August 26, 2026

Thank You to Our Loyal Clients! We are thrilled to announce that ACS Investing, now known as Pinion Wealth SA, proudly celebrates its 5th anniversary as an official Financial Services Provider since receiving our license on December 10, 2019. This milestone reflects not just the passage of time but also the incredible journey we’ve shared with our loyal clients. Over the past five years, we’ve experienced remarkable growth, not only in our team’s development but also in our range of products and the quality of service we provide. Navigating through an exceptionally challenging and unpredictable period, we are proud to report that our clients’ portfolios have withstood significant trials. We owe our success to you—our dedicated clients—who have persevered through adversity, maintained your business strength, and remained steadfastly committed to your investment strategies. Your continued investment throughout these challenging times has yielded positive outcomes, and we sincerely hope our guidance has played a role in that success. As we express our gratitude for your trust and loyalty, we also recognize the hard work and expertise of our team, which has been instrumental in what we’ve built together. We have not only weathered storms but have flourished alongside you. Reflecting on 2024 As we draw the curtain on 2024, it is an opportune moment to reflect on the journey we’ve navigated this year and to set our sights on the opportunities and challenges that await us in 2025. The past 12 months have tested our resilience as a financial advisory practice, but they have also highlighted our strengths, values, and the unwavering trust placed in us by our clients. Highlights and Lowlights of 2024 This year, the financial landscape has been shaped by a mix of highs and lows, driven by market dynamics and geopolitical events: Growth and Evolution Despite the turbulent backdrop, Pinion Wealth SA has continued to grow steadily. This year, we expanded our client base, strengthened our team with new talent, and introduced innovative processes and reporting to enhance the client experience. We have always sought to differentiate ourselves through a steadfast commitment to independence, client-centricity, and goal-focused advice. These values are not mere words; they are the foundation of every decision we make and every service we deliver. To continue standing apart in a competitive industry, we have embraced technology, refined our processes, and deepened our expertise. Innovation remains at the heart of our evolution, and we are excited about the steps we are taking to meet the future with confidence. What Awaits Us in 2025 As we look ahead, 2025 promises both opportunities and challenges. Staying True to Our Core In a world of constant change, our core values serve as our compass. We remain fiercely independent, committed to offering unbiased advice tailored to our clients’ unique goals. Our focus on long-term success over short-term gains ensures that we act in the best interest of those we serve. Following the crowd instead of a process would likely not be met with great, long-term success. Our processes are founded on principles that continue to ring true and, we believe, always will. Following such a process and “controlling the controllables” creates more certainty and predictability in our clients’ lives and plans allowing us to take advantage of some of those opportunities that present themselves when they do. We will continue to work with you to maximise these opportunities. A last word on South Africa! I remain deeply positive on South Africa! There is no better place in the world to live and raise children [fact-checked] and the majority of people and clients that I speak to, I believe, feel the same way. However, I‘ve grown weary (and wary) of the word “resilient” when we South Africans self-describe ourselves – as though we are somehow better than the rest of the world. We do what is required in our circumstance and that makes us human. Nothing more. Through this, some are able to thrive. But not all are [thriving], in fact the vast majority are not – and we would do well to remind ourselves of that. If South Africa is to reach her full potential (and truly be better than the rest of the world), we all need to play our part in promoting and growing the rest of the country out of poverty. A tough ask, perhaps, to the “Average-Joe” grappling with their own struggles but as the festive season approaches, my suggested starting point is ‘Positivity and Humanity’. Let’s be positive in every conversation we have this December with family, friends, expats and visiting tourists. And give a human touch to those less fortunate in any way we can. I would like to extend my warmest wishes to you and your loved ones this festive season. May this time be one of joy, rest, and reflection. Here’s to a prosperous and fulfilling 2025, filled with opportunities to grow and achieve your financial goals. We look forward to walking this journey with you. With gratitude and best regards, Bruce BrownManaging Director, Pinion Wealth SA As we approach the festive season, we would like to inform you that our offices will be closed from 2 pm on December 20, 2024, and will reopen on January 6, 2025. Warm regards,The Pinion SA Team Disclaimer: The information supplied herein should not be used or relied upon as professional advice.  No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.  Always contact our office for specific and detailed advice. Any legal information presented is a precis of current legislation, is subject to change and should not be used as a substitute for detailed professional advice. Copyright © 2024 Pinion South Africa. All rights reserved.

