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Financial Mail -19/05/16 04:12:41 PM

Financial MailM AY 26 2016 SPECIAL REPORT W W W. F I NA NC I A L M A I L .C O. Z A

Measuring up globally

FinancialMailW W W. F I NA NC I A L M A I L .C O. Z AANNUAL REPORT

2016

RANKING THE

ANALYSTS

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Financial Mail -19/05/16 04:26:07 PM

May 26, 2016 Financial Mail 3

FMFM RANKING THE ANALYSTSSPECIAL REPORTWINNING FORMULA

Leader of the packSA firm has for the first time beaten itsglobal peers and won the research award

SBG Securities, the institutionalstockbroker of the Standard BankGroup, tops the research rankings inthis year’s Financial Mail ratings. It is

the first time an SA-owned and operatedbroker has topped the tables in recent mem-ory, edging last year’s top-rated firm, UBS,into third place after four years at the top.RMB Morgan Stanley was placed second.

SBG raced up the rankings from fifthplace last year. This year, its analysts took 35finalist positions in the sector categoriescompared with 26 last year. It topped therankings for several large sectors includingbeverages, insurance and telecommunica-tions. This was helped by Rey Wium, whomoved from Renaissance Capital to SBG lastyear. He took the top ranking in an unprece-dented four different sectors.

SBG head of research Marc Ter Mors saysthe firm has been differentiating itself byfocusing on its regional specialisation ofAfrica. “The integration of different StandardBank Group offerings has enabled us to offer

Marc Ter Mors

SA firms are independently

gaining global respect

Rus

sell

Rob

erts

a one-stop-shop — a housenot only for equities butalso macro, currency, com-modity and fixed incomeinsights. We tend to see thata top regional specialist isalways in the top three ofthe set of brokers thathouses will use. That’swhere SBG has been able tod i f fe re n t i a te .”

When Standard Bankbroke off its partnershipwith Credit Suisse in 2010,

it had to forge a new go-it-alone strategy ina business where having an internationalpartner was considered essential to accessglobal liquidity.

Ter Mors says at the time clients ques-tioned how committed Standard Bankwould be to its brokerage business. “We ’veproved that we are committed. Clients nolonger question that.”

SB G’s achievement stands out in an

WHAT ITMEANSBREAKING NEWGROUND FOR SARESEARCH FIRMSINDEPENDENTCREDIBILITYWITHOUT GLOBALPA RT N E R S H I P

Financial Mail -5 -19/05/16 04:58:20 PM

4 Financial Mail May 26, 2016 May 26, 2016 Financial Mail 5

FM RANKING THE ANALYSTSSPECIAL REPORTWINNING ANALYSTS

Sector Analyst Firm % of points

Gold Mining Johann Steyn Citigroup Global Markets 19.1%

Platinum & Precious Metals Johann Steyn Citigroup Global Markets 12.2%

General Mining Johann Pretorius Renaissance Capital 19.4%

Oil & Gas and Chemicals Gerhard Engelbrecht Macquarie 27.3%

Forestry & Paper Sean Ungerer & Wade Napier Avior Capital Markets 24.5%

Industrial Metals Brian Morgan & Leroy Mnguni RMB Morgan Stanley 18.6%

Resources Small & Medium Market Cap Companies Tim Clark, Heidi Sternberg, Setendra Naidoo & Adrian Hammond Standard Bank SBG Securities 16.1%

Construction, Building Materials & Machinery Rowan Goeller Macquarie 29.0%

Banks Stephan Potgieter UBS SA 23.8%

General Financial Harry Botha & Romy Sandler Avior Capital Markets 18.0%

Insurance Risto Ketola & Magdel Neale Standard Bank SBG Securities 28.3%

Beverages Rey Wium Standard Bank SBG Securities, Renaissance Capital 24.8%

Food Producers Vikhyat Sharma RMB Morgan Stanley 29.1%

Health care Providers & Pharmaceuticals Alex Comer & Ross Krige JPMorgan 31.1%

Luxury Goods Rey Wium Standard Bank SBG Securities, Renaissance Capital 27.8%

Tobacco Rey Wium Standard Bank SBG Securities, Renaissance Capital 31.6%

General Retailers Sean Holmes Deutsche Securities 22.8%

Household Goods Retailers Eckhard Goedeke Standard Bank SBG Securities 17.4%

Hotels, Travel & Leisure Michele Olivier & Leila Areff RMB Morgan Stanley 32.5%

Diversified Industrials John Kim Deutsche Securities 22.6%

Investment Companies Rey Wium Standard Bank SBG Securities, Renaissance Capital 28.7%

Computing & Electronics Chris Grundberg UBS SA 25.7%

Media Richard Tessendorf & Kevin Mattison Avior Capital Markets 21.9%

Telecommunications Jonathan Kennedy-Good Standard Bank SBG Securities 28.2%

Financial and industrial small & medium market Anthony Clark Vunani Securities 18.7%

cap companies

Real Estate Naeem Tilly & Adrian Jardine Avior Capital Markets 30.1%

Africa Ex-SA Equities Adesoji Solanke Renaissance Capital 14.3%

Africa Ex-SA Nonequities Phumelele Mbiyo, Ayomide Mejabi, Jibran Qureishi & Standard Bank Research Team Standard Bank SBG Securities 20.8%

Commodities Colin Hamilton, Gerhard Engelbrecht & James Oberholzer Macquarie 20.4%

Corporate Governance Mark Hodgson, David Levinson & Team Avior Capital Markets 43.1%

Credit Analysis Elena Ilkova & Stephan Pienaar Rand Merchant Bank 37.3%

Derivatives Anthony Seymour, Florence Chikurunhe & Emlyn Flint Peregrine Securities 31.7%

Fixed-Interest Securities Carmen Nel Rand Merchant Bank 29.0%

Innovative research Mary Curtis, Chris Nicholson, Brian Morgan, Vikhyat Sharma, Michele Olivier RMB Morgan Stanley 16.6%

& Roy Campbell

International Markets & Economies Mary Curtis, Ian Doyle, Jonathan Garner, Andrea Masia & Manoj Pradhan RMB Morgan Stanley 20.1%

Investment Strategy Mary Curtis RMB Morgan Stanley 27.9%

Economic Trends (domestic) Elna Moolman Macquarie 24.6%

Political Trends/Industrial Relations Simon Freemantle Standard Bank SBG Securities 29.4%

Quantitative Analysis Josiah Rudolph & Gurvinder Brar Macquarie 23.7%

Risk Management Petrus Bosman Avior Capital Markets 23.2%

Technical Analysis Neels Heyneke & Peet Serfontein Nedgroup Securities 30.9%

Sector Analyst Firm % of points

industry that is facing tumultuous change.Asset managers are placing ever more pres-sure on firms to justify the cost of research,while regulators in turn pile the pressure onasset managers to justify the costs to endclients.

The bundling of research and executioncosts by brokers in the commissions theycharge clients is under attack, but the sep-aration is proving difficult. “The way peoplepay for research has changed dramatically,”says the head of research at one large inter-national broker, who can’t be named forcompliance reasons. “Clients claim that theirresearch cost is completely unbundled,which is true in theory but not in practice.As a result, analyst time is still skewedtowards those firms that pay a lot for deal-i n g .”

Historically, the bundled cost was alwayspassed on to end clients and buried in thetrading costs incurred by the fund, separatefrom the asset manager’s own charges. Butresearch, in the view of regulators, should bea cost faced by the manager rather than theclient.

So far this has not been pushed by reg-ulators in SA, but in a global industry thepressure is always to comply with the most

stringent regulations worldwide.That standard is being drawn up by the

European Union and its so-called “MiFID 2”regulations (MiFID stands for Markets inFinancial Instruments Directive) that will,among other things, direct EU memberstates to implement regulations that requireasset managers to separate out the paymentsthey make for execution and research.

In 2014 the UK’s Financial ConductAuthority had been tightening its rules overcommissions for over a decade and indi -cated its support for the EU process. Thistranslates directly into SA practices, withlarge firms such as Investec Asset Manage-ment and Old Mutual having to comply withUK regulations. SA clients then come to seethe benefit of the practices, which in turn

puts pressure on everyone else toco m p ly .

The fear among brokers isthat the rules will have unin-tended consequences in the formof reduced market efficiency asless analysis is undertaken ofsome companies. A survey ofEuropean brokers by WeConveneExtel highlighted a fear about thedamage that will be done to cov-

erage of mid- and small-cap companies thatd o n’t earn significant amounts from dealing.

Brokers facing revenue cuts will respondwith less coverage, particularly of small- andmid-cap stocks. That will lead to less liq-uidity and therefore less opportunity forsuch companies to raise capital on equitym a rke t s .

In the Extel survey, 84% of respondentssaid the MiFID 2 proposals would affect theability of small caps to access capital mar-kets. Asset managers also said the proposalswould increase barriers to entry for newasset managers.

In the SA market several asset managershave already begun paying brokers separateamounts for research and dealing. However,assessing the value of research remains a

‘‘THE INTEGRATION HAS ENABLED US TOOFFER A ONE-STOP-SHOP SERVICE

MARC TER MORS

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Financial Mail Page 6-7 -19/05/16 04:26:54 PM


FM RANKING THE ANALYSTSSPECIAL REPORTM E T H O D O LO GY

Based on stringent measuresThe rankings and other results presented inthis survey are drawn entirely from a con-fidential questionnaire process conductedwith the domestic institutional clients of SAstockbroker firms.

The structure of the survey is developedby the Financial Mail in conjunction withresearch house Intellidex.

The survey was conducted through anonline questionnaire process. The Intellidexteam collected the results and analysedthem to determine the rankings and ratings.

The intention of the survey is to captureeach institution’s house view of the bro-kerage services it obtains, rather than theviews of its individual fund managers.

However, the online questionnaire madeit possible for multiple individuals at aninstitution to complete different sections.This allows for specialists to contribute theirinsights in particular sectors.

Questionnaires were completed by 45institutional respondents before the dead-line. Respondents included asset managers,life insurance companies, some wealthmanagers and hedge funds. We attempted toinclude all of the largest fund managers byassets.

According to the information submitted,the respondents manage a total of R4.7 tril -lion in domestic assets, and spend well overR1.9bn in brokerage each year.

Before compiling the questionnaire, Intel-lidex asked all institutional brokers to sub-mit a list of their analysts and the sectorsthey covered in the past year. This year 35firms submitted lists, three more than lastyear. Those names and sectors were thenplaced into lists on the questionnaire.

This year, two sell-side firms, Investecand Bank of America Merrill Lynch, did not

provide us with names of analysts. Insti-tutional investors were nevertheless encour-aged to insert the names of analysts into ourquestionnaires and the resulting rankings inthis survey reflect the firms’ performance onthat basis.

Some changes were made to the sectorsthis year following feedback from the indus-try.❑ Retailers & Household Goods was splitinto two: Household Goods Retailers andGeneral Retailers❑ Business Support Services & Packagingand Diversified Industrials & Transportationwere merged into Diversified Industrials❑ Electronic & Electrical Equipment andComputer Services were merged into Com-puting & Electronics

For each research sector, respondentswere asked to rank the five best firms and,separately, the five best analysts, using thefollowing criteria:❑ Quality of written fundamental researchin terms of content and value;❑ Accuracy of forecasts and buy/sell rec-ommendations; useful ideas;❑ Effective communication, both writtenand verbal; and❑ Consistency over the past 12 months.

