Disclaimer

• General disclaimer
• Research disclaimer
• Sales and Trading disclaimer
• Sales and Trading disclaimer (Standard New York, Inc.)

General disclaimer

SBG Securities (Pty) Limited ("SBGS") is a wholly owned and managed subsidiary of the Standard Bank of South Africa Limited ("SBSA").

This e-mail, its attachments and any rights attaching hereto are, unless the content clearly indicates otherwise, the property of SBGS and its Shareholder SBSA. It is confidential, private and intended for the addressee only.

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SBGS is a licensed member of the JSE Limited

Research disclaimer

SBG Securities (Proprietary) Limited ("SBGS") is the name of the Institutional broking division of the Standard Bank Group ("SB") operating under its Corporate and Investment banking Division ("CIB").

This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject SBGS to any registration or licensing requirement within such jurisdiction. All material presented in this report, unless specifically indicated otherwise, is under copyright to SBGS. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of SBGS. All trademarks, service marks and logos used in this report are trademarks or service marks or registered trademarks or service marks of SBGS or its affiliates.

The information, tools and material presented in this report are provided to you for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. SBGS may not have taken any steps to ensure that the securities referred to in this report are suitable for any particular investor. SBGS will not treat recipients as its customers by virtue of their receiving the report. The investments or services contained or referred to in this report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about such investments or investment services. Nothing in this report constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise constitutes a personal recommendation to you. SBGS does not offer advice on the tax consequences of investment and you are advised to contact an independent tax adviser. Please note in particular that the bases and levels of taxation may change.

SBGS believes the information and opinions in the Disclosure Appendix of this report are accurate and complete. Information and opinions presented in the other sections of the report were obtained or derived from sources SBGS believes are reliable, but SBGS makes no representations as to their accuracy or completeness. Additional information is available upon request. SBGS accepts no liability for loss arising from the use of the material presented in this report, except that this exclusion of liability does not apply to the extent that liability arises under specific statutes or regulations applicable to SBGS. This report is not to be relied upon in substitution for the exercise of independent judgment. SBGS may have issued, and may in the future issue, a trading call regarding this security. In addition, SBGS may have issued, and may in the future issue, other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and SBGS is under no obligation to ensure that such other reports are brought to the attention of any recipient of this report. SBGS is involved in many businesses that relate to companies mentioned in this report.

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this report reflect a judgement at its original date of publication by SBGS and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments. Investors in securities such as ADRs, the values of which are influenced by currency volatility, effectively assume this risk.

Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility, and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct their own investigation and analysis of the product and consult with their own professional advisers as to the risks involved in making such a purchase.

Some investments discussed in this report have a high level of volatility. High volatility investments may experience sudden and large falls in their value causing losses when that investment is realised. Those losses may equal your original investment. Indeed, in the case of some investments the potential losses may exceed the amount of initial investment, in such circumstances you may be required to pay more money to support those losses. Income yields from investments may fluctuate and, in consequence, initial capital paid to make the investment may be used as part of that income yield. Some investments may not be readily realisable and it may be difficult to sell or realise those investments, similarly it may prove difficult for you to obtain reliable information about the value, or risks, to which such an investment is exposed.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to website material of SBGS and SB, SBGS has not reviewed the linked site and takes no responsibility for the content contained therein. Such address or hyperlink (including addresses or hyperlinks to SBGS or SB's own website material) is provided solely for your convenience and information and the content of the linked site does not in any way form part of this document. Accessing such website or following such link through this report shall be at your own risk.