As we approach the conclusion of 2024, it is with great pride that I reflect on what has been a transformative year for our company. This year marked the beginning of a new chapter as we embarked on a significant rebranding journey, aligning ourselves with the Pinion Global Network. This partnership not only enhances our capacity, but also opens a world of possibilities for our clients and our business in the years to come. The rebranding was more than a change of name or logo – it was a redefinition of our identity. By joining forces with like-minded organizations across the globe, we have expanded our horizons, strengthened our expertise, and solidified our commitment to delivering cutting-edge agricultural advisory and business support solutions. Our Strength Lies in Our People At the core of our success is our human capital. Our team, comprising some of the most talented, innovative, and dedicated professionals, is our greatest asset. It is their expertise, creativity, and passion that enable us to deliver best-of-breed services and solutions to the market. We have invested significantly in training and development programs, ensuring our people remain at the forefront of innovation and excellence. I am deeply grateful for their contributions and unwavering commitment and trust in our vision. Innovation at the Heart of Growth The agriculture and business support sectors are rapidly evolving, with new technologies, practices, and opportunities emerging every day. This year, we focused on harnessing our expanded network to bring global best practice to our business and to our clients. Whether it was through introducing advanced financial models, deploying expert agriculture knowledge, or offering data-driven insights; we have continued to lead from the front. Our integration into the Pinion Global Network has provided access to a wealth of shared knowledge and resources, empowering us to deliver solutions tailored to both local needs and international standards. 2024 Agriculture Overview There is not sufficient time to get into specific sectors, but from an agricultural perspective we have seen significant swings in commodity prices, as hyper food inflation has impacted our struggling consumers. Evidence of this is the red meat industry prices dropping to 2018 prices, and maize fluctuating 30% in the year. All the above occurring with low published inflation, and high-cost increases in labour, distribution and energy. It has been a clear reminder that we need to build robust low-cost businesses; that can handle the cyclical, seasonal nature of commodity-based agriculture.To this extent the continuous improvement of our production systems and implementation thereof is what will keep our businesses flourishing into the future. Pinion SA believes that the knowledge we can bring back to our clients from the Pinion Global Network will be an enabler of this continuous improvement; without the school fees we usually incur. This is summed up by my favourite quote – “There is nothing more wasteful than optimising a process that should never have been done” – Peter Druker And in agriculture we spend a lot of time finding solutions for problems we can avoid. Lastly the Foot and Mouth outbreak in the Tsitsikamma has been a clear reminder/warning to all of us about the biological risk. My thoughts are with all those that where affected by it and I believe that when you look back there will be many key learnings which will enable you to improve your businesses. I encourage you to document and implement what you have learnt.  It is my hope that all farmers take note of the financial impact that an event such as this can have on your business and pay biosecurity the due respect it deserves. EURFRAS 2024 Conference Some interesting international developments I noted during the EUFRAS conference I attended in Edinburgh: 2024 Pinion SA Highlights It really has been a year of change, growth, learning and opportunity. Below are a few of the changes we have made over the past 12 months. Looking Ahead to 2025 As we set our sights on 2025, we do so with confidence and anticipation. The possibilities ahead are boundless, and we are excited about the opportunities to grow alongside our clients, partners, and communities. In the coming year, we will continue to focus on: Festive Wishes As we wrap up this extraordinary year, I want to extend my heartfelt thanks to our clients, partners, and staff for your trust, support, and collaboration. You are the reason for our success, and we look forward to achieving even greater milestones together in 2025. On behalf of everyone at Pinion South Africa, I wish you and your loved ones a blessed Christmas and a prosperous New Year. May 2025 bring growth, abundance, and happiness. Warm regards,Llewellyn CollettCEO, PINION SOUTH AFRICA Please save our WhatsApp number, +27 71 324 1544 as a contact on your phone to ensure you receive important updates from the Pinion SA Group. As we approach the festive season, we would like to inform you that our offices will be closed from 2 pm on December 20, 2024, and will reopen on January 6, 2025. Warm regards,The Pinion SA Team Disclaimer: The information supplied herein should not be used or relied upon as professional advice.  No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.  Always contact our office for specific and detailed advice. Any legal information presented is a precis of current legislation, is subject to change and should not be used as a substitute for detailed professional advice. Copyright © 2024 Pinion South Africa. All rights reserved.

