The Africa Weekly THE AFRICA WEEKLY. Equity Research Pan-Africa News & Analysis. Equity Research I Pan-Africa I Weekly Market Indicators

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1 The Africa Weekly Equity Research Pan-Africa News & Analysis African Alliance Securities is a leading African institutional-focused securities firm, and is able to transact for clients in 18 markets across Africa. We provide agency-only equity and bond trading, sales and in-depth, independent research to local, regional and international clients. Key to our value proposition is an on-the-ground presence with exchange membership licenses in 11 African countries which allows us to provide our clients with investment research and corporate access of the highest quality. Our award winning research includes fundamental research on most of Sub-Sahara Africa s leading listed companies and sectors, as well as market data & analysis and market news & information services that span the whole continent. African Alliance Securities is part of the African Alliance Group, which provides investment banking and related services across the African continent. For more information please visit

2 Country Index* Index Level 1 Wk %Chg MTD %Chg YTD %Chg 1 Year High 1 Year Low FX-Rate per USD Dollar Return (% chg) 1 week MTD YTD Botswana BSE DCI BRVM IC Comp Egypt*** EGX Ghana GSE ALSI Kenya FTSE NSE Malawi MSE ALSI Mauritius SEMDEX Morocco MORALSI Namibia Local Nigeria NIG ALSI Rwanda RSE Index South Africa JSE ALSI Swaziland SSX ALSI Tanzania DAR ALSI Tunisia TUNIS Uganda USE ALSI Zambia LuSE ALSI Zimbabwe ZSE IND Wk %Chg 1 MTD % Chg YTD % Chg Trade USD'000 Mkt Cap USDm** Company Top 5 gainers Seed Co NMB Cement Co. North Nigeria BAT (Kenya) BAT (Zimbabwe) Country Zimbabwe Tanzania Nigeria Kenya Zimbabwe % chg Local USD year price charts Gold (12,93.7; -0.6% w/w) AA Indes (,1.1; +15.1% w/w) Crude Oil (,76.8; +0.5% w/w) MSCI EM (11,30.2; -0.6% w/w) MSCI WORLD (21,09.2; -0.1% w/w S&P 500 (27,34.6; +0.5% w/w) Company Intl Breweries CAL Bank ETI (Ghana) Total Petroleum Enterprise Group Top 5 decliners Country Nigeria Ghana Ghana Ghana Ghana Local USD Copper (68,82.8; +0.3% w/w) MSCI AFRICA (4,88.4; -2.1% w/wftse 100 (77,01.8; -0.4% w/w) * See individual country pages for more details about the indices. ** USD market cap is that of the whole market, not the respective index. ***Note that Egypt consists only of the EGX30 and

3 1 month price charts Botswana BRVM Tunisia: 0.65% Morocco -1.49% Key Egypt*** Ghana Egypt Up % Flat Down Kenya Malawi BRVM % 7 Mauritius Morocco Namibia Nigeria -3.10% Ghana Nigeria -5.70% South Africa Tunisia Tanzania Uganda Uganda: Rwanda: -0.16% -0.16% Tanzania 0.60% Kenya -1.82% Zambia Zimbabwe Namibia Namibia 1.49% Zambia -0.15% Zimbabwe Botswana 4.68% 0.07% Malawi 3.32% Mauritius -0.62% South Africa 0.75% Swaziland

4 Inflation and Interest Rate Summary Country Bond Rate (%)Maturity Date Bond Maturity Prime (%) CPI (%) Month Southern Africa Angola Apr Botswana 4.30 Mar-25 BW yrs Apr Lesotho 8.00 Oct-22 LSO yrs Apr Malawi Apr Mauritius 3.94 Dec-20 Five year 2.5 yrs Apr Namibia Oct-24 GC yrs Apr South Africa 8.54 Dec-26 R yrs Apr Swaziland 8.55 Nov-20 SG yrs Apr Zambia Jan year 7.6 yrs Apr Zimbabwe Apr East Africa Kenya Jan year 5.6 yrs Apr Rwanda May year 10.0 yrs Apr Tanzania Nov year 7.4 yrs Apr Uganda Apr-23 UG yrs Apr West Africa Senegal 1.10 Apr Ghana Nov-20 Five year 2.5 yrs Apr Nigeria Mar year 5.8 yrs Apr North Africa Egypt Nov-25 EGBGR01631F3 7.4 yrs Apr Morocco Apr Tunisia 6.90 May year 3.9 yrs Apr Source: Central banks, statistical agencies

