CREDIT RISK MANAGEMENT BEYOND NUMBERS. Bloomfield Intelligence Week 51 from December 18th to December 22nd BRVM 10 k 3.21% 209.

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1 Stock Market Review Bloomfield Intelligence Week 51 from December 18th to December 22nd 2017 (Source BRVM) Bloomfield Investment Corpon is a pan-african credit rating agency which specializes in the assessment of the credit risk. Headquartered in Abidjan with offices in Douala and in Kigali. the agency operates essentially in Africa. BRVM 10 k 3.21% BRVM COMPOSITE k 3.95% Accreditation Headquarters Website Follow us Tops UEMOA AN-001/2012 RWANDA ref/cma/july/3047/2015 Plateau. BIAO-CI Tower. 15 th floor. Abidjan - Côte d Ivoire Price Listed Companies Evol 45 Value Average PER* m Average yield / share* m 5.59% Market capitalization (billion FCFA) k Trading volume (shares) Trading volume (bonds) Value traded (shares) Value traded (bonds) * Calculated on the basis of the latest financial information published without considen of companies in liquidation Flops The Stock Market Price SODE CI % % ECOBANK TRANS. INCORP. TG % % ONATEL BF % % SERVAIR ABIDJAN CI % % BANK OF AFRICA CI % % SETAO CI % % FILTISAC CI % % BERNABE CI % % Sector Indices # Companies Value Evol% Evol YTD Volume Value traded (MFCFA) Avg PER BRVM Industry % % % BRVM Public Services % % % BRVM Finance % % % BRVM Transport % % % BRVM Agriculture % % % BRVM Distribution % % % BRVM - Other Sectors % % % Avg Y/S Market Trends The BRVM ended this week up, with points for the BRVM 10 index (+3.21%) and points for the BRVM Composite index (+3.95%). The capitalization of the equity market stood at billion FCFA. The equity market transactions amounted to 7.4 billion FCFA at the end of the week. mainly driven by «FINANCES» (82%) sector. SODE CI stock recorded the largest growth this week with a gain of 28.82%, while ETI TG stock shown the largest decline with a lost of 5.56%. In the commodities market, gold and rubber s continued their upward trend while coffee and cocoa s followed the opposite trend.

2 The Chief Economist s Analysis [a focus on SIACABLE] Market News The Stock Market On Friday 22 December 2017, at the closing of the stock market, Sicable stock was 965 FCFA, down by 55.89% compared to its level at the beginning of the year; thus illustrating the general downward trend that the stock has followed throughout this year. Indeed, social unrest and the delay observed on major projects have contributed to darken the outlook for the stock. Doubts were confirmed by sales and net income down, respectively, by 19.68% and 14.76% for the 2016 fiscal year. The revaluation of dividends distributed (2000 FCFA for the 2016 financial year against 1200 FCFA the previous year), as well as the improvement of the financial results during the first quarter of 2017, were not enough to reverse the downward trend. In the third quarter of 2017, the company achieved a turnover up by 13.9% and a net result up by 588%. This positive performance, which is in the same dynamic as the previous quarters, is due to the resumption of certain work programs and the rise in the s of certain commodities, particularly oil, which favors investments in this sector fiscal year will certainly be better than the previous year for Sicable, which could lead to a more attractive redistribution for shareholders. The company's outlook is positive with the openalization of its 2015 and 2016 technical upgrade plan, which significantly reduces its costs, and future infrastructure investments in Coted'Ivoire. News BRVM Corporates [SGBCI-CFAO]: Société Générale de Banques en Côte d'ivoire (SGBCI) and CFAO Motors CI signed an agreement on 19 December 2017 to facilitate the equipment of their common customers. Through this agreement, the two companies want to allow their customers for the purposes of financing of a vehicle, to benefit from more flexible administrative procedures, a reduction in the conditions for granting a credit and the in place of a tariff grid dedicated to CFAO Motors. This partnership is part of the commitment of both companies in the environmental cause through the promotion of new cars. [ECOBANK]: The pan-african banking group Ecobank has raised 200 million USD from the international market through a syndicated loan, with FMO, the Ducth Development Bank, as main arranger. This facility will be used to strengthen the financing capacity of a number of Group subsidiaries. In line with the Ecobank Group s strategic development objectives, at least 75 per cent of the loan facility will be directed to SME s across various sectors of the economy. [BRVM]: The regional stock exchange, common to the eight countries of WAMU, has opened its third compartment for SMEs. This compartment aims to provide SMEs with access to long-term capital to accelerate their growth and make them champions of the sub-region economies. [ECOWAS]: According to the final communiqué of the 52nd ordinary session of the ECOWAS Authority of Heads of State and Government, the region has favorable prospects for economic growth, due largely to the expected recovery in the s of major exports by Member States, as well as improved security in oil producing regions. Thus, the economic growth rate should reach 2.1% in 2017 and 3.1% in 2018, compared to 0.2% achieved in [CEMAC]: According to a statement from the Bank of Central African States (BEAC), the economic situation in the CEMAC zone remains difficult. However, there is a fragile start to macroeconomic balances through the implementation of programs with the IMF in four of the six member states. Thus, the region is expected to record zero economic growth in 2017 (after -0.2% in 2016), an improvement in the budget deficit (commitments basis, excluding grants) to 3.1% of GDP (against 5.6% of GDP in 2016) and an inflation rate of 0.6% at the end of December In addition, BEAC adopted the general framework for a new emergency liquidity provision mechanism for CEMAC credit institutions. This new system will enable credit institutions that are deemed solvent to cope with temporary liquidity pressures that could affect financial stability. [MAURITIUS]: After 3.8% in 2016, the economic growth rate of Mauritius is expected to reach 3.9% in 2017, driven mainly by the financial, trade, construction, accommodation and food service sectors. In 2018, these sectors should record even better performance and bring the growth rate to 4%.

3 Industry Sector Public Services Sector Distribution Sector Transport Sector The Stock Market SICABLE CI % % 5.7% 13.1% FILTISAC CI % % 6.1% 21.8% NEI-CEDA CI % N/A N/A -3.7% % NESTLE CI % N/A 2.4% 55.0% CROWN SIEM CI % % 2.7% 9.2% AIR LIQUIDE CI % % 0.9% 2.1% SOLIBRA CI % % 14.4% 26.3% SMB CI % N/A 7.4% N/A SITAB CI % N/A N/A % 5.1% 24.8% TRITURAF CI-Ste en Liquidation % N/A N/A N/A N/A N/A N/A UNILEVER CI % N/A N/A N/A 40.1% UNIWAX CI % % 11.0% 18.4% CIE CI % % 1.8% 39.1% ONATEL BF % % 15.3% 31.1% SODE CI % % 3.1% 105.4% SONATEL SN % % 23.9% 30.4% Financial Sector BICI CI % % 34.1% 23.0% BANK OF AFRICA BN % % 11.5% 17.8% BANK OF AFRICA BF % % 39.7% 34.5% BANK OF AFRICA CI % % 18.9% 27.1% BANK OF AFRICA M % % 23.6% 26.4% BANK OF AFRICA NG % % 27.5% 23.9% BANK OF AFRICA S % % 10.5% 14.6% CORIS BANK INTERNATIONAL BF % % 48.9% 15.7% ECOBANK CÔTE D'IVOIRE % % 32.7% N/A ECOBANK TRANS. INCORP. TG % N/A 7.11% -52.1% 5.8% NSIA BANQUE CI % N/A N/A N/A N/A SAFCA CI % N/A N/A N/A N/A -1.7% -6.8% SGB CI % % 30.3% 34.6% SOCIETE IVOIRIENNE DE BANQUE CI % % 33.7% 28.7% SERVAIR ABIDJAN CI % % 8.7% 27.6% BERNABE CI % % 5.4% 19.0% CFAO CI % % 6.3% 19.3% TRACTAFRIC MOTORS CI % N/A N/A % 4.7% 26.2% VIVO ENERGY CI % % 1.6% 19.7% TOTAL CI % % 2.7% 26.1% TOTAL SN % N/A 2.82% 0.0% -0.3% BOLLORE AFRICA LOGISTICS CI Ratio marge nette % % 3.81% 11.9% 3.7% MOVIS CI % N/A N/A N/A 0.00% -11.7% 89.8%

