10 October 2016 Week Ahead Companies to watch this week South Africa CGR SOV WIH HSP TAS WIH CMH MND GFI PSG Abroad AA US PNC US JPM US WFC US C US LUV US UAL US MC FP ULVR LN LHA GR Calgro M3 Holdings Ltd Sovereign Food Investments Ltd Waco International Holdings Ltd Holdsport Ltd Taste Holdings Ltd Waco International Holdings Ltd Combined Motor Holdings Ltd Mondi Ltd Gold Fields Ltd PSG Group Ltd Alcoa Inc PNC Financial Services Group Inc/The JPMorgan Chase & Co Wells Fargo & Co Citigroup Inc Southwest Airlines Co United Continental Holdings Inc LVMH Moet Hennessy Louis Vuitton SE Unilever PLC Deutsche Lufthansa AG 2628 HK China Life Insurance Co Ltd 9983 JP (C) Fast Retailing Co Ltd Analysts Chantal Marx Pritu Makan Tlamelo Mathakgane Thabiso Mamathuba Sthembile Bopela Contact us Relationship manager: +27 11 282 4561 Dealing desk: +27 11 282 8734 Website: www.fnbsecurities.co.za Local releases gain traction US 3Q16 results kickstart this week Some of the local earnings releases to take note of this week include: Calgro M3 (Interim Results): In a voluntary trading update, management guided for a decline in headline earnings per share of between 1% and 4% y/y on the back of a subdued construction environment in South Africa. Reduced public sector spending in the run-up to local elections also had a negative impact on the bottom line performance, with the group increasing its activity in integrated development sales to the private sector. PSG Group (Interim Results): Management recently reported sum of the parts growth of 14.3% at year end to R186.67 per share. Consensus is looking for 57% increase in full year earnings, with Capitec, Zeder and PSG Konsult having recently released solid numbers for the first half. Taste Holdings (Interim Results): In a recent trading statement, the company guided for core HEPS to deteriorate to a loss of between 5.8 cents and 6.6 cents per share. This was mostly due to a sharp reduction in EBITDA in the Food division as a result of the non-recurrence of certain investments made in the prior year. The expectation is that earnings will remain under pressure as the company continues to invest in its Food division. Holdsport (Interim Results): Management anticipates that HEPS will fall by between 17% and 22% y/y, which is tracking behind full year market expectations (consensus: +9.9%). The core HEPS growth range of between -2% to +2% was also behind expectations. Organic growth across all divisions deteriorated, with forex losses and a weak macro-backdrop contributing negatively to overall performance. Sovereign Foods (Interim Results): The Company released a trading statement guiding for a loss per share of between 47.5 cents and 56.5 cents per share. Additional expenses incurred in the defence of an attempted hostile takeover by Country Bird Holdings, and elevated feed cost affected the bottom line result negatively. Sovereign is in the process of implementing a combination of transactions including a share buyback, BEE deal, and a new executive remuneration policy. Should the transactions receive shareholder approval and be implemented, the company expects to report a headline loss per share of between 38.5 cents and 47.5 cents per share. 1
