Wealth, Investment Management and Insurance Know what to expect when managing your wealth Pricing 2016
Contents 01 Introduction 04 Bringing the bank to you anytime, anywhere 05 Wealth Personal Cheque Accounts 06 Wealth Personal Credit Cards 07 02 Wealth Personal Cheque Accounts Exceller and Marhaba Packages 11 Pay As You Transact (PAYT) 11 Personalised Management Fee (PMF) 11 03 Wealth Personal Credit Cards Visa Infinite 22 World MasterCard 22 Visa 22 04 Wealth Business Cheque Accounts Pay As You Transact (PAYT) 30 Personalised Management Fee (PMF) 30 05 Business Internet, Cellphone and 38 Telephone Banking 06 Wealth Assist 42 07 Other products 44 3
01 Introduction Know the ins and outs to get the best value for your money This pricing guide is designed to assist you to fully understand your banking, enabling you to benefit from banking value that suits your lifestyle. We value our relationships with our clients and offer effective options that make clients choices work. Our service and advice is tailored to your individual needs, with a dedicated Wealth Manager, supported by a team of experts. The guide is aimed at giving you a view of our banking fees for most commonly used transactions, including VAT, and is effective 1 January 2016. If you would like more information, need help in selecting the most suitable pricing option for your banking needs or have any queries you can contact your Wealth Manager or Banker. Bringing the bank to you anytime, anywhere Our aim is to help you choose how you do your banking. Absa Wealth and Investment Management s safe and secure digital channels such as Absa Online, Banking App, Cellphone and Telephone Banking remain free of any monthly subscription fees. This means that you can choose to bank using your computer, smartphone, telephone or tablet without worrying about additional subscription fees prior to transacting. Use our convenient and secure digital channels to perform day-to-day transactions such as: Setting up scheduled payments and transfers to third parties Sending cash instantly using our immediate interbank payment service Retrieving historic statements as far back as two years Opening savings and investment accounts, just click to save Setting a second person access to make payments on your behalf in a safe and secure environment Call Wealth Assist on 0860 265 265 Contact Wealth Assist at wealthassist@absa.co.za Please note that terms and conditions apply to all our products Dedicated service suite Our service suite is committed to assisting you with your day-to-day banking needs, by providing the following services: General banking queries Banking transactions such as payments done on behalf of clients to third parties Office bank letters such as Visa letters for international travel 4 5
Wealth Personal Cheque Accounts The cheque account offered by Absa Wealth and Investment Management gives you the convenience and simplicity to manage all your financial needs with ease. Wealth Personal Cheque Account offers you: Free access to our safe and secure self-service channels such as the Mobile Banking App and Telephone Banking, which allows you to bank from anywhere Access to Wealth Assist, our exclusive service suite Free emailed monthly statements Free NotifyMe (for personal cheque accounts only) to alert you of any activity on your account Flexible pricing options to suit your transactional behaviour to ensure you are not paying more than you should Exceller Package offers you: Fixed monthly fee to cover the bundled offering MasterCard World Credit Card with option of both debit and credit functionality No monthly card fees Access to Wealth Assist, our exclusive service suite Free Absa Online, Banking App and Telephone Banking Marhaba Package* offers you: Fixed monthly fee to cover the bundled offering MasterCard World Debit Card No monthly card fees Access to Wealth Assist, our exclusive service suite Free Absa Online, Banking App and Telephone Banking * Marhaba Package is designed according to Shari ah law and approved by Absa Islamic Banking Wealth Personal Credit Cards