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SBG Sec is authorised to provide financial services on the following products:

Category I: Shares, Money Market Instruments, Debentures and Securitised Debt, Warrants, Certificates and other Instruments, Bonds, Derivatives Instruments, Participatory Interest in Collective Investment Schemes, Deposits exceeding 12 months, Deposits 12 months or less.

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The compliance officers contact details: Ruth Morienyane

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Email: Ruth.Morienyane@standardbank.co.za


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Disclaimer with respect to this Site

This material and any publications on this website (“Site”) have been prepared solely for information purposes by SBG Securities Proprietary Limited (“SBG Sec”) and accordingly do not constitute an offer, a solicitation of an offer, invitation to acquire any security or to enter into any agreement, or any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise) and must not be deemed as such.

Whilst SBG Sec has taken care to ensure that the content and services on this Site are accurate, it does not warrant that the Site, any tools such as calculators, software, information, content or other services will be error-free or will meet any particular criteria of accuracy, completeness, reliability, performance or quality and expressly disclaim all such implied warranties. Whilst all reasonable precautions have been taken SBG Sec does not warrant that this Site or any downloads via this Site are free from viruses or destructive code. SBG Sec and any of its affiliates, shareholders, agents, consultants, directors, officers or employees are not liable for any damages whatsoever relating to your use of this Site or the services offered or information made available on this Site or your inability to use this Site or any of the information or services.

The views on the Site, unless expressed to the contrary, are the opinion of a trader or sales person only and do not necessarily do not reflect the official views of SBG Sec, nor should such views be considered as investment advice. It is not to be regarded as a “Research Report” under SEC rules or “Investment Research” as defined by FSA rules as it has not been prepared in accordance with legal requirements to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Without derogating from the generality of the above, SBG Sec and/or any of its affiliate will not be liable for:

  • any delay by SBG Sec in the display of the information on the Site, including without limitation any information received from the JSE Limited or any relevant exchange(s) or any third party, irrespective of whether such information is indicated by SBG Sec to be available on a live basis;
  • any interruption, malfunction, downtime or other failure of the Site, or any of its components, for whatever reason;
  • any loss or damage arising from your orders, investment decisions, purchases or disposal of goods and services, including financial instrument(s) or currency, from third parties, based on the information provided on the Site;
  • any loss or damage with regard to your data or other data directly and/or indirectly caused by a malfunction of the Site, third party systems, power failures, unlawful access to or theft of data, computer viruses or destructive code on the Site or third party systems, programming defects or negligence on SBG Sec’s part;
  • any interruption, malfunction, downtime or other failure of goods or services provided by third parties, including, without limitation, third party systems such as the public switched telecommunication service providers, internet service providers, electricity suppliers, local authorities and certification authorities; and
  • any other event over which SBG Sec has no direct control over.

This includes without limitation any direct, indirect, special, incidental, and consequential or punitive damages howsoever arising and regardless of whether SBG Sec was advised of the possibility of such loss or damage. While every care has been taken in publishing information on this Site, no representation, warranty or undertaking (express or implied) is given and neither responsibility nor liability is accepted by SBG Sec and any member of the Standard Bank Group Limited (“SB Group”) or its employee and agents as to the accuracy of the information contained herein. SBG Sec and no member of the SB Group can be held liable for the use of and reliance on these opinions estimates and findings. All opinions estimates and findings contained on this Site may be changed after publication at any time without notice. The information contained on this Site is not intended as advice.

Should the information lead you to consider entering into any transaction in relation to the financial product you must take note of the following: there are intrinsic risks involved in transacting in any products; no guarantee is provided for the investment value in a product; any forecasts based on hypothetical data are not guaranteed and are for illustrative purposes only; returns may vary as a result of their dependence on the performance of underlying assets and other variable market factors; past performances are not necessarily indicative of future performances; unless a financial needs analysis has been conducted to assess the appropriateness of the product, investment or structure to your unique particular circumstances, SBG Sec cautions you that there may be limitations on the appropriateness of the information for your purposes and you should take particular care to consider the implications of entering into the transaction, either on your own or with the assistance of an investment professional.

