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

Last Updated: 15/11/2018

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.