Wealth and Investment and Management currently offers three credit cards: 1. Visa Infinite 2. World MasterCard 3. Visa Visa Infinite Visa Infinite benefits are comprehensive and make provision for those seeking exclusive travelling and lifestyle benefits. Key features and benefits: Global emergency assistance, which includes emergency card and cash replacement, if you lose your card travelling abroad Airport meet and assist, with fast-track immigration at over 280 international airports Airport lounge access, with Priority Pass access to more than 600 airport lounges globally Domestic airport lounge access, which includes unlimited access to the Bidvest Lounges Visa Luxury Hotels and Hotel Club allow you to enjoy exclusive benefits and discounts at over 900 luxury hotels worldwide Golf Fee Card, allows you to enjoy discounted golf games at more than 2500 golf clubs located across Asia, Europe, Africa and the USA Comprehensive travel insurance, which includes up to $1 000 000 medical expense cover, covers against lost/ delayed baggage, and trip delay or curtailment Visa Concierge, which is a global 24-hour assistance service that includes travel booking, restaurant reservations and event tickets among other benefits Medical and legal referral, offering the services of qualified and experienced medical and legal professionals providing 24/7 referral services Purchase Protection, offering short-term insurance protection against loss, theft or specific causes of accidental damage to goods purchased with a Visa card Extended Warranty, offering an automatic extension of warranty for up to 24 months (valid for home country purchases only) 2014 Visa merchant offers, offering over 230 leisure, travel, dining and retail offers redeemable across the globe 6 7
World MasterCard The World MasterCard is linked to the Exceller or Marhaba Package and is designed for the discerning traveller. Key features and benefits: Global emergency assistance, which offers emergency card and cash replacement if you lose your card while travelling abroad Global airport concierge to meet and assist you as well as fast-track immigration Domestic airport lounge access, which includes unlimited access to all Bidvest lounges MasterCard Luxury Hotels benefits offer you exclusive benefits and discounts at over 500 luxury hotels worldwide Golf Fee Card, which allows you to enjoy the benefits of over 30 golf courses worldwide Comprehensive travel insurance to cover you against lost or delayed baggage and trip delay or curtailment MasterCard Global Concierge, a global 24-hour assistance service offering services such as travel bookings, restaurant reservations and event tickets Travel accident and medical emergencies, which cover you in the event of a personal accident, medical emergency, evacuation and repatriation Purchase Protection, offering short-term insurance against loss, theft or specific causes of accidental damage to goods purchased with your MasterCard Extended Warranty, offering an automatic extension of warranty for up to 24 months (valid for home country purchases only) 02 Wealth Personal Cheque Accounts Pricing options There are four pricing options to choose from: Bundled pricing option via Exceller or Marhaba Packages With the Exceller and the Marhaba* Packages, you only pay a fixed monthly fee, including your credit card and cheque account for an unlimited number of pre-selected transactions, as well as a number of value-added benefits. The packages also allow for numerous discounts and rebates on associated lifestyle benefits. Pay As You Transact (PAYT) With the Service Fee option (Pay As You Transact), all transactions are charged separately on a pay-as-youtransact basis. Personalised Management Fee (PMF) Your payment will be in the form of a tailor-made management fee, as agreed with your banker, based on a set of services and transactions provided by Absa. Terms and conditions apply * Marhaba Package is designed according to Shari ah law and approved by Absa Islamic Banking Visa Key features and benefits: Global emergency assistance, which includes card and cash replacement if you lose your card travelling abroad Domestic Airport Access, with unlimited access to all Bidvest lounges Basic travel insurance Purchase Protection Extended Warranty protection 8 9
