South Africa Market Review. UK Market Review. US Market Review. Asia Market Review. Key Global Indices

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1 20 January 2015 South Africa Market Review South African markets closed higher yesterday. Sibanye Gold, Gold Fields and AngloGold Ashanti advanced 5.4%, 0.9% and 0.3%, respectively. Cie Financiere Richemont SA, Massmart Holdings and SPAR Group gained 3.9%, 3.7% and 3.5%, respectively. Lonmin, Impala Platinum Holdings and Northam Platinum rose 2.9%, 2.5% and 1.0%, respectively. However, Royal Bafokeng Platinum lost 1.5%. Media reports indicated over the weekend that two officials of the Royal Bafokeng Nation, with links to platinum mining, were suspended over alleged tender irregularities. Harmony gold fell 0.5%, after revealing that an employee was fatally injured in a rail-bound equipment related accident at the Masimong mine. The JSE All Share Index climbed 1.1% to close at 48, UK Market Review UK markets finished higher yesterday, with the benchmark index rising for the third successive session. Dixons Carphone advanced 4.4%, amid optimism that the firm would report strong Christmas trading results on Wednesday. Retail sector stocks, Tesco and J Sainsbury gained 1.1% and 0.3%, respectively. Airline sector stocks, International Consolidated Airlines Group and easyjet were also higher, adding 0.8% each. Bucking the trend, BHP Billiton dropped 1.4%, after a report revealed that the company might have to slash its planned $4.00bn spending on US shale wells. Fresnillo and Anglo American slipped 1.0% and 0.9%, respectively, amid falling metal prices and concerns of a slowdown in China. The FTSE 100 Index advanced 0.5% to close at 6, US Market Review US markets were closed yesterday on account of Martin Luther King Jr. Day. JSE All Share - Last Month 50,505 49,534 48,563 47,592 FTSE Last Month 6,700 6,568 6,435 6,303 S&P Last Month 2,111 2,065 2,019 1,973 Asia Market Review Asian markets are trading firmer this morning, after data showed that the Chinese economy grew faster than expected in 4Q14. In Japan, Nikon, Panasonic and Toyota Motor climbed 4.3%, 2.7% and 1.8%, respectively, after the Yen weakened against major currencies. Nomura Holdings advanced 2.8%. In Hong Kong, brokerage firms, Haitong Securities and Citic Securities jumped 7.2% and 6.1%, respectively, recovering most of yesterday s losses. In South Korea, Samsung Electronics gained 1.0%, amid news that the company could be mulling splitting its stocks. The Nikkei 225 Index is trading 1.6% in the green at 17,279.31, while the Kospi Index is trading 0.7% higher at 1, The Hang Seng Index is trading 0.8% in positive territory at 23, Nikkei Last Month 18,033 17,565 17,096 16,628 Key Global Indices Last Close 1D Chg 1D % Chg YTD% Chg 1M % Chg 1Y % Chg P/E Multiple (x) JSE All Share 48, JSE Africa Resource 10 40, JSE Africa Financial 15 15, JSE Africa Industrial 25 61, FTSE 100 6, German DAX 30 10, France CAC 40 4, S&P 500 # 2, Dow Jones Industrials # 17, Nasdaq Composite # 4, Nikkei 225* 17, Shanghai Composite* 3, Hang Seng Index* 23, *Time - SAST 6:00:00 AM # Values as on 16 January