Any transaction or agreement to perform certain services that may be concluded pursuant to the content of this Site shall be in terms of and confirmed by the signing of appropriate documentation, on terms to be agreed between the relevant parties. SBG Sec, or an associated company, may have effected or may effect transactions for its own account in any investment outlined in this Site or any associated verbal presentation or any investment related to such an investment. Prospective investors should obtain independent advice in respect of any product detailed on this Site, as SBG Sec provides no opinion or advice including investment, tax or legal advice and makes no representation or warranty about the suitability of a product for a particular client or circumstance. SBG Sec will only provide investment advice if specifically agreed to by SBG Sec in appropriate documentation, signed by SBG Sec. This information is to be used at your own risk.

There may be various tax implications to consider when investing in the product and you must be aware of these implications before investing. SBG Sec and SB Group and any of SB Group’s subsidiaries do not accept liability for the tax treatment by any court or by any authorities in any jurisdiction in relation to any transaction based on the information. It is strongly recommended that individual tax advice be sought before entering into any such transaction. Members of SB Group, SBG Sec or any SB Group’s subsidiaries, their directors officers and employees may have long or short positions in currencies or securities mentioned on this Site or related investments, and may add to, dispose of or effect transactions in such currencies, securities or investments for their own account and may perform or seek to perform advisory or banking services in relation thereto.

The contents of the Site may not be copied or reproduced in whole or in part without the prior consent of SBG Sec or SB Group. The investment services and information (the "Services") available on this Site are only available to residents of the Republic of South Africa ("RSA") and legal entities incorporated in terms of the laws of the RSA (collectively referred to as "RSA residents"). Any use or attempted use of the Services by anyone else could result in civil action or criminal prosecution. Without prejudice to the foregoing, the use or attempted use of the Services by persons or entities of the United States of America, Canada, the United Kingdom, Australia or Hong Kong are hereby expressly prohibited.

Disclaimer with respect to FATCA content on this Site

None of the products or services listed on this website (“Site”) is being offered to any natural person resident there, or any corporation, partnership, limited liability company, business or other trust, association, joint-stock company, fund or any form of enterprise similar to any of the foregoing, in each case that is organised or incorporated under the laws of the United States, or any other person or entity that would otherwise constitute a US Person.

Disclaimer with respect to JSE content on this Site

The source of some information is the JSE Limited ("JSE"). JSE and the JSE logo are trademarks of the JSE.

Such information is the proprietary information of the JSE. All copyright subsisting in the information vests in the JSE. All its rights are reserved.

SBG Securities Proprietary Limited (“SBG Sec”) is licensed by the JSE to publish the information on a delayed and live basis. The JSE shall not be responsible for any error or omission in the information. All copyright and database rights in the information belong to the JSE. Re-distribution of the data comprising the information is not permitted without the express prior written consent of the JSE. You agree to acquaint yourself with and comply with any restrictions and/or conditions imposed upon the use, access, or storage of the information as may be required by the JSE or SBG Sec including the condition that in certain circumstances you will be required to enter into a separate agreement with the JSE or SBG Sec.

Disclaimer with respect to Third Party Service Providers on this Site

SBG Securities Proprietary Limited (“SBG Sec”) has entered into agreements with various third parties (“Third Parties”) whereby Third Parities provide data, research, reports and other services (as specified below) and are utilised for informative and operational purposes on this website (the “Site”).The services include but are not limited to:

(i) the supply of company fundamental data to the Site;

(ii) the delivery and execution of corporate actions (including, inter alia, notifications and consequent actions) (“Corporate Actions”) via the Site; 

(iii) the availability of research and/or trade alert reports ("Reports"), to be published on this Site from time to time;

(iv) any other service providers that SBG Sec, in its sole discretion may appoint,

(collectively “the Services”).

By entering and your use of these Services you acknowledge and accept that you know and understand the contents of the terms and conditions applicable to these Services and you confirm by entering this Site and/or by accepting and/or utilising the Services, that you agree to be bound by the foregoing terms and limitations. If you do not understand the contents of the terms and conditions or if any of the terms and conditions are unacceptable, you should exit and should not make use of these Services.

The Reports are issued by Third Parties and SBG Sec plays no part in the collation and research of the information and material contained in the Reports. SBG Sec is only a platform provider and makes available such Reports on the Site and you must take every care if using it as part of any investment decision.

The Reports may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the Reports refers to website material of SBG Sec, SBG Sec has not reviewed the linked websites and takes no responsibility for the content contained therein. Accessing such website(s) or following such link/s through the Reports shall be at your own risk.

The Reports are not to be relied upon in substitution for the exercise of independent judgment. SBG Sec may have issued, and may in the future issue, a trading call regarding the security contemplated in the Reports. In addition, SBG Sec may have issued, and may in the future issue, other reports of its own or publish Reports of differing Third Parties that are inconsistent with each other, and reach different conclusions from the information presented in the Reports.

