Week Ahead. Busier week locally. US banks to steal the spotlight. 17 October Companies to watch this week. Analysts.

Transcription

1 17 October 2016 Week Ahead Companies to watch this week South Africa CGR SOV PIK DTC ADR Abroad BAC US IBM US NFLX US GS US JNJ US PM US MS US EBAY US AXP US MSFT US GE US MCD US BRBY LN VOLVB SS DAI GR SAP GR Calgro M3 Holdings Ltd Sovereign Food Investments Ltd Pick n Pay Stores Ltd DataTec Ltd Adcorp Holdings Ltd Bank of America Corp International Business Machines Netflix Inc Goldman Sachs Group Inc/The Johnson & Johnson Philip Morris International Inc Morgan Stanley ebay Inc American Express Co Microsoft Corp General Electric Co McDonald's Corp Burberry Group PLC Volvo AB Daimler AG SAP SE 939 HK China Construction Bank Corp 941 HK China Mobile Ltd 762 HK China Unicom Hong Kong Ltd Analysts Chantal Marx Pritu Makan Sithembile Bopela Contact us Relationship manager: Dealing desk: Website: Busier week locally US banks to steal the spotlight Some of the local earnings releases to take note of this week include: Calgro M3 (Interim Results): In a voluntary trading update, management guided for a decline in headline earnings per share (HEPS) of between 1% and 4% y/y on the back of a subdued construction environment in South Africa. Reduced public sector spending in the run-up to local elections also had a negative impact on the bottom line performance, with the group increasing its activity in integrated development sales to the private sector. Pick n Pay Stores (Interim Results): Management recently guided for HEPS to increase by between 20% and 25% y/y, more or less in-line with full year consensus expectations (+21%). Group turnover was up 7.2% y/y (FY15: 8.5%) In this result our focus will be on margins. Datatec (Interim Results): In a recent trading statement, the group guided for HEPS to fall by ~24% y/y tracking well behind initial expectations. Revenue was expected to fall by 7.6% y/y on the back of a stronger US dollar and off a high base in 1H16. The gross margin is expected to improve to 13.8% (1H16: 13.1%). Sovereign Foods (Interim Results): The Company released a trading statement guiding for a loss per share of between 47.5 cents and 56.5 cents per share. Additional expenses incurred in the defence of an attempted hostile takeover by Country Bird Holdings, and elevated feed cost affected the bottom line result negatively. Sovereign is in the process of implementing a combination of transactions including a share buyback, BEE deal, and a new executive remuneration policy. Should the transactions receive shareholder approval and be implemented, the company expects to report a headline loss per share of between 38.5 cents and 47.5 cents per share. Third quarter earnings season gains further momentum in the US with approximately 90 S&P 500 companies scheduled to release results this week. The financial sector will remain in the spotlight this week with Bank of America, Goldman Sachs, Morgan Stanley, American Express and PayPal, all set to report third quarter numbers. Positive results from J.P. Morgan Chase, Citigroup and Wells Fargo last Friday bolstered expectations for the financial sector. Whilst Bank of America is expected to report a fall in earnings (-3.02% y/y), Goldman Sachs and Morgan Stanley are poised for solid growth of around 1

