1m % ytd % 1m % ytd % Exp. Prev. 5d %

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1 MORNING DIGEST Global overview Selected indices South African indices Close Previous 1d % d % Top 97, 93, -,3-1, -, 1, All Share 7,7 7, -,7-1, -, 1,1 Resource 1 3, 319,9-1,3-1,, 9,79 Industrial 719, 73,1 -,1-1,1-1,11 1,91 Financial 1 131, 139, -, -,1-1,9 1, Alsi 919, 937, -, -1,33 -,79 1,9 Mid Cap 7, 777, -,3-1,3,97 -,3 Small Cap 1,7 99,,,1,1 -,3 Gold 11,9 13, -,1 1, 11,1, Platinum 1, 1,1,9 1,9 7,7 7, Banks 73, 71,9-3,73-3,1,1,9 Property,1 3,7,3 -,7 -,7 3, American indices Close Previous 1d % d % Dow Jones 1797, 17,, -, -1,3 1,3 S&P 1,,1 -,1 -,1 -, 9,9 Nasdaq 3, 397,9 -,9-1,17 -,1 1,1 Dollar Index 91, 91,7 -,3-1, -, -1, US VIX 11, 11, --- 1,,3-17,7 Nikkei 197, 1939, -,3 -,1-3,1, Hang Seng 7, 7,9,3-1, -,7,7 Shanghai 33, 33, -,1 -,,,3 ASX 7, 9,9 -,3 -,91-1,,1 Tencent 37, 31, 1,,37-1,3 9, BHP Billiton ,9 -,1 -,7,9 International economic calendar Selected events and releases European indices Close Previous 1d % d % FTSE 7377, 7397, -, -, -,19 3,9 DAX 3 13, 19,, 1,33,1 7,17 CAC 113, 11, -, -,19 -,,17 Asian indices Close Previous 1d % d % Early morning trade Last traded Close Time Area Event / Release % Chg 1d % d % Period Prev. :3 JPY Tertiary Industry Activity MoM Aug.1%.% : 1: JPY EUR Prelim Machine Tool Orders YoY Italian Industrial Production MoM Aug Aug -- -.%.% 1.1% 1:1 CAD Housing Starts Aug 1K K Exp. Monday 11 Sep 17 International indices Normalised % performances JSE All Share FTSE 1 Shanghai Composite S&P Global indices -Month and 1-month % performances 1 1, 11, 1,3 7,7,7, 3,,17,9, - -1, -1 All Share FTSE Shanghai S&P Gold ($) -, USDZAR m % 1m % Local equities JSE All Share companies Best 1-day % performances Close 1d % d % Rhodes Food Group RFG 7,7-1,7 -, Lewis Group LEW 313,7 -,91 -, Capital & Regional CRP 97 3,1,,7 Brait SE BAT,,7-3, Murray & Roberts Holdings MUR 1,,7,3 AfroCentric Investments ACT 3,7 1,9 3,7 Choppies Enterprises CHP 3,7 13,1 -,7 Steinhoff International SNH,, -7,9 PPC PPC 3, 1,1 1,3 Capitec Bank Holdings CPI 91,3, 31,3 Worst 1-day % performances Close Novus Holdings Santam Distell Group Calgro M3 Holdings Capevin Holdings Advtech BHP Billiton Plc Imperial Holdings Schroder European REIT Peregrine Holdings Dividend data Adcock Ingram AIP 7. cps Standard Bank SBK cps ARB Holdings ARH 3. cps Transpaco TPC 7. cps Arrowhead Properties AWA cps Truworths International TRU 1. cps Blue Label Telecoms BLU cps Woolworths WHL 1. cps Exxaro Resources EXX 3. cps Liberty Two Degrees LD 3. cps Massmart MSM 7. cps Naspers NPN cps South3 S3 USDc 1d % NVS -,1-1,7-3,3 SNT 1-3,73-3,1,9 DST 13-3,3-1, -7, CGR 13 -,93-13, -3, CVH 7 -, -1, -,91 ADH 173 -, -,7,7 BIL 397 -,3-3, 9, IPL 19 -,3-3,, SCD 19 -,7 1,31 3, PGR 9 -,,9-1,77 d % Dividend 1 Jan 1 Mar 1 May 1 Jul 1 Sep 1 Nov 1 17 JSE All Share 1 vs 17 Last date to trade 1 Sep Dividend Page 1

