During the week under review, the GSE-Composite Index made a marginal appreciation of 0.52 points to close the

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1 Contact Information Phone: , ISSUE DATE January 14, 2011 Stock Market During the week under review, the GSE-Composite Index made a marginal appreciation of 0.52 points to close the week at 1, points.consequently, the year-to-date market return stood at 0.06%.This brings the total market capitalization on the exchange to GHS20, million. Similarly, the GSE-Financial Stocks Index which measures the performance of the financial stocks also went up by 7.39 points to settle at points with a year-to-date market return of negative 0.79%. The market registered a total of 4,595,048 shares which amounted to GHS4,321, Comparatively, this is more than 100% of the volume and 17.00% higher than the value of shares traded during the previous week. There were 15 price changes during the week long trading, 10 gainers and 5 losers. CFAO, CAL, PBC, ALW, BOPP, GCB, EBG, TOTAL, and SCB were the gainers, whereas FML, GGBL, HFC and CPC posted negative returns during the week. (1 of 7)1/20/ :58:45 AM

2 STOCK MARKET INDICATORS CBL All-Share Index Opening 1, CBL All-Share Index Closing 1, Change in CBL All-Share Index 1.57 GSE Composite Index Opening GSE-Composite Index Closing 1, Change in GSE-Composite Index 0.52 GSE-Financial Stocks Index Opening GSE-Financial Stocks Index Closing Change in GSE-Financial Stocks Index 7.39 Average Market P/E(24 Equities) Total Volume 4,595,048 Total Value (GHS) 4,321, Capitalization (GHS m) 20, PRICE CHANGES Bulls EQUITY OPENING (GHS) CLOSING (GHS) % CFAO CAL PBC SIC ALW BOPP GCB EBG TOTAL SCB Bears (2 of 7)1/20/ :58:45 AM

3 EQUITY OPENING (GHS) CLOSING (GHS) % FML (0.42) GGBL (0.64) SG-SSB (6.25) HFC (10.00) CPC (33.33) TRADING STATISTICS Trading Days Volume Value (GHS) GSE-CI Change In Index Monday 1,270, , , Tuesday 926, , , Wednesday 1,520,825 1,807, (5.78) Thursday 536,808 1,040, (0.32) Friday 339, , , OTHER MARKETS NAME COUNTRY VALUE YTD (%) FTSE/JSE All-Share Index South Africa 32, EGX 30 Egypt 7, NSE All Share Index Nigeria 27, NSE-20 Share Index Kenya 4, SEMDEX Mauritius 2, STOCKS PROFILE (3 of 7)1/20/ :58:45 AM

4 Issued Px as 2011 Price Changes Market Capt. P/E Company Ticker Jan Year Year P. W. Y.T.D Mkt Cap P.E (Millions) 14,2011 High Low (GHS) (%) (GHS m) Ratio Accra Brewery ABL African Champion Industries ACI Anglogold Ashanti. AGA , Anglogold Ashanti Dep. Shares AADS n/ m Aluworks Ghana ALW n/m Ayrton Drugs Manufacturing AYRTN Benso Oil Palm Plantation BOPP CAL Bank CAL CFAO Ghana CFAO Clydestone Ghana CLYD Camelot Ghana CMLT Cocoa Processing Company CPC 1, Ecobank Ghana EBG Enterprise Group EGL Ecobank Transnational Inc. ETI 9, (6.67) 1, Fan Milk FML Ghana Commercial Bank GCB Guinness Ghana Breweries GGBL Ghana Oil Company GOIL (4 of 7)1/20/ :58:45 AM

5 Golden Star Resources GSR , Golden Web Limited GWEB HFC Bank HFC (18.18) Mechanical Lloyd Company MLC Produce Buying Company PBC Pioneer Kitchenware Limited PKL Paterson Zochonis Ghana PZC Standard Chartered Bank (Gh) SCB SIC Insurance Company SIC Starwin Products Company. SPL n/m SG-SSB Bank SG-SSB (20.00) Sam-Woode SWL The Trust Bank of Gambia TBL Total Petroleum Ghana TOTAL Transactions Solutions TRANSOL Unilever Ghana UNIL UT Financial Services UTB (6.67) SCB-PREF SCB-P TOTAL 15, , P/E (Price-to-Earnings ratio) calculations are based on: 1st Quarter '10: AGA, ALW, GGBL, GSR, PZC HYR' 10: ABL,AYRTN 3rd Quarter' 10: ACI, BOPP, CAL, CFAO, CLYD, CMLT, CPC, EBG, EGL, ETI, FML, GCB, GOIL, HFC, MLC, PKL,SCB, SG-SSB, SIC, SPL, SWL, TBL, TOTAL, TRANSOL, UNIL, UTB Money Market (5 of 7)1/20/ :58:45 AM

6 For the week under review, all the various instruments offered had relatively lower rates as compared to the previous week. The 91 day bill and the 1 year note were 0.02% lower at 12.23% and 12.63% respectively and While the 182 bill reduced by 0.03% to 12.61%, the 2 year fixed note declined by 0.05% to 12.65%. A total of GHS million were offered for sale as compared to GH million offered in the previous week. The Interbank weekly interest rate was at 11.67%. MONEY MARKET RATES INSTRUMENT RATE (%) ECONOMIC INDICATORS INDICATOR VALUE (%) 91 - Day Treasury Bill GDP ( 2009) Day Treasury Bill Inflation (Dec 2010) Year Note BoG Policy Lending Rate Year Fixed Rate Note Interbank Interest Rate (Weekly) Forex Market On currency performance, the cedi depreciated against all the three major currencies.it lost value by 0.26%, 2.82% and 3.78% against the dollar, the pounds and the euro respectively. While the dollar started the week with an average rate of GHS and ended with GHS1.4617,the pound began with GHS and closed the week with GHS Similarly, the euro also began the week with an average rate of GHS and ended with GHS AVERAGE INTERBANK RATES DAY AVG. DOLLAR RATE (GHS) AVG. POUND RATE (GHS) AVG. EURO RATE (GHS) Monday Tuesday Wednesday Thursday Friday (6 of 7)1/20/ :58:45 AM

7 Corporate News COMET PROPERTIES' IPO Comet Properties Limited, a wholly owned Ghanaian real estate company has commenced a public share offer to raise an amount of GHS61,823,968 which involves the sale of 61,823,968 ordinary shares of no par value at GH1.00 per share payable in full on application.the month long exercise started on December 31,2010 and it is expected to end on January 31, All prospective investors can contact CAL Brokers Limited for subcription. CBL Research. This report is based upon information from various sources that we believe are reliable. However, no representation is made that it is accurate or complete. This report is not an offer to buy or sell, nor a solicitation to buy or sell the securities mentioned therein. This report is provided solely for the information of clients of CAL Brokers Limited (CBL) who are expected to make their own investment decisions without sole reliance on this report. CBL accepts no liability for any direct or consequential loss arising from any use of this report or its contents. Investments can fluctuate in price and value and the investor may get back less than was originally invested. Changes in rates of exchange may have an adverse effect on the value of the investment. Past performance is not necessarily a guide to future performance. It may be difficult for the investor to sell or realize the investment or to obtain reliable information about its value or the risk to which it is exposed. CBL, or persons involved in the preparation or issuance of this material, may from time to time, buy or sell the securities of the companies mentioned therein. This information has been issued by CBL, which is licensed by the SEC and the GSE. CBL is a subsidiary of CAL Bank Limited. This enewsletter is Powered By ncodedev Labs (7 of 7)1/20/ :58:45 AM