African Reserve Bank | Frequency: Quarterly | Release Date: Q4 – March, Q1 – June, Q2 – September, Q3 – December

4. SA Economic Indicators Updated to end March 2016 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ © 2016 | SA Economic Indicators Percentage of Household Debt to Disposable Income COMMENTARY In Q4/2015 the ratio of household debt to disposable income increased to 77.8% −i.e. for every R100 earned, South Africans have R77.80 debt This was a decrease from the 78.0% recorded in Q3/2015, although the improvement is very slow As per the National Credit Regulator (NCR) the number of credit-active consumers increased from Q2 2015 to Q3 2015 by +0.3% quarter-on-quarter from 23.37 million to 23.45 million 57.7% of credit-active consumers are in good standing (they have not missed paying 1 or 2 instalments) – as a percentage of total number of credit-active consumers, this reflects a decrease of -2.8% quarter-on-quarter and -2.4% year-on-year The number of consumers with impaired records has decreased by 618,000 from 10.53 million to 9.91 million The following were some of the most significant trends observed in terms of credit granted for the quarter -New mortgages granted increased by +6.77% year-on-year -Secured credit increased by +7.68% year-on-year -Credit facilities increased by +4.7% year-on-year -Unsecured credit increased by +13.28% year-on-year These elevated levels of indebtedness do not bode well for consumers’ ability to service their debt should interest rates increase again Page 4

5. Maryla Masojada|Head Analyst Tarryn Butler|Senior Retail Analyst Tabang Mbenge|Junior Retail Analyst