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1 MORNING DIGEST Global overview Selected indices South African indices Previous 5d % 1m % Top 95, 9575,9 -,5,7 1, 1, All Share 557,3 557,5,,3,75 1,9 Resource , 39,5, -, 1, 9,11 Industrial 5 75, 75,7, -,5 1,11 17,9 Financial , 157,1 -,9,3-1,15 1,1 Alsi 95, 9535,,1,31 1,5 11,9 Mid Cap 73, 735, -,33-1,39 -,7-5,5 Small Cap 379, 591,1 1,97 1,,99 -, Gold 19, 1355, -, -,5 -, -5, Platinum 1, 1,7,39-5, -5, -, Banks 9, 719,,79,7 1, 11,7 Property 5,5 5,3 1,39 1,5 1,57 5,31 American indices Previous 5d % Dow Jones 359, 1, -,,7 3, 13,1 S&P 5 5, 5, -,3,,97 11,9 Nasdaq,7 5, -,5 -,1 3,37 19,31 Dollar Index 9,3 9,5 -,7, -,9-9,91 US VIX 9,7 1,1 -,1 -,1 -,9-31,13 European indices Previous 5d % 1m % FTSE 73,9 77, -,11 -,3 -,75 1,9 DAX 3 1, 159,,5,,3 9,75 CAC 57,3 51,7,9,1 3,53,33 Asian indices Previous 5d % Nikkei 5 37,5 31,5,1,73,9,5 Hang Seng 11,3 17, -, 1, 3,5 7,77 Shanghai 3357, 33, -, -,,1,19 ASX 555, 579,1 -,9-1,5-1,3 -,1 Early morning trade Last traded % Chg 5d % Tencent 3, 37, -,35,3 3,3 3,3 BHP Billiton , -,7-3,35 3,71 International economic calendar Selected events and releases 1 Time Area Event / Release Period Exp. Prev. 9: EUR French Flash Manufacturing PMI Aug : EUR French Flash Services PMI Aug :3 EUR German Flash Manufacturing PMI Aug :3 EUR German Flash Services PMI Aug : EUR ECB President Draghi Speaks : EUR Flash Manufacturing PMI Aug : EUR Flash Services PMI Aug :5 USD Flash Manufacturing PMI Aug :5 USD Flash Services PMI Aug Local equities JSE All Share companies Best 1-day % performances Choppies Enterprises CHP 37 13,,97 -,5 Caxton CTP Publishing CAT 1 11,11 9,55 1,1 AfroCentric Investments ACT 7, 5, 1, Spur Corporation SUR 31,,73-3, RCL Foods RCL 1559, 13,,7 Astral Foods ARL 15 5, 1,53 7,5 Wilson Bayly Hlm-Ovc WBO 179,,33-3,9 Capevin Holdings CVH 9,1 7, -3,3 KAP Industrial Holdings KAP,1 1,5 15,51 Grindrod GND 15,1, 5,95 Harmony HAR 3 -,31-1, -,39 Clientele CLI 17 -,,1,9 Sibanye Gold SGL 15-5,7-1, -, Anglogold Ashanti ANG 113-5,33-5,1 -,5 Capital & Regional CRP 975 -, -3,7,33 Gold Fields GFI ,7 -,7 31,57 The Foschini Group TFG ,7 -, -15,1 Massmart Holdings MSM 113-3,5-3,3-11, Pick n Pay Stores PIK 595-3,3 -,7 -,5 Mr Price Group MRP 151-3,1 -,9 13,1 Dividend data African Rainbow Min. DRDGold Hyprop Investments MMI Holdings clientcare@privatewealth.sanlam.co.za Worst 1-day % performances ARI DRD HYP MMI 1m % 1m % 5d % 5d % Dividend ,9 1,7-1,55, Friday Sep 17 International indices Normalised % performances - JSE All Share FTSE 1 Shanghai Composite S&P 5 Global indices -Month and 1-month % performances Last date to trade Sep Dividend 5. cps Mustek MST 1. cps 5. cps SA Corp Real Estate SAC cps 37. cps Spur Corp. SUR 1. cps 9. cps Transcend Property TPF 9.1 cps,95 1,97, 15, 3,75-3,,3 -,1 All Share FTSE Shanghai S&P 5 Gold ($) USDZAR m % 1m % JSE All Share 1 vs 17 1 Jan 1 Mar 1 May 1 Jul 1 Sep 1 Nov 1 17 Page 1

