DESK FROM THE. The JSE sees red in November. Subscribe to this newsletter at.

2 December 2015 I N V E S T O R C A M P U S FROM THE DESK The JSE sees red in November It was a volatile month on global markets with geopolitical concerns weighing on sentiment after ISIL militants launched coordinated attacks across Paris, killing 130 people and wounding over 350 and global tensions rose after Turkey shot down a Russian warplane near Syria s border. Added to that, concerns around Chinese growth and a China selloff last week on the back of Chinese officials widening their investigation into suspicious or illegal trading activity ended a rebound in the Shanghai Composite Index, wiping out much of its November gains. Earlier last month the index had risen over 20% from its 26 August low but it ended November 1.9% higher following the worst week for the index since August. However, despite the periods of extreme volatility during November, international markets seemed more resilient than one would have expected as most of the major international indices ended the month in the black (albeit only slightly in some cases). Although the UK s blue-chip stock index, the FTSE 100, closed November down 0.1% MoM, the US S&P 500 Index eked out a 0.1% MoM gain, while the Dow Jones Industrial Average (DJIA) rose 0.3% for the month and the Nasdaq Composite posted a 1.1% MoM increase. In Asia, Japan's Nikkei recorded a monthly gain of 3.5%. Locally, the South African market closed November in the red across the board with resource counters once again emerging as the month s worst performers. The RESI-10 Index dropped a further 22.5% MoM (the index has now lost 38.3% YTD), while industrial and financial counters were also not spared. The Indi-25 retreated 1.2% (+15.2% YTD) for November and the Fini-15 dropped 4.0% MoM (+3.9% YTD). The All Share Index closed 4.1% down (YTD the index is still 3.7% up). On the economic data front, South Africa narrowly missed a technical recession (two consecutive quarters of negative growth) when GDP came in at 0.7% QoQ vs 2Q15 s 1.3% contraction as electricity shortages, low global demand, falling metal prices and a drought that has gripped the country curbed output. Business confidence fell even further, with the latest RMB/BER Business Confidence Index (BCI) dropping another 2 points to 36 and the index showing that over the past year, business confidence has fallen to its lowest level since 2010. The rand weakened a further 4.8% MoM, ending November at R14.49/$1 and taking its YTD decline to 25.4%. Pressure on metal prices continued and the gold price recorded more losses last month ending November 6.8% down (YTD the gold price is now 10.4% lower). The price of Brent crude tumbled a further c. 11% in November as US oil output remained resilient. Subscribe to this newsletter at Top-20 performers: November Share Source: Bloomberg, Anchor Capital Market Closing Price Closing Price Cap (Rmn) 30/10/2015 30/11/2015 % change CURRO HOLDINGS LTD 17665 4000 4950 23.8% FORTRESS INCOME FUND LTD 60681 3340 4036 20.8% AFRIMAT LTD 4353 2530 3030 19.8% RHODES FOOD GROUP PTY LTD 5658 2200 2560 16.4% NEW EUROPE PROPERTY INVEST 49715 14450 16650 15.2% SAPPI LIMITED 32709 5465 6260 14.5% SUPER GROUP LTD 12996 3256 3723 14.3% NAMPAK LTD 17822 2243 2537 13.1% LONMIN PLC 356 67.36 76 12.8% OCEANA GROUP LTD 13506 10314 11300 9.6% ROCKCASTLE GLOBAL REAL ESTAT 31756 3200 3480 8.8% ADVTECH LTD 6068 1236.49 1333 7.8% BLUE LABEL TELECOMS LTD 8431 1165 1250 7.3% NASPERS LTD-N SHS 905826 202700 215484 6.3% FORTRESS INCOME FUND LTD-A 60681 1598 1697 6.2% INVESTEC PLC 111160 11522 12199 5.9% CITY LODGE HOTELS LTD 6851 14950 15800 5.7% INVESTEC LTD 111160 11463 12100 5.6% TIGER BRANDS LTD 63994 31664 33318 5.2% PEREGRINE HOLDINGS LTD 7263 3079 3213 4.4% Contacts Anchor Capital Reception 011 591 0677 Trading Desk 012 665 3461 Investment / Sales mnyoung@anchorcapital.co.za General Enquiries info@anchorcapital.co.za Brokerage / Trading fswart@anchorcapital.co.za Newsletter Enquiries newsletters@anchorcapital.co.za Anchor Capital (Pty) Ltd, FSP number 39834. ; 1