The Reports do not constitute an offer or the solicitation of an offer for the sale or purchase of any security. SBG Sec does not guarantee, no give any representation, warranty or undertaking (express or implied) to the sequence, accuracy, or completeness or any other aspect of the Reports nor shall SBG Sec or any member of the Standard Bank Group Limited (“SB Group”) including, inter alia, any of their directors, officers, employees or agents be liable in any way to any person (natural or juristic) whatsoever for any delays, inaccuracies, errors in, or omissions in respect of such Reports or the transmission thereof. SBG Sec shall not be held liable under any circumstances whatsoever for any losses and/or damages suffered as a result of any investment decision taken and/or any reliance placed on the information contained therein. SBG Sec accepts no liability for loss arising from the use of the material presented in the Reports. Any member of the SB Group cannot be held liable for the use of and reliance on the opinions, estimates and findings. All opinions, estimates and findings contained in the Reports may be changed after distribution by the Third Parties at any time without notice.

The Reports have been prepared in accordance with local regulations which may differ from the requirements of US, UK and European regulations. In distributing the Reports to you, SBG Sec does not hold this out to be impartial (objective) as it may have been prepared by persons who may be exposed to conflicts of interest.

You should be aware that the Reports might have been originally disseminated by the Third Parties to its clients other than SBG Sec. As such, employees and clients of the Third Parties and any persons connected with it may have had the opportunity to act upon the information contained in the Report.

SBG Sec, other affiliated companies of the SB Group and directors and employees of these companies may from time to time have a long or short positions in the securities mentioned in the Reports and may add to or dispose of such securities. The recipients of the Reports are urged to seek independent advice with regard to the securities and investments referred to in the report. By accepting the Reports, you agree to be bound by the foregoing terms and limitations.

The Corporate Action notices may provide the addresses of, or contain hyperlinks to, websites (the “Corporate Actions Site”). Whilst the Corporate Actions Site may include SBG Sec branding and logos, it is operated by a Third Party. SBG Sec takes no responsibility for the content contained therein. Accessing the Corporate Actions Site or following such link/s through the Corporate Action notices shall be at your own risk. SBG Sec accepts no liability for any loss arising from the Corporate Action notices and/or the Corporate Actions Site save only for the instances in which such loss has arisen as a result of gross negligence on the part of SBG Sec. SBG Sec shall not be held liable under any circumstances whatsoever for any losses and/or damages suffered as a result of any investment decision taken and/or any reliance placed on the information contained therein or your inability to use the Corporate Actions Site or any of the information or services. You must take all steps necessary to ensure that you make an informed decision with regards to corporate actions and the implications thereof.

Whilst SBG Sec has taken care to ensure that the content and services on the Corporate Actions Site are accurate, it does not warrant that the Corporate Actions Site, any tools such as calculators, software, information, content or other services will be error-free or will meet any particular criteria of accuracy, completeness, reliability, performance or quality and expressly disclaim all such implied warranties. Whilst all reasonable precautions have been taken SBG Sec does not warrant that Corporate Actions Site or any downloads via same are free from viruses or destructive code.

Without derogating from the generality of the above, and save for instances where SBG Sec has acted with gross negligence, SBG Sec and/or any of its affiliate will not be liable for:

  • any delay in the display of the information on the Corporate Actions Site, including without limitation any information received from the JSE Limited or any relevant exchange(s) or any third party, irrespective of whether such information is indicated by SBG Sec or the relevant Third Party to be available on a live basis;
  • any interruption, malfunction, downtime or other failure of the Corporate Actions Site, or any of its components, for whatever reason;
  • any loss or damage arising from your orders, investment decisions, purchases or disposal of goods and services, including financial instrument(s) or currency, from third parties, based on the information provided on the Corporate Actions Site;
  • any loss or damage with regard to your data or other data directly and/or indirectly caused by a malfunction of the Corporate Actions Site, third party systems, power failures, unlawful access to or theft of data, computer viruses or destructive code on the Corporate Actions Site or third party systems, programming defects or negligence on SBG Sec’s or the Third Party’s part;
  • any interruption, malfunction, downtime or other failure of goods or services provided by third parties, including, without limitation, third party systems such as the public switched telecommunication service providers, internet service providers, electricity suppliers, local authorities and certification authorities; and
  • any other event over which SBG Sec has no direct control over.

