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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.

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