1、M FoundationRMB Morgan Stanley|EEMEA2025 Big Five&Off Piste Conference HandbookRMB Morgan Stanley Proprietary Limited+Christopher NicholsonEquity Analyst Christopher.N +27 11 282-1154 Andrea MasiaEconomist Andrea.M +27 11 282-1593 Warwick BamEquity Analyst Warwick.B +27 11 587-0815 Roy D CampbellEqu

2、ity Analyst Roy.C +27 11 282-1499 Brian MorganEquity Analyst Brian.M +27 11 282-8969 James Starke,CFAEquity Analyst James.S +27 11 282-8784 Nicole Player,CFAResearch Associate Nicole.P Monday,15 September Thursday,18 September 2025 RMB Morgan Stanley is a member of the JSE Limited and A2X(Pty)Ltd.Mo

3、rgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research as only a si

4、ngle factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.+=Analysts employed by non-U.S.affiliates are not registered with FINRA,may not be associated persons of the member and may not

5、be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.September 5,2025 06:03 AM GMTM Foundation2RMB Morgan Stanley RosterM FoundationRMB|Morgan Stanley3Conference OverviewSouth African assets have delive

6、red strong absolute and relative returns over the past 12 months.The SWIX has provided a total return of 25%in both ZAR and USD terms,outperforming both the MSCI EM(+18%in USD terms)and MSCI World(+16%in USD terms)by some margin.SA 10 year bonds have returned 17.5%in ZAR and USD terms,comfortably ou