WeekAHEAD. Securities. Local gaining momentum (slowly) Analysts. ...US continues to roar ahead. Contact us. 8 February 2016

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1 how can we help you? WeekAHEAD Securities 8 February 2016 Local gaining momentum (slowly)...us continues to roar ahead AMS KIO WHL ACL KO US CVS US DIS US Companies to watch this week CSCO US TRIP US PEP US HEIA NA CARLB DC OR FP FP FP RR/ LN CDI FP RNO FP South Africa Anglo American Platinum Kumba Iron Ore Woolworths Holdings ArcelorMittal SA Abroad Coca-Cola Co CVS Health Corp Walt Disney Co Cisco Systems Inc TripAdvisor Inc PepsiCo Inc Heineken NV Carlsberg A/S L'Oreal SA TOTAL SA Rolls-Royce Holdings PLC Christian Dior SE Renault SA 7202 JP Isuzu Motors Ltd 7269 JP Suzuki Motor Corp 7201 JP Nissan Motor Co Ltd Analysts Chantal Marx Pritu Makan Contact us Relationship manager: Dealing desk: Website: The local earnings season (December half-year and year-end) will pick up this week with several bluechip companies set to report numbers: Anglo American Platinum (FY15): In a recent trading statement, management guided for headline earnings per share (HEPS) to fall by between 83% and 92%y/y. While this was worse than anticipated, excluding once off items, HEPS will increase by 36.9%. Kumba Iron Ore (FY15): HEPS excluding once-off items were guided to be between 65% and 67% lower y/y - in-line with market expectations. The decrease in earnings has been attributed to the significant decrease in export iron ore prices during the year. Production and sales numbers released in January were also weak. Woolworths (1H16): In January, Woolworths management guided for HEPS to be between 25% and 35% higher y/y - in-line with consensus expectations. This came on the back of a strong sales performance during the period with group sales up 17.1% y/y. ArcelorMittal (FY15): The embattled steel producer told investors in November that the headline loss per share would widen 11 times (1100%) due to poor trading conditions and a pre-tax adjustment of R1.5 billion owing to the closure of the Thabazimbi mine. US earnings season steams ahead this week. So far, of the 63% of companies that have reported, 70% released earnings numbers ahead of consensus expectations, and 48% recorded revenue that beat the anticipated number. According to Factset, the blended earnings decline for 4Q15 so far is 3.8% - an improvement from last week. For 1Q16, 57 companies have issued negative EPS guidance and 14 companies have issued positive EPS guidance. If the index reports an earnings decline in this quarter, it will be the first time it has seen three consecutive quarters of y/y declines in earnings since Some of the earnings releases likely to generate news flow this week will be Coca Cola, CVS Health, and Walt Disney Co. on Tuesday; Time Warner and Cisco on Wednesday; TripAdvisor, PepsiCo, Kellogg, and CBS Corp on Thursday. We expect a similar week to last week in Europe with 79 Stoxx 600 companies expected to report results. Among others, Sanofi (France), Heineken (Netherlands), Carlsberg (Denmark), Zurich Insurance (Switzerland), Nokia (Finland), L Oreal (France), Total (France), Societe Generale (France), Rolls-Royce Holdings (UK), Christian Dior (France), and Renault (France) are scheduled to release numbers this week. As we have previously mentioned, European companies earnings are expected to grow at their fastest rate in four years, significantly Head Office: 4 Merchant Place, 1 Fredman Drive, Sandton 2196 PO Box 3359, Parklands 2121 fnbsecurities@fnb.co.za Relationship Manager: Dealing Desk: Directors: H Mojalefa, PP Dreyer, R Jayrajh, W Myers, V Naidoo. Company Secretary: C Low FNB Securities (Pty) Ltd - a part of the FirstRand Group. An Authorised user of the Johannesburg Stock Exchange (JSE) and Financial Services Provider (FSP182).

