TIB RASILIMALI DAILY MARKET UPDATE- 25/08/2017

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1 TIB RASILIMALI DAILY MARKET UPDATE- 25/08/2017 Equities- Daily highlights- prices as of market close 24/08/2017 Company Market Cap.(6th Closing Price Daily Price Turnover in Open BIDs Price Open Offers Price Last price vs 3 Last Price vs 6 Shares Issued Name June 2017) Tshs Change (%) TZS At t-1 Month Price Month Price (%) change (%) CRDB 522,367,716, ,050 28, , ,611,838,584 DCB 26,792,019, No trades 13, ,827,897 DSE 28,755,000,000 1, ,339,400 31,130 1,420 17,886 1, ,250,000 MBP 8,780,534, No trades 18, ,634,224 MCB 30,912,460, No trades 39, ,824,920 MKCB 18,553,744, No trades 26, ,615,272 NMB 1,375,000,000,000 2, ,600 2, ,000,000 SWALA 49,977,233, No trades ,954,467 SWISS 137,520,000,000 3, ,450,000 1,390 3,500 54,642 3, ,000,000 TBL 3,922,548,557,900 13, ,895,000 6,550 13,300 12,215 13, ,928,463 TCC 1,105,000,000,000 11,050 0 No trades 1,140 9, , ,000,000 ACA 2,435,907,864,060 5, No trades ,085,499 TCCL 86,592,621,200 1,360 0 No trades 37,851 1, ,671,045 TPCC 320,263,118,000 1,780 0 No trades 1,100 1,600 43,096 1, ,923,100 YETU 7,267,736, No trades ,112,894 TOL 43,551,682, No trades 7, ,835,490 0 MUCOBA 3,262,569, No trades 0 0 8,156,423 PAL 75,420,806, No trades 34, ,469,800 TTP 12,127,215, No trades ,657,254 NMG 394,367,615,720 2, No trades ,118,572

2 EABL 3,749,588,404,700 5, No trades ,978,630 JHL 365,040,000,000 10, No trades ,000,000 KA 46,161,548, No trades ,615,484 KCB 2,151,244,443, No trades ,217,777,777 USL 23,888,395, No trades ,426,614 VODA 504,000, ,500 1, , ,000 EPS: CRDB 28.34, NMB -312, TBL - 771, TCC- 687, TPCC -221, SWISS , TCCL- 68 DCB ** **Earning per share (EPS) is interim. Earning per share of other companies are annual audited.

