Week Ahead. Busy week ahead. European earnings season accelerates. 13 February Companies to watch this week

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1 13 February 2017 Week Ahead Busy week ahead European earnings season accelerates Companies to watch this week South Africa KIO AMS WHL ARH GFI CLH TRU Abroad DPS US TAP US MAR US WFC US NESN VX RR/ LN BB FP CCH LN S32 AU Kumba Iron Ore Ltd Anglo American Platinum Ltd Woolworths Holdings Ltd/South Africa ARB Holdings Ltd Gold Fields Ltd City Lodge Hotels Ltd Truworths International Ltd Dr Pepper Snapple Group Inc Molson Coors Brewing Co Marriott International Inc/MD Wells Fargo & Co Nestle SA Rolls-Royce Holdings PLC Societe BIC SA Coca-Cola HBC AG South32 Ltd 5108 JP Bridgestone Corp 992 HK Lenovo Group Ltd DMP AU Analysts Chantal Marx Thabiso Mamathuba Sithembile Bopela Tlamelo Mathakgane Pritu Makan Contact us Domino's Pizza Enterprises Ltd Relationship manager: Dealing desk: Website: Some of the local earnings releases to take note of this week include: Kumba Iron Ore (Full Year Results): In its latest trading statement, the company guided for headline earnings per share (HEPS) to grow by between123% and 135% y/y, ahead of market expectations. The increase in earnings was largely attributed to an increase in export iron ore prices. The company also reached an agreement with SARS to pay an amount of R2.5 billion relating to assessments received for the years 2006 to 2010 inclusive, and the tax treatment of the relevant issues in the years 2011 to Anglo American Platinum (Full Year Results): HEPS were guided to be between 1424% and 1753% higher, behind market expectations (consensus: % y/y). Woolworths (Interim Results): Despite an acceleration in sales momentum during the festive season, HEPS are expected to fall by between 0% and 5%, which was worse than market expectations (consensus: +5.7%). Although sales growth of 6.7% was ahead of market expectations, selling price inflation of 7.3% negatively impacted the real organic sales growth number. Gold Fields (Full Year Results): Management guided for HEPS to increase by between 730% and 780%, ahead of expectations (consensus: %). The increase was supported by a rise in the US$ gold price and lower net operating costs in local currencies supporting dollar costs. City Lodge Holdings (Interim Results): In its outlook statement for FY17, management said that occupancies for the first half would be lower due to the public holiday for local elections. Our focus will be on average occupancies, revenue per room and operating costs per room. Truworths (Interim Results): Management recently said it expects HEPS to decline by between 8% and 12%, tracking behind full year market expectations (consensus: -3%). Apart from the general industry challenges, real organic growth was deeply negative as a result of massive price increases and the impact of credit affordability regulations on credit sales. AdaptIT, KAP Industrial Holdings and Liberty Two Degrees are also due to release results this week. 1