Combined Motor Holdings (Interim Results): In a recent trading statement, management guided for earnings to increase by between 15% and 25% y/y. This was encouraging given current trends in the local motor retail industry and was also well received by the market on the day. Mondi and Gold Fields are due to release third quarter sales and revenue updates later in the week. The US third quarter earnings season gains momentum this week with the focus likely to be on the large banking counters including JPMorgan Chase & Co, Citigroup and Wells Fargo & Co. The general expectation is for net interest margins (difference between interest income generated and interest paid to lenders) to remain under pressure, falling in the low single digits over the next two years. This is mainly due to the prevailing low interest rate environment in that country. Manufacturing group and traditional earnings bellwether Alcoa will be closely watched at the beginning of the week. A handful of airlines companies (Southwest Airlines, United Continental Holdings and American Airlines Group) are set to release traffic figures for the month of September. The estimated 3Q16 earnings decline for the S&P 500 is expected to be 2.1% and will mark the first time that the index has recorded six consecutive quarters of year-over-year declines in earnings since 3Q08. For the quarter, 80 companies on the S&P 500 issued negative EPS guidance whilst 34 companies issued positive EPS guidance. The US has been in a state of corporate recession for three quarters now and this is not expected to dissipate until the first half of the 2017 calendar year. In Europe, French multinational luxury goods conglomerate LVMH will kick off the week with a third quarter sales update followed by a number of airline companies including Air France (France) and Deutsche Lufthansa (Germany), scheduled to report on September traffic results. Domino s Pizza (London) and Unilever (London) will release third quarter trading statements on Wednesday and Thursday, respectively. Mondi (London) will also be on investors watchlists with the international packaging and paper group set to provide a third quarter trading update on Thursday as well. According to Bloomberg estimates, the group is expected to report a decrease in euro revenue of approximately 1.1% for the current financial year, weighed on by planned maintenance shuts during 2H16 and a seasonal downturn in the Uncoated Fine Paper business. In the Asia Pacific region, Chinese insurance group China Life Insurance is likely to generate some buzz when it reports third quarter results this week. The group is anticipated to experience a dip in performance with earnings per share expected to fall by approximately 36.7%, weighed on by a slowdown in revenue growth. From a local corporate actions perspective, Tuesday marks the last day to trade in AVI, African Oxygen, Capitec and Clover Industries to receive their latest distributions. These counters will trade ex-dividend on Wednesday. MTN Zakhele RF management will host a GM on Tuesday and Yebo Yethu management will host an AGM later in the week. Company Events Calendar South Africa Date Ticker Company Name Event Description Estimate ZAc 2016/10/10 AIA SJ Ascension Properties Ltd FY16 Earnings -- 2016/10/10 CND SJ Conduit Capital Ltd FY16 Earnings -- 2016/10/10 CGR SJ Calgro M3 Holdings Ltd 1H17 Earnings -- 2016/10/10 VMK SJ Verimark Holdings Ltd 1H17 Earnings -- 2016/10/10 SOV SJ Sovereign Food Investments Ltd 1H17 Earnings -- 2016/10/10 WIH SJ Waco International Holdings Ltd FY16 Earnings -- 2016/10/11 HSP SJ Holdsport Ltd 1H17 Earnings -- 2016/10/11 TAS SJ Taste Holdings Ltd 1H17 Earnings -- 2016/10/11 RBA SJ RBA Holdings Ltd 1H16 Earnings -- 2016/10/12 PSG SJ PSG Group Ltd 1H17 Earnings -- 2016/10/12 DCT SJ Datacentrix Holdings Ltd 1H17 Earnings -- 2016/10/13 ISB SJ Insimbi Refractory and Alloy Supplies Ltd 1H17 Earnings -- 2016/10/13 MAS SJ Masonite Africa Ltd 1H16 Earnings -- 2016/10/13 EQU SJ Equites Property 1H17 Earnings -- 2016/10/13 CMH SJ Combined Motor Holdings Ltd 1H17 Earnings -- 2016/10/13 MND SJ Mondi Ltd 3Q16 Sales and Revenue -- 2016/10/14 GFI SJ Gold Fields Ltd 3Q16 Earnings 0.065 2
SSA 2016/10/10 TANTALIZ NL Tantalizers PLC FY14 Earnings -- 2016/10/10 TANTALIZ NL Tantalizers PLC 1Q15 Earnings -- 2016/10/10 TANTALIZ NL Tantalizers PLC 2Q15 Earnings -- 2016/10/10 IKEJAHOT NL Ikeja Hotel PLC FY14 Earnings -- 2016/10/10 NIGROPES NL Nigerian Ropes PLC 3Q15 Earnings -- 2016/10/10 INTERLIN NL Interlinked Technologies PLC 1Q16 Earnings -- 2016/10/10 RESORTS NL Resort Savings & Loans PLC 2Q15 Earnings -- 2016/10/10 RESORTS NL Resort Savings & Loans PLC 3Q15 Earnings -- 2016/10/10 RESORTS NL Resort Savings & Loans PLC 1Q15 Earnings -- 2016/10/10 STANBIC NL Stanbic IBTC Holdings PLC FY15 Earnings 1.775 2016/10/10 NIGROPES NL Nigerian Ropes PLC 1Q15 Earnings -- 2016/10/10 NIGROPES NL Nigerian Ropes PLC 2Q15 Earnings -- 2016/10/10 STANBIC NL Stanbic IBTC Holdings PLC 1Q16 Earnings 0.42 2016/10/10 ANINO NL Anino International PLC FY15 Earnings -- 2016/10/10 LAWUNION NL Law Union & Rock Insurance PLC 1Q16 Earnings -- 2016/10/10 STANBIC NL Stanbic IBTC Holdings PLC 2Q16 Earnings -0.14 2016/10/10 7UP NL 7 UP Bottling Co PLC 1Q17 Earnings -- 2016/10/10 NNFM NL Northern Nigeria Flour Mills PLC 1Q17 Earnings -- 2016/10/10 TRIPPLEG NL Tripple GEE and Co PLC 1Q17 Earnings -- 2016/10/10 INTBREW NL International Breweries PLC 1Q17 Earnings -- 2016/10/10 RTBRISCO NL RT Briscoe Nigeria PLC FY15 Earnings -- 2016/10/10 CHELLARA NL Chellarams PLC 1Q17 Earnings -- 2016/10/10 AVONCROW NL Avon Crowncaps & Containers 1Q17 Earnings -- 2016/10/10 RTBRISCO NL RT Briscoe Nigeria PLC 1Q16 Earnings -- 2016/10/10 RTBRISCO NL RT Briscoe Nigeria PLC 2Q16 Earnings -- 2016/10/10 ACADEMY NL Academy Press 1Q17 Earnings -- 2016/10/10 HONYFLOU NL Honeywell Flour Mill PLC 1Q17 Earnings -- 2016/10/10 INFINITY NL Infinity Trust Mortgage Bank PLC 3Q16 Earnings -- 2016/10/10 GUINEAIN NL Guinea Insurance PLC 1Q16 Earnings -- 2016/10/10 GUINEAIN NL Guinea Insurance PLC 2Q16 Earnings -- 2016/10/10 NIGERINS NL Niger Insurance PLC 2Q16 Earnings -- 2016/10/10 DAAR NL DAAR Communication PLC FY15 Earnings -- 2016/10/10 DAAR NL DAAR Communication PLC 1Q16 Earnings -- 2016/10/10 DAAR NL DAAR Communication PLC 2Q15 Earnings -- 2016/10/10 DAAR NL DAAR Communication PLC 3Q15 Earnings -- 2016/10/10 REDSTARE NL Red Star Express PLC 1Q17 Earnings -- 2016/10/10 AFRINSUR NL African Alliance Insurance PLC FY15 Earnings -- 2016/10/10 LAWUNION NL Law Union & Rock Insurance PLC 2Q16 Earnings -- 2016/10/10 GNI NL Great Nigeria Insurance PLC FY15 Earnings -- 2016/10/10 SKYEBANK NL Skye Bank PLC 1Q16 Earnings -0.015 2016/10/10 SKYEBANK NL Skye Bank PLC 2Q16 Earnings 0.19 2016/10/10 EGDL KN Eaagads Ltd FY16 Earnings -- 2016/10/10 CIC KN CIC Insurance Group Ltd 1H16 Earnings -- 2016/10/10 TKNL KN Total Kenya Ltd 1H16 Earnings -- 2016/10/10 HAFR KN Home Afrika Ltd 1H16 Earnings -- 2016/10/10 CLYD GN Clydestone Ghana Ltd 2Q15 Earnings -- 2016/10/10 PZC GN PZ Cussons Ghana Ltd 3Q16 Earnings -- 2016/10/10 MAC GN Mega African Capital Ltd 1Q16 Earnings -- 2016/10/10 ACI GN African Champion Industries Ltd FY15 Earnings -- 3