2 47% and 85%, respectively. Tech firms Netflix, Intel Corp, Yahoo! and Microsoft, as well as industrial heavy-weight General Electric are also schedule to release results this week. According to Factset, 7% of S&P 500 companies have reported 3Q16 numbers so far with 76% having reported earnings above the mean estimate and 62% having reported sales above the overall expected average. Nevertheless, the blended earnings decline for 2Q16 is 1.8% to this point. 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. In Europe, clothing retailers Hennes & Mauritz (H&M) and Burberry will kick off the week with trading updates. Mining giants BHP Billiton and Rio Tinto will deliver operational updates on Tuesday and Wednesday, respectively, hopefully providing insight into the impact of a recent spike in commodity price volatility spurred on by a stronger US dollar. Nestle is scheduled to release third quarter sales figures on Thursday and vehicle producers Volvo and Daimler, are schedule to end the week off, releasing quarterly earnings. European vehicle producers are expected to register an uptick in performance with data from the European car marker s association, ACEA, showing that car sales in Europe hit a record high in September (+7.3% m/m) with new car registrations rising by 8% since the beginning of the year. In the Asia Pacific region, the focus will be on the largest mobile telecoms operator in the world, China Mobile, when it releases 3Q16 results. Full year earnings are expected to come under pressure following on from a weak 2015 print. Investors will also keep China Unicom, the second largest operator, and China Construction Bank on their watchlists with these companies also set to release third quarter results this week. From a local corporate actions perspective, RCL Foods and Wilson Bayly Homes-Ovcon trade ex-dividend on Wednesday. Both the Remgro rights offer election deadline and MTN Zakhele s reinvestment deadline (into MTN Zakhele Futhi) are coming up this week. Sovereign Food Investments and Transaction capital host GMs this week and Tsogo Sun, BHP Billiton, Distell, Aveng, and Lewis will hold AGMs. Company Events Calendar South Africa Date Ticker Company Name Event Description Estimate ZAc 2016/10/17 AIA SJ Ascension Properties Ltd FY16 Earnings /10/17 IO0 GR Ichor Coal NV 1H16 Earnings /10/17 CGR SJ Calgro M3 Holdings Ltd 1H17 Earnings /10/17 SOV SJ Sovereign Food Investments Ltd 1H17 Earnings /10/17 WIH SJ Waco International Holdings Ltd FY16 Earnings /10/17 NRL SJ Newpark REIT LTD 1H17 Earnings /10/17 GBI SJ Gold Brands Investments Ltd 1H17 Earnings /10/18 PIK SJ Pick n Pay Stores Ltd 1H17 Earnings /10/18 RBA SJ RBA Holdings Ltd 1H16 Earnings /10/19 AEL SJ Allied Electronics Corp Ltd 1H17 Earnings /10/19 DTC SJ DataTec Ltd 1H17 Earnings /10/19 WSL SJ Wescoal Holdings Ltd 1H17 Earnings /10/19 ADR SJ Adcorp Holdings Ltd 1H17 Earnings /10/19 VLE SJ Value Group Ltd 1H17 Earnings /10/20 GDN SJ Gooderson Leisure Corp Ltd 1H17 Earnings -- SSA 2016/10/17 ACADEMY NL Academy Press 1Q17 Earnings -- 2