OVERALL RANKING OF FIRMS FOR RESEARCH

1 Standard Bank SBG Securities 12.9% 1 14.1% 1 13.1% 1 13.1% 1 14.5% 1 13.3% 1 12.7% 1 13.6% 1 13.0%

2 RMB Morgan Stanley 11.0% 5 8.8% 2 11.3% 2 9.8% 6 7.8% 2 10.4% 2 11.4% 5 9.4% 2 12.0%

3 UBS SA 9.5% 2 11.2% 4 8.2% 4 9.4% 2 11.2% 4 8.3% 5 10.7% 3 12.4% 4 9.2%

4 Deutsche Securities 9.5% 4 10.6% 6 7.3% 3 9.5% 4 10.7% 6 7.2% 4 10.8% 4 11.6% 5 8.9%

5 Avior Capital Markets 9.4% 3 11.2% 3 9.0% 5 8.9% 3 10.7% 3 8.6% 3 11.4% 2 13.2% 3 10.9%

6 JPMorgan 8.0% 6 8.5% 7 6.1% 6 8.1% 5 8.8% 7 5.9% 6 7.7% 6 8.0% 6 6.3%

7 Citigroup Global Markets 6.7% 9 4.8% 5 7.5% 7 7.0% 9 5.1% 5 7.8% 8 5.4% 10 3.8% 7 6.0%

8 Macquarie 5.8% 10 4.3% 8 5.9% 8 5.8% n/a 4.1% 8 5.9% 9 5.3% 9 4.2% 8 5.5%

9 Absa Capital 5.4% 8 5.9% 9 5.5% 9 4.8% 8 5.3% 9 5.0% 7 5.5% 8 5.9% 9 5.4%

10 Renaissance Capital 4.9% 7 6.1% 10 5.0% 10 4.8% 7 6.0% 10 4.6% 10 5.3% 7 6.4% 10 5.3%

n/a HSBC Securities 4.1% n/a 4.0% n/a 3.8% n/a 4.3% 10 4.2% n/a 4.1% n/a 2.5% n/a 2.4% n/a 2.4%

Rank Firm % of points Rank % of points Rank % of points Rank % of points Rank % of points Rank % of points Rank % of points Rank % of points Rank % of points

All sectors weightedEquity sectors

weightedSectors

unweightedAll sectorsweighted

Equity sectorsweighted

Sectorsunweighted

All sectorsweighted

Equity sectorsweighted

Sectorsunweighted

FUND MANAGERS BROKERAGE WEIGHTED FUND MANAGERS AUM WEIGHTED FUND MANAGERS UNWEIGHTED

EXTERNAL VIEW

In the eyes of the world

For the firsttime thisyear, the

Financial Mail Rank -ing the Analysts sur -vey includes theopinions of for-eign-based fundmanagers aboutS A’s institutionalb ro ke rs .

This is the resultof a new partner-ship betweenresearch houseIntellidex andWeConvene Extel,the world’s longest running assessment ofthe European cash equities market.

A total of 78 institutions voted on SAfirms in the Extel survey, and 37 of thoserank among the top 100 global asset man-a ge rs .

Their opinions are weighted accordingto the amount of commission they payb ro ke rs .

Unlike the core Financial Mail survey ofdomestic institutions, the survey of foreigninstitutions is coarse-grained and asks forfeedback only on firms as a whole, ratherthan asking for individual sectors or ana-ly s t s .

The results reveal the overall opinionsof foreign institutions on brokers who pro-vide services on the SA financial markets.

The difference in ranking in partreflects slightly different methodologies,but also reflects the firms’ ability to marketthemselves globally.

Top-ranked firm JPMorgan ranks only6th in the eyes of domestic institutions,reflecting its strong international market-ing capabilities.

Second-placed Bank of America MerrillLynch fell outside of the top 10 domesticinstitutions ranking in part because thefirm did not submit analyst names for thisyear’s research exercise after deciding tofocus its efforts on foreign institutions.

Deutsche and UBS hold 3rd and 4thspots as they do in the SA rankings, but theother way around.

A notable achievement is that of SBGSecurities, which tops the domestic rank-ing, and ranks 5th in the view of foreigninstitutions.

SBG, as part of Standard Bank, is theonly SA-owned and operated firm thatmakes the global list (though 6th-placedMorgan Stanley operates a joint venturewith Rand Merchant Bank). ■

OVERALL RANKING OF SA FIRMS BY EUROPEAN INSTITUTIONSFirms providing research on SA markets and assets, weighted bycommission paid

Position Prev Pos Firm Name % of Vote 1 4 JPMorgan 15.12 1 Bank of America Merrill Lynch 14.33 3 Deutsche Bank 11.44 2 UBS 11.15 8 SBG Securities (ICBC Standard Bank) 7.66 5 Morgan Stanley 7.27 6 HSBC 6.98 7 Barclays 6.49 5 Citi 4.810 10 Macquarie Securities Group 4.3

Source: WeConvene Extel

Position Prev Pos Firm Name % of Vote

Points were then awarded to each analystaccording to the rankings, ranging from fivepoints for first place to one point for fifth.The analysts’ rankings are derived from thevotes specifically for individuals, while thef irms’ rankings are derived from the votesspecifically for firms. Votes for individualanalysts were not transferred to the firms.

In the sections covering institutional salesteams, corporate access, dealing and back-office administration, the respondents wereasked to nominate and rank the firms theyconsidered to be the best 10. There are norankings for individual traders or sales spe-cialists.

Results were weighted in the first

instance by brokerage paid to the sell side.Also included were weightings by domesticassets and unweighted results. This ensuresthe survey correctly reflects achievement inthe industry according to its own businesso b j e c t ive s .

The brokerage weightings were deter-mined from two sources. Brokers wereasked to place their clients into differentbrokerage “b u c ke t s”. In addition, institutionswere asked to tell us how much they paid inbrokerage — broken down into equity, fixedinterest and derivatives or other. On boththe sell and buy sides, some firms would notdisclose this information, but most did.

The brokers’ buckets were added together

highly qualitative process. Investec AssetManagement, for example, keeps logs of allresearch that its in-house analysts value.

That is reviewed every six months andbudgets are then set for brokers’ re s e a rc h .“The sell side has not provided a menu ofwhat the cost of their research is so we’vehad to figure it out ourselves by looking atwhat the value of it is to us,” says InvestecAsset Management global head of dealingDoug Blatch.

“Basically we would look at differentdrivers to the process — we know what ourprimary platform costs, we know what anindependent research provider is charging,then we look at the value add from the sellside, and we’ve formed broad metrics onhow much things are worth.”

Investec has built a large team of researchanalysts internally as well, which gives it anedge in a market in which brokerageresearch is accessible to everyone.

Brokers are going to focus their efforts onthose clients that are still willing to pay forresearch. Increasingly, that is coming fromhedge funds rather than traditional largelong-only fund managers.

“We do have certain levels of researchoffering and engagement that are defined byc l i e n t s’ willingness to pay for researchspecif ically,” says Ter Mors. “But we are alsolooking at clients as a whole — their valueacross a service bundle.”

So even though regulators want a strictseparation of research and other services, itoften doesn’t make sense for brokers whoare focused on the total value of the client.

Research also remains an important mar-keting mechanism — a new client can beattracted if they are impressed by a par-ticularly strong piece of research.

That means even if research becomes thepoor cousin of dealing from an explicitclient fee point of view, it will still be pro-vided by brokers who want to maintainstrong client service levels. So research,while facing headwinds, is going to remain acore part of broking business. ■

‘‘BROKERS WILL FOCUS ONCLIENTS WHO ARE WILLING TO

PAY FOR RESEARCH



FM RANKING THE ANALYSTSSPECIAL REPORTto get an indication of the totalpaid by each institution. This wascompared with the institutions’disclosure, where we had it.

Where we had no information,assets under management and ourown market insights were appliedto give a subjective weighting. Allinstitutional respondents were cat-egorised into 10 bands which wereused to weight their responses. Asimilar process was used for theAUM weightings.

All of the sectors, equity dealing,sales teams, corporate access andadministration tables are presentedwithout further amendment.

However, in the case of thederivatives and fixed-interestsecurities dealing tables, an addi-tional weighting was applied tofirms that indicated they makeextensive use of derivatives andfixed interest research and trading.

The assets under managementand brokerage weightings wereadjusted to give greater weight tothose firms that indicated thatderivatives and fixed interest trad-

ing was a greater priority for them. Thisattempts to cater for the distortion that aris-es from the fact that most brokerage andassets are connected to equity instruments.

In the case of the overall rankings forresearch, an additional layer of weightingswas applied. Equity sectors were weightedaccording to their market capitalisation as atDecember 31 2015 using the Swix index con-stituent weightings.

The rankings with this weighting appliedare presented in the column “Equity sectorsweighted by market cap”.

Nonequity sectors, such as quantitativeanalysis and risk management, wereweighted according to the institutions’ feed -back on how important these nonequitysectors were to them.

Investment strategy and both interna-tional and domestic economics carried thelargest weightings of the nonequity sectors.We then gave the equity sectors a 70% totalweight and the nonequity sectors a 30%total weight to determine the results pre-sented in the “all sectors weighted” co l u m n .

Finally, auditors KPMG checked all cal-culations made in finalising the results.

We will continue to develop the method-ology in future surveys. ■

SECTION TEAM RANKINGS

ADMINISTRATION EFFICIENCY RANKINGS

Brokerage-weighted rank % of points AUM-weighted rank % of points Unweighted rank % of points1 RMB Morgan Stanley 10.9% 4 9.7% 1 12.1%2 Macquarie 9.7% 3 9.9% 3 79.1%3 UBS SA 9.2% 2 10.2% 4 88.8%4 Avior Capital Markets 8.9% 5 7.5% 1 142.3%5 Deutsche Securities 8.6% 1 10.8% 4 70.3%6 BofA Merrill Lynch 6.5% 6 7.0% 6 72.1%7 Absa Capital 6.2% 8 5.9% 7 98.8%8 Standard Bank SBG Securities 5.6% 9 5.8% 10 69.6%9 JPMorgan 5.1% 7 6.4% 8 129.1%10 Investec Securities 4.6% 10 5.1% 9 84.5%

CORPORATE ACCESS RANKINGS1 RMB Morgan Stanley 18.9% 1 18.8% 9 6.8%2 BofA Merrill Lynch 12.1% 2 13.4% n/a 2.9%3 Avior Capital Markets 11.2% 5 8.9% 1 12.5%4 Deutsche Securities 10.2% 4 9.5% 3 10.3%5 Standard Bank SBG Securities 9.7% 3 10.9% 4 9.2%6 UBS SA 8.7% 6 8.0% 5 8.9%7 Macquarie 6.1% 8 5.6% 2 10.7%8 Absa Capital 5.7% 9 4.4% 8 7.6%9 JPMorgan 5.4% 7 7.0% 7 8.1%10 Investec Securities 5.2% n/a 3.9% 6 8.6%n/a Citigroup Global Markets 3.0% 10 4.4% n/a 3.1%n/a Renaissance Capital 2.2% n/a 4.1% 10 4.9%