This includes without limitation any direct, indirect, special, incidental, and consequential or punitive damages howsoever arising and regardless of whether SBG Sec was advised of the possibility of such loss or damage. While every care has been taken in publishing information on Corporate Actions Site, no representation, warranty or undertaking (express or implied) is given and neither responsibility nor liability is accepted by SBG Sec and any member of the SB Group or its employee and agents as to the accuracy of the information contained therein. SBG Sec and no member of the SB Group can be held liable for the use of and reliance on these opinions estimates and findings. All opinions estimates and findings contained on Corporate Actions Site may be changed after publication at any time without notice. The information contained on Corporate Actions Site is not intended as advice.

You hereby indemnify any applicable Third Party against any demand, claim or action against the company relating to or in connection with any use of the information, data, Reports, Corporate Action Site or opinion supplied, whether such demand, claim or action arises directly or indirectly.

SBG Securities Proprietary Limited’s Equity Research Disclaimer Confidentiality Note

SBG Securities Proprietary Limited’s (“SBG Sec”) equity research report (“Report”) is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject SBG Sec to any registration or licensing requirement within such jurisdiction. All material presented in the Report, unless specifically indicated otherwise, is under copyright to SBG Sec. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of SBG Sec. All trademarks, service marks and logos used in the Report are trademarks or service marks or registered trademarks or service marks of SBG Sec or its affiliates.

The Report does not constitute an offer or the solicitation of an offer for the sale or purchase of any securities as discussed therein or at all. While every care has been taken in preparing the Report, no representation, warranty or undertaking (express or implied) is given and neither responsibility nor liability is accepted by any member of the Standard Bank Group Limited (“SB Group”), its employees and agents, as to the accuracy of the information contained herein. No member of the SB Group, including but not limited to SBG Sec, shall be held liable for the use of and reliance on the opinions, estimates and findings.

SBG Sec, the SB Group and its subsidiaries and directors and employees of these companies may from time to time have long or short positions in the securities mentioned in the Report and may add to or dispose of such securities at their discretion without notice.

SBG Sec accepts no liability for loss arising from the use of the material presented in the Report, except that this exclusion of liability does not apply to the extent that liability arises under specific statutes or regulations applicable to SBG Sec. The Report is not to be relied upon in substitution for the exercise of independent judgment. SBG Sec may have issued, and may in the future issue, a trading call regarding the securities. In addition, SBG Sec may have issued, and may in the future issue, other reports that are inconsistent with, and reach different conclusions from, the information presented in the Report. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and SBG Sec is under no obligation to ensure that such other reports are brought to the attention of any recipient of the Report.

The recipients of the Report are urged to seek independent advice with regard to investing in securities (whether such securities are referred to in the Report or generally).

Please note that the Report was originally prepared and issued by SBG Sec for distribution to its market professional and institutional investor clients. The Report is specifically targeted towards such clients. The securities discussed therein may involve a high degree of risk or volatility and may be intended for sale only to investors with an understanding and capacity to assume the risks involved in investing in such securities. Further it should be noted that:

  • there are intrinsic risks involved in the buying and selling of securities;
  • there is no guarantee for the return of the full investment amount;
  • any forecasts contained in the Report is based on hypothetical data are not guaranteed and are for illustrative purposes only;
  • returns may vary as a result of their dependence on a number of variable market factors;
  • past performance is not necessarily indicative of future performance;
  • as a financial needs analysis has not been conducted to assess the appropriateness of investing in the securities mentioned in the Report or generally, investment or structure to your unique particular circumstances, you are cautioned that there may be limitations on the appropriateness of the information for your purposes and you should take particular care to consider the implications of entering into a particular transaction, either on your own or with the assistance of an investment professional;
  • there may be various tax, accounting and legal implications to consider when investing in securities and you must be aware of these implications before investing. In particular, SBG Sec does not accept liability for the tax treatment by any court or by any authorities in any jurisdiction in relation to any transaction based on the information. It is strongly recommended that professional advice be sought before entering into any transaction involving the securities as discussed herein;
  • the price, value of and income from any of the securities mentioned in the Report can fall as well as rise. The value of securities and financial instruments are subject to exchange rate fluctuations that may have a positive or adverse effect on the price or income of such securities or financial instruments.


Please note that research analyst(s) who prepared the Report is/are not authorised to give investment advice and would not be in a position to discuss the contents of the Report with any retail investor.

