uarterly Update INSIDE THE DAR ES SALAAM STOCK EXCHANGE ISSN No ISSUE No. 62 SEPTEMBER, 2014 CEO s MESSAGE CEO S MESSAGE

Transcription

1 Q THE DAR ES SALAAM STOCK EXCHANGE uarterly Update ISSN No ISSUE No. 62 SEPTEMBER, 2014 INSIDE CEO s MESSAGE ECONOMIC REVIEW A) Interest Rate Trend B) Inflation Developments C) Foreign Exchange Rate MARKET REPORT A. Equities B. Bonds NEW LISTINGS STRATEGIC DEVELOPMENTAL MATTERS INVESTOR EDUCATION & PUBLIC AWARENESS INITIATIVES CORPORATE ACTIONS STATISTICS & CHARTS CEO S MESSAGE Greetings! Supported by both qualitative and quantitative factors, good macroeconomic fundamentals, sector performance and optimistic investors sentiments, the Dar es Salaam Stock Exchange (DSE) recorded a historic performance during the July September quarter. Turnover during the quarter was TZS 173 billion (almost similar to cumulative turnover for the three years before last year). In the same vein, the DSE market depth, as measured by market capitalization, grew significantly. The domestic market capitalization grew by 47 percent during the quarter, from TZS 7.5 trillion during the beginning of July to TZS 11.0 as of end of September an increase of investors wealth by TZS 3.5 trillion in a single quarter. The total market capitalization grew from TZS 18.9 trillion to TZS 22.6 trillion, a growth of 19 percent. This growth in market capitalization was mainly supported by price rally in most counters coupled by the two new listings during the quarter, Swala Oil & Gas and Uchumi Supermarket that listed into the Exchange with a combined market capitalization of about TZS 60 billion. Valuation levels have also increased substantially in the quarter, from the trailing Market Price Earnings Ratio (PER) of 16 times in July to the levels of 19 times as of close of month end September. These valuation levels, resulting from price appreciation in most counters, are now almost in similar levels with leading listed companies in the East African region. Lastly, during the last part of the quarter, Minister of Finance promulgated new Capital Markets and Securities (Foreign Investors) Regulation, 2014 that among others has revoked the Similar 2003 Regulation and therefore has removed restrictions on participation of Foreign Investors in the Capital Markets. As a result of this regulation we envisage an increased investor base in both equities and bonds. Thank you. 1