Wealth Personal Cheque Accounts Transaction Fees per transaction Exceller/Marhaba Packages Wealth Personal Cheque PAYT PMF Monthly subscription fees Monthly fee Basic monthly fee R380,00 Exceller R315,00 Marhaba R80,00 Determined by Banker Monthly fee when linked to Private One (1) R450,00 Exceller only N/A N/A Internet Banking subscription Included Included Included Absa Rewards (if registered) (2) Included R22,50 R22,50 Free transactions, services and channels Deposits Cheque deposit: Absa ATM No charge No charge No charge Account payments and funds transfers Funds transfers Absa ATM Included No charge No charge Internet and Cellphone Banking No charge No charge No charge Debit and stop orders Internal to Absa Debit orders No charge No charge No charge Internal to Absa Stop orders No charge No charge No charge External stop orders No charge No charge No charge Balance enquiry Internet and Cellphone Banking No charge No charge No charge Telephone Banking: IVR No charge No charge No charge Statements estatements No charge No charge No charge Administrative fees Stop order establishment/amendment No charge No charge No charge 10 11
Transaction Fees per transaction Exceller/Marhaba Packages Wealth Personal Cheque PAYT PMF Charged transactions, services and channels Deposits Cardless deposits at Absa ATM (3) R6,00 + 1,50% of deposit value Branch counter R8,00 + 1,50% of deposit value R6,00 + 1,50% of deposit value R8,00 + 1,50% of deposit value R6,00 + 1,50% of deposit value R8,00 + 1,50% of deposit value Cash deposit: Absa ATM Included R3,00 Included Cash withdrawals Branch counter R50,00 + R1,55/R100 R50,00 + R1,55/R100 R50,00 + R1,55/R100 Local point of sale R3,95 R3,95 R3,95 Absa ATM/International Barclays ATM Included R3,95 Absa-supported ATM Included R6,95 Saswitch ATM Included R9,95 Included R6,95 R9,95 International ATM/point of sale (4) R50,00 R50,00 R50,00 Global Alliance Partnerships ATM (4) Included R35,00 R35,00 Purchases Prepaid top-up/airtime purchase: Absa ATM/POS R1,15 R1,15 R1,15 Local point of sale Included R3,85 R3,85 International point of sale R9,75 + R0,75/R100 (max. R50) R9,75 + R0,75/R100 (max. R50) R9,75 + R0,75/R100 (max. R50) 12 13
Transaction Fees per transaction Exceller/Marhaba Packages Wealth Personal Cheque PAYT PMF Account payments and funds transfers Account payments Absa ATM Included R7,50 Included Branch counter R50,00 R50,00 R50,00 Internet and Cellphone Banking Included R7,50 R7,50 Telephone Banking: IVR Included R7,50 R7,50 Telephone Banking: Adviser-assisted R14,50 R14,50 R14,50 Funds transfers Telephone Banking: IVR No charge No charge No charge Telephone Banking: Adviser-assisted R7,00 R7,00 R7,00 Immediate interbank payments Internet and Cellphone Banking R12,50 (max. R65) Telephone Banking: IVR R12,50 (max. R65) Telephone Banking: Adviser-assisted R19,50 (max. R65) R12,50 (max. R65 R12,50 (max. R65) R19,50 (max. R65) R12,50 (max. R65) R12,50 (max. R65) R19,50 (max. R65) CashSend (Absa ATM) Included R7,90 Included External debit order Included R16,00 Included Cheques issued R50,00 R50,00 R50,00 Notice of payments and reminders (5) SMS R0,80 R0,80 R0,80 Emailed R0,80 R0,80 R0,80 Faxed R6,50 R6,50 R6,50 14 15
Transaction Fees per transaction Exceller/Marhaba Packages Wealth Personal Cheque PAYT PMF Balance enquiry Branch counter R5,00 R5,00 R5,00 Automated Teller Machine (ATM) Absa ATM/International Barclays ATM Included R1,50 Included Absa-supported ATM Included R4,00 R4,00 Saswitch ATM Included R5,00 R5,00 International ATM R5,00 R5,00 R5,00 Point of sale (POS) Local POS Included R1,00 R1,00 International POS R5,00 R5,00 R5,00 Telephone Banking: Adviser-assisted R5,00 R5,00 R5,00 Statements Absa ATM Ministatement Included R5,00 Included Full statement R10,00 R10,00 R10,00 Archived statements/tax certificates (Internet Banking) R5,50 (per statement) R5,50 (per statement) R5,50 (per statement) Telephone Banking IVR Included Included Included Adviser-assisted R20,00 R20,00 R20,00 (if emailed) R2,00 R2,00 R2,00 (if faxed) R6,50 R6,50 R6,50 Branch counter Ministatement R10,00 R10,00 R10,00 Full statement R20,00 R20,00 R20,00 Mailed statement R20,00 R20,00 R20,00 16 17
