The Africa Weekly. Equity Research Pan-Africa News & Analysis

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1 The Africa Weekly Equity Research Pan-Africa News & Analysis African Alliance Securities is a leading African institutional-focused securities firm, and is able to transact for clients in 18 markets across Africa. We provide agency-only equity and bond trading, sales and in-depth, independent research to local, regional and international clients. Key to our value proposition is an on-the-ground presence with exchange membership licenses in 11 African countries which allows us to provide our clients with investment research and corporate access of the highest quality. Our award winning research includes fundamental research on most of Sub-Sahara Africa s leading listed companies and sectors, as well as market data & analysis and market news & information services that span the whole continent. African Alliance Securities is part of the African Alliance Group, which provides investment banking and related services across the African continent. For more information please visit

2 Country Index* Index Level 1 Wk %Chg MTD %Chg YTD %Chg 1 Year High 1 Year Low FX-Rate per USD Botswana BSE DCI 8, ,747 7, , ,769 BRVM IC Comp , ,344 Egypt*** EGX 30 5, ,969 4, ,498 31,201 Ghana GSE ALSI 1, ,909 1, , ,574 Kenya FTSE NSE , ,241 Malawi MSE ALSI 6, ,926 5, Mauritius SEMDEX 1, ,958 1, , ,375 Morocco MORALSI 8, ,032 8, ,270 48,430 Namibia Local , ,672 Nigeria NIG ALSI 36, ,013 22, ,924 68,958 Rwanda RSE Index South Africa JSE ALSI 40, ,016 33, ,198, ,051 Swaziland SSX ALSI Tanzania DAR ALSI 1, ,588 1,437 1, ,390 Tunisia TUNIS 4, ,267 4, ,229 7,180 Uganda USE ALSI 1, ,805 1,054 2, Zambia LuSE ALSI 4, ,584 3, ,549 Zimbabwe ZSE IND , ,548 1 Wk %Chg 1 MTD % Chg YTD % Chg Dollar Return (% chg) 1 week MTD YTD Trade USD'000 Mkt Cap USDm** Company Top 5 gainers Country Local % chg USD 1 year price charts Gold (1,251.3; +1.9%) AA Africa (1.5; -0.4%) MSCI WORLD (1,448.2; +0.8%) Six of October DandI Arab Cotton Ginning MOBINIL Egyptian Media Production Liberty Kenya Egypt Egypt Egypt Egypt Kenya Crude Oil (105.5; +2.6%) MSCI EM (922.1; +0.3%) S&P 500 (1,615.4; +0.1%) Company Top 5 decliners Country Local USD CAP PLC Banque de Tunisie Onatel BF Holcim (Maroc) Wafa Assurance Nigeria Tunisia BRVM Morocco Morocco Copper (6,954.5; +3.4%) MSCI AFRICA (610.5; +3.5%) FTSE 100 (6,421.7; +2.9%) * See individual country pages for more details about the indices. ** USD market cap is that of the whole market, not the respective index. ***Note that Egypt consists only of the EGX30 and EGX 70 constituents

3 1 month price charts Botswana BRVM Tunisia 0.80% Egypt*** Ghana Egypt Up 13.86% Flat Down Kenya Malawi Morocco -1.58% Key Mauritius Morocco BRVM -2.07% Namibia Nigeria 0.55% Ghana Nigeria 0.11% South Africa Tunisia Tanzania Uganda Rwanda: -0.45% Uganda: -1.23% Tanzania 0.50% Kenya 0.82% Zambia Zimbabwe Namibia Namibia 0.23% Zambia 0.74% Zimbabwe Botswana 0.42% 0.03% Malawi 0.18% Mauritius -0.77% Swaziland South Africa 2.42%

4 Inflation and Interest Rate Summary Country Bond Rate (%) Maturity Date Bond Maturity Prime (%) CPI (%) Month Southern Africa Angola May Botswana 6.70 Mar-25 BW yrs May Lesotho 8.25 Feb-19 LS000A1GZ7W0 5.6 yrs Mar Malawi May Mauritius 7.06 Nov year 9.4 yrs May Namibia 8.75 Oct-24 GC yrs May South Africa 7.81 Dec-26 R yrs May Swaziland 8.25 Jan-18 SG yrs Sep Zambia Feb year 9.6 yrs Jun Zimbabwe 2.20 May East Africa Kenya Jun-22 FXD 1/2012/10Yr 8.9 yrs June Rwanda Sep-16 FXD2/2011/5yr 3.2 yrs May Tanzania May Uganda Jan-21 FXD 6/2010/ yrs June West Africa BRVM average 2.30 Mar Ghana Aug yrs May Nigeria Jan-22 9th FGN Series yrs May North Africa Egypt Feb-17 EGBGR00541F5 3.6 yrs May Morocco 3.87 Apr-16 MA yrs May Tunisia 5.43 Mar year 5.7 yrs May Source: Central banks, statistical agencies

