Independent Analysts/Research – Local/Foreign: DISCLAIMER ON EVERY PAGE

DISCLAIMER AT THE END

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This communication is produces by an analyst/strategist of Noah Capital Markets (Pty) Ltd.

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Analyst Certification:

Each of the analysts identified in this report certifies, with respect to the companies or securities that that individual analyses, that (1) the views expressed in this report reflect his or her personal views about all of the subject companies and securities; (2) all recommendations are fairly represented, in accordance with NOAH’sResearch Policy and as required by the FCA; and (3) no part of his or her compensation was, is or will be directly or indirectly dependent on the specific recommendations or views expressed in this report.

Analysts and strategists may be remunerated by a combination of base salary and discretionary bonuses, based on the profitability of the company.

Disclaimer:

This document/presentation has been prepared/issued by NOAH (Noah Capital Markets (Pty) Ltd, in South Africa, a member of the JSE Limited.

This document/presentation is issued by an analyst on behalf of NOAH to investment professionals and institutional investors only. The information and opinions expressed herein have been prepared in good faith from sources believed to be reliable, and supplied to NOAH. As such, its contents do not necessarily reflect the views of NOAH or any of its directors, officers or employees. Neither NOAH nor its associated companies accepts responsibility for the accuracy and completeness of the information herein, nor do they accept liability from any loss arising from the use hereof or make any representations as to its accuracy and completeness.

Any opinions forecasts or estimates herein constitute a judgment as at the date of this report. The information, recommendations and other materials presented in this document are provided for information purposes only and should not be considered as an offer or solicitation to buy or sell securities or financial instruments or products.

The contents of this document also constitute factual, objective and neutral research/analysis and, as such, doesnot amount to “advice” for purposes of the Financial Advisory and Intermediary Services Act, 2002. Where pricesof securities are mentioned, these are mid-market prices as at the close of business on the business day immediately preceding the date of the research.

A summary of our policies for managing conflicts and our research policy is available from our website at www.noahcap.com. This document is protected by copyright, is the property of NOAH and may contain information that is confidential and therefore must not be disseminated or reproduced in whole or in part without prior approval from NOAH and the relevant research analyst. Any use of graphs, text or other material from this report by the recipient must acknowledge NOAH as the source and requires advance authorisation.

NOAH, and any of its connected or affiliated companies or their directors or employees, may have a position in any of the securities which may be the subject of this report. A list of relevant investments is available on our website. Analysts are prohibited from dealing in the securities that they cover. Our policy governing personal trading is available from our website.

Neither this document, nor any copy of it may be taken or transmitted into any jurisdiction which may constitute a violation of relevant local securities laws.

Noah Capital Markets (Pty) Ltd is registered in South Africa (Co. Reg. 1998/022225/07) and its registered address is Block A Ground floor Kingsley office park 85 Protea road, Chislehurston Sandton 2192.

 

Market commentary/non-independent research – Local/Foreign

This document has been prepared/issued by NOAH- Noah Capital Markets (Pty) Ltd in South Africa, a member of the JSE Limited.

This document is not independent and should not be relied on as an impartial or objective assessment of its subject matter. Given the foregoing this document is deemed to be a marketing communication and as such has not been prepared in accordance with legal requirements designed to promote the independence of investment research. NOAH, or any connected or affiliated companies or their directors or employees are not subject to any prohibition on dealing ahead of dissemination of this document as it would be if it were independent investment research.

This document should not be construed as an offer or recommendation to buy or sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action or any other matter. The material in this report is based on information that we consider reliable and accurate at, and share prices are given as at close of business on, the date of this report but we do not warrant or represent (expressly or by implication) that it is accurate, complete, not misleading as to its fitness for the purpose intended and it should not be relied upon as such. Any opinion expressed (including estimates and forecasts) is given as of the date of this report and may be subject to change without notice.

This document is not addressed to or intended for distribution to Retail Clients (as defined by the Financial Conduct Authority). This message is intended for the addressee only and may contain confidential or privileged information. If you are not the intended recipient, please notify the sender immediately and any disclosure, copying to any person or any action taken or omitted to be taken in reliance on this document, is prohibited and may be unlawful. You must therefore delete this document. Internet communications may not be secure or error-free and may contain viruses. They may be subject to possible data corruption, accidental or deliberate.

NOAH, and any of its connected or affiliated companies or their directors or employees, may have a position in any of the securities. NOAH maintains a Conflict of Interest Policy which describes our organisational and administrative arrangements for the prevention and avoidance of conflicts of interest.

NOAH accepts no liability whatsoever for any direct, indirect or consequential loss or damage of any kind arising out of the use of or reliance upon all or any of this material howsoever arising, Investors should make their own investment decisions based upon their own financial objectives and financial resources and it should be noted that investment involves risk, including the risk of capital loss. This document is not intended nor should it be taken to create any legal relationship (contractual or otherwise).

This document may not (directly or indirectly) be reproduced, further distributed to any person or published, in whole or in part, for any purpose whatsoever without the express written permission of NOAH. Neither this document, not any copy of it, may be taken or transmitted into any jurisdiction which may constitute a violation of relevant local securities laws. Telephone calls may be recorded and email traffic data (including the content of emails) are monitored for the purposes of security and staff training.

Noah Capital Markets (Pty) Ltd is registered in South Africa (CO Reg. 1998/022225/07) and its registered address is Block A Ground floor Kingsley office park 85 Protea road, Chislehurston Sandton 2192.