5 Nigerian Stock Exchange (Nigerian Naira) Nigeria Market Commentary The NSE ALSI declined 5.7% to close the week at 36,816.3 on the back of losses in Intl Breweries (-22.4%), Forte Oil (- 13.6%), and Lafarge WAPCO (-11.7%). During the week, gains were recorded in Cement Co. North Nigeria (+16.5%), Fidelity Bank (+9.9%), and FBN Holdings (+9.7%). The top traders by value were Zenith Bank (USD 15.4m), Guaranty Trust Bank (USD 13.6m), and Access Bank (USD,6.7m). Trading in these shares accounted for 60.1% of this week s turnover of NGN 21.5bn (USD 59.4m). The average weekly value traded in the last six months is NGN 28.3bn (USD 78.3m). The NSE ALSI is down 3.7% ytd (-4.2% USD) and the total market capitalisation is currently USD 33.1bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2017F ###### ###### ###### ###### ###### ###### Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date MUTUAL BENEFITS ASSURANCE PL Full Year 6/8/2018 Ecobank Transnat 2017 Regular Cash May-17 Fbn Holdings Plc 2017 Regular Cash May-17 Beta Glass Plc 2017 Final Jun-17 Nestle Nigeria P 2017 Interim May-17 Lasaco Assurance 2017 Final Jun-17 3

6 Nigerian Stock Exchange (Nigerian Naira) Nigeria Index performance * NGN/USD USD returns Top 5 gainers NIGSE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 19-Jan Cement Co. North Nigeria This week L: 23-Jun Fidelity Bank Prev week Off peak -18.4% FBN Holdings MTD At High 9/199 FCMB YTD At Low 14/199 Mutual Benefits Assurance Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 8.99% NGNm Company Week % chg Price Net value Stocks traded (absolute) 119 USDm 78.3 Intl Breweries Stocks traded (%) 60% Forte Oil Upside value Stocks up 25 Total Market cap Lafarge WAPCO Downside value Stocks down 34 NGNm Nestle Nigeria Upside/downside ratio -69.5% Advance - Decline -9 USDm Nigerian Breweries USD NGN Rebased Index Performance 51% 37% 23% Top 5 (value) traders Company NGN'000 % of total Zenith Bank Guaranty Trust Bank Access Bank Nigerian Breweries UBA % -5% -19% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Market Cap (NGN bn) : Current vs Peak 01-Jun 19 Jan *The index is the NSE ALSI, an all share index ** Value Traded numbers are given in millions of Nigerian Naira See the notes page for more information about calculations ########## 4

7 Nigerian Stock Exchange (Nigerian Naira) Nigeria Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector NGN % chg Move NGN '000 '000 High Low Off high YTD 12 mths NGN m USD m Val (000) Dangote Cement BUIL Down ######## Guaranty Trust Bank BANK Down ######## ######## Nestle Nigeria CONS Down ######## ######## Zenith Bank BANK Down ######## Nigerian Breweries BREW Down ######## Stanbic IBTC Holdings BANK Down UBA BANK Up ######## FBN Holdings BANK Up ETI (Nigeria) BANK Down Access Bank BANK Up ######## Dangote Sugar Refinery CONS Up Unilever Nigeria CONS Up Guinness Nigeria BREW Down Intl Breweries BREW Down Lafarge WAPCO BUIL Down Union Bank Nig. BANK Down P Z Cussons Nigeria CONS Flat Okomu Oil Palm AGRI Down Presco AGRI Flat Flour Mills Nig. CONS Up Total Nigeria UTIL Down Up Bottling Comp. BREW Mobil Oil Nig UTIL Flat Fidelity Bank BANK Up National Salt Co. Nig. CONS Down TransCorp Nigeria INVE Down Oando UTIL Down Beta Glass CONS Flat FCMB BANK Up Cadbury Nigeria CONS Flat