2 2) ECONOMIC REVIEW A: Interest rates Trend During the quarter the Weighted Average Yields (WAY) on treasury bills decreased from 13.02% in June, 2014 to 12.62% in September The Chart below shows the T-Bill weighted average yield (WAY) trend All Share Index was up 18.58% to settle at 2, points at the end of the quarter (30th September 2014) from 2, points in the previous quarter (30th June, 2014). Growth in DSE All Share Index was mainly attributed to appreciation of domestic companies share prices. The following counters appreciated by SWALA (132%), SIMBA (78.33%), TBL (74.85%), TWIGA (63.36%, TCC (56.25%) and SWISSPORT (47.73%). 2, All Share Index 2, , , , , , Index 2, , , , , , B) Inflation Developments Annual headline inflation was 6.5 percent in July 2014, moved up to 6.7 percent in August, 2014 and finally settled to 6.6 percent in September, C) Exchange rates Trends The shilling appreciated against the USD by 0.5% to an average of TZS 1, per USD from TZS 1, On annual basis the shilling depreciated by 2.8% from average of TZS 1, per USD in September ) MARKET REPORT D) EQUITIES 1, , , , , , Oct 15-Oct 29-Oct 12-Nov 26-Nov 10-Dec 24-Dec 7-Jan 21-Jan 4-Feb 18-Feb 4-Mar 18-Mar 1-Apr 15-Apr 29-Apr 13-May 27-May 10-Jun 24-Jun 8-Jul 22-Jul 5-Aug 19-Aug 2-Sep 16-Sep 30-Sep Domestic italization & Indices The Domestic italization grew 47.15% from TZS 7, billion in Q2, 2014 to TZS 11, billion in Q3, Equally, Tanzania Share Index increased by 45.74% from 3, points as at the end of June 2014 to 5,190.87points as at the end of September The growth was attributed to the appreciation most of the domestic share prices. SWALA, SIMBA, TBL, TWIGA, TCC and SWISSPORT share prices by 132%, 78.33%, 74.85%, 63.36%, 56.25% and 47.73% respectively. Total italization & Indices The italization grew by 19.44% from TZS 18, billion as of 30 th June 2014 to TZS 22, billion as of 30 th September Index 5,750 5,250 4,750 4,250 3,750 3,250 2,750 Tanzania Share Index 2,250 italization 1,750 23,000 22,700 22,400 1-Oct 15-Oct 29-Oct 12-Nov 26-Nov 10-Dec 24-Dec 7-Jan 21-Jan 4-Feb 18-Feb 4-Mar 18-Mar 1-Apr 15-Apr 29-Apr 13-May 27-May 10-Jun 24-Jun 8-Jul 22-Jul 5-Aug 19-Aug 2-Sep 16-Sep 30-Sep 22,100 21,800 21,500 21,200 20,900 20,600 20,300 TZS (Billions) 19,700 19,400 19,100 18,800 18,500 18,200 17,900 17,600 17,300 17,000 16,700 16,400 16,100 15,800 15,500 15,200 14,900 1-Oct 15-Oct 29-Oct 12-Nov 26-Nov 10-Dec 24-Dec 7-Jan 21-Jan 4-Feb 18-Feb 4-Mar 18-Mar 1-Apr 15-Apr 29-Apr 13-May 27-May 10-Jun 24-Jun 8-Jul 22-Jul 5-Aug 19-Aug 2-Sep 16-Sep 30-Sep Banking & Investment Index increased by 8.20%, moving from 3, points as at the end June 2014 to 3, points at the end of September, The increase was supported by DCB 23% NMB 10.03% and CRDB 3.13% share price gains. 1 Base year/value for All Share Index :15 Dec 2006 =1,000 2

3 Index 4, , , , , , , , , , , Oct 15-Oct 29-Oct 12-Nov 26-Nov 10-Dec Banking & Finance Share Index 24-Dec 7-Jan 21-Jan 4-Feb 18-Feb 4-Mar 18-Mar 1-Apr 15-Apr 29-Apr 13-May 27-May 10-Jun 24-Jun 8-Jul 22-Jul 5-Aug 19-Aug 2-Sep 16-Sep 30-Sep Turnover & Volume Trend There was a 4 times increase in market total turnover for the 3rd Quarter in comparison the previous quarter, total turnover for the quarter was TZS 173 billion compared with TZS 43 billion in the preceding quarter, while volume of shares traded also by 26.98% from 69 million to 87 million shares. Equity Turnover Trends ( ) Industrial & Allied Index increased by 68.73% moving from 4, points of 30th June, 2014 to 6, points as of 30th September, The gain mainly was attributed by SIMBA 78.33%, TBL 74.85%, TWIGA 63.36% and TCC by 56.25% share price increase. 6, , , , Industrial & Allied Share Index TZS (Billions) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The composition of turnover generated during the quarter is as indicated below: Index 4, , % Quarterly Turnover Contribution for % 0.0% 0.1% 0.0% 2.0% 0.0% 0.0% 2.7% 6.5% 3.5% 3, CRDB DCB NMB 90.0% 4.3% 3, % 32.0% 19.2% 2, % PAL SWIS TBL 2, Oct 15-Oct 29-Oct 12-Nov 26-Nov 10-Dec 24-Dec 7-Jan 21-Jan 4-Feb 18-Feb 4-Mar 18-Mar 1-Apr 15-Apr 29-Apr 13-May 27-May 10-Jun 24-Jun 8-Jul 22-Jul 5-Aug 19-Aug 2-Sep 16-Sep 30-Sep 60.0% TCC TCCL TOL 50.0% 84.4% 2.1% 0.0% 7.2% 0.6% 59.5% 37.2% 40.0% Commercial Services share index went up by 26.61% to settle at 2, points as of 30th September 2014 from points as of 30th June The gain was caused by a 47.73% increase in SWISSPORT share price. PRECISION share price remained the same. Index Commercial Services Share Index TPCC TTP EABL KA NMG 30.0% 20.0% 10.0% 0.0% 0.1% 0.0% 8.6% 0.1% 5.8% 51.1% TBL, NMB, TCC and CRDB were the top four most traded counters in the quarter. TBL had the largest proportion of the total turnover, accounting to 37.19%, whereas NMB, TCC and CRDB had 21.05%, 19.22% and 10.57% of the quarterly turnover respectively. 0.7% 0.0% 21.8% 1.5% 2.1% 0.0% 0.2% 21.1% 0.2% 10.6% Q Q Q Q Oct 15-Oct 29-Oct 12-Nov 26-Nov 10-Dec 24-Dec 7-Jan 21-Jan 4-Feb 18-Feb 4-Mar 18-Mar 1-Apr 15-Apr 29-Apr 13-May 27-May 10-Jun 24-Jun 8-Jul 22-Jul 5-Aug 19-Aug 2-Sep 16-Sep 30-Sep,000 Shakers & Movers Key:Size of the bubble = % contribution to Total Turnover TBL, 37.19% 40,000,000 TCC, 19.22% Basis Points Improvement in Share Price 30,000,000,000 10,000, ,000,000 CRDB, 10.57% DCB, 0.17% NMB, 21.05% SWIS, 0.21% TCCL, 8.76% TPCC, 2.72% TOL, 0.08% TTP, 0.00% 3