2 Local equities JSE Top companies (Alphabetical) Close Previous 1d % d % Expected company reporting schedule Bank and other preference shares Anglo American , -,9 7,7,3 Anglogold Ashanti ,9, 13,1-9, Aspen Pharmacare Brait SE 7 3,7, -1,3,7 1,3-7, 1,1-3, Barclays Africa Group ,11 -,1 -,1-1, BidCorp ,1 -,33 -,79 19,7 BHP Billiton ,3-3,, 9, British American Tob ,17 3,9 -, 7,39 Bidvest , -1,9 -,7 -, Comp. Fin. Richemont ,7,,73 3,9 Capitec ,3,, 31,3 Discovery ,13-3, -1,3,79 Fortress Income (A) , -, -, 1, Fortress Income (B) 379 3,9-1,7 -, 19,9 Firstrand Limited 9, -,9,1 3, Goldfields ,, 13, 3,31 Growthpoint Prop ,39, -1, Investec Ltd ,7-1,1-1,9 7,71 Investec Plc , -1, -1,9,1 Intu Properties Plc 1 11,73,1 -, -11,79 Life Health Care -,7 -,3 -,1 -, Mediclinic plc ,3 -, 1, -,7 Mondi Ltd , -3, -,, Mondi Plc ,7-3, -,1 3,1 Mr Price Group ,11-3,73, 13,13 MTN Group ,7 -,7 1,1-3,7 Nedbank Group, -,9-1,9-13,7 Naspers ,3 -, -1,,19 Netcare 3 -,1,33-3, -3, Old Mutual , -1,73-3, -,7 Redefine Properties ,9,7,19-3, Reinet Investments 7 7 -,1, -,, Remgro 1 13,3 -,7 -,77-3, RMB Holdings 1 -,9 -, -1, -1,7 Sappi , -3, -3,7 -, Standard Bank Group ,7 -,19 -,71 7,1 Shoprite ,1-3,7 7,3, Sanlam ,1 -,7-3, 7,7 Steinhoff Intl.,, -,7-7,9 Sasol ,,7-3,7-1, Tiger Brands , -,3 -,7 -,9 Vodacom Group ,3-9,3-1,, Woolworths Holdings 991,,3-9, -1,1 RMI Holdings AVI Clover Attacq Impala Platinum Issuer Nedbank Investec Bank Investec Limited Investec PLC ( ) Standard Bank Firstrand Bank Absa Bank Imperial Holdings PSG Capitec Sasfin Steinhoff Grindrod Netcare Discovery Invicta Release Date RMI Final 11 Sep AVI Final 11 Sep CLR Final 1 Sep ATT Final 1 Sep IMP Final 1 Sep Close Clean Yield Approx. next LDT NBKP 7,9 3 Mar INLP 79 9,9 7 Nov INPR 73 1,1 7 Nov INPP 9,1 7 Nov SBPP 791 9,13 Apr FSRP 7 9,1 13 Feb ABSP 7 9, 1 Apr IPLP 7 11, 17 Sep PGFP 77 1, 17 Sep CPIP 9, 17 Sep SFNP 7 1, Apr SHFF 799 1,17 Apr GNDP 7 11,1 11 Sep NTCP 7 9,91 May DSBP 97 1,3 1 Sep IVTP 933 1,73 1 Jan South African headlines Selected headlines Renewed geopolitical concerns in the Korean Peninsula dragged local markets lower on Friday, with the JSE All Share index dropping.7% to settle at,7.7 index points. In addition, the Top index underperformed the overall market after it lost.3%. The resource index featured among the session s worst performers, with Anglo American ending % lower. Furthermore, food and drug retailers lost.37%, followed by a.% decline in the banking index. Despite a weaker rand, the industrial index also ended in negative territory, with Naspers dropping.3%. Lastly, the platinum index performed well, up.7%, followed by a.3% increase in the listed property index JSE Top index Day SMA Day SMA Resource 1 Industrial Financial 1 Top -1,9 SENS Announcements Selected releases Local indices 1-Year and 1-month % performances -1,11 -, JSE Top index Last 1 days,,3 RMB Holdings: On Friday, RMH released its results for the year ended 3 June 17. Firstly, RMB Holdings main interest is its 3% investment in separately listed FirstRand, while the group has also recently expanded its property strategy with the acquisition of a 7.