This report is issued and distributed in Europe Standard Bank PLC. 20 Gresham Street, London EC2V 7JE which is regulated in the United Kingdom by The Financial Services Authority ("FSA"). This report is being distributed in the United States by Standard New York Securities (USA) LLC 19th Floor 320 Park Avenue New York N.Y. 10022 ; in Kenya by CfC Stanbic Financial Services Ltd Kenyatta Avenue Nairobi; in Nigeria by Stanbic IBTC IBTC Place Walter Carrington Crescent Victoria Island Lagos; in Turkey by Standard Unlu Menkel Degerler AS Baltalimani Cad. No:4 Ressam Sevket Dag Yalisi 34450 Rumelihisari Sariyer Istanbul; in Angola by Standard Bank de Angola S.A. Belas Business Park, Edíficio Luanda, 7° Andar, Talatona, Luanda; in Brazil by Banco Standard de Investimentos S.A. Edificio Plaza Iguatemi Av. Presidente Juscelino Kubitscheck, 1327 18° andar 04543-011São Paulo; in Argentina by Standard Bank Argentina S.A. Della Paolera 265 15th floor Buenos Aires C1001 ABA; in China by Standard Resources (China) Limited Suite 022, 28th Floor, HSBC Tower 1000 Lu Jia Zui Ring Road Pudong New Area Shanghai 200120; in Australia by Standard Bank Plc – Sydney branch Level 42 The Gateway 1 Macquarie Place Sydney NSW 2000; in Botswana by Stanbic Bank Botswana Limited 1st Floor Stanbic House Off Machel Drive Fairground Office Park Gaborone; in Democratic Republic of Congo by Stanbic Bank Congo s.a.r.l. Avenue de la Mongala No 12 BP 16297 Kinshasa 1; in Ghana by Stanbic Bank Ghana Limited Valco Trust House Castle Road, Ridge Accra; in Japan by Standard Capital Japan Co. Ltd11/F, Ark Mori Building Akasaka 1-12-32, Minato-ku Tokyo 107-6011 ; in Hong Kong by Standard Bank Asia Limited 36th Floor Two Pacific Place 88 Queensway; in Iran by Standard Bank Plc – representative office 4th Floor, No 33 Sepid Building 16th Street Ahmad Ghasir Ave Tehran 15148; in Isle of Man by Standard Bank Isle of Man Limited Standard Bank House One Circular Road Douglas IM1 1SB; in Jersey by Standard Bank Jersey Limited Standard Bank House 47-49 La Motte Street St Helier JE4 8XR; in Lesotho by Standard Lesotho Bank Limited 1st Floor Bank Building Kingsway Town Centre Maseru 100; in Mexico by Standard Bank Plc – representative office Campos Eliseos 345 Edificio Omega, Piso 5 Col. Chapultepec Polanco 11560 Mexico City; in Madagascar by Union Commercial Bank S.A. Rue Solombavambahoaka Frantsay 77 Antsahavola (101) Antananarivo ; in Mozambique by Standard Bank s.a.r.l. Praça 25 de Junho No. 1 Maputo; in Malawi by Standard Bank Limited Cnr. Victoria Avenue and Glyn Jones Roads Blantyre ; in Namibia by Standard Bank Namibia Limited 5th floor, Standard Bank Centre Cnr. Post Street Mall & Werner List Street Windhoek; in Malaysia by Standard London (Asia) Sendirian Berhad Level 32, Suite B, Menara Maxis Kuala Lumpur City Centre 50088 Kuala Lumpur; in Mauritius by Standard Bank (Mauritius) Limited 6th floor Medine Mews La Chaussee Port Louis; in Peru by Standard Bank Plc – representative Office Edificio Fundación Oficina 702 Av. José Pardo 513 Lima 18; in Taiwan by The Standard Bank of South Africa Limited – Taipei branch 13th floor 218 Dun Hua South Road Section 2 Taipei 106; in Russian Federation by ZAO Standard Bank 30th floor, Block C Naberezhnaya Tower Moscow City 18 Krasnopresnenskaya nab. Moscow, 1233317 ; in Tanzania by Stanbic Bank Tanzania Limited Stanbic Centre Corner Kinondoni and Ali Hassan winiyi Roads Dares Salaam; in Singapore by Standard Merchant Bank (Asia) Limited 80 Raffles Place No. 41-01 UOB Plaza 1, 048624; in Swaziland by Standard Bank Swaziland Limited Standard House Swazi Plaza Mbabane; in Ukraine by Standard Ukraine LLC 9/2 Velyka Vasylkivska Str 33 Kyiv 01004; in Uganda by Stanbic Bank Uganda Limited Plot 17 Hannington Road Kampala; in Zambia by Stanbic Bank Zambia Limited 6th Floor Woodgate House Cairo Road Lusaka; in Zimbabwe by Stanbic Bank Zimbabwe Limited Stanbic Centre 59 Samora Machel Avenue Harare; in UAE by Standard Bank Plc – Dubai branch Emirates Towers 16th Floor Dubai.

In jurisdictions where SBGS is not already registered or licensed to trade in securities, transactions will only be effected in accordance with applicable securities legislation, which will vary from jurisdiction to jurisdiction and may require that the trade be made in accordance with applicable exemptions from registration or licensing requirements.

Please note that this report was originally prepared by SBGS for distribution to SBGS and SB market professionals and institutional investor customers. Recipients who are not market professionals or institutional investor customers of these firms should seek the advice of their independent financial advisor prior to taking any investment decision based on this report or for any necessary explanation of its contents. This research may relate to investments or services of a person outside of the UK or to other matters which are not regulated by the FSA or in respect of which the protections of the FSA for private customers and/or the UK compensation scheme may not be available, and further details as to where this may be the case are available upon request in respect of this report.

SBGS is a member of the JSE Limited

Copyright 2011 SBGS. All rights reserved.

