ICBC Standard Securities Inc. Disclosures Appendix

ICBC Standard Securities Inc. ("ICBCSSI") is a New York based entity registered with the US Securities and Exchange Commission as a broker-dealer, and a member of the Financial Industry Regulatory Authority ("FINRA"). As a FINRA member, ICBCSSI is required to make certain disclosures relating to its or its affiliates' relationship(s) to the companies or issuers discussed in investment research reports prepared by the Standard Bank Group Limited ("SBGL Research") that are distributed or made available by ICBCSSI to US investors. The disclosures provided on this page pertain to those companies or issuers that are referenced in SBGL Research distributed or made available by ICBCSSI.

ICBCSSI is deemed an affiliate of SBGL under applicable FINRA rules, and SBGL Research is considered third-party affiliate research under FINRA Rule 2241. ICBCSSI, however, has no involvement in the production of SBGL Research. ICBCSSI personnel are not involved in the preparation, review, or approval of SBGL Research. ICBCSSI personnel do not provide input on the content of SBGL Research and do not have access to such content prior to publication by SBGL. In addition, ICBCSSI does not alter, adapt, white label, or otherwise present SBGL Research as its own. Finally, ICBCSSI does not have influence or input into decisions by SBGL as to what companies or issuers it will cover.

For important disclosures related to the relationship between the companies and issuers that are the subject of SBGL Research and ICBCSSI, and/or one or more ICBCSSI affiliates, please see the below table and the corresponding key reference details. ICBCSSI's parent company, ICBC Standard Bank, Plc, is majority owned by the Industrial and Commercial Bank of China Limited ("ICBC"). ICBCSSI is unaware of any ICBC group entity having any influence over the selection of companies or issuers to be covered by SBGL Research, or the creation, content, dissemination, or publication of SBGL Research.