5 Nigerian Stock Exchange (Nigerian Naira) Nigeria Market Commentary The NSE ALSI gained 0.1% to close the week at 36,509.6 on the back of gains in Diamond Bank (+16.3%), Ashaka Cement (+16.2%), and Continental Reinsurance (+13.0%). During the week, losses were recorded in CAP PLC (-24.9%), Presco (-10.1%), and Flour Mills Nig. (-8.5%). The top traders by value were TransCorp Nigeria (USD 17.7m), Guaranty Trust Bank (USD 10.2m), and Zenith Bank (USD 6.4m). Trading in these shares accounted for 34.3% of this week s turnover of NGN 16.1bn (USD 99.9m). The average weekly value traded in the last six months is NGN 23.4bn (USD 145.0m). The NSE ALSI is up 30.0% YTD (+26.0% USD) and the total market capitalisation is currently USD 69.0bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , , , , , The Securities and Exchange Commission, SEC, has approved the shares of 17 listed companies to be used by investors for margin lending activities. These include but are not exclusive to Conoil, NB, Cadbury, Guinness, Julius Berger, UACN Property, Okomu Oil Palm, Unilever, Flour Mills and Ashaka Cement. Also, International Breweries, Lafarge Cement Wapco, NASCON, Nestle, Dangote Cement. Nigeria s USD 1.0bn Eurobond was 4 times over-subscribed. The bond was offered in two categories with USD 500.0m offered as a 5-year bond at 5.13% while the other USD 500.0m was offered as a 10-year bond at 6.38%. The Finance Minister said that the 2-category offer enabled the country achieve an overall cheaper cost of borrowing. The CEO of Access Bank Plc, Mr. Aig-Imouhkuede has announced his resignation from the bank and the appointment of his deputy, Herbert Wigwe as CEO-designate. UAC Nigeria notified The NSE of the execution of a transaction by which it acquired 204.0m ordinary shares of Portland Paints & Products (PPNL) representing 51.0% equity stake, at an acquisition price of NGN 4.47 per share. The company stated that the acquisition of a controlling interest in PPNL would deepen its presence within Nigeria s decorative paints industry. UACN was up 0.9% for the week while Portland gained 46.9%. The Nigerian Insurers Association (NIA) has said that the insurance sector contributed less than 1% to the nations GDP in Total premium income recorded was NGN 240.0b compared with NGN 217.7bn recorded in The NIA noted that the industry had continued to grapple with inadequate infrastructure and unstable weather, which exposed insured assets to natural disasters such as floods. Dividends Year Type DPS Julius Berger 2013 Final 2.5 Ashaka Cement 2013 Final 0.4 Natl Salt Co Nig 2013 Final 0.9 Chemical And All 2013 Final 0.6 Uac Of Nigeria 2013 Final 1.3 Last Cum date 04-Jun Jun May May May-13 3

6 Nigerian Stock Exchange (Nigerian Naira) Nigeria Index performance * NGN/USD USD returns Top 5 gainers NIGSE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 36, H: 11-Jun-13 40,012.7 Portland Paints & Products This week 36, L: 05-Jul-12 22,049.3 ABC Transport Prev week 36, Off peak -8.8% R T Briscoe MTD 36, At High 30/198 U T C Nig YTD 28, At Low 40/198 Diamond Bank Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 16,123 Value Traded / Mkt Cap (%) 7.25% NGNm 23,373.3 Company Week % chg Price Net value 6,536 Stocks traded (absolute) 144 USDm CAP PLC Stocks traded (%) 73% University Press Upside value 11,219 Stocks up 47 Total Market cap Presco Downside value 4,683 Stocks down 34 NGNm 11,112,650 Arbico Upside/downside ratio 139.6% Advance - Decline 13 USDm 68,958 Berger Paints USD NGN Rebased Index Performance 92% 69% 46% Top 5 (value) traders Company NGN'000 % of total TransCorp Nigeria 2,861, Guaranty Trust Bank 1,645, Zenith Bank 1,031, IHS 991, Nestle Nigeria 985, % 0% -23% Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Market Cap (NGN bn) : Current vs Peak 04-Jul 11 Jun ,000 10,000 15,000 *The index is the NSE ALSI, an all share index ** Value Traded numbers are given in millions of Nigerian Naira See the notes page for more information about calculations 4