% interest in Atterbury Property Holdings. Overall, RMH produced satisfactory results for the period, with normalised earnings increasing by 7% to R.bn, up from the R7.7bn reported a year ago. On a per share basis, normalised earnings came in at 7. cents, slightly higher than the. cents recorded previously. Furthermore, the group delivered a return on equity of 3.%, marginally lower than the % delivered in the previous corresponding period. Other highlights included an % increase in its net asset value per share to,931. cents. In addition, RMH s market capitalisation also grew by % to R.9bn, or,7 cents per share, which represents a 7.3% discount to the group s underlying intrinsic value. Lastly, the board opted to declare a final dividend of 17 cents per share, up from 13 cents a year ago, taking the full-year dividend to 37 cents per share. African Oxygen: During the previous session, AFX released its results for the six months ended 3 June 17. In it, the group reported a.% increase in revenue to R.79bn, up from the R.1bn reported a year ago. In addition, EBITDA grew by 1.% to R7mn, helped along by an increase in volumes, recovery of cost inflation and effective cost management. The EBITDA margin improved by 7 basis points to.7% during the period, which resulted in its earnings per share increasing by % to 93.3 cents, up from the 7. cents reported a year ago. Lastly, AFX s board declared an interim dividend of cents per share, which is slightly higher than the 3 cent dividend reported in the previous corresponding period.,1,7 11, y % 1m % Page

3 Local equities Mid & Small cap companies Mid cap companies Close Previous 1d % Small cap companies Close Previous 1d % AECI AFE 1 1 -,3,7,3 ArcelorMittal SA ACL 7,13-3,3 -, Alexander Forbes AFH , -1,9 AfroCentric Inv Corp ACT 3 1,7 3,7 3,7 Anglo American Platinum AMS ,, 3,7 Advtech ADH , 1,,7 Anheuser-Busch Inbev ANH , 1,19, Afrimat AFT,9 9,7,11 African Rainbow Minerals ARI ,7 1, 1, African Oxygen AFX 1 13, 1,7 1,3 Assore ASR 9 9 -,19 1,9 13, Adcock Ingram Hldgs AIP ,1,79 31,1 Attacq ATT 1 13,1,71 9,9 Accelerate Prop Fund APF -,9-7, -3, Avi AVI ,1 -,,7 Astral Foods ARL 1 1 -, -, 19,1 Barloworld BAW ,7,,3 Ascendis Health ASC ,3 1, -17, Blue Label Telecoms BLU ,17 9,9-1,1 Arrowhead Properties AWA 7 1,3 -,3-1,9 Capital & Counties CCO 9 1 1, -7,1-7,7 Brimstone Inv Corp BRN 17 1,,, Clicks Group CLS 11 1,7, 3,7 Balwin Properties BWN 9 1,31 7, -,9 Coronation Fund Managers CML ,7 -,3 -,7 Caxton CTP Publish CAT ,3,3,1 Curro Holdings COH ,37-1,1 -,9 Calgro M3 Holdings CGR ,93-1, -3, Capitec Bank Holdings CPI ,3, 31,3 Choppies Enterprises CHP 3 9,7, -,7 Dischem DCP 91 -,7 -,37,93 Cons Infrastructure CIL , -9, -3, Distell Group DST ,3-9, -7, City Lodge Hotels CLH , -,1 -,1 Datatec DTC 1-1,1,79 1,3 Clientele CLI ,,, EOH Holdings EOH ,, -3,7 Clover Industries CLR 13 11,1-11, -1,7 Exxaro Resources EXX , 1,9, Capital & Regional CRP ,1,9,7 Famous Brands FBR ,7 -, -, Cashbuild