Issuer Reference

Company/Issuer Name Bloomberg Ticker Bank Holds 1% Analyst Conflict Identified Lead Man/Co-Lead Man IB 3mths IB 12mths Is Market Maker Other Material Conflicts
ABSA Group ABG SJ EQUITY             See SBG Disclosures Appendix
Acacia Mining PLC ACA LN EQUITY             See SBG Disclosures Appendix
Accelerate Property Fund Ltd APF SJ EQUITY             See SBG Disclosures Appendix
Access Bank Plc ACCESS NL EQUITY             See SBG Disclosures Appendix
African Rainbow Minerals ARI SJ EQUITY             See SBG Disclosures Appendix
Anglo American Platinum AMS SJ EQUITY             See SBG Disclosures Appendix
Anglo American plc AAL LN EQUITY             See SBG Disclosures Appendix
AngloGold Ashanti Ltd ANG SJ EQUITY             See SBG Disclosures Appendix
Anheuser-Busch Inbev ABI BB EQUITY             See SBG Disclosures Appendix
ArcelorMittal South Africa ACL SJ EQUITY             See SBG Disclosures Appendix
ARM Cement Ltd ARML KN EQUITY             See SBG Disclosures Appendix
Assore Ltd ASR SJ EQUITY             See SBG Disclosures Appendix
Astral Foods ARL SJ EQUITY             See SBG Disclosures Appendix
Aveng AEG SJ EQUITY             See SBG Disclosures Appendix
AVI AVI SJ EQUITY             See SBG Disclosures Appendix
Bamburi Cement Ltd BMBC KN EQUITY             See SBG Disclosures Appendix
Bank Of Kigali Ltd BOK RW EQUITY             See SBG Disclosures Appendix
Barclays Bank of Kenya Ltd BCBL KN EQUITY             See SBG Disclosures Appendix
Barloworld BAW SJ EQUITY             See SBG Disclosures Appendix
BAT Kenya Plc BATK KN EQUITY             See SBG Disclosures Appendix
BHP Group Plc BHP LN EQUITY             See SBG Disclosures Appendix
Bid Corp Ltd BID SJ EQUITY             See SBG Disclosures Appendix
Bidvest Group BVT SJ EQUITY             See SBG Disclosures Appendix
Blue Label Telecoms BLU SJ EQUITY             See SBG Disclosures Appendix
Brait BAT SJ EQUITY             See SBG Disclosures Appendix
Britam Holdings Plc BRIT KN EQUITY             See SBG Disclosures Appendix
British American Tobacco BATS LN EQUITY             See SBG Disclosures Appendix
Cal Bank Ltd CAL GN EQUITY             See SBG Disclosures Appendix
Clicks Group CLS SJ EQUITY             See SBG Disclosures Appendix
Co-operative Bank of Kenya COOP KN EQUITY             See SBG Disclosures Appendix
CRDB Bank Plc CRDB TZ EQUITY             See SBG Disclosures Appendix
Dangote Cement PLC DANGCEM NL EQUITY             See SBG Disclosures Appendix
Dangote Flour Mills Plc DANGFLOU NL EQUITY             See SBG Disclosures Appendix
Dangote Sugar Refinery Plc DANGSUGA NL EQUITY             See SBG Disclosures Appendix
Diamond Trust Bank Kenya Ltd DTKL KN EQUITY             See SBG Disclosures Appendix
Dis-Chem Pharmacies DCP SJ EQUITY             See SBG Disclosures Appendix
Distell Group Ltd DST SJ EQUITY             See SBG Disclosures Appendix
East African Breweries EABL KN EQUITY             See SBG Disclosures Appendix
Ecobank Ghana Ltd EGH GN EQUITY             See SBG Disclosures Appendix
Ecobank Transnational INC ETI NL EQUITY             See SBG Disclosures Appendix
Emira Property Fund EMI SJ EQUITY             See SBG Disclosures Appendix
Equites Property Fund Ltd EQU SJ EQUITY             See SBG Disclosures Appendix
Equity Group Holdings Ltd EQBNK KN EQUITY             See SBG Disclosures Appendix
Exxaro Resources Ltd EXX SJ EQUITY             See SBG Disclosures Appendix
FBN Holdings Plc FBNH NL EQUITY             See SBG Disclosures Appendix
Fidelity Bank Plc FIDELITY NL EQUITY             See SBG Disclosures Appendix
First City Monument Bank Plc FCMB NL EQUITY             See SBG Disclosures Appendix
FirstRand Limited FSR SJ EQUITY             See SBG Disclosures Appendix
Flour Mills Nigeria Plc FLOURMIL NL EQUITY             See SBG Disclosures Appendix
Ghana Commercial Bank GCB GN EQUITY             See SBG Disclosures Appendix
Glencore plc GLEN LN EQUITY             See SBG Disclosures Appendix
Gold Fields Ltd GFI SJ EQUITY             See SBG Disclosures Appendix
Group Five Ltd GRF SJ EQUITY             See SBG Disclosures Appendix
Growthpoint Properties Ltd GRT SJ EQUITY             See SBG Disclosures Appendix
Guaranty Trust Bank Plc GUARANTY NL EQUITY             See SBG Disclosures Appendix
Guinness Nigeria Plc GUINNESS NL EQUITY             See SBG Disclosures Appendix
Harmony Gold HAR SJ EQUITY             See SBG Disclosures Appendix
Hyprop Investments HYP SJ EQUITY             See SBG Disclosures Appendix
Impala Platinum Holdings IMP SJ EQUITY             See SBG Disclosures Appendix
Imperial Logistics IPL SJ EQUITY             See SBG Disclosures Appendix
International Breweries INTBREW NL EQUITY             See SBG Disclosures Appendix
Jubilee Holdings Ltd JBIC KN EQUITY             See SBG Disclosures Appendix
Kap Intl. KAP SJ EQUITY             See SBG Disclosures Appendix
KCB Group Plc KNCB KN EQUITY             See SBG Disclosures Appendix
Kenya Airways (KQ) KNAL KN EQUITY             See SBG Disclosures Appendix
Kenya Reinsurance Corp Ltd KNRE KN EQUITY             See SBG Disclosures Appendix
Kumba Iron Ore KIO SJ EQUITY             See SBG Disclosures Appendix
Lafarge Africa PLC WAPCO NL EQUITY             See SBG Disclosures Appendix