Transaction Fees per transaction Exceller/Marhaba Packages Wealth Personal Cheque PAYT PMF Administrative fees Bank cheque/marked cheque R90,00 R90,00 R90,00 Debit card replacement fee Chip and PIN/Magstripe R100,00 R100,00 R100,00 Declined fee (Insufficient funds) Absa ATM R5.00 R5.00 R5.00 Absa-supported ATM R5,00 R5,00 R5,00 Saswitch ATM R5,00 R5,00 R5,00 Point of sale (POS) R5,00 R5,00 R5,00 International ATM and POS R5,00 R5,00 R5,00 Dishonoured/Returned payment or RD cheque (6) R50,00 R50,00 R50,00 NotifyMe (SMS or email notification fee) Included No charge Included Overdraft ledger fee (Monthly) (7) Provision of overdraft on the account Included R25,00 R25,00 Unauthorised or exceeded overdraft on the account R68,40 R68,40 R68,40 Cheque deposit unpaid R90,00 R90,00 R90,00 Special clearance R90,00 R90,00 R90,00 Stop payment establishment/amendment R50,00 R50,00 R50,00 DragonPass (8) Six (6) visits included in the monthly fee N/A N/A 18 19
Note: 1. The Private One is a loan account linked to a transactional account. 2. The subscription fee for Absa Rewards is included only on the Exceller and Marhaba Packages. 3. Cardless ATM cash deposits: A service that gives Absa and non-absa customers the ability to make cash deposits into any transactional Absa account at any Cash Accepting Absa ATMs without requiring the use of an Absa Debit Card. 4. A currency conversion fee of 2,75% (of the rand value of the transaction) applies to any transaction outside South Africa. 5. When making payments, Digital Banking users can opt to send a notice of payment to a third party or to themselves. Each notice of payment will be charged for separately. 6. R50,00 per unpaid item increasing to R150,00 from the fourth occurrence within 12 months. Cheques that are unpaid will be levied a flat fee of R150,00 from the first occurrence. 7. Overdraft is excluded on the Marhaba Package. 8. The first six visits per annum via DragonPass are included in the monthly fee. Visits in excess of six will be charged at a fixed rand value of R160,00 for domestic lounges and R300,00 for international lounges. 20 21
03 Wealth Personal Credit Cards Transaction Fees per transaction Visa Infinite World MasterCard Visa Monthly subscription fees Monthly membership fee R300,00 N/A N/A Absa Rewards (if registered) R22,50 Included R22,50 Free transactions, services and channels Initiation fee No charge No charge No charge Issue of cards Secondary card No charge No charge No charge Garage cards No charge No charge No charge Standalone Garage card No charge No charge No charge Card courier delivery No charge No charge No charge Purchases Credit card purchases No charge No charge No charge Garage card transaction fee No charge No charge No charge Cash withdrawals Absa ATM No charge No charge No charge Branch counter: Any local bank No charge No charge No charge Account payments and transfers Transfers: Absa ATM and branch counter No charge No charge No charge Account payments: Absa ATM No charge No charge No charge 22 23
Transaction Fees per transaction Visa Infinite World MasterCard Visa Balance enquiry Absa ATM balance enquiry No charge No charge No charge Absa ATM ministatement No charge No charge No charge Charged transactions, services and channels 24-hour delivery R325,00 R325,00 R325,00 Invalid disputes Domestic R42,00 R42,00 R42,00 International R113,00 R113,00 R113,00 Duplicate statement fee per request and per page R5,00 and R1,00 (max. R50) R5,00 and R1,00 (max. R50) R5,00 and R1,00 (max. R50) Bank cheque Included R90,00 R90,00 Currency conversion fee 2,75% 2,75% 2,75% Card replacement fee Included R120,00 R120,00 Lost card administration fee Included R120,00 R120,00 Unpaid debit order /Unpaid cheque Included R95,00 R95,00 Deposits Cash deposit: Absa ATM R3,00 R3,00 R3,00 Cash deposit: Branch counter R8,00 + R1,50/R100 R8,00 + R1,50/R100 R8,00 + R1,50/R100 Cheque deposit fee: Branch counter Absa ATM R25,00 No charge R25,00 No charge R25,00 No charge 24 25
