Weekly Update Market Highlights W-O-W % CHANGE

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1 Jan/17 Feb/17 Mar/17 Apr/17 May/17 Jun/17 Jul/17 Aug/17 Aug/17 Sep/17 Oct/17 Nov/17 Dec/17 Jan/18 Feb/18 Mar/18 Weekly Update Market Highlights INDICES LATEST W-O-W % YTD % LOCAL (Friday s closing) SEM- ASI 2, (4.27) SEMDEX 2, SEM-VWAP 2, (4.20) SEM DEMEX REGIONAL (Thursday s closing) FTSE/JSE (SOUTH AFRICA) 54, (4.3) (7.1) NGSE (NIGERIA) 40, (1.7) 7.7 NSEASI (KENYA) (0.6) 11.4 BGSMDC (BOTSWANA) 8, (0.2) (2.6) GGSECI (GHANA) 3, INTERNATIONAL (Thursday s closing) DOW JONES 23, (3.4) (3.7) CAC 40 5, (2.1) (3.9) SENSEX 33, (2.0) DAX 11, (3.0) (8.0) NIKKEI 21, (2.0) (7.1) FTSE 100 7, (7.6) GDP GROWTH at basic prices (2017) by Statistics 3.5 Mauritius UNEMPLOYMENT RATE (2017 est.) 7.1 CPI HEADLINE INFLATION (Feb 2018) 4.5 BUDGET DEFICIT (% of GDP) Jul 2016/Jun REPO RATE (28 th February 2018) DAY T-BILLS DAY T-BILLS DAY T-BILLS YEAR GOVT. of MTIUS TREASURY NOTES YEAR GOVT BONDS YEAR GOVT BONDS YEAR GOVT BONDS YEAR GOVT BONDS 5.55 FOREX LATEST W-O-W % 30 March 2018 % YTD % MUR/US$ MUR/GBP MUR/INR MUR/JPY MUR/ZAR MUR/EURO Highlights Banks: MCBG (Unchg); SBMH (+2.6%) Hotels: NMH (+1.1%); LUX Island Resorts (Unchg); Semdex Sem-10 Sun Resorts (+0.5%) News: Arindo, Grit Financial highlights: SBMH, Terra, Gamma Research Desk securities.research@swanforlife.com 1

2 Wk/ending Wk/ending SECTORAL INDICES BANKING INDEX 3,482. 3, HOTEL INDEX FOREIGN TRANSACTIONS (Rsm) TOTAL FOREIGN PURCHASES TOTAL FOREIGN SALES NET FOREIGN INFLOW/(OUTFLOW) MARKET CAPITALISATION (Rsbn) OFFICIAL (Semdex) & DEM OFFICIAL (SEM- ASI) & DEM DIVIDEND YIELD (%) OFFICIAL MARKET * PER(x) OFFICIAL MARKET * (*) DY and PER are based on total number of issued shares of SEM- ASI companies. Index Points Mar Mar 28-Mar 29-Mar Value Semdex SEM- ASI Mar Rs m Financial Highlights SBMH- FY The Group reported a profit after tax of Rs 2.57 billion for the year ended 31 December 2017 compared to Rs 2.31 billion for the year ended 31 December 2016, representing an increase of 11.52%. The higher profit is mainly driven by notable increases in net interest income and in dealings in financial derivatives, partly offset by increased expenses and impairment of financial assets. Terra FY Group turnover grew by 4.7% to reach Rs 5.1bn, while overall group profits after tax dropped by Rs 124m to Rs 244m, mainly due to substantial losses recorded by the Group s local sugar operations as a result of the sharp drop in sugar price. Gamma FY2017 The Group saw an increase in PAT to Rs301.7m (+58.1%). Improved operating profit was noted for the Group s Building Materials & Lottery segments. Loss of Rs14.2m arising from