8 Ghana Stock Exchange (Ghana Cedi) Ghana Market Commentary The GSE Composite declined 3.1% to close the week at 3,192.3 on the back of losses in CAL Bank (-17.6%), ETI (Ghana) (-17.4%), and Total Petroleum (-13.6%). During the week, gains were recorded in Benso Oil Palm (+0.4%), and Unilever Ghana (+0.1%). The top traders by value were CAL Bank (USD 1.4m), SocGen (Ghana) (USD 0.3m), and Fan Milk (USD 0.1m). Trading in these shares accounted for 87.3% of this week s turnover of GHS 9.7m (USD 2.1m). The average weekly value traded in the last six months is GHS 7.6m (USD 1.6m). The GSE Composite is up 23.7% ytd (+18.8% USD) and the total market capitalisation is currently USD 3.9bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2017F ###### ###### ###### ###### ###### ###### Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date Enterprise Group 2016 Final Jul-16 Hfc Bank (Ghana) 2016 Omitted Apr-16 Starwin Products 2017 Regular Cash Jan-17 Camelot Ghana 2017 Final Jun-17 Societe Generale 2017 Regular Cash Mar-17 6

9 Ghana Stock Exchange (Ghana Cedi) Ghana Index performance * GHS/USD USD returns Top 5 gainers GSE CI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 30-Apr PZ Cussons Ghana This week L: 12-Jun Benso Oil Palm Prev week Off peak -8.5% Unilever Ghana MTD At High 0/34 -- YTD At Low 0/34 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 9.7 Value Traded / Mkt Cap (%) 2.60% GHSm 7.6 Company Week % chg Price Net value -9.5 Stocks traded (absolute) 20 USDm 1.6 Starwin Products Stocks traded (%) 59% CAL Bank Upside value 0.0 Stocks up 3 Total Market cap ETI (Ghana) Downside value 9.6 Stocks down 9 GHSm Total Petroleum Upside/downside ratio -99.5% Advance - Decline -6 USDm Enterprise Group USD Rebased Index Performance GHS 87% 64% Top 5 (value) traders Company GHS'000 % of total CAL Bank SocGen (Ghana) Fan Milk Stanchart Ghana Ghana Commercial Bank % 18% -5% Market Cap (GHS m) : Current vs Peak 01-Jun 30 Apr % Jun-17 Sep-17 Dec-17 Mar-18 Jun *The index is the GSE ALSI, an all share index ** Value Traded numbers are given in millions of Ghanaian Cedi See the notes page for more information about calculations ########## 7

10 Ghana Stock Exchange (Ghana Cedi) Ghana Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector GHS % chg Move GHS '000 '000 High Low Off high YTD 12 mths GHS m USD m Val (000) Stanchart Ghana BANK Down ETI (Ghana) BANK Down Ecobank Ghana BANK Fan Milk CONS Down Ghana Commercial Bank BANK Down Ghana Oil OILG Flat Unilever Ghana CONS Up CAL Bank BANK Down SocGen (Ghana) BANK Down Total Petroleum OILG Down Guinness Ghana BREW Golden Star RESO HFC Bank BANK Flat Enterprise Group INSU Down Benso Oil Palm AGRI Up SIC Insurance INSU Flat PZ Cussons Ghana CONS Up Tullow Oil OILG Trust Bank (Gambia) BANK Flat Cocoa Processing INDU Mega African Capital INVE UT Bank BANK Produce Buying AGRI Flat Ayrton Drug PHAR Flat Aluworks Ghana RESO Flat Mechanical Lloyd CONS Flat Transol TELE Pioneer Kitchenware. INDU Sam Woode CONS Clydestone Ghana TELE