3 Top News Access Bank improving lives through Mobile banking. The Citizen 25 August Access Bank Tanzania has improved its service on mobile banking. The Chief Business Development Officer, Mr Andrea Ottina says they have upgraded their services to Access mobile users to make various payments. `` Our customers can now pay their taxes via Access Mobile or transfer their money from their Access Bank accounts via Access Mobile to make various payments for products and services, he said. Mr Ottina also added that through Access Mobile in partnership with Selcom their customers can make payments at any place that accepts or is a Selcom Pay Point. ``Access mobile customers can also pay for other utilities like Precision Air tickets, Star Times Subscription, NHC rent, TANESCO Postpaid bills, PPF and PSPF contribution, he said. According to Mr Ottina customers can top up phone credit, transfer money to Mpesa, Tigo Pesa, Airtel Money, Halopesa, Ezypesa or just simply transfer from account to account within the bank and many more other great services. It has been nearly three years since Access Mobile was introduced and since then it has seen a substantial growth in customer s usage, and more customers have opened accounts in order to enjoy free mobile banking services. With such technology Access Mobile customers can now make payment at all Selcom- Pay recognized stores such as Pizza Hut, GSM Malls, Discount Centre, KFC, Village Supermarket, Danube Home, Rhapsody s Didi s Pub, Imalaseko and many other merchant locations across Tanzania. Senior Marketing Officer Sijaona Simon said,`` Access Mobile continues to be a great savior for our customers particularly after eliminating transaction charges, `` They can perform many and various transaction without being charged. Our customers can pay their daily bills, buy airtime, and transfer money to other accounts within the bank or mobile networks free of charge. Mr Sijaona Simon urged other Access Bank customers and other interested customers who have not registered service (ACCESS Mobile) to join by registering or by opening an account with Access Bank and start enjoying free mobile banking services. Private power firm invest over 100 billion. The Guardian 25 August Private power company, Turbine Tech Ltd has invested USD $45 million (over billion) to generate 60 megawatts of electricity from natural gas in Mtwara to supply Dangote Cement Plant starting next month (September). Energy and water Utilities Regulatory Authority Communication and Public Relations Manager, Titus Kaguo told Property watch during the week that Ewura received an application for an electricity generation license from Turbine Tech Ltd a month ago. The Ewura PR Manager further noted that Dangote needs huge supply of electricity hence Turbine s decision to invest in the 60MW gas to electricity project. Currently, Dangote uses imported fuel to generate its own power because the 12 MW Tanesco electricity is not sufficient. ``There are several firms generating power of up to 20MW for own use and supply to national grid such as Kilombero Sugar and TPC but Turbine Tech s 60MW generation marks a turn around because it s the biggest private power generation plant that will use natural gas from Msimbati, Kaguo revealed. Turbine Tech Partner, Walter Nyaki said the united states based company is the first large scale power generation firm to use natural gas from Mtwara. The firm has acquired square meters of land at Hiyari village who have been compensated 70 million. ``We expect to take off with a generation of 25MW and after two months we will be in a position of generating the 60MW as required by Dangote Cement, he noted. The gas powered plant will enable the country to save USD$ 2.5 Million (over 5.6billion) monthly in fuel importation bills incurred by Dangote. ``We expect an addition of 3,000 direct and indirect jobs to be created by Turbine and Dangote Cement in the course of this project. I can also say that reduced production costs by Dangote Cement will bring down cement prices as well, Nyaki observed. The company will purchase natural gas from Tanzania Petroleum Development Company (TPDC). Turbine Tech has over 10 years experience working in different African countries generating electricity from natural gas for industrial use. The company is currently generating in Mozambique (75MW).DRC Congo, (100MW), Nigeria (430MW), Ghana (300MW) and Sierra Leone (100MW). South Africa Market Review. 25 August South African markets closed in the green yesterday, led by gains in financial sector stocks. Financial shares, Sanlam, Old Mutual and Discovery jumped 3.0%, 1.7% and 1.5%, respectively. Lenders, Standard Bank Group, FirstRand and Nedbank Group advanced 2.3%, 1.4% and 1.1%, respectively. Blue Label Telecoms gained 2.1%, after it reported a 19.0% rise in its FY17 gross profit. On the losing side, gold miners, Gold Fields, Harmony Gold Mining and AngloGold Ashanti fell 3.1%, 1.4% and 1.3%, respectively. Retailer, Woolworths Holdings declined 2.5%, after reporting a drop of 7.6% in its FY17 HEPS. The JSE All Share index advanced 0.8% to close at 56, UK Market Review. 25 August The UK market finished stronger yesterday, as investors exuded more confidence ahead of the summit of global central bankers in Jackson Hole and shrugged off lacklustre data on the UK economy. Provident Financial rallied 13.2%, extending its previous session gains. CRH advanced 3.8%, after it stated that it is selling its Americas Distribution business to Beacon Roofing Supply for about $2.63bn in cash. The company posted a 27.0% rise in its 1H17 pre-tax profit. Miners, Antofagasta, Anglo American and Glencore added 1.8%, 0.3% and 0.2%, respectively. On the flipside, airline stock, easyjet, dropped 4.4%. The FTSE 100 Index advanced 0.3% to close at 7,

4 US Market Review. 25 August US markets ended lower yesterday, led by a decline in consumer staples and industrial sector stocks. Data indicated that US initial jobless claims rose less-than-expected last week. JM Smucker plunged 9.5%, after its 1Q18 profit trailed market expectations and lowered its FY18 earnings outlook. Tiffany & Co lost 1.3%, despite reporting better-than-expected earnings for 2Q17. Bucking the trend, Dollar Tree climbed 5.6%, after the retailer posted upbeat earnings for 2Q17. The S&P 500 index fell 0.2% to settle at 2,438.97, while the DJIA index declined 0.1% to close at 21, The NASDAQ index eased 0.1% to end the trading session at 6, uncements V Exchange Announcements Vodacom Tanzania PL Vodacom Tanzania PLC has announced their preliminary results for the year ended 31 st March Highlights of the results are as follows: Value TZS Billion % Increase since previous Revenue M-Pesa revenue Operating profit Net profit Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) Capital expenditure Operating free cash flow Earnings per share (EPS) No of customers % Increase since previous Active-data customers up 6.5 million 19.4 Tanga Cement Company Limited (TCCL) has announced their audited financial results for the year ended 31 ST December. Group Group Company Company Dec 2016 Dec 2015 Dec 2016 Dec 2015 TZS 000 TZS 000 TZS 000 TZS 000 Revenue 166,975, ,116, ,775, ,349,261 Cost of sales (112,553,046) (162,031,875) (101,865,441) (150,081,111) Gross profit 54,422,436 47,084,170 51,910,541 44,268,150 Operating profit 19,838,619 19,900,373 19,574,749 19,866,008 Net profit before 5,652,906 8,678,768 5,623,925 19,866,008 taxation Net profit for the year 4,261,484 8,241,683 5,623,925 8,874,050 Total Comprehensive 4,197,249 8,328,687 4,276,253 8,533,161 Income Earnings per share (Tzs) Dividends per share (Tzs)