2 outpacing that of US companies as a weaker euro, excess liquidity, and a better economic outlook is set to support corporate profits. Japan s third quarter results season intensifies further this week. We are looking forward to numbers out of Isuzu Motors, Suzuki Motors, Daiken Industries, Pioneer Corp, and Nissan Motor Corp. So far, Japanese automakers have posted mixed results. Last week, Toyota released better than expected third quarter results as efficiency gains in vehicle plants offset a drop in sales volumes. Mazda, meanwhile saw its operating profit dip on the back of the stronger Yen. The vehicle maker managed to lift sales volumes though. From a local corporate action perspective, Quantum Foods is trading ex-dividend on Monday. Spar Group, Sappi, Astral Foods, Rhodes Food Group, and Pioneer Food Group (among others) host AGMs this week. Company Events Calendar South Africa Date Ticker Company Name Event Description Estimate ZAc 2016/02/08 AMS Anglo American Platinum Ltd FY15 Results /02/08 ADI AdaptIT Holdings Ltd 1H16 Results /02/09 DTA Delta EMD Ltd FY15 Results /02/09 KIO Kumba Iron Ore Ltd FY15 Results /02/10 FFA Fortress Income Fund Ltd 1H16 Results /02/10 SAP Sappi Ltd 1Q16 Results /02/11 WHL Woolworths Holdings Ltd/South Africa 1H16 Results /02/11 ITE Italtile Ltd 1H16 Results /02/11 GLN Glencore 4Q15 Production & Sales /02/12 ACL ArcelorMittal South Africa Ltd FY15 Results SSA 2016/02/08 CHELLARA NL Chellarams PLC 3Q16 Results /02/08 GUINNESS NL Guinness Nigeria PLC 2Q16 Results /02/08 FML GN FAN Milk Ltd FY15 Results /02/09 TRIPPLEG NL Tripple GEE and Co PLC 3Q16 Results /02/09 AYRTN GN Ayrton Drug Manufacturing Ltd 2Q16 Results /02/11 EACL KN East African Cables Ltd FY15 Results /02/12 FLOURMIL NL Flour Mills of Nigeria PLC 3Q16 Results /02/12 GGBL GN Guinness Ghana Breweries Ltd 2Q16 Results /02/12 TBL TZ Tanzania Breweries Ltd 1H16 Results -- United States 2016/02/08 HAS US Hasbro Inc 4Q15 Results /02/08 CTSH US Cognizant Technology Solutions Corp 4Q15 Results /02/08 FOXA US Twenty-First Century Fox Inc 2Q16 Results /02/08 OI US Owens-Illinois Inc 4Q15 Results /02/08 L US Loews Corp 4Q15 Results /02/08 DO US Diamond Offshore Drilling Inc 4Q15 Results /02/08 GPS US Gap Inc/The January 2016 Sales and Revenue Release 2016/02/08 AAL US American Airlines Group Inc January 2016 Sales and Revenue Release 2016/02/09 KO US Coca-Cola Co/The 4Q15 Results /02/09 HCP US HCP Inc 4Q15 Results /02/09 CVS US CVS Health Corp 4Q15 Results /02/09 REGN US Regeneron Pharmaceuticals Inc 4Q15 Results /02/09 MLM US Martin Marietta Materials Inc 4Q15 Results /02/09 FIS US Fidelity National Information Services Inc 4Q15 Results /02/09 WYN US Wyndham Worldwide Corp 4Q15 Results