The best performing share last month was independent education Group, Curro, which ended November 23.8% higher MoM. Curro was followed by Fortress Income Fund (+20.8% MoM) with Afrimat Ltd (+19.8%) in third place. In November Fortress finalised its merger with Capital Property Fund and the merged entity (with a market cap of c. R52bn) is expected to be included in the MSCI Emerging Markets Index, thus becoming an attractive investment for offshore institutions. Open-pit mining company, Afrimat reported 1H16 results in November which showed that revenue fell 2.6% YoY to R1bn while diluted headline EPS rose, standing at R0.75, vs R0.60 recorded in 1H15. The company revealed that its earnings improved due to a strong performance from its mineral producing operations in all regions. In fourth spot, Rhodes Food Group climbed 16.4% MoM, buoyed by stellar FY15 results which saw revenue rise to R3.02bn from R2.44bn in FY14, while its headline diluted EPS rocketed 64.6% YoY to R0.74. New Europe Property Investments (NEPI) recorded a 15.2% MoM gain in its share price. It was followed by paper producer, Sappi (+14.5% MoM), which reported a fall of 11.1% YoY in sales to $5.39bn in its FY15 results, while diluted headline EPS were unchanged YoY. However, looking ahead to FY16, the company said it expected capital expenditure to be in line with market expectations and forecast strong growth in its EPS excluding special items. Sappi also concluded the sale of its Cape Kraft Mill to the Golden Era Group last month. Transport-logistics company, Super Group (+14.3% MoM) seems to be on the acquisition trail and in November it said it would acquire Australian fleet leasing business NLC Pty Ltd for AUD200mn. Previously the company had also announced the acquisition of German-headquartered logistics group, In-Time Holdings which has operations across 18 European countries. Packaging Group, Nampak (+13.1% MoM) last week reported a rise in its FY15 revenue to R17.3bn on the back of continued beveragecan volume growth. However, the company s diluted headline EPS was down 4.0% YoY to R2.06. Looking ahead, Nampak said it expected continued volume growth in beverage cans, gains from the improved performance of its Glass and Bevcan Springs operations and efficiency gains from the business improvement initiatives at DivFood to contribute to its medium-term earnings. Beleaguered miner, Lonmin saw its share price rise 12.8% MoM albeit from a very low base. The miner s share price had initially retreated by more than 85.0% in response to a shareholders decision to approve a rights issue at a massive discount, before turning around last week. Oceana Group (+9.6% MoM) reported FY15 results in mid- November which showed that revenue increased to R6.17bn (from R5.04bn), while its headline diluted EPS advanced 6.8% YoY to R5.32. Real estate investment company, Rockcastle Global Real Estate (+8.8% MoM), last month announced that it had generated quarterly net rental and related revenue of $1.40mn while its basic EPS from continuing operations stood at $1.62 for 3Q15 vs a loss of $8.15/ share recorded in 3Q14. Advtech (+7.8% MoM), which has seen its share price surge this year (up 57.0% YTD), last month garnered strong support for its proposed R850mn rights issue with shareholders representing 42.0% of the company s shares providing irrevocable undertakings as well as underwriting commitments for the rights offer. The rights issue will be used to cut its current debt and buy more schools and tertiary institutions, according to the company. Blue Label Telecoms rose 7.3% MoM, while Naspers N- shares ended November 6.3% MoM higher. Last week Naspers reported a substantial surge in its core headline earnings for 1H16. The Internet and ecommerce giant announced that its revenue rose to R37.76bn from the R34.36bn posted in 1H15, driven by strong growth in its ecommerce segment, while fully diluted headline EPS advanced 27.8% YoY to R14.01. The Group also said that it was considering a capital raising of up to $2.5bn to help enhance its financial flexibility over the next few years to invest in attractive growth opportunities and also to pay down debt related to the increase of its stake in Russia s largest classifieds site, Avito. Fortress Income Fund Ltd A-, Investec Plc, City Lodge Hotels and Investec Ltd s share prices rose 6.2%, 5.9%, 5.7% and 5.6% MoM, respectively. For 1H16, Investec s Specialist Bank was the segment to impress, with the divisional RoE in the UK rising 13.4% on an ongoing basis. In addition, while results were down, Investec Asset Management achieved strong net inflows of GBP2.90bn, with all of this coming in developed markets. Its headline diluted EPS rose to GBp20.0 from GBp16.7 recorded in 1H15. Finally, Tiger Brands share price ended the month 5.2% higher, while Peregrine Holdings share price rose 4.4% MoM. Last week, Tiger Brands released FY15 results which showed that its turnover increased to R31.60bn from R30.10bn in FY14, underpinned by 1.0% volume growth and pricing inflation of 4.0%. Nevertheless, diluted headline EPS from continuing operations fell 0.2% YoY to R17.57. The company saw its share price buoyed by the news that it would no longer provide financial support to its struggling 65%-owned Nigeria unit, Dangote Flour, which the company paid c. $200mn for three years ago. Financial services business, Peregrine reported 1H16 results in November, revealing that its total revenue advanced 4.8% YoY to R1.20bn. Peregrine s headline diluted EPS stood at R1.12 vs R1.09 recorded in 1H15 as significant earnings growth from its trading and structuring businesses (housed within Peregrine Securities) offset slightly weaker returns within the hedge fund and wealthmanagement sectors on the back of global and local market weakness. Bottom-20 performers: November Share Source: Bloomberg, Anchor Capital Market Closing Price Closing Price Cap (Rmn) 30/10/2015 30/11/2015 % change ASCENSION PROPERTIES LTD-A 1513 524 233-55.5% ALLIED ELECTRONICS COR-A SHR 1769 690 460-33.3% ASTRAL FOODS LTD 5047 17400 11800-32.2% ALLIED ELECTRONICS CO-N SHRS 1769 700 489-30.1% ARCELORMITTAL SOUTH AFRICA 2563 823 575-30.1% NORTHAM PLATINUM LTD 11419 3036 2240-26.2% KUMBA IRON ORE LTD 14491 5992 4499-24.9% ALEXANDER FORBES GROUP HOLDI 8786 872 655-24.9% ANGLO AMERICAN PLC 113248 11646 8782-24.6% BHP BILLITON PLC 995828 22339 17030-23.8% LEWIS GROUP LTD 4530 5988 4620-22.8% ANGLOGOLD ASHANTI LTD 37151 11773 9132-22.4% AVENG LTD 1113 342 267-21.9% EXXARO RESOURCES LTD 16115 5747 4500-21.7% TRENCOR LTD 7313 5265 4130-21.6% SIBANYE GOLD LTD 17309 2328 1892-18.7% TRUSTCO GROUP HOLDINGS LTD 3243 514 420-18.3% AFRICAN RAINBOW MINERALS LTD 9415 5288 4329-18.1% ZEDER INVESTMENTS LTD 9868 790 648-18.0% HOSKEN CONS INVESTMENTS LTD 12257 14150 11651-17.7% 2

In November, with a few exceptions, resource counters were once again the biggest share-price losers. MoM Ascension Properties Awas the worst performer, dropping by 55.5%. It was followed by Allied Electronics A- (-33.3% MoM) and Astral Foods (-32.2% MoM), with Allied Electronics N- shares and ArcelorMittal (both down 30.1%) tying as November s fourth-worst performing shares. Yesterday, Allied Electronics announced that its subsidiary, Powertech would sell off its Powertech System Integrators (PTSI) business to Capitalworks for R140.00mn. The disposal would include all of the operating assets and liabilities of the PTSI business but will exclude the businesses of Powertech QuadPro SA and Technology Integrated Solutions. Poultry producer, Astral Foods posted FY15 results in mid-november with revenue rising to R11.27bn from R9.60bn FY14, driven by a 25.4% increase in poultry revenue. Its headline diluted EPS rocketed 133.0% YoY to R20.13. However, with Astral proving to be a highly cyclical business and also being extremely dependent on the maize price (which has seen increases due to the drought which will likely result in a further margin decline for the company) weighed heavily on the share price. Meanwhile, steelmaker ArcelorMittal said last month that it would sell stock at a 50.0% premium to raise as much as R4.5bn. While the announcement sent its shares soaring, it was not enough to move it into positive territory for the month as a whole as the company has been battling falling steel demand and rising costs for quite some time now. Platinum counter, Northam Platinum was down 26.2% MoM as the platinum price, which is down over 30.0% YTD, remained under pressure falling to below $900/oz (down c. 15.1% MoM) and hitting its lowest level since November 2008. Both Kumba Iron Ore and Alexander Forbes lost 24.9% MoM. With the rout in iron-ore prices seeming to accelerate, Kumba indicated in its FY15 trading statement that its headline EPS and EPS are expected to be at least R6.86 (20.0% YoY) and R6.69 lower than in FY14. Alexander Forbes share price came under pressure as the company reported lower-than-expected results with relatively flat 1H15 profit. At the same time, the Group s dividend policy guidance of 1.7x-2.0x likely disappointed many investors expecting a more generous payout. The continuing drop in commodity prices and uncertainty around how Anglo American (-24.6% MoM) will deal with this issue weighed heavily on the company s share price. The fact that the Group has more debt than market capitalisation is also likely to be causing nervousness amongst debt funders and we believe it has increased the probability of an equity capital raise. In London, Anglo American Plc s share price last month fell to its lowest level since its May 1999 listing. BHP Billiton (-23.8% MoM) also didn t escape the pain, with news that Brazilian authorities might demand as much as $5.2bn in compensation for damage caused by a deadly dam burst at its (Samarco) iron ore operation, further weighing on the share price. Retailer Lewis Group (-22.8% MoM) lost ground after its 1H16 results revealed that revenue rose to R2.80bn from the R2.58bn posted in 1H15, but its 1H16 diluted headline EPS fell 14.5% YoY. Gold producer, Anglogold Ashanti (-22.4% MoM) reported lower 3Q15 results, which showed that its revenue fell to $0.99bn from $1.27bn recorded in 3Q14, while its diluted loss from continuing operations stood at USc19.0/share, compared with diluted EPS from continuing operations of USc7.0/share. This was on the back of lower production and the weaker gold price which the company said was partially compensated for by weaker currencies and lower levels of retrenchment costs. Aveng, Exxaro Resources and Trencor were down 21.9%, 21.7% and 21.6% MoM, respectively. In its YTD update, prior to reporting FY15 results, Exxaro Resources announced that it had achieved its lowest lost-time injury frequency rate (LTIFR) of 0.15 in the period, indicating an improvement of 21.0% YoY. The company said its productivity had improved with production tonnes per full time employee up by 18.0%. It had earlier in November indicated that its FY15 net operating loss was expected to improve by at least R658.0mn from the previous year, mainly due to the non-recurring pre-tax impairment loss of the Mayoko iron-ore project amounting to R5,760mn in the prior year. However, it still expected headline EPS to be at least R2.74 lower than the previous year. At the same time, the decrease in FY15 iron ore, mineral sands and pigment commodity prices continued to weigh heavily on its share price. Added to that, The Sunday Times website reported on Tuesday that Eskom planned to cancel its Exxaro coal supply contract for the Arnot plant. Moving to investment company, Trencor, at the start of November it said in a trading statement for the nine months ended 30 September, that its headline EPS decreased to R3.62 from R4.04 reported in same period of 2014, while adjusted headline EPS, excluding the effect of net unrealised foreign exchange gains, slipped 16.9% YoY to R3.18. Last month, Sibanye Gold (-18.7%) expressed its interest in buying Anglo American s coal assets in South Africa as part of its plan to reduce reliance on state-run electricity supplier, Eskom and to cut power costs. Sibanye has also launched bids for Anglo American Platinum s Rustenburg mines and the whole of Aquarius Platinum. Finally, Trustco, African Rainbow Minerals (ARM), Zeder Investments and Hoskens Consolidated Investments posted MoM declines of 18.3%, 18.1%, 18.0% and 17.7%. Namibian banking and insurance company, Trustco, last month reported 1H16 results, which showed its banking and investment income fell to NAD411.90mn from NAD416.90mn recorded in 1H15, while diluted headline EPS advanced 28.9% YoY. Lower commodity prices continued to take their toll on ARM, while agri-business, Zeder retreated after its stellar share-price performance in October. Black economic empowerment (BEE) investment holding company, Hoskens, last month posted 1H16 results, which showed that revenue rose to R7.04bn from R4.92bn recorded in 1H15, while its headline diluted EPS from continuing operations advanced 21.0% YoY to ZAc482.57. 3