DEALING DERIVATIVES RANKINGS1 Peregrine Securities 14.2% 1 14.2% 1 17.1%2 Prescient Securities 11.7% 2 12.7% 3 14.0%3 Constellation Capital 10.0% 3 9.9% 2 15.5%4 Absa Capital 8.5% 4 7.6% 6 5.6%5 BofA Merrill Lynch 7.8% 5 6.9% 5 5.9%6 AngloRand Futop 5.8% 6 6.2% 7 5.1%7 UBS SA 4.9% n/a 3.6% 9 4.1%8 ICAP 4.8% 9 4.5% n/a 2.3%9 Deutsche Securities 4.7% 7 5.6% 8 4.8%10 Investec Securities 4.3% n/a 3.0% n/a 2.8%n/a RMB Morgan Stanley 3.9% 8 5.3% 4 6.9%n/a Credit Suisse Securities 3.3% 10 4.5% n/a 2.8%n/a Avior Capital Markets 0.9% n/a 0.7% 10 3.0%

DEALING EQUITIES RANKINGS1 RMB Morgan Stanley 14.6% 1 14.0% 1 13.9%2 UBS SA 12.8% 2 14.0% 2 11.3%3 BofA Merrill Lynch 9.3% 3 10.0% 3 8.2%4 Citigroup Global Markets 9.3% 4 9.0% 10 5.4%5 Standard Bank SBG Securities 7.2% 5 7.9% 6 7.1%6 Macquarie 6.8% 7 6.5% 7 6.9%7 Deutsche Securities 6.8% 8 6.0% 5 7.6%8 JPMorgan 6.6% 5 7.9% 9 5.6%9 Absa Capital 6.1% 10 4.6% 8 6.6%10 Avior Capital Markets 4.3% n/a 3.8% 4 8.0%n/a Investec Securities 3.7% 9 4.8% n/a 4.5%

DEALING FIXED INTEREST SECURITIES RANKINGS1 Absa Capital 18.2% 1 18.5% 1 21.4%2 Nedgroup Securities 17.2% 2 17.1% 2 16.3%3 Rand Merchant Bank 13.4% 3 13.4% 3 15.6%4 Citigroup Global Markets 11.4% 4 12.4% 5 7.9%5 Standard Bank SBG Securities 10.1% 5 10.7% 4 12.1%6 JPMorgan 8.4% 7 7.7% 6 6.5%7 HSBC Securities 8.1% 6 8.5% 8 4.7%8 Investec Securities 3.4% 8 3.0% 7 5.1%9 Deutsche Securities 2.7% 9 2.8% 10 2.2%10 Bond Street 2.0% 10 2.1% n/a 1.9%n/a Vunani Securities 0.6% n/a 1.0% 9 2.3%

SALES TEAM RANKING1 RMB Morgan Stanley 14.9% 1 13.1% 1 15.6%2 Deutsche Securities 11.6% 2 12.0% 2 10.8%3 BofA Merrill Lynch 9.4% 4 9.6% 4 9.4%4 JPMorgan 8.9% 3 10.2% 7 7.0%5 UBS SA 8.7% 5 8.8% 3 10.4%6 Standard Bank SBG Securities 7.9% 6 8.5% 5 9.2%7 Absa Capital 7.9% 9 6.3% 6 8.5%8 Citigroup Global Markets 6.7% 8 6.8% 9 4.9%9 Investec Securities 6.6% 7 7.3% 8 5.5%10 Credit Suisse Securities 4.8% 10 4.9% n/a 2.8%n/a Macquarie 4.2% n/a 3.4% 10 4.8%

Rey Wium

Was ranked top analyst

in four categories

Rus

sell

Rob

erts

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FM RANKING THE ANALYSTSSPECIAL REPORT

GOLD MINING

ANALYSTS’ RANKING FIRMS’ RANKING Weighted by brokerage % of AUM % of Unweighted % of Weighted by brokerage % of AUM % of Unweighted % of points weighted points points points weighted points points

1 Johann Steyn Citigroup Global Markets 19.1% 1 21.4% 1 15.4% 1 Citigroup Global Markets 18.5% 1 21.6% 1 14.5%2 Adrian Hammond Standard Bank SBG Securities 16.5% 2 19.3% 2 14.7% 2 Standard Bank SBG Securities 15.7% 2 16.4% 1 14.5%3 Derryn Maade HSBC Securities 13.2% 3 14.6% 5 7.8% 3 HSBC Securities 15.0% 3 16.2% 3 9.6%4 Andrew Byrne Absa Capital 11.3% 4 10.7% 3 10.3% 4 UBS SA 9.8% 4 11.1% 5 9.0%5 Kane Slutzkin UBS SA 7.3% 5 8.4% n/a 7.3% 4 Absa Capital 9.8% 5 10.0% n/a 7.9%6 Patrick Mann Deutsche Securities 6.9% 6 5.5% 6 7.6% 6 Deutsche Securities 7.6% 6 5.8% 6 8.7%n/a Leroy Mnguni & Christopher Nicholson RMB Morgan Stanley 5.2% n/a 4.6% 4 9.2% n/a RMB Morgan Stanley 4.9% n/a 5.0% 4 9.3%Number of analysts who received one or more votes 16 Number of teams who received one or more votes 14

PLATINUM & PRECIOUS METALSANALYSTS’ RANKING FIRMS’ RANKING Weighted by brokerage % of AUM % of Unweighted % of Weighted by brokerage % of AUM % of Unweighted % of points weighted points of points points weighted points points

1 Johann Steyn Citigroup Global Markets 12.2% 2 12.4% 2 9.8% 1 HSBC Securities 11.3% 2 12.6% 6 8.1%

2 Andrew Byrne Absa Capital 12.1% 4 11.9% 4 9.2% 2 Standard Bank SBG Securities 11.0% 1 11.6% 2 10.7%

3 Emma Townshend HSBC Securities 11.2% 3 12.0% 6 8.6% 3 Absa Capital 10.6% 4 9.3% n/a 6.9%

4 Seten Naidoo Standard Bank SBG Securities 10.4% 1 13.3% 3 9.4% 4 Renaissance Capital 10.1% 6 8.0% 1 11.4%

5 Steven Friedman Renaissance Capital 9.8% 6 8.3% 1 11.8% 5 Citigroup Global Markets 10.0% 3 9.4% 6 8.1%

6 Christopher Nicholson RMB Morgan Stanley 7.8% n/a 6.3% 6 8.6% 6 Deutsche Securities 8.2% 4 9.3% 3 10.5%

6 Hurbey Geldenhuys Vunani Securities 7.8% n/a 7.7% n/a 7.8% 6 Macquarie 8.2% n/a 5.9% n/a 6.4%

n/a Patrick Mann Deutsche Securities 6.9% 5 9.2% 5 9.0% n/a RMB Morgan Stanley 8.1% n/a 6.3% 5 8.8%

Number of analysts who received one or more votes 17 n/a JPMorgan 6.0% n/a 4.6% 4 9.3%

Number of teams who received one or more votes 16

GENERAL MININGANALYSTS’ RANKING FIRMS’ RANKING Weighted by brokerage % of AUM % of Unweighted % of Weighted by brokerage % of AUM % of Unweighted % of points weighted points points points weighted points points

1 Johann Pretorius Renaissance Capital 19.4% 2 16.4% 1 19.7% 1 Renaissance Capital 20.7% 1 19.4% 1 19.5%

2 James Bennett & Heath Jansen Citigroup Global Markets 18.9% 1 19.4% 3 14.7% 2 Citigroup Global Markets 18.1% 2 19.1% 3 15.5%

3 Tim Clark & Heidi Sternberg Standard Bank SBG Securities 15.4% 3 16.2% 2 16.3% 3 Standard Bank SBG Securities 16.6% 3 17.2% 2 17.9%

4 Kieran Daly UBS SA 11.2% 4 11.0% 5 10.9% 4 UBS SA 12.9% 4 13.1% 4 12.7%

5 Rene Kleyweg Deutsche Securities 9.7% 5 9.4% 4 11.7% 5 Deutsche Securities 9.7% 5 9.8% 4 12.7%

6 Menno Sanderse, Brian Morgan & RMB Morgan Stanley 6.7% 6 6.5% 6 8.9% 6 RMB Morgan Stanley 5.4% n/a 4.8% 6 6.1%

David Prowse

Number of analysts who received one or more votes 21 n/a Macquarie 4.9% 6 4.9% n/a 3.9%


OIL & GAS AND CHEMICALS


1 Gerhard Engelbrecht Macquarie 27.3% 1 28.1% 1 23.7% 1 Macquarie 28.2% 1 28.0% 1 25.7%

2 Alex Comer JPMorgan 24.9% 2 26.0% 2 23.3% 2 JPMorgan 23.3% 2 23.9% 2 21.0%

3 Johann Steyn Citigroup Global Markets 10.7% 3 13.3% 5 6.3% 3 Citigroup Global Markets 10.8% 3 14.2% 5 6.8%

4 Christopher Nicholson RMB Morgan Stanley 8.2% 5 6.6% 4 10.1% 4 RMB Morgan Stanley 8.8% 4 7.6% 3 9.9%

5 Nishal Ramloutan UBS SA 7.3% 4 7.0% 3 11.1% 5 UBS SA 6.9% 5 7.4% 3 9.9%

6 Sean Ungerer & David Lerche Avior Capital Markets 4.5% 6 3.9% 6 5.5% 6 Investec Securities 6.2% 6 5.8% n/a 4.5%

Number of analysts who received one or more votes 18 n/a Deutsche Securities 3.0% n/a 2.0% 6 6.4%


NEW ENTRANTS

Young guns get theirdue honoursE x ot i x ’s Jumai Mohammed is the winner ofthe Young Analyst award in the equities cat-egory. Peregrine’s Emily Flint takes theaward in the nonequities section.

The awards were introduced to the Finan -cial Mail’s analyst rankings last year torecognise young talent in the industry.Entrants, who had to be under 30 years oldas at December 31 2015, submitted reportsprovided to asset management clients, moti-vating for investment ideas.

Each entry was judged according toscorecards developed for the process, withoriginality and independence of thoughthigh on the priority list. Each report wasassessed by six judges, which resulted in awide array of marks.

Nigel Suliaman, convenor of the judgingpanel and a member of the CFA Society SA,says the quality of the submissions matchedthat of the industry.

“I read lots of broker reports just aboutevery day and these are pretty much at thesame standard as those I normally see. Iwo u l d n’t have known they were written byjunior analysts,” says Suliaman.

Interestingly, however, one of the judgesis an academic, and Suliaman says he wasmore critical than his fellow judges, whowere working professionals.

“I think academics look at things dif-ferently. For me, being concise and gettingto the point is important, while academicswant to see basic concepts explained andexpanded upon. I think the professionalsassume a certain level of knowledge —though we all frown on jargon.”

However, the academic judge concurredwith his peers in giving Mohammed’s reporton the Nigerian cement industry the highestranking in the equities category. Suliamansays that with all the judges being SouthAfrican, he might have expected them to gofor something they were familiar with. “Bu t

they went for the Nigeriancement report, and thatmakes it stand out more,”he says.

“It provided an excellentoverview of the industrywith a good analysis of theindividual companies. Itdescribed each companyfrom an operational as wellas financial perspective,and included a sensitivityanalysis of the companies,which we liked.”

The second-rankedequities report, PPC: Egg ofthe Phoenix by Avior’sGareth Visser, also con-tained well-described val-uations and judges likedthe regional breakdown ofthe business.

Su l i a m a n’s main criti-cism about reports in thenonequities category wasthat none gave investmentrecommendations or con-clusions but were informa-tion pieces — more likeeconomic reports.

