WeekAHEAD. Securities. Local blue chip releases galore. Analysts. ...Australia picks up the pace. Contact us. 15 February 2016

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1 how can we help you? WeekAHEAD Securities 15 February 2016 Local blue chip releases galore...australia picks up the pace CLH SGL AGL TRU DPS US Companies to watch this week MAR US WMT US JWN US HMB SS ACA FP NESN VX VIV FP ALV GR South Africa City Lodge Hotels Ltd Sibanye Gold Ltd Anglo American PLC Truworths International Ltd Abroad Dr Pepper Snapple Group Inc Marriott International Inc/MD Wal-Mart Stores Inc Nordstrom Inc Hennes & Mauritz AB Credit Agricole SA Nestle SA Vivendi SA Allianz SE 5108 JP Bridgestone Corp WPL AU IAG AU DMP AU Analysts Chantal Marx Pritu Makan Contact us Woodside Petroleum Ltd Insurance Australia Group Ltd Domino's Pizza Enterprises Ltd Relationship manager: Dealing desk: Website: The local earnings season intensifies this week with several blue chip companies set to report numbers, amongst others: City Lodge Holdings (1H16): In a recent trading statement, management guided for diluted headline earnings per share (HEPS) to increase by between 16% and 21% y/y - more or less in-line with full year expectations (consensus:+20%). We would be interested in gaining insight into occupancies, clientele make-up (local, foreign, tourism, business), and revenue per room. Sibanye Gold (FY15): Consensus is expecting an 11% fall in HEPS - indicative of a much improved second half. In 1H15, HEPS fell 87% y/y after a very weak 1Q15 where electricity constraints and a slow ramp up post-festive season saw production fall 5% y/y and 30% q/q. Anglo American (FY15): With its two listed subsidiaries having already reported - attention now shifts to the recently embattled miner this week. While production was better than expected, low commodity prices are expected to weigh on top-line growth. Investors will keep a close eye on the company s debt metrics with most analysts expecting a drop in net debt. Truworths International (1H16): According to a January trading statement, HEPS were expected to increase by between 19% and 23% - ahead of pre-guidance expectations (+16%). The strong trading statement followed an equally impressive 1H16 trading update in which the company said that group retail sales increased 36% and 10.2% on a like-for-like basis. US earnings season continues this week with 56 S&P 500 companies reporting results. So far, of the 76% of companies that have reported, 69% released earnings numbers ahead of consensus expectations, and 49% recorded revenue that beat the anticipated number. According to Factset, the blended earnings decline for 4Q15 so far is 3.7% - a slight improvement from last week. For 1Q16, 68 companies have issued negative EPS guidance and 17 companies have issued positive EPS guidance. If the index reports an earnings decline in this quarter, it will be the first time it has seen three consecutive quarters of y/y declines in earnings since Some of the earnings releases likely to generate news flow this week will be Dr Pepper Snapple Group on Wednesday; and Marriot International, Wal-Mart, and Nordstrom on Thursday. We expect a similar week to last week in Europe with 61 Stoxx 600 companies expected to report results or release updates this week. Among others, H&M (Sweden), Credit Agricole (France), Nestle (Switzerland), Vivendi (France), and Allianz (Germany) are scheduled to release numbers this week. As we have previously mentioned, Head Office: 4 Merchant Place, 1 Fredman Drive, Sandton 2196 PO Box 3359, Parklands 2121 fnbsecurities@fnb.co.za Relationship Manager: Dealing Desk: Directors: H Mojalefa, PP Dreyer, W Myers, V Naidoo. Company Secretary: C Low FNB Securities (Pty) Ltd - a part of the FirstRand Group. An Authorised user of the Johannesburg Stock Exchange (JSE) and Financial Services Provider (FSP182).