4 Agricultural Sector Other Sectors The Stock Market PALM CI % % 3.6% 5.1% SUCRIVOIRE % % 0.2% 1.6% SICOR CI % % 30.5% SOGB CI % % 11.0% 11.0% SAPH CI % % 1.8% SETAO CI % % 24.8% -70.3% Currencies* Other Markets * Weekly evolution of the average (order the day before the close of trading) Raw Materials Price Evol USD / XOF % GBP / XOF % EUR / XOF % JPY / XOF % CNY / XOF % ZAR / XOF % NGN / XOF % EGP / XOF % KES / XOF % African Stock Markets Johannesburg Stock Exchange Nairobi Stock Exchange Nigerian Stock Exchange Egyptian Exchange Casablanca Stock Exchange ALL SHARE INDEX k NSE ALL SHARE INDEX m ALL SHARE INDEX k EGX 100 INDEX k MOROCCAN ALL SHARE INDEX m 3.32% % % % % Price Evol Silver (USD/Oz) % Gold (USD/XAU) % Natural gas (USD/MMBtu) % Crude oil (USD/bbl) % Cococa London (GBP/t) % Cacao New York (USD/t) % Coffe US (USD/lb) % Rubber (JPY/kg) % Palm oil (Riggints/t) %

5 Credit Ratings (1/3) Company name Country Sector/ Activity Long term Short term Rating Outlook Rating Outlook Rating expin date Air Côte d Ivoire Airline company BBB+ Stable A3 Stable 30/08/2017 Alios Finance Financing by leasing BBB+ Stable A1 Stable 31/08/2018 ANSUT Telecommunications Confidential 31/10/2018 AVENI RE Reinsurance A- Stable A2 Stable Rating expired Bank Of Africa Benin Benin Banking sector A+ Stable A1 Stable 31/05/2018 Bank Of Africa Burkina Faso Burkina Faso Banking sector A Stable A1 Stable 31/05/2018 Bank Of Africa Côte d Ivoire Banking sector A Positive A2 Stable 30/05/2018 Bank Of Africa Mali Mali Banking sector A- Stable A2 Stable 31/05/2018 Bank Of Africa Niger Niger Banking sector A- Stable A2 Stable 31/05/2018 Bank Of Africa Senegal Senegal Banking sector A- Stable A2 Positive 31/05/2018 BERNABE Distribution of hardware products. industrial equipment. metal products and construction materials A+ Stable A1 Stable 31/07/2018 Caisse Régionale de Refinancement Hypothécaire UEMOA Financial institution AA Positive A1+ Stable 30/06/2018 CAMTEL Cameroun Telecommunications Ongoing reassessment CI Energies Monitoring of the energy sector and electrical infrastructure works Confidential 31/12/2017 CIE Cote d'ivoire Electricity AA+ Stable A1+ Stable 31/08/2018 Commune du Plateau Côte d'ivoire Local community BBB- Stable A2 Stable 31/10/2017 Côte d Ivoire Céréales Corn and rice processing / Bond issue In development CROWN SIEM CI Cote d'ivoire Metal packaging BBB+ Stable A3 Stable 30/06/2018 DEKEL OIL Seed and palm oil products Ongoing reassessment District d'abidjan Local community BBB- Stable B Positive 30/11/2017 Ecobank Banking sector Confidential 30/04/2018 Emission de la ville de Dakar Senegal Financial instrument A Stable A1 Stable Rating expired FICOGES Audit Confidential Rating expired Fonds d'entretien Routier (FER) Financing of the maintenance of road infrastructure A- Positive A2 Stable Rating expired GuarantCo United Kingdom Institutional collateral AAA Stable A1 Stable 31/05/2018 IDT Cote d'ivoire Tobacco distribution Confidential Rating expired