2 Local equities JSE Top companies (Alphabetical) Previous 5d % Anglo American , 3,51,,5 Anglogold Ashanti ,33-5,1-7,7 -,5 Aspen Pharmacare ,13-1,9 1,9 7,9 Brait SE ,9 -, -, -37,33 Barclays Africa Group ,,1-7, -17,9 BidCorp ,1, -, 5,31 BHP Billiton 13 -,3,73, 1,35 British American Tob ,3-1, 1,9 5,17 Bidvest ,, -,59-7,9 Comp. Fin. Richemont ,1, 5,9 3,97 Capitec ,9,93 5, 31,37 Discovery ,3 1,1, 5,97 Fortress Income (A) , 5,9, 7,1 Fortress Income (B) ,31,7 1,,1 Firstrand Limited , -1,13-3,,9 Goldfields ,7 -,7-1,55 31,57 Growthpoint Prop ,3 -,33, -3,5 Investec Ltd , -,13 -,5,17 Investec Plc ,7-1,11,,9 Intu Properties Plc ,7-1,7 -, -1,39 Life Health Care , -,59 -,93-7,91 Mediclinic plc ,9 -,9 -,1 -,9 Mondi Ltd ,3 1,9, 9,7 Mondi Plc 35 31,13,3 3,13 3,7 Mr Price Group ,1 -,9 1,1 13,1 MTN Group ,5 1,9, -,5 Nedbank Group ,9 1,5-9, -1, Naspers 95 97,,,99,3 Netcare , -,77 -, -,5 Old Mutual ,,1,5,9 Redefine Properties ,7 3,59 3,1-1,97 Reinet Investments ,1 -, -,1 3,3 Remgro , -,5-3, -5, RMB Holdings 9-1,93 -,9-1, -,3 Sappi 19 57,,1, -,1 Standard Bank Group ,5 1,19 -,77 5,9 Shoprite -,9-3, 1,59 19,9 Sanlam 3,3 -, -1,1,79 Steinhoff Intl. 13 -, -3,1-5,7-1,9 Sasol ,3-5,75-3,77-5, Tiger Brands ,51,7-5,3-5,39 Vodacom Group ,3-1,31-1,5 5,97 Woolworths Holdings ,79 1,7-7,9-15, Expected company reporting schedule Capitec Holdsport Sun International Zeder PSG Konsult Bank and other preference shares Issuer Nedbank Investec Bank Investec Limited Investec PLC ( ) Standard Bank Firstrand Bank Absa Bank Imperial Holdings PSG Capitec Sasfin Steinhoff Grindrod Netcare Discovery Invicta Clean Yield 1m % Release Date CPI Interim 7 Sep HSP Interim 9 Sep SUI Interim Oct ZED Interim Oct KST Interim 5 Oct Approx. next LDT NBKP 7,9 3 Mar INLP 1 9, 7 Nov INPR ,5 7 Nov INPP 77,17 7 Nov SBPP 9,5 Apr FSRP 7,95 13 Feb ABSP 995 9,31 1 Apr IPLP 73 1,9 1 Mar PGFP 79 1, 1 Mar CPIP 99,3 1 Mar SFNP , Apr SHFF 735 1,1 Apr GNDP 71 11,39 11 Mar NTCP 73 9,91 May DSBP 9 1,3 Mar IVTP 93 1,1 1 Jan South African headlines Selected headlines Local markets ended slightly lower on Thursday, in a session of high-volume trade, following the South African Reserve Bank s decision to keep interest rates unchanged. By the close, the JSE All Share index was flat at 55,7.3 index points, while the Top index ended.5% lower. The gold mining index featured among the worst performers, down a massive.%, with Harmony slumping.31%. General retailers also performed poorly after losing 1.99%, followed by a 1.% decline in the banking index. In contrast, the listed property index gained 1.39%, with Growthpoint and Redefine adding 1.3% and 1.7% respectively Resource 1 Industrial 5 Financial 15-1,15 Top SENS Announcements Selected releases JSE Top index Last 1 days 35 JSE Top index 5 Day SMA Day SMA Local indices 1-Year and 1-month % performances 1,11 1, 1, 11,9 Trencor: On Thursday, TRE released a trading statement for the six months ended 3 June 17. Despite the group seeing a sharp improvement in container leasing market conditions, Trencor will be reporting losses for the period. However, these losses are mainly attributed to the further impairment of contained fleets owned by Textainer and TEC. As it stands, TRE expects its headline loss per share to improve by between 5% and 1%, to between 15 cents and 155 cents, up from a loss of 3.1 cents in 1. In addition, its loss per share is set to come in at between cents and 53 cents, representing an improvement of between % and 7% compared to the loss of 1,337.7 cents reported in the previous corresponding period. Lastly, Trencor will release its results for the