3 2016/02/09 IR US Ingersoll-Rand PLC 4Q15 Results /02/09 MAS US Masco Corp 4Q15 Results /02/09 VIAB US Viacom Inc 1Q16 Results /02/09 WU US Western Union Co/The 4Q15 Results /02/09 DIS US Walt Disney Co/The 1Q16 Results /02/09 FRT US Federal Realty Investment Trust 4Q15 Results /02/09 WLTW US Willis Towers Watson PLC 4Q15 Results /02/09 AIZ US Assurant Inc 4Q15 Results /02/09 GT US Goodyear Tire & Rubber Co/The 4Q15 Results /02/09 OMC US Omnicom Group Inc 4Q15 Results /02/09 AKAM US Akamai Technologies Inc 4Q15 Results /02/09 UAL US United Continental Holdings Inc January 2016 Sales and Revenue Release 2016/02/09 SCHW US Charles Schwab Corp/The Business Update Call 2016/02/10 TWX US Time Warner Inc 4Q15 Results /02/10 HSIC US Henry Schein Inc 4Q15 Results /02/10 DTE US DTE Energy Co 4Q15 Results /02/10 HUM US Humana Inc 4Q15 Results /02/10 SEE US Sealed Air Corp 4Q15 Results /02/10 ORLY US O'Reilly Automotive Inc 4Q15 Results /02/10 CTL US CenturyLink Inc 4Q15 Results /02/10 EFX US Equifax Inc 4Q15 Results /02/10 FMC US FMC Corp 4Q15 Results /02/10 IFF US International Flavors & Fragrances Inc 4Q15 Results /02/10 MYL US Mylan NV 4Q15 Results /02/10 CSCO US Cisco Systems Inc 2Q16 Results /02/10 WFM US Whole Foods Market Inc 1Q16 Results /02/10 PRU US Prudential Financial Inc 4Q15 Results /02/10 O US Realty Income Corp 4Q15 Results /02/10 PXD US Pioneer Natural Resources Co 4Q15 Results /02/10 EXPE US Expedia Inc 4Q15 Results /02/10 CSRA US CSRA Inc 2Q16 Results /02/10 GAS US AGL Resources Inc 4Q15 Results /02/11 CCE US Coca-Cola Enterprises Inc 4Q15 Results /02/11 AAP US Advance Auto Parts Inc 4Q15 Results /02/11 RAI US Reynolds American Inc 4Q15 Results /02/11 TRIP US TripAdvisor Inc 4Q15 Results /02/11 ALLE US Allegion PLC 4Q15 Results /02/11 PEP US PepsiCo Inc 4Q15 Results /02/11 TAP US Molson Coors Brewing Co 4Q15 Results /02/11 MOS US Mosaic Co/The 4Q15 Results /02/11 FLIR US FLIR Systems Inc 4Q15 Results /02/11 K US Kellogg Co 4Q15 Results /02/11 VRSN US VeriSign Inc 4Q15 Results /02/11 AIG US American International Group Inc 4Q15 Results /02/11 ATVI US Activision Blizzard Inc 4Q15 Results /02/11 CBS US CBS Corp 4Q15 Results /02/11 RSG US Republic Services Inc 4Q15 Results /02/11 DNB US Dun & Bradstreet Corp/The 4Q15 Results /02/11 BWA US BorgWarner Inc 4Q15 Results /02/11 DVA US DaVita HealthCare Partners Inc 4Q15 Results /02/11 NLSN US Nielsen Holdings PLC 4Q15 Results /02/11 GWW US WW Grainger Inc January 2016 Sales and Revenue Release 2016/02/12 VTR US Ventas Inc 4Q15 Results /02/12 IPG US Interpublic Group of Cos Inc/The 4Q15 Results

4 2016/02/12 SCHW US Charles Schwab Corp/The January 2016 Sales and Revenue Release Europe 2016/02/08 ASSAB SS Assa Abloy AB FY15 Results /02/08 RRS LN Randgold Resources Ltd FY15 Results /02/08 GALP PL Galp Energia SGPS SA FY15 Results /02/08 DKSH SW DKSH Holding AG FY15 Results /02/09 TUI LN TUI AG 1Q16 Results /02/09 SHBA SS Svenska Handelsbanken AB FY15 Results /02/09 ATLN VX Actelion Ltd FY15 Results /02/09 SAN FP Sanofi FY15 Results /02/09 SECUB SS Securitas AB FY15 Results /02/09 LI FP Klepierre FY15 Results /02/09 UCG IM UniCredit SpA FY15 Results /02/09 VWS DC Vestas Wind Systems A/S FY15 Results /02/09 ENEL IM Enel SpA FY15 Results /02/09 BP IM Banco Popolare SC FY15 Results /02/09 PNDORA DC Pandora A/S FY15 Results /02/10 AKZA NA Akzo Nobel NV FY15 Results /02/10 HEIA NA Heineken NV FY15 Results /02/10 CARLB DC Carlsberg A/S FY15 Results /02/10 BILL SS BillerudKorsnas