2016/10/10 ACI GN African Champion Industries Ltd 1Q16 Earnings -- 2016/10/10 TRANSOL GN Transactions Solutions Ghana Ltd FY15 Earnings -- 2016/10/10 CLYD GN Clydestone Ghana Ltd 1Q16 Earnings -- 2016/10/10 SIC GN SIC Insurance Co Ltd 1Q16 Earnings -- 2016/10/10 ALW GN Aluworks Ghana Ltd 1Q16 Earnings -- 2016/10/10 CLYD GN Clydestone Ghana Ltd 3Q16 Earnings -- 2016/10/10 IIL GN Intravenous Infusions Ltd 1Q16 Earnings -- 2016/10/10 SWL GN Sam - Woode Ltd 2Q16 Earnings -- 2016/10/10 SPL GN Starwin Products Ltd 2Q16 Earnings -- 2016/10/10 TWIGA TZ Tanzania Portland Cement Co Ltd 1H16 Earnings -- 2016/10/10 SWISSPOR TZ Swissport Tanzania Ltd 1H16 Earnings -- 2016/10/10 NMB TZ National Microfinance Bank Plc 2Q16 Earnings -- 2016/10/10 NMB TZ National Microfinance Bank Plc 1Q16 Earnings -- 2016/10/10 LAFA ZL Lafarge Cement Zambia PLC 1H16 Earnings -- 2016/10/10 ZANACO ZL Zambia National Commercial Bank PLC 1Q16 Earnings -- 2016/10/10 BATA ZL Zambia Bata Shoe FY15 Earnings -- 2016/10/10 OLYMPIA BG Olympia Capital Corp/Botswana FY16 Earnings -- 2016/10/10 SCBB BG Standard Chartered Bank Botswana Ltd 1H16 Earnings -- 2016/10/12 LLR BG Letlole La Rona Ltd FY16 Earnings -- 2016/10/13 STERLNBA NL Sterling Bank PLC 3Q16 Earnings -- 2016/10/13 MSUG KN Mumias Sugar Co Ltd FY16 Earnings -- 2016/10/13 CCHZ ZL Cavmont Capital Holdings Zambia PLC FY16 Earnings -- 2016/10/14 CADBURY NL Cadbury Nigeria PLC 3Q16 Earnings 0.05 United States 2016/10/10 LUV US Southwest Airlines Co September 2016 Sales and Revenue -- 2016/10/10 UAL US United Continental Holdings Inc September 2016 Sales and Revenue -- 2016/10/11 AA US Alcoa Inc 3Q16 Earnings 0.371 2016/10/11 FAST US Fastenal Co 3Q16 Earnings 0.454 2016/10/11 AAL US American Airlines Group Inc September 2016 Sales and Revenue -- 2016/10/12 CSX US CSX Corp 3Q16 Earnings 0.452 2016/10/13 PGR US Progressive Corp/The 3Q16 Earnings 0.333 2016/10/13 LLTC US Linear Technology Corp 1Q17 Earnings 0.543 2016/10/13 WYNN US Wynn Resorts Ltd 3Q16 Earnings 0.75 2016/10/13 DAL US Delta Air Lines Inc 3Q16 Earnings 1.671 2016/10/14 PNC US PNC Financial Services Group Inc/The 3Q16 Earnings 1.78 2016/10/14 JPM US JPMorgan Chase & Co 3Q16 Earnings 1.391 2016/10/14 WFC US Wells Fargo & Co 3Q16 Earnings 1.005 2016/10/14 C US Citigroup Inc 3Q16 Earnings 1.16 Europe 2016/10/10 GIVN VX Givaudan SA 3Q16 Sales and Revenue -- 2016/10/10 ICA SS ICA Gruppen AB September 2016 Sales and Revenue -- 2016/10/10 GET FP Groupe Eurotunnel SE September 2016 Sales and Revenue -- 2016/10/10 MC FP LVMH Moet Hennessy Louis Vuitton SE 3Q16 Earnings -- 2016/10/10 AF FP Air France-KLM September 2016 Sales and Revenue -- 2016/10/11 PAGE LN Pagegroup PLC 3Q16 Sales and Revenue -- 2016/10/11 IFX GR Infineon Technologies AG Business Update Call -- 2016/10/11 LHA GR Deutsche Lufthansa AG September 2016 Sales and Revenue -- 4