Changes to Tax Laws Impacting Distributions to Non-Resident Beneficiaries from South African Trusts Effective 1 March 2024 The recent amendments to South African tax laws that affect distributions from local trusts to non-resident beneficiaries, effective 1 March 2024, will alter the taxation framework for trust income and capital gains, requiring trustees and beneficiaries to adapt their financial strategies. Overview of Section 25B of the Income Tax Act Section 25B of the South African Income Tax Act governs the taxation of income earned by trusts and distributed to beneficiaries. Historically, this section allowed income and capital gains from a trust to “flow through” to beneficiaries, ensuring that taxation occurred at the beneficiary’s level rather than within the trust itself. Key Changes Effective 1 March 2024 As we approach the festive season, we would like to inform you that our offices will be closed from 2 pm on December 20, 2024, and will reopen on January 6, 2025. Warm regards,The Pinion SA Team Disclaimer: The information supplied herein should not be used or relied upon as professional advice.  No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.  Always contact our office for specific and detailed advice. Any legal information presented is a precis of current legislation, is subject to change and should not be used as a substitute for detailed professional advice. Copyright © 2024 Pinion South Africa. All rights reserved.

Labour Law Insights, POPIA Compliance, Employment Equity Season, Skills Reporting Season, ACS Academy Offerings and our Newly Launched Livestock Study Group. As we dive into November, it’s hard to believe how quickly this year has flown by! Join us as we explore essential topics including Labour Law Insights from Pinion Human Capital, the importance of POPIA Compliance, and updates on Employment Equity and Skills Reporting Seasons. Additionally, discover our exciting Pinion Livestock Study Group and latest ACS Academy offerings. Let’s ensure we finish the year strong and compliant—read on for more! Please save our WhatsApp number, +27 71 324 1544 as a contact on your phone to ensure you receive important updates from the Pinion SA Group. Pinion Agri Conference 2025 Join us for an exciting exploration at the upcoming Agri Conference, where innovation meets tradition!  Theme: Revisiting the Rules of the GameDate: 11 & 12 March 2025Location: Running Waters, Plot 6, Kragga Kamma Rd Port Elizabeth 6070Workshop by: Chantell Ilbury, who has co-authored three best-selling books on scenarios and strategy with Clem Sunter. (Mind of a Fox) This is your chance to gain insights, network with industry leaders, and scenario plan the future of agriculture. Mark your calendars and stay tuned for more information on registration and the agenda. We can’t wait to see you there! Exciting news from Pinion Advisory! Livestock Study Group is up and running. Our first session delved into production data and financial analysis, sparking healthy debates and valuable discussions on optimizing performance in sheep, beef, and goat farming. Employment Equity Season All clients to please remember to submit your Employment Equity (EE) data for the 2024 EE Compliance season. The deadline for final online submission of EE Reporting is January 15, 2025. Timely submission ensures compliance and allows for a smoother review process.Failure to comply with this deadline may have serious implications, including potential penalties, fines, or legal actions. Skills Reporting Season The skills reporting season will open in December 2024. This is the period to submit your Annual Training Report (ATR) and Workplace Skills Plan (WSP) with the relevant Sector Education and Training Authorities (SETAs) in South Africa.Submitting these reports is essential for compliance with skills development regulations and is a key step in securing your Mandatory and Discretionary Grant funding. Please prepare your data and documentation ahead of time to ensure a smooth submission process. Skills reporting online submissions is due on 30th of April 2025. Reach out if you need support with preparing your reports or have questions regarding the requirements. Labour Law Insights by Pinion Human Capital  In the complex landscape of labour law, understanding vicarious liability is crucial, particularly when it comes to issues of sexual harassment in the workplace. The legal concept of vicarious liability holds employers accountable for the actions of their employees during the course of their employment, especially when those actions involve discrimination or harassment. This principle is firmly grounded in Section 60 of the Employment Equity Act, which delineates the circumstances under which an employer can be held liable for the misconduct of its employees. Employers are deemed vicariously liable if discriminatory acts were committed during the course of employment and in connection with fulfilling the employee’s duties. The employer may have a defence, if it can demonstrate that it has taken all reasonable steps to prevent such conduct. Examples of reasonable steps could include amongst others the following: Please contact madelaine.loock@pinionza.com for more advice or to arrange workplace training regarding the above for your managers and employees. POPIA Compliance Is your business fully POPIA compliant? At Pinion Human Capital, we specialize in guiding companies through every step of the POPIA compliance journey, safeguarding your organisation and building trust with your clients.Our comprehensive services include: Avoid penalties, build customer confidence, and protect your brand with Pinion’s expert POPIA compliance assistance. Contact us today to secure your business’s compliance future!If you have any questions regarding Employment Equity / Skills or POPIA Compliance, feel free to reach out for assistance, please contact Licinda.cordier@pinionza.com or rene.botha@pinionza.com As we approach the festive season, we would like to inform you that our offices will be closed from 4:30 PM on December 20, 2024, and will reopen on January 6, 2025. Warm regards,The Pinion SA Team Disclaimer: The information supplied herein should not be used or relied upon as professional advice.  No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.  Always contact our office for specific and detailed advice. Any legal information presented is a precis of current legislation, is subject to change and should not be used as a substitute for detailed professional advice. Copyright © 2024 Pinion South Africa. All rights reserved.

