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Corporate and contact detail
Registration number	1993/003941/06
Country of incorporation	Republic of South Africa
Date of incorporation	14 July 1993
PSG Konsult head office and registered address	4th Floor The Edge 3 Howick Close Tyger Waterfront Tyger Valley Bellville 7530 Tel: +27 (21) 918 7800 Fax: +27 (21) 918 7926
Postal address	PO Box 3335 Tyger Valley Bellville 7536
Company secretary	Shameemah Hamit company.secretary@psg.co.za Tel: +27 (21) 918 7800
Bankers	Absa Bank Limited Standard Bank of South Africa Limited First National Bank Limited Rand Merchant Bank Limited BNP Paribas
Auditors	PricewaterhouseCoopers Inc Cape Town
Attorneys	DLA Cliffe Dekker Hofmeyr Blake Bester Werksmans Inc AO Hall (Guernsey)

Listing information

Listed: JSE Limited – Main board
Short name:	PSG KST
Long name:	PSG Konsult Limited
JSE code:	KST
Currency:	ZAR
Reg No:	1993/003941/06
JSE sector:	Financial Services
Listed:	18 June 2014
ISIN:	ZAE000191417
LEI:	378900ECF3D86FD28194

Listed: Namibian Stock Exchange (NSX)
NSX code:	KFS
NSX sector:	General Financial
Listed:	16 July 2014

Listed: Stock Exchange of Mauritius (SEM)
SEM code:	PSGK.N0000
Listed:	27 November 2018

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Investment case

Distribution network
- one of the largest adviser networks in South Africa and Namibia, with a South African footprint spanning the entire country (260 adviser offices, 935 advisers, 413 professional associates and 200 000+ clients)
- trusted advisers with strong emotional connections to clients
- entrepreneurial adviser remuneration model encourages client retention and long-term growth
- alignment of shareholder and adviser interests
- learner adviser training programme

Growth opportunities
- increased assets under management (both retail and institutional)
- vertical integration of the PSG Insure division (resulting in a greater share of fee within the value chain)
- building blocks and solid business foundation in place, allowing strategic acquisitions into new frontiers
- new offices and appointment of new advisers into existing offices
- PSG Asset Management (top quartile investment performance and recipient of multiple investment awards) enhances ability to attract assets under management
- holistic financial services product range meets a broad spectrum of client needs

Shareholder returns
- committed to delivering sustainable business growth
- maximise every rand of income relative to an acceptable unit of risk
- significant historic share price appreciation

Financial position
- low gearing levels, as the business is predominately equity funded
- businesses are highly cash generative
- Global Credit Rating: A(ZA) Long-term rating A1(ZA) short-term rating with a stable outlook
- all regulated entities adequately capitalised to achieve growth objectives
- majority of businesses are not capital intensive
- sufficient funding facilities to fund growth plans

Risk management
- dedicated integrated risk function and processes in place
- three layers of defence approach
- well-established mutually beneficial relationship with regulators
- strengthening depth of compliance team via compliance officer learnership programme
- capital adequacy position of all regulated entities constantly monitored to ensure sufficient regulatory capital

Governance structure
- majority of board members are non-executive
- diverse board and management teams have skills and experience to ensure leadership depth and focus
- committed to the highest governance standards

Brand name
- PSG is an established and trusted brand
- committed to brand enhancement and public brand awareness

Shareholder structure
- PSG Group acts as supportive anchor shareholder
- directors, advisers and employees are significant shareholders in the business
- listed on the JSE main board in June 2014, on the NSX in July 2014 and the SEM during November 2018

Business characteristics
- experienced entrepreneurial management team
- profitability of key divisions geared to equity market conditions
- scalable synergistic divisions with strong operational leverage
- produce high return on equity, without taking undue risks
- new share issues limited to prevent dilution of shareholder returns
- good working relationship with regulators
- recipient of numerous industry awards
- primary client exposure relates to higher LSM groups

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