7 Nigerian Stock Exchange (Nigerian Naira) Nigeria Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector NGN % chg Move NGN '000 '000 High Low Off high YTD 12 mths NGN m USD m Val (000) Dangote Cement BUIL Down 532,967 2, ,108,379 19,289 17,017.7 Nigerian Breweries BREW Up 624,707 3, ,232,698 7,649 10,056.9 Guaranty Trust Bank BANK Up 1,645,120 67, ,325 4,551 13,987.2 Zenith Bank BANK Up 1,031,056 51, ,430 3,980 15,496.8 Nestle Nigeria CONS Down 985,663 1,030 1, ,730 3,976 6,224.6 FBN Holdings BANK Down 736,690 41, ,851 3,604 12,957.9 Guinness Nigeria BREW Up 133, ,681 2,306 3,690.4 Stanbic IBTC Holdings BANK Up 27,638 1, ,875 1,780 1,010.3 Lafarge WAPCO BUIL Up 133,270 1, ,943 1,669 2,043.5 UBA BANK Down 431,946 53, ,149 1,658 7,493.7 Unilever Nigeria CONS Up 241,622 4, ,188 1,366 2,282.6 Access Bank BANK Up 730,137 68, ,762 1,190 7,821.6 ETI (Nigeria) BANK Down 640,203 43, ,973 1,129 5,377.2 Cadbury Nigeria CONS Up 194,856 3, ,020 1,105 1,736.8 Union Bank Nig. BANK Down 39,787 3, , Flour Mills Nig. CONS Down 232,469 2, , ,485.1 Dangote Sugar Refinery CONS Down 266,427 23, , ,090.7 P Z Cussons Nigeria CONS Down 94,057 2, , ,171.1 Diamond Bank BANK Up 123,319 19, , ,129.8 Fidelity Bank BANK Up 180,988 59, , ,762.3 U A C N CONS Up 110,470 2, , ,525.9 FCMB BANK Up 105,177 22, , ,920.7 Julius Berger BUIL Down 64, , GSK Consumer Nig. PHAR Up 74,954 1, , Skye Bank BANK Up 86,947 18, , ,509.4 Ashaka Cement BUIL Up 73,043 2, , Total Nigeria UTIL Down 95, , Intl Breweries BREW Up 126,188 4, , Dangote Flour Mills CONS Up 54,957 5, , Presco AGRI Down 217,496 5, ,

8 Ghana Stock Exchange (Ghana Cedi) Ghana Market Commentary After two weeks of successive losses, the GSE-CI bounced back on support from gains in the finance and the consumer sectors, to close the week at 1, Turnover for the week was GHS 8.6m (+24.9% w/w), following activity in 23 equities. CAL Bank (CAL) emerged as the most traded equity for the period, accounting for 82.0% of market turnover. The movers for the week were 13 in number, with 8 equities gaining while 5 recorded losses. ETI and PZC shared pole position on the gainers list, each advancing by 5.3% w/w. The other top gainers were BOPP (+3.3%), EGL (+2.7%) and SCB (+2.0%). GOIL (-10.2%), SIC (- 4.5%), PBC (-4.2%), UTB (-1.9%) and TOTAL (-0.8%) were the losers for the week. Total Petroleum Ghana Limited has announced a final dividend of GHS 0.69 per share in respect of the 2012 financial year. The ex-dividend and qualifying dates have been set for 16 July and 18 July 2013 respectively, with the dividend expected to be paid on 26 July Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , , , , , Following the change of name from SG-SSB Limited to Société Générale Ghana Limited, the bank s ticker as quoted on the Ghana Stock Exchange has subsequently been changed from SG-SSB to SOGEGH effective 2 July The bank has also reduced its base rate from 21.5% to 18.0% effective 2 July Parliament has approved two out of three Bills targeted at shoring up revenues to bridge this year s budget deficit and also help in the fiscal stabilisation of the economy. The Bills include the National Fiscal Stabilization Levy (NFSL) and the Special Import Levy (SIL) with the Custom and Excise Levy yet to be approved. The NFSL is a 5% levy to be imposed on profits of companies operating in specific sectors such as finance, mining and telecommunications. The SIL will be imposed on selected imported goods such as agricultural machinery at the point of entry. Government expects to raise a total amount of GHS 296m (USD 148m) from both levies in the remaining six months of the year. Dividends Year Type DPS Mechanical Lloyd 2013 Regular Cash 0.02 Ghana Commercial 2013 Final 0.1 Last Cum date 21-Jun May-13 6

9 Ghana Stock Exchange (Ghana Cedi) Ghana Index performance * GHS/USD USD returns Top 5 gainers GSE CI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 1, H: 13-Jun-13 1,909.0 ETI (Ghana) This week 1, L: 20-Jul-12 1,016.7 PZ Cussons Ghana Prev week 1, Off peak -1.1% Benso Oil Palm MTD 1, At High 1/33 Enterprise Group YTD 1, At Low 1/33 Stanchart Ghana Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 8.6 Value Traded / Mkt Cap (%) 3.24% GHSm 8.2 Company Week % chg Price Net value 0.8 Stocks traded (absolute) 23 USDm 4.0 Ghana Oil Stocks traded (%) 70% SIC Insurance Upside value 1.1 Stocks up 8 Total Market cap Produce Buying Downside value 0.3 Stocks down 5 GHSm 13,302 UT Bank Upside/downside ratio 237.6% Advance - Decline 3 USDm 6,574 Total Petroleum USD GHS Rebased Index Performance 86% 62% 38% Top 5 (value) traders Company GHS'000 % of total CAL Bank 7, Ghana Commercial Bank Total Petroleum Guinness Ghana Ghana Oil % -10% -34% Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Market Cap (GHS m) : Current vs Peak 04-Jul 13 Jun ,000 10,000 15,000 *The index is the GSE ALSI, an all share index ** Value Traded numbers are given in millions of Ghanaian Cedi See the notes page for more information about calculations 7

