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1 Morocco BMCE Capital Research Exchange rates, as of Tuesday, February 2 nd, 2016 Currency CMDTY Price Day ch. Brent Crude Oil bbl ENERGY % WTI bbl % METALS Copper lb % Gold oz 1, % Silver oz % Lead t 1, % MINOR METALS Cobalt t 22, % AGRICULTURAL & LUMBER Coffee (Robusta) t Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Commodities, as of Tuesday, February 2 nd, , % Cocoa t (GBP) 1, % Cotton t (USc) % Floating MASI (pts) 8, Daily perf % Annual perf % Floating MADEX (pts) 7, Daily perf % Annual perf % Volume (MAD m) 99.7 Market Cap. (MAD Bn) AUTO HALL: Increase by 63% of FORD s sales to 1,311 units at end of January Tunisia INDUSTRIAL ACCELERATION PLAN: Signature of 16 industrial investments contracts concerning the automotive and aeronautic sectors for a MAD 1.4bn budget. TUNINDEX (pts) 5, Daily perf % Annual perf % TUNINDEX20 (pts) 2, Daily perf % Annual perf % Volume (TND m) 8.0 Market Cap. (TND Bn) , , , , , , , , , , , , , , , IN CASABLANCA STOCK EXCHANGE Y-O-Y Feb-15 May-15 Aug-15 Nov-15 IN TUNIS STOCK EXCHANGE Y-O-Y TUNINDEX Feb-15 May-15 Aug-15 Nov-15 CAPITAL INVESTMENT FUND: Tunisia and France launch a common fund of EUR 20m destined to finance SMEs. GROWTH RATE: Economic growth comprised between 0.2% and 0.3% for 2015, according to the Tunisian Finance Minister. MASI 7156 MADEX 6956 TUNINDEX Please refer to important legal information at the end of the document and on our website: Produced & distributed by all members of AFRICAN SECURITIES NETWORK (See last page of this report)

2 West Africa BRVM composite (pts) IN BRVM STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % BRVM 10 (pts) Daily perf % Annual perf. -5.8% Volume (XOF m) 1,739.3 BRVM BRVM 10 Market Cap. (XOF Bn) 7,163.8 SAF CACAO: One of the cocoa processing leaders in COTE D IVOIRE plans to invest EUR 15.2m to double the production capacity of its CHOCO IVOIRE crushing plant to reach 60,000 tons. Egypt COTE D IVOIRE: The World Bank and two of its affiliates, the INTERNATIONAL FINANCE CORPORATION (IFC) and the MULTILATERAL INVESTMENT GUARANTEE AGENCY (MIGA), will invest USD 3bn in several projects in 2020; MALI: A XOF 60bn project granted by the AfDB to strengthen the population s mobility and resilience, especially roads development and basic social infrastructure establishment. EGX 30 Index (pts) 6, IN THE EGYPTIAN EXCHANGE Y-O-Y Daily perf % Annual perf % EGX 100 Price Index (pts) Daily perf % Annual perf % Volume (EGP m) EGX 30 EGX 100 Market Cap. (EGP Bn) AGRICULTURAL EXPORTS: Quadrupled during past 10 years, establishing at USD 2.1bn; AGRICULTURAL COMMODITY EXCHANGE: Egypt is launching the MENA s first agricultural commodity exchange in

3 Tanzania DSE (pts) 2, IN DAR ES SALAAM STOCK EXCHANGE Y-O-Y TANZANIA SHARE DSE Daily perf % Annual perf % Tanzania share (pts) 4, Daily perf % Annual perf. -5.3% Volume (TZS m) 3,910.2 Market Cap. (TZS Bn) 20,499.6 ECONOMIC GROWTH: The government expects a 7.2% growth in Mauritius Semdex Index (pts) 1, Daily perf % IN THE STOCK EXCHANGE OF MAURITIUS Y-O-Y SEMDEX Annual perf. +2.3% DEMEX (pts) Daily perf % Annual perf % Volume (MUR m) Market Cap. (MUR Bn) ECONOMY: Mauritius is the freest economy in Africa, according to the ECONOMIC FREEDOM INDEX 2016 published by the US think tank HERITAGE FOUNDATION and the WALL STREET JOURNAL. 3

4 Kenya NSE Index (pts) 3, IN NAIROBI SECURITIES EXCHANGE Y-O-Y Daily perf % Annual perf % NSE All Share Index (pts) Daily perf % Annual perf % Volume (KES m) NSE INDEX NSE ALL SHARE INDEX Market Cap. (KES Bn) 1,966.5 ECONOMIC GROWTH: The government forecasts a 6.3% growth for Nigeria NSE 30 Index (pts) 1, IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE Daily perf. -0.1% Annual perf % Nigerian All-Share (pts) 23, Daily perf % Annual perf % Volume (NGN m) 2,411.6 Market Cap. (NGN Bn) 8,197.3 INFRASTRUCTURE FUND: The Federal Government s plan to raise a USD 25bn Infrastructural Fund is gaining traction; INVESTMENT INFLOWS: Decreased by USD 11.1bn at the end of

5 Ghana GSE Composite Index (pts) 1, IN GHANA STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % GSE Finl Stks Index (pts) 1, Daily perf % Annual perf % Volume (GHS m) GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 56.7 BOND ISSUANCE: Government has announced it intends to borrow GHS 6bn in February from the money markets; IMPORT DUTIES: Government s revenues from import taxes have fallen short of expectations for the fourth consecutive year. Rest of Africa RWANDAIR: Acquires four new aircraft to ensure connections to Europe and Asia. CAMEROON: Tender offer for XOF 192bn contracts on road projects emergency plan. Sources Press: L Economiste, La Vie Eco, Telquel, Les Ecos, Jeune Afrique, Finance News, La Nouvelle Tribune, Aujourd hui le Maroc, Le Matin, L Opinion. Web sites: InfoMédiaire, Ministry of Finance, Info Express, Centre Marocain de Conjoncture, Le 2 minutes, Agence Eco Fin, Trésorerie Générale du Royaume, Media24, Reuters, Bloomberg, L Economiste Maghrébin, Ventures Africa, Tunisie Numérique, Tunisie News, OANDA, Fin 24, Star Africa, Investir en Tunisie, BBC News Africa, Senenews, Bourse de Casablanca, BRVM, Office des Changes, Axis Bourse, Ministère de l Energie et des Mines, CDVM, le360.ma, AfricaMoney, Ghanaweb, Allkenyanews. Softwares : Thomson Reuters, Six Financial Information. 5

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