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1 Morocco BMCE Capital Research Exchange rates, as of Tuesday, May 17 th, 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 23, % AGRICULTURAL & LUMBER Coffee (Robusta) t Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Commodities, as of Tuesday, May 17 th, , % Cocoa t (GBP) 2, % Cotton t (USc) % Floating MASI (pts) 9, Daily perf % Annual perf % Floating MADEX (pts) 8, Daily perf % Annual perf % Volume (MAD m) Market Cap. (MAD Bn) SAMIR: Holding today of a new court hearing to decide on the proposal for an activity recovery and the injection of MAD 6.4bn by the majority shareholder; SNEP: Appointment on May 5 th of Mrs. Mama TAJMOUATI as a CEO by the Board of Directors with immediate taking office in succession to the late Miloud CHAABI; OCP: Filing of articles of a trading subsidiary in Geneva, according to the business press; NEXANS: Visa by the Market Regulator of the preliminary simplified information note related to the capital increase reserved in particular for Moroccan employees of the French Group. Tunisia TUNINDEX (pts) 5, Daily perf % Annual perf % TUNINDEX20 (pts) 2, Daily perf % Annual perf % Volume (TND m) 7.0 Market Cap. (TND Bn) , , , , , , , , , , , , , , , , , , , , IN CASABLANCA STOCK EXCHANGE Y-O-Y May-15 Aug-15 Nov-15 Feb-16 IN TUNIS STOCK EXCHANGE Y-O-Y TUNINDEX May-15 Aug-15 Nov-15 Feb-16 INDUSTRY: The index of industrial producer prices rose by 1.2% in March 2016 compared to March 2015, according to the NATIONAL INSTITUTE OF STATISTICS. MASI TUNINDEX MADEX 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 % Volume (XOF m) BRVM BRVM 10 Market Cap. (XOF Bn) 7,668.5 BRVM: Integrating Frontier Markets index of MORGAN STANLEY CAPITAL INTERNATIONAL, alongside Nigeria, Kenya, Morocco, Mauritius and Tunisia; BOA-BENIN: Release of Q results: A 23.2% decrease in Net Banking Income to XOF 8.39bn; A 36.3% decline in net profit to XOF 2.2bn; BOA-BURKINA FASO: Release of Q results: A 10.5% progression in Net Banking Income to XOF 8.21bn; A 5.8% rise in net income to XOF 2.84bn; BOA-CÔTE D IVOIRE: Publication of Q results: A 24.5% increase in Net Banking Income to XOF 7.03bn; A 63.8% appreciation in net profit to XOF 2.51bn; BOA-NIGER: Release of Q results: A 10.7% growth in Net Banking Income to XOF 4.53bn; An 8.1% raise in net income to XOF 1.88bn; BOA-SENEGAL: Publication of Q results: A 5.2% rise in Net Banking Income to XOF 4.52bn; A 77.3% decline in net profit to XOF 286.5m. BURKINA FASO: Switzerland grants a XOF 2.03bn agreement loan to the Tax Administration, as part of the second phase of financial and technical assistance project; CÔTE D IVOIRE: A EUR 274m budget support granted by the European Union under the 11 th European Development Fund to cover the period; SENEGAL: A 6.5% increase to XOF 238.6bn in goods imports at the end of March 2016, according to the Department of Forecasting and Economic Studies. 2

3 Egypt IN THE EGYPTIAN EXCHANGE Y-O-Y EGX 30 Index (pts) 7, Daily perf. +1.9% Annual perf % EGX 100 Price Index (pts) Daily perf % Annual perf % Volume (EGP m) Market Cap. (EGP Bn) EGX 30 EGX 100 Tanzania PETROLEUM: SHELL and BRITISH GAS have reached an agreement with the Petroleum Ministry to obtain USD 400m of their financial dues by the end of June, in exchange for renting a driller and resuming work in the 9B phase of the project in the Mediterranean. DSE (pts) 2, IN DAR ES SALAAM STOCK EXCHANGE Y-O-Y TANZANIA SHARE DSE Daily perf % Annual perf % Tanzania share (pts) 3, Daily perf % Annual perf % Volume (TZS m) 1,727.0 Market Cap. (TZS Bn) 22,200.1 TANZANIA REVENUE AUTHORITY: The Court of appeal has dismissed the appeal, lodged by the General Commissioner, for the TZS 3.6bn tax payments by PAN AFRICA ENERGY LIMITED over natural gas activities at Songosongo gas fields in Lindi Region. 3

4 Mauritius Semdex Index (pts) 1, Daily perf % IN THE STOCK EXCHANGE OF MAURITIUS Y-O-Y SEMDEX Annual perf % DEMEX (pts) Daily perf % Annual perf. -1.9% Volume (MUR m) 29.4 Market Cap. (MUR Bn) Kenya ENL GROUP: Increase by 14% of its revenues to MUR 10.3bn and by 34% of its net income to MUR 824m ; CIEL LTD GROUP: Realized, during the nine months ending on March 31 st, 2016, a turnover of MUR 14.1bn (+15%) and a net income of MUR 703.2m (-41.4%); CONSTANCE HOTELS AND RESORTS: An EBITDA of MUR 480m in Q against MUR 481m in Q1 2015; OMNICANE LTD: Issuance of a bond loan in foreign currency amounting to MUR 3bn; IRELAND BLYTH LIMITED/ GML INVESTISSEMENT LTÉE: The Board of Directors of both companies decided, following their meeting on Monday, to recommend a merger to their shareholders during their AGM that will be held in June. NSE Index (pts) 3, IN NAIROBI SECURITIES EXCHANGE Y-O-Y Daily perf % Annual perf. -4.3% NSE All Share Index (pts) Daily perf % Annual perf % Volume (KES m) NSE INDEX NSE ALL SHARE INDEX Market Cap. (KES Bn) 2,048.2 INSURANCE COMPANIES: A KES 226.3m underwriting losses for general business compared to KES 2.5bn profit in the previous year. 4

5 Nigeria IN NIGERIA STOCK EXCHANGE Y-O-Y NSE 30 Index (pts) 1, Daily perf % Annual perf % Nigerian All-Share (pts) 26, Daily perf % Annual perf % Volume (NGN m) 2,657.8 NIGERIAN ALL-SHARE NSE Market Cap. (NGN Bn) 9,172.5 UNITY BANK PLC: A 57% drop of its profit after tax to NGN 4.6bn in Ghana IN GHANA STOCK EXCHANGE Y-O-Y GSE Composite Index (pts) 1, Daily perf % Annual perf % GSE Finl Stks Index (pts) 1, Daily perf % Annual perf % Volume (GHS m) 7,952.0 GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 54.1 NEWMONT MINING CORPORATION: Its Ghana operations generated USD 464m, according to its 2015 Sustainability report. FUEL: Petrol, diesel and Liquefied Petroleum Gas prices have increased by 12.41%, 12.31% and 16.6% respectively since January

6 Rest of Africa CARLYLE GROUP: A USD 500m investment in MAZARINE ENERGY to finance its development particularly in North Africa. ALGERIA: Signature of a memorandum of understanding with Jordan to furnish Oil and Gas. 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. 6

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