6 Credit Ratings (2/3) Company name Country Sector/ Activity Long term Short term Rating Outlook Rating Outlook Rating expin date Koffi & Diabaté Développement Construction BBB+ Stable A3 Stable 30/10/2017 Loyale Assurances SA Cote d'ivoire IARD Insurances BB- Negative C Negative Rating expired Loyale Vie SA Cote d'ivoire LIFE Insurances A- Stable A2 Stable 31/07/2018 NESTLE CI Cote d'ivoire Food industry Ongoing reassessment NSIA Assurance Benin Benin Insurance Confidential 31/07/2018 NSIA Assurance Cote d'ivoire Insurance Confidential 31/05/2018 NSIA Assurance Gabon Gabon Insurance Confidential 30/06/2018 NSIA Assurance Guinée Bissau Guinea-Bissau Insurance Confidential 30/06/2018 NSIA Assurance Senegal Senegal Insurance Confidential 30/06/2018 NSIA Assurance Togo Togo Insurance Confidential 30/06/2018 NSIA Assurance Vie Benin Benin Insurance Confidential 31/07/2018 NSIA Assurance VIE Côte d'ivoire Insurance Confidential 30/06/2018 NSIA Assurance Vie Senegal Senegal Insurance Confidential 31/07/2018 NSIA Assurance Vie Togo Togo Insurance Confidential 30/06/2018 NSIA Banque Côte d Ivoire Banking sector Confidential 30/04/2018 OMNIUM Mali Manufacturing and distribution of batteries BBB+ Stable A3 Stable 30/06/2018 ONEP Cote d'ivoire Promoting access to safe drinking water BB- Stable B Stable 30/09/2017 PAA Cote d'ivoire Port activities A+ Stable A1- Stable 31/07/2018 PALMCI Cote d'ivoire Seed and palm oil products A- Stable A1- Positive 30/06/2018 PASP Cote d'ivoire Public port opens A Positive A2 Positive 30/06/2018 PETRO IVOIRE Cote d'ivoire Oil Products Distribution A Stable A3 Stable 30/06/2018 Radiant Insurance Company Rwanda Insurance Confidential 31/07/2017 SENELEC Senegal Production, distribution, import and export of electricity Confidential 31/10/2018 SHELTER AFRIQUE Kenya Banking BBB+ Stable A3 Negative 30/06/2018 SICOGI Cote d'ivoire Construction and housing management Confidential Rating expired SIMAT Cote d'ivoire Handling and Transit Confidential Rating expired Société Equatoriale des Mines Gabon Mining opens Confidential 31/12/2017 Société Ivoirienne de Banque Côte d Ivoire Banking sector A+ Stable A1 Stable 28/02/2018

7 Credit Ratings(3/3) Company name Country Sector/ Activity Société Ivoirienne de Raffinage (SIR) Long term Short term Rating Outlook Rating Outlook Rating expin date Cote d'ivoire Crude oil refining Confidential Rating expired SODECI Cote d'ivoire Water distribution AA- Stable A1- Stable 31/08/2018 State of Cote d'ivoire - Local currency rating Côte d'ivoire Sovereign debt A- Stable A2 Stable 30/06/2018 Tropical Distribution Distribution In development Tropical Packaging Metal industry In development UIREVI Export agriculture Confidential 31/07/2016 Ville de Dakar Senegal Local community BBB+ Stable A3 Positive Rating expired VIP NET Telecommunications Confidential Rating expired

8 Corporate Bonds Bond Market Quantity Previous Coupon Maturity ORAGROUP 6.75% june/ 04 dec SHELTER AFRIQUE 6.6% feb / 28 august SIFCA 6.90% august Regional Entities Bonds Quantity Previous Coupon Maturity BIDC-EBID 6.50% apr/ 28 sep BIDC-EBID 6.510% june BOAD 5.95% march BOAD 5.95% dec CRRH-UEMOA 6.10% feb / 13 august CRRH-UEMOA 6.10% jan / 17 july CRRH-UEMOA 6% apr / 26 oct CRRH-UEMOA 6% june/ 30 dec CRRH-UEMOA 5.85% jan / 04 july CRRH-UEMOA 5.85% jan / 03 july Government Bonds Quantity Previous Coupon Maturity ETAT DU MALI 6.20% may ETAT DU MALI 6.50% apr ETAT SENEGAL 6.5% may/27 nov ETAT SENEGAL 6.70% dec ETAT SENEGAL 6.50% jan / 29 july ETAT SENEGAL 6.30% may / 25 nov TPBF 6.50% mai / 29 nov TPBF 6.50% jan / 31 july TPBJ 6.50% apr TPCI 6.30% june / 03 dec TPCI 6.55% may TPCI 5.85% juin / 19 dec TPCI 3% juin / 19 dec. TPCI 5.99% may TPCI 5.85% apr/05 oct TPCI 6% apr TPCI 5.90% june TPCI 5.90% nov TPCI 6.25% march / 30 sep. SUKUK ETAT DE COTE D'IVOIRE 5.75% juin/28 dec SUKUK ETAT DE COTE D'IVOIRE 5.75% sept/7 march SUKUK ETAT DU SENEGAL 6.25% july/18 jan SUKUK ETAT DU SENEGAL 6% july/26 jan SUKUK ETAT DU TOGO 6.5% august/ 17 fév

9 Contacts Bloomfield Investment Corpon Bloomfield Investment Corpon 06 BP 1888 Abidjan 06 Tel: (225) / (225) Fax: (225) Djeneba DIALLO Directeur Analyses Economiques et Boursières d.diallo@bloomfield-investment.com