4 Foreign Investors Participation During the quarter under review, foreign investors participation in equity trading was 63.26%. A significant increment compared to the same period the previous quarter of 56.00% Weighted Average Yield Curve: Jan - Mar 2014 and Apr - Jun Details Apr - Jun July - Sept Turnover 42, , (TZS Mn) % Buying Local Investors % Buying Foreign Investors A. BONDS i. Secondary Trading During the quarter ending September 2014, Government Bonds worth billion traded at the secondary market. This shows a 27.09% decrease compared to the previous quarter (Apr June 2014) where Government Bonds worth TZS billion traded. TZS (Billions) On year-to-year comparison, Government bonds worth TZS billion traded in the Q3 of year 2013 (an increase of 113%) Monthly Bonds Turnover Trend Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year-Bond 5-Year-Bond 7-Year-Bond 10-Year-Bond 15-Year-Bond 4) NEW LISTINGS april-june '14 July-Sept'14 During the quarter under review Dar es Salaam Stock Exchange successfully listed two companies. Swala Oil and Gas and Uchumi Supermarket. Swala Oil and Gas listed after a successful IPO which was oversubscribed. Whereas Uchumi Supermarket Ltd cross-listed from Nairobi Securities Exchange. With regard to Bonds market, Treasury bonds with different maturities worth TZS billion were listed in comparison to Treasury Bonds worth TZS billion listed in the previous quarter. Term Preference on Fixed Income Instruments During the quarter, subscription for both short term opportunities were more than the amounts offered. This shows that investors preferred short term investments (125%) than long term investments at (78%) opportunities during the quarter, Comparison of Subscription levels between Government Bonds and Treasury Bills 200% 450% ii. Yield Curve on Secondary Bond Market During the quarter of July to September 2014, Weighted Average Yield to Maturity (YTM) for 2, 5, 7, 10 & 15 -Year Bonds increased when compared to the preceding quarter. The 2, 5, 7, 10 & 15-Year Bonds average YTM recorded 2.09%, 5.13%, 2.13%, 2.08% and 1.07% gains respectively. Subscription Levels (%) 175% 150% 125% 100% 75% 50% 25% 0% 416.4% 125% 115% 91% 96% 100% 112.4% 82% 99.3% 83.5% 76% 78% 62% 73.3% Jul - Sep '13 Oct-Dec '13 Jan-Mar '14 Apr-Jun '14 Jul-Sept '14 Gvt Bonds Treas.Bills Subscription Level 400% 350% 300% 250% 200% 150% 100% 50% 0% Successful Amount (%) (T.Bonds) 4

