Week Ahead. Local front stays quiet. Few exciting offshore reports. 23 September Companies to watch this week. Analysts.

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1 23 September 2016 Week Ahead Companies to watch this week South Africa CPI DCT AIA Z APK YRK BCF Abroad CCL US NKE US PEP US COST US WOS LN HMB SS CBG LN SMIN LN Capitec Bank Holdings Datacentrix Holdings Ascension Properties Edcon Holdings Astrapak York Timber Holdings Bowler Metcalf Carnival Corp NIKE Inc PepsiCo Inc Costco Wholesale Corp Wolseley PLC Hennes & Mauritz AB Close Brothers Group PLC Smiths Group PLC 7267 JP Honda Motor Co Analysts Chantal Marx Pritu Makan Tlamelo Mathakgane Thabiso Mamathuba Sthembile Bopela Contact us Relationship manager: Dealing desk: Website: Local front stays quiet Few exciting offshore reports Some of the local earnings releases to take note of this week include: Capitec (Interim Results): In a recent trading statement, management guided for earnings to increase by between 17% and 20% y/y, which was ahead of full year market expectations (consensus: +16.8%). Our focus will be on topline growth and impairment results. A handful of US companies are set to release earnings figures this week with the world s largest cruise ship operator Carnival Corporation kicking off the week with third quarter results. Footwear manufacturer NIKE should also grab investors attention when the group releases first quarter numbers on Tuesday. Whilst earnings for the athletic retailer have come under pressure recently amid a highly competitive environment, revenue is expected to grow at a steady 5.5% pace. Beverage producer Pepsi and retail group Costco are scheduled to release earnings on Thursday. Looking towards the entire 3Q16, the estimated earnings decline for the S&P 500 is expected to be -2.1% and will mark the first time that the index has recorded six consecutive quarters of year-over-year declines in earnings since 3Q08. For the quarter, 79 companies on the S&P 500 issued negative EPS guidance whilst 35 companies issued positive EPS guidance. The US has been in a state of corporate recession for three quarters now and this is not expected to dissipate until the first half of the 2017 calendar year. Earnings releases in Europe remain limited this week with just a few London based companies likely to make the headlines. Amongst these companies will be building materials distributor Wolseley, financial services group Close Brothers and engineering company Smits. Based on Bloomberg estimates, all three companies are expected to report positive revenue growth for the upcoming financial year end. H&M will also be in the spotlight this week with the group set to release third quarter results. The Swedish company is the second largest clothing retailer on the planet but had recorded only marginal revenue growth during the second quarter (+2.2%). This was mainly ascribed to adverse weather conditions in the majority of its markets and is anticipated to reverse this quarter. Revenue growth expected to come in at around 6.8%. In the Asia Pacific region, Japanese car manufacturer Honda Motor could generate some buzz when it reports sales and revenue numbers for August this week. Group revenue has been following a downward trend since the first 1

2 quarter of 2016 and is expected to record another drop amounting to 5.8% for the second quarter of According to a recent publication by Japan s Automobile Manufacturers Association (JAMA), new vehicle sales are expected to fall in 2016 due to a delayed sales tax hike which is discouraging new buyers and also resulted in the creation of a more demanding base prior to its implementation. From a local corporate actions perspective, Tuesday marks the last day to trade on African Rainbow Minerals, Assore, Hyprop Investments, MMI Holdings, SA Corporate Real Estate Fund, Sasol, Spur Corporation, Texton Property Fund and Trellidor to receive their latest distributions. These counters will trade ex-dividend on Wednesday. Anheuser-Busch Inbev and SABMiller will host GMs this week for the next steps in the proposed merger. Company Events Calendar South Africa Date Ticker Company Name Event Description Estimate ZAc 2016/09/26 CND SJ Conduit Capital FY16 Earnings /09/27 EQS SJ Eqstra Holdings FY16 Earnings /09/27 CPI SJ Capitec Bank Holdings 1H17 Earnings /09/28 AND SJ Andulela Investment Holdings 1H16 Earnings /09/28 ACE SJ Accentuate FY16 Earnings /09/28 DCT SJ Datacentrix Holdings 1H17 Earnings /09/29 AIA SJ Ascension Properties FY16 Earnings /09/29 ISB SJ Insimbi Refractory and Alloy Supplies 1H17 Earnings /09/29 MAS SJ Masonite Africa 1H16 Earnings /09/29 CGN SJ Cognition Holdings FY16 Earnings /09/29 ORE SJ Orion Real Estate FY16 Earnings /09/29 WEZ SJ Wesizwe Platinum 1H16 Earnings /09/29 YRK SJ York Timber Holdings FY16 Earnings /09/29 BCF SJ Bowler Metcalf FY16 Earnings /09/29 FGL SJ Finbond Group 1H17 Earnings /09/30 PGR SJ Peregrine Holdings Annual General /09/ Z SJ Edcon Holdings FY16 Earnings /09/30 APK SJ Astrapak 1H17 Earnings /09/30 TLM SJ Telemasters Holdings FY16 Earnings /09/30 URU LN URU Metals FY16 Earnings /09/30 RAR SJ RARE Holdings FY16 Earnings /09/30 AHL SJ AH-Vest FY16 Earnings /09/30 BEG SJ Beige Holdings FY16 Earnings /09/30 ECS SJ Ecsponent 1H16 Earnings -- SSA 2016/09/26 ACADEMY NL Academy Press 1Q17 Earnings /09/26 NIGERINS NL Niger Insurance PLC 2Q16 Earnings /09/26 SWL GN Sam - Woode 2Q16 Earnings /09/26 EGDL KN Eaagads FY16 Earnings /09/26 CIC KN CIC Insurance Group 1H16 Earnings /09/26 SWISSPOR TZ Swissport Tanzania 1H16 Earnings /09/26 ZANACO ZL Zambia National Commercial Bank PLC 1Q16 Earnings /09/27 OMOSAVBN NL Omoluabi Saving and Loans Plc 2Q16 Earnings /09/27 HONYFLOU NL Honeywell Flour Mill PLC 1Q17 Earnings /09/27 LEK LN Lekoil 1H16 Earnings /09/27 GUINEAIN NL Guinea Insurance PLC 2Q16 Earnings /09/27 NMB TZ National Microfinance Bank Plc 2Q16 Earnings /09/27 NMB TZ National Microfinance Bank Plc 1Q16 Earnings -- 2

