Weekly Market Report. South African Equity Markets. JSE All Share - Weekly Gainers & Losers. JSE All Share - Daily Chart. Top 10 New 52 Week Highs

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1 Johannesburg 31B Impala Road Chislehurston Sandton +27(0) Durban Unit 8, 8 Richefond Circle, Ridgeview, Umhlanga Ridge, (0) Cape Town Unit 11, Lonsdale Building, 7 Lonsdale Way, Pinelands, (0) February Feb 1W% YTD % Key Global Indices 2019 Close JSE All Share % 3.6% FTSE % 7.6% DAX % 7.0% CAC % 8.9% DJIA % 11.0% S&P % 10.7% NASDAQ Comp % 12.6% Nikkei % 4.4% Shanghai Comp % 7.6% S&P/ASX % 7.4% South African Equity Markets South African markets ended higher last week. Net 1 UEPS Technologies and Cie Financiere Richemont surged 23.1% and 10.7%, respectively. Further, Gold Fields jumped 8.9%, despite reporting a fall in its FY 2018 revenues. Paper and packaging company, Mondi climbed 8.8%, after the company indicated that it expects a substantial increase in its EPS and HEPS for FY BHP Group advanced 7.8%, after the company s board approved funding to develop its Atlantis Phase 3 project. In contrast, EOH Holdings tumbled 27.9%, following the termination of two contracts by multinational technology giant, Microsoft. Wilson Bayly Holmes-Ovcon slumped 19.1%, after the company stated that it expects EPS and HEPS to drop in FY Further, Hyprop Investments, Fortress REIT and Arrowhead Properties plunged 10.1%, 8.6% and 8.5%, respectively. The JSE All Share Index advanced 2.6% to close at 54,628. JSE All Share - Weekly Gainers & Losers -27.9% EOH Holdings Ltd Net 1 UEPS Technologies Inc 63, % 59,368 JSE All Share - Daily Chart -19.1% Wilson Bayly Holmes- Ovcon Ltd Cartrack Holdings Ltd 55, % 51, % -10.9% Invicta Holdings Ltd African Rainbow Capital Investments Ltd Cie Financiere Richemont SA South32 Ltd 10.7% 47, % 50 RSI (21) -10.1% Hyprop Investments Ltd Top 10 New 52 Week Highs British American Tobacco Plc 8.9% -30.8% -15.4% 0.0% 15.4% 30.8% 0 Aug-18 Sep-18 Nov-18 Dec-18 Feb-19 Top 10 New 52 Week Lows Share 52Week High (ZAR) 1W% Sibanye Gold Ltd % Capitec Bank Holdings Ltd % Impala Platinum Holdings Ltd % Anglo American Platinum Ltd % PSG Group Ltd % AngloGold Ashanti Ltd % Telkom SA SOC Ltd % PSG Konsult Ltd % Anglo American Plc % Kumba Iron Ore Ltd % Share 52Week Low (ZAR) 1W% Woolworths Holdings Ltd/South Africa % Zeder Investments Ltd % Montauk Holdings Ltd % Hudaco Industries Ltd % Liberty Holdings Ltd % Omnia Holdings Ltd % Alexander Forbes Group Holdings Ltd % City Lodge Hotels Ltd % AfroCentric Investment Corp Ltd % Sappi Ltd % ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 7 1

