Thursday | 07 May 2020 [email protected] https://www.sasfin.com/wealth/ +27 11 809 7500 South African Overview JSE All Share Index | 2019 v 2020 JSE All Share Index | Intraday 65000 50000

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35000 48500 01 Jan 01 Feb 01 Mar 01 Apr 01 May 01 Jun 01 Jul 01 Aug 01 Sep 01 Oct 01 Nov 01 Dec 09:00 11:00 13:00 15:00 09:00 11:00 13:00 15:00 2019 2020 Corporate Releases Equity Headlines Key Local Indices Selected Announcements The JSE surged on Wednesday as it tracked its Asian peers’ strong performances Index Last Previous 1d % 1m % ytd % NEPI Rockcastle - NRP – Update earlier in the day. This surge was despite disappointing local economic data in the All Share 49832 49184 1,3 7,8 -12,7 The property REIT provided shareholders with an update on Wednesday regarding form of the PMI reading for April which fell to 35.1 from a prior Top 40 45953 45210 1,6 8,0 -9,6 the impact of COVID-19 on its operations. Like many others, the local authorities in recording of 44.5. Gains on the local bourse were on the back of advances in both Resource 10 44304 42924 3,2 14,0 -10,1 the resources and industrials indices, as they added 3.22% and 1.45% respectively. the nine Central and Eastern European countries where the group operates, Industrial 25 70969 69958 1,4 6,1 2,4 Financials dropped 1.43%, while retailers retreated on the back of the weaker rand implemented lockdowns. As on 6 May tenants representing 43% of the Group’s Financial 15 9798 9940 -1,4 1,4 -37,5 as The Foschini Group shed 6.95% to close at R66.98. In fixed income, the yield on GLA are open. The property owner said the first trading indications in Lithuania and Gold 4547 4426 2,7 36,2 60,0 government paper due in 2030 rose 2.5 basis points to 9.78%. Poland are positive, with footfall increasing. The group managed to collect 90% of Property 229 231 -0,8 6,2 -48,5 the rent and other charges invoiced for Q1 2020. The Group is “committed to its Mid Cap 52215 52549 -0,6 5,0 -32,7 prudent financial policy, focused on a conservative gearing level (32% as at Small Cap 32651 32883 -0,7 5,8 -29,0 December 2019) and robust liquidity”, they said in a statement. Best & Worst 1-Day Percentage Performances Australia – IAP – Results Best Performers Code Last(ZAR) 1d % 1m % ytd % Worst Performers Code Last(ZAR) 1d % 1m % ytd % The fund which is listed on the JSE and ASX, has a portfolio consisting of 30 Rebosis Prop. Fund REB 28 7,7 55,6 -12,5 Hosken HCI 1938 -11,9 -33,3 -78,7 properties valued at AUD 1.09Bn, and reported their full-year numbers, providing Super Group SPG 1541 6,6 31,7 -45,8 Harmony HAR 6450 -9,0 49,2 26,0 property investors with some relief. Group revenue improved by 12.9% to AUD Anglo Platinum AMS 101785 5,7 16,0 -22,1 Brait SA BAT 350 -7,9 14,8 -74,8 101.1 million from AUD 89.5 million, while operating profit increased to AUD Coronation Fund Man. CML 3790 4,8 19,0 -5,1 Hammerson plc HMN 1250 -7,9 -3,1 -77,9 $66.1million. However, the distribution per share (DPS) fell by 7% to AUD 9.09 Echo Polska Prop N.V. EPP 618 4,7 -4,6 -64,0 Foschini TFG 6698 -6,9 -3,9 -55,2 cents. CEO Graeme Katz: “As a result of the initiatives we undertook during the period, the fund’s gearing has reduced from 37.4% to 22.2%, the weighted average 52-Week Highs (or close to) 52-Week Lows (or close to) debt expiry has been extended from 3.6 years to 7.4 