Disclaimer

The RMB Sales Notes (RMB Bond Sales Daily, Volatility Update, FI Update, Morning Rand Comment) has been compiled by the RMB Markets Sales Desk within FirstRand Bank Limited (“FirstRand”).

The RMB Markets Sales Notes uses a third-party to source Global, Emerging Markets, Europe, Asia, United States and South Africa Fixed income, Currencies, Commodities and Equity fund flows and data sets. The information, data, analyses, and opinions presented herein by the third-party do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete, or accurate. The information sourced from the Local Exchange Services is provided for information purposes reflecting only the volume and value of trades (excluding settled holdings) executed on the Exchange by foreigners and is not intended to, nor does it, reflect foreign flows in or out of South Africa or constitute investment or other professional advice.

Whilst all care has been taken by FirstRand in the preparation of the insights and provision of the information contained in this report, FirstRand does not make any representations or give any warranties as to their correctness, accuracy or completeness; nor does FirstRand assume liability for any losses arising from errors or omissions in the information, irrespective of whether there has been any negligence by FirstRand, its affiliates or any officers or employees of FirstRand and whether such losses be direct or consequential. Nothing contained in this report is to be construed as guidance, a proposal or a recommendation or advice to enter into, or to refrain from entering into, any transaction or an offer to buy or sell any financial instrument. This report is compiled specifically for use by FirstRand’s clients and not for the public. This report is the intellectual property of FirstRand. Irrespective of whether you are the intended recipient or not, you may not copy, distribute, publish, rely on or otherwise use anything contained herein without FirstRand’s prior written consent. Some of FirstRand’s communications may contain information that could be a criminal offence for you to disclose or use without permission. If you have received this communication in error, please notify FirstRand immediately at fixedincomesales@rmb.co.za , fxsales@rmb.co.za and destroy all electronic copies. Mis-transmission is not intended to waive confidentiality or privilege.

This communication is not intended, nor should it be taken, to create any legal relations or contractual relationships. FirstRand is an Authorised Financial Services Provider under South African law. FirstRand is authorised and regulated by the Prudential Authority. In the United Kingdom, FirstRand is acting through its London branch is authorised by the Prudential Regulation Authority (“PRA”) and is subject to regulation by the Financial Conduct Authority (FRN 476154) and limited regulation by the PRA. Details on the extent of FirstRand’s regulation by the PRA are available on request.