The Report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the Report refers to website material of SBG Sec and SB Group, SBG Sec has not reviewed the linked site and takes no responsibility for the content contained therein. Such address or hyperlink (including addresses or hyperlinks to SBG Sec or SB Group’s own website material) is provided solely for your convenience and information and the content of the linked site does not in any way form part of the Report. Accessing such website or following such link through the Report shall be at your own risk.

By accepting the Report, you agree to be bound by the foregoing terms and limitations.

Eagle Eye Disclaimer

The information and opinions stated in this document are of a general nature, have been prepared solely for information purposes and do not create any liability or obligation on SBG Securities Proprietary Limited (“SBG Sec”) nor does it constitute an offer, a solicitation of an offer, an invitation to acquire any security or investment, any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise) or enter into any agreement and must not be deemed as such. Transactions described in this material may give rise to substantial risk and are not suitable for all investors. It is strongly recommended that every recipient seek appropriate independent professional advice before acting on any information contained herein, as SBG Sec provides no opinion or advice including investment, tax or legal and makes no representation or warranty about the suitability of a product for a particular client or circumstance. SBG Sec will only provide investment advice if specifically agreed to by SBG Sec in appropriate documentation, signed by SBG Sec. This document shall not be reproduced or used, in whole or in part, for any purpose other than for the consideration of the information set out herein, without the prior written consent of SBG Sec.

This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject SBG Sec to any registration or licensing requirement within such jurisdiction.

Any information, indicative price quotations, disclosure materials or analyses, to the extent applicable, provided to you have been prepared on assumptions and parameters that reflect good faith determinations by SBG Sec or that have been expressly specified by you and do not constitute advice by SBG Sec and it should not be relied upon as such. The information, assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such information, quotations, disclosure or analyses. No representation or warranty is made that any indicative performance or return indicated will be achieved in the future and the past performance of any investment product is not an indication of future performance.

Whilst every care has been taken in preparing this document, no representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or representations. All information contained herein is subject to change after publication at any time without notice. Any transaction that may be concluded pursuant to this document shall be in terms of and confirmed by the signing of appropriate documentation, on terms to be agreed between the parties. This document creates no liability or obligation on SBG Sec. SBG Sec may have effected or may effect transactions for its own account in any investment outlined in this document or any investment related to such an investment.

This document may provide the addresses to websites. Except to the extent to which this document refers to website material of SBG Sec, SBG Sec has not reviewed the linked site and takes no responsibility for the content contained therein. Accessing such website/s or following such link/s shall be at your own risk.

The information contained herein is to be used at your own risk, and SBG Sec makes no representation with regards to the correctness of the information herein. By accepting this document, you agree to be bound by the foregoing terms and limitations.

Twitter Disclaimer

All observations, comments and information made available therein are for information purposes only and does not constitute an invitation or an offer to subscribe for or purchase any of the products or services mentioned. The information provided is by no means intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of the relevant contributor, which may be different from, or inconsistent with, the observations and views of SBG Securities Proprietary Limited (“SBG Sec”). Observations and views of the said contributor may change at any time without notice. Information and opinions presented therein by SBG Sec may have been obtained or derived from sources believed by SBG Sec to be reliable, but SBG Sec makes no representation as to their accuracy or completeness thereof. SBG Sec accepts no liability for loss arising from the use of or reliance on the material. Any information, illustrative prices, disclosure materials or analyses made available therein by SBG Sec have been prepared on assumptions and parameters that reflect good faith determinations by SBG Sec and do not constitute advice by SBG Sec and it should not be relied upon as such. The information, assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such information, quotations, disclosure or analyses and accordingly SBG Sec makes no representation and assumes no liability for the accuracy or completeness of the information made available nor for any loss arising from any investment based on any material available therein. The past performance of any securities or other products is not an indication of future performance. No representation or warranty is made by SBG Sec that any indicative performance or return indicated will be achieved in the future.

Prospective investors should obtain independent advice in respect of any product or service mentioned therein, as SBG Sec provides no opinion or advice including investment, tax or legal advice and makes no representation or warranty about the suitability of a product for a particular client or circumstance. Products or services described in the material may give rise to substantial risk and are not suitable for all investors. SBG Sec will only provide investment advice if specifically agreed to by SBG Sec in appropriate documentation, signed by SBG Sec. The information is to be used at your own risk, and SBG Sec makes no representation with regards to the correctness of the information therein. SBG Sec accepts no liability whatsoever for any expenses, loss or damages howsoever incurred, or suffered, resulting or arising from use of the material. By accessing, following and/or participating in the medium, you agree to be bound by the foregoing terms and limitations as well as the terms of use.