discontinued operations relate to an office building owned by a subsidiary and sold in August News Arindo- announced that its indirectly-owned subsidiary Adaro Capital Limited being the investment arm of the group has, together with EMR Capital, a specialist mining private equity manager, entered into a binding agreement to acquire Rio Tinto s 80% interest in the Kestrel coking coal mine for a total cash consideration of US$ 2.25 billion. Grit- through its wholly-owned subsidiary Grit Accra Limited signed a binding Heads of Agreement with, inter alia, CADS Contract and Services Ltd and CADS Developers Limited, for the acquisition of 50% ownership of an office complex known as the CADS II Building, a commercial building located on the 1.50 acres parcel of land referenced as Plot no. 70 Block 06 Section 112 on the George Walker Bush Highway in North Dzorwulu, Accra, Greater Accra, Ghana Official Market Total market turnover for the week aggregated to the amount of Rs116.5m mainly geared towards MCBG, PBL and SWAN General which contributed to 56.4% of TMT. Foreigners were net buyers to the tune of Rs7.4m with MCBG accounting for majority of net purchases. The SEMDEX and the SEM- 10 rose to 2, points (+0.04%) and 4.87 points (+0.07%) respectively. On the banking counter MCBG closed unchanged at Rs (VWAP: Rs276.56) on weekly total of 150.0k shares, of which 68.1k were foreign purchases and 42.0 k were foreign sales. Banking peer SBMH closed at Rs7.66 on Monday and thereafter closed unchanged at Rs7.68 till Thursday. On Friday, the stock rose to Rs7.84 (+2.6%) after release of its yearly accounts which showed improved profit (VWAP: Rs7.69). Conglomerate IBL Ltd on the commercial desk settled lower at Rs50.00 (-2.0%). On the other hand, Innodis and Vivo rose by 0.3% and 0.5% to Rs43.70 and Rs respectively. On the industrial counter, Gamma rose to (+2.6%) on 48.7k shares followed by UBP which increased to Rs Moroil climbed to Rs29.60 on 55.8k shares. The investment desk was driven by United Docks (Unch), Terra (-2.4%) and Fincorp (+0.4%). Investments stocks were mainly on the downside with Rogers closing at Rs34.00 (-1.2%), ENL Land (O) at Rs42.85 (-0.3%), Ciel ltd at Rs7.44 (-0.3%).As for the gainers, they were: Policy (+2.6%), Caudan (+1.8%), BMH (+1.3%). On the hotel segment, NMH (O) and SUN rose by 1.1% and 0.5% to Rs24.00 and Rs51.50 on 180.3k and 15.7k shares respectively. Lottotech climbed to Rs8.10 (+2.5%) on 137.2k shares. National carrier, Air Mauritius edged lower to Rs14.50 (-0.7%). Property developer, Bluelife lost 0.5% to Rs2.21 on 41.1k shares. 2 On the debt board 1.2k MCBG notes,250 UBP Bonds and 50 SBMH Class A bond were exchanged.