2 On the local corporate actions front, Reunert, Coronation Fund Managers and Oceana Group will host AGMs this week. US fourth quarter earnings season remains on the go with ~64 companies set to report this week, the majority of large cap stocks in our universe already released results. Nevertheless, beverage producers Dr Pepper Snapple and PepsiCo and international banking and financial services group Wells Fargo could grab some investor attention. According to Bloomberg estimates, both beverage companies are expected to report strong single digit earnings growth with Wells Fargo expected to report growth below 5%. According to JP Morgan s Q4 Earnings Season Tracker, 75% of S&P500 companies have reported EPS numbers ahead of estimates, surprising positively by an average of 3%. Looking at the overall market, fourth quarter EPS growth came in at 6% y/y with ~73% of sectors delivery positive growth. Revenue grew by 4% y/y with 51% of the counters beating sales estimates. In Europe, the focus at the start of the week will likely be on Credit Suisse and Rolls-Royce with both companies releasing full year results. Dutch brewing company Heineken will also release full year numbers on Wednesday followed by the world s second largest Coca-Cola bottling anchor Coca-Cola HBC and food & drink company Nestle. Based on JP Morgan s Q4 Earnings Season Tracker, year-over-year EPS growth in Europe is standing at 8% thus far and was positive across seven sectors. With the majority of companies having already reported 4Q16 results, 52% have beat EPS estimates as of last week. Sectoral divergences was highlighted as an interesting development on the continent s markets with cyclical counters in Europe outperforming those in defensive sectors. In the Asia Pacific region, several mega-cap companies could pop onto investor watch lists this week including Toshiba, Bridgestone, Lenovo and Domino s Pizza. While Bloomberg estimates are guiding for positive earnings growth from Toshiba and Domino s Pizza, the other two counters are expected to report weaker bottom-line figures. Domino s recently made headlines when the group launched its new wedding gift registry, a first amongst pizza chains, offering a selection of egift card options for those tying the knot. Looking at the overall trend for earnings releases thus far, JP Morgan s Q4 Earnings Season Tracker has reported that revenue growth in Japan has been relatively soft, with only 48% of companies beating estimates and overall sales tallying to a drop of 2% y/y. Some of the economic releases to take note of this week include South Africa s December 16 retail sales and January CPI data. We also look forward to January CPI numbers out of China, the US and the UK. Company Events Calendar South Africa Date Ticker Company Name Event Description Estimate ZAc 2017/02/13 DCT SJ Datacentrix Holdings Ltd 1H17 Earnings /02/13 ADI SJ AdaptIT Holdings Ltd 1H17 Earnings /02/13 SVB SJ Silverbridge Holdings Ltd 1H17 Earnings /02/13 KAP SJ KAP Industrial Holdings Ltd 1H17 Earnings /02/13 CLI SJ Clientele Ltd 1H17 Earnings /02/14 KIO SJ Kumba Iron Ore Ltd FY16 Earnings /02/14 JSC SJ Jasco Electronics