Fl i n t ’s winning report,In Search of the PerfectHedge, also stopped shortof making real recommen-dations. “But the descrip-tion of the case study wasclear and well-articulated.”

EM Debt Bonanza byNe d b a n k ’s Mehul Dayaassessed debt at a sovereignl eve l .

Suliaman says the anal-ysis was interesting, thoughvaluations were implied

rather than specif ic.“However, there was sufficient detail pre-

sented to make the result clear.”One problem was that some submissions

were co-authored, whereas the rules statethat the young analyst must be the sole orlead author and the report should be clearlymarked as such. In such cases the judgesapplied a points penalty rather than dis-qualifying the entrant altogether. However,

the top three entries in the equities categorywere from sole authors, while all three inthe nonequities section were co-authored,

so it did not make any dif-ference to the rankings.

Next year however, therule will be applied strictly.

The judges — all volun-teers — were convenedthrough CFA SA.

They were: Nigel Sulia-man (Sanlam Investments); Aadil Omar(Prudential); Ashveena Teeluckdharry-Khu-sial (Hollard); Dahn Webb (Curo); Franita

Neuville (Thompson Reuters); Hugh Hacking(Old Mutual); Marco Efstathiou (Citi); MarkBunting (Rhodes University); MichaelParusel (PWC); Muitheiri Wahome (Invest-ment Solutions); Rosanne Howarth (SanlamInvestments); and Sanjay Bhana (self-employed). ■

YOUNG ANALYST OF THE YEAR

EQUITIES NONEQUITIES

1. Jumai Mohammed Exotix 1. Emlyn Flint Peregrine

2. Gareth Visser Avior 2. Mehul Daya Nedbank

3. Roelof Brand Avior 3. Chernay Johnson Credit Suisse

REPORT CARD

EQUITIES NONEQUITIES

Business description 5% Description and relevance of case 15%Industry overview & competitive positioning 15% Originality and independent thought 25%Investment summary 20% Coherence of case proposal 25%Valuation 20% Analytical rigour and depth 25%Financial analysis 20% Other 10%Other headings 5%

Investment risks 15%

‘‘THE REPORT PROVIDED AN EXCELLENTOVERVIEW OF THE INDUSTRY WITH A GOODANALYSIS OF THE INDIVIDUAL COMPANIES

NIGEL SULIAMAN

Het

ty Z

antm

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Special Report written by IntellidexAdvertising executive: Cris Stock



FM RANKING THE ANALYSTSSPECIAL REPORTGENERAL FINANCIAL


1 Harry Botha & Romy Sandler Avior Capital Markets 18.0% 3 13.8% 1 19.3% 1 Deutsche Securities 19.0% 1 21.3% 2 19.4%2 Nicholas Watts & Chantelle Baptiste Absa Capital 16.4% 2 16.5% 2 14.8% 2 Avior Capital Markets 18.8% 3 14.6% 1 20.5%3 Stephan Potgieter UBS SA 13.9% 1 16.9% 3 12.6% 3 UBS SA 14.3% 2 17.9% 3 13.1%4 Henry Hall HSBC Securities 10.0% 5 11.1% n/a 4.5% 4 Absa Capital 14.0% 4 14.1% 4 12.9%5 Bankole Ubogu Deutsche Securities 9.9% 4 12.4% 4 10.7% 5 Standard Bank SBG Securities 11.3% 6 9.1% 5 11.0%6 Stefan Swanepoel Deutsche Securities 9.0% 6 8.7% 6 9.0% 6 HSBC Securities 10.8% 5 11.8% 6 4.5%n/a Vincent Anthonyrajah & Magdel Neale Standard Bank SBG Securities 8.5% n/a 7.3% 5 9.3% n/a RMB Morgan Stanley 2.8% n/a 1.6% 6 4.5%Number of analysts who received one or more vote 14 Number of teams who received one or more votes 13

INSURANCE


1 Risto Ketola & Magdel Neale Standard Bank SBG Securities 28.3% 1 28.2% 1 27.5% 1 Standard Bank SBG Securities 31.4% 1 30.2% 1 29.8%

2 Larissa Van Deventer Absa Capital 20.7% 2 19.9% 3 19.5% 2 UBS SA 20.1% 2 18.3% 2 20.5%

3 Michael Christelis UBS SA 19.5% 3 18.2% 2 20.6% 3 Absa Capital 17.5% 3 17.8% 3 17.4%

4 Francois du Toit Renaissance Capital, JPMorgan 13.2% 5 10.6% 4 15.5% 4 Renaissance Capital 10.3% 5 7.9% 4 12.0%

5 Grant Davids Nedgroup Securities 8.1% 4 12.4% 5 6.2% 5 Nedgroup Securities 9.2% 4 13.1% 5 7.1%

6 Brian Mushonga Credit Suisse Securities 7.3% 6 7.7% 6 5.6% 6 Credit Suisse Securities 6.7% 6 7.7% n/a 4.4%

Number of analysts who received one or more votes 10 n/a Avior Capital Markets 2.1% n/a 1.8% 6 4.9%


BEVERAGES


1 Rey Wium Standard Bank SBG Securities, 24.8% 1 26.3% 1 22.6% 1 Standard Bank SBG Securities 24.9% 1 26.3% 1 21.3%

Renaissance Capital

2 Andrea Pistacchi & Adam Spielman Citigroup Global Markets 14.5% 2 12.7% 3 10.9% 2 UBS SA 14.5% 2 16.1% 2 15.5%

3 Tristan van Strein Deutsche Securities 12.2% 4 11.7% 2 12.0% 3 Deutsche Securities 12.2% 4 11.1% 3 10.8%

4 Nik Oliver UBS SA 10.2% 3 12.5% 4 9.3% 4 Citigroup Global Markets 11.4% 5 8.8% 5 8.7%

5 Sanjeet Aujla Credit Suisse Securities 9.3% 5 11.5% n/a 5.7% 5 Credit Suisse Securities 8.7% 3 12.0% n/a 4.7%

6 Simon Hales Absa Capital 6.5% 6 5.4% 5 8.7% 6 Absa Capital 6.5% 6 5.6% n/a 7.9%

n/a Vikhyat Sharma, Olivier Nicolai & Richard Taylor RMB Morgan Stanley 6.4% n/a 4.1% 6 8.5% n/a RMB Morgan Stanley 5.1% n/a 2.9% 4 8.9%

Number of analysts who received one or more votes 17 n/a Avior Capital Markets 4.2% n/a 2.8% 5 8.7%


FOOD PRODUCERS


1 Vikhyat Sharma RMB Morgan Stanley 29.1% 1 29.3% 1 26.5% 1 RMB Morgan Stanley 29.8% 1 29.5% 1 27.9%

2 Jiten Bechoo Avior Capital Markets 16.8% 3 17.3% 2 18.6% 2 Standard Bank SBG Securities 17.8% 2 19.4% 3 16.4%

3 Robyn Collins Renaissance Capital 15.6% 4 14.5% 3 15.5% 3 Avior Capital Markets 17.1% 3 16.8% 2 18.2%

4 Sumil Seeraj Standard Bank SBG Securities 14.6% 2 17.4% 4 13.1% 4 Renaissance Capital 11.8% 4 10.4% 4 13.3%

5 Kgosi Rahube Citigroup Global Markets 5.7% 5 5.0% n/a 3.6% 5 Credit Suisse Securities 6.5% 5 6.1% 6 4.7%

6 Pieter Vorster Credit Suisse Securities 5.6% 6 4.6% 6 4.2% 6 Citigroup Global Markets 5.0% n/a 4.9% n/a 3.1%

n/a Caron Bramwell Deutsche Securities 2.1% n/a 1.7% 5 4.4% n/a UBS SA 4.9% 6 5.0% 5 5.2%

Number of analysts who received one or more votes 16 Number of teams who received one or more votes 13

HEALTH CARE PROVIDERS & PHARMACEUTICALS


1 Alex Comer & Ross Krige JPMorgan 31.1% 1 32.6% 1 27.0% 1 JPMorgan 31.7% 1 32.9% 1 27.9%

2 Avinash Kalkapersad Deutsche Securities 23.2% 2 22.5% 2 21.6% 2 Deutsche Securities 23.1% 2 22.8% 2 22.9%

3 Mathew Menezes Citigroup Global Markets 14.0% 3 13.9% 3 11.2% 3 Citigroup Global Markets 13.5% 3 13.6% 3 10.3%

4 Ada Li Macquarie 7.9% 4 6.5% 4 8.3% 4 Macquarie 7.9% 4 6.6% 4 9.1%

5 Raj Sinha HSBC Securities 4.1% 6 4.6% n/a 2.5% 5 HSBC Securities 4.4% 6 4.6% n/a 2.4%

6 Andre Bekker Avior Capital Markets 3.8% n/a 2.6% 5 7.1% 6 Avior Capital Markets 3.6% n/a 2.1% 5 6.2%

n/a Luresha Chetty Standard Bank SBG Securities 3.5% n/a 2.9% 6 5.0% n/a Standard Bank SBG Securities 3.2% n/a 2.9% 6 5.3%

n/a Marcelle Jankelow Investec Securities 2.9% 5 5.3% n/a 2.3% n/a Investec Securities 3.0% 5 5.3% n/a 1.9%


FORESTRY & PAPER

ANALYSTS’ RANKING FIRMS’ RANKING

Weighted by brokerage % of AUM % of Unweighted % of Weighted by brokerage % of AUM % of Unweighted % of

point weighted points points points weighted points points

1 Sean Ungerer & Wade Napier Avior Capital Markets 24.5% 1 24.8% 1 24.4% 1 Credit Suisse Securities 24.2% 1 23.6% 4 15.5%

2 Lars Kjellberg Credit Suisse Securities 24.3% 2 23.0% 4 16.7% 2 Avior Capital Markets 23.3% 2 23.5% 1 24.4%

3 Brian Morgan RMB Morgan Stanley 19.0% 3 19.8% 3 19.6% 3 UBS SA 19.7% 3 20.9% 2 22.0%

4 Nishal Ramloutan UBS SA 17.9% 4 18.6% 2 22.7% 4 RMB Morgan Stanley 15.5% 4 14.8% 3 16.6%

5 Matthias Pfeifenberger Deutsche Securities 4.6% n/a 3.0% 5 7.4% 5 BofA Merrill Lynch 7.6% 5 9.9% 6 4.8%

6 Tom Burlton David Roux BofA Merrill Lynch 2.9% 6 3.0% n/a 1.0% 6 Deutsche Securities 5.6% 6 3.6% 5 9.7%

n/a James Hutchison & Caroline Learmonth Absa Capital 2.5% n/a 2.2% 6 4.5% n/a Absa Capital 2.6% n/a 2.1% 6 4.8%

n/a David Roux BofA Merrill Lynch 2.4% 5 4.4% n/a 1.7% Number of teams who received one or more votes 10

Number of analysts who received one or more votes 11

INDUSTRIAL METALS

ANALYSTS’ RANKING FIRMS’ RANKING Weighted by brokerage % of AUM % of Unweighted % of Weighted by brokerage % of AUM % of Unweighted % of point weighted points points points weighted points points

1 Brian Morgan & Leroy Mnguni RMB Morgan Stanley 18.6% 1 19.3% 2 17.5% 1 RMB Morgan Stanley 19.6% 1 20.3% 1 17.4%

2 Heidi Sternberg & Tim Clark Standard Bank SBG Securities 18.2% 2 19.1% 1 18.0% 2 UBS SA 16.4% 2 16.7% 4 11.3%

3 Johann Pretorius & Steven Friedman Renaissance Capital 10.4% 5 9.0% 3 13.7% 3 Standard Bank SBG Securities 15.0% 3 16.6% 1 17.4%