Top-20 performers: YTD Share Source: Bloomberg, Anchor Capital Market Closing Price Closing Price Cap (Rmn) 31/12/2014 30/11/2015 % change MONTAUK ENERGY HOLDINGS LTD 1373 285 1015 256.1% FORTRESS INCOME FUND LTD 60681 1752 4036 130.4% PSG GROUP LTD 59905 12775 27011 111.4% BRAIT SE 83467 7803.85 16032 105.4% CASHBUILD LTD 8162 16420 32401 97.3% AFRIMAT LTD 4353 1698 3030 78.4% CAPITEC BANK HOLDINGS LTD 69376 34000 60000 76.5% CURRO HOLDINGS LTD 17665 2821.62 4950 75.4% MONDI PLC 162264 18950 33168 75.0% MONDI LTD 162264 18874 32867 74.1% RHODES FOOD GROUP PTY LTD 5658 1513 2560 69.2% NET 1 UEPS TECHNOLOGIES INC 10198 13500 21550 59.6% ADVTECH LTD 6068 849.05 1333 57.0% TRUSTCO GROUP HOLDINGS LTD 3243 270 420 55.6% RESILIENT REIT LTD 47988 8340.91 12450 49.3% SAPPI LIMITED 32709 4220 6260 48.3% KAP INDUSTRIAL HOLDINGS LTD 17590 490 726 48.2% NEW EUROPE PROPERTY INVEST 49715 11400 16650 46.1% SABMILLER PLC 1418679 60539 87606 44.7% CAPITAL & COUNTIES PROPERTIE 80191 6600 9524 44.3% With the exception of Steinhoff and EOH Holdings exiting the top-20 YTD performers (and Sappi and NEPI entering), the remaining 18 constituents of the best performers on the JSE remained the same. Once again (for a sixth month running), Montauk Holdings was the best performing share YTD and, even after having given back some of its YTD gains, it is still up 256.1% for the period under review. As with the top-20 MoM performers, Fortress Income Fund Ltd came in second spot among the top YTD performers having gained 130.4% so far this year. PSG Group moved from its second position in October to third spot in November with a 111.4% YTD share-price gain. Brait SE (+105.4% YTD) continued to hold its ground and in November the company reported 1H16 results which showed that its investment gains had increased substantially to R18.87bn (from R1.18bn in 1H15), while diluted headline EPS rose substantially to R35.01. The company said its net asset value more than tripled in the six-month period to R123.50 (from R34.75 in 1H15), after it bought majority stakes in health-club Virgin Active and UK clothing retailer, New Look for a total of GBP1.5bn. Cashbuild (+97.3%) said last week that regulatory approval in regards to the acquisition of a 100% stake in P and L Hardware from the SA Competition Authorities was still outstanding and the effective date (earlier expected to be end November) has now been delayed. Open-pit mining concern, Afrimat (+78.4% YTD) delivered good results in November, posting a 24.4% YoY increase in 1H16 EPS, driven by a strong performance of its mineral producing operations in all its regions as well as cost reduction initiatives. The Group operating profit margin, which was a significant driver of earnings growth, increased to 15.9% (1H15: 12.4%). Capitec Bank Holdings, Curro, Mondi Plc and Mondi Ltd are up 76.5%, 75.4%, 75.0% and 74.1% YTD, respectively. Yesterday, Curro said it was investing c. R250m as part of its plans to expand into the provision of tertiary education. The company has also been exploring opportunities in other African countries including Kenya, Zambia and Botswana and earlier this year it bought Namibian private education provider, Windhoek Gymnasium. Early last month rand-hedge Mondi announced it had agreed to acquire 95.0% of the outstanding share capital in South Korean packaging company KSP Co., subject to competition clearance and other conditions. The acquisition is expected to be completed during 4Q15. Rhodes Food Group (+69.2%), Net 1 UEPS Technologies (+59.6%), Advtech (+57.0%), Trustco (+55.6%) and Resilient (+49.3%) have all posted robust YTD gains. Rhodes Food and Advtech were also among the best MoM performers for November, while Trustco hit a bit of s speed bump last month when it reported disappointing results. Rand hedge, Sappi s share price (+48.3% YTD) hit a seven-year high in November after the company reported a 14% YoY rise in 3Q15 profits and announced plans to cut debt costs. However, headline EPS was basically unchanged totalling USc16 vs USc14 reported in 3Q14. Kap Industrial Holdings has risen 48.2% YTD, while NEPI has seen its share price advance by 46.1% YTD. SABMiller Plc s (+44.7% YTD) share price was boosted by the Anheuser-Busch InBev (AB InBev) deal and last month the company announced that it had reached an agreement with AB InBev regarding the merger. For the purpose of the transaction, a new company, Newco would be formed. SABMiller will be acquired by Newco and AB InBev will also merge with Newco, making it the new holding company for the combined Group. In November, SABMiller also reported a 1H16 revenue decline of 12.1% YoY (to $9.99bn), while headline EPS fell by 6.9% YoY. Finally, Capital & Counties (Capco, 44.3%) last month confirmed that it was conducting a strategic review which may or may not lead to a sale of its venues business. Bottom-20 performers YTD Share Source: Bloomberg, Anchor Capital Market Closing Price Closing Price Cap (Rmn) 31/12/2014 30/11/2015 % change AVENG LTD 1113 1740 267-84.7% KUMBA IRON ORE LTD 14491 23990 4499-81.2% LONMIN PLC 356 395.13 76-80.8% ARCELORMITTAL SOUTH AFRICA 2563 2641 575-78.2% ALLIED ELECTRONICS COR-A SHR 1769 1650 460-72.1% ALLIED ELECTRONICS CO-N SHRS 1769 1670 489-70.7% AFRICAN RAINBOW MINERALS LTD 9415 11900 4329-63.6% MURRAY & ROBERTS HOLDINGS 3838 2126 863-59.4% ANGLO AMERICAN PLC 113248 21533 8782-59.2% IMPALA PLATINUM HOLDINGS LTD 23234 7578 3162-58.3% HARMONY GOLD MINING CO LTD 4022 2161 922-57.3% EXXARO RESOURCES LTD 16115 10350 4500-56.5% ASSORE LTD 9249 14965 6625-55.7% ASCENSION PROPERTIES LTD-A 1513 525 233-55.6% ROYAL BAFOKENG PLATINUM LTD 4940 5271 2550-51.6% CORONATION FUND MANAGERS LTD 21257 11516 6077-47.2% TONGAAT HULETT LTD 13255 17292 9810-43.3% NAMPAK LTD 17822 4362 2537-41.8% ANGLO AMERICAN PLATINUM LTD 53936 34112 20000-41.4% INVICTA HOLDINGS LTD 5750 9036.77 5300-41.4% The bottom-20 performers YTD again consisted of the usual suspects - mostly resource and construction stocks. For the year to end November, Aveng, down 84.7% YTD, took the dubious honour of 4