Transaction Fees per transaction Visa Infinite World MasterCard Visa Cash withdrawals Absa ATM Included R3,95 R3,95 Absa-supported ATM Included R6,95 R6,95 Saswitch ATM Included R9,95 R9,95 Counter cash withdrawals Included Included Included International ATM Included R50,00 R50,00 Balance enquiry Absa ATM Included R1,50 R1,50 Saswitch ATM: Balance enquiry Included R5,00 R5,00 International ATM: Balance enquiry Absa-supported ATM: Balance enquiry Included R5,00 R5,00 Included R4,00 R4,00 Notifications Notification fee/notifyme (SMS or email) Included Included No charge Other Fees Airport lounge access Wealth Credit Card: Bidvest Premier Lounge No charge No charge No charge Priority Pass: Free visits 10 N/A N/A Priority Pass: Applicable fee after free visits are used up $27,00 N/A N/A Note: A currency conversion fee of 2,75% of the rand value of the transaction, applies to any transaction outside of South Africa. 26 27
04 Wealth Business Cheque Accounts Pricing options These fees are applicable to the Wealth Business, Sole Proprietor, Trust and Call Accounts. Pay As You Transact (PAYT) On the Pay As You Transact pricing structure (Service Fee option) your business is charged a specific fee for every transaction performed. Personalised Management Fee (PMF) The Personalised Management Fee is a pricing option that is based on your overall proposition and use of the account as agreed with your banker. 28 29
Wealth Business Cheque Accounts Transaction Fees per transaction Pay As You Transact Personalised Management Fee Monthly subscription fees Monthly membership fee R88,00 Determined by Banker Practice Management Account (1) Monthly Transactional Account fee R80,00 N/A Monthly Loan Account fee R57,00 N/A Account payments and funds transfers Funds transfers: Absa ATM No charge No charge Debit and stop orders Internal to Absa Debit orders No charge No charge Internal to Absa Stop orders No charge No charge External stop orders No charge No charge Administrative fees Stop order establishment/amendment No charge No charge Deposits Cash deposit: Absa ATM R3,00 (or part thereof) Included Cardless cash deposit: Absa ATM (2) R6,00 + 1,50% of deposit value Cash deposit: Branch counter R8,00 + 1,50% of deposit value R6,00 + 1,50% of deposit value R8,00 + 1,50% of deposit value Cheque deposit: Branch counter Absa ATM R25,00 No charge Included No charge 30 31
Transaction Fees per transaction Pay As You Transact Personalised Management Fee Cash withdrawals Local point of sale (POS) R3,95 Included Absa ATM/International Barclays ATM R3,95 Included Absa-supported ATM R6,95 R6,95 Saswitch ATM R9,95 R9,95 Branch counter cash withdrawal/ Cheque encashment R50,00 + R1,55/R100 Included International ATM and POS (4) R50,00 R50,00 Purchases Point of sale (POS) Local purchase R3,85 Included International purchase R9,75 + R0,75/R100 (max. R50) R9,75 + R0,75/R100 (max. R50) Prepaid top-up/airtime purchase: Absa ATM/POS R1,15 R1,15 32 33
Transaction Fees per transaction Pay As You Transact Personalised Management Fee Account payments and funds transfers Account payments: Absa ATM R7,50 Included External debit order R16,00 Included Cheques issued R50,00 R50,00 Balance enquiry Branch counter R5,00 R5,00 ATM Absa ATM/International Barclays ATM R1,50 Included Absa-supported ATM R4,00 R4,00 Saswitch ATM R5,00 R5,00 International ATM R5,00 R5,00 Point of sale (POS) Local POS R1,00 R1,00 International POS R5,00 R5,00 Statements Absa ATM Ministatement R5,00 R5,00 Full statement R10,00 R10,00 Archived statements: Internet Banking R5,50 (per statement) R5,50 (per statement) Branch counter Ministatement R10,00 R10,00 Full statement R20,00 R20,00 Mailed statement R20,00 R20,00 Copies of statements (per statement) Less than 4 months old R20,00 R20,00 4 months or older R50,00 R50,00 34 35