period on or around the 9th of September 17. GRIT Real Estate: During the previous session, GTR released its final results for the year ended 3 June 17. The group that was formerly known as Mara Delta Property, declared a dividend of 1.3 US cents for the two months ended 3 June 17. As a result, the group s total distribution for the year came in at 1.7 US cents, an increase of.7% compared to that distributed in the previous corresponding period. This uptick was made possible by a.3% increase in distributable income to $15.13m, up from the $1.3m recorded a year ago. Furthermore, rental income grew by 1% during the period, with vacancies remaining low at 3%. Given that operating expenses growth outstripped revenue income growth, GTR s operating cost percentage increased by 3% to stand at 7.5%. Lastly, the group s net asset value per share declined by 7.% to 15.9 US cents, down from the 13.7 US cents recorded previously. This slump was mainly due to an increase in the number of shares in issue following the group s decision to raise capital in order to grow the portfolio. 5,5 1,9 1, y % 1m % Page

3 Local equities Mid & Small cap companies Mid cap companies Previous 1m % Small cap companies Previous 1m % AECI AFE ,5 -, -,1 ArcelorMittal SA ACL 7 1 -, -, -5,3 Alexander Forbes AFH 7 57, 1,5-15,7 AfroCentric Inv Corp ACT 7, 11, 1, Anglo American Platinum AMS , -,5 3,7 Advtech ADH ,57,5,5 Anheuser-Busch Inbev ANH ,37,3, Afrimat AFT 9 3,55,1 3,7 African Rainbow Minerals ARI ,1 11,57 1, African Oxygen AFX ,3 15, 7, Assore ASR 79 1,7,13 13,1 Adcock Ingram Hldgs AIP 7 5,3-5, 5,33 Attacq ATT ,,91 1,7 Accelerate Prop Fund APF 53 51,3-7,3 -,3 Avi AVI 9 971,93 -,5 7,31 Astral Foods ARL ,,1 7,5 Barloworld BAW 15 11,9 5,3 7, Ascendis Health ASC ,7 9,95 -, Blue Label Telecoms BLU ,39 5,79-3,3 Arrowhead Properties AWA 53,59 -,51-1,95 Capital & Counties CCO 3,1,55 -, Brimstone Inv Corp BRN ,5,5 1,5 Clicks Group CLS ,1 7,79 3, Balwin Properties BWN ,1 3, -3,75 Coronation Fund Managers CML 9 -,13-1,1-3,53 Caxton CTP Publish CAT ,11 1,9 1,1 Curro Holdings COH ,7 -,3-5,3 Calgro M3 Holdings CGR 13 1, -,5-35, Capitec Bank Holdings CPI ,9 5, 31,37 Choppies Enterprises CHP , 7,3 -,5 Dischem DCP 91 95,55 -, 31,9 Cons Infrastructure CIL ,1-1,5-7, Distell Group DST ,77 -, -7,5 City Lodge Hotels CLH ,9 -,99 Datatec DTC ,3 3, 15, Clientele CLI ,,9,9 EOH Holdings EOH ,17-7, -3,99 Clover Industries CLR ,3 -,1-3,9 Exxaro Resources EXX ,75,55 3, Capital & Regional CRP , 3,39,33 Famous Brands FBR ,1,1 -,1 Cashbuild CSB , 5,93 13, Harmony HAR 3 -,31-3,95 -,39 Capevin Holdings CVH 9,1,5-3,3 Hosken Cons Invest HCI ,5,5-1,7 Delta Property Fund DLT ,93 -,9 Hyprop Investments HYP 11 11, -1,59 -,79 Emira Property Fund EMI , -,35 -,3 Impala Platinum IMP ,91-1, -3,7 Grindrod GND ,1 11,5 5,95 Imperial Holdings IPL ,9 3,9 7,1 Group Five GRF 1 11,3-1,9-5,33 Italtile ITE ,75 -,9-5,9 Hudaco Industries HDC ,5 -,7 11, JSE JSE , -7,9 -,97 Holdsport HSP 7 775,1 1, 15,15 KAP Industrial Holdings KAP 3,1, 15,51 Investec Australia IAP ,9 7,9 3,5 Kumba Iron Ore KIO ,95 11, 35,55 Investec Property Fund IPF ,7 3,5,39 PSG Konsult KST ,5-1,7 1,11 Invicta Holdings IVT ,5 -,5-7,1 Liberty Holdings LBH ,1-1, -,7 Lewis Group LEW , -1,39-3,93 Life Healthcare Group LHC , -,93-7,91 Mpact MPT 1 3,15-7,51-11,93 Lonmin Plc LON ,3-1, -7,9 MAS Real Estate Inc MSP 75, 1,5 5,7 MMI Holdings MMI , -1,7-1,15 Metair Investments MTA ,1-7, -1, Massmart Holdings MSM ,5 -,99-11, Murray & Roberts MUR ,53 17,7 7,9 NEPI Rockcastle NRP ,9 1, 19,19 Niveus Investments NIV 1 -,5 11,11 9,59 Northam Platinum NHM ,93 7,7 1,7 Net 1 UEPS Technologies NT ,9,9-17,5 Nampak NPK ,, 5,7 Novus Holdings NVS , -,1 -,3 Oceana Group OCE 99 79,5-1,7-3,51 Octodec Invest OCT 3 5,3 -,1,9 Omnia Holdings OMN ,,51-3,9 Pan African Resources PAN 1 35,55,55 -,59 Pioneer Foods Group PFG ,1-9,5 -,99 Pallinghurst Res PGL 5 3-1,9-1,57-5,11 Pick n Pay Stores PIK ,3-5,1 -,5 Peregrine Holdings PGR ,15,13 -,7 PSG Group PSG , -,1 1,9 The Pivotal Fund PIV ,5-1, 9, RCL Foods RCL ,,3,7 PPC Limited PPC 3 1,9 3, 13,9 Resilient REIT RES ,7,1 1, Royal Bafokeng Platinum RBP , -7,3-15, Reunert RLO 57 3, -1,71,7 Raubex Group RBX 1 19,1 -,7-1,3 Redefine International RPL 5 79, 3,3 3,79 Rebosis Property Fund REB 1 1 -,7-1, -,57 SA Corp Real Estate SAC 53 5,7-3,7-5,3 Rhodes Food Group RFG , -19, -31,95 Sappi SAP 19 57,, -,1 Schroder European REIT SCD ,7 3,7 Santam SNT 131 5,79 1, 11,7 Stenprop STP , 3,,1 Super Group SPG 3 3 1,1 1,5 1,35 Sun International SUI ,5-5,17-3,7 The Spar Group SPP , -, -15,95 Spur Corp SUR , 13,97-3, The Foschini Group TFG ,7-1, -15,1 Transaction Capital TCP ,7 3,1,77 Telkom SA SOC TKG ,9-11,5 -, Tradehold TDH ,5-1,5 -,3 Tongaat Hulett TON 1 1 -,37-9, -17,1 Texton Property Fund TEX ,1-5, -1, Truworths International TRU ,9-3,59-3,19 Trencor TRE ,53,53 37,7 Tsogo Sun Holdings TSH ,5-3, -, Trustco Group TTO 9, 19,51 17,51 Vukile Property Fund VKE 19 19, 3,3, Wilson Bayly Hlm-Ovc WBO ,,9-3,9 Zeder Investments ZED 59 5,1-5,5-15,7 Page 3

4 Global markets European indices Normalised % performances European headlines On Thursday, European markets ended mostly higher, led by a rally among banking shares. Overall, the Stoxx index gained.% to settle at 3. index points, its highest closing level since the th of July 17. This was mainly due to a.9% uptick on the French CAC and a.5% increase on the German DAX, but was somewhat offset by a.11% drop in the FTSE 1. Lastly, by the end of the session, the banking index had risen 1.1%, supported by a 1.1% rally in Deutsche Bank, while Commerzbank and Societe Generale surged 3.% and.1% respectively. European indices Previous m % 1m % FTSE 73,9 77, -,11-1,55, 1,9 DAX 3 1, 159,,5 5,33,73 9,75 CAC 57,3 51,7,9 5,9 19,5, FTSE DAX CAC - FTSE 1 DAX CAC American indices Normalised % performances S&P 5 Dow Jones NASDAQ Asian indices Normalised % performances Shanghai Composite Hang Seng Nikkei American headlines Wall Street ended in negative territory yesterday, with investors taking a breather after the recent rally. The NASDAQ featured as the region s worst performer, forfeiting.5%, with the index negatively affected by a 1.7% slump in Apple and a.73% decline in Nvidia. Furthermore, the S&P 5 lost.3% to close at,5. index points. At the end of the session, nine of the eleven major S&P sectors ended lower, with the S&P technology sector among the biggest decliners. Lastly, the Dow Jones also performed poorly, with the index dropping.