worst performer, followed by Kumba Iron ore (-81.2%) and Lonmin Plc (-80.8%), which strengthened somewhat from a very low base. In fourth spot, ArcelorMittal has recorded a 78.2% YTD drop as plunging steel prices and slowing demand, weighs heavily on its share price. Close on the heels of Arcelor, was Allied Electronics A- (-72.1%) and Allied Electronics N- shares (-70.7%). ARM is now down 63.6% YTD, while Murray & Roberts has lost 59.4% of its value this year. Last month, Murray & Roberts share price dropped further after the company issued an update forecasting a decline in its full-year earnings to June 2016. The company attributed the drop to a weak global economy and difficult trading conditions. Anglo American (-59.2% YTD) as well as Impala Platinum (-58.3% YTD), Harmony Gold (-57.3% YTD), Exxaro Resources (-56.5% YTD), and Assore (-55.7%YTD) continued to feel the pinch of lower commodity prices partly brought about by the slowdown in the Chinese economy. Despite Harmony s share price getting a bump last month, when it announced copper and gold resources at a prospect in Papua New Guinea, this was not enough to materially change its dire YTD performance. Property loan stock company, Ascension Properties, the worst MoM performer, saw its November share price plunge move it into the 20 worst performers YTD grouping, with the company s share price down 55.6% YTD. The poor performance of the platinum price this year also continued to weigh on Royal Bafokeng Platinum (-51.6%) and Anglo American Platinum s (-41.4%) performance YTD. In November, Coronation Fund Managers (-47.2% YTD) reported a 9.8% YoY decline in its FY15 diluted headline EPS, while revenue retreated by 7.0% YoY to R4.44bn due to a drop in both market returns and the abnormally high level of performance fees generated in the prior financial year. Tongaat Hulett (-43.3% YTD) posted 1H16 results last month which revealed that its revenue declined to R7.61bn from the R8.07bn recorded in 1H15, while its diluted headline EPS dropped 13.6% YoY as the company s sugar production was heavily impacted by the drought in KwaZulu-Natal - the worst in over 20 years. Despite a FY15 revenue rise on the back of continued volume growth in beverage cans and a positive share-price performance in November, this was not enough to move Nampak (-41.8%) out of the 20 worst performers YTD. Finally, Invicta Holdings (-41.4% YTD) reported lacklustre 1H16 results last month, with revenue increasing by 1.0% YoY to R5.32bn and HEPS falling by 7% YoY to ZAc210. 5

South Africa Market Review South African markets closed lower yesterday as platinum miners and banks ended the day in red. Lonmin and Anglo American Platinum dropped 13.2% and 1.3%, respectively. Standard Bank Group lost 2.2%, after it announced on Monday that it had agreed to pay $32.80mn over Tanzania Bribery case. However, Ascension Properties jumped 114.6%. The company stated that it would install its first solar photovoltaic (PV) in Cape Town to benefit from financial rewards of green energy over the long-term. Sibanye Gold climbed 7.4%. The gold producer announced that it would complete the previously announced acquisitions of platinum operations. ArcelorMittal South Africa gained 6.1%. The JSE All Share Index fell 0.1% to close at 51,535.82. UK Market Review UK markets finished in positive territory yesterday, led up by a rally in banking sector stocks, after the lenders passed the Bank of England s (BoE) annual stress tests. Barclays, Royal Bank of Scotland Group and Lloyds Banking Group advanced 4.6%, 3.2% and 2.4%, respectively. Home Retail Group gained 3.4%, following reports that Nicholas Marshall, a former Executive of the Garden Centre Group, is considering a bid for the company. Hammerson added 2.8%. On the flipside, Defence sector stocks, Babcock International Group, Rolls- Royce Holdings and BAE Systems lost 1.4%, 0.4% and 0.2%, respectively. The FTSE 100 advanced 0.6% to close at 6,395.65. US Market Review US markets ended higher yesterday, in the first trading day of December and as disappointing US manufacturing data was largely shrugged off. Giga-tronics jumped 132.4%, after it announced a software-licensing deal with Lockheed Martin Corp. Infoblox climbed 22.0%, after its posted higher-than-expected earnings for 1Q16. HF Financial Corp. advanced 18.9% following news that Great Western Bancorp would acquire the company. Amazon.com rose 2.2%, after it had record sales during the Black Friday period. Alphabet and Facebook gained 3.3% and 2.8%, respectively. However, Caterpillar lost 1.5%.The S&P 500 Index rose 1.1% to settle at 2,102.63, while the DJIA Index gained 1.0% to close at 17,888.35. The NASDAQ Index advanced 0.9% to finish at 5,156.31. Asia Market Review Markets in Asia are trading mostly lower this morning. In Japan, Minebea declined 6.4%, after the company reported a decline in its liquid crystal display backlights sales in November. On the brighter side, Sharp gained 5.6%, after a media report indicated that Innovation Network Corporation of Japan is planning to purchase a majority stake in the company. In Hong Kong, brokerages, CITIC Securities and Haitong Securities added 2.7% and 0.4%, respectively. In South Korea, electronics majors, LG Electronics and Samsung Electronics lost 1.3% and 0.2%, respectively. The Nikkei 225 index is trading 0.3% lower at 19,953.90. The Hang Seng index is trading 0.3% up at 22,437.73, while the Kospi index is trading 0.4% lower at 2,016.80. JSE All Share - Last Month 54,882 53,569 52,256 50,943 FTSE 100 - Last Month 6,477 6,337 6,197 6,057 S&P 500 - Last Month 2,131 2,088 2,046 2,003 Nikkei 225 - Last Month 20,213 19,640 19,068 18,496 Key Global Indices Last Close 1D Chg 1D % Chg YTD% Chg 1M % Chg 1Y % Chg P/E Multiple (x) JSE All Share 51,535.82-72.01-0.1 3.5-4.2 5.5 42.53 JSE Africa Resource 10 26,413.43 524.38 2.0-37.0-20.9-38.3 45.27 JSE Africa Financial 15 16,198.04-57.80-0.4 3.6-4.3 5.9 10.56 JSE Africa Industrial 25 71,657.02-190.06-0.3 14.9-1.5 18.3 23.85 FTSE 100 6,395.65 39.56 0.6-2.6 0.5-3.9 29.08 German DAX 30 11,261.24-120.99-1.1 14.8 3.8 13.0 24.07 France CAC 40 4,914.53-43.07-0.9 15.0 0.3 12.3 22.15 S&P 500 2,102.63 22.22 1.1 2.1 1.1 2.4 18.79 Dow Jones Industrials 17,888.35 168.43 1.0 0.4 1.3 0.6 15.98 Nasdaq Composite 5,156.31 47.64 0.9 8.9 2.0 9.1 31.56 Nikkei 225* 19,953.90-58.50-0.3 14.7 4.9 13.8 20.81 Shanghai Composite* 3,468.32 12.01 0.3 6.9 2.2 29.0 18.41 Hang Seng Index* 22,437.73 56.38 0.3-5.2-1.1-4.2 9.90 *Time - SAST 6:00:00 AM 6