2 $/oz $/oz $/bbl $/bushel I N V E S T O R C A M P U S Commodities Crude Oil and Corn Prices Spot At 06:00 SAST today, Brent crude oil fell 0.3% to trade at $46.98/bl. Meanwhile, traders mulled over mixed economic data released in China. Yesterday, Brent crude oil declined 1.2% to settle at $47.12/bl, after the Oil Minister of Iraq, Adel Abdul Mahdi, indicated that Iraq is pumping oil at an unprecedented pace of 4.00Mb/d and amid concerns over the Chinese economy. Yesterday, the Illinois North Central No.2 Yellow corn spot prices remained unchanged at $3.64/bushel, as US markets were closed yesterday. At 06:00 SAST today, gold prices advanced 0.1% to trade at $1,276.88/oz. Yesterday, gold declined 0.4% to close at $1,275.65/oz. Yesterday, copper declined 1.0% to close at $5,709.00/mt. Aluminium closed 1.3% lower at $1,815.75/mt Crude - LHS Corn - RHS Gold & Platinum Prices Spot Gold - LHS Platinum - RHS Copper, Aluminium & Iron Ore Prices Spot (Rebased) Copper Aluminium Iron Ore 62% Fe Content - CFR Qingdao China Currencies USD/ZAR Movement EUR/ZAR Movement GBP/ZAR Movement Yesterday, the South African rand weakened against the US dollar. Markets in the US were closed on account of Martin Luther King Jr. holiday. Earlier today, GDP data released in China showed that economic growth, on a quarterly basis, slowed more than expected in 4Q14. Later today, market participants will keep a tab on the NAHB housing market survey in the US and mining production data in South Africa for further direction. The yield on benchmark government bonds rose yesterday. The yield on 2015 bond remained unchanged at 6.15% while that for the longer-dated 2026 issue advanced to 7.40%. At 06:00 SAST, the US dollar is trading 0.2% higher against the South African rand at R , while the euro is trading 0.1% lower at R At 06:00 SAST, the British pound has declined 0.2% against the South African rand to trade at R Yesterday, the euro advanced against most of the major currencies. Meanwhile, data showed that the current account surplus in the eurozone narrowed in November. Later today, the ZEW economic sentiment survey in Germany and the eurozone is likely to attract considerable attention among traders. At 06:00 SAST, the euro slipped 0.3% against the US dollar to trade at $1.1579, while it has remained flat against the British pound to trade at GBP

3 Yield Corner % Closing Yield % Change on Day Yield % - 1M Ago South Africa CPI* South Africa Repo Rate JSE SA Listed Property Index R157 (2015) (SA Bond) R207 (2020) (SA Bond) R186 (2026) (SA Bond) US 10 Year Treasury US 30 Year Treasury Italian 10 Year Treasury German 10 Year Treasury * As on November 2014 South African Government Bond Yields 9.2% 8.5% 7.8% 7.2% 6.5% 5.8% Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 R157 (2015) R186 (2026) JSE All Share Index - Major Gainers & Losers Barloworld Ltd ( , , -4.8%) Allied Electronics Corp Ltd ( , , 6.6%) Clover Industries Ltd ( , , -3.7%) Assore Ltd ( , , 5.5%) Merafe Resources Ltd (92.00, -3.00, -3.2%) Sibanye Gold Ltd ( , , 5.4%) Brimstone Investment Corp Ltd ( , , -3.0%) Montauk Energy Holdings Ltd (315.00, 15.00, 5.0%) Pallinghurst Resources Ltd (369.00, , -2.9%) Cie Financiere Richemont SA ( , , 3.9%) Capevin Holdings Ltd (851.00, , -2.7%) Massmart Holdings Ltd ( , , 3.7%) Alexander Forbes Group Holdings Ltd (920.00, , -2.1%) SPAR Group Ltd/The ( , , 3.5%) Hudaco Industries Ltd ( , , -2.1%) Hulamin Ltd (835.00, 28.00, 3.5%) ArcelorMittal South Africa Ltd ( , , -2.0%) Sasol Ltd ( , , 3.2%) Resilient Property Income Fund Ltd ( , , -1.9%) Raubex Group Ltd ( , 65.00, 3.1%) -7.3% -5.8% -4.4% -2.9% -1.5% 0.0% 1.5% 2.9% 4.4% 5.8% 7.3% Figures in bracket indicate (Last Close, Absolute Change, % Change) 3