AB FY15 Results /02/10 TEL NO Telenor ASA FY15 Results /02/10 TNET BB Telenet Group Holding NV FY15 Results /02/10 ICA SS ICA Gruppen AB FY15 Results /02/10 UNIB SS Unibet Group PLC FY15 Results /02/10 ARM LN ARM Holdings PLC FY15 Results /02/10 SKG ID Smurfit Kappa Group PLC FY15 Results /02/10 TLW LN Tullow Oil PLC FY15 Results /02/10 KN FP Natixis SA FY15 Results /02/10 HEIO NA Heineken Holding NV FY15 Results /02/10 DSV DC DSV A/S FY15 Results /02/10 SAMAS FH Sampo Oyj FY15 Results /02/10 ABE SM Abertis Infraestructuras SA FY15 Results /02/10 MAP SM Mapfre SA FY15 Results /02/10 MAERSKB DC AP Moeller - Maersk A/S FY15 Results /02/10 VOE AV voestalpine AG 3Q16 Results /02/10 UBI IM Unione di Banche Italiane SpA FY15 Results /02/11 ZURN VX Zurich Insurance Group AG FY15 Results /02/11 MB IM Mediobanca SpA 1H16 Results /02/11 NOKIA FH Nokia OYJ FY15 Results /02/11 ORK NO Orkla ASA FY15 Results /02/11 KOMB CP Komercni banka as FY15 Results /02/11 EDEN FP Edenred FY15 Results /02/11 RI FP Pernod Ricard SA 1H16 Results /02/11 HUH1V FH Huhtamaki OYJ FY15 Results /02/11 GBF GR Bilfinger SE FY15 Results /02/11 GXI GR Gerresheimer AG FY15 Results /02/11 EO FP Faurecia FY15 Results /02/11 KINVB SS Investment AB Kinnevik FY15 Results /02/11 MEDAA SS Meda AB FY15 Results /02/11 HGG LN Henderson Group PLC FY15 Results /02/11 YAR NO Yara International ASA FY15 Results /02/11 PUB FP Publicis Groupe SA FY15 Results

5 2016/02/11 FLS DC FLSmidth & Co A/S FY15 Results /02/11 SHP LN Shire PLC FY15 Results /02/11 MEO GR METRO AG 1Q16 Results /02/11 OR FP L'Oreal SA FY15 Results /02/11 ALUT FP Alcatel-Lucent SA FY15 Results /02/11 RIO LN Rio Tinto PLC FY15 Results /02/11 FP FP TOTAL SA FY15 Results /02/11 GLE FP Societe Generale SA FY15 Results /02/11 SBMO NA SBM Offshore NV FY15 Results /02/11 TOP DC Topdanmark A/S FY15 Results /02/11 UNI IM Unipol Gruppo Finanziario SpA FY15 Results /02/11 BPE IM Banca Popolare dell'emilia Romagna SC FY15 Results /02/11 US IM UnipolSai SpA FY15 Results /02/11 BOL SS Boliden AB FY15 Results /02/11 INF LN Informa PLC FY15 Results /02/11 TEMN SW Temenos Group AG FY15 Results /02/11 LR FP Legrand SA FY15 Results /02/11 ASHM LN Ashmore Group PLC 1H16 Results /02/11 RXL FP Rexel SA FY15 Results /02/12 TKA GR ThyssenKrupp AG 1Q16 Results /02/12 NK FP Imerys SA FY15 Results /02/12 RR/ LN Rolls-Royce Holdings PLC FY15 Results /02/12 CDI FP Christian Dior SE 1H16 Results /02/12 RNO FP Renault SA FY15 Results /02/12 CBK GR Commerzbank AG FY15 Results /02/12 SCHP VX Schindler Holding AG FY15 Results /02/12 GN DC GN Store Nord A/S FY15 Results /02/12 MT NA ArcelorMittal FY15 Results /02/12 KD8 GR Kabel Deutschland Holding AG 3Q16 Results -- Asia Pacific 2016/02/ JP Isuzu Motors Ltd 3Q16 Results /02/ JP Japan Steel Works Ltd/The 3Q16 Results /02/ JP Suzuki Motor Corp 3Q16 Results /02/ JP Toho Zinc Co Ltd 3Q16 Results /02/ JP Tokyo Tatemono Co Ltd FY15 Results /02/ JP Maruha Nichiro Corp 3Q16 Results /02/ JP SCREEN Holdings Co Ltd 3Q16 Results /02/ JP Tokyu Fudosan Holdings Corp 3Q16 Results /02/ JP Toyobo Co Ltd 3Q16 Results /02/08 ANN AU