11 BRVM Stock Exchange (CFA Franc) BRVM Market Commentary The IC Composite declined 0.1% to close the week at on the back of losses in ETI (BRVM) (-4.5%), SOLIBRA CI (- 1.2%), and PALM CI (-1.0%). During the week, gains were recorded in SGB (+3.5%), Onatel BF (+1.0%), and Sonatel SN (+0.9%). The top traders by value were Sonatel SN (USD 5,06.6k), Onatel BF (USD 4,06.8k), and SOGB (USD 1,31.9k). Trading in these shares accounted for 61.4% of this week s turnover of XOF 980.6m (USD 1.7m). The average weekly value traded in the last six months is XOF 3.8bn (USD 6.6m). The IC Composite is down 10.4% ytd (-12.4% USD) and the total market capitalisation is currently USD 5.6bn. Senegal Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2017F ###### ###### ###### ###### Ivory Coast E 2017F Current account balance (% GDP) Company Reporting period Expected reporting date Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) ###### ###### ###### ###### ###### ###### Dividends Year Type Amount Last Cum date Bank Of Africa-S 2017 Regular Cash May-17 Sonatel 2017 Regular Cash ###### 11-May-17 Total Senegal Sa 2017 Regular Cash Jul-17 Bank Of Africa 2017 Regular Cash ###### 17-May-17 Bank Of Africa-M 2017 Regular Cash ###### 27-Apr-17 9

12 BRVM Stock Exchange (CFA Franc) BRVM Index performance * XOF/USD USD returns Top 5 gainers IC Composite Level % chg Level % chg Market highs and lows Company Week % chg Price Current H: 07-Jun Bank of Africa CI This week L: 30-May SICOR Prev week Off peak -19.1% Nestle CI MTD At High 0/37 SOGB YTD At Low 5/37 SODE Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 1.52% XOFm Company Week % chg Price Net value Stocks traded (absolute) 33 USDm 6.6 NEI-CEDA CI Stocks traded (%) 89% CIE Upside value Stocks up 14 Total Market cap FILTISAC CI Downside value Stocks down 16 XOFm CFAO CI Upside/downside ratio 212.3% Advance - Decline -2 USDm Total CI USD XOF Rebased Index Performance 10% 4% -2% Top 5 (value) traders Company XOF'000 % of total Sonatel SN Onatel BF SOGB SGB Uniwax CI % -14% -20% -26% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Market Cap (XOF bn): Current vs Peak 01-Jun 07 Jun *The index is the BRVM Composite, an all share index ** Value Traded numbers are given in millions of CFA Francs (BCEAO) See the notes page for more information about calculations ########## 10

13 BRVM Stock Exchange (CFA Franc) BRVM Price Weekly Volume Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector XOF % chg Move XOF '000 '000 High Low Off high YTD 12 mths XOF m USD m Val (000) Sonatel SN TELE Up ######## ETI (BRVM) BANK Down Onatel BF TELE Up SOLIBRA CI BREW Down SITAB CI INDU Flat PALM CI AGRI Down SGB BANK Up Tractafric Motors CI CONS SMB INDU Up SAPH AGRI Up FILTISAC CI INDU Down Unilever CI INDU Up BICI CI BANK Up Crown SIEM CI INDU SOGB AGRI Up Bank of Africa BN BANK Down CIE UTIL Down Bank of Africa BF BANK Up SODE UTIL Up Bollore Africa Logistics CI TRPT Down Nestle CI CONS Up Bank of Africa CI BANK Up MOVIS CI TRPT Bank of Africa NG BANK Down Uniwax CI INDU Down SICOR AGRI Up Total CI OILG Down Vivo Energy CI UTIL Down Bernabe CI TRPT Down SAFCA CI BANK Down

14 Nairobi Securities Exchange (Kenyan Shilling) Kenya Market Commentary The FTSE NSE Kenya 15 declined 1.8% to close the week at on the back of losses in KenGen (-8.2%), Kenya Airways (-7.5%), and CIC Insurance (-7.1%). During the week, gains were recorded in BAT (Kenya) (+15.5%), Jubilee Holdings (+6.1%), and Scan Group (+2.9%). The top traders by value were Equity Bank (USD 8.3m), Safaricom (USD 6.3m), and KCB Bank (USD 4.0m). Trading in these shares accounted for 74.5% of this week s turnover of KES 2.5bn (USD 25.1m). The average weekly value traded in the last six months is KES 4.0bn (USD 39.7m). The FTSE NSE Kenya 15 is up 3.8% ytd (+5.4% USD) and the total market capitalisation is currently USD 23.4bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2017F ###### ###### ###### ###### ###### ###### Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date TRANSCENTURY LTD Full Year 6/8/2018 Nairobi Securiti 2017 Regular Cash Jun-17 Kenya Electric 2015 Final Dec-15 Arm Cement Ltd 2016 Omitted Jul-16 Eveready East Af 2014 Special Cash May-17 Barclays Bank Of 2017 Interim Sep-17 12