Transaction Fees per transaction Pay As You Transact Personalised Management Fee Administrative fees Bank cheque/marked cheque R90,00 R90,00 Debit card replacement fee Magstripe R100,00 R100,00 Chip and PIN R100,00 R100,00 Declined fee (Insufficient funds) Absa ATM R5,00 R5,00 Absa-supported ATM R5,00 R5,00 Saswitch ATM R5,00 R5,00 Point of sale (POS) R5,00 R5,00 International ATM and POS R5,00 R5,00 Dishonoured/Returned payment or RD cheque (3) R50,00 R50,00 NotifyMe (SMS or email notification fee) R0,55 Included Overdraft ledger fee (Monthly) Provision of overdraft on the account R25,00 R25,00 Unauthorised or exceeded overdraft on the account R68,40 R68,40 Unpaid cheque deposit R90,00 R90,00 Special clearance R90,00 R90,00 Stop payment instruction R75,00 R75,00 Note: 1. The Practice Management Account allows for a number of separate loan accounts to be linked to a transactional account. 2. Cardless ATM cash deposits A service that gives Absa and non-absa customers the ability to make cash deposits into any transactional Absa account at any Cash Accepting Absa ATMs without requiring the use of an Absa Debit Card. 3. R50,00 per unpaid item increasing to R150,00 from the fourth occurrence within 12 months. Cheques that are unpaid will be levied a flat fee of R150,00 from the first occurrence. 4. A currency conversion fee of 2,75% (of the rand value of the transaction) applies to any transaction outside of South Africa. 36 37
05 Business Internet, Cellphone and Telephone Banking Business Internet Banking (BIB) is a user-friendly service, which allows businesses to do electronic transactions via the Internet. Transaction Fees per transaction Internet Cellphone Telephone Banking Adviser-assisted IVR Monthly subscription fee R99,00 Free Free Free Free transactions, services and channels Purchase and payment-related charges Stop order establishment/amendment No charge No charge No charge No charge Enquiry and information fees Internet Banking notification (Including RVN, TVN and logon alert) No charge No charge No charge No charge Purchase and payment-related charges Prepaid top-up purchases R1,15 R1,15 R1,15 R1,15 Bill and beneficiary payments R8,00 R8,00 R15,00 R8,00 Immediate interbank payments R15,00 + R1,50/R100 (max. R120) R15,00 + R1,50/R100 (max. R120) R22,00 + R1,50/R100 (max. R120) R15,00 + R1,50/R100 (max. R120) CashSend TM transactions R7,90 + R1,30/R100 R7,90 N/A N/A Funds transfers R4,50 R4,50 R10,85 R4,50 Stop payments R75,00 N/A R75,00 N/A 38 39
Transaction Fees per transaction Internet Cellphone Telephone Banking Adviser-assisted IVR Enquiry and information fees Balance enquiries No charge No charge R3,35 No charge Transaction history Basic enquiry No charge No charge R20,00 R1,05 Emailed N/A N/A R2,00 R2,00 Faxed N/A N/A R6,50 R6,50 Notice of payments and reminders (1) SMS R0,80 R0,80 R0,80 R0,80 Email R0,80 R0,80 R0,80 R0,80 Fax R5,00 R5,00 R5,00 R5,00 Archived statements/ Tax certificates R6,60 (per statement) N/A N/A N/A Note: 1. When making payments, Digital Banking users can opt to send a notice of payment to a third party or to themselves. Each notice of payment will be charged separately. 40 41
06 Wealth Assist Wealth Assist enhances the personalised service you receive from your banker by giving you access to direct query resolution, account administration and personal assistance. For your convenience, you can contact them at any time of the day or night. Transaction Fees per transaction Funds transfers or payments on behalf of the client (1) First 5 of the month per client R135,00 6 or more for the month per client R415,00 Certificate of balance R75,00 Tax certificate (other than system-generated) R75,00 Image copy or duplicate cheque R85,00 Replacement of any certificate (i.e. fixed deposit receipt) R85,00 Copy of statement (less than 4 months old/4 months or older) Duplicate statement fee (less than 4 months old/4 months or older) R20,00/R50,00 R20,00/R50,00 Audit certificate R350,00 Visa/Border letter R75,00 Natis document Duplicate (2) R325,00 Original No charge Note: 1. Funds transfers or payments on behalf of the client will attract a R135,00 fee for the first five and R415,00 for the sixth payment or transfer onwards. 2. Subject to change. 42 43