10 Ghana Stock Exchange (Ghana Cedi) Ghana Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector GHS % chg Move GHS '000 '000 High Low Off high YTD 12 mths GHS m USD m Val (000) ETI (Ghana) BANK Up ,193 1, Stanchart Ghana BANK Up , Ecobank Ghana BANK Flat , Ghana Commercial Bank BANK Up , Unilever Ghana CONS Flat Guinness Ghana BREW Up Golden Star RESO Fan Milk CONS Up Total Petroleum OILG Down CAL Bank BANK Flat 7, , SocGen (Ghana) BANK Flat Ghana Oil OILG Down UT Bank BANK Down Enterprise Group INSU Up Tullow Oil OILG Flat Produce Buying AGRI Down Benso Oil Palm AGRI Up HFC Bank BANK Flat SIC Insurance INSU Down Trust Bank (Gambia) BANK PZ Cussons Ghana CONS Up Cocoa Processing INDU Flat Ayrton Drug PHAR Flat Mechanical Lloyd CONS Flat Aluworks Ghana RESO Starwin Products PHAR Flat Transol TELE African Champion Ind INDU Pioneer Kitchenware. INDU Golden Web CONS

11 BRVM Stock Exchange (CFA Franc) BRVM Market Commentary The IC Composite declined 2.1% to close the week at on the back of losses in Onatel BF (-16.5%), ETI (BRVM) (-6.7%), and FILTISAC CI (-6.3%). During the week, gains were recorded in Vivo Energy CI (+23.8%), SODE (+15.0%), and Unilever CI (+6.8%). The top traders by value were Sonatel SN (USD 2.5m), Onatel BF (USD 0.1m), and Vivo Energy CI (USD 0.1m). Trading in these shares accounted for 86.5% of this week s turnover of XOF 1.5bn (USD 3.0m). The average weekly value traded in the last six months is XOF 3.4bn (USD 6.8m). The IC Composite is up 24.5% YTD (+22.6% USD) and the total market capitalisation is currently USD 9.34m. In Senegal, off the back of U.S Presidents Barrack Obamas visit; Peace Corps volunteers in connection with the U.S Agency for International Development in Senegal seek to improve local communities food security through the implementation of programs to include the Master Farmer Program. The Master Farmers commit to demonstrating the improved techniques they have learned on their farm to train other community members, this in turn relates to increased food production. In political news, Ivory Coast s President Alassane Ouattara announced that he would seek re-election for a second term in Since Ouattara took over power he has won international praise and financial backing for his efforts to rebuild the country. According to Reuters Ouattara stated that his reasoning to seek a second term is to continue the work that he has started. Senegal Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) Ivory Coast Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , , , , , E 2014F , , , , , , Dividends Year Type Amount Bollore Africa L 2013 Regular Cash 7,562.0 Solibra 2013 Regular Cash #### Last Cum date 04-Jun May-13 9

12 BRVM Stock Exchange (CFA Franc) BRVM Index performance * XOF/USD USD returns Top 5 gainers IC Composite Level % chg Level % chg Market highs and lows Company Week % chg Price Current H: 04-Jun Vivo Energy CI ,000 This week L: 25-Jul SODE ,995 Prev week Off peak -6.9% SETAO CI ,000 MTD At High 4/37 Unilever CI ,500 YTD At Low 3/37 PALM CI ,395 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 1,533.6 Value Traded / Mkt Cap (%) 1.62% XOFm 3,422.2 Company Week % chg Price Net value Stocks traded (absolute) 31 USDm 6.8 Uniwax CI ,825 Stocks traded (%) 84% Onatel BF ,000 Upside value 93.9 Stocks up 9 Total Market cap MOVIS CI ,175 Downside value Stocks down 15 XOFm 4,733,986 SICable ,500 Upside/downside ratio -40.4% Advance - Decline -6 USDm 9,344 Air Liquide CI ,050 USD XOF Rebased Index Performance 62% 44% 26% Top 5 (value) traders Company XOF'000 % of total Sonatel SN 1,242, Onatel BF 56, Vivo Energy CI 26, Bank of Africa BF 24, ETI (BRVM) 17, % -10% -28% Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Market Cap (XOF bn): Current vs Peak 04-Jul 04 Jun ,000,000 4,000,000 6,000,000 *The index is the BRVM Composite, an all share index ** Value Traded numbers are given in millions of CFA Francs (BCEAO) See the notes page for more information about calculations 10