5 5) STRATEGIC DEVELOPMENT MATTERS; 5.1 Strengthening efficiency for operational procedures and market infrastructure. During the quarter Dar es Salaam Stock Exchange successfully implemented the new integrated trading, clearing and settlement system. Apart from providing the platform for equities and bonds, the new trading system is capable of facilitating other securities like ETFs and derivatives. 5.2 Regional Integration During the quarter the Bank of Tanzania (BoT) amended capital account restriction to allow East Africans to participate in the primary market for Government bonds. Subsequently, the capital market regulator, CMSA revoked regulations on foreign investor s limit. These two initiatives are expected to trigger more activities on Exchange as it provides more opportunity to foreign investors to participate on our market. 6) INVESTOR EDUCATION & PUBLIC AWARENESS INITIATIVES 6.1.1) DSE Scholar Investor Challenge (SIC) 2014 During the quarter DSE concluded the newly student s competition dubbed as DSE Scholars Investors Challenge. The challenge attracted more than 5,000 students from higher learning institutions. The scholar challenge concluded by a session where ten highly performed students shared their experiences with stock exchange during the challenge. Three winners were selected; George Filimini (IFM), Godlove Kellya (UDSM) and Laurent Dyanko (SUA). The first winner was Laurent Dyanko from SUA ) Public Awareness DSE continued with its weekly press conferences to main stream media houses to provide updates on weekly performance, market outlook and other relevant information about the market. Also the DSE s CEO continued with his contributions as columnist on The Citizen and Raia Tanzania newspapers. Articles published in these newspapers were educative and also aimed to awaken curiosity on stock market issues to different readers including policy makers, prospective issuers and investors ) EGM Campaigns During the quarter DSE continued with the Public Awareness Campaigns regarding the new market segment (EGM). The campaign involved engagement with TV and radio programme and visits to companies with potential of raising capital through the stock exchange ) Students Visits DSE hosted a total of 125 students who visited the Exchange for research and other study purposes. 7) CORPORATE ACTIONS AND COMPANY PUBLICATIONS During the quarter four (4) listed companies declared dividends. TCC board announced the interim dividend of TZS 250 per share while TBL approved payment of interim dividend of TZS 450 per share for the financial year ended March 2014 and Twiga Cement declared an interim dividend of TZS 70 per share. A newly listed company, Uchumi Supermarket Ltd recommended payment of first and final dividend of KSH 0.3 (Kenya Shillings). DSE, NMB, FSDT and CMSA officials with the 2014 SIC winner holding a dummy prize of TZS 1 million. 5

6 DSE MARKET STATISTICS FOR THE PERIOD OF JULY 2013 TO JUNE 2014 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Turnover (TZS Mil) 40, , , , , , , , , , , Volume of shares 23,625,421 16,075,379 21,196,355 15,645,990 5,207,632 19,141,368 16,539,333 38,206,573 13,835,856 26,799,900 39,012,753 15,525,925 Deals 1,207 1, , ,064 1,280 2,882 2,785 3,430 Trading Sessions Market cap (TZS bil) 16, , , , , , , , , , , , Exchange Rate 1, , , , , , , , , , , , DSE All Share Index 1, , , , , , , , , , , , TBL 3,340 3,720 3,780 5,500 8,240 8,000 8,100 8,100 8,000 8,000 8,640 9,700 TBL 5,500 8,240 8,000 8,100 8,100 8,000 8,000 8,640 9,700 11,500 13,710 16,960 TOL TATEPA TCC 8,220 8,600 8,600 8,600 8,820 10,000 10,000 10,100 11,200 13,000 13,210 17,500 TCCL 2,340 2,340 2,020 2,380 2,460 2,480 2,420 2,360 2,400 2,600 3,050 4,280 SWIS 2,660 2,700 2,680 2,700 2,700 2,700 2,700 2,660 2,640 2,640 2,880 3,900 TPCC 2,680 2,680 2,660 2,660 2,500 2,480 2,460 2,440 2,320 2,340 3,200 3,790 DCB NMB 2,420 2,560 2,620 2,660 2,700 2,660 2,840 3,300 3,990 4,010 4,150 4,390 CRDB JHL 5,240 5,540 5,280 5,900 5,900 5,710 5,750 6,380 7,720 7,360 7,700 9,050 KA EABL 5,920 5,950 5,280 5,170 5,000 5,070 5,520 5,130 5,510 5,430 5,180 5,150 KCB ,010 1,090 1,080 NMG 6,000 5,900 5,640 6,000 5,790 5,800 5,790 5,840 5,910 5,790 5,840 5,860 ABG 5,060 4,600 4,880 5,780 7,870 6,710 6,920 6,130 5,830 7,310 6,280 5,620 PAL MBP SWALA ,160 USL COMPARATIVE MARKET RATIOS P/E RATIO DIVIDEND YIELD EPS TBL % 8% 0% 7% 4% TCC % 14% 19% 18% 9% TCCL % 9% 10% 4% 5% SWIS % 15% 19% 9% 6% TPCC % 8% 9% 7% 7% NMB % 5% 6% 6% 0% DCB % 17% 8% 8% 5% CRDB % 7% 5% 8% 5% TTP - - (5.86) - (5.79) 0% 0% 0% 0% 0% (32.59) 0.83 (45.19) (112.34) TOL % 0% 0% 0% 0% (23.91) (50.05) EABL % 7% 7% 8% 8% KA (10.14) - 1% 1% 2% 2% 0% (97.64) (97.64) JHL % 1% 2% 2% 2% KCB % 4% 5% 7% 5% NMG PAL 7% 3.95 (187.87) ABG 6