We would like to inform you that AgriSETA will be conducting Mandatory and Discretionary Audits throughout November. All clients selected for an audit will receive an official audit notice directly from AgriSETA. To ensure a smooth process and to provide you with the necessary guidance, please feel free to reach out to licinda.cordier@pinionza.com or rene.botha@pinionza.com for assistance. Disclaimer: The information supplied herein should not be used or relied upon as professional advice.  No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.  Always contact our office for specific and detailed advice. Any legal information presented is a precis of current legislation, is subject to change and should not be used as a substitute for detailed professional advice. Copyright © 2024 Pinion South Africa. All rights reserved.

Pinion Human Capital is pleased to invite you to participate in our upcoming training sessions focused on Labour Law in the Workplace and Harassment in the Workplace. These sessions are designed to enhance your understanding of workplace rights and responsibilities, as well as to promote a safe and respectful work environment for all employees. Who Should Attend: This training is open to all employees and management staff. It is especially beneficial for anyone involved in employee relations, management, or compliance roles. Please register by clicking on the links provided or contact madelaine.loock@pinionza.com for more info. Disclaimer: The information supplied herein should not be used or relied upon as professional advice.  No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.  Always contact our office for specific and detailed advice. Any legal information presented is a precis of current legislation, is subject to change and should not be used as a substitute for detailed professional advice. Copyright © 2024 Pinion South Africa. All rights reserved.

Dear Valued Clients, We wish to bring to your attention a significant update from the Property Practitioners Regulatory Authority (PPRA) regarding BEE certificates, communicated by Dr. Steven Ngubeni, Chairman of the PPRA, to our Chief Executive, Jan le Roux. In a recent letter, Dr. Ngubeni stated: “After careful consideration and consultation with our legal advisors, we have resolved that the term ‘valid’ in the context of BEE certificates does not imply ‘compliant’.” This new directive means that while industry participants will be required to submit valid BEE certificates obtained from accredited agencies, there will be no minimum BEE score or compliance requirement. This announcement comes as a relief to many in our sector, particularly after the previous notice from the PPRA that sparked uncertainty around enforcing compliant BEE certificates for the upcoming round of FFC renewals. The initial decision left many real estate business owners scrambling to meet compliance requirements, causing widespread concern throughout the industry. Jan le Roux expressed his gratitude for the PPRA’s reconsideration, stating: “We are pleased that the PPRA has seen fit to review its decision, which would have had catastrophic consequences for the industry, ironically undermining the very transformation the PPRA seeks to encourage.” Le Roux also highlighted the success of collaborative efforts in achieving this outcome, saying: “We are also pleased to note that months of negotiations have borne fruit. Coming together around the table proved to be a much faster, cheaper, and less acrimonious solution than heading straight to court.” While this change alleviates immediate pressures, le Roux emphasizes Rebosa’s unwavering commitment to the goal of transformation within the industry: “As an industry, we absolutely need to support active transformation. Our hope is that the PPRA will take a serious look at the NPPC’s transformation proposal, which would use the Property Sector Transformation Fund to facilitate true transformation.” Disclaimer: The information supplied herein should not be used or relied upon as professional advice.  No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.  Always contact our office for specific and detailed advice. Any legal information presented is a precis of current legislation, is subject to change and should not be used as a substitute for detailed professional advice. Copyright © 2024 Pinion South Africa. All rights reserved.