2 Key Currencies 15 Feb 2019 Close 1W% YTD % USDZAR % -1.9% EURZAR % -3.4% GBPZAR % -1.0% EURUSD % -1.5% EURCHF % 0.9% GBPUSD % 1.1% USDJPY % 0.7% USDCHF % 2.2% AUDUSD % 1.3% USDCAD % -2.9% Daily USD/ZAR Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Key Commodities 15 Feb 2019 Close 1W% YTD % Gold ($/oz) % 3.1% Silver ($/oz) % 1.3% Copper (USd/lb.) % 6.4% Brent Crude ($/bls) % 23.1% Sugar No.11 (USd/lb.) % 9.2% Iron Ore 62% Fe ($/dry MT) % 19.2% Daily Platinum 1, Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Currencies The ZAR weakened against its major peers last week, as load-shedding and concerns about the pace of the government s fiscal consolidation weighed on the local currency. On the data front, South Africa s retail sales declined on an annual basis in December, indicating that the nation s economic recovery remains weak. Further, manufacturing output slowed for the second consecutive month in December, while mining production slumped during the same month. Moreover, annual gold production dropped to a six-year low level in December. In contrast, the nation s unemployment rate slightly dropped in the fourth quarter of For the week, the USD strengthened 3.4% against the South African Rand to close at R The EUR was 3.0% higher at R15.89 and the GBP was 2.9% stronger at R18.14 for the week. The US Dollar mostly strengthened against its key counterparts last week. Data indicated that the US consumer prices were unchanged for a third straight month in January and the number of job openings in the US reached an all-time high in December. Meanwhile, retail sales unexpectedly declined to a nine-year low level in December. Industrial production dropped for the first time in eight months, on a monthly basis in January. Separately, American lawmakers reached a tentative deal to avoid another partial government shutdown and the US President, Donald Trump declared a national emergency to secure additional funding for the wall at the US-Mexico border. The EUR dropped against the USD last week. On the macroeconomic front, the Eurozone s economic growth kept pace with the third quarter and registered a similar rise in the final three months of The region s industrial production declined more than market forecast on a monthly basis in December. Moreover, trade surplus narrowed in December. Separately, Germany narrowly avoided a recession last year, with flat growth in the 4Q The GBP fell against the USD last week, after the British economy slowed to a six-year low level in 4Q 2018, as Brexit worries hammered investment. Meanwhile, annual consumer price inflation dropped to a two-year low level and the nation s retail sales blew past investor expectations on a monthly basis in January. Separately, British Prime Minister, Theresa May suffered an embarrassing defeat in the House of Commons as lawmakers voted against her approach to Brexit. Commodities Gold prices rose last week, as a string of weak US economic data and subdued inflation supported the Federal Reserve s current stance of being patient with future rate hikes. Going ahead, market participants will closely watch the FOMC s January meeting minutes, the US NAHB housing market index, the MBA mortgage applications, initial jobless claims, the Markit manufacturing and services PMI along with durable goods orders and existing home sales data for further direction. Crude oil prices advanced last week, buoyed by the progress in US-China trade talks, along with OPEC-led supply cuts and the US sanctions on Iran and Venezuela. Moreover, Saudi Arabia s Energy Minister, Khalid al-falih revealed that the nation intends to cut oil output more than expected in Additionally, the American Petroleum Institute (API) reported that crude oil inventories declined by 998,000 bls in the week ended 8 February Meanwhile, the US Energy Information Administration (EIA) reported that crude oil inventories rose by 3.6 million bls last week. Further, Baker Hughes reported that US oil rig count rose by 3 to 857 last week. Separately, the EIA raised its 2019 US crude production forecast by 2.8% to million bls a day. The EIA also raised its 2020 output view by 2.6% to 13.2 million bls a day. Further, the Organisation of the Petroleum Exporting Countries indicated that its crude output had fallen by 797,000 bls a day to average million bls a day in January. Iron ore prices traded in positive territory last week, amid rising optimism over trade talks between the US and China. 2

3 Key Economic Last Week Country Manufacturing production rose less-than-expected by 0.1% on a yearly basis in December. Manufacturing production had recorded a rise of 1.6% in the prior month. Unemployment rate registered an unexpected drop to a level of 27.1% in 4Q In the prior quarter, unemployment rate had recorded a reading of 27.5%. South Africa Retail sales recorded an unexpected drop of 1.4% on an annual basis in December, compared to a revised rise of 2.9% in the previous month. Mining production slid 4.8% on a yearly basis in December, more than market expectations. In the prior month, mining production had recorded a revised drop of 5.8%. Gold production fell 31.0% on an annual basis in December. In the previous month, gold production had recorded a revised drop of 13.5%. Platinum production climbed 6.1% on an annual basis in December. Platinum production had climbed by a revised 1.1% in the previous month. Economic Calendar - Week Ahead Monday, Feb 18, 2019 Tuesday, Feb 19, 2019 Wednesday, Feb 20, 2019 Thursday, Feb 21, 2019 Friday, Feb 22, 2019 South Africa - - Consumer Price Index (Jan) - - 3

