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

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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) Weekly Market Report 19 November Nov 1W% YTD % Key Global Indices 2018 Close JSE All Share % -12.5% FTSE % -8.8% DAX % -12.2% CAC % -5.4% DJIA % 2.8% S&P % 2.3% NASDAQ Comp % 5.0% Nikkei % -4.8% Shanghai Comp % -19.0% S&P/ASX % -5.5% South African Equity Markets South Africa markets ended lower last week. Real estate company, Rebosis Property Fund plummeted 36.8%, after the company reported a drop in its FY 2018 dividend growth for ordinary shares. Tobacco company, British American Tobacco slumped 22.3%, amid an impending ban on menthol cigarettes by the US Food and Drug Administration. On the flipside, payment solutions provider, Net 1 UEPS Technologies rallied 52.3%, even though the company reported a significant decline in its FY 2018 revenues. Agriculture and agri-processing company, Tongaat Hulett jumped 8.9%, despite expectations of an increase in its 1H 2018 headline loss per share. Gold miner, Sibanye Gold soared 7.9%, after the company signed a three-year wage deal with its employee union. The JSE All Share Index declined 2.3% to close at 52, JSE All Share - Weekly Gainers & Losers -39.1% Group Five Ltd Net 1 UEPS Technologies Inc 63, % 59,368 JSE All Share - Daily Chart -36.8% Rebosis Property Fund Ltd Impala Platinum Holdings Ltd 55, % 51, % -17.6% British American Tobacco Plc Omnia Holdings Ltd Tongaat Hulett Ltd Metair Investments Ltd 8.9% 8.8% 47, RSI (21) % Reinet Investments SCA 7.9% Sibanye Gold Ltd -57.6% -28.8% 0.0% 28.8% 57.6% Top 10 New 52 Week Highs 0 May-18 Jun-18 Aug-18 Sep-18 Nov-18 Top 10 New 52 Week Lows Share 52Week High (ZAR) 1W% Capitec Bank Holdings Ltd % Share 52Week Low (ZAR) 1W% Anheuser-Busch InBev SA/NV % Ascendis Health Ltd % Arrowhead Properties Ltd % British American Tobacco Plc % Cie Financiere Richemont SA % Coronation Fund Managers Ltd % Hyprop Investments Ltd % Imperial Holdings Ltd % Invicta Holdings Ltd % Liberty Holdings Ltd % ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 6 1

2 Nov-17 Dec-17 Jan-18 Feb-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Oct-18 Nov-18 Nov-17 Dec-17 Jan-18 Feb-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Oct-18 Nov-18 Weekly Market Report Key Currencies 16 Nov 2018 Close 1W% YTD % USDZAR % 13.0% EURZAR % 7.6% GBPZAR % 7.4% EURUSD % -4.9% EURCHF % -2.5% GBPUSD % -5.0% USDJPY % 0.1% USDCHF % 2.6% AUDUSD % -6.1% USDCAD % 4.6% Daily USD/ZAR Currencies The ZAR strengthened against its major peers last week. On the data front, South Africa s retail sales advanced less than market forecast on an annual basis in September. For the week, the USD weakened 2.5% against the South African Rand to close at R The EUR was 1.8% lower at R and the GBP was 3.8% weaker at R for the week. The US Dollar weakened against its key counterparts last week. Data indicated that the US NFIB small business optimism index unexpectedly declined in October. Industrial production advanced less than market forecast on a monthly basis in October. In contrast, the nation s consumer price index (CPI) climbed in line with market expectations on an annual basis in October. Moreover, advance retail sales rebounded more than market expectations on a monthly basis in October, notching its highest level in five months. The EUR advanced against the USD last week, after Eurozone s gross domestic product advanced in line with market forecast on a quarterly basis in 3Q Additionally, CPI advanced in line with market forecast on an annual basis in October. Meanwhile, the region s trade surplus narrowed in September. Separately, German CPI advanced in line with market forecast on an annual basis in October. Separately, the European Central Bank President, Mario Draghi, stated that the Eurozone economy has slowed in recent months. However, he sees no reason for the economy to stop expanding. Further, he expects the current expansion to remain resilient and inflation to not rise as quickly as earlier expected. Draghi reiterated that the central bank would stick to its plan to end its stimulus program at the end of this year. Further, he warned that uncertainties around the medium-term outlook have increased significantly. The GBP fell against the USD last week, after Brexit Secretary, Dominic Raab and two other ministers resigned over British Prime Minister, Theresa May's draft Brexit deal. Data revealed that UK s average weekly earnings climbed in line with market expectations on an annual basis in the July-September 2018 period. In contrast, the nation s CPI rose less than market expectations on an annual basis in October. Additionally, monthly retail sales unexpectedly dropped for the second consecutive month in October. Key Commodities 16 Nov 2018 Close 1W% YTD % Gold ($/oz) % -6.1% Silver ($/oz) % -16.1% Copper (USd/lb.) % -15.2% Brent Crude ($/bls) % -0.2% Sugar No.11 (USd/lb.) % -16.3% Iron Ore 62% Fe ($/dry MT) % 3.1% Daily Platinum 1, Commodities Gold prices rose last week, amid weakness in the US Dollar. Going ahead, market participants will closely watch the US housing starts, building permits, durable goods orders, existing home sales, the Michigan consumer sentiment index and the Markit manufacturing and services PMI for further direction. Crude oil prices declined last week, after the American Petroleum Institute reported that crude oil inventories advanced by 8.8 million bls in the week ended 9 November Additionally, the US Energy Information Administration (EIA) reported that crude oil inventories rose by 10.3 million bls last week, recording an increase for eighth straight week. Further, the EIA forecasted that crude oil production from seven major US shale formations will climb by 113,000 bls a day to 7.94 million bls a day in December. Moreover, Baker Hughes reported that the US oil rig count rose by 2 to 888 last week. Copper prices traded in positive territory last week, after the US President, Donald Trump, stated that he may not impose more tariffs on Chinese goods, reducing tensions over the US- China dispute