Holdings Ltd 1H17 Earnings /02/14 COM SJ Comair Ltd 1H17 Earnings /02/15 DRD SJ DRDGOLD Ltd 1H17 Earnings /02/15 AMS SJ Anglo American Platinum Ltd FY16 Earnings /02/15 SLP LN Sylvania Platinum Ltd 1H17 Earnings /02/15 TPC SJ Transpaco Ltd 1H17 Earnings /02/15 EMI SJ Emira Property Fund Ltd 1H17 Earnings /02/15 DST SJ Distell Group Ltd 1H17 Earnings /02/15 L2D SJ Liberty Two Degrees FY16 Earnings /02/16 WHL SJ Woolworths Holdings Ltd/South Africa 1H17 Earnings

3 2017/02/16 ARH SJ ARB Holdings Ltd 1H17 Earnings /02/16 GFI SJ Gold Fields Ltd FY16 Earnings /02/16 CLH SJ City Lodge Hotels Ltd 1H17 Earnings /02/16 TRU SJ Truworths International Ltd 1H17 Earnings /02/16 S32 SJ South32 Ltd 1H17 Earnings SSA 2017/02/13 JOHNHOLT NL John Holt PLC FY16 Earnings /02/13 GNI NL Great Nigeria Insurance PLC 2Q16 Earnings /02/13 GNI NL Great Nigeria Insurance PLC 1Q16 Earnings /02/13 GNI NL Great Nigeria Insurance PLC 3Q16 Earnings /02/14 JOHNHOLT NL John Holt PLC 1Q17 Earnings /02/15 NB NL Nigerian Breweries PLC FY16 Earnings /02/15 DANGFLOU NL Dangote Flour Mills Plc 1Q17 Earnings /02/15 PBC GN Produce Buying Co Ltd FY16 Earnings /02/15 CLYD GN Clydestone Ghana Ltd FY16 Earnings /02/15 AXIA ZH Axia Corp Ltd FY16 Earnings /02/16 NCR NL NCR Nigeria PLC FY16 Earnings /02/16 NESTLE NL Nestle Nigeria PLC FY16 Earnings /02/16 FNB NW FNB Namibia Holdings Ltd 1H17 Earnings /02/17 AFRINSUR NL African Alliance Insurance PLC 1Q16 Earnings /02/17 AFRINSUR NL African Alliance Insurance PLC 2Q16 Earnings /02/17 AFRINSUR NL African Alliance Insurance PLC 3Q16 Earnings /02/17 SWL GN Sam - Woode Ltd FY16 Earnings /02/17 HFC GN HFC Bank Ghana Ltd FY16 Earnings /02/17 SIC GN SIC Insurance Co Ltd FY16 Earnings /02/17 TOTAL GN Total Petroleum Ghana Ltd FY16 Earnings /02/17 GGBL GN Guinness Ghana Breweries Ltd 2Q17 Earnings -- United States 2017/02/13 HCP US HCP Inc 4Q16 Earnings /02/13 GWW US WW Grainger Inc January FY17 Sales and Revenue /02/13 GWW US WW Grainger Inc January FY17 Sales and Revenue /02/13 FRT US Federal Realty Investment Trust 4Q16 Earnings /02/13 NBL US Noble Energy Inc 4Q16 Earnings /02/13 VNO US Vornado Realty Trust 4Q16 Earnings /02/13 XRAY US DENTSPLY SIRONA Inc 4Q16 Earnings /02/14 SCHW US Charles Schwab Corp/The January FY17 Sales and Revenue /02/14 MLM US Martin Marietta Materials Inc 4Q16 Earnings /02/14 DISCA US Discovery Communications Inc 4Q16 Earnings /02/14 FLIR US FLIR Systems Inc 4Q16 Earnings /02/14 DPS US Dr Pepper Snapple Group Inc 4Q16 Earnings /02/14 TAP US Molson Coors Brewing Co 4Q16 Earnings /02/14 A US Agilent Technologies Inc 1Q17 Earnings /02/14 DVN US Devon Energy Corp 4Q16 Earnings