CSB ,, 1, Harmony HAR 73 7, 19,7-1, Capevin Holdings CVH 7 9 -, -,1 -,91 Hosken Cons Invest HCI ,91,3-1, Delta Property Fund DLT ,7-1,73 -,1 Hyprop Investments HYP ,17 -, -1, Emira Property Fund EMI ,1 -,9-7,3 Impala Platinum IMP 99 1,1 7,7 -,9 Grindrod GND , 1,3 -,37 Imperial Holdings IPL ,3,7, Group Five GRF , -3, Italtile ITE 13 13,7, -,37 Hudaco Industries HDC , , JSE JSE ,39-3,3 -,3 Holdsport HSP 99 9,91, 1, KAP Industrial Holdings KAP 7, 3, 1,7 Investec Australia IAP ,3 -,3-1,9 Kumba Iron Ore KIO ,13,79 3,11 Investec Property Fund IPF ,7 -, --- PSG Konsult KST ,,,3 Invicta Holdings IVT -,1 -,9-9, Liberty Holdings LBH ,3 1, -3,9 Lewis Group LEW ,7, -, Life Healthcare Group LHC -,7 -,1 -, Mpact MPT 9 -,3-7,7-9,73 Lonmin Plc LON 1 1 -,7 -, -3, MAS Real Estate Inc MSP 9,1 3,9 1,9 MMI Holdings MMI ,7-7, -1,7 Metair Investments MTA , -,31-11,3 Massmart Holdings MSM ,3,39 -,7 Murray & Roberts MUR 1 13, 17,,3 NEPI Rockcastle NRP ,9 3, 17,3 Niveus Investments NIV ,3,7,7 Northam Platinum NHM 1, 1,1, Net 1 UEPS Technologies NT ,3 1,1 -,3 Nampak NPK ,1 1,,31 Novus Holdings NVS -,1-1,1-3,3 Oceana Group OCE ,33-13,1-3,1 Octodec Invest OCT 3 -,13-7,, Omnia Holdings OMN ,,9-3,1 Pan African Resources PAN 9 1,97 17,73,39 Pioneer Foods Group PFG , -1,1-3,1 Pallinghurst Res PGL ,3-3,31-37,7 Pick n Pay Stores PIK 1 1 -,1-1,3-3,1 Peregrine Holdings PGR ,,79-1,77 PSG Group PSG 1, -, 1,99 The Pivotal Fund PIV , 11, RCL Foods RCL , -11, 11,1 PPC Limited PPC 3, 7,7 1,3 Resilient REIT RES ,17-3,91 11, Royal Bafokeng Platinum RBP 31 3,11-1,3-11, Reunert RLO -,7 -, -,13 Raubex Group RBX , -,3-13, Redefine International RPL 9,9-1,1 -,7 Rebosis Property Fund REB 19 19,9 -,9 -,71 SA Corp Real Estate SAC 3 37,19 -,71 -,7 Rhodes Food Group RFG 1 7,7-1,1 -, Sappi SAP , -3,7 -, Schroder European REIT SCD ,7 -,7 3, Santam SNT 1 9-3,73,1,9 Stenprop STP ,11,71 -,9 Super Group SPG 1-1,7 1,, Sun International SUI , -1,3-3,37 The Spar Group SPP ,9 -,9-1,1 Spur Corp SUR 9,9 -, -9, The Foschini Group TFG ,9 -, -1,7 Transaction Capital TCP ,13, 3,7 Telkom SA SOC TKG , -7,3-19, Tradehold TDH , -, -,3 Tongaat Hulett TON , -,1-1, Texton Property Fund TEX 7 7 1,3 -,9 -,1 Truworths International TRU 1 1,,3 3, Trencor TRE ,3,9 3, Tsogo Sun Holdings TSH ,37 -, -1,1 Trustco Group TTO 9, 11,11 7,91 Vukile Property Fund VKE , -, 1,9 Wilson Bayly Hlm-Ovc WBO ,73,1 -,7 Zeder Investments ZED 9 9,1-1, -13, Page 3

4 Global markets European indices Normalised % performances FTSE 1 DAX CAC American indices Normalised % performances S&P Dow Jones NASDAQ Asian indices Normalised % performances 1 1 European headlines European markets ended in a mixed fashion on Friday, following a choppy session due to renewed concerns surrounding North Korea. Overall, the Stoxx added.1% to close at 37.1 index points, with a.% increase in the German DAX featuring among the region s top performers. In contrast, the French CAC shed.%, while the FTSE 1 lost.