$/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 49.4 46.7 3.7 3.6 At 06:00 SAST today, Brent crude oil marginally rose to trade at $43.50/bl, even though the US American Petroleum Institute (API), in its weekly inventory data, showed that US crude stockpiles rose 1.60mn bls last week, well above the decline of 1.20mn bls seen earlier. Yesterday, Brent crude oil rose 1.5% to settle at $43.48/bl, amid expectations that the Organization of the Petroleum Exporting Countries (OPEC) will slash its production targets in its meeting scheduled later this week. Yesterday, the Illinois North Central No.2 Yellow corn spot prices rose 1.1% to $3.58/bushel. At 06:00 SAST today, gold prices marginally declined to trade at $1,068.92/oz. Meanwhile, investors will look forward to more comments by Fed members, including Chief Janet Yellen on the interest rate outlook. Yesterday, gold gained 0.4% to close at $1,069.29/oz, as the US dollar retreated. Yesterday, copper rose 1.0% to close at $4,643.25/mt. Aluminium closed 1.7% higher at $1,461.75/mt. 44.0 41.3 Crude - LHS Gold & Platinum Prices Spot 1165 1122 1079 Corn - RHS 1036 Gold - LHS Platinum - RHS Copper, Aluminium & Iron Ore Prices Spot (Rebased to100) 110 100 3.5 3.4 1005 941 878 815 90 80 Copper Aluminium Iron Ore 62% Fe Content - CFR Qingdao China Currencies USD/ZAR Movement 14.5890 14.2591 13.9292 13.5993 EUR/ZAR Movement 15.6380 15.3327 15.0273 14.7220 GBP/ZAR Movement 22.1568 21.7514 21.3460 20.9406 Yesterday, the South African rand marginally strengthened against the US dollar, despite US manufacturing activity unexpectedly contracting for November. In South Africa, the Barclays manufacturing PMI index for November fell unexpectedly to its lowest level since August 2009. Today, comments by the Fed Chief, Janet Yellen will be eyed for further indications about the rate outlook. In economic news, US ADP employment change data and weekly mortgage applications numbers will be eyed. The yield on benchmark government bonds were mixed yesterday. The yield on 2016 bond remained unchanged at 6.98% while that for the longer -dated 2026 issue rose to 8.60%. At 06:00 SAST, the US dollar is trading 0.1% lower against the South African rand at R14.4317, while the euro is trading 0.2% lower at R15.3262. Yesterday, the euro advanced against most of the major currencies, after the German unemployment rate for November fell to its all time low and as the eurozone s manufacturing activity had a tepid recovery for November. UK factory activity growth slowed more than forecast in November. In other news, UK banks passed the annual stress tests. Today, investor focus will be on eurozone s preliminary consumer price inflation data. At 06:00 SAST, the euro slipped 0.1% against the US dollar to trade at $1.0619, while it has marginally weakened against the British pound to trade at GBP0.7047. 7

Yield Corner % Closing Yield % Change on Day Yield % - 1M Ago South Africa CPI* 4.70 0.00 4.60 South Africa Repo Rate 6.25 0.00 6.00 JSE SA Listed Property Index 5.34 0.57 5.33 R159 (2016) (SA Bond) 6.98 0.00 6.70 R207 (2020) (SA Bond) 8.00 0.26 7.67 R186 (2026) (SA Bond) 8.60 0.37 8.33 US 10 Year Treasury 2.14-2.85 2.14 US 30 Year Treasury 2.90-2.37 2.92 Italian 10 Year Treasury 1.41-0.56 1.48 German 10 Year Treasury 0.47-1.06 0.52 * As on October 2015 South African Government Bond Yields 8.9% 8.3% 7.7% 7.1% 6.5% 5.9% Dec-14 Mar-15 Jun-15 Aug-15 Nov-15 R159 (2016) R186 (2026) JSE All Share Index - Major Gainers & Losers Lonmin PLC (66.00, -10.00, -13.2%) Ascension Properties Ltd (500.00, 267.00, 114.6%) Afrimat Ltd (2751.00, -279.00, -9.2%) Sibanye Gold Ltd (2031.00, 139.00, 7.4%) Accelerate Property Fund Ltd (610.00, -40.00, -6.2%) ArcelorMittal South Africa Ltd (610.00, 35.00, 6.1%) Trencor Ltd (3877.00, -253.00, -6.1%) Exxaro Resources Ltd (4759.00, 259.00, 5.8%) Fortress Income Fund Ltd (3800.00, -236.00, -5.9%) Northam Platinum Ltd (2340.00, 100.00, 4.5%) Invicta Holdings Ltd (5001.00, -299.00, -5.6%) Allied Electronics Corp Ltd (478.00, 18.00, 3.9%) Novus Holdings Ltd (1190.00, -60.00, -4.8%) Assore Ltd (6860.00, 235.00, 3.6%) MiX Telematics Ltd (277.00, -13.00, -4.5%) Montauk Holdings Ltd (1050.00, 35.00, 3.5%) Kumba Iron Ore Ltd (4299.00, -200.00, -4.5%) DataTec Ltd (5202.00, 162.00, 3.2%) Harmony Gold Mining Co Ltd (881.00, -41.00, -4.5%) Cashbuild Ltd (33400.00, 998.00, 3.1%) -126.1% -100.9% -75.7% -50.4% -25.2% 0.0% 25.2% 50.4% 75.7% 100.9% 126.1% Figures in bracket indicate (Last Close, Absolute Change, % Change) 8

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 87.98 London Stock Exchange 4.06 GBP 88.35-0.37 BHP Billiton Plc 175.31 London Stock Exchange 8.13 GBP 176.72-1.41 British American Tobacco Plc 838.75 London Stock Exchange 38.87 GBP 845.09-6.34 Capital & Counties Properties Plc 96.34 London Stock Exchange 4.41 GBP 95.98 0.36 Cie Financiere Richemont SA* 109.02 SIX Swiss Exchange 78.00 CHF 109.65-0.63 Intu Properties Plc 70.72 London Stock Exchange 3.28 GBP 71.32-0.60 Investec Plc 122.46 London Stock Exchange 5.71 GBP 124.05-1.59 Lonmin Plc 0.66 London Stock Exchange 0.01 GBP 0.28 0.38 Mondi Plc 335.61 London Stock Exchange 15.47 GBP 336.38-0.77 New Europe Property Investments Plc/Fund 166.00 London Stock Exchange 10.63 EUR 162.84 3.16 Old Mutual Plc 45.07 London Stock Exchange 2.09 GBP 45.40-0.33 Pan African Resources Plc 1.55 London Stock Exchange 0.07 GBP 1.58-0.03 Reinet Investments SCA* 30.53 Luxembourg Stock Exchange 19.32 EUR 29.61 0.92 SABMiller Plc 877.37 London Stock Exchange 40.52 GBP 881.08-3.71 AngloGold Ashanti Ltd 92.41 New York Stock Exchange 6.59 USD 95.10-2.69 DRDGOLD Ltd* 2.25 New York Stock Exchange 1.51 USD 2.18 0.07 Gold Fields Ltd 35.85 New York Stock Exchange 2.55 USD 36.80-0.95 Harmony Gold Mining Co Ltd 8.81 New York Stock Exchange 0.61 USD 8.80 0.01 Redefine International Plc/Isle of Man 11.50 London Stock Exchange 0.53 GBP 11.51-0.01 Glencore Xstrata Plc 20.79 London Stock Exchange 0.94 GBP 20.54 0.25 * Depositary Reciepts (DR) trade in the ratio of ten DRs to each Company share; Exchange Rate - USDZAR:14.4317, EURZAR:15.3262, GBPZAR:21.7443, CHFZAR:14.0578, Conversion rate as of 6:00 SAST 9