YouTube Disclaimer

This video presentation is provided on the express understanding that the information contained therein would be regarded and treated as proprietary to SBG Securities Proprietary Limited (“SBG Sec). This video presentation shall not be reproduced or used, in whole or in part, for any purpose other than for the consideration of the information set out therein, without the prior written consent of SBG Sec.

This video presentation has been prepared solely for information purposes by SBG Sec and accordingly do not constitute an offer, a solicitation of an offer, invitation to acquire any security or to enter into any agreement, or any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise) and must not be deemed as such.

Any information, illustrative prices, disclosure materials or analyses provided to you have been prepared on assumptions and parameters that reflect good faith determinations by SBG Sec and do not constitute advice by SBG Sec and it should not be relied upon as such. The information, assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such information, quotations, disclosure or analyses. The past performance of any securities or other products is not an indication of future performance. No representation or warranty is made that any indicative performance or return indicated will be achieved in the future.

This video presentation is not an official confirmation of terms, does not represent an express or implied offer, nor does it create any liability or obligation on SBG Sec. Any rates, levels and prices quoted herein or verbally presented are indicative only and although reflective of market conditions prevailing at the relevant time do not constitute an offer to transact at such levels and are supplied for illustrative purposes only. Any transaction or agreement to perform certain services that may be concluded pursuant to this video presentation shall be in terms of and confirmed by the signing of appropriate documentation, on terms to be agreed between the relevant parties. The information in the video presentation may change without notice. Prospective investors should obtain independent advice in respect of any product detailed in this video presentation, as SBG Sec provides no opinion or advice including investment, tax or legal advice and makes no representation or warranty about the suitability of a product for a particular client or circumstance. Transactions described in this video presentation may give rise to substantial risk and are not suitable for all investors. SBG Sec will only provide investment advice if specifically agreed to by SBG Sec in appropriate documentation, signed by SBG Sec. This information is to be used at your own risk, and SBG Sec makes no representation with regards to the correctness of the information herein. SBG Sec accepts no liability whatsoever for any expenses, loss or damages howsoever incurred, or suffered, resulting or arising from you viewing the video presentation. By viewing this video presentation, you agree to be bound by the foregoing terms and limitations.

Newsletter Disclaimer

The information and opinions stated in this document are of a general nature, have been prepared solely for information purposes and do not create any liability or obligation on SBG Securities Proprietary Limited (“SBG Sec”) nor does it constitute an offer, a solicitation of an offer, an invitation to acquire any security or investment, any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise) or enter into any agreement and must not be deemed as such. Transactions described in this material may give rise to substantial risk and are not suitable for all investors. It is strongly recommended that every recipient seek appropriate independent professional advice before acting on any information contained herein, as SBG Sec provides no opinion or advice including investment, tax or legal and makes no representation or warranty about the suitability of a product for a particular client or circumstance. SBG Sec will only provide investment advice if specifically agreed to by SBG Sec in appropriate documentation, signed by SBG Sec. This document shall not be reproduced or used, in whole or in part, for any purpose other than for the consideration of the information set out herein, without the prior written consent of SBG Sec.

Any information, indicative price quotations, disclosure materials or analyses provided to you have been prepared on assumptions and parameters that reflect good faith determinations by SBG Sec or that have been expressly specified by you and do not constitute advice by SBG Sec and it should not be relied upon as such. The information, assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such information, quotations, disclosure or analyses. No representation or warranty is made that any indicative performance or return indicated will be achieved in the future and the past performance of any investment product is not an indication of future performance.

Whilst every care has been taken in preparing this document, no representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or representations. All information contained herein is subject to change after publication at any time without notice. Any transaction that may be concluded pursuant to this document shall be in terms of and confirmed by the signing of appropriate documentation, on terms to be agreed between the parties. This document creates no liability or obligation on SBG Sec. SBG Sec may have effected or may effect transactions for its own account in any investment outlined in this document or any investment related to such an investment.

The information contained herein is to be used at your own risk, and SBG Sec makes no representation with regards to the correctness of the information herein. By accepting this document, you agree to be bound by the foregoing terms and limitations.