15 Nairobi Securities Exchange (Kenyan Shilling) Kenya Index performance * KES/USD USD returns Top 5 gainers FTSE NSE15 Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 05-Apr BAT (Kenya) This week L: 06-Jun ARM Cement Ltd Prev week Off peak -11.9% Express Kenya MTD At High 1/60 Olympia Capital(Kenya) YTD At Low 6/60 Jubilee Holdings Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 5.40% KESm Company Week % chg Price Net value Stocks traded (absolute) 53 USDm 39.8 Housing Finance Stocks traded (%) 88% Nairobi Securities Exchange Upside value Stocks up 13 Total Market cap TransCentury Downside value Stocks down 32 KESm Eveready Upside/downside ratio -92.0% Advance - Decline -19 USDm KenGen USD KES Rebased Index Performance 50% 39% 28% Top 5 (value) traders Company KES'000 % of total Equity Bank Safaricom KCB Bank EABL Scan Group % 6% -5% Market Cap (KES bn) : Current vs Peak 01-Jun 05 Apr % Jun-17 Sep-17 Dec-17 Mar-18 Jun *The index is the FTSE NSE 15, an index of 15 representative stocks ** Value Traded numbers are given in millions of Kenyan Shillings See the notes page for more information about calculations ########## 13

16 Nairobi Securities Exchange (Kenyan Shilling) Kenya Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector KES % chg Move KES '000 '000 High Low Off high YTD 12 mths KES m USD m Val (000) Safaricom TELE Down ######## EABL BREW Down Equity Bank BANK Down KCB Bank BANK Down Co-Op Bank BANK Down BAT (Kenya) CONS Up Barclays Kenya BANK Up Bamburi Cement BUIL Down Stanchart Kenya BANK Down Diamond Trust BANK Down I&M Bank BANK CFC Stanbic BANK Up Jubilee Holdings INSU Up KenolKobil OILG Down Centum Investment INVE Down BA Investment INVE Down Nation Media MEDI Up NIC Bank BANK Up KenGen UTIL Down Kenya Airways TRPT Down KPLC UTIL Down KenyaRe INSU Down CIC Insurance INSU Down CMC Holdings CONS Liberty Kenya BANK Down Scan Group MEDI Up Kakuzi AGRI Down TPS East Africa HOTL Down Total Kenya OILG Down Sasini AGRI Down

17 Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Market Commentary The DSE ALSI gained 0.6% to close the week at 2,306.4 on the back of gains in NMB (+17.5%), and DSE (+9.2%). During the week, losses were recorded in Tanzania Breweries (-0.6%), and Swissport (-0.6%). The top traders by value were Tanzania Breweries (USD 1.6m), Swissport (USD 0.2m), and CRDB Bank (USD 0.2m). Trading in these shares accounted for 89.9% of this week s turnover of TZS 5.0bn (USD 2.2m). The average weekly value traded in the last six months is TZS 6.1bn (USD 2.7m). The DSE ALSI is down 3.7% ytd (-5.4% USD) and the total market capitalisation is currently USD 3.9bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2017F ###### ###### Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date Microfinance Ban 2016 Regular Cash May-16 Tanzania Portlan 2016 Regular Cash May-16 Swissport Tanzan 2017 Final Apr-17 Vodacom Tanzania 2017 Regular Cash Oct-17 Tanzania Breweri 2017 Interim Jul-17 15