4 United States 2017/02/14 AIG US American International Group Inc 4Q16 Earnings /02/14 ESRX US Express Scripts Holding Co 4Q16 Earnings /02/14 TGNA US TEGNA Inc 4Q16 Earnings /02/14 ETFC US E*TRADE Financial Corp January FY17 Sales and Revenue /02/14 FTI US TechnipFMC PLC 4Q16 Earnings /02/15 PGR US Progressive Corp/The January FY17 Sales and Revenue /02/15 ETR US Entergy Corp 4Q16 Earnings /02/15 PEP US PepsiCo Inc 4Q16 Earnings /02/15 WYN US Wyndham Worldwide Corp 4Q16 Earnings /02/15 ADI US Analog Devices Inc 1Q17 Earnings /02/15 AMAT US Applied Materials Inc 1Q17 Earnings /02/15 CSCO US Cisco Systems Inc 2Q17 Earnings /02/15 IFF US International Flavors & Fragrances Inc 4Q16 Earnings /02/15 MRO US Marathon Oil Corp 4Q16 Earnings /02/15 WMB US Williams Cos Inc/The 4Q16 Earnings /02/15 CBS US CBS Corp 4Q16 Earnings /02/15 NTAP US NetApp Inc 3Q17 Earnings /02/15 SRCL US Stericycle Inc 4Q16 Earnings /02/15 XEC US Cimarex Energy Co 4Q16 Earnings /02/15 EQIX US Equinix Inc 4Q16 Earnings /02/15 CF US CF Industries Holdings Inc 4Q16 Earnings /02/15 TRIP US TripAdvisor Inc 4Q16 Earnings /02/15 KHC US Kraft Heinz Co/The 4Q16 Earnings /02/16 MAR US Marriott International Inc/MD 4Q16 Earnings /02/16 LH US Laboratory Corp of America Holdings 4Q16 Earnings /02/16 PCG US PG&E Corp 4Q16 Earnings /02/16 SCG US SCANA Corp 4Q16 Earnings /02/16 WM US Waste Management Inc 4Q16 Earnings /02/16 ALXN US Alexion Pharmaceuticals Inc 4Q16 Earnings /02/16 AEE US Ameren Corp 4Q16 Earnings /02/16 DUK US Duke Energy Corp 4Q16 Earnings /02/16 CHTR US Charter Communications Inc 4Q16 Earnings /02/16 ZTS US Zoetis Inc 4Q16 Earnings /02/16 ED US Consolidated Edison Inc 4Q16 Earnings /02/16 FLS US Flowserve Corp 4Q16 Earnings /02/16 DVA US DaVita Inc 4Q16 Earnings /02/16 RSG US Republic Services Inc 4Q16 Earnings /02/16 DLR US Digital Realty Trust Inc 4Q16 Earnings /02/16 HUM US Humana Inc 4Q17 Guidance Call /02/16 PRGO US Perrigo Co PLC 4Q16 Earnings /02/17 DE US Deere & Co 1Q17 Earnings /02/17 MCO US Moody's Corp 4Q16 Earnings /02/17 FLR US Fluor Corp 4Q16 Earnings /02/17 SE US Spectra Energy Corp 4Q16 Earnings /02/17 VFC US VF Corp 4Q16 Earnings

5 United States 2017/02/17 WFC US Wells Fargo & Co January FY17 Sales and Revenue /02/17 CPB US Campbell Soup Co 2Q17 Earnings /02/17 LUK US Leucadia National Corp 4Q16 Earnings /02/17 SJM US JM Smucker Co/The 3Q17 Earnings Europe Date Ticker Company Name Event Description Estimate LC 2017/02/13 SAABB SS Saab AB FY16 Earnings /02/13 BB FP Societe BIC SA FY16 Earnings /02/13 ICAD FP ICADE FY16 Earnings /02/13 GET FP Groupe Eurotunnel SE January FY17 Sales and Revenue /02/13 MAERSKB DC AP Moller - Maersk A/S Business Update Call /02/13 FHZN SW Flughafen Zuerich AG January FY17 Sales and Revenue /02/13 RXL FP Rexel SA FY16 Earnings /02/14 ML FP Cie Generale des Etablissements Michelin FY16 Earnings /02/14 CSGN VX Credit Suisse Group AG FY16 Earnings /02/14 TUI LN TUI AG 1Q17 Earnings /02/14 KINDSDB SS Kindred Group PLC FY16 Earnings /02/14 RAND NA Randstad Holding NV FY16 Earnings /02/14 ENG SM Enagas SA FY16 Earnings /02/14 HEI GR HeidelbergCement AG 4Q16 Sales and Revenue /02/14 SXS LN Spectris PLC FY16 Earnings /02/14 RR/ LN Rolls-Royce Holdings PLC FY16 Earnings /02/14 HEI GR HeidelbergCement AG 4Q16 Sales and Revenue /02/14 ADP FP Aeroports de Paris January FY17 Sales and Revenue /02/14 EDF FP Electricite de France SA FY16 Earnings /02/14 ATLN VX Actelion Ltd FY16 Earnings /02/14 TEMN SW Temenos Group AG FY16 Earnings /02/14 FTI US TechnipFMC PLC 4Q16 Earnings /02/15 MHG NO Marine Harvest ASA