02 November 2016 | Capital International Limited | Monthly Bond List

CELEBRATING

Capital International Group

YEARS IN BUSINESS

02 NOVEMBER 2016

BOND LIST

RE D E F I N I NG I NV E ST ME NT

Our Vision The Capital International Group exists to improve lifestyles through increased prosperity Our Values We seek to achieve this through the enduring values of innovation, integrity and excellence

We are an award winning investment group with our headquarters in the Isle of Man Capital International

Trading Desk Fixed Interest List This document has been prepared for information purposes only and does not constitute an offer or an invitation by or on behalf of Capital International Limited to buy or sell any security. The information contained herein is believed to be correct, but its accuracy cannot be guaranteed.

Any reference to past performance is not necessarily a guide to future performance.

Opinions constitute our judgement at the date of writing and are subject to change.

The Capital International Group of companies, its clients and officers may have a position in, or engage in transactions in any of the securities mentioned. It must be noted that the price of shares may go down as well as up and the values in overseas stocks/bonds may fall or rise in relation to your base currency.

CORPORATES STERLING DENOMINATED Name

Coupon

Maturity

Ratings Moody’s

S&P

Days Accrued

Mid Price

Mid YTM

Min Piece

Amount Next Call Out (mill) Date

CLOSE BROTHERS GROUP PLC

6.500% 10/02/2017

A3

-

86

101.42

1.123

50000

200

-

ANGLIAN WATER OSPREY FIN

7.000% 31/01/2018

Ba3

-

94

107.28

1.069

100000

240

-

ANGLO AMERICAN CAPITAL

6.875% 01/05/2018

Ba2

BB

187

107.50

1.716

50000

267

-

GLENCORE FINANCE EUROPE

6.500% 27/02/2019

Baa3

BBB-

251

110.34

1.887

50000

650

-

ROLLS-ROYCE PLC

6.750% 30/04/2019

A3

A-

188

114.28

0.907

50000

500

-

DAIMLER INTL FINANCE BV

3.500% 06/06/2019

A3

A-

151

106.50

0.942

1000

500

-

TULLETT PREBON PLC

5.250% 11/06/2019

-

-

146

105.22

3.145

100

80

-

TELECOM ITALIA SPA

6.375% 24/06/2019

Ba1

BB+

133

109.94

2.431

50000

850

-

LEONARDO-FINMECCANICA SP

8.000% 16/12/2019

Ba1

BB+

141

118.31

1.916

75000

319

-

NATIXIS

5.875% 24/02/2020

Aa2

AA

250

114.80

1.273

1000

660

-

TEXTRON INC

6.625% 07/04/2020

Baa3

BBB

207

112.78

2.665

1000

150

-

LBG CAPITAL NO.1 PLC

7.588% 12/05/2020

WR

BBB-

89

-

-

1000

0

-

OLD MUTUAL PLC

8.000% 03/06/2021

Ba1

-

154

113.13

4.772

100000

500

-

SNCF RESEAU

5.500% 01/12/2021

Aa2

AA

333

120.88

1.230

1000

800

-

BAE SYSTEMS PLC

4.125% 08/06/2022

Baa2

BBB

149

112.62

1.736

100000

400

-

ATLANTIA SPA

6.250% 09/06/2022

Baa1

BBB+

148

122.91

1.894

1000

500

-

SSE PLC

5.875% 22/09/2022

A3

A-

42

123.78

1.605

1000

300

-

TELEFONICA EMISIONES SAU

5.289% 09/12/2022

Baa2

BBB

331

118.10

2.095

50000

650

-

ELECTRICITE DE FRANCE SA

6.875% 12/12/2022

A3

A-

328

130.25

1.628

50000

400

-

TESCO PLC

5.000% 24/03/2023

Ba1

BB+

225

107.61

3.639

50000

389

-