Ansell Ltd 1H16 Results /02/08 JBH AU JB Hi-Fi Ltd 1H16 Results /02/ JP Kuraray Co Ltd FY15 Results /02/ JP Obayashi Corp 3Q16 Results /02/ JP Kajima Corp 3Q16 Results /02/ JP Shimizu Corp 3Q16 Results /02/ JP Toray Industries Inc 3Q16 Results /02/ JP Taisei Corp 3Q16 Results /02/ JP Asahi Group Holdings Ltd FY15 Results /02/ JP Mitsubishi Materials Corp 3Q16 Results /02/ JP Mitsui Mining & Smelting Co Ltd 3Q16 Results /02/ JP Sumitomo Osaka Cement Co Ltd 3Q16 Results /02/ JP Tokai Carbon Co Ltd FY15 Results /02/ JP KDDI Corp 3Q16 Results

6 2016/02/ JP Sumco Corp FY15 Results /02/ JP Daikin Industries Ltd 3Q16 Results /02/ JP Pioneer Corp 3Q16 Results /02/ JP Chiyoda Corp 3Q16 Results /02/ JP Dai Nippon Printing Co Ltd 3Q16 Results /02/ JP Ebara Corp 3Q16 Results /02/ JP Taiheiyo Cement Corp 3Q16 Results /02/ JP Sumitomo Realty & Development Co Ltd 3Q16 Results /02/09 SCP AU Shopping Centres Australasia Property Group 1H16 Results /02/ JP JGC Corp 3Q16 Results /02/ JP Odakyu Electric Railway Co Ltd 3Q16 Results /02/ JP Nippon Paper Industries Co Ltd 3Q16 Results /02/ JP Pacific Metals Co Ltd 3Q16 Results /02/ JP Tokyu Corp 3Q16 Results /02/ JP Toppan Printing Co Ltd 3Q16 Results /02/ JP SoftBank Group Corp 3Q16 Results /02/ JP Showa Shell Sekiyu KK FY15 Results /02/ JP Amada Holdings Co Ltd 3Q16 Results /02/ JP Haseko Corp 3Q16 Results /02/ JP Nissan Motor Co Ltd 3Q16 Results /02/ JP Sapporo Holdings Ltd FY15 Results /02/ JP Secom Co Ltd 3Q16 Results /02/ JP Showa Denko KK FY15 Results /02/10 CBA AU Commonwealth Bank of Australia 1H16 Results /02/10 CIM AU CIMIC Group Ltd FY15 Results /02/10 SGP AU Stockland 1H16 Results /02/10 CPU AU Computershare Ltd 1H16 Results /02/10 OZL AU OZ Minerals Ltd FY15 Results /02/10 BLD AU Boral Ltd 1H16 Results /02/10 AGL AU AGL Energy Ltd 1H16 Results /02/11 HGG LN Henderson Group PLC FY15 Results /02/11 RIO AU Rio Tinto Ltd FY15 Results /02/11 SUN AU Suncorp Group Ltd 1H16 Results /02/11 COH AU Cochlear Ltd 1H16 Results /02/11 SKC NZ SKYCITY Entertainment Group Ltd 1H16 Results /02/11 TCL AU Transurban Group 1H16 Results /02/11 ASX AU ASX Ltd 1H16 Results /02/11 BWP AU BWP Trust 1H16 Results /02/11 MGR AU Mirvac Group 1H16 Results /02/11 TGR AU Tassal Group Ltd 1H16 Results /02/11 GMG AU Goodman Group 1H16 Results /02/ HK ANTA Sports Products Ltd FY15 Results /02/ JP Hokuetsu Kishu Paper Co Ltd 3Q16 Results /02/ JP Mitsui Fudosan Co Ltd 3Q16 Results /02/ JP Sony Financial Holdings Inc 3Q16 Results /02/ JP Dai-ichi Life Insurance Co Ltd/The 3Q16 Results /02/ JP Citizen Holdings Co Ltd 3Q16 Results /02/ JP Yokohama Rubber Co Ltd/The FY15 Results /02/ JP Tokio Marine Holdings Inc 3Q16 Results /02/ JP T&D Holdings Inc 3Q16 Results /02/ JP Sompo Japan Nipponkoa Holdings Inc 3Q16 Results /02/12 APN AU APN News & Media Ltd FY15 Results /02/12 MSB AU Mesoblast Ltd 1H16 Results -- 6