Presentations Disclaimer

This document together with any associated verbal presentation are provided on the express understanding that the information contained therein would be regarded and treated as proprietary to SBG Securities Proprietary Limited (“SBG Sec”). This document and associated presentation shall not be reproduced or used, in whole or in part, for any purpose other than for the consideration of the information set out therein, without the prior written consent of SBG Sec.

This document and any associated verbal presentation have been prepared solely for information purposes by SBG Sec and accordingly do not constitute an offer, a solicitation of an offer, invitation to acquire any security or to enter into any agreement, or any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise) and must not be deemed as such.

Any information, illustrative prices, disclosure materials or analyses provided to you have been prepared on assumptions and parameters that reflect good faith determinations by SBG Sec and do not constitute advice by SBG Sec and it should not be relied upon as such. The information, assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such information, quotations, disclosure or analyses. The past performance of any securities or other products is not an indication of future performance. No representation or warranty is made that any indicative performance or return indicated will be achieved in the future.

This document together with any associated verbal presentation are not an official confirmation of terms, do not represent an express or implied offer, nor do they create any liability or obligation on SBG Sec. Any rates, levels and prices quoted herein or verbally presented are indicative only and although reflective of market conditions prevailing at the relevant time do not constitute an offer to transact at such levels and are supplied for illustrative purposes only. Any transaction or agreement to perform certain services that may be concluded pursuant to this document and/or any associated verbal presentation shall be in terms of and confirmed by the signing of appropriate documentation, on terms to be agreed between the relevant parties. The information in the document and any verbal presentation accompanying it are also subject to change without notice. SBG Sec, or an associated company, may have effected or may effect transactions for its own account in any investment outlined in this document or any associated verbal presentation or any investment related to such an investment. Prospective investors should obtain independent advice in respect of any product detailed in this document and/or associated verbal presentation, as SBG Sec provides no opinion or advice including investment, tax or legal advice and makes no representation or warranty about the suitability of a product for a particular client or circumstance. Transactions described in this document and any associated verbal presentation may give rise to substantial risk and are not suitable for all investors. SBG Sec will only provide investment advice if specifically agreed to by SBG Sec in appropriate documentation, signed by SBG Sec. This information is to be used at your own risk, and SBG Sec makes no representation with regards to the correctness of the information herein. By accepting this document, you agree to be bound by the foregoing terms and limitations.

Online Webinar Disclaimer

This video presentation together with any associated verbal presentation are provided on the express understanding that the information contained therein would be regarded and treated as proprietary to SBG Securities Proprietary Limited (“SBG Sec”). This video presentation and associated any verbal presentation shall not be reproduced or used, in whole or in part, for any purpose other than for the consideration of the information set out therein, without the prior written consent of SBG Sec.

This video presentation and any associated verbal presentation have been prepared solely for information purposes by SBG Sec and accordingly do not constitute an offer, a solicitation of an offer, invitation to acquire any security or to enter into any agreement, or any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise) and must not be deemed as such.

Any information, illustrative prices, disclosure materials or analyses provided to you have been prepared on assumptions and parameters that reflect good faith determinations by SBG Sec and do not constitute advice by SBG Sec and it should not be relied upon as such. The information, assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such information, quotations, disclosure or analyses. The past performance of any securities or other products is not an indication of future performance. No representation or warranty is made that any indicative performance or return indicated will be achieved in the future.

This video presentation together with any associated verbal presentation are not an official confirmation of terms, do not represent an express or implied offer, nor do they create any liability or obligation on SBG Sec. Any rates, levels and prices quoted herein or verbally presented are indicative only and although reflective of market conditions prevailing at the relevant time do not constitute an offer to transact at such levels and are supplied for illustrative purposes only. Any transaction or agreement to perform certain services that may be concluded pursuant to this video presentation and/or any associated verbal presentation shall be in terms of and confirmed by the signing of appropriate documentation, on terms to be agreed between the relevant parties. The information in the video presentation and any verbal presentation accompanying it are also subject to change without notice. SBG Sec, or an associated company, may have effected or may effect transactions for its own account in any investment outlined in this video presentation or any associated verbal presentation or any investment related to such an investment. Prospective investors should obtain independent advice in respect of any product detailed in this video presentation and/or associated verbal presentation, as SBG Sec provides no opinion or advice including investment, tax or legal advice and makes no representation or warranty about the suitability of a product for a particular client or circumstance. Transactions described in this video presentation and any associated verbal presentation may give rise to substantial risk and are not suitable for all investors. SBG Sec will only provide investment advice if specifically agreed to by SBG Sec in appropriate documentation, signed by SBG Sec. This information is to be used at your own risk, and SBG Sec makes no representation with regards to the correctness of the information herein. By accepting this video presentation, you agree to be bound by the foregoing terms and limitations.