Liberty Two Degrees L2D SJ EQUITY             See SBG Disclosures Appendix
Libstar LBR SJ EQUITY             See SBG Disclosures Appendix
Long4Life Ltd L4L SJ EQUITY             See SBG Disclosures Appendix
Lonmin PLC LON SJ EQUITY             See SBG Disclosures Appendix
LVMH MC FP EQUITY             See SBG Disclosures Appendix
Massmart Holdings MSM SJ EQUITY             See SBG Disclosures Appendix
Merafe Resources MRF SJ EQUITY             See SBG Disclosures Appendix
Mondi Plc MNDI LN EQUITY             See SBG Disclosures Appendix
Motus Holdings Ltd MTH SJ EQUITY             See SBG Disclosures Appendix
Mr Price Group Ltd MRP SJ EQUITY             See SBG Disclosures Appendix
MTN Group MTN SJ EQUITY             See SBG Disclosures Appendix
Multichoice Group Ltd MCG SJ EQUITY             See SBG Disclosures Appendix
Murray & Roberts MUR SJ EQUITY             See SBG Disclosures Appendix
Nampak Ltd NPK SJ EQUITY             See SBG Disclosures Appendix
Nascon Allied Industries Plc NASCON NL EQUITY             See SBG Disclosures Appendix
Naspers NPN SJ EQUITY             See SBG Disclosures Appendix
National Bank Of Kenya Ltd NBKL KN EQUITY             See SBG Disclosures Appendix
National Microfinance Bank NMB TZ EQUITY             See SBG Disclosures Appendix
Nedbank Group Limited NED SJ EQUITY             See SBG Disclosures Appendix
Nestle Nigeria PLC NESTLE NL EQUITY             See SBG Disclosures Appendix
Nic Bank Ltd NICB KN EQUITY             See SBG Disclosures Appendix
Nigerian Breweries Plc NB NL EQUITY             See SBG Disclosures Appendix
Northam Platinum NHM SJ EQUITY             See SBG Disclosures Appendix
Oceana Group OCE SJ EQUITY             See SBG Disclosures Appendix
Pepkor Holdings Ltd PPH SJ EQUITY             See SBG Disclosures Appendix
Petra Diamonds PDL LN EQUITY             See SBG Disclosures Appendix
Philip Morris Intl. PM US EQUITY             See SBG Disclosures Appendix
Pick n Pay Stores PIK SJ EQUITY             See SBG Disclosures Appendix
Pioneer Food Group Ltd PFG SJ EQUITY             See SBG Disclosures Appendix
Presco Plc PRESCO NL EQUITY             See SBG Disclosures Appendix
Raubex Group Ltd RBX SJ EQUITY             See SBG Disclosures Appendix
Rebosis Property Fund Ltd REB SJ EQUITY             See SBG Disclosures Appendix
Redefine Properties RDF SJ EQUITY             See SBG Disclosures Appendix
Reinet Investments RNI SJ EQUITY             See SBG Disclosures Appendix
Remgro Ltd REM SJ EQUITY             See SBG Disclosures Appendix
Resilient REIT Ltd RES SJ EQUITY             See SBG Disclosures Appendix
Richemont CFR SW EQUITY             See SBG Disclosures Appendix
Rio Tinto plc RIO LN EQUITY             See SBG Disclosures Appendix
Royal Bafokeng Platinum Ltd RBP SJ EQUITY             See SBG Disclosures Appendix
SA Corporate Real Estate Ltd SAC SJ EQUITY             See SBG Disclosures Appendix
Safaricom Plc SAFCOM KN EQUITY             See SBG Disclosures Appendix
Sanlam Kenya PLC PAIL KN EQUITY             See SBG Disclosures Appendix
Sappi Ltd SAP SJ EQUITY             See SBG Disclosures Appendix
Sasol SOL SJ EQUITY             See SBG Disclosures Appendix
Sea Harvest SHG SJ EQUITY             See SBG Disclosures Appendix
Shoprite Holdings Limited SHP SJ EQUITY             See SBG Disclosures Appendix
Sibanye-Stillwater SGL SJ EQUITY             See SBG Disclosures Appendix
South32 Ltd S32 SJ EQUITY             See SBG Disclosures Appendix
Stanbic Holdings Ltd CFCB KN EQUITY             See SBG Disclosures Appendix
Standard Bank Group Ltd SBK SJ EQUITY             See SBG Disclosures Appendix
Standard Chartered Kenya SCBL KN EQUITY             See SBG Disclosures Appendix
Super Group SPG SJ EQUITY             See SBG Disclosures Appendix
Swatch Group UHR SW EQUITY             See SBG Disclosures Appendix
Tanzania Breweries Ltd TBL TZ EQUITY             See SBG Disclosures Appendix
Telkom Ltd TKG SJ EQUITY             See SBG Disclosures Appendix
Tencent Holdings Ltd 700 HK EQUITY             See SBG Disclosures Appendix
The Foschini Group Limited TFG SJ EQUITY             See SBG Disclosures Appendix
The Okomu Oil Palm Company Plc OKOMUOIL NL EQUITY             See SBG Disclosures Appendix
The Spar Group Ltd SPP SJ EQUITY             See SBG Disclosures Appendix
Tiffany & Co TIF US EQUITY             See SBG Disclosures Appendix
Tiger Brands TBS SJ EQUITY             See SBG Disclosures Appendix
Tongaat Hulett TON SJ EQUITY             See SBG Disclosures Appendix
Truworths International Ltd TRU SJ EQUITY             See SBG Disclosures Appendix
UAC Of Nigeria PLC UACN NL EQUITY             See SBG Disclosures Appendix
Umeme Ltd UMEM UG EQUITY             See SBG Disclosures Appendix
Unilever Nigeria Plc UNILEVER NL EQUITY             See SBG Disclosures Appendix
United Bank for Africa Plc (UBA) UBA NL EQUITY             See SBG Disclosures Appendix
Vivo Energy Plc VVO LN EQUITY             See SBG Disclosures Appendix
Vodacom Group Ltd VOD SJ EQUITY             See SBG Disclosures Appendix
Wilson Bayly Holmes - Ovcon Limited WBO SJ EQUITY             See SBG Disclosures Appendix
Woolworths Holdings Ltd WHL SJ EQUITY             See SBG Disclosures Appendix
Zenith Bank Plc ZENITHBA NL EQUITY             See SBG Disclosures Appendix