3 SSA 2016/10/17 ALW GN Aluworks Ghana Ltd 1Q16 Earnings /10/17 AVONCROW NL Avon Crowncaps & Containers 1Q17 Earnings /10/17 BATA ZL Zambia Bata Shoe FY15 Earnings /10/17 CIC KN CIC Insurance Group Ltd 1H16 Earnings /10/17 GNI NL Great Nigeria Insurance PLC FY15 Earnings /10/17 HAFR KN Home Afrika Ltd 1H16 Earnings /10/17 HONYFLOU NL Honeywell Flour Mill PLC 1Q17 Earnings /10/17 INTBREW NL International Breweries PLC 1Q17 Earnings /10/17 LAFA ZL Lafarge Cement Zambia PLC 1H16 Earnings /10/17 MAC GN Mega African Capital Ltd 1Q16 Earnings /10/17 NIGERINS NL Niger Insurance PLC 2Q16 Earnings /10/17 OLYMPIA BG Olympia Capital Corp/Botswana FY16 Earnings /10/17 REDSTARE NL Red Star Express PLC 1Q17 Earnings /10/17 SCBB BG Standard Chartered Bank Botswana Ltd 1H16 Earnings /10/17 SIC GN SIC Insurance Co Ltd 1Q16 Earnings /10/17 SPL GN Starwin Products Ltd 2Q16 Earnings /10/17 SWISSPOR TZ Swissport Tanzania Ltd 1H16 Earnings /10/17 SWL GN Sam - Woode Ltd 2Q16 Earnings /10/17 TKNL KN Total Kenya Ltd 1H16 Earnings /10/17 TWIGA TZ Tanzania Portland Cement Co Ltd 1H16 Earnings /10/17 ZANACO ZL Zambia National Commercial Bank PLC 1Q16 Earnings /10/18 TOURIST NL Tourist Co of Nigeria PLC FY16 Earnings /10/19 AYRTN GN Ayrton Drug Manufacturing Ltd FY16 Earnings /10/19 KPLL KN Kenya Power & Lighting Ltd FY16 Earnings /10/19 LLR BG Letlole La Rona Ltd FY16 Earnings /10/19 NSLTECH NL Secure Electronic Technology PLC 3Q16 Earnings /10/19 RAKUNITY NL Rak Unity Petroleum Co PLC 1Q17 Earnings /10/19 WAPCO NL Lafarge Africa PLC 3Q16 Earnings /10/20 FORTISMF NL Fortis Microfinance Bank Plc 3Q16 Earnings /10/20 NESTLE NL Nestle Nigeria PLC 3Q16 Earnings /10/20 UNILEVER NL Unilever Nigeria PLC 3Q16 Earnings /10/21 ABBEYBDS NL Abbey Mortgage Bank PLC 3Q16 Earnings /10/21 AFRIPRUD NL Africa Prudential Registrars PLC 3Q16 Earnings /10/21 BCBL KN Barclays Bank of Kenya Ltd 3Q16 Earnings /10/21 CBIL KN Carbacid Investments Ltd FY16 Earnings /10/21 LASACO NL LASACO Assurance PLC 3Q16 Earnings /10/21 NAP BG New African Properties Ltd FY16 Earnings /10/21 NEM NL NEM Insurance PLC 3Q16 Earnings /10/21 NPFMCRFB NL NPF Microfinance Bank PLC 3Q16 Earnings -- United States 2016/10/17 SCHW US Charles Schwab Corp/The 3Q16 Earnings /10/17 JBHT US JB Hunt Transport Services Inc 3Q16 Earnings

4 United States 2016/10/17 HAS US Hasbro Inc 3Q16 Earnings /10/17 BAC US Bank of America Corp 3Q16 Earnings /10/17 IBM US International Business Machines Corp 3Q16 Earnings /10/17 NFLX US Netflix Inc 3Q16 Earnings /10/17 UAL US United Continental Holdings Inc 3Q16 Earnings /10/18 CMA US Comerica Inc 3Q16 Earnings /10/18 UNH US UnitedHealth Group Inc 3Q16 Earnings /10/18 GS US Goldman Sachs Group Inc/The 3Q16 Earnings /10/18 RF US Regions Financial Corp 3Q16 Earnings /10/18 BLK US BlackRock Inc 3Q16 Earnings /10/18 JNJ US Johnson & Johnson 3Q16 Earnings /10/18 HOG US Harley-Davidson Inc 3Q16 Earnings /10/18 PM US Philip Morris International Inc 3Q16 Earnings /10/18 GWW US WW Grainger Inc 3Q16 Earnings /10/18 KSU US Kansas City Southern 3Q16 Earnings /10/18 INTC US Intel Corp 3Q16 Earnings /10/18 LLTC US Linear Technology Corp 1Q17 Earnings /10/18 ISRG US Intuitive Surgical Inc 3Q16 Earnings /10/18 NAVI US Navient Corp 3Q16 Earnings /10/18 OMC US Omnicom Group Inc 3Q16 Earnings /10/18 YHOO US Yahoo! Inc 3Q16 Earnings /10/19 BBT US BB&T Corp 3Q16 Earnings /10/19 MTB US M&T Bank Corp 3Q16 Earnings /10/19 USB US US Bancorp 3Q16 Earnings /10/19 RAI US Reynolds