2 European companies earnings are expected to grow at their fastest rate in four years, significantly outpacing that of US companies as a weaker euro, excess liquidity, and a better economic outlook is set to support corporate profits. Japanese third quarter earnings season winds down this week as Australia enters its earnings season. We are looking forward to numbers out of Bridgestone in Japan; and Woodside Petroleum, Insurance Australia Group, and Domino s Pizza down under. From a local corporate action perspective, Friday marks the last day to trade in Sovereign Foods to participate in the repurchase offer. The election deadline for the Investec Australia Property Fund rights offer is at 8:00 am on the day. Reunert, Sappi, Tiger Brands, Oceana, and EOH (among others) host AGMs this week. Company Events Calendar South Africa Date Ticker Company Name Event Description Estimate ZAc 2016/02/15 GRF Group Five Ltd 1H16 Earnings /02/15 ADE Adbee Rf Ltd 1H16 Earnings /02/16 DRD DRDGOLD Ltd 1H16 Earnings /02/16 DTA Delta EMD Ltd FY15 Earnings /02/16 SVB Silverbridge Holdings Ltd 1H16 Earnings /02/16 CLI Clientele Ltd 1H16 Earnings /02/16 SPG Super Group Ltd 1H16 Earnings /02/16 AAL LN Anglo American PLC FY15 Earnings (GBP) 2016/02/17 ARH ARB Holdings Ltd 1H16 Earnings /02/17 KAP KAP Industrial Holdings Ltd 1H16 Earnings /02/17 TPC Transpaco Ltd 1H16 Earnings /02/18 GFI Gold Fields Ltd FY15 Earnings /02/18 EMI Emira Property Fund Ltd 1H16 Earnings /02/18 CLH City Lodge Hotels Ltd 1H16 Earnings /02/18 SGL Sibanye Gold Ltd FY15 Earnings /02/18 TRU Truworths International Ltd 1H16 Earnings /02/19 ASR Assore Ltd 1H16 Earnings 703 SSA 2016/02/15 GUINNESS NL Guinness Nigeria PLC 2Q16 Earnings /02/15 OANDO NL Oando Plc FY15 Earnings /02/15 FML GN FAN Milk Ltd FY15 Earnings /02/ D TZ Mwalimu Commercial Bank PLC FY15 Earnings /02/15 AFS BG Afinitas Ltd FY15 Earnings /02/16 AYRTN GN Ayrton Drug Manufacturing Ltd 2Q16 Earnings /02/16 SAMBA GN Samba Foods Ltd FY15 Earnings /02/17 NICB KN NIC Bank Ltd FY15 Earnings /02/18 NESTLE NL Nestle Nigeria PLC FY15 Earnings /02/18 GOIL GN Ghana Oil Co Ltd FY15 Earnings /02/18 SHUMBA BG Shumba Energy Ltd 2Q16 Earnings /02/19 EABL KN East African Breweries Ltd 1H16 Earnings /02/19 FNBB BG First National Bank of Botswana Ltd 1H16 Earnings -- United States 2016/02/16 TGNA US TEGNA Inc 4Q15 Earnings /02/16 HRL US Hormel Foods Corp 1Q16 Earnings /02/16 BXLT US Baxalta Inc 4Q15 Earnings /02/16 VNO US Vornado Realty Trust 4Q15 Earnings

3 2016/02/16 CERN US Cerner Corp 4Q15 Earnings /02/16 ESRX US Express Scripts Holding Co 4Q15 Earnings /02/16 FE US FirstEnergy Corp 4Q15 Earnings /02/16 DVN US Devon Energy Corp 4Q15 Earnings /02/16 A US Agilent Technologies Inc 1Q16 Earnings /02/16 FTI US FMC Technologies Inc 4Q15 Earnings /02/16 XEC US Cimarex Energy Co 4Q15 Earnings /02/16 GPC US Genuine Parts Co 4Q15 Earnings /02/16 PSA US Public Storage 4Q15 Earnings /02/16 ZTS US Zoetis Inc 4Q15 Earnings /02/17 HST US Host Hotels & Resorts Inc 4Q15 Earnings /02/17 NBL US Noble Energy Inc 4Q15 Earnings /02/17 GRMN US Garmin Ltd 4Q15 Earnings /02/17 DPS US Dr Pepper Snapple Group Inc 4Q15 Earnings /02/17 PCLN US Priceline Group Inc/The 4Q15 Earnings /02/17 ADI US Analog Devices Inc 1Q16 Earnings /02/17 NVDA US NVIDIA Corp 4Q16 Earnings /02/18 MAR US Marriott International Inc/MD 4Q15 Earnings /02/17 NEM US Newmont Mining Corp 4Q15 Earnings /02/17 MRO US Marathon Oil Corp 4Q15 Earnings /02/17 WMB US Williams Cos Inc/The 4Q15 Earnings /02/17 NTAP US NetApp Inc 3Q16 Earnings /02/17 CF US CF Industries Holdings Inc 4Q15 Earnings /02/17 PGR US Progressive Corp/The January 2016 Sales and Revenue Release 2016/02/18 LH US Laboratory Corp of America Holdings 4Q15 Earnings /02/18 NI US NiSource Inc 4Q15 Earnings /02/18 SCG US SCANA Corp 4Q15 Earnings /02/18 HCN US Welltower Inc 4Q15 Earnings /02/18 WM US Waste Management Inc 4Q15 Earnings /02/18 CPGX US Columbia Pipeline Group Inc 4Q15 Earnings /02/18 HOT US Starwood Hotels & Resorts Worldwide Inc 4Q15 Earnings /02/18 DUK US Duke Energy Corp 4Q15 Earnings /02/18 DISCA US Discovery Communications Inc 4Q15 Earnings /02/18 WMT US Wal-Mart Stores Inc 4Q16 Earnings /02/18 ED US Consolidated Edison Inc 4Q15 Earnings /02/18 JWN US Nordstrom Inc 4Q16 Earnings /02/18 AMAT US Applied Materials Inc 1Q16 Earnings /02/18 FLS US Flowserve Corp 4Q15 Earnings /02/18 FLR US Fluor Corp 4Q15 Earnings /02/18 ETR US Entergy Corp 4Q15 Earnings /02/18 PCG US PG&E Corp 4Q15 Earnings /02/18 PRGO US Perrigo Co PLC 4Q15 Earnings /02/18 PWR US Quanta Services Inc 4Q15 Earnings /02/18 EQIX US Equinix Inc 4Q15 Earnings /02/19 DE US Deere & Co 1Q16 Earnings /02/19 PNW US Pinnacle West Capital Corp 4Q15 Earnings /02/19 VFC US VF Corp 4Q15 Earnings /02/19 PEG US Public Service Enterprise Group Inc 4Q15 Earnings /02/19 COG US Cabot Oil & Gas Corp 4Q15 Earnings /02/19 PDCO US Patterson Cos Inc 3Q16 Earnings /02/19 AEE US Ameren Corp 4Q15 Earnings Europe 2016/02/15 RB/ LN Reckitt Benckiser Group PLC FY15 Earnings

4 2016/02/15 HMB SS Hennes & Mauritz AB January 2016 Sales and Revenue Release /02/15 HMSO LN Hammerson PLC FY15 Earnings /02/15 TIT IM Telecom Italia SpA FY15 Earnings /02/16 HEI GR HeidelbergCement AG 4Q15 Trading Statement /02/16 AI FP Air Liquide SA FY15 Earnings /02/16 AAL LN Anglo American PLC FY15 Earnings /02/16 MTX GR MTU Aero Engines AG FY15 Earnings /02/16 HEI GR HeidelbergCement AG 4Q15 Trading Statement /02/16 ADP FP Aeroports de Paris FY15 Earnings /02/16 SXS LN Spectris PLC FY15 Earnings /02/16 ML FP Cie Generale des Etablissements Michelin FY15 Earnings /02/16 HEI GR HeidelbergCement AG FY15 Earnings /02/16 EDF FP Electricite de France SA FY15 Earnings /02/16 ORA FP Orange SA FY15 Earnings /02/16 ENG SM Enagas SA FY15 Earnings /02/16 TNTE NA TNT Express NV FY15 Earnings /02/17 MHG NO Marine Harvest ASA FY15 Earnings /02/17 NHY NO Norsk Hydro ASA FY15 Earnings /02/17 CLN VX Clariant AG FY15 Earnings /02/17 DSM NA Koninklijke DSM NV FY15 Earnings /02/17 SU FP Schneider Electric SE FY15 Earnings /02/17 CNP FP CNP Assurances FY15 Earnings /02/17 ENX FP Euronext NV FY15 Earnings /02/17 NIBEB SS Nibe Industrier AB FY15 Earnings /02/17 GEN DC Genmab A/S FY15 Earnings /02/17 BB FP Societe BIC SA FY15 Earnings /02/17 BEI GR Beiersdorf AG FY15 Earnings /02/17 AGS BB Ageas FY15 Earnings /02/17 ETL FP Eutelsat Communications SA 1H16 Earnings /02/17 DB1 GR Deutsche Boerse AG FY15 Earnings /02/17 ENEL IM Enel SpA FY15 Earnings /02/17 ACA FP Credit Agricole SA FY15 Earnings /02/18 AC FP Accor SA FY15 Earnings /02/18 KBC BB KBC Groep NV FY15 Earnings /02/18 AF FP Air France-KLM FY15 Earnings /02/18 CAP FP Cap Gemini SA FY15 Earnings /02/18 OMV AV OMV AG FY15 Earnings /02/18 LRE LN Lancashire Holdings Ltd FY15 Earnings /02/18 INDV LN Indivior PLC FY15 Earnings /02/18 FDR FP Fonciere Des Regions FY15 Earnings /02/18 ING FP Ingenico Group SA FY15 Earnings /02/18 FR FP Valeo SA FY15 Earnings /02/18 REX LN Rexam PLC FY15 Earnings /02/18 BA/ LN BAE Systems PLC FY15 Earnings /02/18 NESN VX Nestle SA FY15 Earnings /02/18 VIV FP Vivendi SA FY15 Earnings /02/18 RAND NA Randstad Holding NV FY15 Earnings /02/18 CNA LN Centrica PLC FY15 Earnings /02/18 GET FP Groupe Eurotunnel SE FY15 Earnings /02/19 ALV GR Allianz SE FY15 Earnings /02/19 SCHA NO Schibsted ASA FY15 Earnings /02/19 AGN NA Aegon NV FY15 Earnings /02/19 CCH LN Coca-Cola HBC AG FY15 Earnings /02/19 SWMA SS Swedish Match AB FY15 Earnings

5 2016/02/19 SGRO LN Segro PLC FY15 Earnings /02/19 EI FP Essilor International SA FY15 Earnings /02/19 KER FP Kering FY15 Earnings /02/19 CLNX SM Cellnex Telecom SAU FY15 Earnings /02/19 SL/ LN Standard Life PLC FY15 Earnings /02/19 TCH FP Technicolor SA FY15 Earnings /02/19 ESNT LN Essentra PLC FY15 Earnings Asia Pacific 2016/02/ JP Kirin Holdings Co Ltd FY15 Earnings /02/ JP MS&AD Insurance Group Holdings Inc 3Q16 Earnings /02/15 BRS AU Broadspectrum Ltd 1H16 Earnings /02/15 AMC AU Amcor Ltd/Australia 1H16 Earnings /02/15 NCM AU Newcrest Mining Ltd 1H16 Earnings /02/15 BEN AU Bendigo & Adelaide Bank Ltd 1H16 Earnings /02/15 AZJ AU Aurizon Holdings Ltd 1H16 Earnings /02/16 MND AU Monadelphous Group Ltd 1H16 Earnings /02/16 GWA AU GWA Group Ltd 1H16 Earnings /02/16 CSL AU CSL Ltd 1H16 Earnings /02/16 CGF AU Challenger Ltd/Australia 1H16 Earnings /02/16 IVC AU InvoCare Ltd FY15 Earnings /02/16 PBG AU Pacific Brands Ltd 1H16 Earnings /02/16 GXL AU Greencross Ltd 1H16 Earnings /02/16 GEM AU G8 Education Ltd FY15 Earnings /02/16 SGR AU Star Entertainment Grp Ltd/The 1H16 Earnings /02/16 ORA AU Orora Ltd 1H16 Earnings /02/ JP Bridgestone Corp FY15 Earnings /02/17 JHC AU Japara Healthcare Ltd 1H16 Earnings /02/17 CCL AU Coca-Cola Amatil Ltd FY15 Earnings /02/17 LLC AU LendLease Group 1H16 Earnings /02/17 WPL AU Woodside Petroleum Ltd FY15 Earnings /02/17 SHL AU Sonic Healthcare Ltd 1H16 Earnings /02/17 IAG AU Insurance Australia Group Ltd 1H16 Earnings /02/17 AOG AU Aveo Group 1H16 Earnings /02/17 AAD AU Ardent Leisure Group 1H16 Earnings /02/17 PRY AU Primary Health Care Ltd 1H16 Earnings /02/17 FBU NZ Fletcher Building Ltd 1H16 Earnings /02/17 IGO AU Independence Group NL 1H16 Earnings /02/17 DXS AU Dexus Property Group 1H16 Earnings /02/17 DMP AU Domino's Pizza Enterprises Ltd 1H16 Earnings /02/17 VCX AU Vicinity Centres 1H16 Earnings /02/17 TME NZ Trade Me Group Ltd 1H16 Earnings /02/17 FXL AU FlexiGroup Ltd/Australia 1H16 Earnings /02/ HK CGN Power Co Ltd FY15 Earnings /02/ JP Trend Micro Inc/Japan FY15 Earnings /02/18 SYD AU Sydney Airport FY15 Earnings /02/18 SPK NZ Spark New Zealand Ltd 1H16 Earnings /02/18 ARB AU ARB Corp Ltd 1H16 Earnings /02/18 TLS AU Telstra Corp Ltd 1H16 Earnings /02/18 ORG AU Origin Energy Ltd 1H16 Earnings /02/18 CMW AU Cromwell Property Group 1H16 Earnings /02/18 GPT AU GPT Group/The FY15 Earnings /02/18 SWM AU Seven West Media Ltd 1H16 Earnings /02/18 AMP AU AMP Ltd FY15 Earnings