13 BRVM Stock Exchange (CFA Franc) BRVM Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector XOF % chg Move XOF '000 High Low Off high YTD 12 mths XOF m USD m Val (000) Sonatel SN TELE 19,000 - Flat 1,242,904 65,416 19,200 10, ,900,000 3,750 4,558.5 ETI (BRVM) BANK Down 17, , ,460 1, SOLIBRA CI BREW 285, , , , SGB BANK 70,000 - Flat 10, ,990 42, , Onatel BF TELE 50, Down 56,462 1,122 62,000 38, , SAPH AGRI 30, Down 14, ,450 25, , PALM CI AGRI 17, Up 11, ,000 13, , CIE UTIL 40, Down 4, ,000 23, , Bollore Africa Logistics CI TRPT 100, Up 7, ,055 46, , SOGB AGRI 50, Down 10, ,000 44, , SITAB CI INDU 105, Down 9, ,000 70, , BICI CI BANK 43,000 - Flat 8, ,170 33, , CFAO CI CONS 36, Up ,000 21, , Unilever CI INDU 39, Up 13, ,000 32, , Total CI OILG 100, Down 10, ,500 80, , Bank of Africa BN BANK 59,100 - Flat 8, ,000 54, , Bank of Africa BF BANK 66, Up 24, ,300 37, , Vivo Energy CI UTIL 39, Up 26, ,000 19, , Nestle CI CONS 44,500 - Flat 7, ,505 42, , SMB INDU 22,000 - Flat 2, ,000 15, , SODE UTIL 45, Up 1, ,450 24, , Bank of Africa CI BANK 47, Up 6, ,060 27, , FILTISAC CI INDU 7, Down 4, ,000 3, , Bank of Africa NG BANK 42, Down 3, ,500 32, , Bernabe CI TRPT 70, Down 1, ,375 38, , Tractafric Motors CI CONS 114, ,000 80, , Crown SIEM CI INDU 28,000 32,250 20, , Uniwax CI INDU 18, Down 3, ,900 6, , Air Liquide CI INDU 12, Down 1, ,900 7, , SICable INDU 68, Down 17, ,260 30, ,

14 Nairobi Securities Exchange (Kenyan Shilling) Kenya Market Commentary The FTSE NSE 15 gained 82bps this week to BOC Kenya (+4.5%, KES ), Liberty Kenya (+24.5%, KES 11.95), TPS Eastern Africa (+9.0%, KES 48.25) and CIC Insurance (+6.5%, KES 4.95) were the top gainers while Olympia Capital (-19.4%, KES 3.75), Eveready (-16.9%, KES 2.45) and George Williamson (- 9.2%, KES ) were the top decliners. Safaricom, EABL, and Equity Bank topped the value traders list, contributing 58.4% to this week s turnover. The KES weakened 35bps against the USD to The board of Kenya Airways is set to change face as the national carrier receives three new directors appointed by principal shareholders. KLM on Wednesday appointed chief operating officer Pieter Elbers to the board following the retirement of CEO Peter Hartman in July. The government is also preparing to replace Joseph Kinyua and Cyrus Njiru in the board with Kamau Thugge and Nduva Muli who were recently appointed Principal Secretaries of the Treasury and Transport ministries respectively. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , East African Cables, of which 68% is owned by TransCentury, has been guaranteed a market from government-owned power firms following an amendment to the Public Procurement Act that gives producers of electric cables priority in public spending. Equity Bank lost the bid to stop Narok County from terminating a contract for collection of entry fees into Maasai Mara Game Reserve. The bank failed to show that it would be difficult to be compensated for damages. The proposed amendments to the VAT Bill 2013 could include stock brokerage under taxable financial services by imposing 16% VAT on transaction costs. Meanwhile, the parliament plans to remove maize flour and bread from the list of commodities to be brought under VAT. Kenya s monthly inflation accelerated to 4.9% in June from 4.1% in May after the food and non-alcoholic drinks index edged up 0.2%. British oil explorer, Tullow Plc, announced that it has discovered additional deposits in the Lake Turkana basin. Tullow said it has returned a 60% overall success rate for its Kenya programme in the first six months of 2013, which included the drilling of nine exploration wells and appraising 11 others. Mr. Jacob Segman has terminated his 16-year reign as CEO of KenolKobil and will be replaced by Mr. David Ohana, current General Manager of KenolKobil s Kenya unit. Dividends Year Type DPS Kapchorua Tea Co 2013 Final 7.5 Williamson Tea K 2013 Final 7.5 Scan Group 2013 Final 0.6 Sasini Ltd 2013 Interim 0.3 Co-Operative Ban 2013 Final 0.5 Last Cum date 26-Jun Jun Jun Jun May-13 12

15 Nairobi Securities Exchange (Kenyan Shilling) Kenya Index performance * KES/USD USD returns Top 5 gainers FTSE NSE15 Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 22-May Liberty Kenya This week L: 16-Jul TPS East Africa Prev week Off peak -12.7% CIC Insurance MTD At High 1/59 KenyaRe YTD At Low 0/59 Jubilee Holdings Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 2,105.5 Value Traded / Mkt Cap (%) 6.68% KESm 2,870.4 Company Week % chg Price Net value Stocks traded (absolute) 52 USDm 33.2 Olympia Capital(Kenya) Stocks traded (%) 88% Eveready Upside value 1,442.7 Stocks up 23 Total Market cap George Williamson Downside value Stocks down 24 KESm 1,575,075 Express Kenya Upside/downside ratio 129.5% Advance - Decline -1 USDm 18,241 Sasini USD KES Rebased Index Performance 75% 59% 43% 27% Top 5 (value) traders Company KES'000 % of total Safaricom 442, EABL 412, Equity Bank 374, KCB Bank 211, Co-Op Bank 169, % -5% -21% Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Market Cap (KES bn) : Current vs Peak 04-Jul 22 May ,000,000 2,000,000 *The index is the FTSE NSE 15, an index of 15 representative stocks ** Value Traded numbers are given in millions of Kenyan Shillings See the notes page for more information about calculations 13