07 Other products Pricing on your other Absa products and services is published on absa.co.za. This includes pricing for the following products: Savings and Deposit Accounts Home Loan Accounts Vehicle and Asset Finance Other Absa Transactional and Current Accounts International Banking and non-resident fees To view fees for International Banking, please go to absa.co.za. Disclaimer Fees quoted in this brochure are valid from 1 January 2016, unless otherwise indicated. Fees include 14% VAT and are subject to change The use of Absa-supported ATMs and Saswitch ATMs will incur charges greater than those on the Absa ATMs Where products or services are offered to individual clients and it becomes evident that an individual product or service is used for business purposes, or is used in any way that is not allowed by the product terms or rules, Absa is entitled, immediately and without notice, to change the fees to such fees as are applicable to the same or similar business products and services offered to business clients. This may result in clients having to pay additional fees or the product or service could even be terminated. 44
FAIS Notice and Disclaimer This brochure/document/material/report/communication/commentary ( this commentary ) has been prepared by Absa Bank Limited trading as Absa Wealth (Registration No: 1986/004794/06) ( Absa Wealth ), an authorised financial services and credit provider. Absa Wealth has issued this commentary for information purposes only and you must not regard this as a prospectus for any security or financial product or transaction. Absa Wealth does not expressly, tacitly or by implication represent, recommend or propose that the securities and/or financial or investment products or services (the Products ) referred to in this commentary are appropriate and/or suitable for your particular investment objectives or financial situation or needs. This commentary is not, nor is it intended to be, advice as defined and/or contemplated in the Financial Advisory and Intermediary Services Act, 37 of 2002 ( FAIS ), or any other financial, investment, trading, tax, legal, accounting, retirement, actuarial or other professional advice or service whatsoever ( advice ). All the risks and significant issues related to or associated with the Products are not disclosed herein and therefore, prior to investing or transacting, you should fully understand the Products and any risks and significant issues related to or associated with them. This commentary is neither an offer to sell nor a solicitation of an offer to buy any of the Products, which shall always be subject to Absa Wealth s internal approvals and the execution of all requisite documentation between you and Absa Wealth. You have to obtain your own advice prior to making any decision or taking any action based hereon and neither Absa Wealth, nor any affiliate, nor any of their respective officers, directors, partners, or employees (in whose favour this constitutes a stipulation on behalf of another) accepts any liability whatsoever for any direct, indirect or consequential damages or loss arising from any use of or reliance on this publication or its contents, and irrespective of whether or not you have obtained independent advice. If you are a consumer in terms of the Consumer Protection Act No 68 of 2008, as amended, (i.e. a natural person or an entity with an asset value and annual turnover below R2m), then the above provisions limit and exclude the liabilities which Absa Wealth will have towards you and also place obligations on you. Any South African person or entity wishing to effect a transaction in any information discussed herein should do so only by contacting a representative of Absa Wealth in South Africa. Absa Bank Limited trading as Absa Wealth, Reg No 1986/004794/06. Absa Wealth is an Authorised Financial Services Provider, Licence NO 523 and Registered Credit Provider, Reg No NCRCP7. Absa Wealth forms part of the Wealth, Investment Management and Insurance cluster.