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1 Morocco BMCE Capital Research Exchange rates, as of Wednesday, February 24 th, 2016 Currency Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Floating MASI (pts) 9, Daily perf % Annual perf % Floating MADEX (pts) 7, Daily perf % Annual perf. +3.0% Volume (MAD m) 38.6 Market Cap. (MAD Bn) , , , , , , IN CASABLANCA STOCK EXCHANGE Y-O-Y 8756 Feb-15 May-15 Aug-15 Nov-15 STOKVIS: Published its 2015 financial achievements: A 15% increase of consolidated revenues to MAD 790m; And a Net Income Group Share of MAD 12m. MICRODATA: A 15.1% increase of sales in 2015 to MAD 364.4m for a net income down by 18.1% to MAD 22.6m And a DPS distribution proposal of MAD 12.5; AUTO HALL: Crossing upwards the threshold of 10% participation in its capital by HAKAM ABDELLATIF FINANCE; S2M: MEDTECH is finalizing the acquisition of 32% of its capital held by AFRICINVEST, according to the business press. MASI MADEX Commodities, as of Wednesday, February 24 th, 2016 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 21, % AGRICULTURAL & LUMBER Coffee (Robusta) t 1, % Cocoa t (GBP) 2, % Cotton t (USc) % Tunisia INFRASTRUCTURE: Extension of the tender for the KENITRA ATLANTIC port project construction. TUNINDEX (pts) 5, Daily perf % Annual perf % TUNINDEX20 (pts) 2, Daily perf % Annual perf % Volume (TND m) 4.4 Market Cap. (TND Bn) 18.4 IN TUNIS STOCK EXCHANGE Y-O-Y TUNINDEX AL KARAMA HOLDING: Will launch on March 7 th a tender offer to sell its direct and indirect stake in the capital of SDA ZITOUNA I and STPEA ZITOUNA. GOVERNMENT: The Minister of development, investment and international cooperation will sign tomorrow with the Italian firm ICL a development contract to start the construction of a bioethanol production plant amounting to EUR 200m. Please refer to important legal information at the end of the document and on our website: 6, , , , , , , , , Feb-15 May-15 Aug-15 Nov TUNINDEX 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) 7,524.0 ENDEAVOR ENERGY: USD 900m for the production of the SONGON thermal power station near Jacqueville west of Abidjan; BOAD: Issued on Monday, February 22 nd, XOF 70bn bonds, by tender, of 7 years including 3 years delay and of a nominal value XOF 5m. SENEGAL: ORASCOM is seeking USD 500m real estate projects And, a 12.9% increase to 5.6 tons of cement production in 2015, according to Department of Forecasting and Economic Studies. Egypt IN THE EGYPTIAN EXCHANGE Y-O-Y EGX 30 Index (pts) 6, Daily perf % Annual perf % EGX 100 Price Index (pts) Daily perf % Annual perf % Volume (EGP m) Market Cap. (EGP Bn) EGX 30 EGX 100 EFG HERMES: Is acquiring 70% stake of the financial service company TANMEYAH for USD 44m; BARCLAYS BANK: Would be selling off its Egyptian subsidiary, according to Bloomberg. 2

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. -7.6% Volume (TZS m) 34.2 Market Cap. (TZS Bn) 20,974.2 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 % Volume (MUR m) Market Cap. (MUR Bn) MAURITIUS TRADE BALANCE: A deficit of MUR 7.2bn in December 2015, reduced by 20.8% compared to December

4 Kenya NSE Index (pts) 3, IN NAIROBI SECURITIES EXCHANGE Y-O-Y Daily perf % Annual perf. -4.7% NSE All Share Index (pts) Daily perf. +0.1% Annual perf % Volume (KES m) NSE INDEX NSE ALL SHARE INDEX Market Cap. (KES Bn) 1,978.9 RENEWABLE ENERGY: The construction of the KINANGOP wind farm with a capacity of 60.8 MW and a total cost of USD 144m was canceled. Nigeria NSE 30 Index (pts) 1, IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE Daily perf % Annual perf % Nigerian All-Share (pts) 23, Daily perf % Annual perf % Volume (NGN m) 1,220.8 Market Cap. (NGN Bn) 8,216.9 BANK INDUSTRY: Loan loss provisions reached NGN 346bn in 2015; MINISTER OF TRANSPORTATION: Announced that the country spends USD 2bn in agricultural products importations. 4

5 Ghana GSE Composite Index (pts) 1, IN GHANA STOCK EXCHANGE Y-O-Y Daily perf % Annual perf. -0.1% GSE Finl Stks Index (pts) 1, Daily perf % Annual perf % Volume (GHS m) GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 56.8 GHANA REVENUE AUTHORITY: Exceeded its revenue collection target by 2.9% to GHS 22.17bn. Rest of Africa SOUTH AFRICA: CURRO HOLDINGS is raising USD 66m to build new private schools; STANDARD BANK: Announced a 35% increase of its net income in 2015; BIOPHARM: The Algerian pharmaceutical group is planning its IPO on April 6 th, 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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