INNOGY FINANCE BV

5.625% 06/12/2023

Baa3

BBB-

334

122.13

2.216

1000

488

-

MORRISON(WM)SUPERMARKETS 4.625% 08/12/2023

Baa3

-

149

112.44

2.687

100000

365

-

IBERDROLA FINANZAS SAU

Baa1

BBB+

280

135.51

2.044

50000

500

-

7.375% 29/01/2024

NATL GRID ELECT TRANS

5.875% 02/02/2024

A3

A-

272

128.67

1.643

1000

146

-

FIDELITY INTERNATIONAL L

7.125% 13/02/2024

Baa1

BBB+

265

125.13

3.195

100000

250

-

IMPERIAL BRANDS FINANCE

8.125% 15/03/2024

Baa3

BBB

234

139.49

2.241

50000

600

-

ENEL FINANCE INTL NV

5.625% 14/08/2024

Baa2

BBB

82

122.96

2.357

50000

850

-

Innovation Integrity Excellence

Name

Coupon

Maturity

Ratings Moody’s

S&P

Days Accrued

Mid Price

Mid YTM

Min Piece

Amount Next Call Out (mill) Date

KFW

5.000% 10/09/2024

Aaa

AAA

55

127.94

1.242

1000

200

-

FIRSTGROUP PLC

6.875% 18/09/2024

-

BBB-

47

129.34

2.688

50000

200

-

JOHNSON & JOHNSON

5.500% 06/11/2024

Aaa

AAA

364

130.41

1.449

50000

500

-

CIE DE SAINT-GOBAIN

5.625% 15/11/2024

Baa2

BBB

355

125.12

2.181

50000

300

-

BANK OF SCOTLAND PLC

4.875% 20/12/2024

Aaa

AAA

320

123.78

1.715

1000

500

-

VODAFONE GROUP PLC

5.625% 04/12/2025

Baa1

BBB+

336

125.48

2.459

1000

250

-

SANTANDER UK PLC

5.750% 02/03/2026

Aaa

AAA

247

133.23

1.838

100000

1000

-

CAISSE FRANCAISE DE FIN

5.500% 16/07/2026

Aaa

AA+

111

130.26

2.029

1000

125

15/09/2017

BARCLAYS BANK PLC

5.750% 14/09/2026

Baa3

BBB-

51

118.61

3.486

1000

274

-

PETROBRAS GLOBAL FINANCE

6.250% 14/12/2026

B2

B+

326

95.42

6.891

100000

700

-

MOTABILITY OPERATIONS GR

4.375% 08/02/2027

A1

A+

88

121.14

2.076

100000

300

-

SNCF MOBILITES EPIC

5.375% 18/03/2027

Aa3

AA-

231

131.09

2.020

1000

500

-

HSBC HOLDINGS PLC

5.750% 20/12/2027

A2

BBB+

320

113.92

4.160

1000

650

-

WESSEX WATER SERVS FIN

5.375% 10/03/2028

A3

BBB+

239

131.58

2.198

1000

200

-

GOLDMAN SACHS GROUP INC

7.250% 10/04/2028

A3

BBB+

25

139.37

3.127

50000

500

-

BANK OF AMERICA CORP

7.000% 31/07/2028

Baa1

BBB+

96

138.62

3.059

50000

1240

-

STATOIL ASA

6.125% 27/11/2028

Aa3

A+

337

138.15

2.437

1000

225

14/09/2016

KFW

6.000% 07/12/2028

Aaa

AAA

327

148.23

1.585

1000

3035

-

SNCF RESEAU

5.250% 07/12/2028

Aa2

AA

327

133.68

2.072

1000

650

-

GENERAL ELECTRIC CO

5.250% 07/12/2028

A1

AA-

327

134.11

2.038

1000

315

-

BRITISH TELECOM PLC

5.750% 07/12/2028

Baa1

BBB+

327

134.83

2.398

1000

600

-

CENTRICA PLC

4.375% 13/03/2029

Baa1

BBB+

236

119.55

2.513

100000

750

-

PRUDENTIAL PLC

5.875% 11/05/2029

-

-

173

133.54

2.683

1000

250

-

KONINKLIJKE KPN NV

5.750% 17/09/2029

Baa3

BBB-

48

127.62

3.112

50000

850

-

TESCO PLC

6.000% 14/12/2029

Ba1

BB+

320

110.49

4.896

1000

200

-

HJ HEINZ FINANCE UK PLC

6.250% 18/02/2030

Baa2

BBB-

256

131.41

3.292

1000

125

-

WALES & WEST UTL FIN PLC

5.750% 29/03/2030

-

A-

220

137.70

2.420

50000

300

-

HSBC BANK PLC

5.375% 04/11/2030

A2

A-

0

111.32

3.863

1000

350

-

RZD CAPITAL PLC (RZD)