6 2016/02/18 IOF AU Investa Office Fund 1H16 Earnings /02/18 TTS AU Tatts Group Ltd 1H16 Earnings /02/18 EVN AU Evolution Mining Ltd 1H16 Earnings /02/18 ABP AU Abacus Property Group 1H16 Earnings /02/18 MFG AU Magellan Financial Group Ltd 1H16 Earnings /02/18 MIN AU Mineral Resources Ltd 1H16 Earnings /02/18 BGA AU Bega Cheese Ltd 1H16 Earnings /02/18 TWE AU Treasury Wine Estates Ltd 1H16 Earnings /02/18 BAP AU Burson Group Ltd 1H16 Earnings /02/18 ISD AU isentia Group Ltd 1H16 Earnings /02/19 NST AU Northern Star Resources Ltd 1H16 Earnings /02/19 JHX AU James Hardie Industries PLC 3Q16 Earnings /02/19 FXJ AU Fairfax Media Ltd 1H16 Earnings /02/19 STO AU Santos Ltd FY15 Earnings /02/19 SGM AU Sims Metal Management Ltd 1H16 Earnings /02/19 ILU AU Iluka Resources Ltd FY15 Earnings /02/19 CQR AU Charter Hall Retail REIT 1H16 Earnings /02/19 MPL AU Medibank Pvt Ltd 1H16 Earnings /02/19 WSA AU Western Areas Ltd 1H16 Earnings /02/19 AHG AU Automotive Holdings Group Ltd 1H16 Earnings /02/19 DUE AU DUET Group 1H16 Earnings /02/19 CVO AU Cover-More Group Ltd 1H16 Earnings /02/19 EHE AU Estia Health Ltd 1H16 Earnings /02/ HK Semiconductor Manufacturing International Corp SA Dividends 4Q15 Earnings Ticker Company Name LDT Ex Date Pay Date Type Amount AEE African Equity Empowerment Inv 2016/02/ /02/ /02/22 Final ZAc 2.5 CULP Cullinan Holdings Preference Share 2016/02/ /02/ /02/22 Regular Cash ZAc 5.5 MIX MiX Telematics Ltd 19-Feb Feb Feb-16 Interim ZAc 2.5 TWR Tower Property Fund Ltd 19-Feb Feb Feb-16 Interim ZAc WNH Winhold Ltd 19-Feb Feb Feb-16 Regular Cash ZAc 7 Other SA Corporate Actions Date Ticker Company Name Event Description Detail 2016/02/05 PET Petmin Meeting Date AGM 2016/02/10 RPL Redefine International Meeting Date EGM 2016/02/10 RLO Reunert Meeting Date AGM 2016/02/10 IPS Ipsa Group Meeting Date GM 2016/02/11 TBS Tiger Brands Meeting Date AGM 2016/02/15 ILE Imbalie Beauty Pay Date Rights Distribution rights per 100 shares 2016/02/15 ILEN Imbalie Beauty Offer Opens Call on Rights (Take-up) 1 per ZAR0.12 per share 2016/02/15 IAPN Investec Australia Property Fund Listing Date Of Entitlement Shares 2016/02/15 IMPCB Impala Platinum Holdings Convertible Bonds Ex Date 2016/02/15 RDF Redefine Properties Meeting Date AGM 2016/02/16 OCE Oceana Group Meeting Date AGM 2016/02/16 EOH EOH Holdings Meeting Date AGM 2016/02/16 QFH Quantum Foods Meeting Date AGM 2016/02/17 ILEN Imbalie Beauty Response Deadline (Trading In Rights) Call on Rights (Take-up) 1 per ZAR11.58 per share Interest Payment ZAR per convertible bond Call on Rights (Take-up) 1 per ZAR0.12 per share 6

7 2016/02/19 SOV Sovereign Food Investments Last Day To Trade Repurchase Offer ZAR8.50 per share tendered 2016/02/19 ILEN Imbalie Beauty Last Day To Trade Call on Rights (Take-up) 1 per ZAR0.12 per share 2016/02/19 IAPN Investec Australia Property Fund Election Deadline (08h00 SA Time) 2016/02/19 IAPN Investec Australia Property Fund Market Deadline (13h00 SA Time) Call on Rights (Take-up) 1 per ZAR11.58 per share Call on Rights (Take-up) 1 per ZAR11.58 per share 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. 7