Corporate and Investment

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This communication has been prepared by individual Global Markets Sales & Trading personnel or by a member of the Corporate and Investment Bank division of The Standard Bank of South Africa Limited Limited or its subsidiaries or its locally authorized affiliates (“Standard Bank”). It was not prepared by the Standard Bank Research Department. It is not investment research or a research recommendation, as it does not constitute substantive research or analysis.  Global Markets or Investment Banking Sales & Trading personnel are not Research Analysts and the information in this communication is not intended to constitute “Research” or “Research Recommendation” as those terms are defined by applicable regulations. Compensation of the Global Markets personnel includes consideration of the performance of the departments` activities. The views expressed herein may change without notice and may differ from those views expressed by other Standard Bank personnel.

You should assume the following: Standard Bank may be the issuer of, or may trade as principal in, the financial instruments referred to in this communication or other related financial instruments. Standard Bank may, from time to time, participate or invest in transactions with issuers of securities that participate in the markets referred to herein, perform services for or solicit business from such issuers, and/or have a position or effect transactions in the securities or derivatives thereof. To receive a copy of the most recent Standard Bank research on any covered company mentioned please contact your sales representative or go to

The author of this communication may have discussed the information contained herein with others within Standard Bank and the author and such other Standard Bank personnel may have already acted on the basis of this information (including by trading for Standard Bank proprietary accounts or communicating the information contained hereinto other customers of Standard Bank). Standard Bank performs or seeks to perform investment banking and other services for the issuer of any such financial instruments and may have acted as a manager or co-manager of a public offering of any company mentioned in this communication. Standard Bank may make a market in the securities noted herein and/or may actively trade these securities for its customers and for its own account. Accordingly Standard Bank may have a long or short position in the financial instruments referred to herein, and furthermore may have acquired such positions at prices and market conditions that are no longer available, and may interest different or adverse to your interests.  

This communication is provided for information and discussion purposes only and may not be relied upon by any recipient. It does not constitute investment advice or an offer or solicitation to purchase or sell any financial instruments. The information contained in this communication is based on generally available information and, although obtained from sources believed by Standard Bank to be reliable, its accuracy and completeness is not guaranteed. Certain personnel or business areas of Standard Bank may have access to or have acquired material non-public information that may have an impact (positive or negative) on the information contained herein.

This communication is not intended to forecast or predict future events. Past performance is not a guarantee or indication of future results. Financial instruments denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Any price indications provided herein (other those that are identified as being historical) are indicative only and do not represent firm quotes as to their prize or size. Such indications (if any) are not intended as solicitation with respect to the purchase or sale of any security and are subject to change at any time without notice. Nothing herein shall form the basis of or be relied upon in connection with any contract or commitment or whatsoever. No liability is accepted by Standard Bank nor any other person for any loss (howsoever arising and whether direct, indirect or consequential) that may arise from use of the information contained herein or otherwise arising in connection herewith.

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