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Disclaimer

General

Access to this and Standard Bank Research Portal (the "Portal") is available only to persons with a valid user name and password who have agreed to Standard Bank Research conditions for use of the Portal. Please click on the following link to review the Conditions of Use to which all access to the Portal is subject.

If you do not accept the conditions governing the use of the Portal do not have a valid username and password or do not otherwise have the appropriate authority to access and use this Portal, then you must not proceed further into the Portal. In particular, access to the Portal is only available to persons who are Market Professionals for the purposes of the rules of the regulatory rules and who have professional experience in matters relating to investments. Those persons who do not have professional experience in matters relating to investments are not permitted to access to the Portal.

To enter the Portal, please enter your user name and password and click on the button marked “Log-in” to confirm your continued acceptance of the conditions governing the use of the Portal and disclaimers and your wish to enter the Portal.

US Specific Requirements

Major U.S. Institutional Investor Certification

Access to the Portal and the research presented on it is only available to "Major U.S. Institutional Investor" (MII) as defined in Rule 15a-6(b)(4) of the Securities Exchange Act.

MII includes (i) a U.S. institutional investor that has, or has under management, total assets in excess of $100 million; (ii) an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act that has total assets under management in excess of $100 million, or (iii) any entity, including any investment adviser (whether or not registered under the Investment Advisers Act), that owns or controls (or, in the case of an investment adviser, has under management) in excess of $100 million in aggregate financial assets.

By clicking "Accept" you will be deemed to have certified that you meet the definition of a MII as defined.

Copyright: Trademark

The content of the Portal is subject to copyright and all rights are reserved. You may download or print copies of information contained within the Portal for your own private use only. However, all other copying, reproducing, transmitting, distributing or displaying of material on the Portal (by any means and in whole or in part) is prohibited without the prior written permission of Standard Bank.

The "Standard Bank" trademark is owned by Standard Bank and nothing contained on the Portal shall constitute the grant of a licence to use such a trademark.

Use of Information and Material

Information on the Portal is of a general nature and cannot take into account your individual financial circumstances or investment objectives. Nothing on the Portal constitutes an offer to sell or any solicitation of any offer to buy or sell any security or instrument or to enter into any transaction. Independent advice should be obtained before any transaction for your own investment strategy and objectives.

Standard Bank has used its reasonable efforts to ensure that the information contained on the Portal is compiled from sources that Standard Bank believes to be reliable and accurate. However, Standard Bank does not represent or warrant the accuracy or timeliness of such information which may be incomplete or condensed. Further, Standard Bank undertakes no obligation and assumes no liability or responsibility (whether express or implied) to any person concerning the information or materials contained on the Portal except as required by mandatory provision of law which may not be excluded and hereby excludes all liability for loss or damage (including direct, indirect, foreseeable, special or consequential loss or damage and including loss of profit) even if advised of the possibility of such damages incurred or sustained by any person in connection with the information or its use including (without limitation) for the consequences of reliance upon any opinion or statement contained therein or any error or omission whether negligent or not, except to the extent such liability may not be excluded or limited by law or by the rules of the JSE Limited ("JSE").

All estimates and opinions included in any documents or other materials contained on the Portal constitute Standard Banks` judgement as at the date they were published and may be subject to change without notice.

The past is not necessarily a guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount invested. Currency rate fluctuations may cause the value of investments to go up or down.

Intellectual Property

By submitting any information or material to Standard Bank through the Portal, you hereby grant to Standard Bank a worldwide royalty-free perpetual licence of the copyright and intellectual property rights in such information or material for any purpose it deems fit including, without limitation, the copying, transmission, distribution and publication thereof, unless restricted by applicable law.

You agree that Standard Bank shall not be under any obligation of confidentiality to you regarding any such information or material submitted to it through the Portal unless agreed otherwise in a separate direct contract between you and Standard Bank or required by law.

You acknowledge that the contents of the foregoing provisions shall not limit any specific provisions set out in the individual terms and conditions of particular products and services offered on or through the Portal.

System Failure

Due to the public nature of the Internet or otherwise, communications over the Internet may be subject to failure of performance, system, server or connection failure, error, omission, interruption, breach of security, computer virus, malicious code, corruption, delay in operation or transmission, transmission error or unavailability of access when accessing to this Portal and/or using the online services. Under no circumstances shall Standard Bank be liable for malfunctions in communications facilities which are not under its control even if Standard Bank had been advised as to the possibility.

Third Party Information, Products and Services

Where Standard Bank provides hypertext links to third party web Portals, such links are for information purposes and your convenience only. Any products or services provided on or via such web Portals are not endorsed by Standard Bank and Standard Bank bears no liability for any loss or damage arising directly or indirectly (including consequential loss) from the use of such Portals. The use of such web Portals is entirely at your own risk and subject to any terms and conditions applicable to such access. Standard Bank is not responsible for the content available on or the set-up of any other third party web Portals and we do not investigate, monitor or verify the accuracy, truthfulness, reasonability, reliability, and completeness of any content, opinions expressed and other links provided by such Portals. Standard Bank is not a party to any contractual arrangements entered into between you and the provider of the third party Portals unless otherwise expressly specified or agreed to by Standard Bank.

Email

Email messages sent to Standard Bank over the Internet cannot be guaranteed to be completely secure. Standard Bank recommends that you do not send any confidential information to Standard Bank by email. Standard Bank is not responsible for any damages incurred by users if they send a message to Standard Bank, or if Standard Bank sends a message to them at their request, over the Internet. Standard Bank has no responsibility or liability for any direct, indirect, special or consequential damages arising out of the use of this Portal.

Data Privacy

Unless restricted by applicable law, you agree that any and all personal information/data relating to you collected by Standard Bank from the Portal from time to time may be used and disclosed for such purposes and to such persons as may be in accordance with the Standard Bank’ current Data Protection and Privacy Policy.

A copy of Standard Bank’s current Data Protection and Privacy Policy may be accessed by clicking on this link: privacy and security statement.

Regulation

The materials contained on the Portal may not be suitable for Retail investors or those who would be Retail Clients were they to act on any information contained within the Portal, and should not be passed on to any such person.

Your acceptance of these terms will give rise to a legally binding contract on the above terms between you (or where you access this Portal as an employee, your employer) and Standard Bank which will be subject to South African law and any disputes concerning this agreement or the subject matter hereof shall be submitted to the exclusive jurisdiction of the South African courts. Where you act as employee, you must ensure that you are authorised to do so and agree to these conditions on behalf of your employer. Your acceptance of these conditions constitutes your personal representation and warranty that you are so authorised.

This material is directed at persons who have professional experience in matters relating to investments falling within the South African Companies Act 2008, and at other persons to whom it may lawfully be communicated. Any investment or investment activity to which it relates is available only to and will be engaged in only with such persons. It is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. The Standard Bank Group does not accept responsibility for any loss arising from any action taken by anyone using this material.

© Standard Bank (2021). All rights reserved. Standard Bank Group Ltd Reg. No. 1969/017128/06 is listed on the JSE Limited. (registered office: 9th Floor, Standard Bank Centre, 5 Simmonds Street, Johannesburg, 2000); is authorised and subject to regulation by the South African Reserve Bank, Financial Services Board and the JSE Limited.