4 Kieran Daly UBS SA 10.1% 4 10.8% n/a 6.7% 4 Renaissance Capital 10.6% 6 8.8% 3 12.6%

5 Sean Ungerer & Wade Napier Avior Capital Markets 9.6% 3 11.7% 4 8.6% 5 Avior Capital Markets 9.9% 4 11.9% 5 9.7%

6 James Oberholzer Macquarie 9.4% 6 8.7% 5 7.8% 6 Macquarie 9.6% 5 9.3% 6 7.7%

n/a James Bennett Citigroup Global Markets 6.4% n/a 5.7% 5 7.8% Number of teams who received one or more votes 13


RESOURCES SMALL & MEDIUM MARKET CAP COMPANIES




1 Tim Clark, Heidi Sternberg, Setendra Standard Bank SBG Securities 16.1% 1 17.4% 1 18.4% 1 Standard Bank SBG Securities 17.1% 1 19.1% 1 18.2%

Naidoo & Adrian Hammond

2 James Oberholzer Macquarie 14.0% 2 14.3% 3 11.8% 2 Macquarie 12.7% 2 13.1% 3 11.9%

3 Johann Pretorius, Steven Friedman Renaissance Capital 11.9% 4 9.2% 2 14.5% 3 Renaissance Capital 12.5% 5 8.1% 2 14.9%

& Kabelo Moshesha

4 James Bennett & Johann Steyn Citigroup Global Markets 11.6% 3 12.1% 5 7.9% 4 Citigroup Global Markets 11.8% 3 10.8% 5 7.9%

5 Willie Venter Prescient Securities 9.1% 5 8.6% n/a 4.2% 5 RMB Morgan Stanley 8.3% 4 8.9% 4 10.9%

6 Christopher Nicholson, Brian Morgan RMB Morgan Stanley 7.8% n/a 7.0% 4 10.9% 6 Prescient Securities 7.7% 6 7.4% n/a 3.3%

& Leroy Mnguni

n/a Derryn Maade & Emma Townshend HSBC Securities 6.3% 6 8.3% n/a 3.3% n/a HSBC Securities 6.6% 6 7.4% n/a 3.0%

n/a Allan Cooke & Abhishek Tiwari JPMorgan 4.1% n/a 4.4% 6 5.4% n/a Avior Capital Markets 5.4% 6 7.4% 6 6.6%


CONSTRUCTION, BUILDING MATERIALS & MACHINERY




1 Rowan Goeller Macquarie 29.0% 1 29.7% 1 24.1% 1 Macquarie 27.0% 1 27.8% 1 22.8%

2 Roy Campbell & Bradley Ablett RMB Morgan Stanley 20.8% 2 17.4% 2 20.3% 2 RMB Morgan Stanley 20.6% 2 18.2% 2 20.7%

3 Marc Ter Mors & Luresha Chetty Standard Bank SBG Securities 13.2% 3 16.0% 3 15.2% 3 Standard Bank SBG Securities 15.8% 3 16.0% 3 15.7%

4 Necessity Ngorima JPMorgan 12.3% 4 13.0% 4 10.6% 4 JPMorgan 14.3% 4 15.2% 4 11.5%

5 Brent Madel Renaissance Capital, BPI Capital Africa 8.4% 5 9.6% n/a 6.0% 5 Avior Capital Markets 6.8% 5 7.5% 6 7.9%

6 Kwame Antwi UBS SA 6.7% 6 5.5% 5 9.3% 6 BPI Capital Africa 5.5% 6 5.5% n/a 4.7%

n/a Roelof Brand Avior Capital Markets 5.3% n/a 4.3% 6 7.5% n/a UBS SA 5.3% n/a 4.8% 5 9.7%


BANKS




1 Stephan Potgieter UBS SA 23.8% 1 25.6% 1 22.3% 1 UBS SA 25.9% 1 27.3% 1 23.0%

2 Henry Hall HSBC Securities 19.4% 2 18.3% 2 14.7% 2 HSBC Securities 17.5% 2 17.0% 4 10.4%

3 Vincent Anthonyrajah Standard Bank SBG Securities 10.6% 3 13.8% 4 12.1% 3 Standard Bank SBG Securities 11.8% 3 14.4% 3 13.6%

4 Stefan Swanepoel Deutsche Securities 9.6% 4 10.1% 3 12.9% 4 Deutsche Securities 10.7% 4 10.7% 2 14.7%

5 Ilan Stermer Renaissance Capital 9.1% 6 7.7% 5 7.0% 5 Renaissance Capital 8.5% 6 7.5% 5 6.4%

6 Nicholas Watts & Chantelle Baptiste Absa Capital 7.4% 5 8.7% n/a 5.5% 6 Absa Capital 7.4% 5 8.2% n/a 5.5%

n/a Charles Russell Citigroup Global Markets 6.4% n/a 4.7% 6 6.5% n/a RMB Morgan Stanley 4.0% n/a 2.0% 6 5.8%




FM RANKING THE ANALYSTSSPECIAL REPORTDIVERSIFIED INDUSTRIALS


1 John Kim Deutsche Securities 22.6% 1 22.6% 1 19.6% 1 Deutsche Securities 19.9% 1 20.6% 1 19.6%2 Rowan Goeller Macquarie 13.2% 2 15.2% 2 12.5% 2 Macquarie 10.4% 2 13.7% 2 12.3%3 Kwame Antwi UBS SA 9.0% 3 9.7% 3 11.5% 3 Ceri Moodie Investment Research 9.7% 4 8.7% n/a 5.7%4 Mark Hodgson Avior Capital Markets 8.9% 4 8.3% 5 8.8% 4 Avior Capital Markets 9.3% 5 7.8% 5 9.2%5 Ceri Moodie Ceri Moodie Investment Research 8.2% 5 7.7% n/a 5.0% 5 UBS SA 8.4% 3 8.8% 3 10.6%6 Roy Campbell & Bradley Ablett RMB Morgan Stanley 7.3% 6 6.3% 4 10.2% 6 RMB Morgan Stanley 8.1% n/a 7.2% 4 9.7%n/a Eckhard Goedeke & Marc Ter Mors Standard Bank SBG Securities 5.1% n/a 5.2% 6 7.3% n/a Standard Bank SBG Securities 6.4% n/a 6.2% 6 7.8%Number of analysts who received one or more votes 16 n/a BofA Merrill Lynch 6.4% 6 7.4% n/a 3.1% Number of teams who received one or more votes 16

INVESTMENT COMPANIES



Renaissance Capital

2 Richard Tessendorf , Atiyyah Vawda Avior Capital Markets 27.8% 2 26.3% 1 31.6% 2 Avior Capital Markets 28.2% 2 25.5% 1 33.0%

& De Wet Schutte

3 Johann Scholtz BPI Capital Africa, Afrifocus Securities 9.8% 3 9.9% 4 7.5% 3 RMB Morgan Stanley 8.9% 4 7.6% 3 11.5%

4 David Smith & Howard Penny RMB Morgan Stanley 9.3% 5 7.4% 3 11.1% 4 JPMorgan 7.4% 3 9.5% n/a 3.8%

5 Necessity Ngorima JPMorgan 6.6% 4 9.0% n/a 4.2% 5 BPI Capital Africa 6.6% 5 6.3% n/a 2.8%

6 Eckhard Goedeke Standard Bank SBG Securities 5.7% 6 5.4% 5 6.3% 6 Afrifocus Securities 4.9% n/a 4.5% 4 5.9%

n/a Michael Christelis UBS SA 3.8% n/a 1.9% 6 4.8% n/a Renaissance Capital 4.1% 6 5.1% 6 4.5%

Number of analysts who received one or more votes 12 n/a UBS SA 2.7% n/a 1.9% 5 4.9%


COMPUTING & ELECTRONICS


1 Chris Grundberg UBS SA 25.7% 1 25.0% 1 24.8% 1 Avior Capital Markets 25.4% 1 24.5% 1 26.7%

2 Roelof Brand Avior Capital Markets 24.3% 2 22.2% 1 24.8% 2 UBS SA 24.4% 2 23.2% 2 22.4%

3 Willie Venter & Stephen Heath Prescient Securities 12.5% 4 12.8% 5 8.6% 3 Prescient Securities 13.1% 3 14.5% 5 9.4%

4 Irnest Kaplan Vunani Securities 12.2% 3 13.4% 3 14.3% 4 Vunani Securities 12.4% 4 13.7% 3 13.6%

5 Jonathan Kennedy-Good Standard Bank SBG Securities 6.9% 5 8.0% 4 9.7% 5 HSBC Securities 7.0% 5 6.5% n/a 3.9%

6 Franca di Silvestro HSBC Securities 6.4% 6 5.9% n/a 3.5% 6 Standard Bank SBG Securities 6.8% 6 5.1% 4 9.7%

6 Ahmed Motara Renaissance Capital 6.4% n/a 4.7% 6 6.7% n/a Renaissance Capital 4.9% n/a 4.7% 6 6.1%


MEDIA


1 Richard Tessendorf & Kevin Mattison Avior Capital Markets 21.9% 1 22.4% 1 23.9% 1 Avior Capital Markets 22.6% 1 21.6% 1 23.4%

2 Ed Hill-Wood & David Smith RMB Morgan Stanley 16.8% 4 14.8% 3 13.4% 2 JPMorgan 14.5% 2 16.9% 3 12.2%

3 David Ferguson Renaissance Capital 15.1% 2 16.1% 2 13.8% 3 RMB Morgan Stanley 13.6% 5 11.1% 5 10.7%

4 Ziyad Joosub JPMorgan 12.0% 3 15.2% 5 10.3% 4 UBS SA 12.3% 6 10.7% 2 15.0%

5 Chris Grundberg UBS SA 11.0% 6 8.2% 4 12.6% 5 Deutsche Securities 11.7% 4 11.6% 3 12.2%

6 John Kim Deutsche Securities 9.2% 5 8.4% 6 9.7% 6 Renaissance Capital 10.7% 3 12.9% 6 10.4%


TELECOMMUNICATIONS


1 Jonathan Kennedy-Good Standard Bank SBG Securities 28.2% 1 29.7% 1 25.5% 1 Standard Bank SBG Securities 25.2% 1 25.9% 1 24.6%

2 Chris Grundberg UBS SA 18.3% 2 19.5% 2 18.2% 2 UBS SA 18.7% 2 19.6% 2 18.6%

3 Maddy Singh & Ed Hill-Wood RMB Morgan Stanley 13.1% 3 13.1% 3 11.9% 3 RMB Morgan Stanley 13.1% 3 13.2% 3 11.4%

4 JP Davids & Louise Pillay Absa Capital 10.6% 5 8.2% 6 9.1% 4 Absa Capital 9.8% 5 8.2% 6 7.8%

5 Mike Gresty Deutsche Securities 9.6% 4 9.3% 4 9.7% 5 Deutsche Securities 8.2% 4 8.9% 5 8.6%

6 Ziyad Joosub JPMorgan 8.2% 6 7.5% n/a 7.3% 6 JPMorgan 7.2% 6 7.3% n/a 7.1%

n/a David Lerche Avior Capital Markets 5.8% n/a 4.8% 4 9.7% n/a Avior Capital Markets 5.3% n/a 4.8% 4 9.5%