7.487% 25/03/2031

Ba1

BB+

39

113.72

6.045

100000

650

-

CANARY WHARF FIN II PLC

6.455% 22/10/2033

Aaa

A

12

153.73

1.918

5000

311

-

VEOLIA ENVIRONNEMENT SA

6.125% 29/10/2037

Baa1

BBB

6

149.35

2.940

50000

650

-

PFIZER INC

6.500% 03/06/2038

A1

AA

154

161.01

2.723

50000

1500

-

LCR FINANCE PLC

4.500% 07/12/2038

Aa1

AA

150

141.65

2.127

1000

425

-

INNOGY FINANCE BV

6.125% 06/07/2039

Baa3

BBB-

121

137.44

3.664

50000

1000

-

CITIGROUP INC

7.375% 01/09/2039

Baa1

BBB+

AT&T INC

7.000% 30/04/2040 Baa1 /*- BBB+ /*-

LLOYDS BANK PLC

6.500% 17/09/2040

A1

AMERICA MOVIL SAB DE CV

4.375% 07/08/2041

A2

GLAXOSMITHKLINE CAPITAL

5.250% 10/04/2042

A2

HEATHROW FUNDING LTD

5.875% 13/05/2043

ELECTRICITE DE FRANCE SA

5.125% 22/09/2050

64

163.86

3.350

50000

500

04/11/2025

188

148.15

3.847

50000

1100

-

A

48

156.29

3.120

1000

867

-

A-

89

113.79

3.529

100000

750

-

A+

208

148.38

2.619

50000

1000

-

-

A-

175

148.11

3.057

100000

750

-

A3

A-

43

128.92

3.628

50000

985

-

SNCF RESEAU

5.000% 11/03/2052

Aa2

AA

233

157.09

2.535

1000

550

-

SIEMENS FINANCIERINGSMAT

6.125% 14/09/2066

WR

BBB+

0

-

-

1000

0

-

GENERAL ELECTRIC CO

6.500% 15/09/2067

A2

A

50

103.12

2.792

50000

38

-

Capital International

GILTS Name TSY 0 1/8% 2019 I/L GILT

Coupon

Maturity

0.125% 22/11/2019

Ratings Moody’s

S&P

Days Accrued

Mid Price

Mid YTM

Min Piece

Aa1u

-

165

109.54

-2.846

0.01

Amount Next Call Out (mill) Date 8183

-

UK TSY 4 3/4% 2020

4.750% 07/03/2020

Aa1u

NR

57

114.71

0.321

0.01

33309

07/02/2024

UK TSY 3 3/4% 2021

3.750% 07/09/2021

Aa1u

-

57

115.27

0.549

0.01

28385

-

UK TSY 4% 2022

4.000% 07/03/2022

Aa1u

NR

57

117.89

0.592

0.01

37948

-

UK TSY 2 1/4% 2023

2.250% 07/09/2023

Aa1u

-

57

109.38

0.836

0.01

27477

-

TSY 0 1/8% 2024 I/L GILT

0.125% 22/03/2024

Aa1u

-

42

118.72

-2.196

0.01

15244

26/02/2019

UK TSY 2 3/4% 2024

2.750% 07/09/2024

Aa1u

-

57

113.38

0.973

0.01

26915

-

UK TSY 4 3/4% 2030

4.750% 07/12/2030

Aa1u

NR

149

141.07

1.505

0.01

33641

-

UK TSY 4 1/2% 2034

4.500% 07/09/2034

Aa1u

NR

57

142.82

1.706

0.01

31784

24/05/2021

UK TSY 4 1/4% 2040

4.250% 07/12/2040

Aa1u

