Week Ahead. Local front stays quiet. No more exciting offshore. 19 September Companies to watch this week. Analysts.

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1 19 September 2016 Week Ahead Companies to watch this week South Africa SFN REM EQS CHP SIPBEE SVB AND DCT ACT Abroad ADBE US FDX US RHT US BBBY US AZO US DGE LN KGF LN CCL LN MRL SM Sasfin Holdings Ltd Remgro Ltd Eqstra Holdings Ltd Choppies Enterprises Ltd Sasol Inzalo Public Ltd Silverbridge Holdings Ltd Andulela Investment Holdings Ltd Datacentrix Holdings Ltd AfroCentric Investment Corp Ltd Adobe Systems Inc FedEx Corp Red Hat Inc Bed Bath & Beyond Inc AutoZone Inc Diageo PLC Kingfisher PLC Carnival PLC Merlin Properties Socimi SA 2689 HK Nine Dragons Paper Holdings Ltd NUF AU PMV AU BKW AU Analysts Nufarm Ltd/Australia Premier Investments Ltd Brickworks Ltd Chantal Marx Pritu Makan Tlamelo Mathakgane Thabiso Mamathuba Sthembile Bopela Contact us Relationship manager: Dealing desk: Website: Local front stays quiet No more exciting offshore Some of the local earnings releases to take note of this week include: Remgro (Full Year Earnings): Management guided for headline earnings per share to fall by between 24% and 28%, which was behind market expectations. The decline was a result of R788 million associated with Mediclinic s rights issue, as well as the acquisition and derivative liability for Al Noor amounting to R730 million. Excluding the impact of one-off expenses, HEPS was in-line with market expectations. Choppies Enterprises (Full Year Earnings): In a recent trading update, the company guided for HEPS to be between 32% and 52% lower y/y. Earnings fell on the back of pre-operative expenses relating to Zambian and Kenyan stores, new acquisition expenditure and challenging trading conditions in South Africa. Things remain quiet in the US this week although a few big names are scheduled to release results. FedEx releases first quarter results on Tuesday. Revenue is expected to increase 12% and earnings are anticipated to grow just under 13% y/y. FedEx s revenue has steadily increased since 2009, mainly due to the explosion of e-commerce. The maker of Cheerios, Betty Crocker, Pillsbury, and Haagen-Dazs, General Mills, will also announce first quarter numbers on Wednesday. Open source software giant Red Hat and home retailer Bed Bath & Beyond release second quarter numbers on Wednesday. We now look towards 3Q16 and according to Factset, the estimated earnings decline for the S&P 500 is expected to be -2% 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 78 companies on the S&P 500 have issued negative EPS guidance whilst 35 companies have 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. Some excitement is expected in Europe with the world s largest clothing retailer (Inditex), and second largest home improvement retailer (Kingfisher) releasing first half earnings this week. The Zara parent company experienced strong constant currency sales growth in the first quarter (+17%) but the gross margin came under pressure mainly due to Euro strength. Kingfisher, meanwhile, saw like for like sales growth decline by 4.7% as a result of poor weather conditions. Profits also fell in the first quarter. 1