16 Nairobi Securities Exchange (Kenyan Shilling) Kenya Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector KES % chg Move KES '000 '000 High Low Off high YTD 12 mths KES m USD m Val (000) Safaricom TELE Down 442,123 69, ,000 2,988 5,979.5 EABL BREW Up 412,077 1, ,002 2,976 6,188.8 Equity Bank BANK Up 374,505 11, ,563 1,361 2,834.2 KCB Bank BANK Up 211,185 5, ,869 1,307 5,187.6 Barclays Kenya BANK Up 97,122 6, ,905 1, Stanchart Kenya BANK Up 9, , Bamburi Cement BUIL Down 33, , Co-Op Bank BANK Up 169,604 10, , BAT (Kenya) CONS Up 9, , Nation Media MEDI Down 17, , I&M Bank BANK Down 26, , Diamond Trust BANK Up 23, , KenGen UTIL Down 24,296 1, , Athi River Mining BUIL Flat 26, , ,305.0 KPLC UTIL Down 18,056 1, , NIC Bank BANK Down 9, , CFC Stanbic BANK Up 16, , BA Investment INVE Up 7, , Scan Group MEDI Flat 1, , Kenya Airways TRPT Down 6, , Jubilee Holdings INSU Up 17, , Centum Investment INVE Down 13, , KenolKobil OILG Down 21,317 2, , KenyaRe INSU Up 20,006 1, , CIC Insurance INSU Up 11,509 2, , TransCentury INVE Up 1, , CMC Holdings CONS , TPS East Africa HOTL Up , Mumias Sugar AGRI Down 10,352 2, , Liberty Kenya BANK Up ,

17 Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Market Commentary The DAR ALSI gained 50bps to close at 1,587.3 this week. CRDB Bank (+7.4%, TZS 290), Tanzania Breweries (+1.2%, TZS 3,260) and NMB (+1.2%, TZS 1640) were the top gainers this week. There were no decliners. The most actively traded counters were TWIGA and CRDB Bank, accounting for 85.4% of total value traded. The TZS weakened 71bps against the USD to TZS 1,628. Tanzania Electricity Supply Company (TANESCO) envisages applying for power tariff hike as a result of the government's resolve to limit subsidies to the financially crippled public power utility firm from this financial year. The government, in its letter of intent to the International Monetary Fund (IMF) in June this year, said it will limit subsidies to TANESCO to USD 105m in the 2013/2014 financial year against the company's projected financial needs of USD 352m. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F National Microfinance Bank (NMB) has signed a GBP 70m loan agreement with the European Investment Bank (EIB) to support the local bank's growing Micro, Small and Medium Enterprise (MSME) customers. The deal will enable NMB to obtain long term affordable funding to support working capital and investment needs of the bank's MSME customers nationwide. Dividends Year Type DPS Last Cum date Standard Chartered has committed over USD 2bn to finance energy projects under the US spearheaded Power Africa Initiative. The five-year partnership between the United States, six African governments (Ghana, Tanzania, Kenya, Nigeria, Ethiopia and Liberia) and the private sector represents a coordinated cross-border effort to build the regulatory, economic and policy foundation to double access to power in Sub-Saharan Africa Trade volume at the Dar es Salaam Stock exchange (DSE) is expected to intensify following reduction of the payment settlement cycle to conform to international standards of three days for equities. The reduction of settlement days from trading plus five to trading plus three for equities, according to the DSE, will enhance efficiency and aid in improving liquidity as a result. Exploration works have proved that the Mchuchuma-Liganga twin projects have coal and iron ore deposits that can be mined for over 100 years. The exploration findings have discovered over 364mt of coal and 219mt of iron ore deposits at the twin projects. It is estimated that 3m tonnes of coal will be mined annually; lasting for over 100 years and 2.9m iron ore deposits mined every year for not less than 90 years. According to the National Development Corporation (NDC) Corporate Affairs Manager, the government is set to get USD 33m as royalty annually from this. 15