-

149

146.53

1.848

0.01

24846

15/09/2041

UK TSY 4 1/4% 2046

4.250% 07/12/2046

Aa1u

NR

149

155.05

1.855

0.01

23108

-

CORPORATES US DOLLAR DENOMINATED Name

Coupon

Maturity

Ratings Moody’s

S&P

Days Accrued

Mid Price

Mid YTM

Min Piece

Amount Next Call Out (mill) Date

100000

2250

-

GAZPROM (GAZ CAPITAL SA)

9.250% 23/04/2019

Ba1

BB+

14

114.27

3.175

PETROLEOS MEXICANOS

5.500% 21/01/2021

Baa3

BBB+

106

106.03

3.930

10000

2962

-

ESKOM HOLDINGS SOC LTD

5.750% 26/01/2021 Ba1 /*-

BB+

101

100.67

5.568

200000

1750

-

PETROBRAS GLOBAL FINANCE

5.375% 27/01/2021

B2

B+

100

100.38

5.272

2000

5250

-

OI BRASIL HOLDINGS COOP

5.750% 10/02/2022

WR

D

87

26.13

39.471

200000

1432

-

APPLE INC

2.400% 03/05/2023

Aa1

AA+

4

100.43

2.328

2000

5500

-

TOTAL CAPITAL CANADA LTD

2.750% 15/07/2023

Aa3

ESKOM HOLDINGS SOC LTD

6.750% 06/08/2023 Ba1 /*-

A+

112

102.02

2.422

2000

1000

-

BB+

91

103.63

6.084

200000

1000

-

SHELL INTERNATIONAL FIN

3.400% 12/08/2023

Aa2

A

85

105.52

2.508

1000

1000

-

VERIZON COMMUNICATIONS

5.150% 15/09/2023

Baa1

BBB+

52

114.12

2.867

2000

8517

-

CITIGROUP INC

3.875% 25/10/2023

Baa1

BBB+

12

106.48

2.843

1000

974

-

GOOGLE INC

3.375% 25/02/2024

WR

AA

72

107.87

2.202

2000

146

-

GENERAL ELECTRIC CO

3.375% 11/03/2024

A1

AA-

56

106.94

2.341

2000

750

-

WAL-MART STORES INC

3.300% 22/04/2024

Aa2

AA

15

106.43

2.355

2000

1500

22/01/2024

AXA SA

8.600% 15/12/2030

A3

BBB+

142

141.00

4.613

1000

1250

-

NAKILAT INC

6.067% 31/12/2033

Aa3

AA-

127

121.00

4.320

100000

850

-

ELECTRICITE DE FRANCE SA

5.625% 29/12/2049

Baa3

BB

105

98.88

5.817

100000

1500

22/01/2024

Innovation Integrity Excellence

CORPORATES EURO DENOMINATED Name

Coupon

Maturity

Ratings Moody’s

S&P

Days Accrued

Mid Price

Mid YTM

Min Piece

Amount Next Call Out (mill) Date

HEINEKEN NV

2.500% 19/03/2019

Baa1

BBB+

230

105.97

-0.017

1000

850

-

EUROPEAN UNION

3.375% 10/05/2019

Aaa

-

178

109.50

-0.380

1000

1500

-

LLOYDS BANK PLC

5.375% 03/09/2019

A1

A

62

115.40

-0.062

50000

1062

-

AUST & NZ BANKING GROUP

5.125% 10/09/2019

A2

A-

55

114.14

0.148

50000

750

15/09/2017

RZD CAPITAL PLC (RZD)