JSE All Share Stocks Hitting 52 Week High / Low Company Name Closing Price (R) 1D% Chg 52 Week High / Low Blue Label Telecoms Ltd 12.50 0.0% Hits 52 Week High Capital & Counties Properties Plc 96.34 1.2% Hits 52 Week High Investec Plc 122.46 0.4% Hits 52 Week High Mondi Ltd 336.00 2.2% Hits 52 Week High Mondi PLlc 335.61 1.2% Hits 52 Week High SABMiller Plc 877.37 0.2% Hits 52 Week High Super Group Ltd/South Africa 37.22-0.0% Hits 52 Week High Adcorp Holdings Ltd 21.60-0.9% Hits 52 Week Low Allied Electronics Corp Ltd 4.71-3.7% Hits 52 Week Low Alexander Forbes Group Holdings Ltd 6.35-3.1% Hits 52 Week Low Astral Foods Ltd 113.43-3.9% Hits 52 Week Low Attacq Ltd 20.28 0.0% Hits 52 Week Low Barclays Africa Group Ltd 157.70-0.7% Hits 52 Week Low Murray & Roberts Holdings Ltd 8.38-2.9% Hits 52 Week Low Coronation Fund Managers Ltd 59.86-1.5% Hits 52 Week Low Imperial Holdings Ltd 149.02-1.9% Hits 52 Week Low Netcare Ltd 35.64-1.0% Hits 52 Week Low Standard Bank Group Ltd 127.00-2.2% Hits 52 Week Low Trencor Ltd 38.77-6.1% Hits 52 Week Low 10

Economic Updates Bureau for Economic Research has reported that compared with a reading of 48.10 in the prior month, the manufacturing PMI registered an unexpected drop to 43.30 in November, in South Africa. The manufacturing PMI dropped to 52.70 in the UK, in November, compared with a revised level of 55.20 in the previous month. Market expectation was for the manufacturing PMI to drop to a level of 53.60. In 3Q15, the seasonally adjusted gross domestic product (GDP) in Switzerland remained steady on a quarterly basis, compared with an advance of 0.2% in the prior quarter. Market anticipation was for GDP to advance 0.2%. On a quarterly basis, the final GDP in Italy advanced 0.2% in 3Q15, meeting market expectations. In the previous quarter, the GDP had climbed 0.3%. The preliminary figures had also recorded an advance of 0.2%. Markit Economics has indicated that the final manufacturing PMI remained unchanged at 50.60 in France, in November, compared with market expectations of an advance to a level of 50.80. The preliminary figures had indicated a rise to 50.80. The final manufacturing PMI in Germany rose to a level of 52.90 in November, higher than market expectations of a rise to a level of 52.60. The preliminary figures had indicated an advance to 52.60. In the previous month, manufacturing PMI had recorded a level of 52.10. In November, the final manufacturing PMI climbed to 52.80 in the eurozone, at par with market expectations. The preliminary figures had also recorded an advance to 52.80. In the previous month, the manufacturing PMI had recorded a reading of 52.30. In October, the unemployment rate registered an unexpected drop to a level of 10.7% in the Eurozone, compared with a reading of 10.8% in the previous month. In the US, the ISM manufacturing activity index eased unexpectedly to a level of 48.60 in November. In the prior month, the ISM manufacturing activity index had recorded a level of 50.10. Annualized GDP registered a rise of 2.3% in Canada on a quarterly basis in 3Q15, in line with market expectations. Annualized GDP had fallen by a revised 0.3% in the prior quarter. On a quarterly basis, the seasonally adjusted GDP recorded a rise of 0.9% in Australia, in 3Q15, higher than market expectations for a rise of 0.8%. In the prior quarter, GDP had advanced by a revised 0.3%. Key Economic Releases Today Country SAST Economic Indicator Relevance Consensus/ *Actuals Previous/ **Previous Est. Frequency Japan 1:50 Monetary Base (YoY) (Nov) 32.5%* 32.5% Monthly Japan 1:50 Monetary Base (Nov) JPY343.70tn* JPY344.40tn Monthly UK 2:01 BRC Shop Price Index (YoY) (Nov) -2.1%* -1.8% Monthly US 3:00 Fed's Brainard Speaks on Lower Neutral Rates in Stanford CA - - - Japan 3:30 BOJ Iwata makes a speech in Okayama - - - Spain 10:00 Unemployment Change (Nov) -6.50k 82.30k Monthly UK 11:30 Markit Construction PMI (Nov) 58.50 58.80 Monthly Eurozone 12:00 Consumer Price Index - Core, Prelim (YoY) (Nov) 1.1% 1.1% Monthly Eurozone 12:00 Consumer Price Index, Prelim (YoY) (Nov) 0.2% 0.1% Monthly Eurozone 12:00 Producer Price Index (MoM) (Oct) -0.4% -0.3% Monthly Eurozone 12:00 Producer Price Index (YoY) (Oct) -3.2% -3.1% Monthly US 14:00 MBA Mortgage Applications (27-Nov) - -3.2% Weekly US 15:10 Fed's Lockhart Speaks on US Economy in Florida - - - US 15:15 ADP Employment Change (Nov) 190.00k 182.00k Monthly US 15:30 Non-Farm Productivity, Final (3Q) 2.2% 1.6%** Quarterly US 15:30 Unit Labour Costs, Final (3Q) 1.0% 1.4%** Quarterly US 16:45 ISM New York Index (Nov) 58.00 65.80 Monthly Canada 17:00 Bank of Canada Interest Rate Decision 0.5% 0.5% - Canada 17:00 Bank of Canada Rate Statement - - - US 18:00 Fed's Yellen Speaks to the Economic Club of Washington - - - US 21:00 Fed's Beige Book - - - US 22:40 Fed's Williams Delivers Outlook Speech in Portland, Oregon - - - Note: High Medium Low 11