FY16 Earnings /02/15 AKZA NA Akzo Nobel NV FY16 Earnings /02/15 DSM NA Koninklijke DSM NV FY16 Earnings /02/15 HEIA NA Heineken NV FY16 Earnings /02/15 HEIO NA Heineken Holding NV FY16 Earnings /02/15 ACA FP Credit Agricole SA FY16 Earnings /02/15 ABN NA ABN AMRO Group NV 4Q16 Earnings /02/15 AI FP Air Liquide SA FY16 Earnings /02/15 BN FP Danone SA FY16 Earnings /02/15 HUH1V FH Huhtamaki OYJ FY16 Earnings /02/15 AGS BB Ageas FY16 Earnings /02/15 GXI GR Gerresheimer AG FY16 Earnings /02/15 HMB SS Hennes & Mauritz AB January FY17 Sales and Revenue /02/15 DB1 GR Deutsche Boerse AG FY16 Earnings /02/15 ENX FP Euronext NV FY16 Earnings

6 Europe Date Ticker Company Name Event Description Estimate LC 2017/02/15 QQ/ LN QinetiQ Group PLC 3Q17 Trading update /02/15 NXG LN NEX Group PLC 3Q17 Trading update /02/16 SCHP VX Schindler Holding AG FY16 Earnings /02/16 CAP FP Capgemini SA FY16 Earnings /02/16 FDR FP Fonciere Des Regions FY16 Earnings /02/16 CLN VX Clariant AG FY16 Earnings /02/16 OMV AV OMV AG FY16 Earnings /02/16 NIBEB SS Nibe Industrier AB FY16 Earnings /02/16 SOBI SS Swedish Orphan Biovitrum AB FY16 Earnings /02/16 CCH LN Coca-Cola HBC AG FY16 Earnings /02/16 FR FP Valeo SA FY16 Earnings /02/16 SHP LN Shire PLC FY16 Earnings /02/16 NESN VX Nestle SA FY16 Earnings /02/16 SU FP Schneider Electric SE FY16 Earnings /02/16 FPE GR FUCHS PETROLUB SE 4Q16 Sales and Revenue /02/16 TNET BB Telenet Group Holding NV FY16 Earnings /02/16 STMN SW Straumann Holding AG FY16 Earnings /02/16 DRX LN Drax Group PLC FY16 Earnings /02/16 NN NA NN Group NV FY16 Earnings /02/17 ALV GR Allianz SE FY16 Earnings /02/17 BIOEE TQ BB Biotech AG 4Q16 Earnings /02/17 AGN NA Aegon NV FY16 Earnings /02/17 KSP ID Kingspan Group PLC FY16 Earnings /02/17 SWMA SS Swedish Match AB FY16 Earnings /02/17 EI FP Essilor International SA FY16 Earnings /02/17 SGRO LN Segro PLC FY16 Earnings /02/17 NK FP Imerys SA FY16 Earnings /02/17 VPK NA Koninklijke Vopak NV FY16 Earnings /02/17 ESNT LN Essentra PLC FY16 Earnings /02/17 CLNX SM Cellnex Telecom SA FY16 Earnings Asia Pacific 2017/02/ JP Pioneer Corp 3Q17 Earnings /02/ JP Hokuetsu Kishu Paper Co Ltd 3Q17 Earnings /02/ JP Kirin Holdings Co Ltd FY16 Earnings /02/ JP MINEBEA MITSUMI Inc 3Q17 Earnings /02/ JP Mitsui Mining & Smelting Co Ltd 3Q17 Earnings /02/ JP Nikon Corp 3Q17 Earnings /02/ JP Rakuten Inc FY16 Earnings /02/ JP Sapporo Holdings Ltd FY16 Earnings /02/13 NCM AU Newcrest Mining Ltd 1H17 Earnings /02/13 ANN AU Ansell Ltd 1H17 Earnings /02/13 BEN AU Bendigo & Adelaide Bank Ltd 1H17 Earnings /02/13 COH AU Cochlear Ltd 1H17 Earnings -- 6

7 Asia Pacific 2017/02/13 JBH AU JB Hi-Fi Ltd 1H17 Earnings /02/13 AZJ AU Aurizon Holdings Ltd 1H17 Earnings /02/ JP Obayashi Corp 3Q17 Earnings /02/ JP Shimizu Corp 3Q17 Earnings /02/ JP Otsuka Holdings Co Ltd FY16 Earnings /02/ JP Kubota Corp FY16 Earnings /02/ JP Showa Denko KK FY16 Earnings /02/ JP Showa Shell Sekiyu KK FY16 Earnings /02/ JP Dentsu Inc FY16 Earnings /02/ JP T&D Holdings Inc 3Q17 Earnings /02/ JP Sony Financial Holdings Inc 3Q17 Earnings /02/ JP MS&AD Insurance Group Holdings Inc 3Q17 