7 TANZANIA BREWERIES LIMITED (TBL) ,928, ,188 44, , ,928, ,842 44, , ,928, , , ,928, ,228 58, , ,928, ,813 88,479 2,359, SWISSPORT TANZANIA LIMITED (SWISSPORT) ,000,000 5,668 3,238 20, ,000,000 6,322 3,327 21, ,000,000 10,238 5,671 29, ,000,000 9,723 5,378 61, ,000,000 11,387 5,997 96, ,000 TBL (Profit,Dividend & ) 2,500, ,000 SWISSPORT (Profit,Dividend & ) ,000, , , ,500, ,000, , ,000 6,000 4,000 2,000 80, , , PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) TOL GASES LIMITED (TOL) ,223,686 (144.62) - 8, ,223,686 (890.19) - 7, ,223, , ,223,686 1, , ,223, , TANZANIA PORTLAND CEMENT COMPANY LIMITED (TWIGA) ,923,100 68,788 23, , ,923,100 71,929 25, , ,923,100 72,774 32, , ,923,100 92,341 33, , ,923,100 50,395 35, , TOL (Profit,Dividend & ) 1, , (500.00) (1,000.00) (1,500.00) 14, , , , , , , ,000 80,000 70,000 60,000 40,000 30,000 10,000 TWIGA (Profit,Dividend & ) 600, , , , , PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) 7

8 TATEPA LIMITED ,857,165 (504) - 2, ,857, , ,857,165 (628) - 3, ,857, , ,857,165 (2,543) - 11, KENYA AIRWAYS LIMITED (KA) ,615,484 (107,729) 8, , ,615,484 45,968 7, , ,615,484 89,236 12, , ,615,484 40,795 7, , ,496,469,034 (201,147) - 1,481, , (500) (1,000) (1,500) (2,000) (2,500) (3,000) TATEPA (Profit,Dividend & ) 14, , , , , , , () () (1) (200,000) (2) KA (Profit,Dividend & ) ,600, ,400, ,200, ,000, , , , , DIVIDEND (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) TANZANIA CIGARATTE COMPANY (TCC) 2009,000 65,978 15, , ,000 84,100 30, , , ,400 60, , , ,728 75, , ,137 75, , EAST AFRICAN BREWERIES LIMITED (EABL) ,578, , ,572 1,581, ,578, , ,882 1,581, ,578, , ,724 1,581, ,578, , ,428 1,581, ,578, , ,385 1,581, , ,000 60,000 40,000 TCC (Profit,Dividend & ) 1,000, , , , , , , , , PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) 300, ,000 1 EABL (Profit,Dividend & ) ,800, ,600, ,400, ,200, ,000, , , , , PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) 8