3 DEM On the DEM, the DEMEX closed at points (+0.26%) on a turnover of Rs21.2m which was geared mostly towards UTIN and ENL (P) which altogether made up 62.9% of TMT. The former closed higher at Rs9.50 (+0.6%) on total exchange of 1.0m shares. Top gainer on the counter was Mauritius Cosmetics (+4.7%), followed QBL (+3.9%), EUDCOS (+3.5%) and Ciel Textile (+0.9%), amongst others. ABC Banking dropped by 1.5% to settle the week at Rs Dividends Announcements Mauritius Exchange Rate Index Forex Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct Eur USD GBP JPY (100)

4 Year-end Last Traded Price Change for Change since Volume Value Shares in Market Weighted EPS hist DPS hist PER hist Yield hist Latest NAV ROE Official Market Stocks 23/03/ /03/2018 the week(%) (%) traded traded issue (m) Cap (Rs m) Market Cap (Rs) (Rs) (x) (%) (Rs) (%) Banks, Insurance & Other Finance BRAMER BANKING 31-Dec Suspended Suspended , % CIM FINANCIAL SERVICES 30-Sep ,850 1,240, , % MCB Group 30-Jun ,006 41,487, , % MEI 30-Jun (4.1) 2, , % MUA 31-Dec , , % SBM HOLDINGS 31-Dec ,390,199 10,687,423 3, , % SWAN GENERAL 31-Dec ,900 11,639, , % Commerce ENL COMMERCIAL 30-Jun , % H MALLAC 31-Dec (1.2) % INNODIS 30-Jun ,100 4,330, , % IBL Ltd 30-Jun (2.0) ,489 4,099, , % VIVO ENERGY 31-Dec , , , % Industry GAMMA CIVIC 31-Dec ,700 1,851, , % GO LIFE (USD) 28-Feb ,019 58, % PBL 30-Jun ,196 12,717, , % MCFI 30-Jun (3.8) % MOROIL 30-Jun ,800 1,646, % PIM 30-Jun (10.6) % UBP 30-Jun ,048 1,447, , % Investments ALTANTIC LEAF PROPERTIES - (GBP) 28-Feb , % ALTEO LIMITED 30-Jun SUSPENDED SUSPENDED N/A N/A , % BMH 31-Dec ,028 1,348, , % CAUDAN 30-Jun , ,7 2, , % CIEL LIMITED 30-Jun (0.3) , ,155 1, , % FINCORP 30-Jun ,109 1,646, , % MDIT 30-Jun (0.6) 404,891 1,882, , % NIT 30-Jun , , % PAD 30-Jun (3.6) , , % POLICY 31-Dec (1.7) 219,000 1,537, , % ROGERS 30-Jun (1.2) , , , % ENL LAND (O) 30-Jun (0.3) , , , % ENL LAND (P) , , % TERRA 31-Dec (2.4) ,300 2,115, , % UNITED DOCKS 30-Jun ,900 2,539, , % Leisure & Hotels ASL 31-Dec (5.6) % LOTTOTECH 31-Dec ,200 1,097, , % NMH 30-Sep (1.2) 180,319 4,298, , % NMH (P) , % LUX ISLAND RESORTS 30-Jun ,000 2,169, , % SUN RESORTS 31-Dec , , , % Property Development BLUELIFE LIMITED 31-Dec (0.5) (3.9) 41,100 91, , % Sugar OMNICANE 31-Dec , , % Transport AIR MAURITIUS 31-Mar (0.7) (0.7) 25, , , % Foreign DALE CAPITAL GROUP LIMITED 28-Feb % Funds/GBL Companies Arindo Holdings (Mauritius) Limited (USD) - Intro Dec ASTORIA INVESTMENT - (USD) 31-Dec , % BAYPORT MANAGEMENT - (USD) Bravura Holdings Ltd - ( USD ) Dacosbro (USD) GRIT Real Estate Income Group - USD 30-Jun ,949 93, , % GREENBAY PROPERTIES - (EUR) (43.8) - - 9,8.6, % MAINLAND REAL ESTATE - (GBP) NEW FRONTIER PROPERTIES - (GBP) (3.6) SANLAM AFRICA REAL ESTATE INVESTMENTS (USD) 31-Dec STONEBRIDGE PROPERTIES - (USD) TADVEST - (USD) TREVO CAPITAL PREFERENCE