4 South African Corporate Company Name African Rainbow Minerals Assore Barloworld BHP Group Calgro M3 Holdings City Lodge Hotels Clientele Curro Holdings Discovery DRDGOLD Emira Property Fund Gold Fields Harmony Gold Mining Co Italtile KAP Industrial Holdings The company, in its 1H 2019 trading statement, indicated that the company expects HEPS to increase between 8.0% and 15.0% to be in the range of 1,100.00c to 1,180.00c, compared with the corresponding period of the preceding year. Further, the company expects EPS to be between c and c, which is 24.0% to 30.0% lower from the same period of the previous year. The company, in its 1H 2019 trading statement, indicated that it expects HEPS and EPS to be in the range of 26.85c to 29.08c, which is 14.0% to 23.0% and 13.0% to 22.0% higher, respectively, compared with the same period of the previous year. The company, in its 1Q 2019 operational trading update, stated that the company s joint venture in the Katanga province of the Democratic Republic of Congo continued to generate strong profits, in line with its performance in the latter half of FY The automotive division s operating results are slightly behind last year, as difficult trading conditions persist across the automotive industry. Moreover, the company s logistics division produced a solid result for the period. The company, in its conventional petroleum update, indicated that the Board has approved $ million in funding to develop the Atlantis Phase 3 project in the US Gulf of Mexico. First production from the project is expected in the 2020 calendar year and is estimated to increase production by approximately 38, barrels of oil equivalent per day gross at its peak. Moreover, the company has also approved $ million in funding to drill an additional appraisal well and perform further studies in the Trion field in Mexico, to further delineate the scale and characterisation of the resource. The company announced that Mrs. Venete Klein has resigned as an independent Non-Executive Director of its Board of Directors with immediate effect. The company, in its 1H 2019 results, indicated that its revenue advanced 3.0% compared with the same period of the previous year to R million. Its diluted EPS stood at c compared with c recorded in the corresponding period of the preceding year. The company has declared an interim dividend of c per share, which is 9.0% lower compared with the same period of the prior year. The company, in its 1H 2019 trading statement, indicated that the company expects HEPS and EPS to be between 55.70c and 58.90c, which is 25.0% to 29.0% lower compared with the same period of the previous year. The company, in its FY 2018 results, stated that its revenue increased to R2.50 billion from R2.10 billion posted in the corresponding period of the previous year. Its diluted EPS rose 18.0% from the same period of the prior year to 59.80c. The company has declared a dividend of 12.00c per share for the period. The company, in its 1H 2019 trading statement, stated that it expects HEPS to decrease by 18.0% compared with the corresponding period of the prior year to c. Further, the company expects EPS to decline by 14.0% compared with the same period of the prior year to c. The company, in its 1H 2019 results, stated that its revenue decreased to R1,252.5 million, from R1,254.8 million posted in the corresponding period of the previous year. Its diluted loss per share stood at 7.20c compared with an EPS of 14.40c in the same period of the prior year. The company, in its 1H 2019 results, stated that its revenue increased to R million from R million posted in the corresponding period of the previous year. Its diluted EPS fell to 98.08c from c recorded in the same period of the prior year. The company has declared an interim dividend of 72.86c per share compared with 70.65c per share posted in the corresponding period of the preceding year. The company, in its FY 2018 results, stated that its revenue decreased to $2.58 billion from $2.76 billion posted in the corresponding period of the previous year. Its diluted loss per share stood at 42.00c compared with 4.00c recorded in the same period of the prior year. The company, in its 1H 2019 results, stated that its revenue increased to R13.79 billion from R9.88 billion posted in the corresponding period of the previous year. Its diluted EPS fell to 13.00c from c recorded in the same period of the prior year. The company, in its 1H 2019 results, indicated that its turnover stood at R3.70 billion compared with R2.83 billion in the same period of the previous year. Its diluted EPS stood at 55.10c compared with 48.40c recorded in the corresponding period of the preceding year. The firm s dividend rose 29.0% to 22.00c. The company, in its 1H 2019 results, indicated that its revenue rose to R13.29 billion from R11.48 billion posted in the corresponding period of the previous year. Its diluted EPS decreased 17.0% from the same period of the prior year to 22.70c. The company has not declared an interim dividend for the period. 4