Corporate Updates South Africa BHP Billiton Plc: The mining, metals and petroleum company announced its plans to lower copper unit costs to $1.08/pound in FY17, supporting strong cash margins. Further, the release of latent capacity across the portfolio will help annual copper production for the group increase to around 1.70mnt at very low cost. Exxaro Resources Limited: The energy company announced that Eskom has verbally confirmed that it would cease off-taking any coal from the Arnot Mine after 31 December 2015. Eskom being the owner of the mine s movable and immovable assets, would have to pay all costs related and incidental to the closure of the Arnot Mine. Exxaro is only a mining right holder and would therefore have to initiate appropriate activities occasioned by Eskom s decision. Famous Brands Limited: The retailer announced that its group Chief Executive (CE), Kevin Hedderwick, has decided to retire on 29 February 2016. After his retirement, he has agreed to work as the Strategic Advisor to the Group from 1 March 2016, for a 12-month period concluding in March 2017. Furthermore, the company revealed that Darren Hele, currently Chief Executive: Food Services, would be appointed as Group CE after the retirement of Kevin Hedderwick. Datatec Limited: The information and communications technology company announced that its subsidiary, Logicalis Group Limited, has bought 100.0% of the issued share capital of Thomas Duryea Consulting Pty Limited, an Australian ICT services and solutions provider. Murray & Roberts Holdings Limited: The construction company notified that the 19 people who were injured following the collapse of the pedestrian bridge construction support structure have been discharged from hospital. Two of the discharged persons are engaged in a rehabilitation programme. Moreover, a strict protocol has been established and implemented since the time of the incident and two board directors - Mahlape Sello and Royden Vice at the time of the incident have been excluded from discussions and documents relating to the support structure collapse incident. The company concluded stating that the investigation process is expected to last a few months due to its complexity. Allied Electronics Corporation Limited: The electronics accessories wholesaler announced that Mr RJ Abraham would retire as the executive director of Altron Group at the end of February 2016. Following his retirement, Mr A Holden would be appointed as Altron s operations executive: information technology. In the meantime, Mr Abraham would continue as the chief executive officer of Bytes Technology Group, while Mr Holden will remain the Altron executive: shared services until he assumes his new role on 1 March 2016. Petra and Ekapa to buy Kimberley retreatment operations from De Beers: London-listed Petra Diamonds and Ekapa Mining are jointly buying the Kimberley Mines tailings retreatment operations from De Beers for R102.00mn. Kumba faces further cutbacks as iron-ore prices bite: The pressure is mounting on Anglo American s South African iron-ore unit to make further cutbacks as the rout in prices for the steel-making ingredient accelerates. Toymaker VTech hit by largest ever hack targeting kids: A cyber attack on digital toymaker VTech Holdings Ltd exposed the data of 6.40mn children, the company said on Tuesday, in what experts called the largest known hack targeting youngsters. MTN FrontRow relaunched as VU: Video-on-demand platform FrontRow, launched earlier this by MTN in partnership with Discover Digital, has been rebranded as VU, effective 1 December, and has cut its prices to match the competition. Old Mutual exec takes reins at Lion of Africa: Following massive underwriting losses and suspected fraud in its claims and procurement departments, Lion of Africa Insurance has appointed Bongani Madikiza former MD of Old Mutual s Mass Foundation Cluster as CEO from January 2016. UK and US Ascena Retail Group Inc.: The retailer of women's clothing, in its 1Q16 results, stated that its net sales increased to $1.67bn from $1.19bn posted in the corresponding period of the previous year. Its adjusted diluted EPS rose 8.3% from the same period of the prior year to $0.36. For FY16, the company maintained its EPS guidance range of $0.75 to $0.80 after its 1Q16 earnings performance exceeded its expectations. KLX Inc.: The manufacturer of cabin products for passenger aircraft, in its 3Q15 results, revealed that its revenue declined 19.5% from the same period of the preceding year to $365.00mn, reflecting a fall in both Aerospace solutions group (ASG) revenue and Energy services group (ESG) revenue. Its adjusted diluted net EPS stood at $0.48, compared with $1.29 recorded in the corresponding period of last year. For FY15, the company expects ASG revenue to rise at single digit rate on constant currency basis. With respect to ESG business, the company anticipates utilization and pricing pressures to increase in the seasonally weaker 4Q15. Bob Evans Farms Inc.: The restaurant company, in its 2Q16 results, indicated that its net sales fell to $325.02mn from $333.28mn posted in the corresponding period of the previous year. However, its non-gaap diluted EPS advanced 13.9% from the same period of the prior year to $0.41. For FY16, the company reaffirmed its non-gaap diluted EPS guidance range of $1.85 to $2.00. Powell Industries Inc.: The company, in its FY15 results, indicated that its revenues advanced to $661.86mn from $647.81mn posted in the previous year. However, its non-gaap diluted EPS declined 20.4% from the prior year to $1.29. Given the company s backlogs and current business conditions, it currently expects FY16 revenue to be in the range of $520.00mn and $560.00mn and its adjusted diluted EPS between $0.65 and $1.05. 12

Corporate Updates Apigee Corporation: The company, in its 1Q16 results, stated that its revenue climbed 54.9% from the same period of the preceding year to $6.84mn. However, it reported a non-gaap net loss of $0.38/share, compared with non-gaap net loss of $0.63/share recorded in the corresponding period of the previous year. For FY16, the company expects total revenue to be in the range of $87.00mn to $92.00mn and non-gaap net loss between $1.30 and $1.35. Female Health Co.: The healthcare products manufacturer, in its FY15 results, revealed that its revenue rose to $32.60mn from $24.49mn posted in the previous year. Its operating income stood at $6.62mn, compared with $3.92mn recorded in the same period of the preceding year. The increase was due to higher net revenue and improved gross margins, partially offset by higher operating expenses. Its adjusted diluted EBITDA advanced 42.1% from the prior year to $0.27/share. Globus Maritime Limited: The drybulk shipping company, in its 3Q15 results, indicated that its net revenue declined 44.2% from the same period of the preceding year to $3.02mn. The decrease in revenue was mainly attributable to the drop in the average time charter rates achieved by its vessels compared with the same period a year ago. It reported a basic and diluted loss of $0.24/share, compared with EPS of $0.02 recorded in the corresponding period of the previous year. Northgate Plc: The vehicle rental company, in its 1H16 results, stated that its total revenue rose to GBP313.15mn from GBP304.95mn recorded in the same period of the prior year. However, its underlying diluted EPS declined 4.6% from the corresponding period of the preceding year to 26.70p. The company is on track to achieve its expected results, despite a mixed trading backdrop in 1H16 with some weakness in UK vehicles on hire. British American Tobacco Plc: The tobacco company announced that it has signed a vapour products technology-sharing agreement with RJ Reynolds Tobacco Company, a subsidiary of Reynolds American Inc. Diageo Plc: The alcoholic beverages company, along with Heineken NV and The Ohlthaver & list group of companies, the controlling shareholder of Namibia Breweries Limited (NBL) have completed the restructuring of their respective joint venture operations in South Africa and Namibia. Furthermore, it has received total net consideration of c. R2.50bn (c. GBP117.00mn) for the equity and debt positions that it has sold in Sedibeng, DHN and NBL. Merlin Entertainments Plc: The entertainment company, in its trading update for the 47 weeks ended 21 November 2015, stated that its trading performance since 17 September has been in line with estimates, with FY15 growth rate almost unchanged from that time. Meanwhile, tragic accident at Alton Towers came just ahead of the peak summer season and severely impacted visitor attendances, exacerbated by awful August weather in the UK. The company as a whole left its FY15 expectations largely unchanged, but stated that the results could still be impacted by peak trading in Australia and New Zealand which occurs around Christmas. Croda International Plc: The chemicals company announced that it has agreed to acquire Incotec Group BV, a innovative seed enhancement company, headquartered in Enkhuizen in the Netherlands for a total consideration of EUR155.00mn (GBP109.00mn) including debt, effective 4 December 2015. KAZ Minerals Plc: The copper mining company announced the production of its first copper cathode from oxide ore at the Aktogay project in the East of Kazakhstan. Also, its main growth project, Bozshakol, would start production of copper in concentrate in1q16 and the main sulphide concentrator at Aktogay will be commissioned in FY17. Finally, the company revealed that the conclusion of the Aktogay oxide project was a major step towards delivering industry leading growth through its copper mine portfolio. Petra Diamonds Limited: The diamond mining group announced that it has acquired a stake in the Kimberley Mines in South Africa from De Beers Consolidated Mines Proprietary Limited, in a consortium with Ekapa Mining Pty Limited, an established Kimberley-based diamond tailings producer. The transaction is worth R102.00mn (ca. $7.20mn). Financial Times CVC buys out Carlyle to take the wheel of RAC: The RAC has a new private equity owner after CVC, the European buyout group, bought out Carlyle s stake in the roadside recovery company. http://www.ft.com/intl/cms/s/0/fe08e570-9841-11e5-9228-87e603d47bdc.html#axzz3swwp4sf9 Monitise finance chief resigns from mobile payments group: Monitise, the British mobile payments group, continues to haemorrhage senior staff with its chief financial officer set to leave the company, following close on the heels two chief executives who departed this year. http://www.ft.com/intl/cms/s/0/46f67a8c-981e-11e5-95c7-d47aa298f769.html#axzz3swwp4sf9 Manchester City: Chinese investors pay $400.00mn for 13.0% stake: Chinese investors have made their first foray into English football, snapping up a 13.0% stake in the parent of Premier League leaders Manchester City just weeks after President Xi Jinping visited the club s academy. http://www.ft.com/intl/cms/s/0/feb69226-9803-11e5-95c7-d47aa298f769.html#axzz3swwp4sf9 Saudi Aramco in drive to buy locally made equipment: Saudi Arabia s oil company unveiled plans to ramp up the amount of goods and services it buys locally, in a move aimed at persuading foreign suppliers to help boost the kingdom s manufacturing. http://www.ft.com/intl/cms/s/0/2b9045ac-9828-11e5-9228-87e603d47bdc.html#axzz3swwp4sf9 13