18 Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Index performance * TZS/USD USD returns Top 5 gainers DAR ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 05-Mar NMB This week L: 07-Mar DSE TZ Equity Prev week Off peak -83.6% -- MTD At High 5/14 -- YTD At Low 7/14 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 2.78% TZSm Company Week % chg Price Net value Stocks traded (absolute) 10 USDm 2.7 Mkombozi Commercial Bank PLC Stocks traded (%) 71% Tanzania Breweries Upside value Stocks up 2 Total Market cap Swissport Downside value Stocks down 3 TZSm Upside/downside ratio -96.9% Advance - Decline -1 USDm USD TZS Rebased Index Performance 562% 414% Top 5 (value) traders Company TZS'000 % of total Tanzania Breweries Swissport CRDB Bank TWIGA DSE TZ Equity % 118% -30% Market Cap (TZS bn) : Current vs Peak 01-Jun 05 Mar % Jun-17 Sep-17 Dec-17 Mar-18 Jun *The index is the DAR ALSI, an all share index ** Value Traded numbers are given in millions of Tanzanian Shillings See the notes page for more information about calculations 16

19 Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector TZS % chg Move TZS '000 '000 High Low Off high YTD 12 mths TZS m USD m Val (000) Tanzania Breweries BREW Down ######## Tanzania Cigarette CONS Flat ######## NMB BANK Up ######## CRDB Bank BANK Flat TWIGA BUIL Flat Swissport HOTL Down Precision Air TRPT Simba Cement BUIL Flat Swala Oil and Gas (Tanzania) OILG DSE TZ Equity BANK Up TOL INDU Mkombozi Commercial Bank PLC BANK Down DCB BANK Tanzania Tea Packers AGRI Flat

20 Rwanda Stock Exchange (Rwandan Franc) Rwanda Market Commentary The AA Rwanda Index declined 0.2% to close the week at on the back of losses in Bank of Kigali (-0.3%). During the week, gains were recorded in and.the top traders by value were Bank of Kigali (USD 8,14.7k). Trading in these shares accounted for 100.0% of this week s turnover of RWF 705.7m (USD 814.7k). The average weekly value traded in the last six months is RWF 176.4m (USD 204.8k). The AA Rwanda Index is down 2.4% ytd (-3.2% USD) and the total market capitalisation is currently USD 347.0m. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2017F Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date 18

21 Rwanda Stock Exchange (Rwandan Franc) Rwanda Index performance * RWF/USD USD returns Top 5 gainers RSE SI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 13-Dec No Gainers This week L: 19-Jun Prev week Off peak -2.5% MTD At High 0/2 YTD At Low 0/2 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 11.80% RWFm Company Week % chg Price Net value Stocks traded (absolute) 1 USDm 0.2 Bank of Kigali Stocks traded (%) 50% -- Upside value - Stocks up 0 Total Market cap Downside value Stocks down 1 RWFm Upside/downside ratio % Advance - Decline -1 USDm 347 USD RWF Rebased Index Performance 25% 19% Top 5 (value) traders Company RWF'000 % of total Bank of Kigali % 7% 1% -5% Market Cap (RWF bn) : Current vs Peak 01-Jun 13 Dec % Jun-17 Sep-17 Dec-17 Mar-18 Jun *The index is the RSE Share Index, Rwanda's all share index ** Value Traded numbers are given in millions of Rwandan Francs See the notes page for more information about calculations ########## 19

22 Rwanda Stock Exchange (Rwandan Franc) Rwanda Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector RWF % chg Move RWF '000 '000 High Low Off high YTD 12 mths RWF m USD m Val (000) Bralirwa BREW Bank of Kigali BANK Down

23 Uganda Securities Exchange (Uganda Shilling) Uganda Market Commentary The USE ALSI declined 0.2% to close the week at 2,054.8 on the back of losses in NIC (-13.2%), Bank of Baroda (- 7.5%), New Vision (-2.2%). During the week, gains were recorded in DFCU (+1.3%), and Stanbic Uganda (+0.8%). The top traders by value were Stanbic Uganda (USD 22.7k), Umeme (USD 2.0k), and Bank of Baroda (USD 1.6k). Trading in these shares accounted for 94.1% of this week s turnover of UGX 105.4m (USD 28.0k). The average weekly value traded in the last six months is UGX 1.3bn (USD 346.6k). The USE ALSI is up 2.7% ytd (-1.0% USD) and the total market capitalisation is currently USD 1.1bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2017F Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date Nic Holdings Ltd 2017 Regular Cash Sep-17 New Vision Print 2015 Regular Cash Dec-15 British American 2017 Final May-17 Stanbic Bank Uga Regular Cash 0.8 N.A. Development Fina 2017 Regular Cash Jun-17 21