2 Australia is a bit busier this week with Nufarm and TPG Telecom schedules to release full year numbers this week. Nufarm is one of the world s largest crop protection companies. The company has manufacturing and marketing operations throughout Australia, New Zealand, Asia, the Americas and Europe and sells products in more than 100 countries around the world. TPG is the second largest internet service provider in Australia and operates the country s largest mobile virtual network. From a local corporate actions perspective, Tuesday marks the last day to trade in Bidvest, Cashbuild, Group Five, Growthpoint, Imperial, Old Mutual, Santam and Sibanye Gold to receive their latest distributions. These counters will trade ex-dividend on Wednesday. Omnia and Novus will host AGMs later in the week. Company Events Calendar South Africa Date Ticker Company Name Event Description Estimate ZAc 2016/09/19 SFN SJ Sasfin Holdings Ltd FY16 Earnings /09/19 PDL LN Petra Diamonds Ltd FY16 Earnings /09/19 RLF SJ Rolfes Holdings Ltd FY16 Earnings /09/19 RNG SJ Randgold & Exploration Co Ltd 1H16 Earnings /09/20 REM SJ Remgro Ltd FY16 Earnings /09/20 EQS SJ Eqstra Holdings Ltd FY16 Earnings /09/20 SIPBEE SJ Sasol Inzalo Public Ltd FY16 Earnings /09/21 SVB SJ Silverbridge Holdings Ltd FY16 Earnings /09/21 AND SJ Andulela Investment Holdings Ltd 1H16 Earnings /09/21 DCT SJ Datacentrix Holdings Ltd 1H17 Earnings /09/22 ACT SJ AfroCentric Investment Corp Ltd FY16 Earnings /09/22 CHP SJ Choppies Enterprises Ltd FY16 Earnings /09/23 ELR SJ ELB Group Ltd FY16 Earnings -- SSA 2016/09/19 ACADEMY NL Academy Press 1Q17 Earnings /09/19 GUINNESS NL Guinness Nigeria PLC FY16 Earnings /09/19 NIGERINS NL Niger Insurance PLC 2Q16 Earnings /09/19 SWL GN Sam - Woode Ltd 2Q16 Earnings /09/19 EGDL KN Eaagads Ltd FY16 Earnings /09/19 CIC KN CIC Insurance Group Ltd 1H16 Earnings /09/19 FAHR KN Stanlib Fahari I-REIT 1H16 Earnings /09/19 SWISSPOR TZ Swissport Tanzania Ltd 1H16 Earnings /09/19 ZANACO ZL Zambia National Commercial Bank PLC 1Q16 Earnings /09/20 OMOSAVBN NL Omoluabi Saving and Loans Plc 2Q16 Earnings /09/20 STANBIC NL Stanbic IBTC Holdings PLC FY15 Earnings /09/20 STANBIC NL Stanbic IBTC Holdings PLC 1Q16 Earnings /09/20 ANINO NL Anino International PLC FY15 Earnings /09/20 STANBIC NL Stanbic IBTC Holdings PLC 2Q16 Earnings /09/20 HONYFLOU NL Honeywell Flour Mill PLC 1Q17 Earnings /09/20 GUINEAIN NL Guinea Insurance PLC 2Q16 Earnings /09/20 AFRINSUR NL African Alliance Insurance PLC FY15 Earnings /09/20 SKYEBANK NL Skye Bank PLC 1Q16 Earnings /09/20 SKYEBANK NL Skye Bank PLC 2Q16 Earnings /09/20 NMB TZ National Microfinance Bank Plc 2Q16 Earnings /09/20 NMB TZ National Microfinance Bank Plc 1Q16 Earnings /09/20 BBZPLC ZL Barclays Bank Zambia PLC FY15 Earnings /09/20 BATA ZL Zambia Bata Shoe FY15 Earnings /09/20 FPC BG Far Property Co Ltd/The FY16 Earnings /09/20 SCBB BG Standard Chartered Bank Botswana Ltd 1H16 Earnings -- 2