Dear Valued Clients, Please note that the EE Amendments Act, No. 4 of 2022 (EEAA) and its regulations HAVE NOT come into effect yet, the Department of Employment and Labour has confirmed that the status quo in respect of the reporting period for 2024 will remain unchanged. Therefore, ALL previously deemed designated employers are still required to submit their annual EE Returns by the relevant due dates. This includes employers employing less than 50 employees, but with a turnover exceeding the threshold in the ACT. The 2024 EE Reporting period will be open from 1 September 2024 and will close on 15 January 2025 for online submissions. Please contact licinda.cordier@pinionza.com or rene.botha@pinionza.com for more information and assistance.  Disclaimer: The information supplied herein should not be used or relied upon as professional advice.  No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.  Always contact our office for specific and detailed advice. Any legal information presented is a precis of current legislation, is subject to change and should not be used as a substitute for detailed professional advice. Copyright © 2024 Pinion South Africa. All rights reserved.

Vernon (Futa) Oxenham futa.oxenham@pinionza.com +27 (0)84 730 5589 Dear Valued Clients We are pleased to announce that Vernon Oxenham, affectionately known as Futa, has joined the Pinion Advisory Team effective 1 August 2024.Vernon brings a wealth of farming experience, having successfully managed a dairy farm for 40 years and a citrus farm for 15 years. His extensive background in agriculture is complemented by his specialty in training farm workforces, from junior to senior workers. Vernon is highly engaged with his audience, and his enthusiasm and effective delivery ensure deep understanding and application of the training. Vernon’s approach is hands-on and thorough. He believes in walking the farm, observing the workforce, assessing animal conditions, and evaluating pasture quality to get a comprehensive understanding of the farm’s operations. He then identifies problem areas and provides practical solutions and measures to address them. His philosophy can be summed up as: Train, Assess, Correct, Measure = Results. This aligns with Pinion Advisory’s objective of client empowerment. Key Services Provided by Vernon (Futa) Oxenham: We are excited to welcome Vernon to the Pinion Advisory team and look forward to the positive impact he will have. “Every man lives a history in the making.My gift is to share my knowledge and skills back into the farming industry.My wish is that the modernised farming industry will never lose sight of the value of a farmer walking his lands.” – Vernon (Futa) Oxenham Warm regards, The Pinion SA Executive Team Disclaimer: The information supplied herein should not be used or relied upon as professional advice.  No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.  Always contact our office for specific and detailed advice. Any legal information presented is a precis of current legislation, is subject to change and should not be used as a substitute for detailed professional advice. Copyright © 2024 Pinion South Africa. All rights reserved.

The Companies and Intellectual Property Commission (CIPC) will, with effect from the 1st of July 2024, strictly enforce the filing of Beneficial Ownership Declarations with the filing of Annual Returns. The requirement for companies and close corporations, registered with the CIPC, to file Beneficial Ownership information was initiated as a result of the amendments brought about by the General Laws (anti-Money Laundering and Combatting Terrorism Financing) Amendment Act, 22 of 2022, which amended the Companies Act, 2008 (“the Act”). In terms of the amendment, as from 24 May 2023, with the implementation of the relevant Regulations, all companies and close corporations must file their Annual Returns with the CIPC, together with the Beneficial Ownership Declaration and security register or beneficial interest register (as applicable), within 30 business days after its anniversary date. While CIPC customers were initially afforded an “option” to defer the filing of Beneficial Ownership information together with Annual Returns, this will no longer be the case, as from the 1st of July 2024. The implementation of the HARD-STOP FUNCTIONALITY means companies and close corporations will not be able to file their Annual Returns via any of the CIPC electronic platforms unless the Beneficial Ownership Declaration has been submitted and/or is up to date. As per the Act, as amended, Beneficial Ownership Declarations, Annual Financial Statements /Financial Accountability Supplements must be filed with an Annual Return. All companies and close corporations are required by law to file their Annual Returns with the CIPC during their anniversary month every year. As such, enterprises are required to comply with Beneficial Ownership Declaration filings during the same period. There are several consequences a company or close corporation may face if Beneficial Ownership information is not up to date. The entity may incur penalties for the late filing of Annual Returns, enforcement action may be taken by the CIPC through investigation into the administration and governance processes of a business and even the issuing of a compliance notice; and/or referral for deregistration and even final deregistration due to non-compliance. Should you have any queries regarding the submission of the Beneficial Ownership declaration, please contact Melissa Blochlinger; melissa.blochlinger@pinionza.com Disclaimer: The information supplied herein should not be used or relied upon as professional advice.  No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.  Always contact our office for specific and detailed advice. Any legal information presented is a precis of current legislation, is subject to change and should not be used as a substitute for detailed professional advice. Copyright © 2024 Pinion South Africa. All rights reserved.