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Disclaimer and Confidentiality Note (Research)

SBG Securities (Proprietary) Limited ("SBG Sec") is a wholly owned subsidiary of the Standard Bank Group Limited ("SB Group"). 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 SBG Sec to any registration or licensing requirement within such jurisdiction. All material presented in this report, unless specifically indicated otherwise, is under copyright to SBG Sec. 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 SBG Sec. All trademarks, service marks and logos used in this report are either trademarks or service marks or registered trademarks or service marks of SBG Sec or SB Group.

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. SBG Sec may not have taken any steps to ensure that the securities referred to in this report are suitable for any particular investor. SBG Sec will not treat recipients as its customers by virtue of them 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. 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This report is not to be relied upon in substitution for the exercise of independent judgment. SBG Sec may have issued, and may in the future issue, a trading call regarding any security referenced in this report. In addition, SBG Sec 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 SBG Sec is under no obligation to ensure that such other reports are brought to the attention of any recipient of this report. SBG Sec and/or SB Group (including its subsidiaries) may be involved in various businesses relationships with 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. 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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 or exceed your original investment and you may, in certain instances, 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 SBG Sec and SB Group, SBG Sec has not reviewed the linked site and takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to SBG Sec or SB Group's own website material) are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. 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Disclaimer and Confidentiality Note (Sales & Trading)

This material has been prepared by individual sales and/or trading personnel employed by SBG Securities (Proprietary) Limited ("SBG Sec") and not by the Equities Research department of SBG Sec. It is not investment research or a research recommendation nor should it be regarded as such. This material is provided for information purposes, is intended for your use only and does not constitute an invitation or an offer to subscribe for or purchase any of the products or services mentioned. The information provided is by no means 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 SBG Sec analysts or other SBG Sec sales and/or trading personnel, or the proprietary positions of SBG Sec. Observations and views of the said 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 SBG Sec to be reliable, but SBG Sec makes no representation as to their accuracy or completeness thereof. SBG Sec accepts no liability for loss arising from the use of this material. This material is directed exclusively at SBG Sec'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 SBG Sec to such private individuals/customers. All valuations are subject to SBG Sec valuation terms. Information provided on trades executed with SBG Sec will not constitute an official confirmation of the trade details. The use or attempted use of the information and investment services provided by SBG Sec to residents of the United States of America, Canada, the United Kingdom, Australia, Singapore or Hong Kong , Australia, Japan, Bangladesh , India, Philippines , Korea, Singapore or Taiwan or in any other jurisdiction where to do so would be unlawful 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 of the said countries.

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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 FCA 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 FCA 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.

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