% to close the session off at 7,377. index points. Mining shares led the decliners, negatively affected by data which showed that Chinese imports had slowed during August. As a result, BHP Billiton lost 3.77% by the close, followed by a 3.7% decline in Antofagasta. European indices Close Previous 1d % m % FTSE 7377, 7397, -,,9 7,7 3,9 DAX 3 13, 19,,,1 1, 7,17 CAC 113, 11, -, 3, 1,, American headlines Wall Street ended mostly lower during the previous session, with investors waiting on the sidelines ahead of Hurricane Irma s landfall. In addition, investors also refrained from taking large bets ahead of a potential missile test by North Korea. The NASDAQ led the region s losses, down.9%, with the index extending its declines for the week to 1.% as it moved to settle at,3.19 index points. The S&P also ended lower, down.%, with the index dropping.% over the course of the week. Lastly, the Dow Jones bucked the trend to add.% and settle at 1, index points, buoyed by a 3.9% increase in Travelers. American indices Close Previous 1d % m % Dow Jones 1797, 17,,, 17,9 1,3 S&P 1,,1 -,1,17 1, 9,9 Nasdaq 3, 397,9 -,9,9,93 1, Asian headlines This morning saw Asian markets perform well, helped along by a resurgent dollar. In return, the Japanese Nikkei featured as the region s top performer, with the index adding 1.3% to 19,1.3 index points, on track to erase the.3% decline recorded on Friday. The Hang Seng rose.91%, with the index set to end higher for the nd consecutive session, followed by a.% increase in the Australian ASX. Lastly, the Shanghai Composite lagged behind other regional indices, but still managed to add.13% and trade at 3,39. index points at the break. Asian indices FTSE 1 Dow Jones DAX 119 S&P Close Previous 1d % m % Nikkei 197, 1939, -,3,11 13,, Hang Seng 7, 7,9,3 1,3 1,7,7 Shanghai 33, 33, -,1 3,,7,3 Nikkei Hang Seng CAC NASDAQ 3 Shanghai - Shanghai Composite Hang Seng Nikkei Page

5 Commodities & currency pairs Selected headlines Commodity Last traded % Chg Close 1d % 1m % Gold ($) 1337, -, 13,11 -,,7 1,9 Platinum ($) 1, -,37 1,1 -,9 3,9 11,79 Silver 17, -, 17,9 -, 9,3 1, Brent Crude ($),1, 3,73-1, 3,7 -,9 Copper 93,, 93, -,99 3,9,91 Palladium 93,9, 93, --- 3, 37, Natural Gas,93,, , -1, Coffee 1,31, 1,31 1,1 -, -,7 Corn 3,, 3,,73 -,9 -, Brent Crude ($) Last 1 days Commodity headlines Last updated : During the previous session, oil prices ended lower, weighed down by expectations that Hurricane Irma would negatively impact the demand for oil. By the close, US crude had fallen 3.%, while Brent crude lost 1.% to settle at $3. per barrel. Meanwhile, earlier on in the session, Brent reached a -month high of $. per barrel. The industrial commodity erased some of Friday s losses this morning, with Brent gaining.39% to trade at $3.99 per barrel. In contrast, spot gold lost.% to just below the $1,33/oz level this morning, after the precious metal reached a high of $1,37./oz on Friday. 