3.374% 20/05/2021

Ba1

BB+

168

104.00

2.431

100000

901

24/10/2023

ASF

5.625% 04/07/2022

A3

A-

123

130.31

0.232

50000

1575

26/06/2023

HETA ASSET RESOLUTION AG

4.375% 31/12/2023

Ca

-

285

87.29

7.348

50000

30

-

LA POSTE SA

2.750% 26/11/2024

-

A

344

117.80

0.492

100000

1000

07/02/2024

SNCF MOBILITES EPIC

4.125% 19/02/2025

Aa3

AA-

259

130.77

0.353

50000

1000

-

ATLANTIA SPA

4.375% 16/09/2025

Baa1

BBB+

49

131.29

0.719

50000

500

-

CREDIT SUISSE

5.750% 18/09/2025

NR

BBB

47

109.08

3.618

100000

1250

-

IBM CORP

2.875% 07/11/2025

Aa3

AA-

363

119.57

0.634

100000

1000

-

UBS AG

4.750% 12/02/2026

NR

BBB+

262

107.06

3.180

100000

2000

-

GLENCORE FINANCE EUROPE

3.750% 01/04/2026

Baa3

BBB-

217

109.65

2.580

100000

500

-

WAL-MART STORES INC

2.550% 08/04/2026

Aa2

AA

210

116.89

0.692

100000

650

-

PETROLEOS MEXICANOS

3.750% 16/04/2026

Baa3

BBB+

202

98.82

3.900

100000

1000

23/04/2021

LA BANQUE POSTALE

2.750% 23/04/2026

-

BBB-

195

103.82

1.849

100000

750

08/01/2026

ELECTRICITE DE FRANCE SA

4.125% 25/03/2027

A3

A-

224

129.22

1.127

100000

1000

22/01/2026

DEUTSCHE BAHN FINANCE BV

2.750% 19/03/2029

Aa1

AA-

230

123.08

0.784

1000

500

-

ELECTRICITE DE FRANCE SA

5.000% 22/01/2049

Baa3

BB

287

99.52

5.064

100000

1000

01/01/2026

ELECTRICITE DE FRANCE SA

5.000% 22/01/2049

Baa3

BB

287

99.52

5.064

100000

1000

18/09/2020

VOLKSWAGEN INTL FIN NV

4.625% 29/03/2049

Baa2

BBB-

225

102.46

4.298

1000

1750

-

VOLKSWAGEN INTL FIN NV

4.625% 29/03/2049

Baa2

BBB-

225

102.46

4.298

1000

1750

12/02/2021

ALLIANZ SE

4.750% 29/10/2049

A2

A+

11

111.19

3.206

100000

1500

-

ORANGE SA

5.250% 29/12/2049

Baa3

BBB-

271

111.88

3.571

100000

1000

-

ORANGE SA

5.250% 29/12/2049

Baa3

BBB-

271

111.88

3.571

100000

1000

-

DONG ENERGY A/S

6.250% 26/06/3013

Baa3

BB+

131

115.28

4.274

1000

700

24/03/2026

Capital International

HIGHER YIELD STERLING Name

Coupon

Maturity

Ratings Moody’s

S&P

Days Accrued

Mid Price

Mid YTM

Min Piece

Amount Next Call Out (mill) Date

HOUSE OF FRASER FUNDING

8.875% 15/08/2018

WR

NR

11

-

-

100000

0

-

ITALY GOV'T INT BOND

6.000% 04/08/2028

Baa2u

NR

90

125.26

3.360

1000

1500

-

KONINKLIJKE KPN NV

5.750% 17/09/2029

Baa3

BBB-

48

127.62

3.112

50000

850

-

RZD CAPITAL PLC (RZD)