9 TANGA CEMENT COMPANY LIMITED (SIMBA) ,671,045 45,830 7, , ,671,045 44,696 11, , ,671,045 35,448 15, , ,671,045 51,272 5, , ,671,045 46,045 7, , JUBILEE HOLDINGS LIMITED (JHL) ,000,000 16,705 3, , ,000,000 19,407 3, , ,000,000 36,995 4, , ,000,000 37,198 4, , ,895,000 49,174 6, , SIMBA (Profit,Dividend & ) 60,000 40,000 30,000 10, , , , , , , JHL (Profit,Dividend & ) 60,000 40,000 30,000 10, , , , PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) NATIONAL MICROFINANCE BANK (NMB) ,000,000 68,038 15, , ,000,000 78,445 18, , ,000, ,786 25, , ,000, ,741 34, , ,000, ,131-1,310, DAR ES SALAAM COMMUNITY BANK (DCB) ,393,236 2, , ,393,236 4,243 1,555 9, ,393,236 4,437 1,620 20, ,546,791 2,840 1,927 23, ,827,897 5,220 1,800 33, , , , , ,000 60,000 40,000 NMB (Profit,Dividend & ) 1,400, ,200, ,000, , , , , PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) DCB (Profit,Dividend & ) 6,000 35, ,000 30, ,000 25, ,000 15, ,000 10, ,000 5, PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) 9

10 CRDB BANK PLC (CRDB) ,176,532,160 61,922 15, , ,176,532,160 65,637 17, , ,176,532,160 51,013 19, , ,176,532, ,702 26, , ,176,532, ,021 30, ,429 KENYA COMMERCIAL BANK (KCB) ,217,777, ,557 41, , ,217,777, ,560 38, , ,855,061, ,488 64,313 1,256, ,855,061, ,288 91,643 1,256, ,855,061, ,607 62,541 1,256, , ,000 60,000 40,000 CRDB (Profit,Dividend & ) 700, , , , , ,000 PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) 400, , ,000 1 KCB (Profit,Dividend & ) 1,400,000 1,200,000 1,000, , , , ,000 PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) TREASURY BONDS ISSUED AND THEIR SUBSCRIPTION LEVEL IN THE PRIMARY BOND MARKET TREASURY BONDS ISSUED AND THEIR SUBSCRIPTION LEVEL IN THE PRIMARY BOND MARKET TREASURY BILLS AUCTIONED SUBSCRIPTION LEVEL ( Note: T.Bills are not traded on the Exchange) Issue Type of Weighted Weighted Amount Amount Successful Subsription Date Bond Average Average Offered Tendered Amount Level (%) Yield to Coupon (TZS Bln) (TZS Bln) (TZS Bln) Maturity Yield April to June Apr-12 2yr % 18-Apr-12 10yr % 2-May-12 2yr % 16-May-12 5yr % 30-May-12 7yr % 13-Jun-12 2yr % 27-Jun-12 10yr % Amount Amount Successful Offered Tendered Amount Subsription (TZS Bln) (TZS Bln) (TZS Bln) Level (%) April to June 2012 April % May % June % 10