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Sales and Trading disclaimer

This material has been prepared by individual sales and/or trading personnel of SBG Securities (SBGS) and not by SBGS’ research department. It is not investment research or a research recommendation.

This material is provided for information purposes, is intended for your use only and does not constitute an invitation or offer to subscribe for or purchase any of the products or services mentioned. The information provided is not intended to provide a sufficient basis on which to make an investment decision.

It is intended only to provide observations and views of the said individual sales and/or trading personnel, which may be different from, or inconsistent with, the observations and views of SBGS analysts or other SBGS sales and/or trading personnel, or the proprietary positions of SBGS.

Observations and views of the salesperson or trader may change at any time without notice. Information and opinions presented in this material have been obtained or derived from sources believed by SBGS to be reliable, but SBGS makes no representation as to their accuracy or completeness. SBGS accepts no liability for loss arising from the use of this material.

This material is directed exclusively at SBGS’s institutional investors. It is not intended for private individuals/customers and such persons should not rely on this material. Moreover, any investment or service to which this material may relate, will not be made available by SBGS to such private individuals/customers.

All valuations are subject to SBGS valuation terms. Information provided on trades executed with SBGS will not constitute an official confirmation of the trade details. The use or attempted use of the information and investment services provided by SBGS by residents of the United States of America, Canada, the United Kingdom, Australia or Hong Kong may be subject to requirements of registration and licensing of the distributor and, where the distributor does not meet these requirements, the information and investment services are not intended to be directed or available to the residents.

SBGS is a member of the JSE Securities Exchange

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Sales and Trading disclaimer (Standard New York, Inc.)

This email is not investment research. It therefore constitutes a “marketing communication” as those terms are defined by the UK FSA Handbook as it has not been prepared in accordance with the EU legal requirements designed to promote the independence of investment research. Neither should this document be considered a Research Report under SEC rules. NOT INVESTMENT RESEARCH: This document has been prepared by the Standard Bank Plc EMEA Trading Team. It is intended as the authors’ view and as such does not represent the views of Standard Bank Group. Please note that one or more of the authors that prepared this report sit on a sales and trading desk of the Standard Bank Group. This document does not constitute an offer, or solicitation of an offer for the sale or purchase of any investment or security. This is a commercial communication. While every care has been taken in preparing this document, no representation, warranty or undertaking (express or implied) is given and no responsibility or liability is accepted by Standard Bank Group, its subsidiaries, holding companies or affiliates as to the accuracy or completeness of the information contained herein. All opinions and estimates contained in this report may be changed after publication at any time without notice. Unauthorized use or disclosure of this document is strictly prohibited. Notice to US Residents: This is not a Research Report as that term is set out in Regulation AC of the Securities and Exchange Commission rules. As such it might not have been prepared in accordance with rules designed to promote independent investment research. Notice to EU and UK Residents: This document is not investment research. It therefore constitutes a “marketing communication” as those terms are defined by the UK FSA Handbook, as it has not been prepared in accordance with the EU legal requirements designed to promote the independence of investment research. Whilst every care has been taken in preparing this document, no member of the Standard Bank Group gives any representation, warranty or undertaking and accepts no responsibility or liability as to the accuracy or completeness of the information set out in this document. All views, opinions and estimates contained in this document may be changed after publication at any time without notice. Past performance is not indicative of future results. The investments and strategies discussed here may not be suitable for all investors or any particular class of investors; if you have any doubts you should consult your investment advisor. The investments discussed may fluctuate in price or value. Changes in rates of exchange may have an adverse effect on the value of investments. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Members of Standard Bank Group may act as placement agent, advisor or lender, make a market in, or may have been a manager or a co manager of, the most recent public offering in respect of any investments or issuers referenced in this report. Members of the Standard Bank Group and/or their respective directors and employees may own the investments of any of the issuers discussed herein and may sell them to or buy them from customers on a principal basis. This report is intended solely for clients and prospective clients of members of the Standard Bank Group and is not intended for, and may not be relied on by, retail customers or persons to whom this report may not be provided by law. This report is for information purposes only and may not be reproduced or distributed to any other person without the prior consent of a member of the Standard Bank Group. Unauthorised use or disclosure of this document is strictly prohibited. By accepting this document, you agree to be bound by the foregoing limitations. Telephone calls may be recorded for quality and regulatory purposes. Copyright 2011 Standard Bank Group. All rights reserved. Standard Bank Plc, 20 Gresham Street, London EC2V 7JE. To South African Residents: The Standard Bank of South Africa Limited Reg.No.1962/000738/06) is regulated by the South African Reserve Bank and is an Authorised Financial Services Provider

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