Corporate Updates JPMorgan inks lending venture with OnDeck Capital: JPMorgan Chase is tying up with OnDeck Capital, one of the biggest of the specialist online lenders, in a blurring of the boundaries between the old and new worlds of finance. http://www.ft.com/intl/cms/s/0/fd561dca-984e-11e5-9228-87e603d47bdc.html#axzz3swwp4sf9 Zurich Insurance thrown into upheavel as Martin Senn quits: Zurich Insurance s leadership was thrown into confusion after its chief executive quit, forcing the Swiss insurer into a hurried hunt for an external replacement. http://www.ft.com/intl/cms/s/0/213f82fa-97f8-11e5-95c7-d47aa298f769.html#axzz3swwp4sf9 Volkswagen to recall 324,000 diesel cars in India: Volkswagen is planning to recall 324,000 diesel cars in India to remove devices linked to emissions cheating in other countries, marking the largest such exercise in the country s automotive history and a further blow for the German carmaker. http://www.ft.com/intl/cms/s/0/3bc79c6c-983d-11e5-95c7-d47aa298f769.html#axzz3swwp4sf9 Linde shares fall 14.0% on profit warning: Shares in Linde plunged 14.0% after the German industrial and medical gases company said it would miss its profit targets. http://www.ft.com/intl/cms/s/0/21bdaafa-9815-11e5-95c7-d47aa298f769.html#axzz3swwp4sf9 Nissan eyes raising stake in Renault to at least 25.0%: Nissan is eyeing raising its stake in Renault from 15.0% to at least 25.0%, to try and nullify the French government s growing influence over the industrial alliance between the two carmakers. http://www.ft.com/intl/cms/s/0/31daf8c4-9802-11e5-95c7-d47aa298f769.html#axzz3swwp4sf9 Facebook founder Mark Zuckerberg pledges $45.00bn giveaway: Mark Zuckerberg has pledged to give away 99.0% of his Facebook shares worth about $45.00bn during his lifetime, as he announced the birth of his first child. http://www.ft.com/intl/cms/s/0/c16f957e-9872-11e5-95c7-d47aa298f769.html#axzz3swwp4sf9 Drax: Jumped 12.4% to 253.10p after the European Commission said a plan by rival RWE to switch its Lynemouth plant from burning coal to wood pellets can qualify for a UK state subsidy, as it should not result in overcompensation or affect pellet prices. Lex: http://www.ft.com/intl/cms/s/0/c1315efc-9855-11e5-9228-87e603d47bdc.html#axzz3swwp4sf9 Linde: breathe deeply: Investors in Linde could do with them. After the market closed on Monday, the German industrial gases group, a major producer of oxygen, became possibly the first company in the world to issue a profit warning for 2017. Its shares fell heavily on Tuesday. http://www.ft.com/intl/cms/s/3/5d1a274a-9815-11e5-95c7-d47aa298f769.html#axzz3swwp4sf9 Zurich: Senn-t on his way: The departure of Zurich Insurance chief executive Martin Senn was met with a market shrug: the company s shares moved less than 1.0%. No celebration. No despair. The world gave a collective meh. Perhaps it was expected. Company bosses can survive profit warnings, but not the sort that force them out of an acquisition. The writing was on the wall the moment Mr Senn withdrew from a deal with RSA in September because of problems in his own general insurance business. http://www.ft.com/intl/cms/s/3/0aedb2b8-9831-11e5-95c7-d47aa298f769.html#axzz3swwp4sf9 Merlin: short on magic: Merlin Entertainments, which operates the theme park faces paying damages and the possible waste of an GBP18.00mn asset. Tuesday s trading update confirmed that such accidents can scare away custom for months. http://www.ft.com/intl/cms/s/3/b6f77d2c-9783-11e5-95c7-d47aa298f769.html#axzz3swwp4sf9 14

Key Corporate Releases Today South Africa Full Year Consensus Company Name Results Currency Estimated EPS Estimated Revenue (Millions) No major corporate releases today UK Full Year Consensus Company Name Results Currency Estimated EPS Estimated Revenue (Millions) Sage Group Plc FY15 GBP 0.25 1,390.00 Greene King Plc 1H16 GBP 0.64 2,080.00 Zoopla Property Group Plc FY15 GBP 0.08 105.68 Brewin Dolphin Holdings Plc FY15 GBP 0.17 288.51 Europe Full Year Consensus Company Name Results Currency Estimated EPS Estimated Revenue (Millions) No major corporate releases today US Full Year Consensus Company Name Results Currency Estimated EPS Estimated Revenue (Millions) Avago Technologies Limited 4Q $ 8.84 6,880.00 Synopsys Inc. 4Q $ 2.77 2,230.00 PVH Corp. 3Q $ 6.96 8,030.00 Verint Systems Inc. 3Q $ 3.46 1,200.00 G-III Apparel Group Limited 3Q $ 2.77 2,410.00 MTS Systems Corp. 4Q $ 3.04 565.77 Isle of Capri Casinos Inc. 2Q $ 1.25 1,010.00 Photronics Inc. 4Q $ 0.57 516.34 Bazaarvoice Inc. 2Q $ (0.11) 205.50 FRP Holdings Inc. 4Q $ - - ChinaCache International Holdings Limited 3Q $ 0.13 223.90 Pacific Sunwear Of California Inc. 3Q $ (0.40) 782.10 Note: All Estimates are for Full Year 15

South Africa Ex-Dividend Calendar Date Company Name Dividend Type Last Day to Trade Amount - Accelerate Property Fund Limited Income 4-Dec-15 R0.27 - Afrimat Limited Interim 4-Dec-15 R0.16 - Arrowhead Properties Limited (AWA) Interest on Capital 4-Dec-15 R0.19 - Arrowhead Properties Limited (AWB) Interest on Capital 4-Dec-15 R0.19 - Cartrack Holdings Limited Interim 4-Dec-15 R0.20 - Combined Motor Holdings Limited Interim 4-Dec-15 R0.47 - Holdsport Limited Interim 4-Dec-15 R1.20 - Hosken Consolidated Investments Limited Interim 4-Dec-15 R0.40 - Ingenuity Property Investments Limited Regular Cash 4-Dec-15 R0.04 - Investec Australia Property Fund Interim 4-Dec-15 R0.44 - Investec Limited Interim 4-Dec-15 R2.07 - Investec Plc Interim 4-Dec-15 GBP0.11 - Investec Property Fund Limited Interim 4-Dec-15 R0.60 - Life Healthcare Group Holdings Limited Final 4-Dec-15 R0.86 - Mr Price Group Limited Interim 4-Dec-15 R2.48 - Niveus Investments Limited Regular Cash 4-Dec-15 R0.07 - Pan African Resources Plc Regular Cash 4-Dec-15 GBP0.01 - Pick n Pay Holdings Limited Interim 4-Dec-15 R0.12 - Pick n Pay Stores Limited Interim 4-Dec-15 R0.24 - Rex Trueform Clothing Co Limited (RTN) Final 4-Dec-15 R0.61 - Rex Trueform Clothing Co Limited (RTO) Final 4-Dec-15 R0.61 - Safari Investments RSA Limited Interim 4-Dec-15 R0.34 - Synergy Income Fund Limited (SGA) Interim 4-Dec-15 R0.46 - Synergy Income Fund Limited (SGB) Interim 4-Dec-15 R0.32 - Tsogo Sun Holdings Limited Interim 4-Dec-15 R0.31 16

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