11 TREASURY BONDS ISSUED AND THEIR SUBSCRIPTION LEVEL IN THE PRIMARY BOND MARKET TREASURY BONDS ISSUED AND THEIR SUBSCRIPTION LEVEL IN THE PRIMARY BOND MARKET TREASURY BILLS AUCTIONED SUBSCRIPTION LEVEL ( Note: T.Bills are not traded on the Exchange) Issue Type of Weighted Weighted Amount Amount Successful Subsription Date Bond Average Average Offered Tendered Amount Level (%) Yield to Coupon (TZS Bln) (TZS Bln) (TZS Bln) Maturity Yield July to Sept Jul-12 5yr % 25-Jul-12 7yr % 7-Aug-12 10yr % 22-Aug-12 2yr % 5-Sep-12 5yr % 19-Sep-12 7yr % October to December Oct-12 10yr % 17-Oct-12 2yr % 31-Oct-12 2yr % 14-Nov-12 7yr % 28-Nov-12 10yr % 12-Dec-12 2yr % 27-Dec-12 5yr % January to March Jan-13 7yr % 6-Feb-13 2yr % 20-Feb-13 5yr % 6-Mar-13 7yr % 20-Mar-13 10yr % April to June Apr-13 2yr % 17-Apr-13 5yr % 30-Apr-13 7yr % 15-May-13 10yr % 29-May-13 2yr % 12-Jun-13 5yr % 26-Jun-13 7yr % July to September Jul-13 2yr % 6-Aug-13 5yr % 21-Aug-13 7yr % 4-Sep-13 10yr % 18-Sep-13 2yr % Amount Amount Successful Offered Tendered Amount Subsription (TZS Bln) (TZS Bln) (TZS Bln) Level (%) July to Sept 2012 July % Aug % Sept % October to December 2012 Oct % Nov % Dec % January to March 2013 Jan % Feb % Mar % April to June 2013 April % May % June % July to September 2013 July % August % September % October to December Oct-13 5yr % 17-Oct-13 10yr % 30-Oct-13 2yr % 27-Nov-13 7yr % 11-Dec-13 5yr % October to December 2013 October % November % December % 11

12 Issue Type of Weighted Weighted Amount Amount Successful Subsription Date Bond Average Average Offered Tendered Amount Level (%) Yield to Coupon (TZS Bln) (TZS Bln) (TZS Bln) Maturity Yield January to March Jan-14 2yr % 22-Jan-14 10yr % 5-Feb-14 5yr % 19-Feb-14 15yr % 5-Mar-14 7yr % 19-Mar-14 2yr % April to June Apr-14 10yr , % 17-Apr-14 5yr % 14-May-14 7yr % 30-Apr-14 5yr % 29-May-14 10yr % 11-Jun-14 2yr % 25-Jun-14 7yr % July to September Jul-14 10yr % 23-Jul-14 5yr % 6-Aug-14 15yr % 20-Aug-14 2yr % 3-Sep-14 7yr % 17-Sep-14 10yr % Amount Amount Successful Offered Tendered Amount Subsription (TZS Bln) (TZS Bln) (TZS Bln) Level (%) January to March 2014 January % February % March % April to June 2014 April % May % June % July to September 2014 Jul % Aug % Sep % Bond Issue Date Interest Rate Maturity Date Closing Principal (FV) 2 TWO YEARS BONDS Total 2 Year Bond Various 7.82% Various 592,401,.00 5 YEAR BONDS Total 5 Year Bond Various 9.18% Various 1,000,059,800, YEAR BONDS Total 7 year bond Various 10.08% Various 1,020,106, YEARS BONDS Total 10 year bond Various 11.44% Various 1,155,357,200, YEARS BONDS Total 13 year bond Various 13.50% Various 134,329,777, Total Value of Outstanding Treasury Bonds 3,902,253,977, Contact Addresses of Licensed Stock Brokers CORE Securities Ltd 4th Floor, Elite City Tower Samora Avenue, Dar es Salaam Tel: Fax: info@coresecurities.co.tz Orbit Securities Co. Ltd 4th Floor, Golden Jubilee Tower, PSPF Building Ohio Street, Dar es Salaam Tel: Fax: orbit@orbit.co.tz Rasilimali Ltd 3rd Floor, Consolidated Holdings Building, Samora Avenue, Dar es Salaam Tel: Fax: rasilimali@africaonline.co.tz Tanzania Securities Ltd 7th Floor, IPS Building, Samora Avenue/ Azikiwe Street, Dar es Salaam Tel: Fax: info@tanzaniasecurities.co.tz Vertex International Securities Ltd Annex Building-Zambia High Commission Sokine/Ohio Street, Dar es Salaam Tel: , Fax: vertex@vertex.co.tz Solomon Stockbrokers Co. Ltd Ground Floor, PPF House Samora Avenue/Morogoro Road, Dar es Salaam Tel: , Fax: solomon@simbanet.net ZANSecurities Ltd Mezzanine Floor, Haidary Plaza P.O. Box 5366, Dar es Salaam Tel: , Fax: info@zansec.com 12