American Inc 3Q16 Earnings /10/19 HAL US Halliburton Co 3Q16 Earnings /10/19 DOV US Dover Corp 3Q16 Earnings /10/19 MS US Morgan Stanley 3Q16 Earnings /10/19 STJ US St Jude Medical Inc 3Q16 Earnings /10/19 ABT US Abbott Laboratories 3Q16 Earnings /10/19 NTRS US Northern Trust Corp 3Q16 Earnings /10/19 APH US Amphenol Corp 3Q16 Earnings /10/19 STX US Seagate Technology PLC 1Q17 Earnings /10/19 GPC US Genuine Parts Co 3Q16 Earnings /10/19 MAT US Mattel Inc 3Q16 Earnings /10/19 CTXS US Citrix Systems Inc 3Q16 Earnings /10/19 EBAY US ebay Inc 3Q16 Earnings /10/19 FTI US FMC Technologies Inc 3Q16 Earnings /10/19 XLNX US Xilinx Inc 2Q17 Earnings /10/19 AXP US American Express Co 3Q16 Earnings /10/19 LRCX US Lam Research Corp 1Q17 Earnings /10/19 TSCO US Tractor Supply Co 3Q16 Earnings /10/19 SLG US SL Green Realty Corp 3Q16 Earnings /10/19 URI US United Rentals Inc 3Q16 Earnings /10/19 RHI US Robert Half International Inc 3Q16 Earnings

5 United States 2016/10/19 KMI US Kinder Morgan Inc/DE 3Q16 Earnings /10/20 PHM US PulteGroup Inc 3Q16 Earnings /10/20 PPG US PPG Industries Inc 3Q16 Earnings /10/20 SNA US Snap-on Inc 3Q16 Earnings /10/20 DHR US Danaher Corp 3Q16 Earnings /10/20 BK US Bank of New York Mellon Corp/The 3Q16 Earnings /10/20 TXT US Textron Inc 3Q16 Earnings /10/20 FITB US Fifth Third Bancorp 3Q16 Earnings /10/20 DGX US Quest Diagnostics Inc 3Q16 Earnings /10/20 TRV US Travelers Cos Inc/The 3Q16 Earnings /10/20 WBA US Walgreens Boots Alliance Inc 4Q16 Earnings /10/20 VZ US Verizon Communications Inc 3Q16 Earnings /10/20 PH US Parker-Hannifin Corp 1Q17 Earnings /10/20 ADS US Alliance Data Systems Corp 3Q16 Earnings /10/20 ITW US Illinois Tool Works Inc 3Q16 Earnings /10/20 PLD US Prologis Inc 3Q16 Earnings /10/20 UNP US Union Pacific Corp 3Q16 Earnings /10/20 NUE US Nucor Corp 3Q16 Earnings /10/20 PBCT US People's United Financial Inc 3Q16 Earnings /10/20 PYPL US PayPal Holdings Inc 3Q16 Earnings /10/20 MSFT US Microsoft Corp 1Q17 Earnings /10/20 KLAC US KLA-Tencor Corp 1Q17 Earnings /10/20 SLB US Schlumberger Ltd 3Q16 Earnings /10/20 ETFC US E*TRADE Financial Corp 3Q16 Earnings /10/20 CCI US Crown Castle International Corp 3Q16 Earnings /10/20 SWN US Southwestern Energy Co 3Q16 Earnings /10/20 ALK US Alaska Air Group Inc 3Q16 Earnings /10/20 AEP US American Electric Power Co Inc 3Q16 Earnings /10/20 AAL US American Airlines Group Inc 3Q16 Earnings /10/20 PRGO US Perrigo Co PLC 3Q16 Earnings /10/21 HON US Honeywell International Inc 3Q16 Earnings /10/21 GE US General Electric Co 3Q16 Earnings /10/21 IPG US Interpublic Group of Cos Inc/The 3Q16 Earnings /10/21 MCD US McDonald's Corp 3Q16 Earnings /10/21 SYF US Synchrony Financial 3Q16 Earnings /10/21 STI US SunTrust Banks Inc 3Q16 Earnings /10/21 CFG US Citizens Financial Group Inc 3Q16 Earnings /10/21 MCO US Moody's Corp 3Q16 Earnings /10/21 LM US Legg Mason Inc 2Q17 Earnings /10/21 WHR US Whirlpool Corp 3Q16 Earnings Europe Date Ticker Company Name Event Description Estimate LC 2016/10/17 PSON LN Pearson PLC 3Q16 Sales and Revenue /10/17 HMB SS Hennes & Mauritz AB September 2016 Sales and Revenue -- 5