7.487% 25/03/2031

Ba1

BB+

39

113.72

6.045

100000

650

-

HSBC HOLDINGS PLC

6.000% 29/03/2040

A2

BBB+

220

119.89

4.593

50000

900

-

DIRECT LINE INSURANCE GR

9.250% 27/04/2042

Baa1

BBB+

8

121.97

6.921

100000

500

-

STANDARD LIFE PLC

6.750% 29/07/2049

A3

A-

115

113.77

4.230

1000

500

-

BARCLAYS BANK PLC

14.000% 29/11/2049

Ba1

BB

142

122.79

11.561

50000

3000

-

ELECTRICITE DE FRANCE SA

6.000% 29/12/2049

Baa3

BB

98

100.19

5.603

100000

1250

-

PRUDENTIAL PLC

5.700% 19/12/2063

A3

A-

138

100.93

5.291

100000

700

-

AMERICA MOVIL SAB DE CV

6.375% 06/09/2073

Baa1

BBB

59

106.61

4.828

100000

550

-

US DOLLAR Name CANTOR FITZGERALD LP

Ratings Moody’s

S&P

Days Accrued

Mid Price

Mid YTM

Min Piece

7.875% 15/10/2019

WR

BBB-

22

111.68

3.646

2000

Coupon

Maturity

Amount Next Call Out (mill) Date 500

-

NORDEA BANK AB

4.875% 14/01/2021

Aa3

AA-

113

111.09

2.094

200000

1000

-

OI BRASIL HOLDINGS COOP

5.750% 10/02/2022

WR

D

87

26.13

39.471

200000

1432

-

ROSNEFT(ROSNEFT INT FIN)

4.199% 06/03/2022

Ba1

BB+

61

98.30

4.562

200000

2000

-

NOVARTIS CAPITAL CORP

2.400% 21/09/2022

Aa3

AA-

46

102.21

1.999

2000

1500

-

SBERBANK (SB CAP SA)

5.500% 26/02/2024

-

-

71

101.88

5.074

200000

1000

-

AXA SA

8.600% 15/12/2030

A3

BBB+

142

141.00

4.613

1000

1250

-

GOLDMAN SACHS CAPITAL I

6.345% 15/02/2034

Baa3

BB

82

120.91

4.579

1000

1360

-

QBE CAP FUNDING III LTD

7.250% 24/05/2041

Baa2

BBB

163

114.00

5.144

200000

539

-

NEWMONT MINING CORP

4.875% 15/03/2042

Baa2

BBB

52

103.59

4.632

2000

1000

-

EURO Name

Coupon

Maturity

Ratings Moody’s

S&P

Days Accrued

Mid Price

Mid YTM

Min Piece

Amount Next Call Out (mill) Date

RZD CAPITAL PLC (RZD)

3.374% 20/05/2021

Ba1

BB+

168

104.00

2.431

100000

901

-

HETA ASSET RESOLUTION AG

4.375% 31/12/2023

Ca

-

285

87.29

7.348

50000

30

-

CREDIT SUISSE

5.750% 18/09/2025

NR

BBB

47

109.08

3.618

100000

1250

-

UBS AG

4.750% 12/02/2026

NR

BBB+

262

107.06

3.180

100000

2000

-

ELECTRICITE DE FRANCE SA

5.000% 22/01/2049

Baa3

BB

287

99.52

4.290

100000

1000

-

VOLKSWAGEN INTL FIN NV

4.625% 29/03/2049

Baa2

BBB-

225

102.46

3.914

1000

1750

-

ALLIANZ SE

4.750% 29/10/2049

A2

A+

11

111.19

3.206

100000

1500

-

ORANGE SA

5.250% 29/12/2049

Baa3

BBB-

271

111.88

3.571

100000

1000

-

GENERAL ELECTRIC CO

5.500% 15/09/2067

A2

A

50

104.48

1.661

50000

201

-

DONG ENERGY A/S

6.250% 26/06/3013

Baa3

BB+

131

115.28

4.274

1000

700

-

Innovation Integrity Excellence

Introducing Trade-Ex Execution Only Dealing Service The Capital International Group’s ‘execution only’ share dealing service, through it’s member company Capital International Limited, provides direct access to UK and overseas equity markets and various asset classes. The service is for clients who are comfortable placing trades or are happy trading online.