18 Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Index performance * TZS/USD USD returns Top 5 gainers DAR ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 1, , H: 01-Jul-13 1,588.5 CRDB Bank This week 1, , L: 06-Jul-12 1,437.4 Tanzania Breweries 1.2 3,260 Prev week 1, , Off peak -0.1% NMB 1.2 1,640 MTD 1, , At High 7/11 Swissport 1.0 2,040 YTD 1, , At Low 0/11 TWIGA 0.8 2,660 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 1,392.9 Value Traded / Mkt Cap (%) 1.79% TZSm 1,708.5 Company Week % chg Price Net value 1,324.1 Stocks traded (absolute) 8 USDm 1.0 No Decliners Stocks traded (%) 73% -- Upside value 1,324.1 Stocks up 5 Total Market cap -- Downside value - Stocks down 0 TZSm 3,892, Upside/downside ratio - Advance - Decline 5 USDm 2, USD TZS Rebased Index Performance 20% 15% 10% 5% Top 5 (value) traders Company TZS'000 % of total CRDB Bank 772, TWIGA 416, NMB 73, DCB 51, Tanzania Breweries 43, % -5% -10% Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Market Cap (TZS bn) : Current vs Peak 04-Jul 01 Jul ,000,000 4,000,000 *The index is the DAR ALSI, an all share index ** Value Traded numbers are given in millions of Tanzanian Shillings See the notes page for more information about calculations 16

19 Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector TZS % chg Move TZS '000 '000 High Low Off high YTD 12 mths TZS m USD m Val (000) Tanzania Breweries BREW 3, Up 43, ,260 2, , NMB BANK 1, Up 73, , , Tanzania Cigarette CONS 6,500 - Flat 5, ,500 3, , CRDB Bank BANK Up 772,025 2, , TWIGA BUIL 2, Up 416, ,660 2, , Simba Cement BUIL 2,400 - Flat 11, ,420 2, , Precision Air TRPT , Swissport HOTL 2, Up 17, ,180 1, , DCB BANK Flat 51, , TOL INDU , Tanzania Tea Packers AGRI ,

20 Rwanda Stock Exchange (Rwandan Franc) Rwanda Market Commentary This week s RSE turnover was RWF 51.2m (previously RWF RWF170.9m). BK price closed flat at RWF 193, on value traded of RWF 595,000 (previously RWF 35.2m). Bralirwa s price closed down 0.6% at RWF 860, accounting for the bulk of market activity in the week, with RWF 50.4m (previously RWF 135.6) changing hands. The Rwanda Share Index closed down 0.4% at from last week. The Rwanda Stock Exchange (RSE) has emerged the best performer among East Africa s four equity markets through the first six months of this year, which were characterized by strong foreign investor interest in the region s stocks, falling interest and inflation rates. The Rwanda Share Index, which tracks the performance of its two local stocks, had risen by 39.6% as at the close of June 2013, as compared with the start of the year. Shares of brewer and soft drink maker Bralirwa, emerged as the best performing counter in the region after its price rose by more than 2.5 times to close at RWF 865 (USD 1.37) on Thursday from RWF 330 (USD 0.52) on the last day of trading last year while Bank of Kigali s share price had increased by 51.97%. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F Dividends Year Type DPS Last Cum date The Development Bank of Rwanda (BRD) has secured a USD 10m (about RWF6.5bn) credit from the East African Development Bank (EADB) for lending to small-and-medium enterprises (SMEs). BRD officials reported that the credit facility would facilitate the bank's long-term financing of development projects primarily targeting the growths of SMEs across all the sectors of the economy. This is the second line of credit the EADB is extending to BRD. The bank received USD 5m (about RWF 3.3bn) in October 2009 from EADB, which was fully disbursed to various key projects that are servicing their loans with good repayment records. The EADB reported there was need for financing SMEs in order to help them focus on processing and value addition to give local products a competitive edge. Rwanda is targeting more taxes without having to change taxes in FY 13/14 through the increase of businesses in the country and the creation of an electronic tax collection system. With the implementation of the government s new revenue administration measures for FY 13/14, more consumers in the country will be paying electronically while more business owners will also be paying their taxes electronically. Its introduction and implementation will reduce compliance costs for both tax administration and taxpayers. 18

21 Rwanda Stock Exchange (Rwandan Franc) Rwanda Index performance * RWF/USD USD returns Top 5 gainers RSE SI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 19-Jun No Gainers This week L: 05-Jul Prev week Off peak -0.9% MTD At High 0/2 YTD At Low 0/2 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 51.2 Value Traded / Mkt Cap (%) 0.47% RWFm 1,089.1 Company Week % chg Price Net value Stocks traded (absolute) 1 USDm 1.7 Bralirwa Stocks traded (%) 50% -- Upside value - Stocks up 0 Total Market cap Downside value 51.2 Stocks down 1 RWFm 538,882 Upside/downside ratio % Advance - Decline -1 USDm 828 USD RWF Rebased Index Performance 127% Top 5 (value) traders Company RWF'000 % of total Bralirwa 51, % 61% 28% -5% -38% Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Market Cap (RWF bn) : Current vs Peak 04-Jul 19 Jun , , ,000 *The index is the RSE Share Index, Rwanda's all share index ** Value Traded numbers are given in millions of Rwandan Francs See the notes page for more information about calculations 19

22 Rwanda Stock Exchange (Rwandan Franc) Rwanda Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector RWF % chg Move RWF '000 '000 High Low Off high YTD 12 mths RWF m USD m Val (000) Bralirwa BREW Down 51, , ,233.1 Bank of Kigali BANK ,