24 Uganda Securities Exchange (Uganda Shilling) Uganda Index performance * UGX/USD USD returns Top 5 gainers USE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 06-Apr DFCU This week L: 11-Jul Stanbic Uganda Prev week Off peak -9.5% -- MTD At High 2/8 -- YTD At Low 1/8 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 0.12% UGXm Company Week % chg Price Net value 80.7 Stocks traded (absolute) 6 USDm 0.3 NIC Stocks traded (%) 75% Bank of Baroda Upside value 89.2 Stocks up 2 Total Market cap New Vision Downside value 8.5 Stocks down 3 UGXm Upside/downside ratio 952.3% Advance - Decline -1 USDm USD UGX Rebased Index Performance 50% 39% 28% Top 5 (value) traders Company UGX'000 % of total Stanbic Uganda Umeme Bank of Baroda DFCU NIC % 6% -5% Market Cap (UGX bn) : Current vs Peak 01-Jun 06 Apr % Jun-17 Sep-17 Dec-17 Mar-18 Jun *The index is the USE ALSI, an all share index ** Value Traded numbers are given in millions of Ugandan Shillings See the notes page for more information about calculations ########## 22

25 Uganda Securities Exchange (Uganda Shilling) Uganda Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector UGX % chg Move UGX '000 '000 High Low Off high YTD 12 mths UGX m USD m Val (000) Stanbic Uganda BANK Up ######## BAT (Uganda) AGRI ######## Umeme UTIL Flat Bank of Baroda BANK Down DFCU BANK Up New Vision MEDI Down Uganda Clays BUIL NIC INSU Down

26 Johannesburg Stock Exchange (South African rand) South Africa Market Commentary For South Africa, we include a hand-picked selection of JSE listed shares with African exposure. There are 60 companies included in the list, and the top 30 are shown here. This data is for informational and reference purposes, and thus we do not provide market commentary. Please feel free to get in touch with us with any comments, suggestions, or queries relating to this information. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2017F ###### ###### ###### ###### ###### ###### Dividends Year Type DPS Last Cum date Marshall Monteag Interim Jul-17 Stenprop Ltd 2017 Final Jul-17 Hudaco Inds Ltd 2017 Interim Aug-17 Deneb Investment 2017urn of Capital Jun-17 Montauk Energy H 2017 Regular Cash May-17 24

27 Johannesburg Stock Exchange (South African rand) South Africa Index performance * ZAR/USD USD returns Top 5 gainers JSE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 25-Jan Esorfranki This week L: 15-Jun Nampak Prev week Off peak -7.1% Aveng MTD At High 1/60 Murray & Roberts YTD At Low 0/60 Ellies Holdings Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 43.30% ZARm Company Week % chg Price Net value Stocks traded (absolute) 45 USDm Group Five Stocks traded (%) 75% Invicta Holdings Upside value Stocks up 22 Total Market cap Tongaat Hulett Downside value Stocks down 22 ZARbn PPC Upside/downside ratio -63.6% Advance - Decline 0 USDbn 414 Bidvest Group USD Rebased Index Performance Top 5 (value) traders Company ZAR'm % of total ZAR Naspers Standard Bank Group % Firstrand MTN Group % Absa Group % 4% -5% -14% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Market Cap (ZAR bn) : Current vs Peak 01-Jun 25 Jan *The index is the NSE ALSI, an all share index ** Value Traded numbers are given in millions of South African Rands See the notes page for more information about calculations ########## 25