5 South African Corporate Company Name Lighthouse Capital The company, in its 3M 2018 results, indicated that its revenue stood at 7.72 million compared with 3.78 million the same period of the previous year. Its diluted loss per share stood at 7.80c compared with EPS of 4.52c recorded in the corresponding period of the preceding year. Lonmin The company announced the appointment of Sizwe Nkosi as a non-independent Non-Executive Director with effect from 1 March MMI Holdings The company announced that Thinus Alsworth-Elvey, the Chief Executive Officer of Momentum Corporate, has resigned from his role, with effect from 31 March Mondi The company, in its FY 2018 trading statement, indicated that it expects HEPS to be between and , which is 25.0% to 29.0% higher compared with the same period of the previous year. Further, the company expects EPS to be in the range of to , which is 21.0% to 25.0% higher compared with the corresponding period of the preceding year. Oceana Group The company announced the appointment of Mr. Nisaar Ahmed Pangarker as a Non-Executive Director to the Board with effect from 1 March Octodec Investments The company announced that Nyimpini Mabunda has been appointed as an independent Non-Executive Director, with effect from 11 February Omnia Holdings Pan African Resources The company announced the appointment of Mr. Willem Plaizier as an independent Non-Executive Director with effect from 11 February The company, in its 1H 2019 trading statement, indicated that the company expects HEPS to be between 6.98c and 7.34c compared with the same period of the previous year. Further, the company expects EPS to be in the range of 6.98c to 7.30c compared with the corresponding period of the preceding year. Pioneer Foods Group The company, in its trading update for the four months ended 31 January 2019, indicated that the company s turnover increased by 7.8% during the period, excluding the contribution of the acquired Wellington s and Lizi s businesses. The growth is primarily driven by price inflation in bread, wheat flour, rice and export fruit as well as sound volume growth in local beverages, bread, rice and breakfast cereals in the UK. Overall like-for-like volume advanced by 2.0%, excluding the contribution of the acquired businesses, thus implying basket inflation of 5.8%. Raubex Group RCL Foods Rebosis Property Fund The company, in its FY 2019 trading statement, indicated that it expects EPS and HEPS to be at least 46.70c and 45.70c lower, respectively, compared with the corresponding period of the preceding year. The company, in its 1H 2019 trading statement, stated that the company expects HEPS to decrease between 23.5% and 28.9% to be in the range of 53.00c to 57.00c, compared with the corresponding period of the preceding year. Further, the company expects EPS to be between 65.00c and 69.00c, which is 10.0% to 15.3% lower compared with the same period of the previous year. The company announced that it has entered into two sale and purchase agreements, with two separate parties, dated 12 February 2019 to dispose of two properties together with the rental enterprises in its office portfolio. In terms of the sale and purchase agreement entered into between the company and Narefin, it has agreed to dispose of Erf 2908 Pretoria, measuring 4,190m² in extent, situated at 255 Frances Baard Street, Pretoria. Further, in terms of the sale and purchase agreement between the company and Narevax, it has agreed to dispose of Erf 2939 Pretoria, measuring 2,551m² in extent and situated at 400 Paul Kruger Street, Pretoria. Resilient REIT Sanlam The company, in its FY 2018 results, stated that its revenue stood at to R1.91 billion compared with R1.96 billion posted in the corresponding period of the previous year. Its basic EPS stood at 16.57c. The company announced that Mr. Sydney Mbhele will join as Chief Executive: Brand and will be a member of the Group Executive Committee (Exco) with effect from 1 April Additionally, the company s Chief Human Resources Officer, Ms. Jeanett Modise, will take up the position of Chief Executive: Human Resources and will be a member of the Group s Exco with effect from 1 July Moreover, Mr. Thinus Alsworth-Elvey will join the group as Chief Executive: Special Projects and as part of the group s Exco with effect from 01 April

6 South African Corporate Company Name Sasol The company announced, in its trading statement that its new linear low-density polyethylene unit in Lake Charles achieved beneficial operations on 13 February This is the first of the seven LCCP production units to come online. This follows the safe and successful commissioning of the steam system, which produced first steam on 1 August 2018, a few weeks earlier than planned. Furthermore, all utilities to support the early process units at LCCP were fully operational by the end of November Sibanye Gold The company, in its FY 2018 trading statement, indicated that it expects HEPS to be 65.00c compared with headline loss per share of 12.00c in the same period of the previous year. Further, the company expects loss per share to be 44.00c compared with loss per share of c recorded in the corresponding period of the preceding year. SPAR Group Tongaat Hulett The company, in its trading update for the 17 weeks ended 26 January 2019, stated that total sales advanced by 8.2% to R36.53 billion. Total sales in South Africa increased by 7.7%, which included the S.Buys pharmaceutical business being recognised for the period. On a like-for-like basis, the South African sales increased by 7.6%, reflecting the weak consumer spend. The core SPAR business reported sales growth of 5.7%, with same store sales increasing by 3.8%. The company announced the appointment of Mr. Rob David Aitken as the Chief Financial Officer and Executive Director of the company, with effect from 1 March Wilson Bayly Holmes-Ovcon The company, in its FY 2018 trading statement, indicated that it expects HEPS to drop between 80.0% to 100.0%, compared with HEPS of 726.8c in the corresponding period of the preceding year. Further, the company expects EPS to drop between 80.0% to 100.0%, compared with EPS of 736.5c in the corresponding period of the preceding year. Woolworths Holdings The company announced that Mrs. Gail Kelly and Mr. Patrick Allaway have resigned as independent Non-Executive Directors with immediate effect. 6

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