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1 AFRICAN MARKETS REVIEW AFRICAN MARKETS REVIEW Tuesday, April 04, 2017 Morocco BMCE Capital Research Floating MASI (pts) 11, IN CASABLANCA STOCK EXCHANGE Y-O-Y Daily perf % Exchange rates, as of Monday, April 3 rd, 2017 Currency Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Tunisia Annual perf % Floating MADEX (pts) 9, Daily perf % Annual perf % Volume (MAD m) 35.1 Market Cap. (MAD Bn) SOPRA STERIA: Approval by the Market Regulator of the simplified definitive prospectus related to the sale of shares reserved to the Group s employees; YAMELKI GROUP: Announcement of the upcoming launch of a new urban cluster of 5,000 social housing units and 200 businesses units in SIDI BERNOUSSI. ELECTRONIC PAYMENT: A 29.5% increase in transactions to 11,684,235 in Q compared to 2016 for a total amount of MAD 7.1bn (+20%). MASI MADEX Commodities, as of Monday, April 3 rd, 2017 CMDTY Brent Crude Oil bbl ENERGY Price in USD Day ch % WTI bbl % TUNINDEX (pts) 5, Daily perf. 0.10% Annual perf. 1.09% TUNINDEX20 (pts) 2, Daily perf. 0.26% IN TUNIS STOCK EXCHANGE Y-O-Y METALS Annual perf. 3.16% TUNINDEX TUNINDEX20 Copper lb % Volume (TND m) 3.5 Gold oz 1, % Silver oz % Lead t 2, % MINOR METALS Cobalt t 55, % AGRICULTURAL & LUMBER Market Cap. (TND Bn) 19.6 GREAT WALL MOTORS: The Chinese automotive operators settles in Tunisia through ATLAS AUTO. LABOR AGREEMENT: Announcement by textile companies of their inability to implement the 6% wage increase agreed by labor unions and employers. Coffee (Robusta) t 2, % Cocoa t (GBP) 1, % Cotton t (USc) % Produced & distributed by all members of AFRICAN SECURITIES NETWORK (See last page of this report) Please refer to important legal information at the end of the document and on our website:

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) 1,499.4 Market Cap. (XOF Bn) 7,522.9 BRVM BRVM 10 COTE D IVOIRE: Merchants protests regarding the tax settled by the catering and food professional market regulator rejecting its payment; GUINEA BISSAU: USD 18m investment by China in biomass plant. Egypt IN THE EGYPTIAN EXCHANGE Y-O-Y EGX 30 Index (pts) 13, Daily perf. 1.15% Annual perf. 5.80% EGX 100 Price Index (pts) 1, Daily perf. 0.14% Annual perf % EGX 30 EGX 100 Volume (EGP m) 1,375.9 Market Cap. (EGP Bn) ARDIC- REAL ESTATE DEVELOPMENT: EGP 1.2bn dedicated to their last project to be delivered in 2020; RAYA CONTACT CENTER: A 48.99% of RCC shares offered through an IPO to collect EGP 875.7m on April 11 th. 2

3 Tanzania DSE (pts) 2, Daily perf. 0.67% Annual perf. 6.01% Tanzania share (pts) 3, Daily perf % Annual perf % Volume (TZS m) 82.0 IN DAR ES SALAAM STOCK EXCHANGE Y-O-Y TANZANIA SHARE DSE Market Cap. (TZS Bn) 20,274.3 Mauritius NATIONAL MICROFINANCE BANK: Signature of a partnership agreement with mobile company HALOTEL to enable the bank s customers to make mobile money transactions. DONATION: TZS 486.9bn granted to Tanzania by the EU as budget support for economic and fiscal governance for the next four years. Semdex Index (pts) 1, Daily perf. 0.13% IN THE STOCK EXCHANGE OF MAURITIUS Y-O-Y SEMDEX Annual perf. 7.06% DEMEX (pts) Daily perf % Annual perf. 3.30% Volume (MUR m) 22.7 Market Cap. (MUR Bn) MARA DELTA: MUR 465m investment by the NATIONAL PENSION FUND (NPF); LOTTOTECH LTD: A net income before tax of MUR 88,2m in 2016 against MUR 40,5m in

4 Kenya NSE Index (pts) 3, IN NAIROBI SECURITIES EXCHANGE Y-O-Y Daily perf % Annual perf % NSE All Share Index (pts) Daily perf. 0.76% Annual perf % Volume (KES m) NSE INDEX NSE ALL SHARE INDEX Market Cap. (KES Bn) 1,908.7 SAFARICOM: Equity mobile cash platform cuts the company s market share. TAX: A 43% increase in excise duty on beer has adversely impacted performances of the two leading brands TUSKER and GUINNESS; POWER: Kenya's demand for power projected to rise 7.9% annually over the next decade according to BMI RESEARCH. Nigeria NSE 30 Index (pts) 1, IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE 30 Daily perf % Annual perf % Nigerian All-Share (pts) 25, Daily perf % Annual perf % Volume (NGN m) Market Cap. (NGN Bn) 8,744.8 SUNTRUST BANK: A 160% profit earned in CENTRAL BANK OF NIGERIA: Another injection of USD 350m into Interbank FOREX Market. 4

5 Ghana IN GHANA STOCK EXCHANGE Y-O-Y GSE Composite Index (pts) 1, Daily perf. 0.00% Annual perf % GSE Finl Stks Index (pts) 1, Daily perf. 0.00% Annual perf % Volume (GHS m) 3,154.4 GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 48.8 ECONOMY: GHS 3.4bn raised by the government in historic 15-year bond issue. Rest of Africa SANLAM ZIMBABWE: Acquisition of a 40% stake in the insurance company ZIMNAT; MERCEDES BENZ SOUTH AFRICA: EUR 15m investment in its East London Site to launch the production of 3 new AMG models; TOTAL: The Company becomes the largest distributor of petroleum products in eastern Africa through the acquisition of GULF AFRICA CORPORATION shares for a total amount of USD 400m. FOREIGN DEBT: EUR 95m disbursed from EIB to East African entrepreneurs to support smaller local projects in Tanzania, Kenya, DRC and Uganda. 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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