Dealing in the stock markets is an exciting investment opportunity, be it shares in companies, bonds or even exchange traded funds. As one of the largest independent stockbroking companies on the Isle of Man, the Capital International Group is able to provide clients with a comprehensive execution only service.

This service is built on personal trust and is based on solid long-term relationships.

Execution Only

The most straightforward of dealing services; you tell us what to trade and we act for you.

This streamlined service and the associated lower costs appeal to self-directed investors and institutions who make their own decisions and don’t wish to be advised upon them.

Instructions are given to trade at either the current share price or at a limit; the latter is an instruction to trade at a specific price, with the order only being carried out at the specified price, or better. Trades can also be executed over set time periods either as a day order, which is when an order placed will be active until the end of the day, or until it has been executed or on a ‘Good Till Cancelled’ basis (GTC) which is when an order does not expire at the end of the trading day but carries over to the next; the order will remain active until it is either executed or cancelled. If we can’t fulfil limit orders within time periods set by clients, they will unfortunately lapse.

Capital International

Capital International Limited is a member of London Stock Exchange and an independent Isle of Man based firm. The Group retains the Investor in People accreditation and in recent years it has received local recognition for people management, training and development as well as receiving one of the Isle of Man’s highest accolades as Company of the Year. This level of quality is reflected in the execution only service, Trade-Ex, which comprises of a team of experienced professionals focused on the principle that all orders are transacted on a ‘best execution’ basis in the best interests of clients.

The Capital International Group provides Trade-Ex services for institutional, corporate and private clients. This service is tailored toward fast, efficient international trading and settlement at competitive rates.markets, and specialist sectors within collective investment schemes.

Bonds

A bond is an instrument of indebtedness of the bond issuer to the holders, issued by public authorities, credit institutions, companies and supranational institutions.

It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity.

Interest is usually payable at fixed intervals (semi-annual, annual, sometimes monthly).

Thus a bond is a form of loan or IOU: the holder of the bond is the lender (creditor), the issuer of the bond is the borrower (debtor), and the coupon is the interest.

Bonds provide the borrower with external funds to finance long-term investments, or, in the case of government bonds, to finance current expenditure. Certificates of Deposit or short term commercial paper are considered to be money market instruments and not bonds: the main difference is in the length of the term of the instrument.

This document has been prepared for information purposes only and does not constitute an offer or an invitation, by or on behalf of any company within the Capital International Group of companies or any associated company, to buy or sell any security. Nor does it form a constituent part of any contract that may be entered into between us.

Opinions constitute our judgement as of this date and are subject to change. The information contained herein is believed to be correct, but its accuracy cannot be guaranteed.

Any reference to past performance is not necessarily a guide to the future. The price of a security may go down as well as up and its value may be adversely affected by currency fluctuations.

The company, its clients and officers may have a position in, or engage in transactions in any of the securities mentioned.

Isle of Man | Head Office Capital International Group Capital House Circular Road Douglas Isle of Man IM1 1AG www.capital-iom.com T: +44 (0) 1624 654200 F: +44 (0) 1624 654201 E: info@capital-iom.com

South Africa Office

www.capital-sa.com T: +27 (0) 21 201 1070 E: info@capital-sa.com The regulated activities are carried out on behalf of the Capital International Group by its licensed member company Capital International Limited is licensed by the Isle of Man Financial Services Authority Capital International Limited is a member of the London Stock Exchange Registered Address: Capital House, Circular Road, Douglas, Isle of Man, IM1 1AG

CIG - Bond List - V4.01-11.16

Capital International SA Office NG101A Great Westerford 240 Main Road Rondebosch 7700 South Africa

Capital International Group

in