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1 AFRICAN MARKETS REVIEW Morocco BMCE Capital Research Exchange rates, as of Tuesday, August 30 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 26, % AGRICULTURAL & LUMBER Coffee (Robusta) t Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Commodities, as of Tuesday, August 30th, , % 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) 50.2 Market Cap. (MAD Bn) Please refer to important legal information at the end of the document and on our website: BCP: Maintaining the bank's BBB- grade concerning financial strength by CAPITAL INTELLIGENCE RATINGS. Tunisia BANK LOANS: A 0.7% decline of the outstanding loans in July 2016 to MAD 787.2bn (+ 2.2% y-o-y). TUNINDEX (pts) 5, Daily perf % Annual perf % * TUNINDEX20 (pts) 2, Daily perf % Annual perf % Volume (TND m) 2.8 Market Cap. (TND Bn) , , , , , , , , , , , , , , , , , , , IN CASABLANCA STOCK EXCHANGE Y-O-Y IN TUNIS STOCK EXCHANGE Y-O-Y TUNINDEX ENNAKL: The Tunisian company has reported in H1 2016: A 36.3% increase in consolidated revenue to TND 226.3m; And a 24.4% growth in net income-group share to TND 24.8m. TUNISAIR: The national airline intends to dismiss 1,000 employees which represents 12% of its current workforce in order to reduce costs and improve competitiveness, according to the Minister of Transport Anis GHEDIRA; TUNISIE PROFILÉS ALUMINIUM: The company has reported in H1 2016: A 9.3% increase in revenues to TND 50.8m; A 6.4% rise in operating income to TND 8.9m; And, an 18.4% growth in net income to TND 7.9m. ADWYA: The company has reported in H1 2016: A 3.9% decrease in revenues to TND 40.8m; A 27.9% decline in operating income to TND 3.1m; And, an 80.5% crash in net income to TND 592.5k. ONE TECH HOLDING: The company has reported in its H consolidated results: A 21.6% increase in revenues to TND 285.2m; MASI Aug-15 Nov-15 Feb-16 May-16 Aug-15 Nov-15 Feb-16 May-16 MADEX TUNINDEX Produced & distributed by all members of AFRICAN SECURITIES NETWORK (See last page of this report)

2 AFRICAN MARKETS REVIEW A 23.1% rise in operating income to TND 16.4m; And, a 1.9x jump in net income to TND 17.6m. TUNISIE LEASING: The company has reported a 3.4% decrease in net income to TND 6.5m in H 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) Market Cap. (XOF Bn) 7,180.2 BRVM BRVM 10 INTERNATIONAL FINANCE CORPORATION: Will invest USD 1.7bn (about XOF 1,000bn) in Côte d Ivoire over the period in infrastructure, energy, transport, agriculture, SMEs, the mining and manufacturing sectors. COTE D IVOIRE: The country gave up on the scheduled issue of a new Eurobond in favor of borrowing XOF 550bn from the regional market due to the high borrowing costs on international markets in a context of a strong Dollar; SENEGAL: Forecasting growth rate of over 6% in 2016 and 2017, according to Mr. Ali MANSOOR, mission Chief of the International Monetary Fund; TOGO: More than XOF 48bn in sales all branches combined (life and non-life) reported in 2015 by the country's insurance companies. Egypt IN THE EGYPTIAN EXCHANGE Y-O-Y EGX 30 Index (pts) 8, Daily perf. +0.6% Annual perf % EGX 100 Price Index (pts) Daily perf % Annual perf % Volume (EGP m) Market Cap. (EGP Bn) EGX 30 EGX 100 AFREXIMBANK: The Egyptian bank granted a USD 83m loan to African companies engaged in factoring since 2012 to promote factoring in Africa, 2

3 Tanzania AFRICAN MARKETS REVIEW and enable beneficiaries to have access to liquidity and protection against payment risk. TAXATION: The Egyptian Parliament adopted, on August 29 th, a law imposing a tax on the added value of 13% not including goods and services of first necessity, aiming to widen the tax base. DSE (pts) 2, IN DAR ES SALAAM STOCK EXCHANGE Y-O-Y TANZANIA SHARE DSE Daily perf % Annual perf. +9.3% Tanzania share (pts) 3, Daily perf. +0.0% Annual perf % Volume (TZS m) Market Cap. (TZS Bn) 22,220.6 AGRICULTURE: The Private Agricultural Sector Support Trust envisages reaching 345,000 entrepreneurs in agricultural sector this year, with projected guaranteed loans of TZS 114bn. 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) 77.3 Market Cap. (MUR Bn) TRADE BALANCE: The deficit for this year would be MUR 76bn (as estimated in May), according to Statistics Mauritius. 3

4 AFRICAN MARKETS REVIEW 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. -8.5% Volume (KES m) 1,811.7 NSE INDEX NSE ALL SHARE INDEX Market Cap. (KES Bn) 1,919.9 Nigeria EXPRESS KENYA LTD: The firm has reported in H1 2016: A revenue of KES 34.7m (vs. KES 60.0m a year earlier); And, a loss before tax of 31.1m (vs. a loss of KES 23.3m a year before). JUBILEE HOLDINGS LTD: Has reported in H1 2016: A 10.2% growth in group profit before tax to KES 1.97bn; A 6.8% rise in gross written premium to KES 17.18bn. FINANCIAL MARKETS: Decline in bank s performance listed in NAIROBI SECURITIES EXCHANGE after the promulgation by President Uhuru KENYATTA of a law that caps the interest rate applicable on loans to the economy. NSE 30 Index (pts) 1, IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE Daily perf % Annual perf % Nigerian All-Share (pts) 27, Daily perf % Annual perf % Volume (NGN m) 2,741.2 Market Cap. (NGN Bn) 9,442.5 CHINA RAILWAY CONSTRUCTION CORPORATION: The mega size construction corporation announced that two of its subsidiaries have won a USD 1.85bn contract for the construction of a light rail network in the Nigerian state of Kano (North); PROVIDUS BANK: The bank has set aside the sum of NGN 100m to support the Zero to Export initiative of the Nigeria Export Promotion Council. ECONOMY: In Q2 16, GDP declined 2.06% Y-o-Y, extending quarterly GDP contraction to the second consecutive quarter of 2016 and officially swinging Nigerian economy into a recession with pressures stemming from both oil and non-oil GDP sub components; And, international investors, under the aegis of GREENSTONE CAPITAL 4

5 Ghana AFRICAN MARKETS REVIEW INTERNATIONAL AFRICA and TACNERO GLOBAL, have announced the approval of a USD 14bn envelope for the country out of the USD 200bn that would be injected into five African countries. 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) 54.0 TELECOM: Operators are to share an estimated GHS 12.2m among mobile money customers in the first payments of interests on floats next month, according to BANK OF GHANA. Rest of Africa AB INBEV: After its merger with the South African SABMILLER, the Belgian- Brazilian brewer should reduce its workforce by 3% involving a loss of 5,500 jobs intending to save about USD 1.4bn annually; EIFFAGE: The French construction company will build a 300MW hydroelectric plant in Madagascar, according to the business press. ALGERIA: A 5.9% y-o-y decline in the country's grain imports to 7.33m tons in the first seven months of 2016, CAMEROON: The economic activity was driven by the service industry which contributed by 2.3 points to the national growth of 5.8% in 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, dailynews.co.tz, lemauricien.com. Softwares : Thomson Reuters, Six Financial Information. 5

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