28 Johannesburg Stock Exchange (South African rand) South Africa Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector ZAR % chg Move ZAR 'm '000 High Low Off high YTD 12 mths ZAR m USD m Val (000) Naspers MEDI Down ######## ###### SABMiller BREW ######## Firstrand BANK Down Standard Bank Group BANK Up MTN Group TELE Up Vodacom Group TELE Down Steinhoff Intl CONS Nedbank Group BANK Down Shoprite Holdings CONS Down Mondi INDU Down Absa Group BANK Up Aspen Pharmacare PHAR Down Mediclinic International PHAR Bidvest Group INVE Down Tiger Brands CONS Down Mr Price Group CONS Foschini Group CONS Down Woolworths Holdings CONS Down Imperial Holdings INVE Up Truworths International CONS Up Pick N Pay CONS Up Barloworld INVE Down Telkom SA TELE Up Massmart Holdings CONS Up AECI INDU Down Astral Foods CONS Up Nampak INDU Up Illovo Sugar CONS Super Group TRPT Down Oceana Group CONS Flat

29 Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Market Commentary The SEMDEX declined 0.6% to close the week at 2,247.6 on the back of losses in Dale Capital (USD) (-6.8%), Fincorp (- 3.8%), and United Basalt Products (-2.3%). During the week, gains were recorded in LOTTOTECH (+4.4%), CIEL (+0.3%), and MDIT (+0.2%). The top traders by value were Lux Island Resorts (USD,19.7m), MCB (USD 3.6m), and State Bank Mauritius (USD 1.2m). Trading in these shares accounted for 90.6% of this week s turnover of MUR 931.1m (USD 27.0m). The average weekly value traded in the last six months is MUR 264.0m (USD 7.7m). The SEMDEX is up 2.1% ytd (-0.6% USD) and the total market capitalisation is currently USD 12.8bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2017F ###### ###### ###### ###### ###### ###### Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date Enl Commercial L 2017 Final May-17 Harel Mallac &Co 2016 Final Dec-16 Belle Mare Hldg 2016 Final Nov-16 Novus Properties 2017 Final Jul-17 Mauritian Eag In 2017 Final Oct-17 27

30 Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Index performance * MUR/USD USD returns Top 5 gainers SEMDEX Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 19-Mar LOTTOTECH This week L: 13-Jun Belle Mare Prev week Off peak -2.6% Caudan Development MTD At High 1/44 CIEL YTD At Low 0/44 MDIT Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 10.55% MURm Company Week % chg Price Net value Stocks traded (absolute) 34 USDm 7.7 Dale Capital (USD) Stocks traded (%) 77% Blue Life Upside value 17.7 Stocks up 7 Total Market cap Fincorp Downside value Stocks down 19 MURm National Investment Trust Upside/downside ratio -92.0% Advance - Decline -12 USDm United Basalt Products USD MUR Rebased Index Performance 25% 19% 13% Top 5 (value) traders Company MUR'000 % of total Lux Island Resorts MCB State Bank Mauritius Dale Capital (USD) ENL Land % 1% -5% Market Cap (MUR bn) : Current vs Peak 01-Jun 19 Mar % Jun-17 Sep-17 Dec-17 Mar-18 Jun *The index is the SEMDEX, an all share index ** Value Traded numbers are given in millions of Mauritian Rupees See the notes page for more information about calculations ########## 28

31 Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector MUR % chg Move MUR '000 '000 High Low Off high YTD 12 mths MUR m USD m Val (000) State Bank Mauritius BANK Down MCB BANK Down CIEL INSU Up FALSE Phoenix Beverages BREW Down ENL Land AGRI Flat Alteo LTD CONS Ireland Blyth INVE Rogers & Co INVE Up Lux Island Resorts HOTL Flat CIM Financial BANK Up Sun Resorts HOTL Down Terra Mauricia INVE Down Gamma Civic BUIL Flat Promotion & Development INVE Flat Vivo Energy OILG Down Lottotech BANK New Mauritius Hotels HOTL Down United Basalt Products INDU Down LOTTOTECH INVE Up FALSE Omnicane AGRI Down Swan Insurance INSU Down Fincorp CONS Down MDIT INVE Up Dale Capital (USD) INVE Down INNODIS CONS Down POLICY INVE Down Mauritius Union Assurance INSU Down Air Mauritius TRPT Flat United Docks INVE Mauritius Oil Refineries OILG Down