7 SA Dividends Ticker Company Name LDT Ex Date Pay Date Type Amount PCT Prescient 2016/01/ /02/ /02/08 Interim ZAc 2.85 QFH Quantum Foods 2016/02/ /02/ /02/15 Final ZAc 10 AEE African Equity Empowerment Inv 2016/02/ /02/ /02/22 Final ZAc 2.5 CULP Cullinan Holdings Preference Share 2016/02/ /02/ /02/22 Regular Cash ZAc 5.5 Other SA Corporate Actions Date Ticker Company Name Event Description Detail 2015/02/12 DIA/DIB Dipula Income Fund Meeting Date AGM 2016/02/08 IAP Investec Australia Property Fund Pay Date Rights distribution rights per 100 units 2016/02/08 ILE Imbalie Beauty Ex Date Rights distribution rights per 100 shares 2016/02/08 ILE Imbalie Beauty First Day to Trade (rights) Rights distribution rights per 100 shares 2016/02/08 IAPN Investec Australia Property Fund Offer Opens Call on rights (take-up) 1 per ZAR /02/09 SPP Spar Group Meeting Date AGM 2016/02/10 IAPN Investec Australia Property Fund Response Deadline Call on rights (take-up) 1 per ZAR /02/10 NWL NuWorld Meeting Date AGM 2016/02/10 SNU Sentula Mining Meeting Date GM 2016/02/10 SAP Sappi Meeting Date AGM 2016/02/11 ARL Astral Foods Meeting Date AGM 2016/02/11 RFG Rhodes Food Group Meeting Date AGM 2016/02/12 IAPN Investec Australia Property Fund Last Day to Trade Call on rights (take-up) 1 per ZAR /02/12 IMPCB Impala Convertible Bonds Last Day to Trade Interest Payment ZAR per convertible bond 2016/02/12 PFG Pioneer Food Group Meeting Date AGM/GM Disclaimer: The valuations, calculations, prices, opinions and all other information (the information ) contained in this document is issued by FNB Securities (Pty) Ltd (Reg no: 1996/011732/07) ( FNB Securities ) - a part of the FirstRand Group. An Authorised user of the Johannesburg Stock Exchange (JSE) and Financial Services Provider (FSP182). Whilst all care has been taken in the provision of the information in this document, this information is provided without liability to us, our affiliates or any officers or employees of ours. The information expressed in this document is done in good faith and is not intended to constitute any form of advice, including but not limited to financial, legal or tax advice. Some of the information may have been provided or sourced from third parties and we do not in any way guarantee its accuracy or correctness. At all times we will endeavour to ensure that information obtained from any third party is accurate and reliable. FNB Securities and its affiliates disclaims and assumes no liability for any loss or damage (direct, indirect or consequential) that may be suffered from using or relying on the information contained herein. Investment in shares may cause exposure to certain risks, including market risk, and may therefore not be suitable for all clients. Please contact your relationship manager for a personal financial analysis prior to making any investment decisions. FNB Securities and its affiliates disclaims and assumes no liability for any loss or damage (direct, indirect or consequential) that may be suffered from using or relying on the information contained herein without seeking professional advice. All rights in the FTSE/JSE Africa Index Series vest in the JSE and in FTSE International Limited ( FTSE ) jointly. FTSE is a trade mark of the London Stock Exchange Group of Companies ( LSE ). JSE is a trade mark of the JSE. 7