3 2016/09/21 INTBREW NL International Breweries PLC 1Q17 Earnings /09/21 CONOIL NL Conoil PLC 1Q16 Earnings /09/21 CONOIL NL Conoil PLC 2Q16 Earnings /09/21 GNI NL Great Nigeria Insurance PLC FY15 Earnings /09/21 NBS NW Namibia Breweries Ltd FY16 Earnings /09/22 UTB GN UT Bank Ltd FY15 Earnings /09/22 PKL GN Pioneer Kitchenware Ltd FY15 Earnings /09/22 PKL GN Pioneer Kitchenware Ltd 1Q16 Earnings /09/22 UTB GN UT Bank Ltd 2Q16 Earnings /09/22 PKL GN Pioneer Kitchenware Ltd 2Q16 Earnings /09/22 UTB GN UT Bank Ltd 1Q16 Earnings /09/22 PKL GN Pioneer Kitchenware Ltd 3Q15 Earnings /09/22 CCHZ ZL Cavmont Capital Holdings Zambia PLC FY16 Earnings /09/22 CHOPPIES BG Choppies Enterprises Ltd FY16 Earnings /09/23 TANTALIZ NL Tantalizers PLC 1Q15 Earnings /09/23 TANTALIZ NL Tantalizers PLC 2Q15 Earnings /09/23 BCBB BG Barclays Bank of Botswana Ltd 1H16 Earnings -- United States 2016/09/20 LEN US Lennar Corp 3Q16 Earnings /09/20 ADBE US Adobe Systems Inc 3Q16 Earnings /09/20 FDX US FedEx Corp 1Q17 Earnings /09/20 CCL US Carnival Corp 3Q16 Earnings /09/21 GIS US General Mills Inc 1Q17 Earnings /09/21 KMX US CarMax Inc 2Q17 Earnings /09/21 RHT US Red Hat Inc 2Q17 Earnings /09/21 BBBY US Bed Bath & Beyond Inc 2Q17 Earnings /09/22 AZO US AutoZone Inc 4Q16 Earnings /09/23 CTAS US Cintas Corp 1Q17 Earnings Europe 2016/09/20 DGE LN Diageo PLC Europe Call with Presidents /09/20 IIA AV IMMOFINANZ AG 1Q17 Earnings /09/20 KGF LN Kingfisher PLC 1H17 Earnings /09/20 PNN LN Pennon Group PLC 1Q17 Sales and Revenue /09/20 GVC LN GVC Holdings PLC 1H16 Earnings /09/21 SAGA LN Saga PLC 1H17 Earnings /09/21 ITX SM Industria de Diseno Textil SA 1H17 Earnings /09/22 CCL LN Carnival PLC 3Q16 Earnings /09/22 MRL SM Merlin Properties Socimi SA 1H16 Earnings Asia Pacific 2016/09/ HK Nine Dragons Paper Holdings Ltd FY16 Earnings /09/21 NUF AU Nufarm Ltd/Australia FY16 Earnings /09/22 PMV AU Premier Investments Ltd FY16 Earnings /09/22 BKW AU Brickworks Ltd FY16 Earnings /09/22 TPM AU TPG Telecom Ltd FY16 Earnings

4 SA Dividends Ticker Company Name LDT Ex Date Pay Date Type Amount BIL BHP Billiton PLC 2016/08/ /08/ /09/20 Final USD 0.14 PPC PPC Ltd 2016/08/ /08/ /09/19 Rights Issue : 1 ADI AdaptIT Holdings Ltd 2016/09/ /09/ /09/19 Final ZAc 13.4 AIP Adcock Ingram Holdings Ltd 2016/09/ /09/ /09/19 Final ZAc 54 ARH ARB Holdings Ltd 2016/09/ /09/ /09/19 Special Cash ZAc 10 ARH ARB Holdings Ltd 2016/09/ /09/ /09/19 Regular Cash ZAc 23.1 BID Bid Corp Ltd 2016/09/ /09/ /09/19 Final ZAc 241 BLU Blue Label Telecoms Ltd 2016/09/ /09/ /09/19 Regular Cash ZAc 36 CLI Clientele Ltd 2016/09/ /09/ /09/19 Regular Cash ZAc 100 DSBP Discovery Ltd Preference Share 2016/09/ /09/ /09/19 Regular Cash ZAc GNDP Grindrod Ltd Preference Share 2016/09/ /09/ /09/19 Interim ZAc 453 HAR Harmony Gold Mining Co Ltd 2016/09/ /09/ /09/19 Final ZAc 50 HPA Hospitality Property Fund Ltd 2016/09/ /09/ /09/19 Final ZAc HPB Hospitality Property Fund Ltd 2016/09/ /09/ /09/19 Final ZAc ITE Italtile Ltd 2016/09/ /09/ /09/19 Final ZAc 15 MSM Massmart Holdings Ltd 2016/09/ /09/ /09/19 Interim ZAc 74.1 NPN Naspers Ltd 2016/09/ /09/ /09/19 Final ZAc 520 SBK Standard Bank Group Ltd 2016/09/ /09/ /09/19 Interim ZAc 340 SUI Sun International Ltd/South 2016/09/ /09/ /09/19 Final ZAc 135 TPC Transpaco Ltd 2016/09/ /09/ /09/19 Final ZAc 98 TRU Truworths International Ltd 2016/09/ /09/ /09/19 Final ZAc 182 WHL Woolworths Holdings Ltd 2016/09/ /09/ /09/19 Final ZAc 180 TFGP Foschini Group Ltd Preference Share 2016/09/ /09/ /09/26 Regular Cash ZAc 6.5 APKP Astrapak Ltd Preference Share 2016/09/ /09/ /09/26 Regular Cash ZAc BVT Bidvest Group Ltd/The 2016/09/ /09/ /09/26 Final ZAc 232 CFR Cie Financiere Richemont 2016/09/ /09/ /09/26 Regular Cash CHF 0.17 CSB Cashbuild Ltd 2016/09/ /09/ /09/26 Final ZAc 488 DST Distell Group Ltd 2016/09/ /09/ /09/26 Final ZAc 214 GRF Group Five Ltd/South Africa 2016/09/ /09/ /09/26 Regular Cash ZAc 30 GRT Growthpoint Properties Ltd 2016/09/ /09/ /09/26 Final ZAc 94.3 IPL Imperial Holdings Ltd 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 Ltd 2016/09/ /09/ /09/26 Interim ZAc 85 SNT Santam Ltd 2016/09/ /09/ /09/26 Special Cash ZAc 800 SNT Santam Ltd 2016/09/ /09/ /09/26 Interim ZAc 311 TOR Torre Industries Ltd 2016/09/ /09/ /09/26 Final ZAc 2 WSL Wescoal Holdings Ltd 2016/09/ /09/ /09/26 Regular Cash ZAc Other SA Corporate Actions Date Ticker Company Name Event Description Detail 2016/09/19 SCL SacOil Holdings Ltd AGM 2016/09/19 PPCN PPC Pay Date Call on Rights (Take-up) 1 PPC share per 1 right ZAR4.00 per share Default - Lapse 2016/09/19 PPCN PPC Withdrawal Date Call on Rights (Take-up) 1 PPC share per 1 right ZAR4.00 per share Default - Lapse 4

5 2016/09/20 BRN Brimstone Investment Corp Ltd 2016/09/20 RAR Rare Holdings 2016/09/20 BEG Beige Holdings 2016/09/21 DLT Delta Property Fund Ltd LDT LDT GM Scheme of Arrangement ZAR1.50 per 1 RAR held Scheme of Arrangement ZAR0.03 per 1 BEG held AGM 2016/09/21 GIY Giyani Gold Corp AGM 2016/09/21 ITE Italtile Ltd GM 2016/09/21 PHM Phumelela Gaming & Leisure Ltd 2016/09/21 RAR Rare Holdings 2016/09/21 BEG Beige Holdings Ex Date Suspended 2016/09/22 ENX ENX Group Ltd GM 2016/09/22 EQS Eqstra Holdings Ltd GM 2016/09/22 SEP Sephaku Holdings Ltd GM Scheme of Arrangement ZAR1.50 per 1 RAR held Scheme of Arrangement ZAR0.03 per 1 BEG held AGM 2016/09/22 OMN Omnia Holdings Ltd AGM 2016/09/22 TTO Trustco Group Holdings Ltd AGM 2016/09/22 UCRM Ceramic Industries 2016/09/23 IHL International Hotel Group Ltd Record Date Scheme of Arrangement ZAR plus ITE per 1 Ceramice share held EGM 2016/09/23 NVS Novus Holdings Ltd AGM 2016/09/23 SRE Sirius Real Estate Ltd AGM 2016/09/23 RAR Rare Holdings 2016/09/23 BEG Beige Holdings 2017/09/20 BRT Brimstone Investment Corp Ltd Record Date Record Date Scheme of Arrangement ZAR1.50 per 1 RAR held Scheme of Arrangement ZAR0.03 per 1 BEG held GM 5

6 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 ( FTSE ) jointly. FTSE is a trade mark of the London Stock Exchange Group of Companies ( LSE ). JSE is a trade mark of the JSE. 6