years and our all-in funding Company Code Last(ZAR) 1d % 52w High % to High Company Code Last(ZAR) 1d % 52w Low % to Low cost has reduced to 3.05." Aspen APN 12958 2,8 12984 -0,2 Hosken HCI 1938 -11,9 1930 0,4 Naspers NPN 292446 2,0 298898 -2,2 Reunert RLO 3621 -4,7 3562 1,7 Harmony – HAR – Update British American Tob. BTI 69573 1,9 73124 -4,9 Vukile VKE 492 -3,1 481 2,3 The gold miner released their operational update for the 9 months ended 31 March Mondi Plc MNP 31344 2,5 33362 -6,0 Hammerson plc HMN 1250 -7,9 1187 5,3 2020, which saw total gold production decrease by 8.5% to 30 814 kg or 990,691 Expected Corporate Releases Dividend Data Last date to trade 12 May ounces. The lower production was due to the nationwide lockdown in SA and load- shedding by Eskom earlier in the quarter. The miner saw operating free cash flow Company Code Expected Release Est. EPS Date Company Code Dividend Payment Date margin improve from 6% to 13%, as the group benefitted from a 21.6% jump in the Oceana Group OCE Interim --- 07 May PSG PSG 75 ZARc 18 May average rand gold price. However, the group surprised the market with the Value VLE Interim --- 08 May Vivo Energy Plc VVO 2.646 USDc 08 Jun announcement they will issue $200m (R3.7Bn) worth of shares to fund its Sappi SAP Interim --- 11 May purchases of assets from AngloGold, many market participants expected it to be Life Healthcare LHC Interim --- 11 May funded from the balance sheet. Vodacom VOD Final --- 13 May

Please refer to the bottom of the last page for the full disclaimer Page 1 Thursday | 07 May 2020 [email protected] https://www.sasfin.com/wealth/ +27 11 809 7500 Global Overview Economic Releases Corporate Releases Yday Area Event Period Actual Exp. Prev. Selected Announcements 10:00 EUR Final Services PMI Apr 10.8 11.7 11.7 Shopify – US – SHOP:US – Results CVS Health – US – CVS:US – Results 10:30 GBP Construction PMI Apr 8.2 21.5 39.3 Canadian based e-commerce group, Shopify, surprised Wall Street by posting an The health-care and drugstore chain, CVS Health, were able to keep their stores 11:00 EUR Retail Sales m/m Apr -11.2 -11.2% 0.9% adjusted profit for the first-quarter of the year, as they benefitted from the rush to open as an essential retailer during the pandemic. This led to a surge in sales in Q1 14:15 USD Non-Farm Employment Change Apr -20236K -20500K -27K online services due to the coronavirus lockdowns across the globe. The online as consumers rushed to get prescriptions and other essentials during the lockdown. Today Area Event Period Exp. Prev. platform reported a net loss of $31.4 million, or 27 cents, compared with a loss of The group reported adjusted EPS of $1.91 topping Wall Street’s estimates of $1.63, $24.2 million, or 22 cents in the previous period, however when adjusted for special while revenue for the quarter jumped 8.3% to $66.8Bn compared to $61.6 billion for 8:00am GBP Official Bank Rate --- 0.10% 0.10% items, the earning is 19 cents a share with analysts expecting an adjusted loss of the same period last year, also ahead of analysts’ view of $64.01Bn. CEO Larry 10:00am EUR German Buba President Weidmann Speaks ------19 cents. Revenue jumped to $470 million from $320.5 million, while estimates Merlo “I will say that the nature of our business is to a degree recession-resistant, 2:30pm USD Unemployment Claims --- 3000K 3839K from Wall Street was