3 Key Economic News Last Week Country News South Africa Retail sales recorded a less-than-expected rise of 0.7% on a yearly basis in September. In the prior month, retail sales had advanced 2.5%. Economic Calendar - Week Ahead Monday, Nov 19, 2018 Tuesday, Nov 20, 2018 Wednesday, Nov 21, 2018 Thursday, Nov 22, 2018 Friday, Nov 23, 2018 South Africa - Leading Indicator (Sep) Consumer Price Index (Oct) SARB Interest Rate Decision - 3

4 South African Corporate News Company Name Arrowhead Properties Ayo Technology Solutions Capital Appreciation Capitec Bank Holdings Emedia Holdings News The company announced that independent Non-Executive Director, Elize Stroebel, has resigned from the board of Directors, with immediate effect. The company has an approximately 16.4% interest in Rebosis through a holding of Rebosis B shares. Rebosis has declared a dividend of 29.60c per Rebosis B share for the six months ended 31 August The company has assessed the impact of Rebosis dividend per Rebosis B share and it now expects dividend growth for the year ended 30 September 2018 to be between % and %. Accordingly, the dividend for the year ended 30 September 2018 is expected to be between c per share and c per share and for the six-month period ended 30 September 2018, between c per share and c per share. The company, in its reviewed provisional FY 2018 results, stated that its revenue increased to R million from R million posted in the corresponding period of the previous year. Its diluted EPS rose to 48.32c from 5.66c recorded in the same period of the prior year. The company, in its FY 2018 results, stated that its revenue increased to R million from R million posted in the corresponding period of the previous year. Its diluted EPS stood at 4.14c from 3.69c in the same period of the prior year. The company has declared an interim dividend of 2.25c per share. The company announced that Mr Daniel Petrus (Danie) Meintjes has been nominated for appointment to the Boards of Capitec and Capitec Bank. The appointment will be effective from 28 November The company, in its 1H 2018 trading statement, indicated that it expects headline earnings per share to be between 5.20c and 5.40c, compared with 2.35c in the same period of the preceding year. Further, the company expects earnings per share to be in the range of 6.95c to 7.15c, compared with 2.41c in the corresponding period of the previous year. Separately, the company announced that Mr K Sherrif has been appointed as an Executive Director as of 13 November Finbond Group The company announced the resignation of Mr. Corne Eksteen as Chief Financial Officer and Financial Director with effect from 30 November Indluplace Properties Investec Investec Australia Property Fund Investec Property Fund Kaap Agri Mediclinic International Novus Holdings The company, in its FY 2018 results, stated that its revenue increased to R million from R million posted in the corresponding period of the previous year. Its diluted EPS stood at 54.12c from c in the same period of the prior year. The company has declared an interim dividend of 49.19c per share. The company, in its 1H 2018 results, indicated that its interest income rose to 1.29 billion from 1.23 billion posted in th e corresponding period of the previous year. Its diluted EPS increased to 27.50p from 25.70p recorded in the same period of the prior year. The company has declared an interim dividend of 11.00p per share compared with 10.50p per share posted in the comparable period of the pr eceding year. The company, in its 1H 2018 results, stated that its revenue increased to A$44.98 billion from A$36.75 billion posted in the corresponding period of the previous year. Its diluted EPS fell to 6.22c from 11.69c recorded in the same period of the prior year. The company, in its 1H 2018 results, indicated that its revenue rose to R million from R million posted in the corresponding period of the previous year. Its diluted EPS increased to c from 65.94c recorded in the same period of the prior year. The company has announced an interim dividend of 68.81c per share compared with 68.37c per share posted in the comparable period of the preceding year. The company, in its 1H 2018 trading statement, indicated that it expects recurring headline earnings (RHE) growth for the year from predominantly the Wesgraan and Agri-Retail divisions. The Group expects RHE for the full year to be between R249.2 million and R251.7 million, representing an increase of between 0.5% and 1.5% from the previous year. The company, in its 1H 2018 results, stated that its revenue decreased to 1.39 billion from 1.41 billion posted in the corr esponding period of the previous year. Its diluted loss per share stood at 22.80p compared with 6.80p recorded in the same period of the prior year. The company has declared an interim dividend of 3.20p per share. Separately, the company announced that its independent Director, Mr Desmond Smith has informed the Board of his intention to retire as a Director of the company at the conclusion of the General Meeting (AGM) scheduled for 24 July 2019 and not seek re-election at the AGM. Mr Smith will also step down from all Board committees at that time. The company, in its 1H 2018 results, stated that its revenue rose to R2.30 billion, compared to R2.29 billion in the correspo nding period of the previous year. Its diluted EPS stood at 48.09c per share, compared with 73.15c per share recorded in the same period of the prior year. Oceana Group The company, in its FY 2018 results, stated that its revenue rose to R7.73 billion from R6.81 billion posted in the correspon ding period of the previous year. Its diluted earnings per share stood at 674.6c compared with 366.5c recorded in the same period of the pri or year. The company has declared an interim dividend of c per share. 4