6 Europe Date Ticker Company Name Event Description Estimate LC 2016/10/18 HAS LN Hays PLC 1Q17 Sales and Revenue - Trading Update /10/18 BRBY LN Burberry Group PLC 2Q17 Sales and Revenue - Trading Update /10/18 GETIB SS Getinge AB 3Q16 Earnings /10/18 KNIN VX Kuehne + Nagel International AG 3Q16 Earnings /10/18 TCH FP Technicolor SA 3Q16 Earnings /10/18 ENG SM Enagas SA 3Q16 Earnings /10/18 BN FP Danone SA 3Q16 Sales and Revenue /10/18 AC FP Accor SA 3Q16 Sales and Revenue /10/18 POLY LN Polymetal International PLC 3Q16 Sales and Revenue - Production Results /10/18 INF LN Informa PLC 3Q16 Sales and Revenue - Trading Update /10/18 BWY LN Bellway PLC FY16 Earnings /10/18 BLT LN BHP Billiton PLC September 2016 Sales and Revenue /10/19 IJ SS Intrum Justitia AB 3Q16 Earnings /10/19 AKZA NA Akzo Nobel NV 3Q16 Earnings /10/19 SHBA SS Svenska Handelsbanken AB 3Q16 Earnings /10/19 ASML NA ASML Holding NV 3Q16 Earnings /10/19 ELISA FH Elisa OYJ 3Q16 Earnings /10/19 TEMN SW Temenos Group AG 3Q16 Earnings /10/19 HO FP Thales SA 3Q16 Sales and Revenue /10/19 CA FP Carrefour SA 3Q16 Sales and Revenue /10/19 ML FP Cie Generale des Etablissements Michelin 3Q16 Sales and Revenue /10/19 INVEB SS Investor AB 3Q16 Sales and Revenue /10/19 TPK LN Travis Perkins PLC 3Q16 Sales and Revenue /10/19 RIO LN Rio Tinto PLC 3Q16 Sales and Revenue - Operational Update /10/19 RB/ LN Reckitt Benckiser Group PLC 3Q16 Sales and Revenue - Trading Update /10/19 ZAL GR Zalando SE 3Q16 Sales and Revenue - Trading Update /10/19 RTO LN Rentokil Initial PLC 3Q16 Sales and Revenue - Trading Update /10/19 MEO GR METRO AG 4Q16 Sales and Revenue - Trading Statement /10/20 RI FP Pernod Ricard SA 1Q17 Sales and Revenue /10/20 SEBA SS Skandinaviska Enskilda Banken AB 3Q16 Earnings /10/20 TEL2B SS Tele2 AB 3Q16 Earnings /10/20 BOL SS Boliden AB 3Q16 Earnings /10/20 HUSQB SS Husqvarna AB 3Q16 Earnings /10/20 PUB FP Publicis Groupe SA 3Q16 Earnings /10/20 ATCOA SS Atlas Copco AB 3Q16 Earnings /10/20 AMEAS FH Amer Sports Oyj 3Q16 Earnings /10/20 DG FP Vinci SA 3Q16 Earnings /10/20 FABG SS Fabege AB 3Q16 Earnings /10/20 BKT SM Bankinter SA 3Q16 Earnings /10/20 SOW GR Software AG 3Q16 Earnings /10/20 ATLN VX Actelion Ltd 3Q16 Earnings /10/20 ATO FP Atos SE 3Q16 Sales and Revenue /10/20 ROG VX Roche Holding AG 3Q16 Sales and Revenue /10/20 NESN VX Nestle SA 3Q16 Sales and Revenue /10/20 PUB FP Publicis Groupe SA 3Q16 Sales and Revenue -- 6

7 Europe Date Ticker Company Name Event Description Estimate LC 2016/10/20 LSE LN London Stock Exchange Group PLC 3Q16 Sales and Revenue /10/20 GAM SW GAM Holding AG 3Q16 Sales and Revenue /10/20 AALB NA Aalberts Industries NV 3Q16 Sales and Revenue - Trading Update /10/20 SGRO LN Segro PLC 3Q16 Sales and Revenue - Trading Update /10/21 SKY LN Sky PLC 1Q17 Sales and Revenue - Trading Statement /10/21 BILL SS BillerudKorsnas AB 3Q16 Earnings /10/21 TELIA SS Telia Co AB 3Q16 Earnings /10/21 VOLVB SS Volvo AB 3Q16 Earnings /10/21 ERICB SS Telefonaktiebolaget LM Ericsson 3Q16 Earnings /10/21 DAI GR Daimler AG 3Q16 Earnings /10/21 ASSAB SS Assa Abloy AB 3Q16 Earnings /10/21 METSO FH Metso OYJ 3Q16 Earnings /10/21 YAR NO Yara International ASA 3Q16 Earnings /10/21 SAP GR SAP SE 3Q16 Earnings /10/21 JMT PL Jeronimo Martins SGPS SA 3Q16 Earnings /10/21 INVEB SS Investor AB 3Q16 Earnings /10/21 CLNX SM Cellnex Telecom SA 3Q16 Earnings /10/21 OMV AV OMV AG 3Q16 Sales and Revenue - Trading Statement /10/21 UMI BB Umicore SA 3Q16 Sales