3 2016/09/27 FPC BG Far Property Co /The FY16 Earnings /09/27 SCBB BG Standard Chartered Bank Botswana 1H16 Earnings /09/28 INTBREW NL International Breweries PLC 1Q17 Earnings /09/28 PZ NL PZ Cussons Nigeria PLC September Trading Update /09/29 LAWUNION NL Law Union & Rock Insurance PLC 1Q16 Earnings /09/29 CHELLARA NL Chellarams PLC 1Q17 Earnings /09/29 PZ NL PZ Cussons Nigeria PLC 1Q17 Earnings /09/29 SKYESHEL NL Skye Shelter Fund 2Q16 Earnings /09/29 LAWUNION NL Law Union & Rock Insurance PLC 2Q16 Earnings /09/29 SIC GN SIC Insurance Co 1Q16 Earnings /09/29 CCHZ ZL Cavmont Capital Holdings Zambia PLC FY16 Earnings /09/29 SHUMBA BG Shumba Energy FY16 Earnings /09/30 RTBRISCO NL RT Briscoe Nigeria PLC 1Q16 Earnings /09/30 RTBRISCO NL RT Briscoe Nigeria PLC 2Q16 Earnings /09/30 MAC GN Mega African Capital 1Q16 Earnings /09/30 ACI GN African Champion Industries 1Q16 Earnings /09/30 ACI GN African Champion Industries 2Q16 Earnings /09/30 CLYD GN Clydestone Ghana 1Q16 Earnings /09/30 ALW GN Aluworks Ghana 1Q16 Earnings /09/30 GGBL GN Guinness Ghana Breweries FY16 Earnings /09/30 MMH GN Meridian-Marshalls Holdings Co FY16 Earnings /09/30 ZCCM ZL ZCCM Investments Holdings PLC FY16 Earnings /09/30 OLYMPIA BG Olympia Capital Corp/Botswana FY16 Earnings -- United States 2016/09/26 CCL US Carnival Corp 3Q16 Earnings /09/27 NKE US NIKE Inc 1Q17 Earnings /09/27 CTAS US Cintas Corp 1Q17 Earnings /09/28 PAYX US Paychex Inc 1Q17 Earnings /09/29 PEP US PepsiCo Inc 3Q16 Earnings /09/29 ACN US Accenture PLC 4Q16 Earnings /09/29 CAG US ConAgra Foods Inc 1Q17 Earnings /09/29 COST US Costco Wholesale Corp 4Q16 Earnings /09/30 MKC US McCormick & Co Inc/MD 3Q16 Earnings Europe 2016/09/26 CCL LN Carnival PLC 3Q16 Earnings /09/26 ARYN VX Aryzta AG FY16 Earnings /09/27 WOS LN Wolseley PLC FY16 Earnings /09/27 CBG LN Close Brothers Group PLC FY16 Earnings /09/28 ORP FP Orpea 1H16 Earnings /09/28 SMIN LN Smiths Group PLC FY16 Earnings /09/28 AA/ LN AA PLC 1H17 Earnings /09/30 HMB SS Hennes & Mauritz AB 3Q16 Earnings Asia Pacific 2016/09/ JP Honda Motor Co August 2016 Sales and Revenue -- 3