Europe 2016/10/11 ZOT SM Zardoya Otis SA 3Q16 Earnings -- 2016/10/11 VCT LN Victrex PLC 4Q16 Sales and Revenue -- 2016/10/11 TRYG DC Tryg A/S 3Q16 Earnings 2.292 2016/10/12 CAST SS Castellum AB 3Q16 Earnings 2.218 2016/10/12 FHZN SW Flughafen Zuerich AG September 2016 Sales and Revenue -- 2016/10/12 HL/ LN Hargreaves Lansdown PLC 1Q17 Earnings -- 2016/10/12 DOM LN Domino's Pizza Group PLC 3Q16 Sales and Revenue -- 2016/10/12 FRES LN Fresnillo PLC 3Q16 Sales and Revenue -- 2016/10/13 SKY LN Sky PLC 1Q17 Earnings 0.001 2016/10/13 CO FP Casino Guichard Perrachon SA 3Q16 Sales and Revenue -- 2016/10/13 UNA NA Unilever NV 3Q16 Sales and Revenue -- 2016/10/13 MNDI LN Mondi PLC 3Q16 Sales and Revenue -- 2016/10/13 EO FP Faurecia 3Q16 Sales and Revenue -- 2016/10/13 EDEN FP Edenred 3Q16 Sales and Revenue -- 2016/10/13 UNA NA Unilever NV 3Q16 Sales and Revenue -- 2016/10/13 ULVR LN Unilever PLC 3Q16 Sales and Revenue -- 2016/10/13 CO FP Casino Guichard Perrachon SA 3Q16 Sales and Revenue -- 2016/10/13 ADP FP Aeroports de Paris September 2016 Sales and Revenue -- 2016/10/13 FRA GR Fraport AG Frankfurt Airport Services Worldwide September 2016 Sales and Revenue -- 2016/10/13 HL/ LN Hargreaves Lansdown PLC 1Q16 Sales and Revenue -- 2016/10/13 BOK LN Booker Group PLC 1H17 Earnings 0.037 2016/10/13 EDEN FP Edenred 3Q16 Earnings -- 2016/10/13 SMWH LN WH Smith PLC FY16 Earnings 0.955 2016/10/13 MNDI LN Mondi PLC 3Q16 Sales and Revenue -- 2016/10/13 JUP LN Jupiter Fund Management PLC 3Q16 Sales and Revenue -- 2016/10/14 GALP PL Galp Energia SGPS SA 3Q16 Sales and Revenue -- 2016/10/14 PFG LN Provident Financial PLC 3Q16 Sales and Revenue -- 2016/10/14 CDI FP Christian Dior SE 1Q17 Earnings -- 2016/10/14 EMG LN Man Group PLC 3Q16 Sales and Revenue -- Asia Pacific 2016/10/11 8028 JP (C) FamilyMart UNY Holdings Co Ltd 1H17 Earnings -- 2016/10/12 2628 HK China Life Insurance Co Ltd 3Q16 Earnings 0.05 2016/10/13 9983 JP (C) Fast Retailing Co Ltd FY16 Earnings 524.063 SA Dividends Ticker Company Name LDT Ex Date Pay Date Type Amount APN Aspen Pharmacare Holdings Ltd 2016/10/04 2016/10/05 2016/10/10 Regular Cash ZAc 248 DSY Discovery Ltd 2016/10/04 2016/10/05 2016/10/10 Final ZAc 90 FSR FirstRand Ltd 2016/10/04 2016/10/05 2016/10/10 Final ZAc 118 HPA Hospitality Property 2016/10/04 2016/10/05 2016/10/10 Special Cash ZAc 9.28911 KAP KAP Industrial Holdings Ltd 2016/10/04 2016/10/05 2016/10/10 Final ZAc 18 MFL Metrofile Holdings Ltd 2016/10/04 2016/10/05 2016/10/10 Final ZAc 19 MUR Murray & Roberts Holdings 2016/10/04 2016/10/05 2016/10/10 Regular Cash ZAc 45 PPR Putprop Ltd 2016/10/04 2016/10/05 2016/10/10 Final ZAc 7 REM Remgro Ltd 2016/10/04 2016/10/05 2016/10/24 Rights Issue 1 per 10 RMH RMB Holdings Ltd 2016/10/04 2016/10/05 2016/10/10 Final ZAc 153 5
RMI Rand Merchant Investments Ltd 2016/10/04 2016/10/05 2016/10/10 Final ZAc 65 AVI AVI Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 220 AFX African Oxygen Ltd 2016/10/11 2016/10/12 2016/10/17 Interim ZAc 38 CPI Capitec Bank Holdings Ltd 2016/10/11 2016/10/12 2016/10/17 Interim ZAc 450 CLR Clover Industries Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 40.49 DRD DRDGOLD Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 12 FVT Fairvest Property Holdings Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 8.489 JSC Jasco Electronics Holdings Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 2 SFN Sasfin Holdings Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 