4 Dual Listed Companies - Price Differential Company Name Price (R) - Local Exchange Primary Exchange Price (Primary Exchange) Equivalent Price (R) Price Difference (R) Anglo American Plc London Stock Exchange GBP BHP Billiton Plc London Stock Exchange GBP British American Tobacco Plc London Stock Exchange GBP Capital & Counties Properties Plc London Stock Exchange 3.72 GBP Cie Financiere Richemont SA* SIX Swiss Exchange CHF Intu Properties Plc London Stock Exchange 3.45 GBP Investec Plc London Stock Exchange 5.40 GBP Lonmin Plc London Stock Exchange 1.76 GBP Mondi Plc London Stock Exchange GBP New Europe Property Investments Plc/Fund London Stock Exchange 8.25 EUR Old Mutual Plc London Stock Exchange 1.94 GBP Pan African Resources Plc 2.16 London Stock Exchange 0.13 GBP Reinet Investments SCA* Luxembourg Stock Exchange EUR SABMiller Plc London Stock Exchange GBP AngloGold Ashanti Ltd New York Stock Exchange USD DRDGOLD Ltd* 2.76 New York Stock Exchange 2.33 USD Gold Fields Ltd New York Stock Exchange 5.73 USD Harmony Gold Mining Co Ltd New York Stock Exchange 3.01 USD Redefine International Plc/Isle of Man 9.60 London Stock Exchange 0.55 GBP Glencore Xstrata Plc London Stock Exchange 2.48 GBP * Depositary Reciepts (DR) trade in the ratio of ten DRs to each Company share; Exchange Rate - USDZAR: , EURZAR: , GBPZAR: , CHFZAR: , Conversion rate as of 6:00 SAST JSE All Share Stocks Hitting 52 Week High / Low Company Name Closing Price (R) 1D% Chg 52 Week High / Low Capital Property Fund % Hits 52 Week High Discovery Ltd % Hits 52 Week High Emira Property Fund % Hits 52 Week High Fortress Income Fund Ltd % Hits 52 Week High Growthpoint Properties Ltd % Hits 52 Week High Hyprop Investments Ltd % Hits 52 Week High Mediclinic International Ltd % Hits 52 Week High Massmart Holdings Ltd % Hits 52 Week High SA Corporate Real Estate Fund Nominees Pty Ltd % Hits 52 Week High Sibanye Gold Ltd % Hits 52 Week High ArcelorMittal South Africa Ltd % Hits 52 Week Low Adcock Ingram Holdings Ltd % Hits 52 Week Low Barloworld Ltd % Hits 52 Week Low Grindrod Ltd % Hits 52 Week Low 4

5 Economic Updates The producer and import price index in Switzerland registered a drop of 0.4% in December on a monthly basis, less than market expectations for a drop of 0.8%. In the previous month, the producer and import price index had dropped 0.7%. The seasonally adjusted current account surplus in the eurozone narrowed to EUR18.10bn in November. The eurozone had registered a revised current account surplus of EUR19.50bn in the prior month. On a seasonally adjusted monthly basis, construction output in the eurozone dropped 0.1% in November. Construction output had climbed by a revised 1.1% in the previous month. On a monthly basis, industrial production fell 0.5% in November, in Japan. In the prior month, industrial production had climbed 0.4%. The preliminary figures had indicated a fall of 0.6%. The consumer confidence index registered a rise to in December, in Japan, compared with market expectations of an advance to a level of In the previous month, the consumer confidence index had registered a reading of In China, the Gross Domestic Product (GDP) advanced 7.3% annually in 4Q14, more than market expectations for a rise of 7.2%. The National Bureau of Statistics of China has reported that industrial production registered a rise of 7.9% in China, on an annual basis in December, higher than market expectations for a rise of 7.4%. In the previous month, industrial production had advanced 7.2%. Retail sales registered a rise of 11.9% on an annual basis in China, in December, compared with an advance of 11.7% in the prior month. Market anticipations were for retail sales to rise 11.7%. The New Zealand Institute of Economic Research has reported that a net 23.0% of firms polled expect general business conditions to improve over next 6 months, higher than 19.0% in the previous quarter. Key Economic Releases Today Country SAST Economic Indicator Relevance Consensus/ *Actuals Previous/ **Previous Est. Frequency China 4:00 Gross Domestic Product (QoQ) (4Q) 1.5%* 1.9% Quarterly China 4:00 Gross Domestic Product (YoY) (4Q) 7.3%* 7.3% Quarterly China 4:00 Industrial Production (YoY) (Dec) 7.9%* 7.2% Monthly China 4:00 Retail Sales (YoY) (Dec) 11.9%* 11.7% Monthly China 4:00 Fixed Assets Inv Excl. Rural YTD (YoY) (Dec) 15.7%* 15.8% Monthly Germany 9:00 Producer Price Index (MoM) (Dec) -0.4% 0.0% Monthly Germany 9:00 Producer Price Index (YoY) (Dec) -1.4% -0.9% Monthly Italy 11:00 Global Trade Balance (Nov) - EUR5.40 bn Monthly Italy 11:00 Trade Balance EU (Nov) - EUR1.37 bn Monthly Eurozone 11:00 ECB Survey of Professional Forecasters Italy 11:00 Bank of Italy Governor Visco Attends ABI Executive CteeMeeting South Africa 11:30 Gold Production (YoY) (Nov) % Monthly South Africa 11:30 Mining Production (YoY) (Nov) -0.3% -1.1% Monthly Eurozone 12:00 ZEW Survey - Economic Sentiment (Jan) Monthly Germany 12:00 ZEW Survey - Current Situation (Jan) Monthly Germany 12:00 ZEW Survey - Economic Sentiment (Jan) Monthly Greece 12:00 Current Account (Nov) - -EUR0.20 bn Monthly Canada 15:30 Manufacturing Shipments (MoM) (Nov) -0.5% -0.6% Monthly UK 15:45 BoE's Cunliffe Speaks in London US 15:55 Redbook Index (YoY) (16-Jan) - 3.8% Weekly US 15:55 Redbook Index s.a. (MoM) (16-Jan) % Weekly US 17:00 Fed's Powell Speaks on Libor in Washington US 17:00 NAHB Housing Market Index (Jan) Monthly Note: High Medium Low 5