4 SA Dividends Ticker Company Name LDT Ex Date Pay Date Type Amount BTI British American Tobacco PLC 2016/08/ /08/ /09/28 Interim GBp CCO Capital & Counties Properties PLC 2016/09/ /09/ /09/28 Interim GBp 0.50 TFGP Foschini Group Preference Share 2016/09/ /09/ /09/26 Regular Cash ZAc 6.5 APKP Astrapak Preference Share 2016/09/ /09/ /09/26 Regular Cash ZAc BVT Bidvest Group /The 2016/09/ /09/ /09/26 Final ZAc 232 CFR Cie Financiere Richemont SA 2016/09/ /09/ /09/26 Regular Cash CHF 0.17 CSB Cashbuild 2016/09/ /09/ /09/26 Final ZAc 488 DST Distell Group 2016/09/ /09/ /09/26 Final ZAc 214 GRF Group Five /South Africa 2016/09/ /09/ /09/26 Regular Cash ZAc 30 GRT Growthpoint Properties 2016/09/ /09/ /09/26 Final ZAc 94.3 IPL Imperial Holdings 2016/09/ /09/ /09/26 Final ZAc 425 MDP Mara Delta Property Holdings 2016/09/ /09/ /10/03 Regular Cash USD NEP New Europe Property Investments PLC 2016/09/ /09/ /10/03 Interim EUR OML Old Mutual PLC 2016/09/ /09/ /10/28 Interim GBp 2.67 SGL Sibanye Gold 2016/09/ /09/ /09/26 Interim ZAc 85 SNT Santam 2016/09/ /09/ /09/26 Special Cash ZAc 800 SNT Santam 2016/09/ /09/ /09/26 Interim ZAc 311 TOR Torre Industries 2016/09/ /09/ /09/26 Final ZAc 2 WSL Wescoal Holdings 2016/09/ /09/ /09/26 Regular Cash ZAc ARI African Rainbow Minerals 2016/09/ /09/ /10/03 Regular Cash ZAc 225 ASR Assore 2016/09/ /09/ /10/03 Final ZAc 500 CRP Capital & Regional PLC 2016/09/ /09/ /10/27 Interim GBp 1.67 CVH Capevin Holdings 2016/09/ /09/ /10/03 Final ZAc HYP Hyprop Investments 2016/09/ /09/ /10/03 Final ZAc MMI MMI Holdings 2016/09/ /09/ /10/03 Final ZAc 92 MST Mustek 2016/09/ /09/ /10/03 Final ZAc 15 SAC SA Corporate Real Estate Fund Nominees Pty 2016/09/ /09/ /10/03 Interim ZAc SOL Sasol 2016/09/ /09/ /10/03 Final ZAc 910 Sasol 2016/09/ /09/ /10/03 Final ZAc 910 SUR Spur Corp 2016/09/ /09/ /10/03 Regular Cash ZAc 73 TEX Texton Property 2016/09/ /09/ /10/03 Final ZAc TRL Trellidor Holdings 2016/09/ /09/ /10/03 Final ZAc Other SA Corporate Actions Date Ticker Company Name Event Description Detail 2016/09/26 RAR Rare Holdings Pay Date Scheme of Arrangement ZAR1.50 per 1 RAR 2016/09/26 BEG Beige Holdings Pay Date Scheme of Arrangement ZAR0.03 per 1 BEG 2016/09/26 DRN Delrand Resources Pay Date Delisting 1 Unlisted DRN certificated form per listed share 2016/09/26 RAR Rare Holdings Withdrawal Date Scheme of Arrangement ZAR1.50 per 1 RAR 2016/09/26 BEG Beige Holdings Withdrawal Date Scheme of Arrangement ZAR0.03 per 1 BEG 2016/09/26 DRN Delrand Resources 2016/09/27 HPA Hospitality Property Withdrawal Date LDT Delisting 1 Unlisted DRN certificated form per listed share 4

5 2016/09/27 HPB Hospitality Property 2016/09/28 HPB Hospitality Property 2016/09/28 HPA Hospitality Property 2016/09/28 HPB Hospitality Property 2016/09/28 HPA Hospitality Property 2016/09/28 ANB Anheuser-Busch InBev SA/NV LDT Suspended (Old Isin) Suspended (Old Isin) Trading Begins (New Isin) Trading Begins (New Isin) 2016/09/28 SAB SABMiller PLC GM 2016/09/28 SAB SABMiller PLC Scheme GM 2016/09/29 SAB SABMiller PLC LDT Scheme of Arrangement: Option 1 (Cash) - GBP45.00 per 1 SAB 2016/09/30 ORY Oryx Properties Pay Date Interest Payment ZAR0.885 per linked unit 2016/09/30 HPA Hospitality Property 2016/09/30 HPB Hospitality Property Record Date Record Date 2016/09/30 SAB SABMiller Plc Suspended Scheme of Arrangement: Option 1 (Cash) - GBP45.00 per 1 SAB tendered (to be paid in ZAR) 2016/09/30 ILE Imbalie Beauty 2016/09/30 NUT Nutritional Holdings 2016/09/30 ORL Oakbay Resources and Energy 2016/09/30 PGR Peregrine Holdings 2016/09/30 REN Renergen Disclaimer: The valuations, calculations, prices, opinions and all other information (the information ) contained in this document is issued by FNB Securities (Pty) (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. 5