at $443.2 million. Gross merchandise volume (GMV), a key but I wouldn’t describe us as recession-proof.” The group also opened drive-thru 4:00pm EUR ECB President Lagarde Speaks ------metric used in the e-commerce stocks surged 46% to $17.4Bn, beating estimates coronavirus testing locations and plans to establish nearly a 1,000 sites by the end 9:00pm USD Consumer Credit m/m Apr 14.9B 22.3B of $16.58 billion. New stores created on the company’s online platform increased by of May and perform up to 1.5 million tests per month. 10:00pm USD FOMC Member Harker Speaks ------62% between March 13 and April 24, as many traditional brick-and-mortar 10-Year Bond Yields Basis Point Change businesses attempted to migrate online, although one will have to see if they will Corporate Calendar generate sales in the long-term, the group said in the statement. Region Yield % 1d Chg 1m Chg 1y Chg Company Area QTR End Est. EPS Prev. EPS Date SA 9,78 3 -118 118 Anheuser-Busch Inbev US Mar '20 -0,18 1,27 07 May US 0,68 2 1 --- Uber US 20 Mar -0,79 -2,26 07 May UK 0,23 2 -10 -99 Monster US 20 Mar 0,48 0,48 07 May Germany -0,51 7 -8 -51 Motorola US 20 Mar 1,11 1,16 07 May Japan -0,02 2 -2 --- ArcelorMittal US 20 Mar 0,05 0,53 07 May American Headlines Asian Headlines European Headlines US markets closed mixed, with the Dow off 218.45 points, as investors pored over Asian stocks pared losses and US futures pushed higher this morning as investors European stocks closed lower on Wednesday as investors reacted to falling oil data showing a collapse in private-sector employment in April and weighed the digested a surprise rise in China’s exports amid mixed global economic data. prices, efforts to lift lockdown measures and fresh economic data. The pan- easing of lockdowns imposed by the coronavirus pandemic. Labor-market data China’s exports unexpectedly rose in April even as the coronavirus pandemic European Stoxx 600 closed down by around 0.4%, with oil and gas stocks leading released Wednesday from payment processor Automatic Data Processing Inc. damaged global demand. Exports rose 3.5% in dollar terms in April from a year the losses. The sector was down by 3.5%. Data released Wednesday showed that showed private-sector employers shed more than 20 million jobs in April. The earlier, beating economists’ forecasts that they would shrink by 11%. Imports fell. euro zone business activity collapsed to record lows last month, almost grinding to private-sector employment number comes a day before the weekly US jobless Japanese shares stayed lower as traders in Tokyo returned from holidays, while a halt on the back of government-enforced lockdowns to stem the spread of the claims report and ahead of Friday’s more closely followed monthly nonfarm-payrolls South Korean shares fluctuated and Hong Kong stocks slipped. Australia’s coronavirus. On the corporate earnings front, BMW on Wednesday posted a 133% report. St. Louis Federal Reserve President James Bullard told CNBC in an S&P/ASX 200 Index traded 0.3% lower, while The Shanghai Composite fell 0.1% rise in first-quarter operating profit, owing to the absence of a one-off provision in interview that Friday’s report would be “one of the worst ever.” and Hong Kong’s Hang Seng Index dropped 0.4%. the same period of last year.