SHARES (ZAR) Trans Swith Africa Holdings Ltd (USD) - Intro Universal Partners Ltd ( GBP ) Jun EX TRADED FUND( ETF ) CORESHARES S&P GLOBAL PROPERTY ETF - (USD) (4.2) , CORESHARES S&P 500 ETF - (USD) (1.5) (0.7) , MCB India Sovereign Bond -(USD) (4.9) S&P GIVI SOUTH AFRICA TOP 50 INDEX ETF (4.7) NEWGOLD DUAL CURRENCY TRADING GRIT Real Estate Income Group - (MUR) DEPOSITARY RECEIPTS Afreximbank - (USD) - Intro (7.0) , % Total (Equities) 3,641, ,754, ,900 Total (Debentures) 1,500 1,751,404 Total (Equities & Debentures) 3,642, ,505,577 4

5 DEM Stocks Year-end Last Traded Price Change for Change since Volume Value Shares in Market Weighted EPS hist DPS hist PER hist Yield hist Latest NAV ROE 23/03/ /03/2018 the week (%) (%) traded traded issue (m) Cap (Rs m) Market Cap (Rs) (Rs) (x) (%) (Rs) (%) Banks, Insurance & Other Finance ABC BANKING CORPORATION 30-Jun (1.5) (1.5) 50,410 1,310, , % SWAN LIFE 31-Dec 1, , (3.1) , % Commerce ABC MOTORS 30-Jun % ASSOCIATED COMMERCIAL 30-Jun , % CHEMCO 31-Dec % CIE IMMOBILIERE 31-Dec , % , Industry BYCHEMEX 31-Dec % FORGES TARDIEU 31-Dec (5.1) % LES GAZ INDUSTRIELS 30-Jun (15.3) 100 5, % Kolos Cement Ltd - Intro Dec , , , % - LIVESTOCK FEED (O) 30-Jun , , , % LIVESTOCK FEED (P) 30-Jun % LES MOULINS DE LA CONCORDE (O) 30-Jun , , % LES MOULINS DE LA CONCORDE (P) 30-Jun , % MAURITIUS COSMETICS 31-Dec , , % MARGARINE INDUSTRIES 31-Dec % MAURITIUS SECONDARY INDUSTRIES 30-Jun % PAPER CONVERTING 31-Dec % QUALITY BEVERAGE 31-Dec , % SOAP & ALLIED INDUSTRIES 31-Dec (2.2) % Investments ASCENCIA Ltd (Class A Shares ) 30-Sep , % Ascencia Ltd ( Preference Shares ) 30-Jun ENL LTD (P) 30-Jun (4.3) 131,880 3,674, % EUDCOS 30-Jun ,633 1,385, , % THE BEE EQUITY PARTNERS 30-Jun (0.4) , % PHOENIX INVESTMENT 30-Jun , % RHT HOLDING LTD 30-Jun % UNITED INVESTMENT 30-Jun (5.0) 1,014,367 9,636, , % Leisure & Hotels CONSTANCE HOTELS SERVICES 31-Dec (4.8) , % MORNING LIGHT 31-Dec , % SOUTHERN CROSS TOURIST HOTEL 31-Dec % TROPICAL PARADISE (O) 30-Jun (0.3) 151, , % TROPICAL PARADISE (P) 30-Jun % Others COVIFRA 31-Oct ,100 46, , % CIEL TEXTILE LTD 30-Jun , , , % HOTELEST 31-Dec (0.3) 98 2, , % MEDICAL & SURGICAL CENTRE 30-Jun (6.9) 1,100 3, , % MFD Group Ltd 31-Dec , , % SIT LAND HOLDINGS OPT 30-Jun 11, , , Property Development ATTITUDE PROPERTY (0.8) , , , % NOVUS PROPERTIES 31-Mar ,000 45, Sugar CONSTANCE LA GAIETE 31-Dec (3.3) % MEDINE LTD 30-Jun (0.3) ,942 2,639, , % UNION SUGAR ESTATE 31-Dec ,800 84, % Transport UNITED BUS SERVICE 30-Jun , % Foreign Zentosa Capital Limited (USD) 28-Feb ,175.7 Total (Equities) 1,493,789 21,175,502 62,411 Total (Debentures) - - Total (Equities & Debentures) 1,493,789 21,175,