LUXURY GOODS




1 Rey Wium Standard Bank SBG Securities 27.8% 1 30.0% 1 24.1% 1 Standard Bank SBG Securities 21.1% 1 23.2% 1 18.4%

Renaissance Capital

2 David Smith & Louise Singlehurst RMB Morgan Stanley 15.1% 3 14.4% 2 18.6% 2 Citigroup Global Markets 18.3% 2 20.8% 3 13.4%

3 Thomas Chauvet Citigroup Global Markets 14.9% 2 16.8% 3 11.8% 3 RMB Morgan Stanley 12.3% 4 12.3% 2 16.6%

4 Erwan Rambourg HSBC Securities 10.9% 4 13.1% 5 5.8% 4 HSBC Securities 11.3% 3 12.7% n/a 6.8%

5 Melanie Flouquet JPMorgan 7.1% 5 5.1% 4 9.7% 5 JPMorgan 6.7% 5 5.8% 5 8.7%

6 Guillaume Gauville Credit Suisse Securities 4.9% 6 3.6% n/a 2.3% 6 UBS SA 5.5% n/a 3.8% 4 8.9%

n/a Helen Brand UBS SA 3.5% 6 3.6% n/a 1.4% n/a Deutsche Securities 4.9% n/a 3.2% 6 8.4%

n/a Renier Swanepoel UBS SA 2.7% n/a 1.7% 6 5.1% n/a Goldman Sachs 4.5% 6 4.5% n/a 1.3%


TOBACCO



Renaissance Capital

2 Rupert Wilson Noah Capital Markets 19.3% 2 19.1% 2 18.0% 2 Noah Capital Markets 18.7% 2 19.6% 2 17.3%

3 David Smith & Matthew Grainger RMB Morgan Stanley 15.3% 3 13.4% 3 15.3% 3 RMB Morgan Stanley 15.3% 3 14.5% 3 14.9%

4 Adam Spielman Citigroup Global Markets 9.9% 4 11.3% 4 8.0% 4 Citigroup Global Markets 10.4% 4 11.9% 5 8.4%

5 Simon Hales Absa Capital 5.1% 6 3.7% 5 6.7% 5 UBS SA 7.0% 5 6.5% 4 9.7%

6 Catherine Farrant JPMorgan 4.2% n/a 3.6% 6 4.2% 6 JPMorgan 4.3% n/a 3.5% n/a 4.7%

n/a Renier Swanepoel UBS SA 3.2% n/a 3.1% 6 4.2% n/a Absa Capital 4.2% n/a 2.9% 6 5.2%

n/a Richard Tessendorf Avior Capital Markets 2.7% 5 4.2% n/a 3.8% n/a Avior Capital Markets 3.9% 6 4.9% n/a 5.0%

Number of analysts who received one or more votes 15 n/a Renaissance Capital 3.3% n/a 2.3% 6 5.2%


GENERAL RETAILER


1 Sean Holmes Deutsche Securities 22.8% 1 24.7% 1 21.0% 1 Deutsche Securities 21.4% 1 24.1% 1 20.9%

2 Rod Salmon & Thaule Masemola Absa Capital 14.8% 2 13.0% 3 14.4% 2 Absa Capital 14.1% 3 12.2% 3 13.6%

3 Darren Cohn UBS SA 10.5% 4 9.2% 2 14.8% 3 Standard Bank SBG Securities 10.9% 2 12.5% 4 9.6%

4 Kaeleen Brown Standard Bank SBG Securities 9.9% 3 12.3% 4 8.6% 4 UBS SA 9.9% 4 8.8% 2 14.9%

5 Stephen Carrott & Dino Constantinou JPMorgan 8.4% n/a 7.0% 6 7.1% 5 JPMorgan 8.4% n/a 6.6% 6 6.8%

6 Shamil Ismail Primaresearch 7.0% 5 7.8% 5 8.4% 6 Renaissance Capital 7.7% 5 8.7% n/a 6.6%

n/a Jeanine Womersley HSBC Securities 5.8% 6 7.1% n/a 3.6% n/a Primaresearch 7.0% 6 7.4% 5 8.1%


HOUSEHOLD GOODS RETAILERS




1 Eckhard Goedeke Standard Bank SBG Securities 17.4% 1 18.1% 1 14.5% 1 Deutsche Securities 19.5% 1 20.3% 1 20.3%

2 Stephen Carrott & Dino Constantinou JPMorgan 16.2% 2 14.8% 3 12.8% 2 Standard Bank SBG Securities 18.6% 2 19.4% 2 15.7%

3 Sean Holmes Deutsche Securities 11.5% 4 11.9% 2 13.9% 3 JPMorgan 12.5% 4 11.3% 3 10.6%

4 Mark Hodgson Avior Capital Markets 10.7% 3 13.8% 4 10.4% 4 Avior Capital Markets 11.1% 3 13.7% 3 10.6%

5 Charlie Muir-Sands Deutsche Securities 8.5% 5 9.0% n/a 6.8% 5 Absa Capital 6.5% n/a 3.6% 5 9.9%

6 Rod Salmon & Thaule Masemola Absa Capital 7.5% n/a 4.4% 5 9.9% 6 RMB Morgan Stanley 5.8% n/a 5.1% 6 7.3%

n/a Michele Olivier, Leila Areff & Audrey Borius RMB Morgan Stanley 5.6% 6 4.9% 6 7.3% n/a UBS SA 4.5% 6 5.5% n/a 3.5%

Number of analysts who received one or more votes 20 n/a Investec Securities 3.3% 5 5.7% n/a 1.8%


HOTELS, TRAVEL & LEISURE




1 Michele Olivier & Leila Areff RMB Morgan Stanley 32.5% 1 31.7% 1 30.9% 1 RMB Morgan Stanley 31.5% 1 30.9% 2 29.3%

2 De Wet Schutte & Robyn Turner Avior Capital Markets 25.1% 3 23.0% 2 30.0% 2 Avior Capital Markets 27.3% 3 24.8% 1 32.3%

3 Cheree Dyers Prescient Securities 22.0% 2 25.2% 3 17.7% 3 Prescient Securities 23.1% 2 25.5% 3 18.0%

4 Kgosi Rahube Citigroup Global Markets 14.3% 4 12.2% 4 14.3% 4 Citigroup Global Markets 12.6% 4 11.6% 4 13.3%

5 Des Mayers Afrifocus Securities 2.2% 6 2.3% 6 2.3% 5 Primaresearch 2.4% 5 5.0% 5 3.4%

6 Jasmine Lin Primaresearch 1.9% 5 4.1% 5 2.9% 6 Afrifocus Securities 1.5% 6 1.5% 6 1.7%




FM RANKING THE ANALYSTSSPECIAL REPORTCOMMODITIES


1 Colin Hamilton, Gerhard Engelbrecht & Macquarie 20.4% 1 23.3% 2 15.9% 1 Macquarie 19.9% 1 22.6% 2 16.9% James Oberholzer2 Heath Jansen, Ed Morse, Johann Steyn Citigroup Global Markets 17.9% 2 19.9% 1 16.8% 2 Citigroup Global Markets 17.2% 2 19.9% 1 17.4% & James Bennett3 Tom Price, Christopher Nicholson, RMB Morgan Stanley 15.0% 3 15.6% 3 14.7% 3 RMB Morgan Stanley 13.4% 3 13.1% 3 12.0% Brian Morgan & Leroy Mnguni4 Johann Pretorius & Steven Friedman Renaissance Capital 7.2% n/a 5.2% 5 8.5% 4 UBS SA 12.2% 4 10.6% 4 10.3%5 Tim Clark, Heidi Sternberg, Melinda Moore Standard Bank SBG Securities 7.1% 6 5.4% 4 8.8% 5 HSBC Securities 6.3% 5 7.8% n/a 2.7% Leon Westgate, Setendra Naidoo & Tom Kendall6 Kieran Daly UBS SA 6.3% 5 6.0% n/a 5.5% 6 Renaissance Capital 6.2% n/a 4.6% 5 7.8%n/a Grant Sporre Deutsche Securities 6.0% 4 6.6% 6 6.5% n/a Deutsche Securities 5.5% 6 5.4% n/a 7.1% Number of analysts who received one or more votes 24 n/a Standard Bank SBG Securities 5.4% n/a 4.1% 6 7.6% Number of teams who received one or more votes 18

CORPORATE GOVERNANCE


1 Mark Hodgson, David Levinson & Team Avior Capital Markets 43.1% 1 40.9% 1 45.1% 1 Avior Capital Markets 43.2% 1 41.0% 1 45.7%

2 Waseem Thokan Legae Securities 30.3% 2 31.6% 2 26.0% 2 Legae Securities 29.6% 2 31.2% 2 24.4%

3 Jessica Alsford RMB Morgan Stanley 8.3% 3 6.8% 3 5.3% 3 RMB Morgan Stanley 8.4% 4 6.9% 3 5.6%

4 Henry Hall HSBC Securities 3.8% 4 6.4% 4 3.7% 4 HSBC Securities 5.2% 3 7.7% 4 4.3%

5 Julie Hudson (UK) UBS SA 2.7% 6 2.4% n/a 0.8% 5 Ceri Moodie Investment Research 2.8% n/a 1.9% 6 3.0%

5 Ceri Moodie Ceri Moodie Investment Research 2.7% n/a 1.9% 5 2.8% 5 UBS SA 2.8% 6 2.4% n/a 0.9%

n/a Shamil Ismail & Jasmine Lin Primaresearch 1.8% 5 3.0% 5 2.8% n/a Standard Bank SBG Securities 2.5% n/a 2.3% 4 4.3%

n/a Nic Borain BNP Paribas Securities SA 1.4% n/a 0.8% 5 2.8% n/a Primaresearch 1.8% 5 3.0% 6 3.0%

Number of analysts who received one or more votes 16 n/a BNP Paribas Securities SA 1.4% n/a 0.8% 6 3.0%


CREDIT ANALYSIS


1 Elena Ilkova & Stephan Pienaar Rand Merchant Bank 37.3% 1 37.7% 1 37.0% 1 Rand Merchant Bank 34.5% 1 34.9% 1 32.2%

2 Kate Rushton Absa Capital 34.1% 2 34.8% 2 29.4% 2 Absa Capital 33.6% 2 34.1% 2 28.2%

3 Robin MacLennan & Steffen Kriel Standard Bank SBG Securities 17.2% 3 17.8% 3 17.1% 3 Standard Bank SBG Securities 12.5% 3 12.4% 3 11.9%

4 Janine Pein Nedgroup Securities 4.2% 4 4.6% 4 4.3% 4 Deutsche Securities 3.4% 6 3.0% 4 6.9%

5 Danelee Masia Deutsche Securities 2.7% 5 1.9% 6 3.8% 4 Nedgroup Securities 3.4% 5 3.3% 6 2.5%

6 Rene Prinsloo & Petrus Bosman Avior Capital Markets 1.8% 6 1.3% 4 4.3% 6 Citigroup Global Markets 2.8% 4 4.0% n/a 1.5%

Number of analysts who received one or more votes 10 n/a RMB Morgan Stanley 2.6% n/a 2.0% 6 2.5%

n/a Avior Capital Markets 2.0% n/a 1.5% 5 5.0%

n/a Prescient Securities 1.4% n/a 1.2% 6 2.5%


DERIVATIVES


1 Anthony Seymour, Florence Chikurunhe Peregrine Securities 31.7% 1 30.6% 1 26.3% 1 Peregrine Securities 28.5% 1 25.9% 1 25.7%