Last Updated: 28/06/2019

Bank 1% ICBC Standard Securities Inc. or an affiliate beneficially owns 1% or more of a class of common equity securities of the subject company.
Analyst conflicts Please see conflict description in "Other Material Conflicts" column.
Man/Co-Man ICBC Standard Securities Inc. or an affiliate managed or co-managed a public offering of securities for the subject company in the past 12 months.
IB 3mth ICBC Standard Securities Inc. or an affiliate expects to receive or intends to seek compensation for investment banking services from the subject company in the next 3 months.
IB 12mth ICBC Standard Securities Inc. or an affiliate received compensation for investment banking services from the subject company in the past 12 months.
Market Maker ICBC Standard Securities Inc. is or was making a market in the securities of the subject company at the time of publication or distribution of the research report.
Other Material Conflicts ICBC Standard Securities Inc. knows or has reason to know of a material conflict of interest that is not identified above (see narrative in table).

Note: The term "affiliate" within the above Disclosure Key excludes Standard Bank Group Limited and its group affiliates, other than ICBC Standard Bank Plc and its subsidiaries, including ICBCSSI. For important disclosures related to the relationship between the companies and issuers that are the subject of SBGL Research and SBGL and its affiliates, please click on the following link: http://www.sbgsecurities.com/ or visit the following web address: http://research.standardbank.com/

ICBCSSI's disclosures of the relationship(s) between companies and issuers that are the subject of SBGL Research, and ICBCSSI and ICBC Standard Bank Plc (and its subsidiaries), are current through the end of the month prior to the month that the research report was published, or in limited situations, through the end of the second month prior to the month that the research report was published.

ICBCSSI also analyzes information relating to other ICBC group entities that may impact these disclosures. While ICBCSSI reasonably believes that the disclosures capture relevant information regarding the relationships between companies and issuers that are the subject of SBGL Research and ICBCSSI and its affiliates, it is possible that the information utilized by ICBCSSI in making its disclosures is dated, incomplete, or not verifiably accurate in relation to certain ICBC group entities. For example, an ICBC group entity may have undisclosed holdings that would cause the beneficial ownership disclosure threshold to be met, or may have an undisclosed qualifying investment banking relationship. These holdings or relationships, however, are unknown to ICBCSSI, and therefore, could not reasonably impact ICBCSSI's decisions about what SBGL Research to distribute or make available. Moreover, no such ICBC group entity has direct or indirect influence over, or actual impact on ICBCSSI's decisions about what SBGL Research reports it makes available to US persons. ICBCSSI will promptly update the disclosures above if it obtains actual knowledge of affiliate holdings, investment banking activities, or other conflicts of interest that are not already disclosed.

SBGL Research distributed by ICBCSSI to US institutional investors may result in transactional business for ICBCSSI that financially benefits ICBCSSI and its affiliates. Research reports on subject companies may also be available from other third-party sources. Recipients are encouraged to consult multiple independent sources of information about the subject companies, including securities or other professionals, before making any investment decision.

SBGL Research reports do not constitute personal recommendations or take into account the particular investment objectives, financial situations, or needs of specific investors. Investors are advised to use the information contained in SBGL Research as one of many inputs and considerations prior to engaging in any trading activity. SBGL Research does not constitute any prospectus or other offering document or an offer or solicitation to buy or sell any securities or other investments. Information and opinions contained in SBGL Research reports are published for the reference of recipients and should not to be relied upon as authoritative, acted upon without the recipient’s own independent verification, or taken in substitution for the exercise of judgment by the recipient. Please carefully review the other disclosures in the SBGL Research reports and the SBGL group disclosures available at http://www.sbgsecurities.com/.

In respect of the United States, this report is solely intended for distribution to US institutional investors that qualify as Major US Institutional Investors under Rule 15a-6 of the US Securities Exchange Act of 1934. US investors wishing to effect transactions in the securities featured or discussed in this report should do so through ICBC Standard Securities Inc., a US registered broker-dealer.