6 Debentures Nominal Value Last Traded Price Volume Value Traded YTM on last Accrued Issue Maturity (Rs) 23/03/ /03/2018 Traded (Rs) traded price ( % ) Interest ( Rs ) Date Date OFFICIAL MARKET Structured Products Absa bank Limited - Structured Note Programme Due 2023 (USD) (USD) 1, , Jan-23 CM Structured Products Ltd - Zenit Cross - Asset MUR40 Notes , Dec Jan-22 CM Structured Products Ltd - Zenit Cross - Asset MUR180 Notes , , , Dec Jan-22 MCB Structured Solutions Ltd - Crescendo Global Security USD70 Notes (USD) May-21 MCB Structured Solutions Ltd - Crescendo Global Security MUR170 Notes 1, , , May-21 MCB Structured Solutions Ltd - Crescendo Global Security MUR100 Notes 1, , , May-21 Debentures Compagnie de Beau Vallon Limitée - Class A Bonds 1, Oct Oct-20 Compagnie de Beau Vallon Limitée - Class B Bonds 1, Oct Oct-20 Commercial Investment Property Fund Ltd - Senior Tranche 100, , , , Jan-27 Commercial Investment Property Fund Ltd - Junior Tranche 1, , , Jan-27 Evaco Ltd - Floating Rate Notes - INTRO , , , Jun Jun-21 IBL Ltd - Series 2 - Fixed Rate Notes - 5 Years - Intro ,000, ,028, ,028, , Sep-22 IBL Ltd - Series 3 - Floating Rate Notes - 5 Years - Intro ,000, ,020, ,020, , Sep-22 IBL Ltd - Series 4 - Fixed Rate Notes - 7 Years - Intro ,000, ,037, ,037, , Sep-24 IBL Ltd - Series 5 - Floating Rate Notes - 7 Years - Intro ,000, ,025, ,025, , Sep-24 MCB GROUP - NOTES 1, , , ,200 1,223, Aug-13 8-Aug-23 MCB Group Limited -Floating Rate Senior Unsecured Notes Due , , , Jan-23 MAURITIUS UNION ASSURANCE - NOTES 10, , , Sep Sep-24 New Mauritius Hotels Ltd - Notes -Tranche FLRNMUR7Y - Intro , , , Nov-22 New Mauritius Hotels Ltd - Notes -Tranche FRNMUR7Y -Intro , , , Nov-22 New Mauritius Hotels Ltd - Notes -Tranche FLRNMUR5Y -Intro , , , Nov-24 New Mauritius Hotels Ltd - Notes -Tranche FRNMUR5Y - Intro , , , Nov-24 New Mauritius Hotels Ltd - Notes -Tranche FRNEUR4Y - Intro , , , Nov-21 NMH - FLOATING RATE TRANCHE A NOTES - (MUR) 1, , , Jul-18 NMH - FLOATING RATE TRANCHE B NOTES - (MUR) 1, , , Jul-19 Northfields International School Ltd - (secured 7.75% fixed Rate) , , , Aug-21 Omnicane Ltd - Series 1 - Floating Rate Secured Notes 10, , , Jun-16 8-Jun-19 Omnicane Ltd - Series 2 - Floating Rate Secured Notes 10, , , Jun-16 8-Jun-21 Omnicane Ltd - Series 3 - Fixed Rate Secured Notes 10, , , Jun-16 8-Jun-21 Omnicane Ltd - Series 4 - Fixed Rate Secured Notes 10, , , Jun-16 8-Jun-23 SBM Holdings Ltd - Class A 1 Series Bond 10, , , , Mar Mar-24 SBM Holdings Ltd - Class B 1 Series Bond - (USD) (USD) May May-21 Sun Limited - Notes -Tranche FRNMUR5Y 1, , , Nov-21 Sun Limited - Notes -Tranche FLRNMUR5Y 1, , , Nov-21 Sun Limited - Notes -Tranche FRNMUR7Y 1, , , Nov-23 Sun Limited - Notes -Tranche FLRNMUR7Y 1, ,025. 1, Nov-23 Sun Limited - Notes -Tranche FRNEUR4Y 1, , , Nov-20 Sun Limited - Notes -Tranche FLRNEUR4Y 1, , , Nov-20 UNITED BASALT PRODUCTS - BOND , Oct Oct-18 DEM ABC Motors Company - Notes 25, , , Jan-19 ASCENCIA - BONDS Dec Jun-25 United Investments Ltd - Bond , , Feb Jan-20 6