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Index Close Previous 1d % 1m % ytd % Index Last Traded % Chg Close 1d % 1m % ytd % Index Close Previous 1d % 1m % ytd % Dow Jones 23665 23883 -0,9 4,3 -17,1 Nikkei 225 19706 0,4 19619 0,0 5,6 -17,1 FTSE 5854 5849 0,1 4,9 -22,4 S&P 500 2848 2868 -0,7 6,9 -11,8 Hang Seng 24005 -0,5 24137 1,1 1,6 -14,4 DAX 30 10606 10729 -1,1 5,3 -19,9 Nasdaq 8854 8809 0,5 11,9 -1,3 Shanghai 2878 0,0 2878 0,6 4,1 -5,6 CAC 40 4433 4483 -1,1 2,0 -25,8 Please refer to the bottom of the last page for the full disclaimer Page 2 Thursday | 07 May 2020 [email protected] https://www.sasfin.com/wealth/ +27 11 809 7500 Currencies Currency Headlines USDZAR Currency Pairs | Performance Comparison 20,0 27 21 The rand weakened against the dollar in afternoon trade on Wednesday, with market sentiment bruised by indicators painting a bleak outlook for the economy 19,0 26 20,5 both at home and globally amid the coronavirus crisis. The local currency closed 18,0 25 20 the session at the R18.73 mark and was trading firmer this morning at R18.66. The 17,0 safe-haven yen flirted with a seven-week high against the dollar this morning as 24 19,5 investors limited their exposure to riskier assets amid dire global economic data, 16,0 23 19 rising trade tensions and concerns over the euro zone. The risk-averse mood 15,0 undermined emerging market currencies. 22 18,5 14,0 21 18 13,0 08 May 08 Jul 08 Sep 08 Nov 08 Jan 08 Mar 20 17,5

Pairs Performances Last Updated : 07:05 Cross Rates 19 17 Pair Last Traded % Chg Close 1d % 1m % ytd % Item USD EUR GBP JPY ZAR CHF 18 16,5 USDZAR 18,658 -0,4 18,732 1,2 0,3 33,8 USD ---- 1,080 1,234 0,009 0,053 1,026 17 16 GBPZAR 22,996 -0,6 23,125 0,5 1,3 24,6 EUR 0,926 ---- 1,143 0,009 0,049 0,950 16 15,5 EURZAR 20,147 -0,4 20,226 0,8 0,4 28,9 GBP 0,810 0,875 ---- 0,008 0,043 0,831 AUDZAR 11,971 -0,2 11,999 0,8 5,6 22,1 JPY 106,111 114,556 130,924 ---- 5,665 108,845 15 15 EURUSD 1,080 0,0 1,080 -0,4 0,0 -3,7 ZAR 18,727 20,243 23,116 0,177 ---- 19,219 09 May 09 Jul 09 Sep 09 Nov 09 Jan 09 Mar USDJPY 106,237 0,1 106,109 -0,4 -2,9 -2,4 CHF 0,975 1,052 1,203 0,009 0,052 ---- GBPZAR (Left) EURZAR (Right) Commodities Commodity Headlines Brent Crude Gold Spot vs. Platinum 80 1150 Oil prices slid yesterday as investor hopes for a pickup in global business activity were dashed by downbeat economic data and a rise in US crude stockpiles to three- 1750 70 year highs, highlighting low fuel demand. Brent crude shed 6.13% to close at 1050 $29.27, while WTI crude dropped 6.44% to $25.39. Gold prices settled 0.78% lower 1650 on Wednesday as the US dollar strengthened and the reopening of some 60 economies around the world reduced the need for safe haven bullion. As it stands, 950 1550 gold continues to hover around the $1,700 mark, which seems to be a significant 50 technical level. The precious metal was trading 0.43% higher this morning, while 850 Brent crude was mostly flat. 1450 40

750 30 1350 Commodity Performances Last Updated : 07:05 650 Item Last Traded % Chg Close 1d % 1m % ytd % 20 1250 Gold ($/oz) 1691,5 0,0 1692,3 -0,8 2,0 11,6 Platinum ($/oz) 759,0 -0,2 760,3 -0,5 2,8 -21,1 10 1150 550 Silver ($/oz) 15,0 0,0 15,0 0,2 -0,2 -16,1 09 May 09 Jul 09 Sep 09 Nov 09 Jan 09 Mar 09 May 09 Jul 09 Sep 09 Nov 09 Jan 09 Mar Brent ($/bbl) 29,9 0,5 29,7 -6,1 -10,6 -55,0 Gold Spot (Left) Platinum (Right) Sasfin Funds (2-Day Delay) Fund Close ytd % 3y % Fund Close ytd % 3y % Fund Close ytd % 3y % Sasfin BCI Prudential Fund (A1) 1,78 -4,0 4,2 Sasfin BCI Balanced Fund (A) 1,21 -2,6 5,3 Sasfin BCI Stable Fund (A) 1,10 -3,8 5,0 Sasfin BCI Equity Fund (A) 3,15 -3,8 -0,8 Sasfin BCI Flexible Income Fund (A) 0,99 -1,4 9,2 Sasfin BCI Optimal Income A 1,03 1,2 5,5