13 Spot Gold ($) Last 1 days Brent Crude Day SMA Day SMA Platinum ($) Last 1 days Platinum Day SMA Day SMA Currency Pair Last traded % Chg Close 1d % 1m % USDZAR 1,917 -,1 1,9 1,19-3, -,79 GBPZAR 17,199 -, 17,7 1,91-1,, EURZAR 1,11 -,1 1,7 1, -,91 7,7 AUDZAR 1,399 -, 1,1 1,1-1,,3 EURUSD 1,9 -,19 1,3,9,37 1, USDJPY 1,1,3 17,3 -, -, -7,7 GBPUSD 1,317 -,17 1,3197,73 1,,9 USDCHF,997,7,93 -, -3,7-7, AUDCAD,9773 -,13,97,3 -,37 1,1 Selected currency pairs Normalised % performances 1 11 Spot Gold Day SMA Day SMA Currency headlines The local currency weakened against major currencies on Friday, with the rand negatively affected by some risk-off trade. After a previous close of R1.79/$ on Thursday, the rand reached a session high of R1.79/$ at 7:1. However, from there, the local currency started to systematically weaken as it slumped to R1.93/$ at 17:. Lastly, after trading in a somewhat choppy manner over the weekend, the local currency was mostly unchanged as it moved to just below the R1.9/$ level this morning. 13,9 13,7 USDZAR Last 1 days 1 13, 13,3 13,1 1,9 - - USDZAR EURUSD USDJPY 1,7 1, Brent Crude Day SMA Day SMA EURUSD Last 1 days 1, 1, 1,1 1,1 1,1 1,1 1,1 1, 1, 1, EURUSD Day SMA Day SMA Disclaimer: This note is prepared for Sanlam Private Wealth (Pty) Ltd, by K (Pty) Ltd trading as Thompson Green. Thompson Green is an independent company contracted to Sanlam Private Wealth (Pty) Ltd. The views expressed in this note are those of Thompson Green and/or its analysts and not necessarily the views of Sanlam Private Wealth (Pty) Ltd, Sanlam or any officer or agent thereof. K (Pty) Ltd trading as Thompson Green is a research house and not a registered broker, financial advisor or financial service provider. Our editors and customer services teams also do not give personal investment advice. The information in this document is general advice only and may not be appropriate to your particular investment objectives, financial situation or particular needs, so before investing or if in any doubt about your personal situation, you should seek professional advice from a stockbroker or independent financial adviser authorised by the Financial Services Board. We research our recommendations and articles thoroughly, but disclaim all liability for any inaccuracies or omissions in this publication and any trading or investment losses you may incur. Should you outperform inflation, we will take the credit. Thompson Green also acts as an Introducer of Business to Authorised Financial Services Providers. All accounts opened are held by the Authorised Registered Financial Services Provider and not Thompson Green. The information in this is confidential and may be legally privileged. It is intended solely for the addressee. Access to this by anyone else is unauthorised. If you are not the intended recipient, any disclosure, copying, distribution or any action taken or omitted to be taken in reliance on it, is prohibited and may be unlawful. If you are not the intended recipient please return the message to the sender and delete it from your records.