and Revenue - Trading Update -- Asia Pacific 2016/10/ JP (C) Yaskawa Electric Corp 1H17 Earnings Release /10/ HK Zhuzhou CRRC Times Electric Co Ltd 3Q16 Earnings Release /10/ HK China Life Insurance Co Ltd 3Q16 Earnings Release /10/ HK China Construction Bank Corp 3Q16 Earnings Release /10/ HK China Mobile Ltd 3Q16 Earnings Release /10/ HK Agricultural Bank of China Ltd 3Q16 Earnings Release /10/ CH GF Securities Co Ltd 3Q16 Earnings Release /10/ HK China Unicom Hong Kong Ltd 3Q16 Earnings Release 0.09 SA Dividends Ticker Company Name LDT Ex Date Pay Date Type Amount AVI AVI Ltd 11-Oct 12-Oct 17-Oct Final ZAr 220 AFX African Oxygen Ltd 11-Oct 12-Oct 17-Oct Interim ZAr 38 CPI Capitec Bank Holdings Ltd 11-Oct 12-Oct 17-Oct Interim ZAr 450 CLR Clover Industries Ltd 11-Oct 12-Oct 17-Oct Final ZAr DRD DRDGOLD Ltd 11-Oct 12-Oct 17-Oct Final ZAr 12 FVT Fairvest Property Holdings 11-Oct 12-Oct 17-Oct Final ZAr JSC Jasco Electronics Holdings 11-Oct 12-Oct 17-Oct Final ZAr 2 SFN Sasfin Holdings Ltd 11-Oct 12-Oct 17-Oct Final ZAr SVB Silverbridge Holdings Ltd 11-Oct 12-Oct 17-Oct Regular Cash ZAr 6 AER Amalgamated Electronic Co 18-Oct 19-Oct 24-Oct Special Cash ZAr

8 BEL Bell Equipment Ltd 18-Oct 19-Oct 24-Oct Interim ZAr 15 CGN Cognition Holdings Ltd 18-Oct 19-Oct 24-Oct Regular Cash ZAr 8 PET Petmin Ltd 18-Oct 19-Oct 24-Oct Regular Cash ZAr 5 RCL RCL Foods Ltd/South Africa 18-Oct 19-Oct 24-Oct Final ZAr 15 WBO Wilson Bayly Holmes-Ovcon 18-Oct 19-Oct 24-Oct Final ZAr 313 Other SA Corporate Actions Date Ticker Company Name Event Description Detail 2016/10/17 TOR Torre Industries Pay date Offer Stellar Capital shares per Torre share. Default - No Action 2016/10/18 REMN Remgro Last day to trade Call on Rights: 1 per ZAR per share. Default - Lapse 2016/10/18 ENX ENX Group Last day to trade Consolidation: 1 per /10/18 MTNZBE MTN Zakhele (RF) Last day to trade Re-investment in MTNZ Futhi (ratio to be announced) Default - No Action 2016/10/18 ADW African Dawn Capital Meeting AGM 2016/10/18 ADW African Dawn Capital Meeting GM 2016/10/18 CRD Central Rand Meeting GM 2016/10/18 GAI Gaia Infrastructure Capital Meeting GM 2016/10/19 MTNZBE MTN Zakhele (RF) Ex date Re-investment in MTNZ Futhi (ratio to be announced) Default - No Action" 2016/10/19 ENX ENX Group Trade under new ISIN Consolidation: 1 per /10/19 SOV Sovereign Food Investments Meeting GM 2016/10/19 TWR Tower Property Fund Meeting AGM 2016/10/19 TSH Tsogo Sun Holdings Meeting AGM 2016/10/19 VLE Value Group Meeting AGM 2016/10/20 BIL Bhp Billiton Plc Meeting AGM 2016/10/20 DST Distell Group Meeting AGM 2016/10/20 TCP Trans Capital Meeting GM 2016/10/20 NRL Newpark Reit Meeting AGM 2016/10/21 REMN Remgro Election deadline (08h00 SA time) 2016/10/21 REMN Remgro Market deadline (13h00 SA time) 2016/10/21 MTNZBE MTN Zakhele (RF) Election deadline (08h00 SA time) 2016/10/21 MTNZBE MTN Zakhele (RF) Market deadline (13h00 SA time) 2016/10/21 AEG Aveng Meeting AGM 2016/10/21 LEW Lewis Group Meeting AGM Call on Rights: 1 per ZAR per share. Default - Lapse Call on Rights: 1 per ZAR per share. Default - Lapse Re-investment in MTNZ Futhi (ratio to be announced) Default - No Action Re-investment in MTNZ Futhi (ratio to be announced) Default - No Action 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. 8