188.82 SVB Silverbridge Holdings Ltd 2016/10/11 2016/10/12 2016/10/17 Regular Cash ZAc 6 AVI AVI Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 220 AFX African Oxygen Ltd 2016/10/11 2016/10/12 2016/10/17 Interim ZAc 38 CPI Capitec Bank Holdings Ltd 2016/10/11 2016/10/12 2016/10/17 Interim ZAc 450 CLR Clover Industries Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 40.49 DRD DRDGOLD Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 12 FVT Fairvest Property Holdings Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 8.489 JSC Jasco Electronics Holdings Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 2 SFN Sasfin Holdings Ltd 2016/10/11 2016/10/12 2016/10/17 Final ZAc 188.82 SVB Silverbridge Holdings Ltd 2016/10/11 2016/10/12 2016/10/17 Regular Cash ZAc 6 Other SA Corporate Actions Date Ticker Company Name Event Description Detail 2016/10/10 HPA Hospitality Property 2016/10/10 HPB Hospitality Property 2016/10/10 IHL International Hotel Group Ltd Withdrawal Date Withdrawal Date Offer Opens Scheme of Arrangement 1 HPB per 1 HPA share held Consolidation 1 HPB in exchange for 3.5 HPB held held Name Change 1 IHL share per 1 IHL held 2016/10/10 REM Remgro Ltd Pay Date Rights Distribution 10 rights for every 100 shares held 2016/10/10 ANB Anheuser-Busch 2016/10/10 HPA Hospitality Property 2016/10/10 HPB Hospitality Property 2016/10/10 IHL International Hotel Group Ltd LDT LDT LDT Withdrawal Date Scheme of Arrangement 1 HPB per 1 HPA held Consolidation 1 HPB per 3.5 HPB share held Name Change 1 IHL share per 1 IHL held 2016/10/10 REMN Remgro Ltd Call on Rights (Take-up) 1 REM per 1 right exercised @ ZAR192.50 per share 2016/10/11 SAB SABMiller Plc Ex Date Scheme of Arrangement Option 1 (Cash) - GBP45.00 per SAB (to be paid in ZAR) 2016/10/11 ZA030 BNP Paribas 2016/10/11 ZA051 BNP Paribas Suspended Suspended 2016/10/11 TOR Torre Industries Ltd Pay Date Mandatory Offer: Offer Consideration -1.25 SCP per TOR share. 2016/10/11 SAB SABMiller Plc Withdrawal Date Scheme of Arrangement Option 1 (Cash) - GBP45.00 per SAB (to be paid in ZAR) 2016/10/11 HIL Homechoice International Plc EGM 2016/10/11 MTNZBE Mtn Zakhele Rf Ltd GM 6
2016/10/12 ANB Anheuser-Busch Offer Opens 2016/10/12 TOR Torre Industries Ltd Mandatory Offer: Offer Consideration -1.25 SCP per TOR share 2016/10/12 ZA030 BNP Paribas 2016/10/12 ZA051 BNP Paribas 2016/10/12 AER Amalgamated Electronic Corp Ltd Scheme 2016/10/12 EPS Eastern Platinum Ltd Special GM 2016/10/12 SAH South African Coal Mining Ltd 2016/10/12 SAH South African Coal Mining Ltd 2016/10/13 ANB Anheuser-Busch 2016/10/13 ANB Anheuser-Busch 2016/10/13 SAH SA Coal Mining Holdings Ltd 2016/10/14 ZA030 BNP Paribas 2016/10/14 ZA051 BNP Paribas Election Deadline Date (08h00 Sa Time) Market Deadline Date (13h00 Sa Time) Offer Opens AGM GM Tender Offer ZAR0.09 in exchange for every share 2016/10/14 TOR Torre Industries Ltd Mandatory Offer: Offer Consideration -1.25 SCP per TOR share 2016/10/14 TOR Torre Industries Ltd Election Deadline Date (08h00 SA Time) 2016/10/14 TOR Torre Industries Ltd Market Deadline Date (13h00 SA Time) 2016/10/14 WEA Wg Wearne Ltd GM 2016/10/14 YYLBEE Yebo Yethu Ltd AGM Mandatory Offer: Offer Consideration -1.25 SCP per TOR share Mandatory Offer: Offer Consideration -1.25 SCP per TOR 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) 7