& Emlyn Flint

2 Chris Craddock, Daniel Polakow, Gideon Prescient Securities 21.3% 2 23.7% 3 14.3% 2 Prescient Securities 22.4% 2 21.8% 2 17.1%

van der Linde & Paul Marais

3 Mtho Mvubu, Lorraine Mekwa & Absa Capital 11.5% 3 10.8% 5 8.0% 3 Constellation Capital 9.4% 5 8.3% 3 14.3%

Jonathan Margolius

4 Constellation Team Constellation Capital 8.0% 5 8.5% 2 14.9% 4 Absa Capital 8.6% 4 8.6% 6 6.3%

5 Aveshan Pillay UBS SA 7.7% n/a 5.4% 6 6.9% 5 Avior Capital Markets 8.1% 3 9.6% 4 13.7%

6 Petrus Bosman & Shivaan Gurayah Avior Capital Markets 6.6% 6 6.0% 4 13.1% 6 BNP Paribas Securities SA 6.2% 6 8.2% 5 8.6%

n/a Logan Neels & Mpho Mokgoro Mergence Africa Capital 6.5% 4 8.8% n/a 3.4% Number of teams who received one or more votes 10


FINANCIAL AND INDUSTRIAL SMALL & MEDIUM MARKET CAP COMPANIES


1 Anthony Clark Vunani Securities 18.7% 1 22.7% 1 17.8% 1 Vunani Securities 21.4% 1 25.6% 1 18.8%

2 Roelof Brand Avior Capital Markets 10.9% 3 10.8% 2 9.3% 2 Avior Capital Markets 18.5% 2 22.7% 2 15.7%

3 Willie Venter, Cheree Dyers, Zain Amod & Prescient Securities 9.9% 2 12.6% 4 7.7% 3 Standard Bank SBG Securities 9.9% 4 7.1% 3 10.1%

Jeanne-Marie Snalam

4 Nicholas Watts, Christina Steyn & Absa Capital 8.6% 4 5.5% 3 8.2% 4 Prescient Securities 8.2% 3 8.4% n/a 5.8%

Chantelle Baptiste

5 Sumil Seeraj, Eckhard Goedeke, Luresha Chetty, Standard Bank SBG Securities 7.0% 5 5.1% 5 6.9% 5 Deutsche Securities 7.2% 4 7.1% 3 10.1%

Risto Ketola, Vincent Anthonyrajah & Magdel Neale

6 Rowan Goeller Macquarie 5.5% n/a 4.7% n/a 5.0% 6 Absa Capital 6.4% n/a 4.9% 5 7.5%

n/a Mark Bryson Avior Capital Markets 4.6% n/a 3.8% 5 6.9% n/a Afrifocus Securities 5.8% 6 5.4% n/a 4.3%

n/a Janine Weilbach Thebe Stockbroking 2.5% 5 5.1% n/a 1.3% n/a RMB Morgan Stanley 4.0% n/a 2.8% 6 6.4%


REAL ESTATE


1 Naeem Tilly & Adrian Jardine Avior Capital Markets 30.1% 1 31.7% 1 30.0% 1 Avior Capital Markets 31.9% 1 32.3% 1 31.2%

2 Nazeem Samsodien Macquarie 18.0% 2 17.2% 2 15.7% 2 Macquarie 19.7% 2 18.2% 2 17.1%

3 Bandile Zondo Standard Bank SBG Securities 13.7% 3 15.2% 4 12.3% 3 Standard Bank SBG Securities 14.2% 3 15.1% 3 12.3%

4 Ryan Eichstadt Deutsche Securities 12.7% 4 13.5% 5 10.1% 4 Deutsche Securities 13.5% 4 14.3% 4 11.5%

5 Howard Penny, Bart Gysens & Shalin Pather RMB Morgan Stanley 9.7% 5 7.6% 3 13.2% 5 RMB Morgan Stanley 6.3% 5 6.1% 5 10.0%

6 Ahmed Motara Renaissance Capital 5.7% n/a 3.0% 6 6.5% 6 Renaissance Capital 3.9% n/a 2.6% 6 5.9%

n/a Tim Leckie JPMorgan 2.8% 6 3.7% n/a 3.1% n/a JPMorgan 3.1% 6 3.9% n/a 3.6%


AFRICA EX-SA EQUITIES




1 Adesoji Solanke Renaissance Capital 14.3% 1 13.7% 1 15.4% 1 Exotix Partners 22.4% 2 19.5% 2 19.2%

2 Kato Mukuru Exotix Partners 8.7% n/a 6.0% 6 6.4% 2 Renaissance Capital 21.6% 1 22.5% 1 20.9%

3 Lionel Therond Standard Bank SBG Securities 7.8% 3 7.9% 5 7.1% 3 Standard Bank SBG Securities 15.5% 3 17.3% 3 18.6%

3 Esili Eigbe Exotix Partners 7.8% 4 7.8% n/a 3.8% 4 African Alliance Securities 9.7% 4 10.9% 4 9.9%

5 Nema Ramkhelawan-Bhana & Celeste Fauconnier Rand Merchant Bank 7.2% 2 8.1% n/a 5.1% 5 Citigroup Global Markets 8.6% 5 8.2% n/a 4.7%

6 Binta Drave Exotix Partners 6.5% n/a 6.5% n/a 3.2% 6 Rand Merchant Bank 7.4% 6 7.5% 6 5.2%

6 Gregory Waweru, James Starke, Anne Standard Bank SBG Securities 6.5% 5 7.7% 2 9.0% n/a Avior Capital Markets 5.5% n/a 4.4% 5 7.0%

Kahure & East Africa Team

6 Omair Ansari Renaissance Capital 6.5% n/a 6.5% n/a 3.2% Number of teams who received one or more votes 11

n/a Gareth Visser, Craig Metherell, Jiten Bechoo, Avior Capital Markets 5.6% n/a 4.0% 3 8.3%

De Wet Schutte & David Lerche

n/a Muyiwa Oni, Gbenga Sholotan, Rele Adesina Standard Bank SBG Securities 4.4% 6 6.8% 4 7.7%

& West Africa Team


AFRICA EX-SA NONEQUITIES


1 Phumelele Mbiyo, Ayomide Mejabi, Jibran Standard Bank SBG Securities 20.8% 1 20.9% 1 17.0% 1 Standard Bank SBG Securities 22.8% 1 23.6% 2 18.6%

Qureishi & Standard Bank Research Team

2 Yvonne Mhango Renaissance Capital 19.1% 2 18.7% 2 16.3% 2 Renaissance Capital 22.3% 2 23.1% 1 19.3%

3 Nema Ramkhelawan-Bhana & Celeste Fauconnier Rand Merchant Bank 15.1% 3 15.0% 4 13.1% 3 Citigroup Global Markets 13.2% 3 11.0% 3 15.9%

4 David Cowan, David Lubin & Adriaan du Toit Citigroup Global Markets 13.4% 4 12.1% 3 15.0% 4 Rand Merchant Bank 11.2% 5 9.5% 4 9.7%

5 Andrea Masia & Loyiso Daka RMB Morgan Stanley 11.2% 5 9.6% 5 12.4% 5 RMB Morgan Stanley 9.4% 6 8.0% 4 9.7%

6 Alan Cameron Exotix Partners 6.7% n/a 5.7% n/a 2.6% 6 Exotix Partners 8.6% n/a 7.0% n/a 6.2%

n/a Chris Becker Investec Securities, African 3.2% n/a 1.7% 6 7.8% n/a African Alliance Securities 6.8% 4 10.7% 6 7.6%

Alliance Securities

n/a Renda Rundle African Alliance Securities 3.4% 6 7.1% n/a 3.3% Number of teams who received one or more votes 13




FM RANKING THE ANALYSTSSPECIAL REPORTFIXED-INTEREST SECURITIES


1 Carmen Nel Rand Merchant Bank 29.0% 1 29.1% 1 28.3% 1 Rand Merchant Bank 27.2% 1 27.8% 1 23.8%2 Adriaan du Toit Citigroup Global Markets 24.5% 2 24.4% 2 18.8% 2 Citigroup Global Markets 26.7% 2 26.6% 2 20.3%3 Walter de Wet Standard Bank SBG Securities 16.0% 3 17.0% 3 13.0% 3 Standard Bank SBG Securities 15.4% 3 14.9% 4 10.4%4 Barry Ross, Neels Heyneke & Mehul Daya Nedgroup Securities 8.8% 4 7.3% 6 5.4% 4 Absa Capital 10.2% 4 11.5% 3 11.4%5 Danelee Masia Deutsche Securities 5.8% 5 5.3% 4 9.9% 5 Nedgroup Securities 8.0% 5 8.1% n/a 7.9%6 Rene Prinsloo & Petrus Bosman Avior Capital Markets 4.0% 6 4.9% 5 6.3% 6 RMB Morgan Stanley 4.2% 6 3.6% 5 9.9%n/a Min Dai & Andrea Masia RMB Morgan Stanley 2.0% n/a 2.1% 6 5.4% n/a Deutsche Securities 3.6% 6 3.6% 6 8.9%Number of analysts who received one or more votes 13 Number of teams who received one or more votes 11

INNOVATIVE RESEARCH


1 Mary Curtis, Chris Nicholson, Brian Morgan, RMB Morgan Stanley 16.6% 2 11.8% 1 20.7% 1 Prescient Securities 18.4% 2 23.3% 2 9.6%

Vikhyat Sharma, Michele Olivier & Roy Campbell

2 Michael Mauboussin Credit Suisse Securities 14.4% 1 19.1% 3 8.3% 2 RMB Morgan Stanley 16.3% 3 10.8% 1 20.0%

3 Daniel Polakow & Prof Stan du Plessis Prescient Securities 11.6% 4 10.3% 6 6.6% 3 Credit Suisse Securities 16.0% 1 24.4% 5 8.0%

4 Waseem Thokan Legae Securities 7.9% n/a 5.0% 2 10.7% 4 Nedgroup Securities 7.4% 5 5.9% n/a 7.2%

5 Neels Heyneke & Mehul Daya Nedgroup Securities 7.6% n/a 6.5% 4 7.4% 5 Legae Securities 7.1% n/a 4.2% 2 9.6%

5 Willem Buiter, David Lubin, David Cowan, Tina Citigroup Global Markets 7.6% 3 11.1% 4 7.4% 6 Standard Bank SBG Securities 6.7% n/a 4.2% 2 9.6%

Fordham, Gina Schoeman, Adriaan du Toit & team

n/a Nic Borain BNP Paribas Securities SA 4.3% 6 6.9% n/a 2.5% n/a Absa Capital 6.0% 6 5.6% 5 8.0%

n/a Kim Silberman Standard Bank SBG Securities 4.0% n/a 3.1% 6 6.6% n/a Lefika Securities 5.7% 6 5.6% n/a 3.2%

n/a David Levinson Avior Capital Markets 3.6% 5 7.6% n/a 4.1% n/a HSBC Securities 4.3% n/a 2.8% n/a 6.4%

Number of analysts who received one or more votes 17 n/a Avior Capital Markets 3.5% 4 7.0% n/a 4.0%


INTERNATIONAL MARKETS & ECONOMIES


1 Mary Curtis, Ian Doyle, Jonathan Garner, RMB Morgan Stanley 20.1% 2 16.7% 1 23.4% 1 Citigroup Global Markets 18.4% 1 18.9% 3 12.8%