Please refer to the bottom of the last page for the full disclaimer Page 3 Thursday | 07 May 2020 [email protected] https://www.sasfin.com/wealth/ +27 11 809 7500 South African Top 40 Previous 1m % 3m % 6m % 1y % 3y % 52-Week 52-Week Market Cap Dividend Company Code Sector Last (ZAR) (ZAR) 1d % (Rolling) (Rolling) ytd % (Rolling) (Rolling) (Rolling) High (ZAR) Low (ZAR) (Bn) P/E Ratio Yield ABG Financials 8463 8629 -1,9 2,0 -42,6 -43,3 -47,7 -49,8 -41,4 18272 6330 77,4 6,3 12,3 Anglo American Plat Ltd AMS Materials 101785 96268 5,7 16,0 -14,8 -22,1 -13,6 36,6 223,6 142379 1900 263,4 10,3 2,8 Anglo American plc AGL Materials 32109 31479 2,0 7,4 -19,7 -19,5 -18,7 -13,1 79,0 42665 20413 448,6 9,7 6,5 Anglogold Ashanti Ltd ANG Materials 47617 45509 4,6 33,2 65,6 50,4 62,9 183,4 216,4 52414 16001 193,5 12,0 0,4 Aspen Pharmacare Hldgs Ltd APN Health Care 12958 12601 2,8 33,6 7,0 8,7 18,2 19,9 -53,1 12984 6407 52,8 8,5 0,0 BHP Group Plc BHP Materials 31177 29977 4,0 5,4 -5,5 -5,5 -7,5 -6,5 56,9 36900 19505 655,7 8,8 8,7 BID Corporation Ltd BID Consumer Staples 24000 23900 0,4 5,5 -27,4 -27,3 -32,3 -20,5 -17,0 35799 17103 81,1 20,6 2,7 Bidvest Ltd BVT Industrials 14568 14623 -0,4 3,6 -32,8 -28,9 -33,2 -33,8 -12,9 22617 12639 51,2 14,7 4,0 British American Tob plc BTI Consumer Staples 69573 68273 1,9 2,5 4,3 16,5 28,3 27,1 -24,8 73124 49111 1739,3 8,6 7,0 Hldgs Ltd CPI Financials 86171 88672 -2,8 -15,8 -38,0 -40,4 -39,6 -36,5 12,5 149756 53986 104,3 18,3 2,1 Clicks Group Ltd CLS Consumer Staples 22574 22238 1,5 -16,0 -10,7 -12,0 -11,4 11,5 70,4 27467 17938 57,4 30,9 1,9 Compagnie Fin Richemont CFR Consumer Discretionary 10293 10068 2,2 3,0 -9,1 -6,0 -13,1 -0,7 -11,3 12545 7919 543,8 23,3 3,6 Discovery Ltd DSY Financials 9489 9441 0,5 13,1 -22,5 -21,3 -27,8 -35,7 -28,1 15585 5450 63,9 12,2 2,2 Firstrand Ltd FSR Financials 3940 4006 -1,6 1,8 -35,1 -37,3 -42,9 -42,9 -18,2 7179 3113 227,0 9,1 7,4 Gold Fields Ltd GFI Consumer Discretionary 14695 14210 3,4 38,1 54,9 53,3 76,2 168,4 241,0 16050 5083 125,3 14,4 1,1 Growthpoint Prop Ltd GRT Materials 1317 1324 -0,5 18,4 -36,8 -40,4 -41,2 -47,5 -48,5 2500 950 42,1 6,4 7,6 Impala Platinum Hlgs Ltd IMP Real Estate 10543 10299 2,4 21,2 -27,3 -26,5 -2,4 75,2 154,7 17750 4476 89,7 6,5 0,0 Investec Ltd INL Materials 3633 3753 -3,2 4,8 -16,1 -12,4 -18,2 -21,7 -27,4 6133 2575 12,2 2,7 5,5 Investec plc INP Financials 3561 3668 -2,9 6,1 -16,5 -13,1 -19,3 -22,9 -28,4 4990 2518 26,3 3,1 15,0 Mondi plc MNP Financials 31344 30579 2,5 7,7 -2,1 -3,9 -3,0 -1,7 -12,1 33362 23015 160,2 13,7 1,7 Mr Price Group Ltd MRP Materials 13030 13000 0,2 10,5 -25,4 -28,6 -21,1 -41,6 -11,4 22101 9820 33,9 12,7 5,6 MTN Group Ltd MTN Consumer Discretionary 4957 5105 -2,9 -4,1 -39,6 -39,9 -49,1 -52,2 -57,5 11445 2625 91,6 7,3 11,3 MultiChoice Group Ltd MCG Communication Services 8517 8653 -1,6 -5,4 -19,7 -26,9 -31,5 -34,0 --- 13849 7228 38,6 13,1 0,0 Naspers Ltd -N- NPN Communication Services 292446 286600 2,0 11,7 11,6 27,7 33,1 23,4 76,5 298898 184380 1262,5 23,7 0,2 Group Ltd NED Consumer Discretionary 9639 9926 -2,9 5,3 -53,0 -55,0 -60,2 -64,8 -55,4 