23 Uganda Securities Exchange (Uganda Shilling) Uganda Market Commentary Market turnover on the USE declined to UGX 2.3bn (previously: UGX 3.4bn).The top traders were, Umeme, SBU and UCL contributing 92%, 4% and 2% respectively to the total turnover. The top losers this week were SBU at UGX 25 (-3.8%) and NVL at UGX 604 (-0.2%), while the gainers were BATU (+11.9%), Umeme (+3.8%) and DFCU (+0.3%). ALSI declined by 1.2% to close at 1,481.5, meanwhile the UGX appreciated against the USD by 0.4% to close at 2,585. The Governor of Bank of Uganda (BoU) reported that although the indirect tax increases announced in the FY13/14 Budget were expected to have a one-off impact on prices, the overall impact on the Consumer Price Index (CPI) would be small, most probably less than 0.5%, and would not create ongoing inflationary pressures. BoU forecast of annual core inflation indicates that it will rise slightly, over the next two to three months but then fall back towards the BoU s - medium-term policy target of 5% by Jun- 14. Experts reveal that Uganda s current account deficit is expected to widen to 12.9% of GDP in 2013 and to 14.8% in 2014, up from 10.9% the previous year due to modest growth in exports against a high import bill. Total allocations for interest incurred on Treasury bills and bonds increased to around UGX 760bn (USD 292m) in FY12/13, up from UGX 435bn (USD 167m) in FY11/12. The rise reflects the growing pressure from larger volumes of government paper floated in the market. Latest data from the Uganda Coffee Development Authority show that in May-the eighth month of the coffee calendar 2012/13, a total of 393,783kg bags worth USD 48.3m were exported. This was a 71.8% and 35.1% increase in both volume and value respectively from the same month the previous year. Umeme is planning to raise USD 170m in debt to finance the country s electricity distribution system capital expenditures over the next five years. According to the disclosuresin the in a debt proposal arrangement by the International Finance Corporation (IFC, the electricity distributor is planning to invest up to USD 440m in Uganda s distribution system until and including Investment by companies across East Africa will benefit from three new lending programmes worth EUR 101.5m (about UGX 341bn) backed by the European Investment Bank. Companies across the East African Community in Kenya, Tanzania, Uganda and Rwanda will particularly benefit from EUR 25m (about UGX 84bn) provided to the East African Development Bank. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) Dividends E 2014F Year Type DPS Last Cum date 21

24 Uganda Securities Exchange (Uganda Shilling) Uganda Index performance * UGX/USD USD returns Top 5 gainers USE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 1, , H: 23-May-13 1,804.8 BAT (Uganda) ,540 This week 1, , L: 17-Jul-12 1,053.9 Umeme Prev week 1, , Off peak -17.9% DFCU 0.3 1,033 MTD 1, , At High 2/8 -- YTD 1, , At Low 2/8 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 2,268.4 Value Traded / Mkt Cap (%) 4.77% UGXm 7,043.0 Company Week % chg Price Net value 2,036.1 Stocks traded (absolute) 8 USDm 2.7 Stanbic Uganda Stocks traded (%) 100% New Vision Upside value 2,122.1 Stocks up 3 Total Market cap -- Downside value 86.0 Stocks down 2 UGXm 2,378, Upside/downside ratio % Advance - Decline 1 USDm USD UGX Rebased Index Performance 71% 52% 33% Top 5 (value) traders Company UGX'000 % of total Umeme 2,078, Stanbic Uganda 83, Uganda Clays 43, DFCU 42, NIC 12, % -5% -24% Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Market Cap (UGX bn) : Current vs Peak 04-Jul 23 May ,000,000 2,000,000 3,000,000 *The index is the USE ALSI, an all share index ** Value Traded numbers are given in millions of Ugandan Shillings See the notes page for more information about calculations 22

25 Uganda Securities Exchange (Uganda Shilling) Uganda Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector UGX % chg Move UGX '000 '000 High Low Off high YTD 12 mths UGX m USD m Val (000) Stanbic Uganda BANK Down 83,900 3, ,279, Umeme UTIL Up 2,078,553 5, , DFCU BANK 1, Up 42, ,033 1, , ,677.6 BAT (Uganda) AGRI 2, Up 1, ,540 1, , Bank of Baroda BANK Flat 3, , New Vision MEDI Down 2, , Uganda Clays BUIL Flat 43,442 1, , NIC INSU Flat 12, ,

26 Johannesburg Stock Exchange (South African rand) South Africa Market Commentary For South Africa, we include a hand-picked selection of JSE listed shares with African exposure. There are 60 companies included in the list, and the top 30 are shown here. This data is for informational and reference purposes, and thus we do not provide market commentary. Please feel free to get in touch with us with any comments, suggestions, or queries relating to this information. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , , , , , Dividends Year Type DPS Last Cum date Niveus Investmen 2013 Regular Cash Aug-13 Telkom Sa Soc Lt Final N.A. African Media En 2013 Final Jul-13 Sycom Property 2013 Final Jul-13 Acucap Propertie 2013 Final Jul-13 24