6 Corporate Updates South Africa Bidvest Group: Media reports revealed that the group s exclusive franchise agreement to rent cars and vans under the Budget Car and Van rental brand in southern Africa has not been renewed, which has strengthened speculation that the company might lose the agreement. Northam Platinum: The company stated that operations remained suspended at its Zondereinde mine in Limpopo while the mine management continues to engage with the National Union of Mineworkers leadership in an effort to normalise operations as soon as possible. Harmony Gold: The company has revealed that an employee was fatally injured in a rail-bound equipment related accident at Masimong mine near Welkom. Eskom unions warn on retrenchments: Organised labour representatives at Eskom have warned that they are unconvinced the power utility s bid to cut costs through voluntary severance packages will save money or avoid further losses of skilled personnel, and continue to cite a lack of consultation in the embattled parastatal s plans to shed staff. Tower Property Fund beefs up its office sector exposure: Tower Property Fund (Tower) has concluded an agreement to acquire an office block in Claremont, Cape Town from HBW Group for a purchase consideration of R192.00mn. Namibia exporting power to Eskom: Namibian power utility, NamPower, is currently exporting electricity to its South African counterpart Eskom, which is struggling to meet demand, an official said Monday. UK and US Microsoft: Media reports revealed that the company is expected to give a detailed glimpse of Windows 10 at a day-long press session on Wednesday. Hewlett-Packard: The Serious Fraud Office closed its probe into alleged accounting issues related to the company s $11.00bn purchase of the UK software company, Autonomy, in 2011, after the agency found insufficient evidence for a realistic prospect of conviction. DreamWorks Animation: Media reports revealed that the company has begun a fresh round of staff layoffs. The total number of layoffs are not known yet, but expectations are that the number might exceed the 350 workers laid off in Evraz Plc: The company, in its FY14 production report, indicated that consolidated crude steel production and output of steel products, net of rerolled volumes, decreased by 4.0% and 5.0% respectively. It further stated that share of semi-finished products in their shipments increased to 31.0% from 26.0% in FY13, and coking coal production grew by 11.0% due to increased output of 31.0% at the Raspadskaya coal company. Greene King: The retail company, in its trading update for the 36 weeks ended 11 January 2015, indicated that total sales were up 5.9% after 36 weeks, with like-for-like sales growth of 0.6%. It further stated that like-for-like sales in the last six weeks were in line with last year, against growth of 5.0% in the same period a year ago. The company revealed that it received a record 780,000 Christmas bookings, up 7.0%, with like-for-like growth of 3.5% and as a result, it achieved record retail sales of GBP3.40mn on Christmas Day. Hiscox Limited: The company stated that assets under management in its Kiskadee insurance-linked strategies funds, have grown to over $400.00mn at 1 January It further stated that Kiskadee has also received firm commitments of additional capital for deployment between now and summer 2015 reinsurance renewal season. Balfour Beatty: The infrastructure company announced that it has been appointed as the sole contractor to a new UK-wide civil engineering and infrastructure framework for public works, which is valued at up to GBP1.50bn and runs until February Kier Group: The construction company revealed that it has won contracts in the Middle East worth more than GBP145.00mn since the start of the calendar year. The company stated that it was named "preferred bidder" for a GBP100.00mn mixed-use development contract and two infrastructure contracts totalling GBP15.00mn in Dubai. The company also revealed that it has secured a GBP30.00mn contract in Saudi Arabia, which is expected to begin in January. Financial Times Greene King sales flat despite Christmas gains: Greene King, which is set to become the UK s biggest managed pub landlord following its takeover of rival Spirit, reported lacklustre trading either side of the key Christmas and new year period. Shoplifters cost UK retailers GBP335.00mn in year, says BRC: The British Retail Consortium said the volume of customer thefts fell year on year in but the average value per incident rose from GBP to GBP241.00, the highest level in a decade. The total cost of shoplifting was GBP335.00mn, compared with a total cost of all retail crime of GBP603.00mn last year. Banks and brokers to net GBP45.00mn from Aviva s Friends Life deal: Banks and brokers handling Aviva s planned acquisition of Friends Life are to pocket GBP45.00mn in fees, the insurance companies disclosed on Monday, as it emerged the tie-up is to cost about 1,500 jobs. WANdisco moves to allay investors fears over big data: WANdisco, one of the UK s most high-profile technology groups, has responded to its doubters by revealing that its 4Q14 sales were up 8.0% year on year, as the company attempted to convince investors that its big data business was gaining momentum. 6