Earnings /02/ JP Tokio Marine Holdings Inc 3Q17 Earnings /02/ JP Dai-ichi Life Holdings Inc 3Q17 Earnings /02/ JP Toshiba Corp 3Q17 Earnings /02/ JP Toshiba Corp C Earnings /02/ JP Sompo Holdings Inc 3Q17 Earnings /02/14 GPT AU GPT Group/The FY16 Earnings /02/14 CGF AU Challenger Ltd/Australia 1H17 Earnings /02/ JP Asahi Group Holdings Ltd FY16 Earnings /02/ HK Semiconductor Manufacturing International Corp 4Q16 Earnings /02/15 AMC AU Amcor Ltd/Australia 1H17 Earnings /02/15 CBA AU Commonwealth Bank of Australia 1H17 Earnings /02/15 SGM AU Sims Metal Management Ltd 1H17 Earnings /02/15 WES AU Wesfarmers Ltd 1H17 Earnings /02/15 SHL AU Sonic Healthcare Ltd 1H17 Earnings /02/15 CSL AU CSL Ltd 1H17 Earnings /02/15 CPU AU Computershare Ltd 1H17 Earnings /02/15 SWM AU Seven West Media Ltd 1H17 Earnings /02/15 AOG AU Aveo Group 1H17 Earnings /02/15 BLD AU Boral Ltd 1H17 Earnings /02/15 IFL AU IOOF Holdings Ltd 1H17 Earnings /02/15 DXS AU Dexus Property Group 1H17 Earnings /02/15 DMP AU Domino's Pizza Enterprises Ltd 1H17 Earnings /02/15 VCX AU Vicinity Centres 1H17 Earnings /02/ JP Trend Micro Inc/Japan FY16 Earnings /02/ HK Lenovo Group Ltd 3Q17 Earnings /02/16 SYD AU Sydney Airport FY16 Earnings /02/16 SPK NZ Spark New Zealand Ltd 1H17 Earnings /02/16 TLS AU Telstra Corp Ltd 1H17 Earnings /02/16 ORG AU Origin Energy Ltd 1H17 Earnings /02/16 TTS AU Tatts Group Ltd 1H17 Earnings /02/16 MGR AU Mirvac Group 1H17 Earnings /02/16 EVN AU Evolution Mining Ltd 1H17 Earnings /02/16 IVC AU InvoCare Ltd FY16 Earnings

8 Asia Pacific 2017/02/16 MFG AU Magellan Financial Group Ltd 1H17 Earnings /02/16 GMG AU Goodman Group 1H17 Earnings /02/16 MIN AU Mineral Resources Ltd 1H17 Earnings /02/16 SGR AU Star Entertainment Grp Ltd/The 1H17 Earnings /02/16 ORA AU Orora Ltd 1H17 Earnings /02/16 S32 AU South32 Ltd 1H17 Earnings /02/ JP Bridgestone Corp FY16 Earnings /02/ HK Sun Art Retail Group Ltd FY16 Earnings /02/17 STO AU Santos Ltd FY16 Earnings /02/17 AAD AU Ardent Leisure Group 1H17 Earnings /02/17 ASX AU ASX Ltd 1H17 Earnings /02/17 PRY AU Primary Health Care Ltd 1H17 Earnings /02/17 ALU AU Altium Ltd 1H17 Earnings /02/17 ATM NZ a2 Milk Co Ltd 1H17 Earnings /02/17 MPL AU Medibank Pvt Ltd 1H17 Earnings /02/17 ABP AU Abacus Property Group 1H17 Earnings /02/17 LNK AU Link Administration Holdings Ltd 1H17 Earnings /02/17 WHC AU Whitehaven Coal Ltd 1H17 Earnings /02/17 MTR AU Mantra Group Ltd 1H17 Earnings -- SA Dividends Ticker Company Name LDT Ex Date Pay Date Type Amount AEE African Equity Empowerment 2017/02/ /02/ /02/13 Final ZAc 3.3 QFH Quantum Foods Holdings Ltd 2017/02/ /02/ /02/13 Final ZAc 6 ESR Esor Ltd 2017/01/ /02/ /02/20 Rights Issue 1 per 4 TWR Tower Property Fund Ltd 2017/02/ /02/ /02/20 Interim ZAc Other SA Corporate Actions Date Ticker Company Name Event Description Detail 2017/02/13 RLO Reunert Ltd Meeting AGM 2017/02/14 CML Coronation Fund Managers Ltd Meeting 2017/02/14 HUG Huge Group Ltd Meeting GM 2017/02/14 TTO Trustco Group Holdings Ltd Meeting GM AGM 2017/02/16 DIA Dipula Income Fund Ltd Meeting AGM 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