This communication has been compiled by the Markets sales team within FirstRand Limited (acting through its Rand Merchant Bank division) (“FirstRand”). Whilst all care has been taken by FirstRand in the preparation of the opinions and forecasts and provision of the information contained in this report, FirstRand does not make any representations or give any warranties as to their correctness, accuracy or completeness; nor does FirstRand assume liability for any losses arising from errors or omissions in the opinions, forecasts or information, irrespective of whether there has been any negligence by FirstRand, its affiliates or any officers or employees of FirstRand and whether such losses be direct or consequential. Nothing contained in this communication is to be construed as guidance, a proposal or a recommendation or advice to enter into, or to refrain from entering into, any transaction or an offer to buy or sell any financial instrument, or otherwise.

While the content in this communication may contain trade recommendations, it has not been independently created and may be viewed as marketing communication. It has further not been prepared in terms of the legal requirements promoting the standard of independent research.

This communication is compiled specifically for use by FirstRand’s clients and not for the public. This communication is the intellectual property of FirstRand. Irrespective of whether you are the intended recipient or not, you may not copy, distribute, publish, rely on or otherwise use anything contained herein without our prior written consent. Some of our communications may contain information that could be a criminal offence for you to disclose or use without permission. If you have received this communication in error, please notify us immediately at GlobalMarketsCompliance@rmb.co.za and destroy all electronic and paper copies. Mis-transmission is not intended to waive confidentiality or privilege.

This communication is not intended, nor should it be taken, to create any legal relations or contractual relationships.

FirstRand is an Authorised Financial Services Provider and is authorised and regulated by the Prudential Authority under South African law. In the United Kingdom, FirstRand Bank Limited acting through its London branch is authorised by the Prudential Regulation Authority (“PRA”) and is subject to regulation by the Financial Conduct Authority (FRN 476154) and limited regulation by the PRA. Details on the extent of FirstRand Bank Limited’s regulation by the PRA are available on request at GlobalMarketsCompliance@rmb.co.za.

RMB is a leading African Corporate and Investment Bank.