7 Corporate Updates Pearson expands education venture fund: Pearson has become the latest blue-chip company to increase its venture investments, committing $50.00mn to education start-ups in Africa and Asia. British Gas follows Eon s price cut: The decision by the UK s biggest energy retailer to reduce prices by 5.0% follows Eon s 3.5% cut last week and was welcomed by David Cameron as excellent news. Power struggle deepens at Rangers football club: The power struggle at Rangers has deepened after former Director, Dave King, mounted a bid to remove four board members of the embattled Scottish football club. TSB opens mortgages to brokers: TSB is opening its mortgage range to brokers across the UK in an attempt to bolster profitability and develop as a challenger to the big four high street banks. Slide in oil price puts brakes on Middle East IPO plans: Companies in the Middle East and North Africa are putting flotation plans on hold in the wake of market volatility triggered by sliding oil prices, according to a report. John Laing confirms plans for London float: John Laing, the British infrastructure group, has confirmed its intention to raise GBP130.00mn by staging a return to the London Stock Exchange in the first major UK flotation of FY15. European banks step up sales of distressed property loans: European banks have stepped up their sales of distressed real estate loans, as investors flock into the continent s property sector. David Duffy quits AIB to head Clydesdale Bank: David Duffy, Chief Executive of Allied Irish Banks, is to step down and take up a role at Clydesdale Bank, two weeks after Clydesdale announced that David Thorburn was stepping down as its Chief Executive. Eurotunnel resumes service after fire: Channel tunnel operator Eurotunnel has resumed services following a fire that led to its closure, over the weekend but warned passengers travelling through its UK terminal on Monday to expect delays of up to 90 minutes. Goldcorp swoops on Probe Mines deal as metal prices hit lows: Goldcorp has agreed a CAD526.00mn ($440.00mn) deal for a Canadian gold explorer in a renewed attempt to secure coveted assets at a time when many rivals have been bruised by low metals prices. Kenmare seeks debt restructure as fall in commodity prices hits: Kenmare Resources, a mineral sands miner hit by the fall in commodity prices, is seeking to finalise a new deal with lenders to restructure its debt load by the end of the month. Amazon to make films for cinema and online release: The Seattle-based company on Monday announced plans to produce and acquire original films to show in cinemas and soon thereafter on its streaming video service, ramping up its competition with rival, Netflix. Bargain Booze cheered by growing popularity of discount retail: The growing lure of discount retailers has driven a near 50.0% increase in 1H15 profits at Bargain Booze, the cut-price off-licence chain with nearly 600 branches across the UK regions. Christmas proves a sweet spot for chocolate maker Thorntons: Christmas has proved to be a sweet spot for Thorntons after it was forced to issue a profit warning last month. Dixons Carphone: Rose 4.4% to GBP4.47 ahead of a 3Q15 trading update due on Wednesday. Vedanta Resources: Faded 2.1% to GBP3.97, after Moody s cut its outlook on the Indian commodities conglomerate s bonds from stable to negative. Lex: O2 and 3: new maths: The UK mobile market could use some creative subtraction. Telefónica of Spain and Hutchison of Hong Kong have reportedly discussed a sale of the former s UK mobile business O2. Such a deal would reduce the number of mobile carriers, unlike BT Group s likely purchase of EE. It would also let Telefónica reduce its debt, which Moody s thinks is necessary if the company is to retain its credit rating. As consolidation could raise prices to UK consumers, it will face regulatory review. Given that both O2 and 3 are owned by foreign companies with most of their revenues sourced outside the UK, the European Commission could very well claim priority over UK authorities. The commission did something similar last year in Germany when Telefónica bid for, and eventually bought, the KPN German mobile subsidiary E-Plus. Ahead of a UK election, European involvement could prove provocative. Given 3 has acted as a key discounter in recent years, UK operators should benefit from its consolidation. Profitability in the UK mobile market has lagged behind. Citi estimates O2 s margins at the earnings before interest, tax, depreciation and amortisation level to be 25.0%, a fifth below typical margins in the rest of Europe. European banks: easing the hard way: No such dilemmas for bank shareholders. Eurozone banks are down 15.0% in the past four months as speculation has grown about the European Central Bank s quantitative easing programme. If sovereign QE goes ahead later this week, it will confirm just how bad a state the eurozone economy is in. All very nice in theory. But banks will also have to deal with lower net interest margins, which are pretty thin already. As longer dated sovereign bonds get bought up, the yield curve flattens and so compresses banks margins. If QE also fails to spur more lending, banks would be left with a nasty combination of lower volumes and lower margins. Recent history is not encouraging. According to Berenberg, US banks underperformed their index during all three periods of QE. Japanese banks also underperformed during QE, although the UK record was mixed. There is little reason to expect a big jump from the eurozone banks, then. If QE works and the eurozone s economy recovers, then banks will benefit. But make sure the life rafts are seaworthy before jumping in. 7