5 Dividend Subsequent to year-end, the Board of Tanga cement proposed and approved a final dividend for 2016 totalling Tzs billion (2015:Tzs bn) Being Tzs 25 per share (2015: Tzs 25 per share). This dividend was approved at the annual general meeting of shareholders on 5 May The total dividend proposed for the year amounts to Tzs billion (Tzs 80 per share) (2015: Tzs 5.094) (Tzs 80 per share). The dividend payment will be on or about 20 June 2017 Dar es Salaam Stock Exchange (DSE) PLC has published their quarter results for the period ended 30 th June 2017 st and 31 st March Summary of the results are as follows: DSE PLC Statement of Comprehensive Income for the quarter ended 30 th June Current Quarter Previous Quarter Comperative Quarter 30th June th March th June 2017 TZS TZS TZS Revenue Listing Fees 431,308, ,547, ,565,382 Transaction Fees 319,549, ,318, ,857,361 Registry & CSD Fees 190,917, ,370, ,037,108 Investment Income 129,149, ,357, ,630,281 Other Operating Income 71,429,572 47,999, ,274,068 Total Revenue 1,142,354,146 1,573,593,557 1,841,364,200 Total Expenses 854,247, ,907, ,607,412 Profit before Tax 288,106, ,686, ,756,789 Taxation Profit After Tax 288,106, ,686, ,756,789 Earnings Per Share N/A National Microfinance Bank (NMB) announced their quarter one financial results. Summary of the results are as follows. Current Quarter Comparative Quarter Current Year Cumulative Comparative Year Cumulative Amounts in Million shillings Interest Income 145, , , ,393 Interest Expense (29,266) (20,375) (29,266) (20,375) Net Interest income 115, , , ,018 Impairment Losses on Loans (8,392) (5,498) (8,392) (5,498) and Advances Non-interest income 41,481 39,413 41,481 39,413 Non-interest expense (90,328) (83,819) (90,328) (83,819) Net Income/(Loss) after 40,913 39,280 40,913 39,280 income tax CRDB Bank Plc announced their Quarter one financial results. Summary of the results are as follows: Group current Group Comparative Bank Quarter Quarter current Quarter Bank Comparative Quarter Amounts in Million shillings 31/03/ /03/ /03/ /03/2016 Interest Income 137, , , ,345 Interest Expense (33,099) (32,273) (31,595) (30,691) Net Interest income 103, , , ,654 Impairment Losses on Loans (24,678) (19,537) (23,843) (19,442) and Advances Non-interest income 50,925 48,944 47,816 45,268

6 Non-interest expense (92,383) (81,852) (88,347) (80,505) Net Income/(Loss) after 26,303 37,478 26,188 34,282 income tax Mwalimu Commercial Bank Plc (MCB) announced their quarter one financial results. Summary of the results are as follows: Current Quarter Current Year Cummulative TZS M TZS M Interest Income Interest expenses (63) (63) Net Interest Income Non-interest income Non-interest expenses (2,133) (2,133) Operating income /(Loss) (1,259) (1,259) Net Profit/ (loss) after (1,259) (1,259) income tax Earnings per share (EPS) (20) (20) TOL Gases Ltd announced their audited financial results for the year ended 31 st December Summary of the results are as follows: Change % TZS M TZS M Revenue 16,116 14, % Cost of sales 9,235 9, % Gross profit 6,881 5, % Other Income Operating expenses 3,838 3, Operating profit 4,006 3, Finance costs 898 1, Profit before tax 3,108 2, Income tax expense (347) Profit for the year 2,761 2, Basic and diluted earnings per share (TZS) Kenya Airways Plc (KA) announced their audited group results for the year ended 31 st March Summary of the results are as follows: Change Kshs M Kshs M % Revenue 106, , Operating costs (105,380) (120,251) -12 Operating profit/(loss) 897 (4,093) -78 Loss before income tax (10,202) (26,099) -139 Income tax charge (5) (126) -96 Loss after tax (10,207) (26,225) -61 Other comprehensive 959 (3,479) -128 income/(loss) for the year Total Comprehensive (9,248) (29,704) -131 loss for the year Loss per share (Kshs) (6.82) (17.23) -60