Andrea Masia & Manoj Pradhan

2 Robert Buckland, Willem Buiter & David Lubin Citigroup Global Markets 17.6% 1 20.3% 2 12.5% 2 RMB Morgan Stanley 16.7% 3 14.9% 1 19.7%

3 Bruce Kasman, Sonja Keller, Michael Marrese JPMorgan 9.3% 4 8.2% 3 9.7% 3 Deutsche Securities 14.2% 4 13.7% 2 13.4%

& David Hensley

4 Andrew Garthwaite Credit Suisse Securities 7.7% 3 8.5% n/a 3.3% 4 Credit Suisse Securities 12.9% 2 15.2% n/a 7.2%

5 Michael Gavin & Peter Worthington Absa Capital 6.8% n/a 4.4% 4 8.5% 5 HSBC Securities 10.8% 5 12.6% 6 7.5%

5 Torsten Slok Deutsche Securities 6.8% 5 7.9% n/a 2.7% 6 JPMorgan 9.0% n/a 7.5% 5 8.9%

n/a Geoff Dennis UBS SA 4.6% n/a 5.0% 6 5.5% n/a UBS SA 7.8% 6 9.9% 4 9.5%

n/a Larry Hatheway UBS SA 4.6% 6 7.6% 5 5.8% Number of teams who received one or more votes 17


INVESTMENT STRATEGY


1 Mary Curtis RMB Morgan Stanley 27.9% 1 25.8% 1 26.7% 1 RMB Morgan Stanley 26.3% 1 24.3% 1 24.9%

2 Deanne Gordon & Adele Fermoyle Standard Bank SBG Securities 16.0% 2 17.1% 2 16.7% 2 Standard Bank SBG Securities 15.3% 3 16.0% 2 16.9%

3 Ayan Ghosh, Mislav Matejka, Jan Loeys JPMorgan 12.8% 3 13.5% 3 12.1% 3 JPMorgan 13.8% 4 13.8% 3 13.9%

& David Aserkoff

4 Andrew Garthwaite & Robert Griffiths Credit Suisse Securities 8.7% 4 11.5% 5 5.1% 4 Credit Suisse Securities 12.8% 2 16.3% n/a 5.5%

5 Richard Schellbach, Robert Buckland Citigroup Global Markets 5.5% n/a 3.9% 4 6.4% 5 Deutsche Securities 6.0% 5 6.8% 4 8.0%

& Markus Rosgen

6 Alexander Redman (GEM Strategy) Credit Suisse Securities 5.3% 5 4.9% n/a 2.6% 6 Citigroup Global Markets 5.9% n/a 3.9% 6 6.9%

n/a Neels Heyneke, Mehul Daya, Peet Nedgroup Securities 3.8% 6 4.1% n/a 2.6% n/a Nedgroup Securities 4.1% 6 4.1% n/a 2.8%

Serfontein, Barry Ross & Ian MacFarlane

n/a Jim Reid Deutsche Securities 2.7% n/a 1.8% 6 3.9% n/a UBS SA 3.8% n/a 3.8% 5 7.5%

n/a Geoff Dennis UBS SA 1.7% n/a 1.9% 6 3.9% Number of teams who received one or more votes 15


ECONOMIC TRENDS (DOMESTIC)



points weighted points points points weighted points points

1 Elna Moolman Macquarie 24.6% 1 25.0% 1 18.5% 1 Macquarie 24.5% 1 25.0% 1 20.1%

2 Gina Schoeman & David Cowan Citigroup Global Markets 11.8% 2 11.7% 3 11.1% 2 Citigroup Global Markets 14.0% 2 13.8% 3 10.6%

3 Kim Silberman & Team Standard Bank SBG Securities 10.0% 3 11.1% 5 9.8% 3 Standard Bank SBG Securities 10.3% 3 10.8% 4 10.4%

4 Andrea Masia RMB Morgan Stanley 9.0% 4 9.1% 4 10.7% 4 RMB Morgan Stanley 8.4% 4 8.6% 5 9.9%

5 Danelee Masia Deutsche Securities 8.0% 6 7.7% 2 11.7% 5 JPMorgan 8.0% 5 8.1% 6 6.9%

6 Sonja Keller JPMorgan 7.9% 5 8.5% 6 7.4% 6 Deutsche Securities 7.4% 6 7.5% 2 12.1%

n/a Ilke van Zyl Rand Merchant Bank 7.1% n/a 5.9% 6 7.4%


POLITICAL TRENDS/INDUSTRIAL RELATIONS


1 Simon Freemantle Standard Bank SBG Securities 29.4% 1 30.9% 1 31.6% 1 Standard Bank SBG Securities 31.1% 1 30.7% 1 30.4%

2 Nic Borain BNP Paribas Securities SA 20.2% 2 21.9% 2 15.3% 2 BNP Paribas Securities SA 23.2% 2 24.3% 2 18.3%

3 Steven Friedman Noah Capital Markets 11.2% 3 11.6% 3 9.5% 3 Noah Capital Markets 21.1% 3 20.9% 3 17.6%

4 Allister Sparks Noah Capital Markets 9.4% 4 8.0% 4 8.2% 4 Macquarie 5.1% 5 5.2% 5 5.5%

5 JP Davids & Peter Worthington Absa Capital 5.5% n/a 3.4% 5 6.5% 5 Citigroup Global Markets 4.8% 4 6.3% n/a 4.4%

6 Azar Jammine (Econometrix) Noah Capital Markets 4.7% n/a 4.0% n/a 2.4% 6 Lefika Securities 3.9% 6 3.9% 4 5.9%

n/a Elna Moolman Macquarie 4.1% 6 4.9% n/a 4.8% n/a Absa Capital 3.8% n/a 3.1% 6 5.1%

n/a Tina Fordham & Gina Schoeman Citigroup Global Markets 4.0% 5 6.0% n/a 3.7%

n/a Ian Doyle, Howard Penny & Mary Curtis RMB Morgan Stanley 3.4% n/a 1.8% 6 5.4% Number of analysts who received one or more votes 17 Number of teams who received one or more votes 15

QUANTITATIVE ANALYSIS



points weighted points points points weighted points points

1 Josiah Rudolph & Gurvinder Brar Macquarie 23.7% 1 24.3% 1 21.1% 1 Macquarie 20.9% 1 22.3% 1 17.1%

2 Matt Burgess & Chris Montagu Citigroup Global Markets 12.9% 3 12.2% 5 9.2% 2 BNP Paribas SecuritiesSA 16.8% 2 19.3% 2 15.4%

3 Yashin Gopi BNP Paribas Securities SA 11.7% 2 15.2% 3 11.5% 3 Citigroup Global Markets 10.5% 3 10.5% 5 6.5%

4 Petrus Bosman & Dan Golding Avior Capital Markets 10.4% 6 7.8% 2 13.8% 4 Avior Capital Markets 10.0% n/a 7.2% 3 13.4%

5 Anthony Seymour, Florence Peregrine Securities 8.6% 4 8.8% 4 10.1% 5 Peregrine Securities 8.6% 5 8.4% 4 10.2%

Chikurunhe & Emlyn Flint

6 Renda Rundle African Alliance Securities 7.2% n/a 7.3% 6 6.9% 6 Prescient Securities 8.2% 4 9.2% n/a 5.7%

n/a Ayan Ghosh, Viquar Shaikh & Robert Smith JPMorgan 7.0% 5 8.4% n/a 6.4% n/a JPMorgan 7.2% 6 7.6% 6 6.1%

Number of analysts who received one or more votes 19 n/a African Alliance Securities 5.2% n/a 5.5% 6 6.1%

n/a UBS SA 4.6% n/a 3.9% 6 6.1% Number of teams who received one or more votes 18

RISK MANAGEMENT


1 Petrus Bosman Avior Capital Markets 23.2% 1 22.2% 1 20.3% 1 BNP Paribas Securities SA 27.8% 1 33.3% 1 20.6%

2 Yashin Gopi BNP Paribas Securities SA 19.0% 1 22.2% 3 12.7% 2 Avior Capital Markets 17.6% 3 14.8% 2 16.5%

3 Roland Rosseau & Seva Gorlach Absa Capital 14.9% 3 18.1% 2 13.9% 3 Peregrine Securities 14.5% 5 11.9% 3 12.4%

4 Anthony Seymour, Florence Peregrine Securities 14.0% 4 10.4% 4 10.1% 4 Prescient Securities 14.0% 2 16.0% 5 10.3%

Chikurunhe & Emlyn Flint

5 Gideon van der Linde, Daniel Polakow, Prescient Securities 9.5% 5 9.3% n/a 7.6% 5 Absa Capital 11.4% 4 12.1% 4 11.3%

Lyndi Buhrmann & Odwa Sihlobo

6 Mary Curtis & Jonathan Garner RMB Morgan Stanley 6.0% n/a 3.7% 6 8.9% 6 RMB Morgan Stanley 4.6% n/a 2.5% n/a 7.2%

n/a John Cairns & Tseke Maserumule Rand Merchant Bank 3.8% 6 4.4% 4 10.1% n/a UBS SA 3.4% 6 4.4% 6 9.3% Number of analysts who received one or more votes 10 Number of teams who received one or more votes 9

TECHNICAL ANALYSISANALYSITS RANKING FIRMS’ RANKING Weighted by brokerage % of AUM % of Unweighted % of Weighted by brokerage % of AUM % of Unweighted % of points weighted points points points weighted points points

1 Neels Heyneke & Peet Serfontein Nedgroup Securities 30.9% 1 30.6% 1 29.7% 1 Nedgroup Securities 30.7% 1 31.8% 1 29.8%

2 Judy Padayachee Absa Capital 16.7% 2 14.1% 2 17.8% 2 Absa Capital 17.5% 2 15.9% 2 19.4%

3 Tricia Lunenburg Legae Securities 10.8% n/a 6.2% 3 15.3% 3 Legae Securities 12.6% 3 13.8% 3 14.5%

4 Costa Perdikis Lefika Securities 9.6% 4 9.8% 6 5.9% 4 Standard Bank SBG Securities 10.3% n/a 6.2% 5 6.5%

5 Moxima Gama Standard Bank SBG Securities 8.9% n/a 6.6% 5 6.8% 5 JPMorgan 9.3% 4 10.6% 6 5.6%

6 Ayan Ghosh & David Aserkoff JPMorgan 8.0% 3 11.3% 6 5.9% 6 Avior Capital Markets 6.8% 5 8.0% 4 8.9%

n/a Andre Bekker Avior Capital Markets 5.9% 5 8.4% 4 9.3% n/a UBS SA 5.6% 6 6.4% n/a 4.8%

n/a David Jessop UBS SA 4.8% 6 6.8% n/a 5.1% Number of analysts who received one or more votes 10 Number of teams who received one or more votes 11

Financial Mail Page 20 -19/05/16 04:06:17 PM

“A continent’s worth.”

“What opportunities arethere in African equities?”

We aspire to make a difference to our institutional clients’ investment decisions, with both insightful analysis of African markets and our world-class trading platform. We thank you for the recognition received and continue to be your partner for growth on this continent we call home.

www.sbgsecurities.com

Authorised financial services and registered credit provider (NCRCP15).The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06). Moving Forward is a trademark of The Standard Bank of South Africa Limited. SBSA 200513 05/16.

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