BMCE Capital Research

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1 Morocco BMCE Capital Research Exchange rates, as of Thursday, May 19 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 23, % AGRICULTURAL & LUMBER Coffee (Robusta) t Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Commodities, as of Thursday, May 19th, , % 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) 74.5 Market Cap. (MAD Bn) WAFA ASSURANCE: Appointment of Mr. Taoufik BENJELLOUN TOUIMY as Managing Director in charge of strategy, management and finance; M2M GROUP: Convening its shareholders to the AGM (modification of the corporate purpose) on 06/21/2016; BRASSERIES DU MAROC: Press release post AGM concerning the approval by shareholders of: The annual accounts as published; And, the payment of a MAD 92 DPS starting from May 23 th, 2016; SOTHEMA: Press release post AGM and EGM concerning the approval by shareholders of: The annual accounts as published; The distribution of a MAD 48 DPS; And, the extension of the corporate purpose; SNEP: Convening its shareholders at the AGM to be held on June 21 st, Tunisia AIR TRAFFIC: 0.88% progression of commercial traffic to 1,537,605 passengers in April TUNINDEX (pts) 5, Daily perf % Annual perf % TUNINDEX20 (pts) 2, Daily perf % Annual perf % Volume (TND m) 4.1 Market Cap. (TND Bn) 19.4 MICROCRED TUNISIA: Setting up in Gafsa and opening an office in Jendouba. 10, , , , , , , , , , , , , , , , , , , , IN CASABLANCA STOCK EXCHANGE Y-O-Y May-15 Aug-15 Nov-15 Feb-16 MASI IN TUNIS STOCK EXCHANGE Y-O-Y TUNINDEX May-15 Aug-15 Nov-15 Feb-16 TUNINDEX MADEX Please refer to important legal information at the end of the document and on our website: 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. -3.9% Volume (XOF m) BRVM BRVM 10 Market Cap. (XOF Bn) 7,789.9 Egypt CEMOI: Partnership with the Coffee-Cocoa Board, the Ivorian regulator of the sector, with an investment of XOF 7.5bn within a program aimed to take into account climate change phenomenon; MINOTERIE DU FASO: Taken over by the State in 2013, this company started its wheat flour production activities in March and will be officially inaugurated next June; ARLA FOODS: Starting activities of a milk powder packaging unit on Tuesday, May 17 th, in Dakar; UNIWAX CI: Publication of first quarter results 2016: Increase by 2.9% of revenues to XOF 9.45bn; Rise by 72.2% in net profit to XOF 1.26bn. SENEGAL: Towards the creation of a central supervision of international traffic by the ARTP to ensure the accuracy of statements of telecom operators on the volume of incoming international traffic, outgoing and inter-operator. EGX 30 Index (pts) 7, IN THE EGYPTIAN EXCHANGE Y-O-Y Daily perf. -1.8% Annual perf % EGX 100 Price Index (pts) Daily perf % Annual perf % Volume (EGP m) EGX 30 EGX 100 Market Cap. (EGP Bn) ECONOMY: A y-o-y 22% decline in trade deficit in February 2016 according to the Central Agency for Public Mobilization and Statistics (CAPMAS); NUCLEAR: AL-SISI approves the loan agreement with Russia worth USD 2

3 Tanzania AFRICAN MARKETS REVIEW 25bn to establish a nuclear power plant in Al-Dabaa. DSE (pts) 2, IN DAR ES SALAAM STOCK EXCHANGE Y-O-Y TANZANIA SHARE DSE Daily perf % Annual perf % Tanzania share (pts) 3, Daily perf % Annual perf % Volume (TZS m) 93.7 Market Cap. (TZS Bn) 21,966.0 None MINISTRY OF ENERGY AND MINERALS: Increase of the budget for rural electrification by 50%, from TZS 357bn for the 2015/2016 fiscal year to TZS 534bn for the coming year; NATIONAL ASSEMBLY: Approved TZS 4.9bn budget for the Ministry of Works, Transport and Communication for the 2016/2017 financial year; SUGAR: TCCIA in Kilimanjaro Region has called for patriotism among traders and agents as well as fair competition in the business. 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) 34.9 Market Cap. (MUR Bn)

4 Kenya NSE Index (pts) 3, IN NAIROBI SECURITIES EXCHANGE Y-O-Y Daily perf % Annual perf % NSE All Share Index (pts) Daily perf. +0.4% Annual perf % Volume (KES m) NSE INDEX NSE ALL SHARE INDEX Market Cap. (KES Bn) 2,062.6 TOURISM: Hoteliers will access cheap loans at interest rates of nine per cent to give facelifts to their facilities; NATIONAL TREASURY: Planning mini-budget to pay KEN 7.2bn VAT refunds. Nigeria NSE 30 Index (pts) 1, IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE Daily perf. +1.2% Annual perf % Nigerian All-Share (pts) 27, Daily perf % Annual perf % Volume (NGN m) 2,731.8 Market Cap. (NGN Bn) 9,283.1 DANGOTE CEMENT PLC: Management projects positive revenue growth over 2016 largely on the back of higher volume sale, 24 MT to 27 MT of cement production over 2016 (2015: 19 MT), and increased prices, USD 10 (NGN 1,992.50) per ton in March; NASCON ALLIED INDUSTRIES PLC: The shareholders approved a DPS of NGN 1.46bn for the year ended December 31 st, 2015, which translates to 55 kobo per share; EXXONMOBIL: Nigeria is losing about NGN 2.79bn daily following the closure of EXXONMOBIL operated Qua Iboe terminal, whose workers were evacuated yesterday. LAGOS STATE GOVERNMENT: Disclosed that it had remitted a sum of NGN 64bn into the retirement saving accounts (RSAs) of civil servants as contributory pension scheme since the inception of the scheme; 4

5 CBN: Will devalue the Naira in the next few months, but will also hike interest rates next week and again in November to control inflation, according to the analysts of Reuters poll ; FG: Setting a time frame for the privatization of the Nigerian National Petroleum Corporation and the refineries before the end of this year; AVIATION: Nigeria will transfer the operation of four international airports to private. Ghana 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) 1,863.8 GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 54.1 BENSO OIL PALM PLANTATION: Made a profit after tax of GHS 8.16m in Rest of Africa 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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