7 Tanzania Portland Cement Company Limited (TWIGA) announced their audited results for the year ended 31 December Summary of the results are as follows: Change TZS 000 TZS 000 % Revenue 277,226, ,959,748-4 Cost of sales -170,494, ,653,395 0 Gross profit 106,732, ,306,353-9 Operating profit 53,887,090 73,797, Profit before tax 57,458,536 80,853, Taxes on income -17,620,744-24,606, Profit for the year 39,837,793 56,246, Earnings per share Dividends The board proposes a dividend for 2016 of TZS 270 per share (TZS 306 in 2015). The proposed dividend includes two interim dividends of TZS 120 per share paid in October 2016 and TZS 90 per share paid in February So the Final dividend is 60 per share which will be paid on or about 30 June Government Securities and Bonds T-Bills/Bonds Treasury Bills Auction No /August Days 91 Days 182 Days 364 Days TOTAL No. of Bids Successful Bids Highest Bid/ Lowest Bid/ Minimum Successful Price/100 Weighted Average Price (WAP) for successful Bid Weighted Average Yield (WAY) % per Annum Amount Offered TZS 1,000 3,000 65, , ,000 (000,000) Total Tendered TZS ,169, , , (000,000) Undersubscribed(+) , , , Oversubscribed(-) TZS(000,000) Successful , , , Bids TZS(000,000) T-Bonds

8 Auction No. 1 Held On 16/Aug/ Y 7Y 2Y 15Y 5Y Auction Date 10/05/ /05/ /07/ /08/ /Jun2017 Redemption date 11/05/ /05/ /07/ /08/ /Jun/2022 Minimum successful Price WAP for successful bid WAY to maturity WA Coupon Yield Amount Offered 128, ,960 84, , , TZS(000,000) Amount Tendered 313, , , , , TZS(000,000) Successful Amount 128, ,460 84, , , TZS(000,000) The BOT released it s monthly economic review for the month of June, 2017, for the report click here: Future Bond Auctions* Auction Date Bond Tenure Coupon Rate 05/07/ yrs 13.50% 19/07/ yrs 7.82% 02/08/ yrs 10.08% 16/08/ yrs 11.44% 30/08/ yrs 9.18% Exchange rates* Currency Buying Selling EUR 2,622 2,650 USD 2,222 2,244 KES GBP 2,850 2,879 *All these data are obtained from Bank of Tanzania (BOT) About TIB Rasilimali: TIB Rasilimali Limited is a registered Broker Dealer, member of the Dar es Salaam Stock Exchange since 1997, the firm is the only Government owned Stockbroker and a member of the TIB Development Banking group. TIB Rasilimali Limited offers services of dealing in listed securities, Corporate Finance advisory and M&A. Address: th 7th Floor Samora Tower Corner of Bridge Street and Samora Avenue PO Box 9154 Dar es Salaam Tel Invest@rasilimali.tib.co.tz

9 Disclaimer The information contained in this newsletter is provided by TIB Rasilimali Limited as a service to its stakeholders. All information in this newsletter is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Although all prudence has been taken in preparation of this newsletter, it is not a solicitation of business or should be read as being advice to transact. The views expressed herein are of the author and do not represent any form of research and are presented for information purposes only. We do not represent that the use of the information contained in this newsletter does not infringe upon the rights of third parties. Any opinion expressed in this Newsletter is subject to change without notice. TIB Rasilimali Limited is under no obligation to update or keep current the information contained herein. TIB Rasilimali Limited accepts no liability whatsoever for the actions of third parties in the redistribution of this material. In no event will TIB Rasilimali Limited or any of its Group or affiliate be liable to you or any third party for any decision made or action taken in reliance on the information in this newsletter or for any consequential, special or similar damages, even if advised of the possibility of such TIB Rasilimali 2016