5 South African Corporate News Company Name Omnia Holdings Rebosis Property Fund Reinet Investments SCA Safari Investments Sappi Sibanye Gold SPAR Group News The company, in its 1H 2018 trading statement, indicated that the company expects headline loss per share to be between 84.00c and c, which is 120.0% to 140.0% lower compared with the same period of the preceding year. Further, the company expects loss per share to be in the range of 85.00c to c, which is 120.0% to 140.0% lower compared with the corresponding period of the previous year. The company, in its reviewed provisional FY 2018 results, stated that its revenue increased to R2.26 billion from R1.88 billi on posted in the corresponding period of the previous year. Its diluted EPS fell to c from c recorded in the same period of the prior year. The company, in its 1H 2018 results, stated that its total income declined to million from million posted in the corresponding period of the previous year. Its unadjusted loss per share stood at 1.28 compared with 2.92 recorded in the s ame period of the prior year. The company has declared a gross dividend per share of 0.18 compared with 0.17 posted in the comparable period of the preceding year. The company, in its 1H 2018 trading statement, indicated that the distribution per share will be between 24.0c and 28.0c, representing a decrease of between 20.0% and 31.0% compared to the distribution per share of 35.0c reported in same period of the previous y ear. Separately, the company announced that Dirk Engelbrecht has resigned as company secretary with immediate effect and appointed Pieter van Niekerk as company secretary with immediate effect. The company, in its 4Q 2018 results, reported that its revenue advanced to $1.54 billion from $1.41 billion posted in the sam e period of the preceding year. Its diluted EPS stood at 19.00c. The company announced that it has concluded a three-year wage agreement with the National Union of Mineworkers, Solidarity and UASA in respect of wages and conditions of service for the period from 1 July 2018 to 30 June The agreement allows for increases to the basic wage of Category 4-8 surface and underground employees of R per month in the first year, R per month in the second year and R per month in the third year. Miners, artisans and officials will receive an increase of 5.5% in year one and 5.5% or CPI (whichever is greater) in years two and three of the agreement. The company, in its FY 2018 results, stated that its revenue increased to R billion from R97.21 billion posted in the c orresponding period of the previous year. Its diluted EPS rose 0.3% from the same period of the prior year to c. The company has declared a final dividend of c per share compared with c per share recorded in the comparable period of the preceding year. Spur Corporation The company announced the appointment of Mr Mike Bosman as a Non-Executive Director with effect from 15 November Sygnia The company announced the appointment of Mr Murad Sirkot as the new Group Financial Director with effect from 16 January Telkom SA SOC Transaction Capital The company, in its 1H 2019 results, revealed that its operating revenue advanced 5.2% from the same period of the preceding year to R20.85 billion. Its diluted EPS stood at c, compared with c recorded in the corresponding period of the previous year. The company has declared an interim dividend of c per share compared with c per share posted in the comparable period of the prior year. The company, in its FY 2018 trading statement, indicated that it expects basic and headline earnings per share to be between 109.9c and 113.5c, which is 18.0% to 22.0% higher compared with the same period of the preceding year. Vivo Energy The company announced the appointment of Gawad Abaza as a Non-Executive Director with effect from 1 December Vodacom Group Woolworths Holdings The company, in its 1H 2018 results, revealed that its revenue advanced to R42.71 billion from R42.00 billion posted in the s ame period of the preceding year. Its diluted EPS stood at c, compared with c recorded in the corresponding period of the previ ous year. The company has declared an interim dividend of c per share compared with c per share posted in the comparable period of the prior year. The company, in its trading update for the first 20 weeks ended 11 November 2018, stated that sales advanced 2.7% compared wi th the same period of the preceding year. In South Africa, Woolworths Fashion, Beauty and Home sales declined 3.3%, while comparable store sales were 3.9% lower, with net retail space growth of 0.5%. Further, the company indicated that its food sales increased by 7.2%, with volume growth driven by low inflation and higher levels of promotion. Comparable store sales increased by 5.0%, with net retail space growth of 1.5%. 5

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