Fee Information Schedule Disclaimer

The information and opinions stated in this document are of a general nature, have been prepared solely for information purposes and do not create any liability or obligation on SBG Securities Proprietary Limited (“SBG Sec”), nor does it constitute an offer, a solicitation of an offer, an invitation to acquire any security or investment, any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise) or enter into any agreement and must not be deemed as such.

Certain transactions and products described in this material may give rise to substantial risk and are not suitable for all investors. It is strongly recommended that every recipient seek appropriate independent professional advice before acting on any information contained herein, as SBG Sec provides no opinion or advice including investment, tax or legal and makes no representation or warranty about the suitability of a product for a particular client or circumstance. Such independent professional advice should be sought subject to SBG Secs’ prior written consent. SBG Sec will only provide investment advice if specifically agreed to by SBG Sec in appropriate documentation, signed by SBG Sec.

Any information, indicative price quotations, disclosure materials or analyses provided to you have been prepared on assumptions and parameters that reflect good faith determinations by SBG Sec or that have been expressly specified by you and do not constitute advice by SBG Sec and it should not be relied upon as such. The information, assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such information, quotations, disclosure or analyses. No representation or warranty is made that any indicative performance or return indicated will be achieved in the future and the past performance of any investment product is not an indication of future performance.

Whilst every care has been taken in preparing this document, no representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or representations. All information contained herein is subject to change after publication at any time without notice. Any transaction that may be concluded pursuant to this document shall be in terms of and confirmed by the signing of appropriate documentation, on terms to be agreed between the parties. SBG Sec or an associated company may have effected or may effect transactions for its own account in any investment outlined in this document or any investment related to such an investment.

This document shall not be reproduced or used, in whole or in part, for any purpose other than for the consideration of the information set out herein, without the prior written consent of SBG Sec.

All references to SBG Sec include its holding company, affiliates, directors, employees or professional advisors.

Factsheet Disclosures

References to securities and asset allocation are included for illustrative purposes only. The composition of the portfolio is periodically reviewed and rebalanced. Varying market conditions, timing of portfolio changes and the level of client discretion may result in some variances between actual and model portfolio composition and performance. Investments described in this material may give rise to substantial risk and are not suitable for all investors.

Performance figures are gross of fees and portfolios represent SBG Securities Propriety Limited’s house view.

Factsheet Disclaimer

The information and opinions stated in this document are of a general nature, have been prepared solely for information purposes and do not create any liability or obligation on SBG Securities Proprietary Limited (“SBG Sec”) nor does it constitute an offer, a solicitation of an offer, an invitation to acquire any security or investment, any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise) or enter into any agreement and must not be deemed as such. Transactions described in this material may give rise to substantial risk and are not suitable for all investors. It is strongly recommended that every recipient seek appropriate independent professional advice before acting on any information contained herein, as SBG Sec provides no opinion or advice including investment, tax or legal and makes no representation or warranty about the suitability of a product for a particular client or circumstance. Such independent professional advice should be sought subject to SBG Sec’s prior written consent. SBG Sec will only provide investment advice if specifically agreed to by SBG Sec in appropriate documentation, signed by SBG Sec.

Any information, indicative price quotations, disclosure materials or analyses provided to you have been prepared on assumptions and parameters that reflect good faith determinations by SBG Sec or that have been expressly specified by you and do not constitute advice by SBG Sec and it should not be relied upon as such. The information, assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such information, quotations, disclosure or analyses. No representation or warranty is made that any indicative performance or return indicated will be achieved in the future and the past performance of any investment product is not an indication of future performance.

Whilst every care has been taken in preparing this document, no representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or representations. All information contained herein is subject to change after publication at any time without notice. Any transaction that may be concluded pursuant to this document shall be in terms of and confirmed by the signing of appropriate documentation, on terms to be agreed between the parties. SBG Sec or an associated company may have effected or may effect transactions for its own account in any investment outlined in this document or any investment related to such an investment.

This document shall not be reproduced or used, in whole or in part, for any purpose other than for the consideration of the information set out herein, without the prior written consent of SBG Sec.