28081 6730 53,8 6,0 13,2 NEPI Rockcastle Plc NRP Financials 8108 8133 -0,3 3,4 -35,2 -34,5 -37,1 -34,2 --- 13971 5204 48,0 6,6 13,0 Northam Platinum Ltd NHM Real Estate 8616 8505 1,3 13,4 -32,1 -30,3 -19,5 43,2 89,4 14996 4988 47,1 9,4 0,0 Old Mutual Limited OMU Financials 1276 1265 0,9 18,1 -27,8 -35,1 -37,8 -46,9 --- 2349 924 63,2 9,5 8,9 Prosus N.V. PRX Consumer Discretionary 140852 137731 2,3 12,3 23,6 33,6 36,2 ------141739 834 2235,9 31,6 0,0 Redefine Properties Ltd RDF Real Estate 199 204 -2,5 -6,6 -72,4 -73,7 -75,3 -80,4 -81,7 1015 139 13,2 2,3 21,2 Reinet Investments S.C.A RNI Financials 29542 29554 0,0 -0,5 -11,7 6,5 5,1 21,2 -8,3 34800 22301 58,1 0,0 1,4 Remgro Ltd REM Financials 13988 13900 0,6 6,8 -26,5 -28,3 -22,3 -28,9 -35,3 20215 10155 72,5 11,1 4,1 RMB Holdings Ltd RMH Financials 5195 5285 -1,7 2,6 -33,1 -35,4 -36,6 -39,2 -13,8 8787 3957 74,8 8,5 3,7 Sanlam Limited SLM Materials 5719 5742 -0,4 1,7 -24,3 -27,7 -31,8 -28,1 -17,7 8474 3850 138,9 14,0 5,6 Sasol Limited SOL Consumer Staples 8438 8072 4,5 80,9 -65,0 -72,2 -71,2 -81,4 -79,4 45172 2077 54,6 15,1 15,8 Shoprite Holdings Ltd SHP Materials 10720 10644 0,7 -16,0 -11,0 -14,9 -24,2 -41,0 -47,2 18095 9501 63,4 16,3 3,0 Sibanye Stillwater Ltd SSW Consumer Staples 3545 3564 -0,5 39,4 -4,8 -1,2 27,4 174,0 36,1 5155 1106 101,0 4,2 0,0 Spar Group Ltd SPP Consumer Staples 18404 18084 1,8 0,6 -4,1 -6,8 -10,5 -8,1 2,0 21622 14225 34,1 15,0 4,5 Standard Bank Group Ltd SBK Financials 9555 9945 -3,9 -9,4 -43,0 -43,2 -47,1 -52,8 -34,6 21022 8464 165,4 7,9 9,7 Vodacom Group Ltd VOD Communication Services 12174 12342 -1,4 1,7 2,3 5,6 -10,3 2,0 -19,9 13729 9070 226,2 12,7 6,3 Woolworths Holdings Ltd WHL Consumer Discretionary 2799 2837 -1,3 -3,3 -37,9 -42,4 -53,6 -43,7 -60,8 6151 2401 32,0 15,3 6,1

Disclaimer Page 4 The information contained in this communication is for information purposes only and does not constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. Terms, conditions and values contained herein are indicative only and subject to negotiation and change. This material does not constitute an offer, advertisement or solicitation for investment, financial or banking services. The material has no regard to the specific investment objectives, financial situation or particular needs of any specific person. The material is based upon information considered reliable, but the parties do not represent that it is accurate or complete or that is can be relied upon as such. All illustrations, forecasts or hypothetical data are for illustrative purposes only and are not guaranteed. Sasfin Wealth accept no liability whatsoever, whether direct, indirect or consequential for any loss or damage of any kind arising out of the use of all or any part of this material and any reader or prospective is urged to be aware of all the risks involved in dealing with any financial product and the need to specifically consult with a professional adviser before making any decision or taking any action. Sasfin Wealth, a division of the Sasfin Bank Group of Companies include Sasfin Securities (Pty) Ltd, 1996/005886/07, a member of the JSE and a registered Credit Provider NCRCP 2139; Sasfin Asset Managers (Pty) Ltd, 2002/003307/07 an authorised provider FSP No. 21664 and Sasfin Financial Advisory Services (Pty) Ltd, 1997/010819/07 an authorised financial services provider FSP No. 5711.