8 Corporate Updates Libor floors: trapdoor: Just how hard is reflected in the leveraged loan market (loans to riskier companies which are priced at a set premium over Libor). Since the crisis, many leveraged loans have come with Libor floors. With the three-month Libor rate hovering closer to 0.0% than to 1.0%, banks devised a floor whereby the reference rate for the loan would not sink below 75 or 100 basis points, even if Libor falls below that. The question is how much investors pay for this insurance, that is how much higher the rate on the loan would have been without the floor. A current loan with a floor might pay Libor (or the floor) plus 300 bps. When Libor starts to reach 1.0%, a loan with similar risk characteristics may not come with a floor attached and will pay, say, Libor plus 350 bps. When interest rates rise (and they will, right?) and Libor floors are no longer required, the outstanding loans with floors (and hence lower rates) will start to look less attractive. Analysis from Citigroup shows that a Libor floor of 1.0% with three years outstanding on the loan is worth 34 bps of spread (so the loan with the floor will price 34 bps lower). That might not sound like much but in the world of fixed income it is enough to hurt. 8

9 Key Corporate Releases Today South Africa Full Year Consensus Company Name Results Currency Estimated EPS Estimated Revenue (Millions) No corporate releases today UK Full Year Consensus Company Name Results Currency Estimated EPS Estimated Revenue (Millions) Unilever Plc FY14 EUR , IG Group Holdings Plc 1H15 GBP Europe Full Year Consensus Company Name Results Currency Estimated EPS Estimated Revenue (Millions) SAP SE FY14 EUR , US Full Year Consensus Company Name Results Currency Estimated EPS Estimated Revenue (Millions) Johnson & Johnson 4Q $ , International Business Machines Corp. 4Q $ , Morgan Stanley 4Q $ , General Dynamics Corp. 4Q $ , Delta Air Lines Inc. 4Q $ , Halliburton Co. 4Q $ , Baker Hughes Inc. 4Q $ , Netflix Inc. 4Q $ , Amphenol Corp. 4Q $ , M&T Bank Corp. 4Q $ , CA Inc. 3Q $ , Regions Financial Corp. 4Q $ , Coach Inc. 2Q $ , Cree Inc. 2Q $ , Allegheny Technologies Inc. 4Q $ , igate Corp. 4Q $ , Susquehanna Bancshares Inc. 4Q $ Fulton Financial Corp. 4Q $ Interactive Brokers Group Inc. 4Q $ , Super Micro Computer Inc. 2Q $ ,

10 Key Corporate Releases Today Full Year Consensus Company Name Results Currency Estimated EPS Estimated Revenue (Millions) ADTRAN Inc. 4Q $ First Midwest Bancorp Inc. 4Q $ Meridian Bioscience Inc. 1Q $ Preferred Bank 4Q $ Mercantile Bank Corp. 4Q $ Southwest Bancorp Inc. 4Q $ Petmed Express Inc. 3Q $ Pacific Continental Corp. 4Q $ Note: All Estimates are for Full Year South Africa Ex-Dividend Calendar Date Company Name Dividend Type Last Day to Trade Amount - Grand Parade Investments Limited Regular Cash 23-Jan-15 R Invicta Holdings Limited Special Cash 23-Jan-15 R Invicta Holdings Limited Rights Issue 23-Jan :1 - Marshall Monteagle Plc Final 23-Jan-15 $ Netcare Limited Final 23-Jan-15 R Pioneer Foods Limited Final 23-Jan-15 R Tongaat Hulett Limited Interim 23-Jan-15 R

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