% to end a nine-day winning streak. American indices Dow Jones 359, 1, -,,1 3,9 13,1 S&P 5 5, 5, -,3, 15, 11,9 Nasdaq,7 5, -,5 1,5 1,9 19, Dow Jones 15 Asian headlines Previous m % 1m % 5 5 S&P 5 Asian markets were mostly lower this morning, with the exception of the Australian ASX, weighed down by the overnight decline on Wall Street and as investors continued to digest the outcome of the US Federal Reserve s latest monetary policy meeting. Mainland markets led the losses, with the Hang Seng dropping.% to 7,.9 index points. In addition, the Shanghai Composite lost.5%, on track to extend yesterday s.% decline. The Japanese Nikkei was also in negative territory, down.9%, with the index set to end its recent run of gains. Lastly, the Australian ASX added.3% to trade at 5,735. index points. Asian indices Previous m % 1m % Nikkei 5 37,5 31,5,1,5 1,,5 Hang Seng 11,3 17, -, 1,3 1,7 7,77 Shanghai 3357, 33, -,,95 1,97, Nikkei Hang Seng NASDAQ Shanghai 3 Page

5 Commodities & currency pairs Selected headlines Commodity Last traded % Chg 1m % Gold ($) 197,,9 191,1 -,75 -, 1,1 Platinum ($) 9,7,75 935,5 -,5 -,9 3,9 Silver Brent Crude ($) 17, 5,1,9 -,15 1,95 5,9-1,1, -,9 9,,51 -,3 Copper,9,,9 -,71 -,1-99,95 Palladium 91,1, 911, -,33-3,3 33,5 Natural Gas 3,, 3, -3,,7-1,93 Coffee 1,35, 1,35-1,1, -1,5 Corn 35,5 -,7 35,5,1-3, -,3 5 Brent Crude ($) Last 1 days Commodity headlines Last updated 7:5 During the previous session, oil prices ended marginally higher, with investors awaiting the start of a meeting that will see major oil-producing countries meet in Vienna in order to discuss production cuts. By the close, the industrial commodity had added $.1, or.3%, to settle at $5.3 per barrel. Brent erased some of those losses this morning, however, as it dropped.1%, or $.7, to $5.3 per barrel. Lastly, spot gold bucked its recent trend to add.1% and trade at just below the $1,97/oz level. 13 Spot Gold ($) Last 1 days Brent Crude 5 Day SMA Day SMA Platinum ($) Last 1 days Platinum 5 Day SMA Day SMA Currency Pair Last traded % Chg 1m % USDZAR 13,7 -,1 13, -,31,3-3,35 GBPZAR 1,5 -,1 1,3,33,1,53 EURZAR 15,73,9 15,, 1,9 9,71 AUDZAR 1,53 -,1 1,5-1,51,7,5 EURUSD 1,19,17 1,191,3 1,7 13,39 USDJPY 111,9 -,7 11,9,9 3,3-3,9 GBPUSD 1,355,1 1,35,5 5,3 1,9 USDCHF,9 -,,977,1,91 -,3 AUDCAD,975 -,1,977-1,17-1,9 1, Selected currency pairs Normalised % performances 1 11 Spot Gold 5 Day SMA Day SMA Currency headlines Yesterday saw the rand strengthen against the dollar, as it erased some of its recent losses, with the local currency benefitting from the South African Reserve Bank s decision to keep interest rates unchanged. As a result, the repo rate will stay at.75%, while the prime rate will remain at 1.5% for the time being. The decision, which went against expectations of a 5 basis point cut, was mainly due to the fears of unexpected event risks, including those of a political nature. Lastly, after a previous close of R13.3/$, the rand strengthened in the aftermath of the decision to a high of R13.1/$ at 1:, before moving to trade at just below the R13.7/$ level this morning. 13,7 USDZAR Last 1 days 1 13,5 13,3 13,1 1, USDZAR EURUSD USDJPY 1,7 1,5 Brent Crude 5 Day SMA Day SMA EURUSD Last 1 days 1, 1, 1,1 1,1 1,1 1,1 1,1 1, 1, EURUSD 5 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.